Paul Singer Declares War On China (DealBreaker) There are many unkind things one could say about Energias de Portugal. Here’s a few of them. Nevertheless, EDP’s unwieldy governance looks culpable for the company’s undervaluation and vulnerability to cheap bids. The board has 21 members, nine of whom have been there seven years or more. Chief Executive Officer Antonio Mexia has been there nearly 13 years. This doesn’t appear conducive to rapid change. The board now needs to explain why it isn’t already implementing Elliott’s ideas. You might think, given the way that paragraph ends, that this comes from a scathing letter from our old friend Paul Singer.