Iberdrola, in its capacity as sole shareholder of Iberdrola Renovables, has determined the structure of the board of directors for the subsidiary whose IPO is expected to be launched before the end of the year.
The board consists of 15 directors with high professional standing, five of whom are independent and nine proprietary, (representing Iberdrola’s shareholding), and one executive director.
The board includes a solid representation from regions where Iberdrola Renovables has a relevant presence in wind power, namely Castilla-La Mancha, Castilla-Leon, Galicia, Murcia, Andalusia and the Basque Country.
The board of Iberdrola Renovables has been informed of the framework agreement for relations with the parent company, signed for the purpose of ensuring transparency in the sphere of activity of this subsidiary. The agreement regulates the mechanisms necessary to prevent and respond to possible conflicts of interest, as well as those on intra-group information flow.
Finally, Iberdrola has completed a reorganization of renewable assets in the group, prior to its stock market listing, having subscribed and disbursed a new capital increase for its renewables subsidiary of E678 million, consisting of an Iberdrola credit to ScottishPower Renewable Energy Holdings.