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International Corporate Governance

A Case Study Approach

Edited by Christine A. Mallin

Corporate governance has become a global phenomenon. This book highlights, through various case studies, how corporate governance has evolved in a number of countries around the world. The international cast of contributors, from varying professional backgrounds including academics, lawyers and company directors, focus on different regions around the globe, reflecting various ownership structures, legal systems, and political and cultural aspirations. Some of the case studies used include: Standard Life; Telecom Italia; and Eskom.
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Chapter 4: Indra: The History of a Successful Privatization

Silvia Gómez Ansón and Jaime Bonet Madurga


Silvia Gómez Ansón and Jaime Bonet Madurga INTRODUCTION Indra Sistemas, SA is the leading Spanish information technologies and defence systems company, with revenues in 2003 of 987 million euros and a market value of 1859 million euros in December 2004. It is one of the 35 largest quoted Spanish companies. Its shares are quoted on the four Spanish Stock Exchanges: Madrid, Barcelona, Bilbao and Valencia, and its ordinary shares have been quoted on the Spanish Electronic or Continuous Market since March 1999. The company has also been included in the selective Ibex-35 Index since 1999 and is a member of the ‘New Market’ segment of the Spanish Stock Market. Among the international indices the company is included in the FTSE e-TX Index and the Dow Jones Global Index. The company is one of the firms with a higher corporate reputation in Spain. In 2004 the company received the ‘First Award for the Ibex35 company with the best Corporate Governance and Information Transparency Practices’, granted by the Foundation of Financial Studies (‘Fundación de Estudios Financieros’), a foundation of the Spanish Institute of Financial Analysts, and the Recoletos Communication Group. Indra also ranks among the top three Ibex-35 companies with superior website-base shareholder information, according to a report from the IESE Business School Minority Shareholders’ Forum, and it has been granted the ‘Award for Innovation for Human Resources’ by Expansion y Empleo for its HR management process re-engineering project. The company also obtained the Award ‘Best IR by a...

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