Barcelona, June 30, 2015 .- The Ordinary General Shareholders Meeting of Ercros, which was held today in Barcelona, approved all the proposed resolutions contained in the agenda made by the Board of Directors and has rejected the proposals formulated by a group of shareholders holding the 3.1% of the share capital.
Among the approved proposals stand out the adaptation of the internal regulation to legal changes of the Spanish Capital Companies Law and the recommendations of the new Corporate Governance Code, as well as the approval of the advisory vote of the directors remuneration report, which contains the remuneration policy for the next three years, and the maximum annual amount of remuneration
In his speech, the president of Ercros Antoni Zabalza, was convinced that 2015 will be a good year for Ercros. The main uncertainty is how the cost of electricity, the most important raw material of the company, will evolve, although he has shown confident that increases in electricity bills do not prevent the company to continue on the path of recovery. According to the president, "the impact of the crisis has been strong, but has been overcame thanks to the restructuring undertaken in recent years that has enabled thinner productive structure and has made the company more efficient and profitable."
Ercros president has referred to the challenge of ending the mercury cell technology in the production process of chlor-alkali, which must occur by legal imperative at the end of 2017. "We have still two years ahead for a deep restructuring" he assured, although he pointed that the negative impact of the closure of this activity in the balance sheet, in the share value of the assets has already been accounted for in the 2014 accounts.
Zabalza has also referred to two new products that will soon be included in the portfolio of Ercros: self-plasticized PVC, registered under the ErcrosFlex® brand, which allows to manufacture PVC compounds without external plasticizers and therefore no migration of hazardous substances; and new bioplastics, which form the ErcrosBio® brand, which are fully biodegradable and compostable plastics materials of biological origin.
Although these new products are just a small example within the size of the company, they are a prime example of rigor and professionalism with which Ercros is facing the challenges raised by the crisis, with a major restructuring but also with an eye on the future. "A future in which highly electro-intensive commodities will have a diminishing role, especially when electricity costs are irreversibly undermining the competitiveness of the Spanish industry in relation to our European neighbours, and products with higher value added and technologically advanced necessarily will have a greater role in the Ercros of the future. "
9,999 shareholders have attended to the meeting, holding 72,008,249 shares, representing 63% of the share capital with voting rights, of which 9% was present and 54% was represented.
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