SIGNIFICANT SHAREHOLDINGS
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Directors
Below is a list of the shares of Iberdrola, S.A. and of the financial instruments referenced to the shares of Iberdrola, S.A. held by each of the Directors, in the terms reported to the National Securities Market Commission (see section Major holdings and own shares, and inside this, Notification of voting rights and financial instruments).
NAME TITLE VOTING RIGHTS ATTACHED TO SHARES VOTING RIGHTS THROUGH FINANCIAL INSTRUMENTS DIRECT INDIRECT % VOTING RIGHTS % MR JOSÉ IGNACIO SÁNCHEZ GALÁN Chairman and chief executive officer 6,113,855 3,660,651 0.153 2,410,596 0.038 MS INÉS MACHO STADLER Vice-chair 66,326 0 0.001 MR IÑIGO VÍCTOR DE ORIOL IBARRA Member 1,226,688 0 0.019 MS SAMANTHA BARBER Member 1,900 0 0.000 MS MARÍA HELENA ANTOLÍN RAYBAUD Member 3,339 0 0.000 MR ÁNGEL JESÚS ACEBES PANIAGUA Member 6,559 0 0.000 MS GEORGINA KESSEL MARTÍNEZ Member 6,456 0 0.000 MS DENISE MARY HOLT Member 556 0 0.000 MR JOSÉ W. FERNÁNDEZ Member 0 0 0.000 MR MANUEL MOREU MUNAIZ Member 24,372 24,372 0.001 MR XABIER SAGREDO ORMAZA Member 0 0 0.000 MR JUAN MANUEL GONZÁLEZ SERNA Member 43,663 385,207 0.007 MR FRANCISCO MARTÍNEZ CÓRCOLES Business CEO 424,354 0 0.007 420,931 0.007 MR ANTHONY L. GARDNER Member 0 0 0.000 
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Significant shareholders
The following table includes all significant interests, both direct and indirect, in the share capital of IBERDROLA S.A., as well as the financial instruments communicated by the holders of such interests pursuant to the provisions of Royal Decree 1362/2007 of October 19 [PDF]. This information is based on the communications made by the holders of such interests to the official registers of the CNMV (the National Securities Market Commission) or to the Company itself, which also publishes the significant interests in the Company as of the close of each fiscal year in its Annual Corporate Governance Report [PDF].
Significant interests in the share capital of Iberdrola S.A. HOLDER (%) VOTING RIGHTS FINANCIAL INSTRUMENTS DIRECT(%) INDIRECT(%) TOTAL(%) OF VOTING RIGHTS TO ACQUIRE IN THE EVENT OF EXERCISE(%) DIRECTORS QATAR INVESTMENT AUTHORITY 0 8.570 (1) 8.570 = 0 BLACKROCK, INC. 0 5.010 (2) 5.010 = 0 NORGES BANK 3.041 0 3.041 = 0 (1) Through:
Direct holder of interests held by Qatar Investment Authority DIRECT HOLDER OF INTERESTS % DIRECT % INDIRECT % TOTAL QATAR HOLDING LUXEMBOURG II, S.A.R.L. 8.570 0.000 8.570 (2) Through:
Direct holder of interests held by BlackRock, Inc. DIRECT HOLDER OF INTERESTS % DIRECT % INDIRECT % TOTAL BLACKROCK GROUP 5.010 0.000 5.010 According to the laws of the United States of America, due to the businesses that Avangrid — a company belonging to the Iberdrola group — carries out in such country, the acquisition of an interest that gives rise to ownership of a percentage equal to or greater than 10% of the share capital of Iberdrola, S.A. may be subject to the prior approval of the Federal Energy Regulatory Commission and the regulatory authorities of the States in which Avangrid or any other company within the Iberdrola group carries out business activities in the United States of America, without prejudice to any other authorizations that might be required of such acquiror in the United States of America.
Specifically, the final order of the Public Service Commission of the State of New York issued on January 6, 2009, which contains the complete text of the authorization for Iberdrola, S.A. to acquire Energy East (currently Avangrid), provides that — pursuant to Section 70 of the Public Service Law — any transfer or lease of all or part of a gas or electric corporation's franchise, works or system, or a contract for the operation of its works or system, or certain stake transfers that gives rise to the ownership of a percentage interest greater than 10% of the share capital of Iberdrola, S.A., shall require prior approval of such Commission. Additionally, under Maine law, an acquisition of 10% or more of a utility holding company's stock is considered a "reorganization" and requires prior approval of the Maine Public Utilities Commission. Similarly, pursuant to the applicable laws of the states of Connecticut and Massachusetts, acquiring the control of Iberdrola, S.A. — as the controlling parent of public utilities in both states — will require the authorization of the competent regulatory authorities.
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