Transcript (19 segments)
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Narrator4:03
We are a great team of more than 45,000 people, five generations of women and men, more than 86 different nationalities. We work for people, committed to a world that presents increasingly demanding challenges. In 2020, despite the global health and economic crisis, we successfully concluded the strategic cycle started in 2015, growing our key businesses of concessions, infrastructure and services by 57%, being the first private investors in infrastructure in Chile and Colombia, entering the U.S. market, creating 5,000 new jobs in the last year, investing in process digitization, risk management, promoting an innovative culture, increasing our environmental investment by 30%. 35 years of leadership in the promotion and management of social and transport infrastructure, Sacyr Concessions, the growth engine of the Sacyr group, guarantee of profitability and financial solidity. Sacyr Engineering and Infrastructure, building the future through transport infrastructure, maritime, hydraulic and underground works, projecting sustainable building. Sacyr Services, providing social value by managing business solutions for public and private clients. We look to the future with the development of a new strategic cycle, strengthening our professional profile throughout the value chain, adding talent and maintaining growth and balance in two equally important and necessary areas for Sacyr: the financial and operational, and sustainability. Working for the planet, committed to reducing the water footprint, reusing and recycling materials, the zero carbon emissions plan. We believe in our people and in diversity as a value and advantage, because excellence and team spirit will continue to be the keys to our success. Sacyr, challenges met.
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Manuel Cecilia7:24
Good morning, ladies and gentlemen, shareholders, and welcome to the ordinary general meeting of Sacyr, S.A. I would like to thank you, first of all, on behalf of the entire board of directors and on my own behalf, for your telematic attendance at this general meeting, in still exceptional times caused by the effects of the coronavirus pandemic. For the second consecutive year, for the sake of protecting the general interest, health and safety of all shareholders and workers of Sacyr, it has again been necessary to hold this meeting in telematic format, which has been possible thanks to the legal authorization and the agreements made by the board of directors. It is clear that after more than a year in this pandemic situation, the telematic format, like this meeting, is no longer extraordinary, but rather this communication system has allowed us to partially continue with our ordinary proceedings. In the event of any failure in electronic telecommunications systems or services, the meeting would be suspended for the time necessary to remedy it and would resume immediately after the restoration of said systems and services, reporting all of this through the corporate website. We now begin the ordinary general meeting of Sacyr, S.A. I now give the floor to the secretary to report on the preliminaries of the general meeting.
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María Sala Andrés9:39
Thank you, Mr. President. Ladies and gentlemen, shareholders, good morning. The call for this ordinary general meeting of Sacyr has been on the websites of the National Securities Market Commission and the company since March 25, 2021, and was published the following day, March 26, in the newspaper Expansión. Since the publication date of the call, all legally required documentation for this meeting has been available to shareholders, including the proposed resolutions. The general meeting, as was warned, is being held today on second call. It was also announced in the call that this meeting would be held exclusively by telematic means, having been approved by the board of directors at its meeting of March 25, 2021, authorized by Royal Decree-Law 8/2020, of measures urgent and extraordinary to face the economic and social impact of COVID-19, partially modified by the final provision eighth of Royal Decree-Law 5/2021 of March 12. To this end, the board of directors approved all necessary rules to guarantee participation and the exercise of all shareholder rights at the meeting and its proper development. In this regard, shareholders have been able to submit interventions, proposals for agreements, or requests for information or clarifications in writing, in the form, terms, and conditions established on the company's website, and may still do so until 12:15, when it is expected that the president will begin his presentation. Likewise, shareholders who have not yet exercised their voting rights may do so during this meeting until the summary of the items on the agenda is read, at