Corporate Governance

Corporate Governance System

I-DE REDES ELÉCTRICAS INTELIGENTES, S.A.U. (Sociedad Unipersonal) (i-DE) is the new corporate name adopted by Iberdrola Distribución Eléctrica, S.A. (Sociedad Unipersonal). Said corporate name was amended by virtue of the resolution adopted by the Sole Shareholder of the Company on 17 June 2019 at the proposal of the Board of Directors, as a result of the admonition arising from the Order by the Spanish Markets and Competition Commission (CNMC) of 6 September 2018 adopting the legally binding decision including the measures to be taken by distribution companies belonging to vertically integrated company groups in order not to create misunderstanding among users in terms of brand and image in respect of the own identity of retail companies forming part of the same group.

Thus, i-DE is the parent company of the Iberdrola group business that perform regulated electricity transmission activities in the areas it operates in, including performing all types of activities, works and services for or relating to the business of transmission, distribution and third-party access to the electricity grid, subject, in all cases, to the provisions of laws applicable, at any given time, to said activities. Its corporate purpose is exclusively focused on performing that type of activity, subject to what is established in the Electricity Sector Act and the Code for the Separation of Activities for companies in the Iberdrola Spain group with regulated activities.

This item includes the corresponding executive roles in charge of the ordinary and effective management of the aforementioned business, including its ordinary control, through its Board of Directors and management bodies.

In the performance of these duties and exercising its power of decision-making, i-DE has approved its own company By-Laws and its Governance Rules of the Corporate Decision-Making Bodies and of other Functions and Internal Committees, and has adopted, through its competent bodies, the Introduction to the Corporate Governance System [PDF], the Introduction to the Purpose and Values and the Code of Ethics [PDF], as well as the Purpose and Values of the Iberdrola group and the Code of Ethics, the Introduction to the corporate policies [PDF], and the Introduction to the Compliance [PDF], as well as, Corporate Policies and Governance rules of the corporate decision-making bodies and of other functions and internal committees and the Compliance that make up the Corporate Governance System of Iberdrola S.A., which are applicable and the specific rules and regulations to implement or supplement it.

Iberdrola S.A. permanently updates its Corporate Governance System, which is made up of the By-Laws, the Purpose and Values of the Iberdrola group and the Code of Ethics, the Corporate Policies, the Governance Rules of the Corporate Decision-Making Bodies and of other Functions and Internal Committees and the 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.