Jaime Gilinski, through JGDB Holding SAS, is the largest shareholder of Grupo Sura with 31.58% of the shares. However, the appointments and remuneration committee, which, as SEMANA reported, whose administrators mostly belong to the GEA, issued a document this Friday trying to hinder the list presented by the largest shareholder.
Lawyers consulted by SEMANA assured that this little trick would have no legal basis, since above any attempt is the law and article 197 of the Commercial Code that clearly defines the rights of shareholders in meetings.
This occurs just when ISS, the most important advisor to international funds worldwide, recommended voting once morest the list presented by the current administrators of the GEA.
The reason is that in many cases the standards that ISS considers to be good corporate governance have been violated.
Although GEA administrators’ tantrums are unlikely to work, they might show serious concern regarding alleged wrongdoing by Grupo Sura in the past. Maybe they or their predecessors are watching their back. The administrators might be involved in criminal and civil lawsuits. Could it be that by covering up certain things they are risking a more complex situation of a personal nature? For whom would they be immolating themselves?
* Gabriel Gilinski is a shareholder of SEMANA Publications.