which point the voting period on the proposed resolutions for agenda items will be announced. It is recalled that this general meeting is being broadcast through the corporate website. It is also reported that the board of directors has decided that the minutes of this general meeting will be drawn up by a notary, for which purpose the notary from the Illustrious College of Madrid, Mr. José Miguel García Lombardía, is attending this meeting, to whom I now give the floor. Through notarial request dated April 13, 2021, with number 2,254 of my protocol, the request made by the secretary of the board in the exercise of the delegation of powers conferred by the board of directors is recorded so that, in accordance with the provisions of Article 203 of the Capital Companies Law, he attends this general meeting of shareholders and draws up the minutes. Likewise, in accordance with Article 101 of the Mercantile Registry Regulations, I inform that I have deemed the capacity of the requesting party sufficient and that I have verified that this meeting has been called with the applicable legal and statutory requirements. I also state that, having examined the requests for information and clarifications submitted in writing through the channels enabled by the company, no shareholder has expressed, either personally or through their representative, any reservation or protest regarding the call of the general meeting, the provisions adopted to facilitate the exercise of shareholder rights, the telematic attendance, or its holding from the place where we are. Thank you very much. Thank you, thank you, Mr. Notary. In accordance with the provisions of the bylaws and the regulations of the general meeting, the meeting is chaired by Mr. Manuel Manrique Cecilia, chairman of the board of directors, and I, María Sala Andrés, in my capacity as secretary of the board of directors, serve as secretary. The table is composed of the aforementioned persons and the rest of the directors who, as a result of travel restrictions, attend the meeting via telematic connection. As previously stated, the notary from the Illustrious College of Madrid, Mr. José Miguel García Lombardía, is also in the room. Finally, we inform you that the voting and vote counting process is subject to verification by an independent external entity. I will now briefly recall the rules for the development of the meeting, of which I have given a copy to the notary for recording in the minutes. First, shareholders who wish to do so may intervene in the general meeting at the time described above. At the appropriate time, the requested interventions will be read. The president will provide the information or clarifications that are legally and statutorily appropriate in response to the requests of the shareholders, or otherwise they will be provided within seven days. Second, after a brief summary of the content of the proposed resolutions contained in the agenda, the proposals will be voted on. First, the proposed resolutions formulated by the board of directors will be submitted to a vote, and then, if applicable, those formulated by other proponents will be voted on. Once a proposed resolution is approved, all other proposals on the same matter that are incompatible with the approved one will automatically fall. It is noted that no shareholder proposals on agenda items have been received within the legally established period. The above does not limit shareholders from submitting for a vote those agreements that are legally appropriate within the general meeting. We also recall that, in accordance with the regulations of the general meeting, for proposed resolutions on items included in the agenda, favorable votes will be considered those corresponding to all shares present at the meeting according to the attendance list, minus the votes against or abstentions corresponding to shares whose holders or representatives have made known to the notary through the space enabled for this purpose on the corporate website, the votes of shareholders whose representatives have left the meeting before the vote and whose departure has been recorded before the notary also through the space enabled on the corporate website, and finally the votes against and abstentions cast through remote communication means. For proposed resolutions on matters not included in the agenda, votes against will be considered those corresponding to all shares present and represented, minus the votes in favor or abstentions whose holders or representatives have made known to the notary through the space enabled on the corporate website, and the votes of shareholders whose representatives have left the meeting before the vote and whose departure has been recorded before the notary through the space enabled on the corporate website. I now give the floor to the president of the board of directors and of this general meeting, Mr. Manuel Manrique.
