Ethics and compliance
Committed to the highest ethical standards
At Iberdrola we are constantly working to be at the forefront of international best practices in ethics and compliance.
Iberdrola Group has a compliance system in place to ensure that we act in accordance with the ethical and basic principles of governance and sustainability of the Iberdrola Group, the law and our internal regulations − especially the rules and policies of the Governance and Sustainability System. This system helps to fully comply with the Purpose and Values of the Iberdrola Group and to protect the corporate interest, as well as to prevent, manage and reduce the risk of breaches committed by directors, professionals or suppliers within the companies of the group.
"Our Code of Conduct develops Iberdrola's Purpose and Values and specifies the Group's commitment to ethics and transparency in all areas. Following its guidelines is the best way to promote integrity, loyalty, honesty and alignment with the Group's values on the part of everyone."
Ignacio S. Galán
Iberdrola’s Executive Chairman
The Code of Conduct for Directors, Professionals and Suppliers and other compliance regulations
The Code of Conduct for Directors, Professionals and Suppliers [PDF] develops the Purpose and Values of the Iberdrola Group. Its main objective is to establish a set of principles and guidelines for the conduct of its directors, professionals and suppliers in a globalised, complex and constantly changing environment.
This code reflects Iberdrola's commitment to business ethics and transparency in all areas of activity. This code is intended to ensure the responsible behaviour of directors, professionals and suppliers of the companies of the Group − regardless of their hierarchical level or geographic or functional location − and the companies of the Group to which they provide their services or with which they have a contractual relationship.
The Group companies' compliance system is based on rules and policies approved by the Board of Directors, which are part of the Governance and Sustainability System, including the Ethical and Basic Principles of Governance and Sustainability of the Iberdrola Group [PDF], the Code of Conduct for Directors, Professionals and Suppliers [PDF], Anti-Corruption and Anti-Fraud Policy, the Compliance Policy and the Internal Reporting and Whistleblower Protection System [PDF]. Furthermore, the compliance units of each company of the Group develop and approve specific provisions or rules within the Governance and Sustainability System to proactively and autonomously ensure the implementation and effectiveness of the Compliance System of each Group company.
Compliance System
Risk assessment
Policies and procedures
Communication
Training
Monitoring
Reaction
Code of conduct*
Code of Conduct for Directors, Professionals and Suppliers* of Conduct for Directors, Professionals and Suppliers
1 Risk assessment
One of the main parts of the Compliance System is the existence of a process of regular and continuous identification and assessment of compliance risks in each of the corporate functions and in the companies of the Group, including the risks of conduct that could constitute a crime or an improper act associated with the activities carried out by the organisation. The assessment includes the evaluation of the likelihood of the materialisation of each risk and the impact that such materialisation would have, as well as the effectiveness of the controls aimed at mitigating them.
2 Policies and procedures
The organisation has the necessary rules and policies of the Governance and Sustainability System in place to prevent and mitigate the risks identified, as well as providing professionals with guidelines for conduct.
The compliance systems of the companies of the Group are structured on the basis of: (i) regulations approved by the Board of Directors of Iberdrola, S.A. (as an integral part of its Governance and Sustainability System); (ii) regulations approved by its own management decision-making body; and (iii) rules or provisions developed and approved by each compliance unit through the powers given to it by its respective Regulations.
The regulations are updated periodically and are monitored by the compliance units to assess their preventive potential.
3 Communication
Dissemination and communication of ethical principles is another essential element of the Compliance System. The main objectives, as established in the Global Communication Plan, are as follows:
- Ensure that professionals perceive the value that the compliance activities represent for them on a personal level.
- Raise awareness among professionals of the most relevant risks associated with their professional activity and the regulations or recommendations to minimise them.
- Promote the participation of professionals in the Compliance activities that require it.
- Encourage the participation of executives and middle management in transmitting the compliance culture to their teams.
For communication, the different tools and channels available are used, selecting the most effective ones according to each case.
4 Training
Training is one of the cornerstones of the compliance function and of the knowledge of and compliance with the Code of Conduct by all professionals in the Group's companies. The training strategy is based on global training initiatives for the professionals of the Group's companies on compliance issues of a general nature and applicable to the majority of the workforce. Additionally it develops specific training plans aimed at certain groups of professionals specific compliance risks have been identified for.
5 Monitoring
The management decision-making bodies of the companies of the Group are responsible for monitoring the effective implementation of the Compliance System in their respective companies.
The monitoring activities are aimed at establishing detection and control mechanisms to verify the effectiveness of the preventive measures implemented, as well as to enable continuous improvement of the compliance systems.
The key to detecting irregular conduct is the internal reporting system established at the Company and the other companies of the Group.
The Group's internal reporting channels are tools made available to all shareholders, directors, professionals, suppliers, and other third parties as determined by law to report conduct that may involve the commission of any potentially improper conduct or an act that is potentially illegal or contrary to law or to the Governance and Sustainability System.
In all cases, the Group is firmly and expressly committed to prohibiting retaliation against those who make use of those internal channels, except in cases of bad faith.
In addition, compliance systems are subject to regular audits and reviews by Internal Audit and independent third parties, and action plans are put into place to adopt the proposed recommendations.
6 Reaction
Internal reporting channels are an essential source of information for identifying improvements in compliance systems and additional prevention and control mechanisms.
In addition, as a result of audits and periodic reviews of compliance systems, action plans are established to adopt the proposed recommendations.
