Corporate governance

Shareholding structure

The following table sets forth information regarding ownership of our capital stock by each person known to us to own beneficially at least 5% of our common shares, the Argentine federal and provincial governments and our Employee fund as of 04-16-2020:


Shareholders Class A
National State (3) 3,764 0.001%
Shareholders Class B
Argentine provincial governments (4) 7,624 0.002%
Shareholders Class C
Employee fund (5) 40,422 0.010%
Shareholders Class D
National State (1) 200,589,525 51.000%
Floating (2) 192,671,458 48.987%

(1) The expropriated Class D shares, which represent 51% of our share capital, and which now are owned by the Republic of Argentina, will be assigned as follows: 51% to the Argentine Republic and 49% to the governments of the provinces that compose the National Organization of Hydrocarbon Producing States. The completion of this assignment is pending. To ensure compliance with its objectives, the Expropriation Law provides that the Argentine Executive Branch, by itself or through an appointed public entity, shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the provinces that compose the National Organization of Hydrocarbon Producing States is completed. In addition, in accordance with Article 9 of the Expropriation Law, each of the Argentine provinces to which shares subject to expropriation are allocated must enter into a shareholder’s agreement with the federal government which will provide for the unified exercise of its rights as a shareholder. See “Item 4. Information on the Company—Legal and Regulatory Framework and Relationship with the Argentine Government—The Expropriation Law,” “Item 4. Information on the Company—Legal and Regulatory Framework and Relationship with the Argentine Government—Decree No. 7/2019
(2) According to data provided by The Bank of New York Mellon, as of April 16, 2020, there were 161,558,849 ADSs outstanding and 46 holders of record of ADSs. Such ADSs represented approximately 41% of the total number of issued and outstanding Class D shares as of such date.
(3) Reflects the ownership of 3,764 Class A shares by the Argentine Republic.
(4) Reflects the ownership of 7,624 Class B shares by provincial governments.
(5) Reflects the ownership of 40,422 Class C shares.

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