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Manuel Cecilia18:33
Ladies and gentlemen, shareholders, it is a pleasure for me to present to you, once again, this report on behalf of the board of directors of Sacyr, which I have the honor to chair. I want to express my gratitude for the trust you place in this board of directors to lead the corporate project of Sacyr and to present to you the most relevant events that have taken place in the company during the 2020 financial year. It has been more than a year since our lives have been marked by the coronavirus pandemic and the global crisis it is causing. I want to convey to you that during all these months, the main objectives of our company have been and will continue to be preserving the health of the people who work with us, collaborating with the administrations to help alleviate the effects of the disease, and also helping disadvantaged groups to mitigate its serious consequences. During these months and more than a year, we have accelerated the construction of hospitals, we have continued to care for independent seniors in homes and residences with the dedication of our staff, we have reinforced the cleaning and disinfection of public and private spaces, we have increased the resources we offer to hospitals to cover peak demand for care. In short, we have reacted quickly and effectively. In the context of our business, I have to tell you that due to the long-term concession nature of most of our projects and services, we have been able to withstand the strong impact of the reduction in demand in the main countries and markets where we are present. We have implemented contingency plans that have allowed us to adapt our operations to the circumstances of each moment, providing a satisfactory response in terms of safety and service to our employees, clients, and collaborators. Our guide has been to maintain the highest possible level of activity but with maximum safety, allowing the maintenance of employment for our more than 45,000 professionals worldwide. In addition, the investment made in digitalization in recent years and the innovative spirit of Sacyr have made possible the continuity of all support services remotely and adaptation to new client requirements in these difficult months. I sincerely believe that we have overcome this difficult test effectively, demonstrating once again that Sacyr is the company of challenges met. In 2020, we successfully concluded the strategic cycle initiated in 2015. At that time, when we began to recover from the crisis in our sector in Spain, we set ourselves clear and concrete objectives, as well as ambitious ones: better define our focus, achieving leadership positions in our most priority markets to improve our operational profitability. Thus, we have positioned ourselves as the first private investors in infrastructure in Chile and Colombia, we have increased our presence in Italy, we have entered the U.S., doubling the gross margin to almost 16%, one of the best in the sector in the world. We also wanted to increase our scale, growing our key businesses of concessions, infrastructure, and services by 57%, leaving aside the real estate sector and becoming a global company with a portfolio balanced across the main home market countries. And finally, achieve financial sustainability, for which we have succeeded in reducing recourse debt by 83%, also generating 13 times the operating cash flow, and we have returned a stable dividend to the shareholder. And fourth, and no less important, we have invested in the best talent, attracting the best professionals with attractive career plans based on information and opportunities for personal and professional development, retaining only the best by offering new, more competitive compensation schemes and providing a value proposition based on safety, health, diversity, and equal opportunity. Furthermore, the last five years have meant a huge modernization at Sacyr: the investment in process digitalization, in open innovation and promotion of that innovative culture, in risk management, in new internal communication tools, and in diversification of funding sources, among many other areas. The fulfillment of this strategy, thanks to the commitment and work of all of us who are part of Sacyr, has led us to obtain economic results in 2020 worth mentioning, even considering the COVID environment. Revenue continued to grow in 2020 by 9% to over 4.5 billion euros, and the operating margin reached the aforementioned 16%. Operating cash flow, the main objective of the company, reached 545 million euros, and net profit was positive, reversing the situation of the previous year which was affected by the Repsol provisions. The concession businesses of our divisions accounted for 78% of EBITDA, and this is our main strength for the present and future. The company's global portfolio reaches 40 billion euros, of which approximately 80%, 32 billion, corresponds to concessions, and that means that the latent value of this concession portfolio can be estimated at over 20 billion euros, if you heard correctly, more than 20 billion euros. Despite having made an investment of over 1,336 million euros, of which we contributed 300 million with our own resources, we maintained the recourse debt figure thanks to the maturation of our concession businesses, which more than doubled their contribution in the form of dividends to the group. A year therefore closed successfully on the economic side, thanks to the contribution of