Shareholders and investors

Shareholders and investors

Shareholders structure

The Company's share capital is 270,540,000 euros, comprised of 541,080,000 bearer shares, fully subscribed and paid-in with a par value of 0.50 euros. There have been no subsequent variations in the share capital of the company.

Since 7 July 1999, the shares have been quoted on the four Spanish Stock Exchange Markets, after the Initial Public Offering of its Common Stock was carried out. 

All the shares correspond to a single class and series and confer the same rights to their holders.

Shareholder structure at 13/dec/31
Share capital (2017/12/31)
Free float 80%
SEPI 20%
Shareholder structure 2017/12/31. 66% foreing institutions, 20% SEPI, 10% minority shareholders and 4% Spanish institutions.

The coming into force of Law 17 /2007, of 4 July, introduced a series of legal limitations regarding share capital ownership and the voting rights applicable to shareholders of the Company.

The purpose of these limitations is to guarantee the independence of the Company against all other activities and agents of the electricity sector given that the activities carried out by RED ELÉCTRICA - the transmission of electricity and the operation of the electricity system - are considered as an essential service by the legislator.

In this regard, the following limits were set:

  • Any natural person or legal entity may own share capital of the Company, provided that the total of its direct or indirect share ownership does not exceed 5% of the capital stock and that it does not exercise voting rights over 3%. These shares may not be syndicated for any purpose.
  • Those parties who carry out activities in the electricity sector, including natural persons or legal entities which directly or indirectly own holdings in the capital thereof equal to more than 5%, cannot exercise voting rights in the Company of more than 1%, without prejudice to the limitations set forth in paragraph 2 of Article 34 of the Spanish Electricity Sector Act for generators and agents.
  • The special conditions for the State Industrial Holding Company (Sociedad Estatal de Participaciones Industriales or SEPI) is maintained, and such Company must, in all cases, own a holding of not less than ten percent (10%) of the capital stock.

Significant share capital holdings in the company at year-end are detailed in the Corporate Governance Report, specifically in section A, "Ownership structure".

Subsequent variations are notified to the National Stock Exchange Commission "Comisión Nacional del Mercado de Valores" (CNMV) and can be consulted on its website, in the section of Red Eléctrica in the CNMV via the link "Major holdings and own shares".

Significant holders
Vote rights number: 541,080,000. Registration date in the Commercial Register: 27/05/2016. Date of publication on the website CNMV: 14/07/2016

Titulares directos e indirectos de participaciones significativas de Red Eléctrica Corporación, S.A. a la fecha de cierre del ejercicio, excluidos los consejeros
Denomination % Voting rights attached to shares % Voting rights through financial instruments % Total voting rights Date of entry in the CNMV’s registry
FIDELITY INTERNATIONAL LIMITED 1.019 0 1.019 12/02/2016
SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES (SEPI) 20.000 0 20.000 30/09/2005
TCI FUND MANAGEMENT LIMITED 0.000 4.990 4.990 16/08/2016
THE CHILDREN'S INVESTMENT MASTER FUND 0.000 3.954 3.954 31/10/2016

The particulars of the Board members are available in Corporate government> Board of directors > The particulars of the Board members.

Treasury stock at year-end of the last fiscal year is detailed in the  Corporate Governance Report, specifically in section A, "Ownership structure".

Subsequent variations are notified to the National Stock Exchange Commission "Comisión Nacional del Mercado de Valores" (CNMV) and can be consulted on its website, in the section of Red Eléctrica in the CNMV [Open in new window] via the link "Major holdings and own shares".

RED ELECTRICA CORPORACION, S.A. - Vote rights number: 135,270,000
RED ELECTRICA CORPORACION, S.A. - Vote rights number: 541,080,000

Registration date in the Commercial Register: 27/05/2016

Date of publication on the website CNMV: 14/07/2016
% Direct % Indirect % Total Date of entry in the CNMV's registry
0.429 0.000 0.429 2016/02/04

At the closing date of the 2014 financial year, the Company was not aware of any shareholders’ agreements or covenants entailing an obligation to concertedly vote , or a  common policy in the corporate management, or aimed at producing a material impact on the Company. (Corporate Governance Report 2014, section A, "Ownership structure")