Iberdrola's board re-elects Galán this Friday to continue leading the energy company until 2027

MADRID, 23 Abr.

Iberdrola's board re-elects Galán this Friday to continue leading the energy company until 2027


Iberdrola's general shareholders' meeting, which will be held next Friday, April 28, will re-elect Ignacio Sánchez Galán as Chairman, at least until 2027, and will ratify the appointment of Armando Martínez as CEO of the company.

In this way, Galán will remain in that position at least until he is 76 years old and will thus serve more than twenty years in the presidency of the group -he came to the company in 2001 as executive vice president and CEO-, while Martínez will be ratified as ' number 2' of energy.

At the end of last October, the president of Iberdrola already indicated that the appointment of Armando Martínez as CEO, with which the group thus separated the positions of executive president and CEO that he had held for almost two decades, meant " a sign of continuity" and not a "revolution", since the decision was something that was already "planned".

Likewise, the meeting will vote for the re-election of María Helena Antolín as external director and that of Manuel Moreu, Sara de la Rica and Xabier Sagredo as independent directors, in addition to setting the number of members of the board of directors at 14.

The approval of a strategic bonus aimed at professionals from group companies linked to the performance of the company during the period 2023-2025, to be paid in installments and deferred through deliveries of shares, will also be submitted to a vote by the shareholders.

Specifically, the bonus is aimed at the 300 executives that make up Iberdrola's executive leadership, including its chairman and the new CEO, and will consist of the distribution of a total of 14 million shares. Of that figure, 2.5 million shares are reserved for the executive directors who hold this position at the time of the settlement of the bonus. This bonus will be linked to meeting a series of operational, financial and corporate social responsibility parameters.

On the other hand, Iberdrola will award an involvement dividend of 0.005 euros gross per share (one euro gross for every 200 shares) if a quorum of at least 70% of the share capital is reached at the meeting.

The involvement dividend is part of a more participatory, accessible, close, sustainable and innovative board concept that the company seeks.

The meeting, which will have a hybrid format, as has been customary since the pandemic, will be held in person at the energy company's headquarters in Bilbao and can also be followed online.