The Board of Directors of Red Eléctrica Corporación, at its meeting held on 28 January 2020, has considered and duly accepted the irrevocable resignation submitted by Mr. Jordi Sevilla as member of the Board and consequently as non-executive Chairman of the Board of Directors.
The Board has activated the Contingency Plan that ensures the complete normality of the Company's activities and which establishes the Company’s corporate bodies responsible for temporarily taking over the duties and responsibilities of the outgoing Chairman.
Said duties and responsibilities are as follows:
The external independent director, Ms. Carmen Gómez de Barreda, who is also the Lead Independent Director, will temporarily assume the duties and responsibilities as Chairperson of the Board of Directors, without any executive powers delegated.
The Company’s CEO, Mr. Roberto García Merino, will temporarily manage the vis-a-vis representation of the Company with the Government and the State Administration.
The Chairman of the Audit Committee, Antonio Gómez Ciria, will temporarily undertake the management of the internal audit and risk control functions.
In addition, the process for selecting a new Chairperson has been launched. The new Chairperson shall be ultimately approved and appointed by the Board of Directors based on a favourable report issued by the Appointments and Remuneration Committee and shall be ratified at the relevant meeting convened by the Lead Independent Director to this effect.
Lastly, the normal operation of the Company is guaranteed by fully maintaining the executive functions of the CEO.
In this way, Red Eléctrica guarantees independence in the management and continuity of its activities, undertaking the best corporate governance practices that characterise the Company, which is a pioneer and international benchmark for the high standards it demands of itself in this field.