The renewal of Ignacio Sánchez Galán as president of the company for another four years has been massively approved with 98% of the votes by the company’s shareholders during the meeting held this Friday in Bilbao.
Galán, who will turn 73 on September 30, joined the Board of Iberdrola in 2001, when he was appointed CEO. In this way, he will exceed 25 years in the management body of the electric company if he fully meets the term of this new re-election.
Galán’s time at the head of Iberdrola has been marked by his commitment to international expansion, renewable energy and sustainability, something that has made the company one of the leading electric companies in the world by market capitalization, after years of uninterrupted growth. .
In these more than two decades, Iberdrola has made huge investments in renewable energy, especially wind and hydroelectric power, smart power grids and efficient energy storage (pumping stations). In parallel, the company has closed thermal power plants throughout the world.
On the other hand, the company has multiplied its value on the stock market fivefold, to currently around 70,000 million euros, and has more than quadrupled its profit, going from 900 to more than 4,000 million.
The agenda of this Meeting contemplated 22 resolution proposals, all of them approved, among which are modifications in the Corporate Bylaws, with the objectives of reinforcing the corporate structure of the group for a more efficient management of risks and to provide full statutory recognition of the compliance system of the company and of each of the companies in the Iberdrola group.
In addition, the green light was given to the annual accounts, the management report, the statement of non-financial information, the application of the 2022 result and two new editions of the optional dividend system ‘Iberdrola Retribución Flexible’, as well as the re-election of several external directors and executive directors, among others.
In this way, in addition to Galán, MarÃa Helena AntolÃn was re-elected as external director; Manuel Moreu, Sara de la Rica and Xabier Sagredo as independent directors; and Armando MartÃnez as executive director. It was also agreed to keep the number of members at 14.
The Board of Directors also agreed to carry out a new own share repurchase program in order to reduce the share capital. The objective is to fulfill the group’s commitment to keep the number of shares in circulation stable, on which profit per share is calculated, around 6,240 million.
