[Foreign language] .
Good morning, dear shareholders, ladies and gentlemen. I would like to extend my appreciation to all of you. First of all, I would like to welcome you all to this general shareholders' meeting on behalf of the board of directors and in my name. First of all, we have to verify fulfillment of the legal requirements for the valid constitution of this GSM. I therefore give the floor to the secretary who, together with me, will exercise powers to organize the GSM as per GSM regulations. Thank you very much, Mr. Chairman. According to present legislation, we hereby state that in Madrid, at the Hotel Madrid Marriott Auditorium, located at Calle de Ingenieros Torres Quevedo 2, at 11:00 A.M. on the 12th of April 2019, the GSM of Endesa S.A. is convened at single call, as per the resolution adopted by the board of directors on March 11th, 2019
This announcement was published on March the 12th, 2019, in the Official Gazette of the Commercial Registry and in the three most important newspapers in the country. The board of directors has requested the presence of a notary public to draw up the minutes of this meeting. So Mr. José Miguel García Lombardía, notary public of the Association of Notary Public of Madrid, is here in order to draw up the minutes of this GSM. He is sitting right there. So those, shareholders who would like to ask for intervention will have to go and address the notary public.
The proposed resolutions that have been prepared by the board of directors have been made available to the shareholders as per the call to notice that was published in the company's website and at the company's registered office, and it was also made available to the shareholders on this date, and therefore they are considered to have been read for the purposes. I would also like to state that an independent expert has also reviewed the fulfillment of the call proceedings, including the review of the voting process and proxy voting procedures, as well as all the systems and procedures applied by Endesa, which have been verified to be in fulfillment with current regulations.
On the other hand, Fiel Electronic Publication Service Vendor has also verified that as for the call to meeting at 2:10 A.M. this morning, all the documents have been kept and maintained in Endesa's web page on an ongoing basis, and they have remained unaltered. So once the list of attendees has been prepared through electronic means as per section 98 of the Regulations of the Commercial Registry that will be attached to the minutes of this GSM, the quorum is the following. Shareholders that attend, according to regulations, which doesn't mean they are present here, but they are considered to be attending by law. We have 46 shareholders that account for 25,780 shares that represent 0.12% of the share capital. Then we have postal shareholders that account for 1.4 million shares that account for 1.00139%.
Then we have attending shareholders that account for 742,317,892 that account for 70.113% of the share capital. Therefore, we have all in all 1,097 shareholders accounting for 743 million shares that account for 70.54% of the share capital. So we have 41 shareholders that are voting electronically, representing 0.03% of the share capital. And then we have voting by proxy 6,309 shareholders that account for 164,401 shares accounting for 15.494% of the share capital. So all in all, we have 6,350 proxy that is to say 6,164 million shares that account for 15.497% of the company's share capital. Therefore, and we can say that this GSM all in all is being attended, is being attended by 7,000 shareholders, and all in all shares that account for 85.751% of the share capital with voting rights.
Therefore, we have quorum that is more than enough in order to constitute this GSM in order to address all of the items on the agenda. Back to the chairman, well, based upon all the data that have been provided for by the secretary, we consider that the requirements in order to constitute this GSM are considered to be fulfilled in order to adopt the resolutions that have been proposed. The presiding committee is made up of the members of the board of directors, and now we give the floor to the notary public. Thank you very much. Is there any reservation as to the quorum data that have been pointed out by the secretary? There are no reservations whatsoever. Thank you very much.
As from this moment forward, we would like to ask all the shareholders who wish to take part of the round of interventions to address the notary public who is sitting at the back at my right-hand side. You should produce your particulars and mention the number of shares that you represent according to section 18 of the GSM regulations. It is hereby stated that, pursuant to the Spanish Companies Law and the regulations of the GSM, shareholders will be able to ask for information or any clarifications that may deem relevant as to all the items included on the agenda for this GSM, any information that can be reported to the Spanish Securities Market Commission as well as the auditor's report.
It is hereby mentioned that according to the regulations of the GSM, each person who wishes to take the floor will be allowed to speak for five minutes. Dear Chairman, dear shareholders, ladies and gentlemen, good morning. One more year, I appear before all of you in order to provide you with a balance or an outlook on the results of our fiscal year in order to fulfill our obligation to account for our results and in order to submit some important resolutions for approval at this GSM. I would like to take this opportunity in order to mention the results obtained throughout my term in office, which, as you know, will finalize today at this GSM.
