Naturgy updates board voting rules, strengthening CriteriaCaixa influence

Naturgy has implemented changes to its board voting system, effectively consolidating the influence of its largest shareholder, CriteriaCaixa. The company has officially registered modifications to its bylaws, which include the removal of the reinforced majority requirement that had been in place since 2016. Consequently, board decisions will now be made via ordinary majority.

CriteriaCaixa, the holding company of Fundación La Caixa, holds approximately 26% of Naturgy's capital. With the shift to ordinary majorities, CriteriaCaixa may be able to secure board control with the support of only a few independent members. The board size has also been reduced from 13 to 11 members following the departure of CVC and BlackRock-GIP from the company's capital.