Eduardo Catroga will not renovate his mandate as chairman of EDP's General and Supervisory Board. He will take on an international position at China Three Gorges.
Eduardo Catroga will no longer be chairman of EDP’s General and Supervisory Board from April onward, to focus on managing China Three Gorges’ international affairs, ECO ascertained.
“Catroga will have an international position connected to EDP’s largest shareholder, China Three Gorges”, a source close to the process told ECO. EDP’s chairman will “manage the China Three Gorges participation in Europe”, another source added. ECO contacted the former Portuguese Finance minister, that classified as “speculations” all information about his future life. “Catroga does not want this to be known before EDP’s General Assembly” scheduled for April 5, in which they will discuss the election of the group’s governing bodies for the three year period of 2018 and 2020, sources heard by ECO explained.
The law determines that Eduardo Catroga cannot renew his mandate as chairman of the General and Supervisory Board of EDP, as a representative of the electricity company’s largest shareholder, China Three Gorges. Luís Amado is the person that should replace Catroga as EDP’s chairman.
The manager had already told ECO: “My services have more than one candidate. These functions go beyond Portugal. On April 5, I will make a choice”, after being confronted with this information disclosed by Marques Mendes. Now, Eduardo Catroga emphasizes: “From April 6 onward, I will decide, according to the proposals”. And he recalled that he has been receiving “several alternatives from national and international projects”, naming his position as chairman in the holding that controls the Finantia Bank, his historic relationship with the Cuf group and his functions in Portugal Venture Capital Initiative from the European Investment Bank. “Bottom line is: I will be replacing my main activity as EDP’s chairman for another main activity”, Eduardo Catroga added. “Until then, there is a lot of speculation”, he assured.
Eduardo Catroga explained to ECO that he had four mandates in EDP — two as an executive member and two as chairman –, the last of each as an independent adviser for the electricity company, a situation that could not continue for another mandate. Catroga continued being the chairman of EDP’s General and Supervisory Board after 2015 because shareholders wanted to, but a new law states he can no longer remain in the position. Although the new law does not allow him to remain chairman, ECO ascertained that China Three Gorges could keep the former chairman in EDP, just not as chairman.