Naturgy celebrates this Tuesday a shareholders meeting atypical. It is because it occurs more than two months later than planned. The company had scheduled it for March 17, but the coronavirus crisis forced him to postpone it. Also, because it will be telematic, what has already happened to listed companies that have held their annual meeting during the Covid-19 crisis. And it is also atypical because it coincides with changes in the group’s top management.

What will not change, a priori, is the executive power of Francisco Reynés. The manager, who came to the energy group from the direction of the infrastructure manager Abertis, is one of the presidents who holds all the power of management. It has been so since he was elected to the post in February 2018.

Now, two years later, the energy company renews its leadership. It will do so, predictably with the creation of new general directorates and with the incorporation into the group of Jorge Barredo, former president and founder of the renewable energy firm X-Elio and the photovoltaic employers’ association, UNEF.


Naturgy changes its organizational structure in a moment of changes for the sector and in a context of global uncertainty, due to the fall in the price of raw materials in the first months of the year.

In addition, in Spain, the company has to face the new regulation and remuneration designed by the National Commission of Markets and Competition (CNMC). Reynés already announced in February that the CNMC’s approach from 2021 (and until 2026), which cuts remuneration by 9.6%, could translate into a cut in its investment in Spain.

What remains is the pending remuneration for its shareholders. The the board must approve the payment of 0.010 euros as a complementary dividend. Last March, the company already paid 0.593 euros gross for the 2019 financial year with the aim of preventing its retail investors from resenting the impact of the pandemic on corporate calendars and the delay of the meeting.