Enagás’ Board of Directors to be dominated by independent directors

24 March 2011

Enagás holds its Annual General Meeting tomorrow, 25 March

For the fourth year running, the company delivered on all the guidance contained in the Business Plan

The DPS was increased by 11.9%, in line with bottom-line growth, to €0.84

This is the first AGM to allow electronic voting and will debut the new shareholder forum

The Chairman of Enagás has insisted on the importance of strategic storage capacity and international connections to guarantee security of supply

Llardén underscored that “the flexibility offered by the natural gas supply chain is the only way to guarantee energy supply when other energy sources are not available”

Enagás’ chairman, Antonio Llardén, said today that following the Board appointments to be approved by the company’s shareholders in general meeting tomorrow, the number of directors will be set at 15. Llardén highlighted that the majority of Enagás’ Board members qualify as independent directors. This means that the company has gone beyond Spanish and European corporate governance standards, complying with the most stringent international guidelines.

The company’s shareholders will also be asked to approve a reduction in the number of shares required to vote at general meetings from 100 to one, a change which will foster greater involvement by minority shareholders.

The proposed dividend from 2010 profits is €0.84 per share, marking growth of 11.9% year-on-year, in line with net profit growth.

In reference to the company’s shareholder structure, Antonio Llardén said that today “approximately 72% of investors, including investors with board representation and institutional investors, are foreign, compared to just 37% in 2007”. He also remarked on the company’s “ability to attract international investors, notwithstanding the challenging economic environment, which is good for the company and good for Spain”.


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