Gas Natural to Cut Board of Directors to 12 Members

   By Alberto Delclaux 
 

Spain's Gas Natural SDG SA (GAS.MC) is set to cut the size of its board to 12 members from 17, as part of its new strategic plan.

Under the new structure, the board will be composed of an executive chairman, six proprietary directors and five independent directors, the company said in a regulatory filling on Monday.

Gas Natural's major shareholders Criteria Caixa, Rioja Bidco and Global Infrastructure Partners LLC will each have two representatives on the board, compared with three currently. Alejandro Garcia-Bragado is departing on the part of Criteria Caixa, Juan Arbide on the part of Rioja Bidco and Mario Armero on the part of Global Infrastructure Partners.

Criteria Caixa owns a 24% stake, while Global Infrastructure Partners and Rioja Bidco--which is controlled by CVC Capital Partners Ltd. and Corporacion Financiera Alba--each have a 20% stake. Criteria Caixa is the holding company of banking foundation La Caixa.

Shareholders will vote on the proposal on June 27, Gas natural said.

Write to Alberto Delclaux at [e-mail]

(END) Dow Jones Newswires

May 22, 2018 05:40 ET (09:40 GMT)

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