Iberdrola – AGM 2 April 2020
In item 15, an advisory vote on Directors’remuneration is proposed. The quality of disclosure is very good, however, we have serious concerns over the very high fixed remuneration paid to executive and non-executive Directors, and we strongly oppose the provision of termination benefits for non-executive Directors, as it may impair their independence.
For the same reason, we recommend opposition to item 16, to approve the 2020-2022 incentive plan as it will further increase executive remuneration.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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