Approval was given at the General Shareholders' Meeting to amend Enagás' bylaws in order to adapt them to Law 12/2007 of 2 July 2007.
The percentage of ownership in the Company's capital is limited to 5% and voting rights to 3%. Neither individuals nor legal entities operating in the gas industry may exercise voting rights above 1%.
Mr. Xabier de Irala has been appointed non-independent director in representation of BBK.
Approval was given at Enagás' General Shareholders' Meeting today in favour of amending the Company's bylaws to comply with Law 12/2007 of 2 July 2007, which amends Law 34/1998 governing the Hydrocarbons Sector.
This change, which strengthens Enagás' independence, limits stakes in the Company to 5% and voting rights to 3%. Also, voting rights of all individuals and legal entities operating in the gas industry and those which directly or indirectly hold over 5% of the share capital in these companies are limited to 1%. These restrictions shall not apply to direct or indirect interests held by public-sector enterprises. The sum of direct and indirect shares held by individuals or legal entities operating in the natural gas industry may not exceed 40%.
At the same meeting, Xabier de Irala was appointed independent director in representation of Bilbao Bizkaia Kutxa (BBK), which has held a 5% stake in Enagás since July.
Shareholders also voted to limit the number of board members to 16.
