The Chairman of the Red Eléctrica Group, Jordi Sevilla, has indicated that the Integrated National Energy and Climate Plan 2021-2030, which sets out the roadmap for the decarbonisation of Spain with a nationwide impact, guarantees the electricity supply and makes the transition possible. "This is a transformation that requires the backing of all political groups, as a project with such a long term and broad scope can only be tackled from a point of consensus. It is a programme that will allow us to build a more efficient society, more committed to its future and more open to change". Mr. Sevilla made these statements during the General Shareholders’ Meeting of the Company, held today in Madrid, stressing that "agreement on this matter will provide stability so that both companies and citizens can make decisions as soon as possible and so that young people can realise, at this very moment, that their future really does matter to us".

The Chairman of Red Eléctrica has also referred to the commitment of companies to society. "Generating profits and being profitable is proof that we are doing things well, that we are fulfilling our economic and business obligations. But the most important thing is to do it by creating value for all: shareholders, workers and society as a whole. Due to this, the Red Eléctrica Group is today stronger, more valuable and has a brighter future than a year ago", he concluded.

Jordi Sevilla’s first Shareholders’ Meeting as Chairman has focused especially on the challenges that the Company faces regarding the Energy Transition and the new paradigm resulting from climate change and the technological revolution. "Electricity, telecommunications and talent today are the today the motors that drive the economy and society and are also the hallmarks of Red Eléctrica," he remarked.

Another of the major topics discussed was the new 2018-2022 Strategic Plan, recently approved by the Board of Directors of Red Eléctrica. Mr. Sevilla highlighted the Plan’s commitment to "industrial diversification in an intelligent and sustainable manner between regulated and non-regulated activities."

Technology plays a prominent role in the new Plan, with a clear commitment to digitalisation and innovation as levers of growth. In this regard, the Chairman of REE indicated "We want to concentrate talent, innovation and technology and become a centre of reference for all people, universities, technology centres, companies and startups in order to work together on innovation and technological development in the electricity system and in telecommunications. And that is why we are launching a new technological company.”

In line with the Company's Sustainability Commitment in recent years, in 2018 the Company created the Sustainability Committee of the Board of Directors, a committee that oversees and promotes the Group's sustainability policies and practices, and ensures that these issues are considered as strategic elements in the Board's meetings.

Furthermore, the CEO of the Red Eléctrica Group, Juan Lasala, said that 2018 "has been an intense year, with milestones that will enable the objectives of the 2014-2019 Strategic Plan to be met." Progress in all of the Group's activities has been of note, both in terms of regulated activity and in international and telecommunications business, where the Group's positioning has continued to be strengthened. All these achievements show that Red Eléctrica "is prepared for the challenges posed by the new 2018-2022 Strategic Plan"; a plan which was recently presented by the Company.

The CEO concluded by indicating that the new road map is based on a "business model that balances regulated activities and operations subject to market risk, and responds to the challenges linked to technological disruption and sustainability."

Agreements reached

The General Shareholders' Meeting, held today with an attendance level of 63.1%, has seen all its proposals approved by practically unanimous decision.

Among the main agreements, the appointment of Jordi Sevilla as a board director has been ratified, in the "other external board directors" category, with 96.5% of votes in favour, as well as that of the proprietary directors María Teresa Costa and Antonio Gómez Expósito, in representation of the State Industrial Holding Company (SEPI), with 97.8% and 94.4% of votes in favour respectively, in addition to the appointment as an independent director of José Juan Ruiz Gómez, with 98.7% of votes in favour.

On average, 66.4% of the private shareholder structure showed its support and approval regarding the points on the agenda related to the remuneration of the Board of Directors. As in previous years, the State Industrial Holding Company (SEPI) has abstained on these points, thereby allowing private shareholders to decide.

The proposals relating to the individual and consolidated annual accounts have been approved with 99.7% and 99.4% of votes in favour, respectively.