Ethics and compliance
Committed to the highest ethical standards
At Iberdrola we are permanently working to be at the forefront of international best practices in ethics and compliance.
Iberdrola Group has a compliance system in place to ensure that we act in accordance with ethical principles, the law, and our internal regulations − especially the Governance and Sustainability System. This system helps to fully comply with the Group's Purpose and Values and to protect the corporate interest, as well as to prevent, manage, and reduce the risk of breaches committed by managers, professionals, or suppliers within the organisation.
"Our Code of Ethics develops Iberdrola's Purpose and Values and specifies the Group's commitment to ethics and transparency in all areas. Following its guidelines is the best way to promote integrity, loyalty, honesty, and alignment with the Group's values on the part of everyone."
Ignacio S. Galán
Iberdrola’s Executive Chairman
The Code of Ethics and other compliance regulations
The Code of Ethics [PDF] develops Iberdrola Group's Purpose and Values. Its main objective is to serve as a guide for the actions of its professionals, suppliers and directors in a global, complex and changing environment.
This code reflects Iberdrola's commitment to the business ethics and transparency in all areas of activity. This code is intended to ensure the ethical and responsible conduct of all professionals and suppliers of Iberdrola's companies − regardless of their hierarchical level, their geographic or functional location − and the company to which they provide their services or with which they have a contractual relationship.
The Group companies' compliance system is based on certain rules approved by the Board of Directors, which are part of the Governance and Sustainability System, including the Anti-Corruption and Anti-Fraud Policy and the Compliance and internal reporting and whistleblower protection system policy. Furthermore, the compliance units of each company of the Group develops and approves complementary and more specific regulations to proactively and autonomously ensure the implementation and effectiveness of the Compliance System of each Group company.
The Code of Ethics sets out
Our general ethical principles and our relationship with Stakeholders:
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Iberdrola Group's Purpose and Values
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Quality of services and products
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Sustainable development and business ethics
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Free competition and respect for the law
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Human rights
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Transparency of information
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Social action
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Data confidentiality
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Continuous creation of value for its shareholders
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Environmental protection, climate change and decarbonisation of the economy
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Commitment to the Sustainable Development Goals (SDGs)
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Objective and unbiased selection processes of suppliers and supply chain workers
And principles and rules of conduct for:
Compliance units
In order to proactively and autonomously monitor the application and effectiveness of the Compliance System of each company of the Group, compliance units have been set up as internal and permanent collegiate bodies. These units are set up in accordance with the highest standards of independence and transparency and are linked to the boards of directors. The composition, powers and operation of the unit are regulated in the Regulations of the Compliance Unit [PDF].
The functions of the compliance units include fostering an ethical culture and "zero tolerance" towards illicit acts or acts contrary to the law or to the System of Governance and Sustainability. They also monitor the application and effectiveness of the Compliance Systems of their companies in a proactive and autonomous manner, without prejudging the appropriate coordination carried out at the Group level.
Internal information system. Whistle-blower channel
Iberdrola has implemented an internal reporting system in accordance with the provisions of applicable law and based on the principles settled in the Compliance Policy and the internal reporting and whistleblower protection system.
The management of the internal complaint channels of each company of the Group corresponds to their respective compliance units.
These reporting channels are configured as tools made available to all shareholders, administrators, professionals, suppliers and other third parties to report conduct that may involve the commission of some irregularity or any illegal act or act contrary to the law or the Governance and Sustainability System with significance in the scope of the Company, in its contractual relationship with its suppliers or in the interests and image of the companies of the Iberdrola Group.
All communications received through these channels are considered confidential information and may, in the case of complaints, be anonymous. In all cases, all companies of the Group are firmly committed to the prohibition of any form of retaliation against those who make use of the above-mentioned reporting channels, except in cases of bad faith.
Supply Chain
One of the key elements of the Compliance System of the Group's companies is the dissemination of our ethical culture to the third parties with whom they interact. To this end, Iberdrola requires that the members of its supply chain assume certain obligations and specific guidelines for action (Suppliers’ Code of Ethics) and carry out due diligence of all its suppliers. We also develop communication and awareness-raising initiatives to promote compliance systems and supply chain’s sustainability.
Transparency report
Iberdrola approves and publishes an annual report that collects the main actions, initiatives, and measures carried out, promoted, and adopted by the compliance units of each company of the Group. They showcase how the Compliance System operates in the Group’s companies and demonstrate its effectiveness.
Our figures
staff trained in ethics and compliance
€/year to promote business ethics in the communities where we operate
annual communications to
the Ethics Mailbox
annual third-party evaluations
Recognitions and certifications
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World's Most Ethical Companies list
Iberdrola, S.A. has been recognised, for the eleventh consecutive year, as one of the most ethical companies in the world, according to the ranking 2024 World's Most Ethical Companies prepared by the Ethisphere Institute, a leading US global entity in the definition of best practices in compliance matters.
For inclusion in the above-mentioned list, Ethisphere values the existence of an effective compliance system, reputation, the presence of an ethical culture at all levels of the organisation and in all of its activities, corporate governance, and social responsibility. This recognition has been awarded in 2024 to 136 companies in the world − and Iberdrola continues to be the only Spanish company present in this ranking. -
Compliance Leader Verification
The Compliance Leader Verification certification, awarded by the Ethisphere Institute, is awarded to companies that not only comply with current regulations, but also demonstrate the existence of an internal culture and leadership that promotes ethical values in their business’ development. -
AENOR has certified Iberdrola's Compliance System in accordance with:
- the standard UNE 19601 on criminal compliance management systems; and
- the standard UNE-ISO 37001 on anti-bribery management system.
These certifications were obtained by the Company for the first time in 2017.
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For the second consecutive year, Iberdrola tops the ranking of the most transparent IBEX 35 companies, according to the report Transparency and good governance on ethics and compliance practices of IBEX 35 companies, prepared by the Haz Foundation with the support of the Cumplen Association. This report evaluates the degree of transparency in compliance policies and practices of the companies that make up the main Spanish stock market index.
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In March 2023, the jury of the Expansión Compliance Awards awarded Iberdrola as the "Most Innovative Company of the Year", highlighting the novelty that this first edition of its Transparency Report on the Compliance System, published on this website, represented in the professional community.
Iberdrola had already received the "Company with best Compliance practices 2018-2019" award at the Expansión Compliance Awards, recognising the effectiveness and robustness of the Compliance System of the Group's companies and the development of the Company's ethical culture.
These awards recognise the efforts made by companies and their managers to implement effective compliance systems within their organisations.
Leading the way in ethics and compliance
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Iberdrola, the most transparent company on the Ibex 35 according to the Haz Foundation
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We are the only Spanish company in the ranking of the world's most ethical companies
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We are recognised with an "A" rating for our transparency on climate change
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We rank among the top 100 companies worldwide in gender equality
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The only European utility to be included 24 times in the Dow Jones Sustainability Index
