Leopoldo del Pino asks Rafael del Pino that the former CEOs of Ferrovial leave the council

The president’s brother considers that Ayuso and Bergareche should leave

Leopoldo del Pino, Ferrovial shareholder with 5% of the capital, has requested by letter to his brother and president, Rafael del Pino, that the shareholders’ meeting that the group is holding this Friday not re-elect the former CEOs of the company Santiago Bergareche and Joaquín Ayuso to the positions of directors and vice-presidents, as is provided for in the agenda.

In his letter, he argues that Ayuso and Bergareche “far exceed the maximum tenure of twelve years established by law for independent directors.”

“In fact, At the end of the mandate for which they are now proposed, they would add a tenure of between 20 and 23 years in office“, Indicates Leopoldo Del Pino.

Furthermore, in the case of Bergareche, is 73 years old, This contradicts what is indicated in the board regulations, which sets a maximum of 72 years to serve as a director.

“We must not forget, in addition, that they joined Ferrovial in 1982 and 1995, respectively, due to the uncertainty about their independence that derives from the very long tenure in their positions joins the bonds and close personal relationships that may exist between them and the members of the management team of the company, with whom they have worked over the years ”, he adds.

“ENRICHING PERMANENCE”

In its response, Ferrovial defends the “deep knowledge of the company” that Bergareche and Ayuso have, “not only because of their years of membership on the board, but also because of their holding of executive positions in the group”. Therefore, it ensures that his “tenure on the board is considered very enriching.”

After detailing the changes registered in the group’s highest management body in recent years, and the incorporation of independents, Ferrovial estimates that the fact that the two former CEOs “cannot be classified under the category of independent it has not been considered relevant for the purposes of his re-election ”.

Despite this response, dated this Thursday, April 4, the re-election of both in their positions of directors and vice presidents of the company will be submitted to the vote of the meeting that takes place this morning.