A Repsol executive committee that will meet tomorrow could end one of four ways: summoning another shareholder committee, letting all shareholders vote on Antonio Brufau's leadership, expelling Pemex members because they are competition or some tragic leap into the dark.
Facing these scenarios, both contenders for CEO have tried to convince investment funds, who together with minority shareholders could hold the key to success or failure of the Sacyr and Pemex's takeover of Repsol.
The company's current CEO is favored for now. Brufau just won the support of 70% of the investor funds that voted in the last general shareholder committee, and considering the pitch of the current situation, that figure would likely be repeated if an extra shareholder meeting is called.
The explanations appear when comparing the management reports conducted on Sacyr and Repsol leaders; these were carried out by companies called "proxy advisers" who assess investment funds and make voting recommendations for shareholder committees of large companies. Titans such as ISS, Glaxo Lewis and Riskmetrics are the biggest and most well-known advisers.
