In 2001 and 2002, during his time with WEF, Figueres sat on the board of directors of Energia Global International Ltd., a renewable-energy company incorporated in Bermuda in 1997 with business interests in Central and South America. In 2001, EGI became a subsidiary of Enel SpA when the Italian power company bought it for $73 million, plus $37 million in debt cancellation, according to news reports.
Appleby records show that Figueres’ brother Mariano and Timothy Phillips, an EGI founder and an adviser to former U.S. President Bill Clinton, were company officers. Figueres resigned from EGI’s board of directors with a handwritten note dated December 2001 from Davos, Switzerland, where the WEF holds its annual meeting.
In 2003, the company moved to Delaware from Bermuda because, according to an Appleby note, “[d]ue to changes in tax laws in EU, Bermuda is now classified as a negative tax jurisdiction for Italian shareholders.”
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