The IBERDROLA RENOVABLES Board of Directors agreed today to appoint Javier Sánchez-Ramade Moreno as the company’s new Vice-Chairman and Gustavo Buesa Ibáñez and Juan Manuel González Serna as the new co-opted external independent directors.
Javier Sánchez-Ramade Moreno has been a Director of the IBERDROLA RENOVABLE Board since it went public in 2007. He is the chairman of the Sánchez Ramade Corporation as well as Urende. He is a member of the Board of Directors of the Business Confederation of Andalusia (CEA) and the Board of the Chambers of Commerce of Andalusia.
The two new directors will fill the vacancies left by María Helena Antolín Raybaud and Santiago Martínez Lage, who resigned in March to join the IBERDROLA, S.A. Board of Directors. Gustavo Buesa Iáñez (Barcelona, 1960) currently heads the GBI Serveis group, made up of 21 companies specialising is waste management and treatment. Juan Manuel González Serna (Madrid, 1955) is the president of the SIRO Group, made up of 21 companies and 19 output centres throughout Spain.
The Company’s Board of Directors has appointed Juan Manuel González Serna as a member and Chairman of the Appointments and Remuneration Committee, as well as a member of the Executive Committee of the Company. Also, Director Manuel Moreu Munaiz has been appointed member of the Related-Party Transactions Committee.
Shareholders’ Meeting, 9 June
The appointment of the new Directors will be ratified in the upcoming General Shareholders’ Meeting, announced today by the Board of Directors to be held 9 June in the Teatre Martin i Soler of the Palau de les Arts Reina Sofía in Valencia.
Among the agenda items is the ratification of the appointment of independent external Directors Emilio Ontiveros Baeza and Manuel Amigo Mateos, appointed by co-option following the last Meeting.
Furthermore, the Company will submit to the shareholders for approval the payment of a one-off dividend of 2.5 euro cents per share against the 2009 results, to be paid 15 July. The Company is allocating the same amount to dividends as last fiscal year and the pay-out is around 28.5%. These figures come in spite of the difficult economic environment and highlight the Company’s commitment to its shareholders.
The General Shareholders’ Meeting Agenda will also include, among other items, the proposal to modify articles 9, 43 and 53 of the Bylaws. The proposal would adapt them to the changes made to the Spanish Corporation Law following the implementation of the Structural Modifications Law. Other proposals include reducing the term for Directors to four years and technically improving writing.
IBERDROLA RENOVABLES, is the global leader in wind energy(*), recording a net profit of €371.1 million in 2009. It strengthened its strategy and increased operating income thanks to increased power and output. The Company is among the top ten companies traded on the Ibex 35 based on market capitalisation. It has a presence in more than 20 countries and is the largest investor in this sector in the world.