• PER
    Price-to-Earnings Ratio. The market value of a company's shares (stock market capitalisation) divided by the net profit. Reflects the value of the net profit as a function of the stock market valuation (capitalisation).
    Spanish: PER
  • Paris Agreement
    Global agreement on climate change adopted in December 2015 at the Paris COP21 by the 195 state parties to the United Nations Framework Convention on Climate Change. The Paris Agreement entered into force on 4 November 2016 and lays down a bridge between today?s policies and the climate neutrality that should exist by the end of the century.

    The governments agreed to a long-term goal to keep the increase in global average temperature well below 2 °C above pre-industrial levels; to limit the increase to 1.5 °C; for global emissions to peak as soon as possible; and to undertake rapid reductions thereafter in accordance with the best available science.
    Spanish: Acuerdo de París
  • Payout
    Percentage of profits used to remunerate the shareholders.
    Spanish: Pay out
  • Periodic financial information
    Financial documents prepared on a quarterly, semi-annual and annual basis pursuant to the provisions of Royal Decree 1362/2007, which are publicised by delivery to the CNMV and which are therefore available to shareholders and investors. See "Annual accounts".
    Spanish: Información financiera periódica
  • Photovoltaic solar energy
    Based upon the direct obtainment of electricity from sunlight, which is captured by photovoltaic solar panels. At present, IBERDROLA possesses this technology through IBERDROLA RENOVABLES, which has one photovoltaic energy installation in Spain (in Castilla-La Mancha) and another in Greece.
    Spanish: Energía solar fotovoltaica
  • Pledge
    Delivery of shares as security for a loan, a credit facility, or for compliance with a principal obligation generally.
    Spanish: Pignoración
  • Policy for the Definition and Coordination of the Iberdrola Group and Foundations of Corporate Organisation
    Set of rules whereby the structure of the Group is established and its general management strategies and guidelines are defined and coordinated within legal limits, acting in the interest of each and every company belonging to the Group and also setting the foundations of corporate organisation.
    Spanish: Política para la definición y coordinación del Grupo Iberdrola y bases de la organización corporativa
  • Policy regarding the Provision of Information to and Relations with Shareholders and the Markets
    Set of rules containing the principles and guidelines for action by the Company in connection with the provision of information to the shareholders and to the markets in general and which govern the Company's relationships with the shareholders. See "Shareholder" and "General Shareholders' Meeting".
    Spanish: Política de información y relaciones con los accionistas y los mercados
  • Polluting substances
    Generally, when we talk about ?polluting substances?, or ?pollutants?, we are referring to any material or substance, combinations or compounds thereof, chemical or biological derivatives, as well as all forms of thermal energy, ionising radiation, vibrations or noise which, upon entering or interacting with the atmosphere, water, soil, flora, fauna or any environmental element, alter or modify their composition or affect human health. One notable polluting substance is waste, which encompasses any solid, liquid or gaseous substance deriving from operations or consumption and which no longer has a use, being discharged or released directly or indirectly into a recipient body. Waste ends up in the environment in places, forms and concentrations that are or can be damaging to people's health, safety or wellbeing, or have a detrimental effect on animal or vegetable life, or prevent recreational areas from being used and enjoyed in a normal manner, albeit directly or after being treated.In fact, it can be a difficult term to define. Some experts believe that contamination exists whenever waste is present (however small the amount), while others maintain that contamination can only exist if the immediate environment has deteriorated to such an extent that appreciable or irreparable damage has been caused. Generally speaking, we use the term ?spill? for substances that end up in water, ?emissions? when referring to substances that contaminate the atmosphere and ?waste? for those that pollute the land.
    Spanish: Sustancias contaminantes
  • Pre-emptive right(s)
    Preferential right, granted to the shareholders by law and under the By-Laws, to acquire newly-issued shares in the event of a capital increase or the conversion into shares of an issue of convertible debentures.
    Spanish: Derecho de suscripción preferente
  • Preferred share
    Share carrying some financial privilege in addition to that carried by ordinary shares (normally, a higher dividend by means of a special participation in profits). They are rare in the Spanish market, and IBERDROLA currently has no shares of this type.
    Spanish: Acción privilegiada
  • Principle of equal treatment of shareholders
    The Policy regarding the Provision of Information to and Relations with Shareholders and the Markets expressly adopts the principle of equal treatment in the acknowledgment and exercise of their rights by all shareholders who are in the same position and are not affected by any conflict of competition or interest.
    Spanish: Principio de paridad de trato a los accionistas
  • Private (paracorporate) shareholders' agreement
    Agreement executed by and among some or all of the shareholders or members of a commercial company in order to supplement, specify, or modify their internal relationships and the legal and by-law relationships governing the company. They are legal devices protected under article 1255 of the Civil Code, which embodies the principle of free will of the parties in contractual matters.
    Spanish: Pacto parasocial
  • Procedure for Conflicts of Interest and Related-Party Transactions with Directors, Significant Shareholders, and Senior Officers
    Procedure designed to describe the rules to be followed in those instances in which there is a conflict between the interest of the Company or that of any of the companies within the Group and the direct or indirect personal interest of the directors or of the persons subject to conflict of interest rules, as well as in the event of any transfer of resources, services, or obligations, regardless of whether or not there is consideration, carried out by the Group with the directors or with persons related thereto, with persons subject to conflict of interest rules, or with significant shareholders.
    Spanish: Procedimiento para conflictos de interés y operaciones vinculadas con consejeros, accionistas significativos y altos directivos
  • Professional investor
    An investor possessing the experience and knowledge required for the investor's own investment decisions and assessment of the risks assumed. Professional investors include those entities that must be authorised or regulated in order to operate in financial markets, large companies that meet certain requirements as to equity and sales volume, governments, and public agencies.
    Spanish: Inversor profesional
  • Profit and loss statement
    Accounting report providing a summary of all income and expenditure during a financial year.
    Spanish: Cuenta de pérdidas y ganancias
  • Proxy adviser
    Entity that offers recommendations to institutional investors regarding the exercise of their voting rights at the listed companies in which they invest.
    Spanish: Agencia de recomendación de voto (Proxy Advisor)
  • Proxy-voting
    Procedure whereby a shareholder who cannot personally attend a General Shareholders' Meeting appoints another person, whether or not a shareholder, to act as his representative, by granting a proxy by any of the means contemplated in the law and in the Corporate Governance System.
    Spanish: Delegación de voto
  • Public takeover bid
    Financial transaction whereby an individual or legal entity makes a public offering to the shareholders of a listed company for acquisition of its shares in order for them to obtain a significant interest in capital or to increase their interest by a specified percentage. A public takeover bid can always be made on a voluntary basis, but the regulations also establish those instances in which it is mandatory.
    Spanish: Oferta pública de adquisición (opa)
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