Redaccion
Tubacex will hold its general shareholders’ meeting on May 22 in Bilbao, where the appointment of Josu Imaz as the new CEO of the company will be approved, replacing Jesús Esmorís, and the distribution of a dividend of 25 million euros.
The agenda includes, as usual, the accounts of the past year, as well as the approval of the Board of Directors’ management.
The Tubacex Group ended 2024 with a net profit of 22.9 million euros, 37.1% less than the previous year, although in the fourth quarter, the figure improved by 1.6%, with results of 8.7 million euros.
Additionally, the meeting will approve the allocation of the results for the year 2024. Specifically, it has proposed the distribution of a total gross dividend of 25 million euros, maintaining the commitment of a ‘payout’ between 30-40%.
A vote will be taken on the approval of a share capital increase of up to a maximum market reference value of 25 million to implement the ‘Tubacex Flexible Compensation’ optional dividend system. Authorization will also be requested for a reduction in social capital through the amortization of own shares.
Regarding the composition of the Board of Directors, the ratification and appointment of Josu Imaz Murguiondo as an executive director for the statutory period of four years is proposed. The appointment of Elena Guede Vázquez as an independent director for the statutory period of four years is also included.
On March 28, the Board of Directors of Tubacex approved the appointment of Josu Imaz Murguiondo as its new CEO to replace Jesús Esmoris, who resigned after leading the company for the past twelve years.
The meeting will also address the modification of the remuneration policy of the Board of Directors for the years 2024, 2025, and 2026, as well as the approval of a long-term incentive plan for the executive team for the years 2025 to 2027. A consultative vote will also be held on the Annual Report on Directors’ Remuneration for the year 2024.
Shareholders will vote on the modification of several articles of the social statutes and on the renewal of authorizations of the General Meeting for the Board. Additionally, the reelection of Ernst & Young as the auditor of its accounts is proposed.
