10/14/99
ORDINARY AND EXTRAORDINARY GENERAL MEETING OF YPF
 

 

Today, YPF held an Ordinary and Extraordinary General Meeting, at which Alfonso Cortina acted as Chairman for the first time.

A set of amendments to the Company Bylaws was approved at this Meeting, chiefly in response to commitments undertaken by Repsol to the Argentine government following the acquisition of a majority stake in YPF. The following resolutions were passed:

  • The vote of Class A shares (belonging to the State) was requested in favour of setting up new corporate or fiscal headquarters outside the Republic of Argentina, regardless of the equity capital these votes may represent.
  • A stipulation was made whereby the State shall have one Member on the Board of Directors, and one deputy Member, while there is at least one Class A share in existence.
  • A provision was made whereby the State should appoint one statutory auditor and one deputy statutory auditor while there is at least one Class A share in existence.
  • It was established that the management and administration of the company should be conducted by a Board of Directors comprising 7 to 14 members.
  • The Board of Directors appointed last June was ratified.

Alfonso Cortina emphasised that this was the beginning of an era of opportunities for the new Repsol-YPF, which has become one of the great multinational oil companies. With reference to the current integration process, the Chairman described this as most satisfactory, for a single well articulated and flexible corporate structure has already been achieved in a short space of time. This whole process has been based on the idea of orderly accumulating both companies� capacities, whilst taking full advantage of all the complementary aspects.