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Group
The
FCC held its first Annual General Meeting
(AGM) following the capital increase of last
year which incorporated Control Empresa-
rial de Capitales, with a 25.64% stake, as
a shareholder. At the meeting, sharehol-
ders approved the appointment of Juan
Rodríguez Torres, Alejandro Aboumrad,
and Gerardo Kurl as directors, representing
the Mexican conglomerate of Carlos Slim.
The new directors are members of FCC’s
maximum governance body since January
of last year.
The AGM, which on this occasion was held
in Madrid and from now on will be organi-
zed alternately in Barcelona and in the capi-
tal of Spain, also approved the possibility of
increasing share capital and the issuance of
bonds in the event that the Group deemed
it necessary.
Among the agreements, shareholders also
approved the possibility that the represen-
tatives of Control Empresarial de Capitales
in FCC could carry out “activities that imply
effective competition with those in which
the company engages. The Citizen Servi-
ces Group explained that “synergies will be
generated with FCC as a result of future
business opportunities, especially in Ame-
rica, all of which is expected to redound in
benefits for the Group”.
As to the short-term strategy presented to
the shareholders, it contemplates empha-
sising cost savings and organizational effi-
ciency, increasing the profitability and risk
control in the Construction Division’s inter-
national activities, a more rigorous selection
of contracts, focusing on countries where
the company currently operates. Reducing
the costs of the financial structure rounds
up the measures to be implemented,
through the optimisation of finance costs,
taking advantage of the current liquidity,
and strengthening free cash flow genera-
tion.
In her speech before the shareholders,
Esther Alcocer Koplowitz, chairman of
FCC, described the year 2014 as “histori-
cal”, thanks to the milestones achieved in
FCC
The Group
will continue to reduce
costs, expenses
and to increase its
operating efficiency and
will aim for greater
profitability in its new
contracts
Annual General
Meeting
holds its 2015