ENP Newswire -
Release date- 19022014 - IBERDROLA Board of Directors, meeting today in
The Board approved to pay a pre-tax attendance bonus of
The Board also will propose a share capital reduction of 2.09%, to be carried out through the amortization of around 91.3 million shares from treasury stock, representing 1.43% of the capital, and the acquisition of treasury stock of up to a maximum 42.2 million shares, representing 0.66% of share capital, through a repurchase plan.
Approval of this proposal will bring benefits to all IBERDROLA shareholders since it contributes to maintain earnings per share (EPS).
After submitting individual and consolidated annual accounts and management reports for 2013 to the AGM, approval will also be sought for the Board's actions during the year, as well as the re-election of the Group's auditors for 2014.
Allocation of 2013 earnings and shareholder remuneration
IBERDROLA Board of Directors will propose the allocation of 2013 earnings, which contemplate a cash dividend of
In this context, one of the points of the agenda for the next AGM will be approval of two free capital increases to implement the Iberdrola Flexible Dividend programme: the first with a maximum reference market value of
The aforementioned cash dividend together with the Iberdrola Flexible Dividend paid in January (equivalent to
Also to be submitted for shareholder approval will be ratification of the appointment by co-option of Board member
The Board will propose modifications to articles 34.5 and 44.3 of the By-Laws to introduce technical drafting improvements and to set at four years the maximum term for the chairman of the
Similarly, AGM approval will be sought to implement a strategic bonus for executive directors, senior management and management team linked to the Company's performance in the 2014-2016 period and to be paid using IBERDROLA shares over the following three years. Finally, there will be a consultative vote on the Annual Report on remuneration of Board Directors for 2013.
In addition to the General Shareholders' Meeting call, the Board of Directors has approved today amendments to IBERDROLA's corporate governance system to adapt it to recent legislative changes and meet the highest Best Practice standards.
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