Iberdrola yesterday ratified its chairman, Ignacio Galán, and the CEO, Francisco Martínez Córcoles, as the company explained to the CNMV in its response to a request for information made by the market’s supervisory body this past Monday.

The electricity company held its first board of directors yesterday after the decision of Examining Court number 6 to summon both executives as investigated in piece 17 of the Tandem case.

The meeting, which began at three in the afternoon, served to deliberate on the situation of both executives and members of the company’s board, as well as to respond to the information requirements raised by the CNMV on the company’s performance.

Both Galán and Martínez Córcoles were absent from the deliberation of the board in which only the non-executive directors of the company participated. As you could know yesterday the Economist, the board agreed to expressly record compliance with the obligations established in the company’s governance and sustainability system, as well as the recommendations of the Good Governance Code.

No additional measures

The company agreed to expressly ratify the measures adopted to date and confirm the inadmissibility and unnecessaryness of adopting any type of additional measure at this time, reiterating the support of the Board of Directors for the management carried out.

The institution chaired by Rodrigo Buenaventura, sent a request to the electricity company to ask for details about the judicial situation and the management carried out by the company.

The power company has responded to the National Securities Market Commission with details about the times that the company’s board of directors has analyzed the company’s situation in the Villarejo case.

In the letter sent to the regulatory body, the electricity company explains that the president and the general counsel-director for Business have fully collaborated in the investigation carried out by Iberdrola’s Compliance Unit, as well as in the review commissioned by PwC to prepare forensic report.

Both Galán and Córcoles complied with the requirements of the Regulations of the Board of Directors and both reported on June 24 of the decision of the Examining Court number 6.

On June 25, the Sustainable Development Commission was convened to analyze the new situation, confirming that there have been no events that have led to any change over those already known by the company itself and by the board of directors.

Throughout the investigation of the process, the electricity company has wanted to maintain a broad collaboration with the Court and in fact has made the computers, mobile phones and tablets of the main executives of the company available to the court.

On May 25, the Delegate Executive Committee recorded that, from the outset, the Board had acted in accordance with the governance system.

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