Investors are not happy that Indra was taken over by the Government. The company's shares plummeted 15%. This move is not good for the National Securities Market Commission, (CNMV), and Rodrigo Buenaventura (CNMV's president) has called the State Society of Industrial Participations, SAPA, and Amber's decision "striking" as well as "worrying". Five independent directors of Indra were dismissed and the public holding company was given control of the company.
This was the statement made Friday at the XXXIX APIE Seminar Sustainability, digitization: The levers of recovery'. After SEPI, SAPA Placencia, and Amber Capital turned Indra's board upside down, Jokin Aperribay was appointed as a proprietary director by the Basque Group. They also promoted the removal of four independent directors at yesterday’s shareholders' meeting.
Buenaventura recalled that companies have sovereign power to dismiss or appoint directors. However, the shareholder meetings have the authority to decide these matters. He also stressed that while the principle of sovereignty is essential for good corporate governance, there are other elements and counterweights that are necessary, such as independent directors who are "essential" to protect the corporate interests and those of minority shareholders.
After the Sociedad Estatal Participaciones Industriales(SEPI), SAPA Placencia, and Amber Capital turned Indra’s board upside-down by appointing Jokin Aperribay to be the Basque group's proprietary director and promoting the dismissal or four independent directors at yesterday’s shareholders’ meeting, Indra’s shares plunged more than 15%.
Particularly, the company's titles dropped 13.82% at 9 :25 AM, before trading at 8.73 euros.