The OHL General Shareholders Meeting reduces the number of members of the Board of Directors to 10 and opts for its technification

The OHL General Shareholders Meeting held on June 26^th, 2018, on second call approved, by majority, the eleven points on the agenda proposed by the Board of Directors.

Among them are, the approval of the individual annual accounts and 2017 management report, the annual report on board member remunerations corresponding to the 2017 fiscal year, the approval of the remuneration policy and resulting approval of the maximum annual remuneration amount of the board members. The shareholders also approved the reduction in the size of the board, from 12 to 10 members.

In the annual meeting with the shareholders, the most important events of 2017, the 2017 results, the new phase of the company after the sale of OHL Concesiones, the milestones in good governance and sustainability and in the reference constructive projects of the company were addressed.

After presenting the shareholders with the most relevant events of 2017 and the results of the fiscal year, Juan Osuna, CEO of OHL, with 20 years in the Grupo, announced that his stage in the company had concluded, “with the pride and satisfaction of having directed OHL Concesiones since its birth 18 years ago, with the satisfaction of having been able to collaborate to resolve the delicate financial situations that OHL went through in 2017 through the sale of OHL Concesiones, as well as setting the base for the new stage of the company”.

In this context, Juan Villar-Mir de Fuentes expressed his gratitude for the work performed by Juan Osuna during his trajectory in OHL and remembered that, thanks to his management, OHL is today “a company with a healthy balance, with a strengthened capital structure, with a positive treasury position, with a new business plan focused in construction and the promotion of concessions and that it has recuperated the confidence of the rating agencies”.

Reduction and technification of the board

In his intervention, the President of the Board of Directors announced that as a result of the new business reality of OHL after the sale of OHL Concesiones, a reduction from twelve to ten in the composition of the board of director, finally approved, and opting for its technification was proposed to the Shareholders Meeting; technification that the Appointment and Remuneration Committee had already started with the search for persons with more technical profiles in the construction sector and the promotion of concessions for their incorporation to the Board.

New phase

Juan Villar-Mir de Fuentes also referred to OHL’s new phase in his intervention, which was reflected in the presentation of the business plan this past May. He reiterated that the company will focus on three principal regions: USA, Latin America and Europe, centering on business lines in which it has experience: construction and promotions of concessions, focusing on profitability and cash generation and with a cautious financial policy.

 

Image of OHL General Shareholders Meeting, held en Madrid.