our concessions with low demand risk and our ability to maintain a high and safe level of activity. An example of this are our projects in Colombia. During 2020, we have put into service more than 300 kilometers of highways, which represent almost half of the 600 kilometers we have under concession in the country. We have successfully completed the Puerta del Hierro-Curt del Viso road on the Caribbean coast. We will finalize in the coming months another two: the Autopista al Mar 1 in Medellín and Dumichaca-Pasto in the south, which are already very advanced. Finally, Pamplona-Cúcuta in the north of the country, which was the most recent we obtained, we will complete next year. With this, we see an investment of over 2 billion euros in five years, something no one has ever achieved in Colombia in this sector. The incorporation of these assets into the operating portfolio, together with the Américo Vespucio Oriente urban highway in Santiago de Chile, our star asset, the Pedemontana Veneta highway in northern Italy, which by the way opens a new section in the coming days and whose full commissioning will take place in the first half of 2022, the Ruta del Este highway in Paraguay, which is the first public-private concession project in that country, and the Central Railway of Uruguay, among others, will represent a great leap forward in the group's revenues and in our position as leaders in infrastructure concessions. Sacyr has also continued and continues to work on the long term and sustainability. In this regard, I would like to highlight a set of actions and milestones achieved in the areas of ESG in 2020. We have increased our environmental investment by 30%, we have reduced our CO2 emissions by 16% even with the increase in activity we have had, we have recycled and reused 84% of waste, we have increased the use of recycled water to 17%, avoiding the consumption of more than one million cubic meters, we have provided 320,000 hours of training, 15% more than in 2019, and we have trained 820,000 workers in safety and health. We have created 5,000 new jobs, we have evaluated the sustainable commitments of more than 2,400 suppliers, we have approved 20 new corporate policies related to our sustainability management, and we have benefited 300,000 people with our volunteer and social action plans in the countries where we operate. This year, 2021, ladies and gentlemen, shareholders, we are starting a new strategic cycle. It is based on the pillars of success of the previous one but evolves our global corporate model to turn it into a benchmark for long-term sustainable value generation. Those two main levers we already had and maintain are cash and talent, with which we are already achieving our financial objectives of reducing corporate recourse debt, generating value for the shareholder, as well as our non-financial objectives related to sustainability. But this is just the beginning. In this new strategic cycle, we want to decisively promote our position as a world reference in the global infrastructure concessions market. To do so, thanks to our financial strength and strategic solidity, I am sure we will achieve new goals in strategic countries with high potential: Italy, USA, Canada, Australia, Spain, Chile, Colombia. We will forge more and better alliances and obtain more resources on better terms. We have worked hard these years to have not the largest company, but the best. Many are following us. We have, ladies and gentlemen, the best company in our sector, and I say this completely convinced. In this new stage, we are going to bring out everything we are so that it has a multiplier effect on growth and profitability. We will continue, of course, generating positive cash flow at each phase of our projects, reducing recourse debt to the minimum possible, even eliminating it, which is our ultimate goal. We will continue to attract the best talent, no doubt, improving our value proposition to professionals, ensuring their integral development, giving opportunities, and adapting to the new realities of the labor market. As you know, our differential strength is the concession profile throughout the value chain, from opportunity selection, forming a suitable consortium, project bidding, financing, design, execution of works, commissioning, maintenance, and operation. There we will focus on our three business lines with special focus on transport infrastructure: highways, railways, airports; social infrastructure: hospitals, universities; and renewables, water, circular economy, energy, etc., always through long-term contracts that generate recurring revenue with reduced demand risk and in consolidated countries. Regarding the financial objectives of this new cycle, I think they are ambitious but achievable. The strength of our income statement and balance sheet has been key to overcoming the COVID crisis and will also allow us to face the new stage with the necessary solvency to be masters of an exciting new future. Our forecast points to revenue growth to 5.5 billion in 2025, improving our operating profitability thanks to the mix of stable markets and concession businesses. Operating profit will also grow to 1.2 billion euros from the current 724 million, and 85% of it will come from concession assets, one of our great objectives. Of course, the control of operating cash flow, which we have already spoken about, will result in growth of more than 80% to 1 billion euros from the 545 million in 2020. Regarding the necessary investments to achieve