Corporate Governance System

Iberdrola España, S.A.U. is the subholding company of the Iberdrola Group in Spain that holds the equity stakes in the head of business companies relating to Iberdrola España, S.A.U., and whose activities shall be performed essentially in Spain, either directly, wholly or in part, by the company, or via ownership of shares or stakes in other companies, while remaining subject to the provisions of sectorial legislation applicable at all times, and especially to the electricity sector.

The main responsibility of Iberdrola España, S.A.U., which has its own Board of Directors containing independent directors and has its own management team, is to disclose, implement and ensure compliance with the policies, strategies and general guidelines of the Iberdrola Group in Spain and it centralizes the provision of common services to the head of business companies, in accordance at all times with the provisions of the applicable legislation and, in particular, the regulations regarding the separation of regulated activities.

Iberdrola España, S.A.U. pursues its activity in Spain through the following head of business companies: Iberdrola Generación España, S.A.U., which engages in the activities of electricity generation and electric power and natural gas retailing; Iberdrola Renovables Energía, S.A.U., which engages in the deregulated activities in electricity generation and commercialization of electric power through renewable energy sources; and Iberdrola Distribución Eléctrica, S.A.U., which engages in the activities of regulated activities in Spain.

The head of business companies have their own Boards of Directors and have the necessary autonomy to carry out the day-to-day management and effective administration of their businesses, as well as responsibility for their ordinary control.

In discharging these responsibilities and in the exercise of its decision-making powers, Iberdrola España, S.A.U. has approved its own By-Laws and Governance Rules of the Corporate Decision-Making Bodies and of the Internal Committees, and its competent bodies have adopted the Introduction to the Corporate Governance System [PDF], the Introduction to the Mission, Vision and Values [PDF], as well as the Mission, Vision and Values of the Iberdrola group, the Introduction to the governance rules  and Introduction to the Compliance [PDF], as well as those Corporate Policies [PDF] and rules of Regulatory Compliance that make up the Corporate Governance System of Iberdrola, S.A., which are applicable, and the specific rules or regulations to implement or supplement it.

Iberdrola, S.A. maintains a continuously updated Corporate Governance System, which is the set of documents made up of the By-Laws, the Mission, Vision and Values of the Iberdrola Group, the Corporate Policies, the Governance Rules of the Corporate Decision-Making Bodies and of the Internal Committees, and the Regulatory Compliance approved by the appropriate bodies of Iberdrola, S.A.. Such System has been developed taking into account the good governance recommendations generally recognized in international markets.