Marc Murtra’s first board of directors as president of Telefónica It is settled with a redistribution of functions in the maximum decision -making body of the company. The death of Javier Echenique is what has caused the Council to have decided to appoint Peter Löscher, who until now was an independent advisor, as an independent coordinator counselor.
«The Board of Directors of Telefónica, SA, at its meeting held today, has agreed, with the abstention of the executive counselors, already proposal of the Commission of Appointments, Remote and Good Governance, appoint Independent Counselor Coordinator to the Minister Independent D. Peter Löscher, ”said the Teleco in a relevant event sent to the National Securities Market (CNMV) Commission. Likewise, the Audit and Control Commission has agreed to appoint President of that same commission to María Luisa García Blanco, who is also in the Council with the category of Independiente. Both functions, until his death, played by Javier Echenique.
It was in the middle of last December when, surprisingly, the death of Javier Echenique, one of the Vice Presidents of Telefónica who had the condition of Independiente was known. A person close to the then leader José María Álvarez-Pallete and with weight in the Administration. “The telephone family is again in mourning, with the pulse seized by the pain of the loss of who was vice president of the board of directors of the first -order operator and manager of the Spanish business scene of the last decades,” said the company .
The figure of the Independent Coordinator has been gaining more and more weight in the Spanish quoted, although it is usually more common in the Anglo -Saxon groups. Among its main tasks is to organize and direct the common position of the independents in the body and also be an interlocutor with the president of the Council and the Council itself. It also has organization functions in the Council itself.
Löscher’s choice is not accidental. He is one of the veteran directors in Telefónica and who has one of the curriculum at the highest level within the organ. He is president of the Supervisory Board of Telefónica Deutschland Holding AG, and in the past he was president and CEO of Siemens AG. It has a very international trajectory and a very appreciated profile in the productive fabric.
He is also an independent counselor of Caixabank, the bank of which the Caixa Critia of Isidro Fainé, which is first vice president in Telefónica, is the main shareholder.
No STC news
This first advice of Marc Murtra will not be that of the great changes in Telefónica. The new president is still in office after the coup of the government to overthrow Álvarez-Pallete, but soon the body must make certain decisions.
Among those decisions that should be given in Telefónica is the entrance of STC into the Council, something that Saudi intends to request but has not officially materialized. In fact, the Arabs have not yet directly accessed their entire investment in Telefónica since they still maintain 4.9% who do have their own but have not yet executed the other 5% in options they maintain through Morgan Stanley . While STC does not effectively reach 9.9% of the shareholders, its landing in the Board of Directors would not occur.
Also, after the death of Echenique himself, everything indicates that Telefónica will appoint a new independent advisor, which is still pending. All this will remain for future meetings of the Board of Directors.
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