Naturgy’s Board of Directors decided on February 18 to liquidate the long -term incentive plan (ILP) on advance, which receives 130 managers, as well as long -term remuneration corresponding to its president, Francisco Reynés.
At first, the ILP expiration date was December 31, 2025, but after the decision to present a new strategy for the 2025-2027 period, the Council considered appropriate to advance the deadline and liquidate the incentives linked to the previous plan.
To do this, according to Naturgy, the metallic payment of the surplus value of the corporate vehicle generated, instead of delivery of shares, was decided.
With this measure, the company avoids the conflict of interest that could arise when presenting in the following strategy a self-op that offered an 8% premium on the level of contribution and that could have been added to the benefits of said incentive plan.
Naturgy, meanwhile, denied the existence of a conflict of interest in the liquidation of this ILP.
Naturgy president, Francisco Reynés, who left the long -term incentive on April 21, 2024 for the negotiation of the Taqa OPA over the company to maintain its independence from the shareholders, will enter around 14 million, once the amount it perceived as compensation for the extension of the ILP in March 2022 will enter.
In no case could Reynés receive with the new scheme imported to those who had been admitted to continuing in the ILP scheme.
The company will now submit to the Shareholders Board of March 25 the adoption of a new long -term incentive similar to the previous one and also referenced to the value of the company’s shares. Although the company has not yet released the details, the ground of the price could be located at 26.5 euros of the company’s auto-op.
The proposal, which has been backed unanimously in the Council, will be carried out by the Board and is a change in criteria, which voted against this scheme in the Board of 2022 when it was under the control of Marcelino Armenter.
The Board will have to ratify the agreement of the Council on the modification of the long -term variable remuneration scheme of the executive president that will continue to continue during the execution of the new plan to avoid being subject to any type of conflict of interest.
Now the main shareholders of Naturgy (Criteria, CVC, Blackrock and IFM) have to commit to detach from a part of their titles in the self-op process for which a parasocial pact is expected to be reached among the shareholders with more than 10% of the capital, as Electomista advanced. Likewise, a period is expected to be established in which these shareholders cannot carry out purchases of shares.
UFD allocates 441 million to modernize the electricity grid
UFD, the Naturgy group electricity distributor, invested 441 million euros in 2024 in the digitalization and improvement of its more than 116,000 kilometers of network in Spain, which represents an increase of 34% with respect to the average investment of the last five years. Since 2020, UFD investments have exceeded 1,647 million euros, with the focus on improving the quality of service to their 3.8 million customers. These investments have focused on innovation and application of new technologies.
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