The seventh and penultimate independent director who remained without leaving Indra has also submitted his resignation, as the company has communicated to the National Securities Market Commission. This is Ignacio Martín, although he has agreed not to leave immediately like the rest of his colleagues so as not to leave Indra blocked without being able to meet with key committees of the Council. He thus facilitates the Government’s plan to set up a new Indra without leaving it paralyzed for now.
According to the statement, “the independent director Mr. Ignacio Martín San Vicente has communicated that he considers it necessary to present his resignation as director, which will be effective as soon as they have been appointed, at the proposal of the Appointments, Remuneration and Corporate Governance Committee, the number of independent directors necessary to scrupulously comply with the principles and recommendations of the Code of Good Governance, and no later than October 30”.
This deferred resignation is presented so that there will be an independent to pilot the signing of the new ones, but the fact is that without Martín the Appointments Commission would have been dismantled and inoperative to carry out a selection process with a certain appearance of normality.
“In this regard, Mr. Ignacio Martín San Vicente has expressed his willingness to continue as a director until the completion of the selection process for independent directors, so that the Appointments and Remuneration and Corporate Governance Committee can select with absolute freedom and propose, with full independence of criteria, the most suitable candidates for the position of independent director,” the statement said. The situation is such that the Government has to emphasize that independents will be elected “with absolute freedom”, when it is mandatory in an appointments commission.
On the other hand, the president of Indra, Marc Murtra, has finally made public this Tuesday what he accepted privately last Thursday before the shareholders’ meeting and is to renounce his casting vote in the event of a tie between independents and directors of the group government that has taken control. “Now yes”, ex-consultors consulted ironically. That loss of quality vote was the requirement of the independents. Murtra accepted internally without making his decision public, but the independents who had claimed it were expelled at the subsequent shareholders’ meeting.
With the resignation of Martín, only Francisco García Sanz, who has just been appointed to the position, remains with the independent label. Both he and Martín monopolize all the board committees in unusual use of independents, but Indra has no more than them, at the moment, to be able to continue operating. The third councilor who had not been dismissed, Silvia Iranzo, already took the step over the weekend to resign. Martín, of Basque origin, is considered key in the strategy of the PNV and the Government for Indra to take a stake in ITP.
According to the statement, “the objective is that, as soon as possible, the Board has at least fifty percent of independent directors, preferably women, start a selection process that will be led by the current independent directors, with the advice of a specialized consultant”.
Meanwhile, the National Securities Market Commission is gathering information on the possible agreement between the government arm of Indra, Sepi, the Basque group Sapa and Joseph Oughourlian, president of Prisa.
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