• Group cuts board seats from 17 to 15, with representation from shareholders BBVA and CaixaBank halved.
  • Ignacio Moreno and Jordi Gual to instead shift to roles at Telefónica España and Brazil’s Vivo.

Telefónica reshapes board of directors

Telefónica reshapes board of directors

Source: Telefónica

Telefónica made changes to its corporate governance, removing seats from its Board of Directors and shifting Committee membership in a bid to “evolve best practices” at the operator.

The changes, approved by the Group’s Nominating, Compensation and Corporate Governance Committee yesterday, saw Ignacio Moreno Martínez and Jordi Gual Solé dropped from their respective Board posts.

A note to Spain’s Comisión Nacional del Mercado de Valores confirmed that both Gual and Moreno resigned voluntarily, but will remain “linked” to Telefónica via prospective appointments to the Board of Directors at Brazilian operation Telefónica|Vivo and the Advisory Board at Telefónica España. It is not clear when the pair will be put forward for appointment to those seats, however.

BBVA and CaixaBank on the move

Gual and Moreno’s departure means Spanish financial institutions and Telefónica shareholders BBVA and CaixaBank halve their representation on the Telefónica top‑table.

Gual is a Non‑Executive Director at CaixaBank and was formerly Chief Executive of the bank. Isidro Fainé, former CaixaBank Chairman and current Chairman at Criteria Caixa, remains on the Board.

Moreno was previously General Manager of the Chairman’s office at BBVA and CEO of real estate giant Metrovacesa, part‑owned by BBVA. BBVA is survived on the Telefónica Board by José María Abril Pérez, who sits on the Executive Committee at BBVA.

Cutting BBVA and CaxiaBank representation reflects the reduced shareholding of both BBVA and CaixaBank in recent years. Taking figures from Telefónica’s most recent Annual Report for the twelve months to end‑December 2020 (FY20), BBVA remains the Group’s largest shareholder (4.96%), but with a reduced stake. Similarly, second largest shareholder CaixaBank (4.70%) reported a larger holding at the end of FY19.

Telefónica Group significant shareholders’ voting rights
ShareholderFY19FY20
Source: Telefónica.

BBVA

5.70%

4.96%

CaixaBank

5.18%

4.70%

Blackrock

5.01%

4.68%

In its statement announcing the changes, Telefónica sought to highlight the difference it made to the diversity of the board’s composition: nine of the fifteen members are independent; and women make up an increased minority of 33% of the cohort. The Group also claimed the reshuffle marked a step towards greater transparency.

Telefónica Group Board of Directors, December 2022
MembersCommitteesAppointed to Board (excl. changes to brief)
Source: Telefónica.

José María Álvarez‑Pallete

  • Executive Commission (chair)

2006

Isidro Fainé Casas

  • Executive Commission

1994

José María Abril Pérez

  • Executive Commission
  • Strategy and Innovation

2007

José Javier Echenique Landiríbar

  • Executive Commission
  • Audit and Control
  • Nominating, Compensation and Corporate Governance (chair)

2016

Ángel Vilá Boix

  • Executive Commission

2017

Juan Ignacio Cirac Sasturain

  • Regulation and Institutional Affairs
  • Strategy and Innovation
  • Sustainability and Quality

2016

Peter Erskine

  • Executive Commission
  • Nominating, Compensation and Corporate Governance
  • Strategy and Innovation (chair)

2006

Carmen García De Andrés

  • Audit and Control
  • Regulation and Institutional Affairs
  • Sustainability and Quality

2017

María Luisa García Blanco

  • Nominating, Compensation and Corporate Governance
  • Regulation and Institutional Affairs
  • Sustainability and Quality (chair)

2018

Peter Löscher

  • Executive Commission
  • Audit and Control (chair)
  • Nominating, Compensation and Corporate Governance 

2016

Verónica Pascual Boé

  • Strategy and Innovation

2019

Francisco Javier De Paz Mancho

  • Executive Commission
  • Nominating, Compensation and Corporate Governance
  • Regulation and Institutional Affairs (chair)
  • Sustainability and Quality

2007

Francisco José Riberas Mera

2017

María Rotondo Urcola

  • Audit and Control
  • Sustainability and Quality

2021

Claudia Sender Ramírez

  • Strategy and Innovation
  • Sustainability and Quality

2019

Pablo De Carvajal González

  • Executive Commission

2018

Antonio García‑Mon Marañés

2019