I would have liked to shake hands with each and every one of you in order to extend my appreciation to all of you for the 10-year period in which I had the honor to preside over this company. However, I believe that I won't be able to do more than just express to you, to you my deepest and heartfelt gratitude from the podium. I would like to extend my appreciation to each shareholder. And first of all, I would like to acknowledge our honorary chairmen, Mr. Villa and Mr. Pizarro, for attending this event and also for their constant endorsement and for their very valued advice. I would also like to extend my appreciation to the members of the board of directors for attending this meeting, Ms. Patrizia Grieco and Francesco Starace.
I would like to give my special thanks to them and say that, the company is particularly thankful to them. By the same token, I would like to thank Mr. Bogas, the CEO, for his daily contribution to the company's performance. However, I would like to particularly acknowledge the independent directors, Mrs. Helena Revoredo , Miquel Roca, Ignacio Garralda, Alejandro Echevarría, and Francisco de Lacerda. In particular, I would like to say thank you for your commitment and loyalty because it has been the best guarantee in order to carry out an exemplary corporate governance policy at Endesa. I would like to invite you all, ladies and gentlemen, dear shareholders, to join me in expressing our gratitude for their good performance at the company, for their strategic inspiration, motivation, and the management of the executive team, and above all, for the balanced support of your company interests.
I would also like to extend my greetings and acknowledgment to Mr. Juan Sánchez-Calero, whose appointment as independent director will be subject to approval by this GSM. I was very fortunate to get to meet him very many years ago, and I'm absolutely convinced that his professional skills, his expertise, and his personal greatness will contribute great value to the board of directors of Endesa. So I would like to wish him the best of luck in undertaking his new duties. I can't forget the work performed by Endesa's top executives, not only in 2018 but throughout many years when challenges and pitfalls have been quite significant. During the storm, they were able to keep themselves held to the ship as if this ship was not actually going through bumpy waves and the waves were not actually about to flounder the ship.
So thanks to them, Endesa is today where it's standing. So you should have no doubt whatsoever about that. So one year ago, we highlighted the macroeconomic balance for the 2015-2017 period. Today, unfortunately, we cannot be so optimistic. So growth is slowing down on a quarterly basis, and the recovery of employment is at a standstill, to put it somehow. So, of course, we are growing more than our European peers, and we are far away from the recession. However, the changes of trend and favorable external winds, in my opinion, should actually lead all economic stakeholders to be on guard. We are still on time to actually overcome this bumpy road without major consequences. But for this purpose, we need to start taking preventive actions and setting some counter-cyclical reforms into motion.
However, I believe that unfortunately, we're going to fall back into the muddy turf of the crisis quite quickly unless we miss this moment due to the near elections and due to a misanalysis of the current circumstances. During my last address at this GSM, I would like to ask the political classes to make all the necessary efforts so that Spain can have a steady government with a program focused on supporting recovery and in order to support the economy to make the most of the technological revolution that we have ahead of us. However, our responsibility is within Endesa. And for that reason, I take pride in saying that this company has been up to the measure as the leader in a sector that is crucial to our economy.
In terms of institutional relationships, our attitude has always been one of collaboration and loyalty towards the different governments that have gone through office because that's part of our DNA and because that we wanted that to be our work method. We performed quite well. We have always built an environment of good understanding. We have always created a climate of understanding with regulators even when there were some significant differences in terms of criteria and opinion. We shouldn't forget that we have more than 11 million customers, which accounts for a market share above 35%. So such a figure, therefore, turns us into a key vehicle in developing the national energy policy and a keystone in the process of energy transition. So we have, therefore, undertaken a particular strategic approach and to be specific in pursuing the national decarbonization process in 2020.
Endesa will be able to reduce CO2 emissions by 47% vis-à-vis those produced back in 2005. In developing renewable energies, we will be able to add 2,000 MW during the 2018-2021 period. We will also contribute to the orderly decommissioning of conventional power plants. We support the protocols that have been agreed with the government seamlessly. As for electric mobility, we want to reach 100,000 recharging points in the next five years, and as for demand electrification, we are front-runners and leaders in developing solutions that can optimize efficiency and energy consumption for cities and the Spanish manufacturing sector. Even during the toughest years during the crisis and amidst significant regulatory changes, Endesa has been able to deliver consistent results, mainly thanks to the joint effort that we have carried out in adapting our management procedures. In 2018, we were able to beat all records again.
