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Despite months of internal tensions among the four major investors who control Naturgy’s capital, the company successfully held its Shareholders’ Meeting in Madrid today without any signs of discord. The key topics of discussion included the group’s remuneration policy, particularly the salary of its president, Francisco Reyns, which had been questioned by major international voting advisors leading up to the meeting.

Ultimately, 76% of the capital present at the event supported the Annual Remuneration Report, indicating solidarity with the company’s management team. One of the shareholders who showed their support was CriteriaCaixa, which is also known as Fundación La Caixa’s investment arm and is Naturgy’s largest shareholder. With 27% ownership of the gas company, CriteriaCaixa released a statement expressing explicit support for Naturgy’s transformation plan and reaffirming its commitment as a long-term investor to the management team led by Reyns.

Reyns and Isidro Fain have maintained a close bond since Reyns took over management of Naturgy in 2018. This bond has been reinforced by CriteriaCaixa’s public statements in support of Reyns, which have played a significant role in solidifying his position. Despite challenges to Reyns’ leadership, including calls for a change in the company’s governance model, CriteriaCaixa has consistently backed him, emphasizing the company’s positive results and strategic direction.

Naturgy’s performance on the stock market has been influenced by external factors such as gas and electricity prices and liquidity issues resulting from a takeover bid. However, despite facing these challenges, Naturgy’s management received strong support at the Shareholders’ Meeting, with a 90% attendance quorum and overwhelming approval of key proposals.

In conclusion, Naturgy’s Shareholders’ Meeting showcased

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