Investor Alert

Dec. 1, 2020, 2:19 a.m. EST

EDP shareholders push to elect new executive board

By Olivia Bugault

EDP-Energias de Portugal SA said late on Monday that its interim chief executive officer Miguel Stilwell de Andrade will propose new candidates for the executive board of directors at the request of EDP shareholders.

The Portuguese utility company's shareholders intend to call for a general meeting in January 2021 to elect a new executive board of directors.

"EDP received a letter from all shareholders represented in the general and supervisory board, indicating that, following the recent developments with regards to the CEO with functions suspended, it becomes clear to these undersigned shareholders that the executive board of directors for 2021-2023 mandate will need to be appointed at a general shareholders' meeting, so as to maintain the stability of the company and its affairs," the company said.

In July, EDP said that Antonio Mexia and Joao Manso Neto, who were, respectively, CEO and vice chairman of the company at the time, were suspended from their functions due to a judicial procedure looking into alleged favoritism.

Both executives said they won't be candidates for another mandate once their terms end in December.

Write to Olivia Bugault at olivia.bugault@wsj.com

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