Corporate Governance System
Scottish Power Limited is the unlisted country subholding company of the Iberdrola Group in the United Kingdom that holds the stakes in the head of business companies relating to generation, transmission and distribution of electricity, energy management and supply of gas and electricity that pursue their activities in the country.
The main responsibility of Scottish Power Limited, which has its own Board of Directors containing independent directors and has its own management team, is to disclose, implement and ensure compliance with the policies, strategies and general guidelines of the Iberdrola Group in the United Kingdom and it centralizes the provision of common services to the head of business companies, in accordance at all times with the provisions of the applicable legislation and, in particular, the regulations regarding the separation of regulated activities.
Scottish Power Limited pursues its activity in the United Kingdom through the following head of business companies: Scottish Power Energy Networks Holdings Limited, which engages in the activities of transmission and distribution of electricity; Scottish Power Generation Holdings Limited which engages in the activities of generation portfolio of coal, hydro, gas and biomass generation and; ScottishPower Renewable Energy Limited, which engages in the activities of renewable energy industry.
The head of business companies have their own Boards of Directors and have the necessary autonomy to carry out the day-to-day management and effective administration of their businesses, as well as responsibility for their ordinary control.
In discharging these responsibilities and in the exercise of its decision-making powers, Scottish Power Limited has approved its own Memorandum and Articles of Association and internal corporate governance rules, and its competent bodies have adopted the Introduction to the Corporate Governance System, the Mission, Vision and Values of the Iberdrola Group, corporate policies and other internal codes and procedures that make up the corporate governance system of IBERDROLA, S.A., as well as the specific rules or regulations to implement or supplement it.