Telefónica’s directors are scheduled to hold an extraordinary meeting in the next few hours, waiting to comply with all regulatory requirements for this type of action. In this effort, the teleco’s legal team analyzes the details of the call with an unusual agenda for nine years: the proposal to appoint a new president in the multinational. The last time something similar happened, it involved the replacement of César Alierta by the man who was then his dolphin, José María Álvarez-Pallete.
On this occasion, and as elEconomista.es has learned, Telefónica’s directors will not reject the change of helmsman in the company, with the support of all members, both the proprietary ones (Sepi, Criteria and BBVA) and the independent ones. To the above will be added the acceptance of the executive directors, that is, not only by Ángel Vilá, CEO of Telefónica, but also by José María Álvarez-Pallete, who will place his position at the disposal of the council, without interfering in the will of the main shareholders. For all of the above, Telefónica’s board will unanimously approve the proposal for a change in the first executive line, in a movement led by Sepi, which owns 10% of Telefónica’s capital, with the approval also of Criteria (which also holds another 10% in the telecom company) and Saudi Telecom company, now with 4.9% in the process of raising it to 9.97%.
In any case, the final decision to change the president is the responsibility of the Shareholders’ Meeting, a meeting that would have to be convened in an extraordinary manner in the coming days, complying with the regulatory deadlines established in these matters.
On the other hand, the current company statutes contemplate that the extraordinary General Meeting of Shareholders may meet at any time of the year without further requirements requested by the Board of Directors or, in its place, shareholders holding a minimum of 3% of the share capital, where they should indicate the issues to be discussed. In addition to the approval of the annual accounts, the application of the results or social management and up to almost twenty powers, the board holds the final decision to formalize the appointment or re-election of the president of the company, in addition to the designation or ratification of counselors.
To be appointed director or president of Telefónica, it will be necessary to hold a number of shares of the Company that represent at least a nominal value of 3,000 euros and with a prior date of more than three years. In the event that Murtra does not have that personal capital in Telefónica, there is a loophole to be able to access the presidency of the teleco as long as the Board of Directors agrees to his dispensation with the vote in favor of at least 85% of its members. This percentage would not be necessary if Murtra were linked to the telecom company by an employment or professional relationship, circumstances that do not occur to date either.
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