EiDF, singled out by the CNMV, undertakes structural changes
EiDF, which specialises in photovoltaic solar energy installations, has agreed at a meeting to move its registered office from Galicia to Madrid, to incorporate four new directors and to reinforce its crime prevention policy with the appointment of a new head of compliance. The CNM suspended the listing of this renewable energy company last April and authorised its return to the stock market at the end of August after the Deloitte forensic report was made public.
Deloitte detected “evidence of possible falsification of documents” in the analysis of the 2022 accounts of the Galician energy company EiDF which, after more than four months suspended from trading, its shares will return to the market next Monday on the BME Growth. EiDF accumulated a revaluation of 478.8% in 2022, making it the most successful company in the entire Spanish stock market.
The company’s shareholders’ meeting yesterday agreed to the announced move to Madrid of its registered office, which until now was located at the headquarters in Barro (Pontevedra), which will continue with its usual operations. The purpose of this decision is to be closer to the financial markets and the economic activity where it carries out part of its business, according to BME Growth.
EiDF increases the number of directors from nine to 11
On the other hand, the company has increased the number of members of its board of directors from nine to eleven, with Laura Bravo Ramasco, Guillermo Poch Sala, Laura Zendrera Roig and Tiago Moreira da Silva joining the board.
Furthermore, in line with its crime prevention model, consisting of its code of ethics and its implementing regulations, EiDF has appointed José María Covelo Fernández, from the group’s legal department, as its new Compliance Officer.
He will be in charge of leading the Regulatory Compliance Committee, which also includes the commercial director, David Pintos, and will also be supported by the different area managers of the company.
The aim is to ensure on an ongoing basis that business decisions and actions are always taken in accordance with the legal provisions in force and with corporate values and principles.
This measure is part of the board’s desire to set an “exemplary” example for the entire organisation.
442,000 euros for the board
Among the items on the agenda approved at the meeting was also the approval of the 2022 accounts, the management of the board of directors last year, as well as the approval of its remuneration for 2023 and subsequent years, which has been set at 442,000 euros.
The company has been suspended from trading for more than four months. According to a report by Deloitte, evidence had been detected of the possible falsification of contracts and documents drawn up by those responsible for the company, as well as “numerous” incidents relating to (…) invoices and payments for services that may not have been provided or justified.
In the first draft of the legal opinion that EiDF commissioned from KPMG, the firm does not see sufficient elements to make the conduct described in Deloitte’s letter fit any criminal offence.
This week, EiDF announced a financing agreement with Global Corporate Finance Opportunities, a vehicle managed by Alpha Blue Ocean, which has committed to invest up to a maximum of 20 million through the disbursement and subscription of convertible bonds.
