Last checked at 19 Feb 2019 11:17
Borja Acha Besga
Secretary of the Board of Directors
Madrid, 17 february, 2019
In accordance with the provisions of article 228 of the Spanish Securities Market Act, Endesa, S.A. hereby publishes the following
SIGNIFICANT EVENT
In relation with the renewal of the members of the Board of Directors of Endesa whose term ended this year, the applicable law establishes that the adoption of such resolution rest with the Annual General Assembly of the Company, which, in Endesa’s case, is forecasted to be held next April 12.
Following transparence criteria and in a spirit of clarification of the process, the majority shareholder of Endesa, Enel SpA, owner of 70,10% of its share capital, has informed the present members of the Board of Directors that it is its intention to submit before them the amendment of the internal regulations so as to set a limit, based on corporate governance good practice, to the maximum tenure that a member may hold the Presidency of the Company. This amendment would entail that the renewal of Borja Prado Eulate will not be proposed to the next Annual General Assembly, after acting for a period of 10 years as President of Endesa and two years previously as member of its Board of Directors.
The majority shareholder has stressed that notwithstanding the establishment of the above criteria from a corporate governance point of view and that it would imply the non-permanence in his post as President of Endesa, it highly values the excellent trajectory of Borja Prado Eulate in the performance of his role as President of the Company throughout this period. As a consequence, it has also shared with the members of the Board its firm belief that it is mandatory to thank Mr. Prado for his commitment, performance and good management as President of Endesa during his long trajectory.
In any event, it will be for the Board of Directors of Endesa to be held next March 11, to call the Annual General Assembly and to propose the candidates for the Board of Directors.
The non-renewal of Mr. Prado Eulate triggers the application of the succession procedure for the President of the Company set forth in “Política de Gobierno Corporativo de Endesa”, allowing the Board of Directors, to be convened on April 12, to designate a new President.
Endesa, S.A. domiciliada en Madrid, C / Ribera del Loira, 60. Inscrita en el Registro Mercantil de Madrid hoja M-6405, tomo 323, folio 1, C.I.F .A28023430
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