this forecast growth, we consider that they will be more than 5 billion euros, mainly in projects already contracted and some new ones that will be awarded to us in the coming years. The dividends generated by the current concessions, those we already have contracted, will be around 200 million per year on average, which will make it possible to self-finance the necessary own resources for this growth investment plan. I have spoken to you before about another of our great priorities: the reduction of recourse debt, which we will work to reduce to the minimum possible and even eliminate it. And of course, all this to ensure that you, ladies and gentlemen, shareholders, that the stable dividend remuneration we have achieved will be maintained at the level of around 5%. We are working so that the market recognizes our value. The vast majority of analysts already recommend betting on our company with target prices well above the current share price. We will achieve this recognition by meeting these ambitious goals I am setting out. Sacyr is ready to take a great leap, to be a reference, to take initiatives, and I assure you we will do it. In this strategic plan 2021-2025, we will also ensure that our projects and services are more sustainable and contribute to improving the present and future of society. The plan wants to underline and clearly distinguish two areas that we want to advance in a balanced and parallel manner: the operational and financial one, and the sustainability one. We want to be agents of change towards a model of project and service management that, in the long term, seeks an improvement in the quality of life of all our stakeholders. That is our purpose. For sustainability management, we have developed a specific plan that contemplates four areas of action with concrete objectives. Planet ambition in environmental matters: to achieve carbon neutrality in 2050, reduce the water footprint, and increase the percentage of reused or recycled waste to over 80%. Our team ambition for the promotion of talent, so often mentioned: increasing the number of women in management, further reducing the gender pay gap, which is already very low in this company, promoting diversity and labor flexibility in all its facets, and reinforcing the integral physical and mental safety and health of all our workers. The positive impact mission: to get closer to our stakeholders, generating trust and long-term value through dialogue, a proactive attitude, and social action with the communities with which we interact. And finally, an ambition at the highest level that has to do with strengthening the commitment of the board of directors itself, the management committee, the expansion of the code of conduct, and the regulatory compliance framework. These four lines of action will be carried out within the framework of the United Nations Sustainable Development Goals and with the strength that our Sacyr values give us: the spirit of sacrifice, the capacity for adaptation, excellence, commitment, innovation, and environmental ethics. And this year, 2021, we have already begun to fulfill some of our initial objectives of the strategic plan that I have just explained. We have won a first highway concession in Brazil, the RSCE 287 in the state of São Paulo, with a revenue portfolio of over 2.3 billion euros, thus opening this market of exceptional potential. We have also entered Canada with our first railway infrastructure projects in Toronto, and we are already pre-qualified in several tenders for circular economy and water projects. We have begun the operation of our first concession in the USA, the energy services of the University of Idaho, with a revenue portfolio of over 1.2 billion euros, allowing us to penetrate a market with infinite opportunities. We have been awarded a new concession hospital in Chile, Buen Peine, continuing the success we had with the construction and concession of the Antofagasta hospital. We have given the response that clients need by setting up a COVID hospital in Seville in record time, expanding the Gregorio Marañón hospital in Madrid, and also participating in the Hospital de la Enfermera and Saber Central in Madrid, developing our own model of installation adapted to the characteristics of this disease. We will sign in the coming weeks our second major concession contract in Italy, the A3 between Naples, Pompeii, and Salerno, with a revenue portfolio of over 2.7 billion euros. We have also achieved an important contract for street cleaning and waste collection services in Barcelona, demonstrating the ability of our teams to innovate and compete. In the field of sustainable innovation, we are presenting our expressions of interest and transformative projects so that they can be incorporated into the development of the recovery, transformation, and resilience plan of the Spanish government. These are projects mainly in the fields of circular economy, water and waste, renewable energies, and electric mobility. We have also successfully closed the issuance of the first social bond for an infrastructure project in Latin America, with financing of 200 million dollars for the Montes de María highway in Colombia, fully guaranteed by an official U.S. development support entity. And we are working on the final phase of structuring a green financing that will be possible, I believe, this quarter, and that will significantly reduce our corporate recourse debt, which is one of our fundamental objectives as I have already said. In short, a 