Iberdrola’s shareholders have approved all resolutions on the agenda at the company’s annual shareholders meeting in Bilbao, Spain.
An average affirmative vote of more than 98% across all 22 items on the agenda was recorded, which covered results, dividends and corporate management; corporate governance and sustainability; remuneration; and the appointment and re-election of directors.
The Iberdrola Annual General Meeting of Shareholders, held at the Torre Iberdrola, registered a quorum of 72%.
During the meeting, shareholders were informed about the relevant position of the company, which today is the largest European electricity utility and one of the two largest in the world by market capitalization, valued at more than €76bn. The company has grown from the 20th largest in the world two decades ago. In this time Iberdrola’s share price has increased in value from €3.5 to €11.8, with an additional €6.5 per share distributed in dividends.
Company chairman Ignacio Galán (pictured) discussed the highlights of 2022, Iberdrola’s record year of investment, financial strength, international expansion and results, as well as social contribution, employment and emissions reduction.
During the year, Iberdrola invested €11bn to build more clean energy, smarter grids and storage. Net profit reached a record €4.34bn, and financial solidity was enhanced by strong operating cash flow and FFO / Adjusted Net Debt ratios. The company’s international footprint contributed to reaching 40,000MW of installed renewables capacity, with new projects in Asia Pacific, the EU, US and UK, and 1.2m kilometres of transmission and distribution networks.
The year also saw a record of €17.8bn of purchases, supporting suppliers who employ more than 400,000 people across the world. Global Tax contribution reached €7.5bn in countries where Iberdrola operates, and Iberdrola made 4,700 new hires, making 2022 a record year for job creation and economic activity.
Clean energy investments allowed the company to register a record reduction in emissions, to only 59 gCO2/kWh in Europe, ¼ of EU average.
On top of all this, more than €20m was committed by the company’s foundations, to support education, skills, and social initiatives.
Speaking at the meeting, Galán said: “The Iberdrola we present here today is a more solid, sustainable and diversified company than ever, allowing the Board of Directors to propose to this General Shareholders’ Meeting a record shareholder remuneration, of €0.49 per share, with an increase of more than 10 per cent.
“By 2025 we will deliver 12,000 new hires and continue making our workforce a benchmark for equality, diversity and inclusion. Our purchases, that will reach €50bn over the next three years, will create even more employment opportunities at our thousands of suppliers and will generate billions in tax contributions in addition to the more than €20bn we expect to contribute”.