EDP claims independent board protects it from scrutiny regarding Chinese stake
EDP, Portugal's largest utility, is protected from increased scrutiny of Chinese investments in Europe and the United States by its independent board, according to its CEO.
Miguel Stilwell de Andrade, EDP's CEO, said that EDP "has managed to find the right equilibrium" between shareholder participation and operational autonomy.
This allows the group to continue operating unhindered in the United States of America, Australia, Britain, and EU countries, while policymakers scrutinize foreign investment, especially Chinese, in strategic sectors like energy and infrastructure.
CTG owns 21% in EDP which controls EDP Renewables, the fourth largest wind power producer in the world with operations across 29 countries. About 50% of EDPR’s total installed power is in the United States.
Stilwell deAndrade, who is the head of both EDP (and EDPR) and EDPR, told reporters that CTG had not interfered in the executive management.
He said that the EDP general and supervisory council's executive board is independent. CTG only holds five of the 16 seats.
When asked about a Portuguese plan to create an sovereign?fund that would invest in strategic energy companies like?EDP the CEO replied that it was too soon to judge the plan due to the lack of detail.
He added, "This is a free market. Investors will decide whether to invest or divest based on whether they perceive an opportunity."
BlackRock, an asset manager from the United States, is EDP's second largest shareholder. BlackRock, the asset manager, holds an 8.35% stake. Oppidum, a Spanish company, has a 6.82% stake. Norway's sovereign wealth fund manager Norges Bank holds 1.81%. Singapore's sovereign wealth fund GIC owns 4.4%.
(source: Reuters)
