Indra’s second largest shareholder, Escribano, owner of 8% of the company’s share capital, joins the board of directors. The chair representing the Spanish defense firm will be occupied by Javier Escribano as proprietary director, as the company has informed the National Stock Market Commission (CNMV).
Escribano replaces Elena García, who has served as an independent director of Indra since last summer. García is president and CEO of Marsi Bionics, a company specialized in the manufacture of exoskeletons, and she has communicated her desire to step down from her position. She has also served as a member of Indra’s sustainability commission.
The release will take effect at the next shareholders meeting, which the company plans to hold on June 27, following the agreement reached today by the board of directors. Indra’s governing body has thanked Elena García for “the dedication, commitment and excellent work carried out in the exercise of the position, as well as her availability to facilitate the reorganization” of the council.
Escribano’s access to Indra’s board of directors will lead the company to breach the CNMV’s good governance code, which establishes an equitable presence of proprietary and independent directors. The regulator recommends that “the relationship between independent directors and proprietary directors must be established taking into account the relationship between the company’s shareholding between the floating capital (held by ordinary investors) and the stable capital (held by significant shareholders)” .
Indra justifies before the CNMV that “the new composition of the board that would result after the general meeting has a temporary nature, which responds to the need to give access to the administrative body to the significant shareholders who have the right to do so, and also temporary, given “which must adapt and reestablish the necessary balances as progress is made in the implementation of the strategic plan.”
That is, the company owned by the State Society of Industrial Participations (SEPI) plans to advance in compliance with the code over the coming months. “Indra confirms its commitment to good corporate governance and will ensure that it has a Board whose composition and structure complies with the recommendations and principles of the code,” says the listed company.