2021 that is taking firm and appropriate steps to achieve the strategic plan, which I am sure we will be able to continue giving good news in the coming months. As you can imagine, in 2020 we had to overcome great tests due to the COVID crisis, and we have overcome them thanks to the effort and values of our great professionals. The work of everyone, both on the worksites that barely stopped, in the services that were performed with total reliability and dedication, and in the support tasks that adapted quickly and effectively to remote work, has been key to obtaining the satisfactory results I am informing you of today. I want to express my most sincere gratitude and admiration, as well as that of the entire board of directors. The present and future of our company depend on these more than 45,000 people full of talent, knowledge, and drive. Thank you very much to all, and congratulations once again for the work done and for what I am sure you will continue to do. My last words of this report I want to be again of thanks to all of you, ladies and gentlemen, shareholders, for your trust. I want to reiterate my pride in belonging to this company because the effort and professional excellence that its people demonstrate in each of their actions never cease to surprise me. I am convinced that you also feel proud. The achievements of Sacyr are the result of the effort of a great family that year after year overcomes its challenges. Thank you, thank you very much, truly. I truly believe that Sacyr is ready to be a relevant protagonist in the global infrastructure concessions sector. The new cycle we have just begun will entail important changes that will boost our relevance in the world. We want you to accompany us and that together we continue to be part of this exciting collective project that is Sacyr. Thank you very much.
Before reading the interventions of the shareholders, I give the floor to the secretary so that she may proceed to present the results of the attendance at the general meeting.
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María Sala Andrés50:43
Thank you, Mr. President. In terms of attendance, it should be noted that the share capital of Sacyr amounts to 616,451,031 euros and is made up of the same number of shares with a nominal value of one euro each. Once the definitive count has been made, the direct existence or through representatives, including the company's treasury shares, of 487 shareholders holding 313,906,091 shares of the company, representing 50.921% of the voting share capital, of which the direct existence of 71 shareholders holding 71,973,548 shares representing 11.675% of the share capital is recorded. It is recorded that 416 shareholders holding 241,932,543 shares representing 39.246% of the share capital have duly granted their representation. The breakdown and detail of these figures appear in the list of attendees that will be incorporated into the minutes of the meeting. It is stated to the shareholders that, in accordance with the applicable regulations, the shares that the company currently holds in treasury are considered as attendees. The company's treasury shares amount to 17,195,056 shares representing 2.79% of the share capital. In accordance with the provisions of the Capital Companies Law, treasury shares are counted in the capital for the purposes of calculating the quorum necessary for constitution and adoption of resolutions, but they have their voting rights and other political rights suspended. Consequently, there is sufficient quorum for the holding of the general meeting on second call and for the deliberation and voting on all items included in the agenda.
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Manuel Cecilia53:33
Based on the information provided by the secretary and since there is sufficient quorum for constitution in accordance with the law and the bylaws, I declare the ordinary general meeting of shareholders of Sacyr, S.A. duly constituted. In accordance with the provisions of the Mercantile Registry Regulations, I give the floor to the notary so that he may address the assembly for the purposes of verifying, on his part, the possible attendance of reservations or protests from any shareholder regarding the previous statements made by me and the secretary relating to the number of attendees present at the general meeting, the capital present and represented, and the valid constitution of the general meeting.
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José Miguel García Lombardía54:28
Thank you, Mr. President. In accordance with the provisions of Articles 101 and 102 of the Mercantile Registry Regulations, as notary of the general meeting, I advise the meeting that if any shareholder wishes to express reservations or protests regarding the statements made by the secretary relating to the number of attending shareholders or the capital present, as well as in relation to the valid constitution of the general meeting, they may do so at this time through the space enabled for this purpose on the corporate website for its recording in the minutes. Thank you very much.
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María Sala Andrés55:10
The general meeting is informed that no shareholder has expressed reservations or protests regarding the statements relating to the number of attending shareholders or the capital present, nor in relation to the valid constitution of the general meeting, and this will be recorded in the minutes. Thank you very much.
