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(Alliance News) - International Consolidated Airlines Group SA on Friday said it will remove a policy which meant the British Airways owner would need a limit on the maximum number non-European Union shareholders.
As of Friday, IAG said just short of 40% of its shareholders were non-EU, though the percentage was as high at 48% in February 11, 2019.
Last February, IAG decided it was "necessary to specify a maximum aggregate number" of stock attributed to non-EU shareholders. It was policy added to its bylaws.
IAG on Friday said that although the policy has been withdrawn, it will continue to "monitor its number of relevant non-EU shareholders".
Shares in IAG were 5.1% higher at 670.60 pence each in London on Friday morning.
In March, 2019, budget airline Ryanair Holdings PLC decided all shares held by non-EU shareholders, including those held by UK shareholders, were to lose their right to attend, speak, or vote at company meetings.
The ban on non-EU nationals buying shares, which has been in place since 2002, was extended to include UK citizens. The Irish airline's board implemented the resolutions to protect the company in the case of a no-deal Brexit.
By Eric Cunha; ericcunha@alliancenews.com
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