Auditors
All the information on Iberdrola's auditors
Auditors are elected by the General Shareholders’ Meeting upon proposal of the Board of Directors.
The Audit and Risk Supervision Committee is responsible, according to its own regulations, for approving the statutory auditor contracting policy establishing the procedure for the selection and contracting of the Company’s statutory auditor, the relations therewith, the circumstances that might affect the independence thereof and the instruments required to ensure the transparency.
Therefore, the Committee is the body responsible for the procedure of selecting the Company's statutory auditor in accordance with the principles of independence, transparency and equality and in strict compliance with the applicable regulations, according to the Statutory Auditor Contracting and Relations Policy.
Selection procedure
For such purposes, the Committee shall approve a set of bid terms and conditions for all candidates invited to participate in the selection procedure, whereby they may become familiar with the activities of the Company and the characteristics and scope of the required services.
Once the bids submitted have been evaluated in accordance with the selection standards set forth in the bid terms and conditions, the Committee submits to the Board of Directors a report describing the selection process and recommending two candidates to serve as statutory auditor of the individual accounts of the Company and the accounts of the company consolidated with those of its subsidiaries, indicating its preference for one of them and providing sufficient grounds therefor.
For its part, in view of the report, the Board of Directors shall propose to the shareholders at the General Shareholders' Meeting the appointment of one of the two candidates selected by the Committee, with the reasons for the proposal if it differs from the preference of the Committee.
The Governance and Sustainability System ensures the establishment of the required relations between the Committee and the statutory auditor so that the former receives from the latter specific information regarding matters that might compromise the independence thereof.
Iberdrola's auditor and re-election
On 17 May 2024, the General Shareholders' Meeting resolved to re-elect “KPMG Auditores, S.L.” as auditor of IBERDROLA, S.A. and its consolidated group, to carry out the audit of the accounts for financial years 2024 and 2025. The 2025 financial year will be the ninth financial year audited by this firm, with David España Martín as the partner responsible for the audit from the 2022 financial year.
Fees for services provided by the statutory auditors
| 2024 | |||
|---|---|---|---|
| Millions of euros | Services rendered by KPMG Auditores, S.L. | Services provided by other entities affiliated with KPMG International | Total |
| Auditing services | 7.16 | 19.69 | 26.85 |
| Other non-audit services | 3.08 | 1.48 | 4.56 |
| Services required of the statutory auditor under the applicable regulations | - | 0.15 | 0.15 |
| Other services | 3.08 | 1.33 | 4.41 |
| Total | 10.24 | 21.17 | 31.41 |
Details of the fees for services rendered by the principal auditor (KPMG Auditores, S.L.) during financial years 2024 and 2023 can be found in the Individual and Consolidated Annual Accounts and in the Annual Corporate Governance Report available on the corporate website.
Other services include the rendering of the following services
| 2024 | |||
|---|---|---|---|
| Millions of euros | Services rendered by KPMG Auditores, S.L. | Services provided by other entities affiliated with KPMG International | Total |
| Limited assurances of interim information | 1.29 | - | 1.29 |
| Comfort letters for debt issues | 0.58 | 0.32 | 0.90 |
| Services for the issuance of agreed-upon procedures reports, assurance or other reports required by industry regulators | 0.91 | 0.53 | 1.44 |
| Other reports on agreed-upon procedures (*) | 0.30 | 0.48 | 0.78 |
| Total | 3.08 | 1.33 | 4.41 |
(*) Mainly agreed-upon procedures reports required by the regulator in each country, as well as reports additional to the audit report required by current legislation in certain countries where the Group operates.