More detailed information can be found in the Iberdrola Group Companies Compliance systems Transparency Report [PDF]
Compliance units
In order to proactively and autonomously monitor the application and effectiveness of the Compliance System of each company of the Group, compliance units have been set up as internal and permanent collegiate bodies. These units are set up in accordance with the highest standards of independence and transparency and are linked to the boards of directors. The composition, powers and operation of the unit are regulated in the Regulations of the Compliance Unit [PDF].
The functions of the compliance units include fostering an ethical culture and "zero tolerance" towards illicit acts or acts contrary to the law or to the System of Governance and Sustainability. They also monitor the application and effectiveness of the Compliance Systems of their companies in a proactive and autonomous manner, without prejudging the appropriate coordination carried out at the Group level.
Internal information system. Whistleblower channel
Iberdrola has implemented an internal reporting system in accordance with the provisions of applicable law and based on the principles settled in the Compliance Policy and in the Internal Reporting and Whistleblower Protection System.
The management of the internal reporting system of each company of the Group corresponds to their respective compliance units.
These reporting channels are configured as tools made available to all shareholders, administrators, professionals, suppliers and other third parties to report potentially improper conduct or any act that is potentially illegal or contrary to law or the Governance and Sustainability System with impact on the companies of the Group, in its contractual relationship with its suppliers or in the interests and image of the companies of the Iberdrola Group.
All communications received through these channels are considered confidential information and may, in the case of complaints, be anonymous. In all cases, all companies of the Group are firmly committed to avoid any kind of retaliation against those who make use of the above-mentioned reporting channels, except in cases of bad faith.
Supply Chain
One of the key elements of the Compliance System of the Group's companies is the dissemination of our ethical culture to the third parties with whom they interact. To this end, Iberdrola requires that the members of its supply chain assume certain obligations and specific guidelines for action (Code of Conduct for Suppliers) and carry out due diligence. We also develop communication and awareness-raising initiatives to promote compliance systems and supply chain’s sustainability.
Inside information
One of the functions of the Compliance Unit is to ensure compliance with the Internal Regulations for Conduct in the Securities Markets. These regulations seek to ensure the equal treatment of all investors and the protection thereof against the improper use of inside information or other conduct constituting market abuse and establishes the internal rules for the management, control and transparent communication of Inside Information. It applies to the members of the Board of Directors and senior management of the company, as well as to other individuals who have regular or temporary access to Inside Information and to the managers of Iberdrola's Treasury Share.
Transparency report
Iberdrola approves and publishes an annual report on actions, initiatives and measures carried out, promoted and adopted by the compliance units of each company of the Group. They showcase how the Compliance System operates in the Group’s companies and demonstrate its effectiveness.
Our figures
staff trained in ethics and compliance
a year to promote business ethics in the communities where we operate
annual communications to
the Ethics Mailbox
annual third-party evaluations
Recognitions and certifications
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World's Most Ethical Companies list
Iberdrola, S.A. has been recognised, for the thirteenth consecutive year, as one of the most ethical companies in the world, according to the ranking 2026 World's Most Ethical Companies prepared by the Ethisphere Institute, a leading US global entity in the definition of best practices in compliance matters.To be included in this list, Ethisphere assesses the existence of an effective compliance system, reputation, the presence of an ethical culture at all levels of the organisation and in all its activities, corporate governance and social responsibility. This recognition has been awarded in 2026 to 138 companies worldwide, and Iberdrola remains the only Spanish energy company featured in this ranking.
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Compliance Leader Verification
The Compliance Leader Verification certification, awarded by the Ethisphere Institute, is awarded to companies that not only comply with current regulations, but also demonstrate the existence of an internal culture and leadership that promotes ethical values in their business’ development. This year, 2025, we have received the 4th renewal of the certificate. -
AENOR has certified Iberdrola's Compliance System in accordance with the standard UNE 19601 on criminal compliance management systems; and the standard UNE-ISO 37001 on anti-bribery management system.
These certifications were obtained by the Company for the first time in 2017.
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For the third consecutive year, Iberdrola tops the Compliance 2025 ranking of the most transparent companies on the IBEX 35, according to the report Transparency and good governance in the compliance practices of IBEX 35 companies, prepared by the Haz Foundation with the support of the Spanish Compliance Association (ASCOM). This report analyses voluntary transparency in public information on the compliance policies and practices of companies listed on Spain's main stock market index.
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Iberdrola has received double recognition at the seventh edition of the Expansión Compliance Awards, held on 9 April 2026, winning the “Most innovative company in Compliance” and “Best international Compliance project” awards. These distinctions recognise the efforts made by companies and their professionals to implement effective compliance systems within their organisations.
The jury highlighted, on the one hand, the innovative nature of the company’s Compliance initiatives – an award Iberdrola has now received for the second time – and, on the other, the implementation of an ambitious international project that has enabled the rollout of a global Compliance software solution across the 20 countries in which it operates, adapted to local regulations, practices and languages.
In an edition featuring 120 entries, Iberdrola was also a finalist in two additional categories, further reinforcing its leadership in ethics, transparency and regulatory compliance, driven by the ongoing commitment and efforts of all the company’s professionals.
These recognitions add to the awards received in 2019 and 2025 as “Company with best Compliance practices”, the most prestigious in its category as it assesses the compliance system as a whole, and in 2023 as “Most innovative company in Compliance”, consolidating the company’s leadership in this field.
Leading the way in ethics and compliance
23 December 2024