The lawyer and professor Juan Sánchez-Calero has been elected this Monday by the Board of Directors of Endesa to fill the vacancy left in the board of directors by Borja Prado, and is shaping up to be also the new president of the electricity company.
Sánchez-Calero, Professor of Commercial Law at the Faculty of Law of the Complutense University of Madrid, is considered one of the most recognized Spanish experts in Commercial Law in the national and international scope -especially in corporate mercantile law, financial markets and good corporate governance-.
Likewise, he is a member, among others, of the management, editorial or scientific boards of Thomson Reuters Aranzadi, Corporate Law Magazine, Banking and Stock Market Law Magazine, Commercial Law Journal, General Journal of Jurisprudence and Legislation or Rassegna Giuridica dell 'Energia Elettrica, reports Ep.
He has also participated in prelegislative work in matters such as the regulations on the Public Offer of Acquisition of Shares or the proposed Commercial Code and has an extensive international track record, among other activities, for his participation in the International Academy Law, Comparative Law, European Model Company Act (EMCA) or his work as co-director of the Master of Law of International Business of the Faculty of Law of the Complutense University.
In particular, the governing body of the company has proposed the appointment of Juan Sánchez-Calero Guilarte as independent director of the company. Now, it must be ratified at the next general meeting of shareholders on April 12 and named president of the company, the company informed the National Securities Market Commission (CNMV).
Sánchez-Calero will be a non-executive president at Endesa, unlike Prado until now. The executive power in the company will thus fall entirely on the current CEO, José Bogas, who was renewed in his position last year.
On February 19, Prado was announced as president of Endesa, after almost a decade at the head of the company, at the next shareholders meeting of the power company.
The Italian company Enel, the largest shareholder of Endesa with 70.1% of its capital, informed the company's board of directors of its intention to propose an adaptation of the internal regulations to the limitation, for reasons of good corporate governance, of the period maximum in which a person can exercise the position of the president of the Spanish electricity company. This modification meant the proposal of not reelecting Borja Prado as president of Endesa.