Indra has called for this Wednesday, March 25, a session of its board of directors in a context marked by doubts about the continuity of Ángel Escribano at the head of the company's presidency.
Although this point does not formally appear included on the agenda, in the meeting the outcome of this matter could be clarified, after Escribano Mechanical and Engineering (EM&E), controlled by the Escribano brothers, renounced the integration operation with Indra and Ángel Escribano remained as the top executive of the defense and technology multinational. This formula was proposed as a way to resolve the conflict of interest detected by the State Society of Industrial Participations (SEPI), Indra's main shareholder with 28% of the capital.
However, this departure does not fulfill the Government's aspirations, as it could frustrate the plan to consolidate Indra as the great national champion of the defense industry. Therefore, the pressure on Escribano's continuity at the head of the group remains latent.
Permanence of De los Mozos
In any case, sources familiar with the content of the meeting have indicated to Europa Press that neither this issue nor the one related to the permanence of De los Mozos as CEO are expressly included in the agenda.
The same sources, who admit that De los Mozos' mandate concludes next June, three years after his arrival in office and when the shareholders' meeting must decide on his renewal, emphasize that it is a "totally routine" board meeting aimed at reviewing the evolution of the business and not an extraordinary meeting to address the instability in Indra's leadership.
To replace the president of Indra, a simple majority of the directors present at the meeting is enough (more votes in favor than against), given that neither the regulations nor the internal bylaws of the company contemplate a specific reinforced majority for the dismissal of the chairman of the board.
Pulse to the Government
Until now, Escribano had counted on the support of the block of independent directors and of Indra's shareholder investment funds, who have supported his management against the pressures from the Executive to dismiss him. However, it is unknown if any of them could modify the direction of their vote so as not to hinder the will of the main shareholder representing the State, who, ultimately, is the one who awards the company contracts in defense matters.