The pact for which Del Nido Benavente cannot vote at the Sevilla shareholders meeting

The grouping of the actions that Del Nido Benavente carried out in 2018 to exercise the right to representation of minorities and having three directors on the club’s governing body was exhausted last December, before the celebration of this ordinary and extraordinary General Meeting. This means of preventing the vote of the largest shareholder can no longer be used, but the other pact that is still in force can: the governance pact.

As explained by himself Del Nido Carrascopresident of Sevilla, this agreement signed on November 22, 2019 is in force and, therefore, there are 12,000 shares of the former leader that cannot vote against the direction of the council, since they are within the agreement. Therefore, Del Nido Benavente can only vote against with 18,000 shares.

“The shares held by Mr. José María del Nido Benavente will not be able to exercise the right to vote above 25% at this General Meeting,” Del Nido Carrasco reported, pointing out that his father’s behavior “has gone beyond of simple statements. “There has been constant harassment towards the entity itself and Sevilla workers,” he indicated while pointing out that “José María del Nido Benavente has been the main shareholder who has failed to comply with this agreement.” “During the last five years he has repeatedly tried to break what he himself signed,” he stressed in an assembly in which 91,834 shares were represented, 88.76% of the share capital.

This, added to the loss of support from the 11,000 shares of 777 partners, has turned out to be a real bucket of cold water for the largest shareholder who has not even been able to knock down the board’s accounts, as he had done for three years. previous.

An extendable agreement

He governance pactsigned in November 2019 by Sevillistas de Nervión (which brings together the Guijarro, Alés and Castro families) and the Del Nido family is the one that upsets the former president of Sevilla. This text obliges all parties to vote in the same direction if the vote is aligned between president and vice president, under penalty of heavy monetary penalties. The primary objective of this pact was to keep foreign capital at bay, that is, to prevent ‘the Americans’ from buying shares in the club. The fact is that Del Nido Benavente asked his son to break this pact after reaching an agreement with 777 Partners, a request that Del Nido Carrasco rejected, this being the origin of the breakup of the relationship between the two.

In this way, the former president is left out of Sevilla’s board of directors, despite being the club’s largest shareholder, since if he decided to vote against the direction of the aligned vote he would face harsh financial penalties. That is, I could vote, but I would be severely punished. As revealed by ABC de Sevilla, this pact could even be maintained beyond 2027, since it has an article that quotes verbatim the following: «This document will remain in force until December 31, 2027 (… ). Upon reaching expiration, the agreement will be extended for successive three-year periods, in each of which the presidency and vice-presidency will rotate successively.