The company held its Annual General Meeting of Shareholders at the Torre Iberdrola in Bilbao today, April 28th, 2023.
ORANGE, Conn.–(BUSINESS WIRE)–First paragraph of release dated April 28, 2023, should read: The shareholders of AVANGRID, Inc.’s (NYSE: AGR) parent company Iberdrola have resoundingly approved all resolutions on the agenda at the company’s annual shareholders meeting in Bilbao, with an average affirmative vote of more than 98% across all 22 items on the agenda, which covered results, dividends and corporate management; corporate governance and sustainability; remuneration; and the appointment and re-election of directors.
The updated release reads:
MASSIVE SHAREHOLDER SUPPORT FOR MANAGEMENT OF AVANGRID’S PARENT COMPANY IBERDROLA IN A RECORD YEAR FOR THE COMPANY
The company held its Annual General Meeting of Shareholders at the Torre Iberdrola in Bilbao today, April 28th, 2023.
The shareholders of AVANGRID, Inc.’s (NYSE: AGR) parent company Iberdrola have resoundingly approved all resolutions on the agenda at the company’s annual shareholders meeting in Bilbao, with an average affirmative vote of more than 98% across all 22 items on the agenda, 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 in Bilbao, 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 €76 billion. 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 euros to 11.8 euros, with an additional 6.5 euros per share distributed in dividends.
Galán 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 2022, Iberdrola invested €11 billion to build more clean energy, smarter grids and storage. Net profit reached a record €4.34 billion, and financial solidity was enhanced by strong operating cash flow and FFO / Adjusted Net Debt ratios. The company’s international footprint contributed to reaching 40,000 MW of installed renewables capacity, with new projects in Asia Pacific, the EU, US and UK, and 1.2 million km of transmission and distribution networks.
The year also saw a record of €17.8 billion purchases, supporting suppliers who employ more than 400,000 people across the world. Global Tax contribution reached €7.5 billion 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 20 million euros was committed by the company’s foundations, to support education, skills, and social initiatives.
Speaking at the meeting, Ignacio 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.”
Iberdrola is currently accelerating the delivery of its 2023 to 2025 business plan, which will see investments of €47 billion worldwide. Already 60% of planned additional renewables capacity of 12,000 MW is under construction or secured and all of the electricity networks investments are part of frameworks already agreed or in advanced negotiation.
The company’s asset rotation and partnership targets are also now 100% achieved, improving financial strength and accelerating investments: this includes an agreement to sell 60% of Iberdrola’s business in Mexico for $6 billion and scaling up co-investment partnerships with GIC to co-invest in transmission in Brazil, and Norges Bank to develop new renewables.
Mr Galán said: “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 50 billion euros 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 20 billion euros we expect to contribute”.
More information on the Shareholders Meeting can be seen here: https://www.iberdrola.com/corporate-governance/general-shareholders-meeting/documents
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: networks and renewables. Through its networks business, AVANGRID owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, AVANGRID owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
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