The Inditex board re-elects Amancio Ortega as proprietary director for four more years

MADRID, 11 Jul.

The Inditex board re-elects Amancio Ortega as proprietary director for four more years


The general meeting of shareholders of Inditex, held this Tuesday on first call, has approved the re-election of its founder, Amancio Ortega Gaona, as proprietary director of the company for four more years, in addition to giving the 'green light' to an incentive plan long-term in cash and shares for members of the management team, including executive directors, and other employees of the group.

The board has also agreed that the number of members of the Inditex board of directors will be set at 10, after the departure of the former president of Banco Popular Emilio Saracho.

Thus, the Inditex board is made up as follows: Marta Ortega, José Arnau, Amancio Ortega and Flora Pérez Marcote, all of them proprietary; Óscar García Maceiras (executive) and as independents Denise Patricia Kingsmill, Anne Lange, Pilar López Álvarez, Rodrigo Echenique and José Luis Durán Schulz (who was re-elected in his category this Tuesday).

As for the approved incentive plan, it consists of a combination of a multi-year bonus in cash and a promise of free delivery of shares that, after a certain period of time has elapsed and after compliance with the specific objectives has been verified, will be paid to the beneficiaries of the plan, in its entirety or in the percentage that results from application.

The maximum number of shares covered by the plan is 7,500,000 ordinary shares, representing 0.24% of the share capital, and valued at 250.5 million euros based on current market prices. Of these, a maximum of 183,750 shares are directed to the CEO, Óscar García Maceiras.

The plan has a total duration of four years and is structured in two time cycles, each one independent of the other.

Thus, the first cycle of the plan runs from February 1, 2023 to January 31, 2026, while the second cycle runs from February 1, 2024 to January 31, 2027.

Finally, the rest of the items on the agenda have received the approval of the shareholders, specifically, the annual accounts and the management report of Inditex corresponding to the fiscal year 2022, as well as the statement of non-financial information for the period above, among other things.

At the shareholders' meeting, the dividend of 1.20 euros per share charged to the results of the 2022 financial year was also approved.

This dividend is made up of two equal payments of 0.60 euros gross per share: the first was paid on May 2, 2023, while the second will be paid on November 2, 2023.