Mon. Dec 4th, 2023

If there is a company that is permanently in the eye of the hurricane, it is Indra. Since Aznar privatized the largest public companies, including Indra, it has always been dragging scandals. While other privatized companies have not been involved in serious problems, but rather on the contrary, have advanced successfully, the same cannot be said of one of the main Spanish technology companies. We are talking about a strategic firm, in charge of counting electoral processes, controlling border security systems, developing software for the Administration or managing multiple services for different sectors, in addition to being one of the world’s leading defense technology companies. . But Indra has a problem. And it is not a private company, although it is not public either. And this harms the company itself and the image that can be had of it. Being semi-public, the Government, through SEPI, controls a majority of the shareholders, which means that it is used at the convenience of the party in power. Its control has already been exercised before by the PP as has also been done (and is being done) by the PSOE. Putting someone from the rope at the head of the multinational is the norm of the house. And with few honorable exceptions, to direct it, the most capable candidate is not selected, but the friend of the party or the one who is owed a favor. In Spain we take it for granted. Change of Government means change in the leadership of public or semi-public companies. Something that should shock us, we take it as normal. In a more or less veiled way, the government party draws the positions of these companies that fall into the hands of executives who neither know business management nor know the world in which that company operates. Pedro Sánchez has done nothing but imitate what other presidents did, but of course, he has done it in the Sánchez style: entering the china shop like an elephant. And it’s a shame. He has achieved the resignation (and also the dismissal) in a chain of several independent directors, who are the ones who can serve as a brake to avoid further politicization of the company. And all of them have accused Sánchez of wanting to take control of the technology company to impose directors who “do not oppose his claims.” Thanks to Sánchez, the company is currently in breach of its own Good Governance code and, of course, has caused the company’s shares to lose 18% of their value in fifteen days.

Pedro Sánchez has done nothing but imitate what other presidents did with Indra

Obviously, and no matter how scandalized certain press may be, no one prevents Sánchez and his partners on the board (PRISA, fundamentally) from trying to change the course of the company so that it adapts to the claims of the egotistical President, but there are mechanisms and rules to do it with other ways that are not exactly the ones that Sánchez likes the most. However, all this situation (and the previous ones) would not occur if Indra were indeed totally private or if, at least, the government in power could not decide on the strategy of such an important company for our country. He urges anyone related to the political power of companies like Indra to leave. It is urgent that Indra be once and for all, independent.

By Alvaro Rivers

Award-winning student. Incurable social media fanatic. Music scholar. Beer maven. Writer.