Club news

THE SHAREHOLDERS MEETING 2011

24 Dec 2011
Deportivo’s shareholders approved the financial reports of the past year and also the budget for the season 2011/12. Lendoiro didn’t face any opposition, though there were some tense moments and tough questions.

Perhaps it was the date or the growing lack of interest in the financial situation of Deportivo, perhaps it was the knowledge of the shareholders regarding the power of president Augusto César Lendoiro over big part of the votes, the true is that this year’s shareholders meeting almost took place without having any shareholder; and it’s that only 30 shareholders were present in the event that took place at Colegio Santa María del Mar (A Coruña). Last year there were 42 shareholders in the event, which means a decrease of 29%. The meeting lasted three hours.

Still, there were enough shares represented to make the quorum; what happens is that big part of the shareholders avoid the meeting and instead give the power to others to vote, normally these ‘big voters’ are close allies of Lendoiro. Totally, there were 24,282 shares represented in the meeting, which means the 18.63% of the club’s capital, enough to make the quorum.

As always Lendoiro didn’t face any opposition at the moment of approving the financial reports and the budgets; the financial reports of the season 2010/11 were approved with 24,274 votes in favour and only eight votes against the motion. The work done by the board of directors was approved with 24,256 votes in favour and only 26 votes were negative.

The economic result of the period was approved with the same 24,256 votes; the difference was that there were 18 abstentions, while 8 votes were negative. The second part of the shareholders meeting was dedicated to the budget and the composition of the board of directors, at this point, two hours after the start of the reunion, only 22 shareholders were still present.

The budget of the season 2011/2012 was approved with 24,089 votes, while e 8 votes were negative. The final voting process was related to the composition of the board of the directors and the wages of Lendoiro’s advisors, once again there was no opposition to the motion and it was approved with 24,073 votes in favour, 18 abstentions and only 6 negative votes.



Friday’s shareholders meeting at Deportivo
Despite having the control over the situation, Lendoiro lived some tense moments, like when a shareholder criticized the club for the signings of Yves Desmarets and Javito; the toughest moment was when Lendoiro lost the nerves and shut down a shareholder that was suggesting that the budget is manipulated in order to allow the president to have a bigger salary.

As always one of the main protests was related to the voting process; there were two ballots, one to vote Yes and the other to vote for the No; some shareholders complained that they felt embarrassed as anyone could notice who was voting against the proposals of the club, and that fact explains the bizarre moment of the reunion as one of the shareholders covered his head to avoid been recognized when he voted against the motions.

The main conclusion of Friday’s shareholders meeting is that, despite all the financial problems and the fact that Deportivo is at Segunda División for the first time in twenty years, Lendoiro still has the power at the Galician club.

ARCHIVE NEWS DEC/11

ZAPPING

Related news

THE BUDGET OF THE SEASON 2011/12
THE FINANCIAL REPORTS OF DEPORTIVO


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