Indra’s Board of Directors unanimously agreed to create a commission for monitoring the applied rules for “proper management of interest conflicts” today, before analyzing “any operation” that may imply the circumstances of this type, in an indirect link to the acquisition of mechanical and engineering notaries belonging to its president, angelic deciribans.
On Thursday, Indra reported this agreement to the National Commission on the Securities Market (CNMV) in connection with a message in which a possible operation with mechanical engineering and engineering (EM & E) did not mention 50% of President Indra and his brother Havier Eskribano, also a member of the Directors’ Board.
The decision was made at the session, which was the resignation of one of the independent consultants of the group, Angel Santamaria, who presented his resignation for “personal reasons”. The letter to CNMV Santamaria says that his resignation reacts to the fact that his personal circumstances have changed, which prevents him from devoting enough attention and time to society. Santamaría will join the board of directors of Mapfre.
In this council, it is expected that the general director of the company, Jose Vicente de Los -Mozos, will inform about this body of the existing situation regarding EM & E, the operation that he conducts immediately after the inhibition of the president, Angel Espibano, for a possible conflict of interests.
Without mentioning EM & E, Inra explained that the Council agreed to create this commission, which will consist of independent directors, “before the analysis of any operation that may imply a conflict of interests and in order to guarantee good corporate governance of society.”
The Council also agreed with the independent minister of the coordinator – Virginia Arsa, so that, after consulting with independent directors, members who make up his and their operating rules offer the advice. Without official communication with Indra, several media have published today the reluctance, which some members of the board of directors support in connection with this business activity.
The first time the Council was officially informed
For the first time, the council on the situation with EM&E officially informed, although in April last year he was explained by the market, thanks to the statement in CNMV, which Indra conducted an “continuous process” of the analysis of opportunities with the relevant subjects of the defense sector, which give the company’s additional value, including the EM&E group, in accordance with Indra’s sources.
The company EM & E Group Defense is the second largest shareholder in Indra (14.3%), which is behind the State Society of Participation in Industry (SEPI), which has 28%. The process is “long and complex and slow”, the fountains for EFE have already advanced on Wednesday, without going into more detailed information.
This operation was adopted before June 26 at a general meeting of shareholders of Indra by the minority Manuel Hesus Reulet, who accused Espibano of his speech of undergoing a situation of incompatibility, given the forecasts of the purchase of EM & E.
Revuelet condemned before the rule that this operation would be a “threat” for Indra, since it could accept “serious patrimonial breakdown” and “possible reputation and legal danger”.
Possible conflict of interests
In this operation, young people publicly rose and said that he was convinced that the merger between the two companies is a “good business for Indra” and that the only problem is that the president is called a notary.
He explained from young people in April that he knew about the “sensitivity” of the operation and admitted that there was a “conflict of interests”, given that the owners of engineering and engineering are in the Council of Indra.
As for the fact that the company of President Indra can contribute to the technology, he said that production capacities and that he can also help him, among other things, integrate vertically into the production capacities of the land in the event that Indra progresses in this area.
