Murtra's Telefónica launches new board

MADRIDThe board meeting of Telefónica this Wednesday was not only the first since Marc Murtra was appointed president of the company telecom, but it has also led to a dance of musical chairs within this power body just one day before the presentation of the annual results. One of the main changes is The promotion of Carlos Ocaña Orbis to vice president of the company, as reported by the telecom through the National Securities Market Commission (CNMV) once the board has finished. The move is significant because Ocaña is a Telefónica director representing SEPI, the investment arm of the Spanish government. He joined in May last year, when the executive had already bought almost 10% of the company's share capital, which made him the largest shareholder and, therefore, gave him the right to have a seat on the board of directors.

With this move, Ocaña will not only team up with Murtra, who has also landed at Telefónica through SEPI, but the vice-presidency places him at the same level as Isidro Fainé, historical vice-president at Telefónica representing CriteriaCaixa, the second shareholder with 9.99% of the share capital). It must be taken into account that the appointment comes after the unexpected death of Javier Echenique last December. Echenique was an independent director and also served as vice-president.

In fact, the lack of this counselor is what has allowed the peaceful entry into the board of directors of a representative of Saudi Telecom (STC Group). Thus, this Wednesday the landing of Olayan Alwetaid has also been approved, who joins Telefónica as a proprietary director. The main telecommunications operator in Saudi Arabia confirmed a few days ago that, after having acquired 9.9% of Telefónica's share capital directly, that is, without financial instruments involved, it would ask for a seat in that power body. After its definitive entry, STC Group has also opened up to considering "business combinations and alternatives with regard to operations, capital structure, governance and management."

The last change this Wednesday is a change. The board has accepted the voluntary resignation presented by Francisco José Riberas, replaced by Ana María Sala, who joins as an independent director. Sala is close to Murtra, with whom she shared a stage at Indra. In fact, she remains a non-board member of the defence company. With this latest change, Telefónica is now in compliance with the gender parity law promoted by the Spanish government itself, which aims for Ibex companies to have a minimum of 40% women on the board of directors.