Red Eléctrica Corporación S.A. – AGM 13 May 2020
The AGM will be exclussively attended telematically. All the information is available to shareholders on the Company's website:
In item 3, a total dividend of €1.0519 per share is proposed on FY 2019 results, amounting to €570.7 million, which is not fully covered by free cash flow (€525.9 million). Moreover, in light of recent events regarding COVID-19, ECGS recommends that companies postpone decisions on dividends to avoid liquidity and financial risks, therefore we recommend that shareholders oppose.
In item 6.1, it is proposed to ratify the appointment of Ms. Beatriz Corredor Sierra as external Director. She was appointed by co-optation as Chairwoman of the Company. Concerns may arise over the independence of Ms. Corredor Sierra due to her connection with the Spanish Government (major shareholder with 20%), however, ECGS supports the separation of control and management and there are 50% of independent members on the Board. Hence, we recommend support.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
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