Ibex resists the Anglo-Saxon governance model that Caixabank will adopt

The proof is that even with the addition of Caixabank to the group of members Capricorn 35 those who chose this model are still in the minority. In particular, 40% of the companies included in the index have this management model.

In the case of Caixabank, several sources of information link the change to bank preference. European Central Bank (ECB) this corporate governance scheme for organizations under its regulation.

However, Gonzalo Gortazarthe organization’s general director, chose not to go into such an assessment and limited himself to indicating that Goirigolzarri’s departure, which will take effect on January 1, is completely voluntary. That is, it is not associated with hypothetical pressure to change the management structure, which, on the other hand, could be implemented without the need for replacement.

And besides, Santander And BBVA To this day they maintain the executive presidency model and there is no sign of it changing, at least in the short term.

In recent years, companies have introduced improvements to their corporate governance follow the recommendations of the code. But also because of pressure from large funds, for which this issue has increasing weight in making investment decisions.

Endurance

Despite this, the large Spanish company continues to resist a model that presupposes a non-executive presidency, which is institutional and representative, and a CEO position where the core functions are concentrated. strategic decisions.

The above-mentioned recommendations and pressures have led in some cases to the inclusion of a CEO figure that did not previously exist or be used, but without the presidency losing its executive character.

Lack of traditions

Script reproduced in ACS and later in Iberdrola. He was close to making a move Naturgywho was close to appointing the head of Citi Igncio Gutierrez-Orrantia as CEO. However, his resignation left everything as it is, without any new attempts to change the current management model.

“In Spain there is no tradition of having a “chairman” figure in the style of large North American corporations. Moreover, our idea of ​​him is sometimes distorted. Despite the lack of executive powers, his figure carries more weight. than it seems. And few strategic actions in the company are taken without their participation, at least in an advisory capacity,” says a corporate governance expert.

Cases comparable to this description are cases Enagas And Colonial property. In the case of the first, Antonio Llarden He remained as president after coming to power Arturo Gonzalo as CEO, shortly after the start of his first term Pedro Sanchez. The company took advantage of this modification to ensure that its CEO had full authority; But he remains hopeful that Llarden will capitalize on his status in a sector where he is considered one of the most respected figures.

As for the colonial style, Juan José Bruguera he relinquished his executive powers due to the age limit provided for by the social media charter; However, he remained as president to continue the successful tandem he forms with the CEO. Pere Vinolas.

Given the specifics of the case Antonio Brufau V Repsol and from Josep Oliu V Sabadell Bank They were of a similar cut.

However, when it comes to looking for advice, few are more suitable than Spain’s largest listed company and one of the six largest in the eurozone. Early 2022 Inditex chose this model change to end the phase Pablo Isla with executive powers in the textile group, which lasted 17 years.

Shot to the max

The numerous doubts caused by this bet soon returned to lethargy. Team formed Marta Ortegaas president, and Oscar Garcia Maceirasas CEO, he took the company to unprecedented heights in both results and prices.

Time will tell whether these cases will serve as inspiration for the adoption of a model that is ultimately destined to prevail, despite more or less resistance.