MADRID Jan. 13 () –
The Mason Capital fund, owner of 2.5% of Grifols’ class ‘A’ shares, those listed on the Ibex 35, has urged in a letter addressed to the new president of the National Securities Market Commission (CNMV) , Carlos San Basilio, to consider the benefits that a “better” disclosure of the transactions with related parties of the current members of the board of directors of the blood products firm would have for “all shareholders” of the Catalan company. “possible” conflicts of interest, among other issues.
“We are addressing the CNMV in order to highlight a serious lack of information on key issues by the current board of directors of Grifols,” the entity criticized in a letter published this Monday to which Europa Press had access.
They have also called on the Spanish supervisor to consider better dissemination about the “absence of the usual legal department or deficiencies in basic internal controls” and the “alleged clause in the December 2024 bond issue that benefits Brookfield at the expense of shareholders.” .
In this context, the Canadian fund Brookfield Asset Management studied launching a possible offer for Grifols, although in the end it was settled by both parties last November.
Mason Capital has considered that, only if they have the above information, shareholders will be able to evaluate conflicts of interest and decide whether the current corporate governance practices of Grifols’ board of directors are in line with their interests.
“Shareholders and the CNMV should consider at what level the shares would be quoted with a truly independent board,” he defended.
“Given that there are –potential– long-term investors who do not currently hold Grifols shares due to the conflicts of interest of several board members, the current corporate governance represents a brake on the company’s stock market valuation” , has concluded.
Grifols’ board of directors unanimously agreed last December to appoint Pascal Ravery and Paul Herendeen as new members of the management through the co-option procedure, thus filling the two existing vacancies.
Previously, Mason Capital had demanded in a letter to Grifols to incorporate Paul Herendeen into its board of directors as an independent director, being appointed by the group of minority shareholders also formed by Flat Footed and Sachem Head Capital Management.
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