Let me just give you three pieces of information. In 2018, Endesa ranked as the third Spanish company in terms of revenue, surpassing EUR 17 billion during that fiscal period. We were able to deliver a bid in the amount of EUR 3.327 billion with a net profit in the amount of EUR 1.417 billion, therefore once again exceeding the commitments that we have undertaken before the market. Thirdly, net investment totaled EUR 1.47 billion, therefore reaching EUR 12 billion in terms of investment since 2010. By far, we are the electricity company that invests the most in Spain. Therefore, you can be utterly proud of your company because this is a great company and one of the great companies that are very often and fairly treated on several occasions.
You are shareholders of a great company that in 2018 delivered a direct economic value above EUR 20 billion with a direct and indirect tax contribution in the amount of EUR 4.087 billion, with a social contribution that is even more difficult to quantify but that can be valued very easily. In 2018, Endesa signed 43 new agreements with city councils and other public institutions in order to strive energy poverty, therefore reaching 272 total agreements and almost 110,000 people that benefited from such agreements. Furthermore, this company contributed EUR 88 million to financing the so-called social bond, investing EUR 14 million in social projects that benefited more than 1.5 million people. So let me, please forgive me but why many people complain nobody in this country makes a bigger effort in order to fight against energy poverty.
Endesa is staffed by 9,700 people, and all the contractor companies that work for us account for more than 33,000 jobs. Occupational safety has always been and will continue to be the top priority in carrying out operations by this company. We are highly satisfied to announce that in 2018, we didn't have to regret any occupational incident resulting in death. I hope that in 2018, we start a new year when we don't have to regret the loss of any worker's life. For that reason, I would like to take this opportunity to congratulate ourselves on the major commitment undertaken by this company to promote safe work in the past 10 years. This is shown by the fact that occupational accidents today are 10 times lower than back in 2009, as is normal. All such achievements, of course, reflect on the company's value.
Market capitalization is EUR 24 billion, exceeding by more than 70% the value reached at the end of 2014 when the last IPO of the company took place. So in 2019, we are going to keep the dividend payout policy of the past five years that is recognized as one of the most enticing dividend payout policies in the Spanish stock market. So the proposal that we would like to submit to this GSM is to distribute against 2018 profit a dividend of EUR 1.43 per share against EUR 1.38 per share, which was the value last year. This proposal, therefore, accounts for an increase of 3% vis-à-vis last year and of 7% over the minimum dividend that was announced to the market. Endesa, therefore, is focused on developing the best possible corporate governance practices.
A procedure has been approved to select the account auditor as well as a different auditing service delivery policy and a different relationship with the account auditors, a new internal audit bylaw, and actions have been taken in order to adapt ourselves to the general data protection regulation. By the same token, Endesa has a criminal risk prevention model that has been certified by AENOR. So fully committed to our willingness to be transparent. We should mention that Endesa's board of directors have not considered it appropriate to apply the recommendation of reorganizing the appointments and remunerations committee as separate bodies. Therefore, the current composition of both of them is virtually the same. So we haven't considered that separating such committees was necessary.
Finally, it will be subjected to approval by this GSM, the appointment of the new auditor for the 2020-2022 period based upon the recommendation that was issued by the auditing and compliance committee. Dear shareholders, it's been 10 years since I stepped into this role. And before I farewell you all, I would like to share with you the results of my office for Endesa. I will be very brief, but I hope compelling. Over the past year, some major competitors have fought into the sector. All the same, Endesa has been able to reinforce its leadership in the Spanish market. In this market, Endesa is the most important company in terms of customers' share, in terms of installed power and distribution network. But things do not happen just by chance.
The consolidation of the company's leadership is the result of three industrial plans that have exceeded EUR 20 billion in investment. Endesa has, therefore, been able to rally a significant relevant position in the renewable energy sector as a result of the divestments carried out in 2009. The acquisition of 60% of the shares in Enel Green Power España in Spain in 2016 in the amount of EUR 1.2 billion positioned ourselves as the fourth operator in terms of renewable power installed. Since then, we have been able to reinforce our activity through acquisitions and awards in different auction processes. In the last two, Endesa has been the adjudicatario, one of the main adjudicatarios with 540 MW in wind power and 339 MW in photovoltaic energy. Endesa has also been a pioneer, and today it's the indisputable leader in pushing forward and developing electric mobility.
