Telefonica announced a decrease in its board structure after accepting the resignations of two of its members, as it furthers a broader transformation plan across its operations.
The number of board members was reduced from 17 to 15, which Telefonica claimed showed its commitment to an appropriate and transparent management to bring value, improve economic efficiency and enhance investor confidence.
Telefonica stated Ignacio Moreno Martinez and Jordi Gual Sole voluntarily resigned from their roles on committees covering audit, control, sustainability and quality, although they are expected to maintain some involvement through advisory positions.
Independent director Maria Luisa Garcia Blanco was appointed chair of Telefonica’s sustainability and quality committee, succeeding Francisco Javier de Paz Mancho who takes the helm of the regulation and institutional affairs committee.
Maria Rotondo Urcola becomes a member of the audit and control committee.
Telefonica explained its restructuring was “a major step forward” in its aim to improve “transparency, responsibility and commitment to its shareholders and investors”.Subscribe to our daily newsletter Back