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Manuel Cecilia55:27
Thank you, Mr. Notary. Next, the interventions received, if any, through the space enabled for this purpose on the corporate website will be read, and I will proceed to answer them, informing you that those not answered at this time will be answered in writing within the period established by law. I give the floor to the secretary so that she may proceed to read the interventions received from the shareholders.
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María Sala Andrés56:02
Thank you, Mr. President. The general meeting is informed that the following intervention has been received from shareholders attending telematically or through a representative to this general meeting, which will be recorded in the minutes for having expressly indicated so. The first intervention corresponds to shareholder Mr. David Ferrer Bermejo, holder of 115,105 shares, who literally proposes two questions. Question number one: Are you going to continue or extend the line of financial derivatives that the company has to protect itself from possible falls in the Repsol share price? Question number two: Have you considered partially or completely reducing that stake?
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Manuel Cecilia56:55
Good morning. With pleasure, in the context of Mr. David Ferrer, regarding the first question, as you know, during the years 2016-2017, this group entered into three financial derivative structures in order to fully limit the financial risk associated with the Repsol stake, which has allowed us to control it perfectly. And regarding the second question, I have to tell you that, as we have repeated on some occasions, the management of the Repsol stake by the company is active, which means that we take advantage of any opportunity to improve or always benefit the balance sheet and income statement of Sacyr, and we will do so when the time comes for the maturity of each of the derivatives. The board of directors can release and sometimes its actions are received, but always, as we always repeat, prioritizing the balance sheet of Sacyr.
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María Sala Andrés58:10
The voting process begins on the proposed resolutions submitted for approval to the general meeting. For the organization of the vote, I give the floor to the secretary.
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Manuel Cecilia58:22
For the organization of the vote, I give the floor to the secretary.
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María Sala Andrés58:25
Thank you, Mr. President. We now proceed to the vote on the proposed resolutions submitted for approval to the general meeting. Regarding each of the items on the agenda, the vote will be carried out in accordance with the provisions of the meeting regulations and as previously informed. It is also stated that, in accordance with the provisions of the Capital Companies Law, directors who have made a public solicitation of proxies and who are in a situation of conflict of interest in relation to the vote on any of the proposals submitted to this general meeting may not exercise the vote corresponding to the shares represented by them in relation to such proposals, unless they have received express voting instructions, without prejudice to the provision on alternative delegation in favor of the secretary of the board and, where applicable, the vice-secretary, in accordance with the voting instructions incorporated in the call for this meeting. The general meeting is informed that, in accordance with the meeting regulations, the proposals of the board of directors are considered fully read, having been available to the shareholders. It is also stated that I have delivered to the notary the text of the proposed resolutions for their proper recording in the minutes. Without prejudice to the foregoing, I will now briefly summarize the proposed resolutions submitted for a vote. As can be seen from the agenda and following the recommendations of good corporate governance, the items are presented grouped by blocks. A first block in which the annual accounts, the management report, the statement of non-financial information, and the social management corresponding to the 2020 financial year are submitted for approval, as well as the re-election of Ernst & Young as auditor of Sacyr and its dependent companies for the 2021 financial year. A second group relating to the board of directors, in which the ratification and re-election of Mr. Raimundo Baroja Rieu as a proprietary director, the consultative vote on the annual report on directors' remuneration for the 2020 financial year, a proposal to modify the directors' remuneration policy, and the proposal for the application of share-based remuneration in accordance with the LTI 2020-2025 for the executive director are submitted for approval. In the third group, the modification of some articles of the bylaws is proposed to allow and regulate telematic attendance at general meetings, the call for telematic meetings, and the provision that the board of directors be composed exclusively of natural persons. In the following group, the fourth, the modification of some provisions of the general meeting regulations is proposed to adapt them to the modifications of the bylaws. In the fifth point, the approval of two capital increases with charge to profits or reserves is proposed to allow shareholder remuneration in the form of scrip dividend. Within the last block, a set of authorizations to the board of directors is included: first, for the issuance of securities exchangeable or convertible into shares; second, for the issuance of fixed-income securities; third, for the derivative acquisition of shares; and finally, for the delegation of powers to formalize and execute the adopted agreements. In accordance with Article 528 of the consolidated text of the Capital Companies Law, once the presentation of the proposed resolutions for the items on the agenda has been concluded, I proceed to inform the general meeting of shareholders about the modification of the board regulations approved by the board of directors of the company on December 17, 2020, the justification and text of which are as set out in the specific documentation on this matter that has been made available to the shareholders before this general meeting. I remind you that it is not necessary to proceed to a vote on this point. The period for the exercise of voting rights on the proposed resolutions relating to the items included in the agenda ends at this moment.