I'm hopeful and I'm sure that it will continue to be so in the immediate future. As a goal, we have decided to install 100,000 recharging points in the next five years at a private level and 8,500 power points. We are also a leader in terms of the development of new technologies in the Spanish electrical sector. We have renewed 11 million meters for our customers covering the overall territory where Endesa distributes electricity. We also created the so-called Endesa X business line in order to take advantage of new opportunities and competitive advantages. I'm particularly pleased to announce that Endesa has been a benchmark in most of the very complex regulatory negotiations that have taken place. Specifically, we are honored to be one of the interlocutors that has been best valued by the different governments with whom we have worked.
There are several aspects that exert influence upon assessing the success of a large company. But I'm certain that if today we ask our shareholders about the most important success factor, I'm sure that financial profitability would be the answer given by most. Therefore, I'm even more pleased to say that Endesa, over the past 10 years, has been the most profitable Spanish electricity company for shareholders. Whoever purchased Endesa shares the day when I was appointed chairman and reinvested dividends must have multiplied the investment by 4.7 times, which accounts for an average annual yield of 17%. And shareholders who invested in the IPO that took place in November 2014 twofolded their money with an IRT of 20%. Very few investments in the Spanish stock market can actually boast such figures.
Reaching stable levels with such profitability, in a sustained manner over time is a significant attainment for any large company. However, blending this generous dividend payout policy with a significant strengthening of the share capital structure is something that makes quite a difference. This is that went from EUR 18.5 billion at the end of 2009 to nearly EUR 5.8 billion at the end of fiscal year 2018, therefore accounting for a financial reduction of more than three times. Such results were not due only to the rigorous and disciplined way in which we managed operations and finance at Endesa, but mainly through very efficient regulatory management. At Endesa, we led a negotiation process that made it possible to reduce EUR 30 billion in terms of tariff deficit from some electricity companies. More than EUR 12 billion would have had a toll on our own balance.
During this period, we also experienced a logical and orderly loyalty process. After the incorporation of the Enel Group, the main role assigned to Endesa was to focus on the Iberian market. And we can assert that we have actually exceeded our duties, as clearly shown by the results that I have just presented. Nevertheless, belonging to Enel Group doesn't mean that Endesa is not keeping its brand and personality. Actually, we have kept ourselves loyal to our major features in terms of leadership, in terms of territorial strong presence, institutional influence. And we have never turned our back on our responsibility as one of the most important benchmark strategic companies in Spain. So maintaining this identity is, of course, a result of the commitment and professional performance of the members of this board of directors. Ladies and gentlemen, you have a great company.
You can look forward into the future with optimism and confidence. This company continues to face major challenges, and we must address them in an intelligent, skillful manner with lots of hard work. However, we have the necessary conditions in order to tackle them all, and above all, we have to lead the necessary energy sector transformation process in Spain. These results that I'm sharing with you today make me feel proud of my work, but above all, but above all, they make me feel highly honored for having worked with Endesa's top executive team and all those that have been working at this great company over the past decade, so my most heartfelt acknowledgment and gratitude to all of the members of the board of directors, not only those who are present here today, but also those that have accompanied me over the past years.
And, of course, thank you all, dear shareholders. It's been an honor to serve Endesa. Thank you very much and farewell.
[Foreign language] .
Thank you very much. Ladies and gentlemen, dear shareholders, I'm going to hand over the floor to the CEO of the company.
[Foreign language] .
Ladies and gentlemen, dear shareholders. Once again, year after year, I am pleased to kindly give you a summary of the leading aspects of the activities carried out for the past year. Our company faces numerous challenges, and I'd like to name a few among others. I'd like to offer you all, kind shareholders of the company, attractive profitability per dividend and a sustainable growth plan.
I'd like to tell you that we are going to contribute to the leading goals of this country, very much focused on the need to boost an energy transition that can bring us to a future carbon-free and fully sustainable, making our activities contribute to the social and economic development of our citizens, to build a robust, sustainable, and a company with a future, and obviously to offer our customers value and propositions and quality services that can meet their needs and expectations, being fully aware that they are at the core of our business. But undoubtedly, the most important challenge ahead is towards the health and safety of all the people working within and for this company. I am very pleased to announce that in 2018, there was no fatal accident facing our employees or our contractors' employees. Accidents facing our company keep on decreasing.
However, these improvements do not make us forget our ultimate goal to reach zero accidents, and we're not going to give up on that. This company is facing major and numerous challenges ahead. I'm very pleased to announce those challenges that the company met last year and will continue to do with firm commitment and strength and a very successful outcome. These are some of the challenges we are going to propose today: the payout of a dividend, showing the strong commitment of Endesa towards its shareholders, thus giving one of the most successful profitabilities in the market. We have repeatedly reached the strategic plan goals. We have increased the presence of renewable energies in our portfolio, the development and improvement of our distribution networks. We are customer-centric, and we have a firm commitment towards the digitalization of our company.
