Corporate Governance System
Avangrid Renewables (the “Company”) is integrated into the AVANGRID group of companies controlled by Iberdrola, S.A. and, as a result, is a subsidiary of a “controlled company” within the meaning of the New York Stock Exchange (“NYSE”) rules. Iberdrola, S.A., the controlling shareholder of the Company’s parent, AVANGRID, Inc., has an established corporate governance system comprised of a set of documents made up of Iberdrola, S.A.’s by-laws, corporate policies, internal corporate governance rules, and its other internal codes and procedures approved by the board of directors of Iberdrola, S.A. The corporate governance system of Iberdrola, S.A. was developed based on best practices for corporate governance generally recognized in international markets. AVANGRID, Inc. and its subsidiaries generally adopt and abide by the policies and other documents that make up the corporate governance system of Iberdrola, S.A., subject to certain exceptions, additions, and modifications required for publicly listed companies in the United States.
The Company’s corporate governance system is the set of documents made up of its Limited Liability Company Agreement, Corporate Policies, Internal Corporate Governance Rules, and Other Internal Codes and Procedures approved or adopted by the Company.
The Company is subject to affiliate separation of activities requirements under its corporate governance system and applicable laws and regulations. The Company’s Chief Compliance Officer submits a report annually on separation of activities efforts to the Company’s board of managers.