Ortega will remain on the board of Inditex and thus consolidate the replacement process

Tomorrow, at the general meeting of shareholders, Inditex will present a decision on the renewal of membership in the board of directors Amancio Ortega Gaona, founder and largest shareholder of the company. According to the appointment committee’s report, “his tenure in office contributes to strengthening the process of generational change, which he himself promoted and personified in the current director and president of the Management Board, Martha Ortega Perezwho assumed the duties of that position from last April 2022. ».

The commission is outstanding “unquestionable knowledge of business and management” contributed by the founder and director of the company at the age of 87. “As the main shareholder of the company —he adds—, concentrating a high percentage of social capital (59.294%), his permanency in the board of directors will guarantee the alignment of the company’s interests, achieving profitability and long-term value creation, with the company’s interests. the rest of the shareholders. Therefore, their contribution to the discussion and decision-making process within the board becomes the best advice possible, resulting in invaluable value».

It also emphasizes that the presence of Amancio Ortega on the group’s board of directors will contribute to guaranteeing “the stability and continuity of Inditex’s leadership and values, vision, culture and ethics, which he himself values ​​and has promoted and developed.”

Mandates of Jose Luis Duran Schulzwho will continue in fasting, i Emilio Saracho, who will leave the council after 12 years of mandate. With this departure, the textile company decided to reduce the number of directors from eleven to ten, “without questioning the possibility of further expansion in the future”.

ten advisors

Of the ten directors, one has the category of executive director, four are owners and five are independent. The percentage of women would reach 50%, and their composition would be as follows: Marta Ortega, José Arnau, Amancio Ortega and Flora Pérez Marcoteevery sunday; Oscar García Maceiras (executive) and as independent: Denise Patricia Kingsmill, Anne Lange, Pilar López Álvarez, José Luis Durán Schulz and Rodrigo Echenique.

Inditex’s board is also expected to approve a long-term incentive plan in money and shares addressed to members of the management team, including executive directors, and other employees of the group who are invited to participate in the said plan, up to a maximum of 750 beneficiaries.

The group offers 7,500,000 ordinary shares, which represent 0.24% of the share capital, and are valued at EUR 250.5 million based on current market prices. Of these, a maximum of 183,750 titles are addressed to the CEO, Óscar García Maceiras.

The incentive plan has a total duration of four years and is structured in two time cycles, both independent of each other: the first cycle lasts from February 1, 2023 to January 31, 2026, while the second cycle covers from February 1, 2024 to 31 January 2027

As approved in March 2023. The board of directors of Inditex will propose to the meeting the approval of a dividend of 1.20 euros per share it is charged according to the results of the financial year 2022. This dividend consists of two equal payments of EUR 0.60 per share: the first has already been made on May 2, while the second will be made on November 2.