On January 29th, 1985, Red Eléctrica de España was born - the first company in the world exclusively involved in electricity system operation and transport.

The 2014 report has been prepared, for the first time, in accordance with the principles and contents defined in the new GRI G4 guide and Red Eléctrica has submitted the report to external verification by PWC with a limited level of assurance.

This report contains the most relevant data regarding the Company's activity during the fiscal year: key figures, significant events, business activities, corporate management, Stock Market evolution and annual accounts.

International declarations on human rights recognise, as a legal principle, the universal equality between women and men, proclaimed also in the European Union and whose intention is to enrich society and to contribute to its economic development.

Red Eléctrica is collaborating in an inspiring project to reintroduce the black vulture in the Pyrenees, where the species is attempting to re-establish its former area of distribution. A new colony has now settled midway between black vulture populations in France and the Iberian Peninsula.

This report contains the most relevant data regarding the Company's activity during the fiscal year 2014.

This report on compensation policy for the Directors of Red Eléctrica Corporación, S.A. (“Red Eléctrica” or “the Company") has been prepared in accordance with the provisions of the Corporate Bylaws and the Board Regulations.

The Corporate Governance Report is published every year in order to show the efforts of Red Eléctrica to introduce the best international principles and recommendations of good corporate governance and its practical implementation, both in the structure and functioning of the governing bodies of the Company and in regard to the commitments and responsibilities undertaken with its shareholders, investors, the markets and other stakeholders.

Red Eléctrica Corporation release its 2014 annual results and Strategic Plan 2014‐2019.

Red Eléctrica collaborates on this project supporting the organisations and people involved, who work tirelessly in an attempt to see this species flying over our countryside again. We want to help change their chances of survival.