to the street one of the rebels




Notice to navigators. Indra’s brief communication to the National Securities Market Commission (CNMV). Brief and clarifier of where the shots go in the objectives of the new
company president, Marc Murtra
-entrepreneur close to the Socialist Party of Catalonia (PSC) – backed, yes, by his contacts in The Moncloa. In summary: to the street, the non-director secretary and legal advisor to the Company’s Board, Jose Antonio Escalona de Molina. For rebel. And its ‘spare part’: Guillermo Guerra Martin (Partner of Mercantil, co-coordinator of Capital Markets and coordinator of Corporate Governance of Gómez-Acebo & Pombo) after a report from the Appointments, Remuneration and Corporate Governance Committee. Furthermore, the Board of Directors expresses “its appreciation and gratitude to Mr. Escalona for his contribution and dedication to Indra during the years in which he has held the position of non-director Secretary and legal advisor to the Company’s Board.” And end.

The point is … it was to be expected. A definitive first move to make it clear who’s boss in Indra and where the shots go of what can happen in the next few days. So that no one is caught by surprise. And is that Escalona de Molina -appointed in 2015 by the
former president of the company, Fernando Abril-Martorel
He was one of the “ringleaders” in the opposition uprising of the independent directors to the appointment of Murtra. Although it was not the only visible head, because Alberto Terol, vice president and coordinating director company, accompanied him on the adventure. In fact, he continues to lead the independent directors, now united by a new rebellion in the technological ‘farm’, in the face of the internal movements that are emerging, destined to give more power to the president at the direct request of the Government. We’ll see if Terol costs the charge too …

Do not be misled. The truth is that, for now, Murtra, which appears in Indra’s organization chart as non-executive chairman, it commands rather little. Behind it is The Moncloa and none of the
two CEOs of the company, Cristina Ruiz and Ignacio Mataix
, they report to him directly, since they do so directly to the Board of directors. Now, the Government -through SEPI, which controls 18% of the company– He has been working out for weeks how to position him as CEO. For this, it needs a majority in the Council, that is, to replace the independent directors which were led by the former secretary, José Antonio Escalona.

The first movement of the Government directed to this end takes place just a few months after the strong tension experienced in the board between SEPI and the independent directors, led by Alberto Terol, which led to the Murtra’s appointment but as a non-executive chairman.

As reported by ABC, after leaking the successor of Abril-MartorellAt the end of last May, the movements in the board of directors to avoid the appointment of Murtra were going on for days. Thus, the shareholders asked for explanations “for the political profile” and for the “low technical qualification” of Murtra. And it is that the true intention of the SEPI was to put in charge a person more akin to the socialist government. Not in vain, Marc Murtra has held positions both in the Government of José Luis Rodríguez Zapatero and in the Barcelona City Council with the also socialist Joan Clos.

Finally, the intentions of the SEPI they stayed halfway. Murtra was appointed the new president, but without executive functions, which fell to the two new CEOs, Mataix and Ruiz. The pressures were coming from
the independence of the directors representing the other shareholders
: Corporación Financiera Alba (9.9% of the capital) and Fidelity, which has 9.8%, or Norges Bank, the asset manager of Banco Santander or T Rowe Price Associates with percentages of around 3%.

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