Iberdrola, the largest European electricity utility and one of the two largest in the world by market capitalization, received an average affirmative vote of over 98% across all 22 items on the agenda at its Annual General Meeting of Shareholders in Bilbao, Spain. The meeting covered various topics including corporate management, corporate governance, sustainability, remuneration, and the appointment and re-election of directors. The quorum of 72% was registered at the Torre Iberdrola.
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The year 2022 was discussed in detail, and the company's chairman, Ignacio Galán, highlighted the record year of investment, financial strength, international expansion, and results, as well as social contribution, employment, and emissions reduction. Iberdrola invested €11bn to build more clean energy, smarter grids, and storage. The net profit reached a record €4.34bn, and the company's financial solidity was enhanced by strong operating cash flow and FFO/Adjusted Net Debt ratios.
The company's international footprint contributed to reaching 40,000 MW 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 worldwide.
Clean energy investments allowed the company to register a record reduction in emissions to only 59 gCO2/kWh in Europe, ¼ of the EU average. More than €20m was committed by the company's foundations to support education, skills, and social initiatives.
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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 percent. 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.”
Iberdrola has grown from the 20th largest company in the world two decades ago, and its share price has increased in value from €3.5 to €11.8, with an additional €6.5 per share distributed in dividends. The shareholders' approval at the annual meeting reinforces the company's commitment to sustainability, financial strength, and social contribution.
