interviews

“In The International Arbitrations, The Spanish Regulator Agreed With The Electricity Oligopoly’s Arguments”

Mari Pinardo | Rocío Hortigüela, member of Grenergy’s Board of Directors, explains that a “healthy struggle” between the regulator and the regulated is natural. “But when the forces can be unbalanced in certain situations of crisis or misgovernment, we need to rely on a truly independent and agile judicial system to put things back in order,” she adds. “Unfortunately, in Spain’s case, when these imbalances have occurred in recent history, the judicial system has proved to be neither agile nor independent,” says.

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Spain lacks activist investors

Carlos Sáez Gallego: “Spain is a country which has not seen activist shareholders”

Fernando G. Urbaneja | Carlos Sáez Gallego presides over the oldest of the three global proxy solicitors in Spain (1935), those entrusted with securing votes in support of the Board´s proposal in the shareholders´ general assembly. There “we recommend Spanish listed companies to international standards of corporate governance … 47% of their shares lie in international portfolios. That, which is good, sign of confidence, means more pressure to comply with those standards”.