Iberdrola, the Spanish company with the best corporate governance according to World Finance

Iberdrola has been selected for again this year as the company with the best corporate governance practices in Spain according to the British publication World Finance, a leading expert in analysis of finance, international business and the world economy.

World Finance’s Corporate Governance Awards recognise companies with the strongest governance models in each country that demonstrate their commitment to transparency and accountability, creating a better society and helping to address the biggest problems facing the world today.

Leadership in corporate governance is one of Iberdrola's hallmarks, which has accompanied the business model initiated 25 years ago with which the electricity company has become the leading company in the industry in Europe and one of only two private utilities in the world with a market capitalisation of more than €100B.

An international benchmark for transparency and engagement

This evolution has also elevated Iberdrola to the category of international benchmark in good governance, backed by multiple national and international awards for its governance model and its commitment to ethical principles.

Iberdrola's Governance and Sustainability System incorporates best practices with innovative and pioneering initiatives such as those developed under the framework of the permanent shareholder engagement policy.

Coinciding with the tenth anniversary of this policy, the company has opened a new engagement space on the corporate website and, in addition to the customary institutional roadshow, has organised a round of meetings with its minority shareholders to maximise transparency and active listening to its shareholder base.

The result of this ongoing involvement is the massive level of shareholder participation at the General Meeting, which was just held this year with a quorum of more than three quarters of the share capital and support for all the proposals of the Board of Directors exceeding 99% of the total votes in favour and against

This ongoing engagement has resulted in massive shareholder participation in the General Meeting, which was held earlier this year with a quorum of more than three-quarters of the share capital and support for all of the Board of Directors' proposals of over 99% of the total votes cast.

Thanks to direct knowledge of the expectations of its stakeholders, Iberdrola's corporate reports go beyond legal requirements and good governance recommendations. This is evidenced by the launch of the sustainability report 15 years before it became mandatory in Spain, of the tax transparency report that reflects Iberdrola España's commitment to best tax practices for the benefit of the entire company, and of the latest annual corporate governance report prepared in open format, which expands the description of the activities of the Board of Directors and its committees and incorporates new content on ethics and compliance, among others.

The highest ethical standards

Iberdrola's Governance and Sustainability System is inspired by and based on a commitment to ethical principles, transparency, and leadership in the application of international best practices.

To implement the highest ethical standards established in its Governance and Sustainability System, the company has established a Compliance System that seeks to ensure that it acts in accordance with ethical principles and applicable law and to prevent any irregular conduct of any kind.

Iberdrola has published its compliance system transparency report this year like those in the past, being the first Ibex 35 company to undertake work of this nature. It represents another step in the company's commitment to the implementation and continuous improvement of a robust corporate culture and reaffirms a business model that respects the rights of customers, employees, shareholders, and all of its stakeholders in general.