Marc Murtra, executive president of Indra, will present his voluntary resignation from his current company in the coming days, once the Telefónica board has agreed to replace him in the telecom’s first executive position. For now, the governing body of the ‘teleco’ has within its reach the ability to propose the future president of the company, but knowing that only the majority of the Shareholders’ Meeting will be able to formally decide that issue.
In this way, the paradox could arise – this Saturday afternoon or Sunday morning – that the person designated to preside over a company is the chief executive of another rival company, although with common shareholders, as is the case of Telefónica and Indra. As sources from the sector have explained to this newspaper, in no case will there be legal problems in the event that the announcement of a proposal is simultaneous with executive functions in another company with common interests.
Given this situation of accelerated business change, likely to develop in the near future, Murtra will have more than enough time to announce Indra’s departure for voluntary reasonswith an unappealable argument: the Telefónica board will receive a proposal for appointment and not the appointment itself, the decision of which is exclusively in the hands of the shareholders.
The Capital Companies Law stipulates – both for Telefónica and for any other listed company – that the call for a shareholders’ meeting must be carried out with a minimum notice of 30 calendar days. In addition to publication on its website and other official channels, the group must provide sufficient information about the agenda and other relevant aspects. These legal requirements will oblige Telefónica’s legal team not only to work on holidays but also to carry out the overtime that is required to accelerate the aforementioned call with strict compliance with all regulatory exceptions.
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