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Manuel Cecilia1:03:43
Once the voting process by the shareholders has been completed, it is stated that the minimum limit of votes necessary to approve each and every one of the proposed resolutions relating to the items included in the agenda has been exceeded. In view of the progress of the results, I am pleased to inform you that there is a sufficient majority in each of the items on the agenda to approve all the proposed resolutions submitted to this meeting, without prejudice to the foregoing, the definitive data of the votes will be published on the corporate website of the company. Thank you, Madam Secretary. Consequently, all and each of the proposed resolutions on the items included in the agenda are declared approved. The approved resolutions and the result of the votes will be published in full on the company's website within the next five days. Before the conclusion of the meeting, I give the floor to the secretary.
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María Sala Andrés1:05:00
Thank you, Mr. President. Once the vote on the resolutions of this general meeting has been concluded, once the counting of the votes is finished, the definitive result will be determined, recording the approved resolutions and the results of the votes in the minutes. The approved resolutions and the results of the votes will be published in full on the corporate website of the company within the period of the next five days following the end of this general meeting. Finally, as already informed at the beginning, the notarial minutes will be considered as the minutes of the general meeting. I now give the floor to the president.
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Manuel Cecilia1:05:40
Before declaring this general meeting concluded, I would like once again to thank, on behalf of the board of directors, all the shareholders for their telematic attendance at this general meeting. We also expressly express our gratitude to all the people who make up the Sacyr group, and very especially to you, ladies and gentlemen, shareholders, for your trust in this great company. Thank you very much. The session is adjourned.
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Narrator1:06:29
2020 has been a year of great challenges for Sacyr, for everyone. Our teams have demonstrated a great capacity for overcoming, adaptation, and resilience. We have accelerated the process of building hospitals and reinforced all the services we provide in them. We have disinfected streets, squares, and buildings, managed COVID-19 waste, caring for the most vulnerable people. Together we have overcome challenges such as the digitalization of management, cybersecurity, and teleworking. Thanks to everyone's effort, in 2020 we have consolidated ourselves as a global company with a concession profile, present in more than 20 countries. We celebrate the success of our strategic plan 2015-2020. We are profitable and global, orienting our efforts towards the growth of the concession model and following a strategy of risk reduction in our investments. The focus on developed markets with infrastructure needs for their growth offers us a stable labor, legal, and financial framework. We highlight that after the integration in 2020 of Sacyr Industrial, we have managed to maintain the competitiveness of our three business lines, creating greater synergies between them. At Sacyr, we believe in the development of a sustainable future, generating a positive social, economic, and environmental impact for society, committed to the Sustainable Development Goals of the United Nations agenda that mark our roadmap in the contribution to a more equitable society. Driving our sustainability plan 2021-2025 and developing our ethical and responsible management from the highest level of demand. We lead initiatives to reduce the impact on ecosystems, promoting the circular economy, responsible use of water, and improvement of energy efficiency, with a firm commitment to be carbon neutral by 2050. We collaborate with nearly 30 foundations around the world, agreements with which we have directly benefited more than 30,000 people, and more than 300,000 indirectly. Our greatest asset is people, so we foster a diverse and inclusive work environment, guaranteeing equal treatment and opportunities, avoiding any situation of discrimination in all our workplaces. Sacyr, challenges met.