Corporate finance: Brufau steers Repsol away from risk
Antonio Brufau is one of the most respected businessmen in Spain and until December 2005 was the only Spanish member in the executive committee of the International Chamber of Commerce. He started his career at accountancy firm Arthur Andersen and has served on the boards of several companies, including Suez, Enagas, Abertis, Aguas de Barcelona, Colonial and Caixa Holding. From 1999 to 2004, he was managing director of the La Caixa Group, becoming chairman and chief executive of Repsol in October 2004.
Among his first actions as chief executive was a painful 25% restatement of Repsol YPF’s reserves in January 2005. He subsequently reduced exposure to Argentina and in 2007 Repsol announced a record profit of €3.2 billion – a 33% increase on 2004. Despite a reduced focus on Latin America, Repsol YPF announced in September 2007 that, along with Brazil’s Petrobras and British Gas, it had discovered the major new offshore Carioca field in Brazil. The company revealed a 2008–12 strategic plan in March, which involves investment of €32.8 billion over five years.