Overview
- Government sources confirmed Monday that Diego Santilli will join YPF’s board as Director Titular for Clase A and has renounced any director remuneration, following the precedent set by recent chiefs of cabinet.
- The Clase A holding, known as the Acción de Oro, legally grants its holder veto authority in the board and a decisive vote in the shareholders’ assembly on mergers, reorganizations and privatizations.
- Santilli fills the seat left vacant by Manuel Adorni after Adorni resigned in June, continuing a practice in which successive Jefes de Gabinete have occupied the state’s board slot without collecting YPF director pay.
- The appointment was announced the same day YPF reported a record quarter with a net profit of about US$1.205 billion and an adjusted EBITDA of roughly US$2.804 billion, underscoring the commercial weight of board decisions.
- The state has held a 51% stake in YPF since the 2012 expropriation and the company’s 11-member board structure concentrates strategic influence in the Clase A seat, which will shape choices on Vaca Muerta projects, investment priorities and shareholder actions.