Fain and Reyns unite: Criteria backs Naturgy leadership salaries, reaffirms commitment as long-term investor

Naturgy held a successful Shareholders’ Meeting in Madrid without any discord among the four major investors: CriteriaCaixa, CVC, GIP, and IFM. Despite months of internal tensions, the group’s remuneration policy, particularly the salary of its president Francisco Reyns, was a key topic of discussion. Ultimately, 76% of the capital present at the event supported the Annual Remuneration Report.

CriteriaCaixa, the largest shareholder of the company and an investment arm of Fundación La Caixa, released a statement expressing explicit support for Naturgy’s transformation plan and reaffirming its commitment as a long-term investor to Reyns’ management team. With 27% ownership of the gas company, CriteriaCaixa has consistently backed Reyns since he took over management in 2018.

Reyns and Isidro Fain have maintained a close bond since Reyns took over management in 2018. Despite challenges to Reyns’ leadership and calls for change in Naturgy’s governance model, CriteriaCaixa has remained steadfast in supporting him by emphasizing the company’s positive results and strategic direction.

The company’s performance on the stock market has been influenced by external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid. However, Naturgy received strong support at the Shareholders’ Meeting with a 90% attendance quorum and overwhelming approval of key proposals.

In conclusion, Naturgy’s Shareholders’ Meeting showcased resilience in the face of internal tensions and external challenges with CriteriaCaixa’s unwavering support for Reyns underscoring confidence in his leadership abilities and Naturgy’s strategic direction.

By Sophia Gonzalez

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