TCI urges Aena board to defend airport governance and investment framework

TCI wrote to Aena’s board as a long-term shareholder, reporting ownership of 6% of outstanding shares at the letter date. Christopher Hohn and Jonathan Amouyal challenged proposals for regional co-governance and changes to the airport operator’s tariff framework. They argued that fragmentation would weaken operating efficiency, delay investment decisions and increase financing costs. The letter asked directors to defend Aena’s ownership model, resist regulatory changes that could undermine investor confidence and ensure that the cost of capital used in the next regulatory period was determined on financial grounds. These were the investment manager’s arguments and requests, not findings that any proposed governance change had occurred.