You are Rodrigo Vallcorba-Pizarro, 49, Director de Relación con Inversores at Energías de Iberia. Six weeks ago Cuatro Vientos Asset Management filed a say-on-climate proposal for the AGM. ISS and Glass Lewis have recommended FOR. Three European institutional investors have publicly aligned. The board meets in eleven days to set Energías de Iberia's response.
The situation
Energías de Iberia (EdI) is an IBEX-35 integrated utility — €42B market cap, 18 GW of generating capacity, 14M customers across Iberia and three LatAm markets. Climate plan published in 2023, refreshed 2025: 48% Scope 1+2 reduction by 2030 against 2020 baseline, net-zero by 2045. CA100+ benchmark scored EdI at 78% capex alignment with 1.5°C pathway in its 2025 review — top quartile for European utilities, not best-in-class.
Cuatro Vientos AM is a €3.2B Spanish boutique with a reputation for forcing climate-vote engagements with IBEX-35 issuers. Their proposal asks for four things: (1) lift the 2030 target to 60%; (2) publish a Scope 3 trajectory; (3) reach 90% CA100+ capex alignment by 2027; (4) link 30% of CEO long-term incentive to climate metrics (currently 12%). ISS and Glass Lewis both recommend FOR. Norges Bank (3.1% stake), APG (1.8%) and AP7 (0.9%) have publicly aligned. BlackRock (5.2%) and Vanguard (3.4%) are silent.