Mexia isn't the only manager in Lisbon ending his mandate. Half of the listed companies in Lisbon's stock market will also have to elect new members next year. The Chinese will have a decisive say.
António Mexia isn’t the only manager whose mandate is coming to an end in 2017. Almost half of the Portuguese companies listed on PSI-20 will also have to elect new CEO and management teams as soon as the current mandates are over, according to information gathered by ECO. The Chinese will have a say in many decisions — such as the case of EDP.
In addition to EDP — whose CEO will see his position discussed in Beijing on October 22 –, EDP Renováveis, BCP, REN, Novabase, Sonae Capital, Pharol and Mota-Engil (eight heavy-weight quoted companies, assessed in over 24 billion euros) will have to bring to the next general shareholders assemblies new names for members for the companies’ governance for the upcoming years.
Who is ending their mandate this year
The Chinese will call the shots
Particularly, the future of EDP and EDP Renováveis’ managements will be discussed in Mandarin. António Mexia’s case in EDP is the most newsworthy, but it is also unknown whether or not Manso Neto will remain in front of EDP Renováveis.
As for REN, there are also Chinese shareholders taking on a relevant role: the Chinese state company State Grid holds 25% of the electricity network manager. Rodrigo Costa’s mandate will equally expire in the end of December, in a particularly important time for the company: it is about to diversify its portfolio in Portugal with the acquisition of gas assets to EDP, in a 530 million euros’ operation.
New changes next year
In 2018, more changes in companies’ management should occur, namely in over six companies in Lisbon’s stock market, with a 31 billion euros market value (half of PSI-20). The highlight goes to the oil company Galp Energia, retailers Jerónimo Martins and Sonae and the telecommunications’ provider Nos.
Who is ending their mandate in 2018