SPAIN´S REE REVAMPS BOARD

Resumen de Prensa            Enervía, lunes, 21 julio 2003

FUENTE: Platts


Shareholders in Red Electrica de Espana approved a new board structure increasing the number of independent directors to five while at the same time reducing power producer representation, the Spanish grid operator said late Thursday. Overall, the number of board members has been scaled back to 11 from 13, with Iberdrola chief executive officer Jose Ignacio Sanchez Galan and Union Fenosa director general Elias Velasco Garcia representing domestic generators. Previously, Endesa and Hidrocantabrico also had representatives, but the new structure has been put in place following the sale of 28% of REE in June that reduced the four power producers' stake in the grid operator to 3% apiece from 10% each.