The Iberdrola Board of Directors approved in 2012 a partial reform of the corporate governance system in order to enhance the Group's compliance structure, as part of its interest in continuing making progress in the implementation of the best good governance practices according to the highest international standards of business ethics. 

Specifically, this partial modification of the corporate governance system sets up a new Compliance Unit, which is provided with its own regulations and encompasses the powers of the Code of Ethics Committee and the Regulatory Compliance Unit, which cease to exist. 

The Compliance Unit is a permanent internal body linked to the Corporate Social Responsibility Committee. The new regulations confer wide powers on this Unit in relation to the application of the Code of Ethics and the crime prevention and anti-fraud policy. 

Iberdrola continues to work towards its objective of continual updating and improvement of its practices and internal regulations, as well as applying a criterion of maximum transparency in the information it provides to the markets. Indeed, Iberdrola was selected as the Spanish company with the best good governance practices, according to the publication World Finance. 

Iberdrola's corporate governance system revolves around the By-laws -the Group's basic governance document-, the corporate policies -which reflect the principles that govern its activities in the various areas- and other internal codes and procedures of the Company. 

Moreover, the corporate and governance structure of the Company and its Group is characterised by the separation of two areas of decision and responsibility at Group level: on the one hand, the Board of Directors of Iberdrola, S.A., as the Group's controlling company, which is responsible for establishing the general policies, strategies and management guidelines, supervising the general application of those strategies and guidelines and deciding on matters of strategic relevance, and on the other hand, the chairman and CEO, the managing director and the rest of the management team, who have been entrusted with the responsibility of organising and coordinating the Group and disseminating and implementing the policies and management guidelines at Group level.

Finally, one of IBERDROLA's fundamental tools in relation to its commitment to transparency and best practices is the website www.iberdrola.com. In this area, IBERDROLA has set up in 2012 “On-Line Shareholders (OLS)”, an interactive system hosted on the corporate website where shareholders can establish direct and permanent dialogue with the Company.

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