Gas Natural to Cut Board of Directors to 12 Members
May 22 2018 - 6:43AM
Dow Jones News
By Alberto Delclaux
Spain's Gas Natural SDG SA (GAS.MC) is set to cut the size of
its board to 12 members from 17, as part of its new strategic
plan.
Under the new structure, the board will be composed of an
executive chairman, six proprietary directors and five independent
directors, the company said in a regulatory filling on Monday.
Gas Natural's major shareholders Criteria Caixa, Rioja Bidco and
Global Infrastructure Partners LLC will each have two
representatives on the board, compared with three currently.
Alejandro Garcia-Bragado is departing on the part of Criteria
Caixa, Juan Arbide on the part of Rioja Bidco and Mario Armero on
the part of Global Infrastructure Partners.
Criteria Caixa owns a 24% stake, while Global Infrastructure
Partners and Rioja Bidco--which is controlled by CVC Capital
Partners Ltd. and Corporacion Financiera Alba--each have a 20%
stake. Criteria Caixa is the holding company of banking foundation
La Caixa.
Shareholders will vote on the proposal on June 27, Gas natural
said.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
May 22, 2018 05:40 ET (09:40 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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