The board of Iberdrola will renew for the fourth time as board member to Galán



The president of Iberdrola, Ignacio Sánchez Galán, will be re-elected, predictably, as executive director for a new mandate at the Shareholders' Meeting to be held in Bilbao on March 29 and will be the fourth time he has renewed as a board member of the company he presides over 2006.

He was appointed vice president and CEO of Iberdrola in May 2001, and renewed as a director on March 17, 2005, March 26, 2010 and March 27, 2015.

Sánchez Galán presides over Iberdrola since April 26, 2006, when he replaced Íñigo de Oriol, who was 47 years in charge of the company.

Iberdrola was then the second electricity company in the country, behind Endesa, but the international dimension that it acquired led it to the first position, while the current owner of Endesa, the Italian group Enel, split from the Spanish company the business in Latin America.

Iberdrola's international expansion included the purchase of the British company Scottish Power, which became effective in April 2007, as well as the merger by absorption of the US company UIL Holdings, which was closed at the end of 2015 and led to Avangrid .

In Brazil, Iberdrola bought Elektro, which it merged with the stake it had in Neoenergia, an operation approved by the shareholders of the latter company in 2017 and which gave rise, at that time, to the largest electricity company in Latin America by number of customers.

In the last two decades, Iberdrola has carried out investments worth 100,000 million euros in renewable energy (wind and hydroelectric), smart electrical networks and storage (pumping stations).

The company, which closed 2018 with more than 47,400 megawatts (MW) of operating power, now has three times the installed power than in 2001, despite having shut down worldwide coal and fuel thermal plants that added 7,500 MW capacity installed

In addition, it has five times more distribution lines than in 2001, with more than 1.1 million kilometers currently.

The board will also appoint the professor of economics and current director of the ISEAK Foundation, Sara de la Rica, as a new independent councilor in a council in which the former minister Ángel Acebes will no longer be, since his reelection was not proposed by the board of directors.

Yes, they are proposed to be re-elected María Helena Antolín, José Walfredo Fernández, Denise Holt and Manuel Moreu, while Xabier Sagredo Ormaza, who goes from being external to independent counselor, will be re-elected and ratified.

The board must also approve the 2018 accounts, exercise in which Iberdrola exceeded for the first time the 3,000 million euros net profit -in particular, it earned 3,014 million euros, which represent more than three times the net profit of 2001, which was 906 millions.

In addition, Iberdrola, in which Sánchez Galán has 10.5 million shares (0.161% of total capital), is now four times more on the stock market than in 2001, with a capitalization currently around 50,000 million euros.

The board will also vote on two increases of capital released, one for a maximum amount of 1,520 million euros and another of 1,235 million, to serve the flexible dividend program of Iberdrola, which allows the shareholder to choose to receive his remuneration in shares or in cash. .

A capital reduction will also be submitted for approval through the redemption of 280 million shares (4.30% of the share capital) to mitigate the dilutive effect of the flexible dividend.

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