SGRE scraps shareholders' meeting amid COVID-19 outbreak in Spain

Siemens Gamesa wind turbine. Photo taken from Siemens' website (www.siemens.com).

March 19 (Renewables Now) - Spain-based Siemens Gamesa Renewable Energy SA (BME:SGRE) has decided to temporarily postpone holding its general shareholders’ meeting while the country grapples with the outbreak of the coronavirus disease COVID-19.

The meeting was scheduled for March 26, however, since the Spanish government declared a state of alarm last Saturday, restricted non-essential movement of people and recommended against large crowds gathering indoors, the shareholders assembly will be held when the authorities confirm it is safe.

Siemens Gamesa said in a stock market filing that the new royal decree-law (RDL) on urgent extraordinary measures aimed at dealing with the economic and social impact of COVID-19, also influenced its decision to postpone the shareholders’ meeting.

The RDL 8/2020, a 46-page document which the Spanish government approved on March 17, allows listed companies to hold their shareholders’ meeting within ten months from the start of their fiscal year.

The company said it will study the rules on governance as laid out in the RDL and consider enabling its shareholders to exercise their rights remotely at the next meeting if necessary.

The Capital Markets Day, which was due to take place on May 6, is called off, the wind turbine maker said.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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