The void that Javier Echenique has left on the board of directors of Telefónica since last weekend will be impossible to replace, given the incalculable professional and personal value of the Navarrese businessman and financier. However, as some of the friends of the teleco vice president acknowledged yesterday to this newspaper, the company will have to consider said replacement, presumably at the next meeting of the governing bodyonce the loss of the council member had been accepted and with the mourning still present.
At first glance, the now orphaned seat could be reserved for the Saudi Telecom Company (STC) groupspecifically for when the Arab company formally proposes to Telefónica the position on the teleco board to which it is entitled based on its almost 10% participation. On November 28, the Government approved the conversion of STC derivatives in Telefónica into full shares, but so far there has been no development in that direction.
The cabals to make room for STC began long before the fatal outcome of Echenique. In fact, some analysts were already pointing to the two most senior independent directors in the company as possible candidates for the next restructuring. They were Javier Echenique and Peter Löscher. One of them would be called upon to give up his place to the future STC member – presumably male -, while the other could follow identical steps to welcome a new female representative on the council.
With this double movement, Telefónica would comply with the governance criteria of the CNMV, while facilitating the manifest interests of the company led by Olayan Al-Wetaid to have a voice and vote in the group of members that decide the company’s designs. . Furthermore, with this combination no more cabals would be needed, nor would it be necessary to do without Javier de Paz, an external advisor with considerable ascendancy among the leaders of the socialist Government.
Specifically, the entry of a male proprietary director and an independent female director (replacing Echenique and another director yet to be decided) would meet the triple condition of maintaining the total number of directors between the 5 and 15 members suggested by the Good Governance code. of the CNMV, in addition to maintaining the balance between men and women (40%) and adjusting to the percentage of independent members over the rest of the directors (at least 50%).
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