Our investments plan places us as the company, the electricity company that invests the most in Spain. But most importantly, we have a very strong commitment towards the energy transition goals and decarbonization goals of our country, Spain. I'd like to point out that Endesa, in this line, is fully committed to the National Plan for Energy and Climate of Spain that was approved by our government on the 22nd of February. And we're also fully committed towards the Sustainable Development Goals of the United Nations for 2030, which is paramount for the construction of a new, sustainable and global energy model. I'd like to kindly share with you some of the leading brushstrokes of the energy environment that was the scenario for the development of our activities in 2018.
It's nothing new to the present members in this room, but I'd like to point out that the difficulties faced this year. We have suffered spikes in volatility of raw materials and commodities, and mainly an increase in CO2 prices. We've also seen an increase of competition in our industry. We have also suffered the changing government, and they have applied very relevant decisions in the field of energy transition. Let me now kindly dive into the details, and I'd like to stress out that the electricity prices in the Spanish wholesale market are 10% above those of the previous year. The electric demand in Spain increased 0.4% versus 2017, which is 0.3% if we take into consideration seasonality, employability, and weather conditions.
On the other side, this demand was covered at a 39% ratio by renewable energies, and this figure is substantially higher than in 2017, which was a very dry year. In this context, some of the most representative figures of the activities carried out by our company are as follows: Endesa maintained its leadership in the business of generation, thus having a total power output of 74 terawatt-hours. As a consequence, our market share is at the moment 28% of the industry, namely the renewable energy output increased by 44%, and as a consequence of an increase by 10% in wind power and solar power, and also a 67% increase in hydroelectric output. This increase helped our CO2 emissions to be curbed substantially, and our emission-free production is roughly at 50% at the moment.
As far as electricity is concerned, Endesa kept its leadership in distributed electric power with 117 terawatts per hour, with a market share of 44%, and the distribution of electricity with sales of 90 terawatts per hour, with a market share of 33%. Likewise, Endesa is the second electrical operator in Portugal, with a 6% market share in output and 14% in distribution. Lastly, when it comes to the gas Spanish market, our total sales grew by 2%, standing at 103 terawatts per hour, which confirms we are the second player in the gas production industry, with a 16% market share in the conventional market. I'm going to dive you into the key financial figures of the economic management for 2018.
[Foreign language] .
I'd like to stress the good management of this business, which was accompanied by the recovery in the gas margin sector and the stability of the regulated business, which helped us again overcome the targets that we officially announced. Our EBITDA stood at EUR 3,627 million, which is 2% higher than in 2017, which is basically 12% if we do not take into consideration non-recurring items. The net profit stood at EUR 1,470 million, which is 3% lower than in 2017, but higher than the announced target in the capital markets. The ordinary profit, excluding the impairment losses in the thermal power in Alcúdia and the disposal of assets in Sant Adrià, was EUR 1,511 million, which is 4% on the previous year.
As far as gross investments are concerned, these were EUR 1,470 million, which is a 25% increase on the previous year, mainly as a consequence of the development of 879 MW of wind and PV energies that were allocated to our company in the auction that took place in 2017 for renewable energies. Lastly, our net financial debt closed the year with an increase of EUR 785 million on the previous year, thus standing at EUR 5.7 billion, as a consequence of the spike in investments that I just mentioned and the purchase of five wind farms of Gestinver and the purchase of the commercial distribution company of Ceuta.
Thus, I'd like to stress out that the net financial debt EBITDA ratio of the company places us in an excellent position in order to carry out the major CapEx plan that our company is going to carry out in the upcoming years. Based on these economic results, the board of directors of this company is going to put forward to this general shareholders' meeting, as put forward by our chairman, the approval of a dividend payout of 1,511 million EUR, 100% of the ordinary profit, charged to the earnings of 2018.
[Foreign language] .
This dividend payout means 1.427 EUR per share that were paid already in January, increased by 3% compared to 2017. Endesa last year reached a market cap revaluation of 12.7%. This is a substantial milestone that shall be taken into consideration because IBEX stock exchange had closed the year by - 15%.
The company's market cap, plus the EUR 1.3 per share that we paid in dividends, charged to the 2017 profits, made a total profitability for Endesa's shareholders at 20.5%. Kind shareholders, let me kindly summarize the leading action lines contained within the 2019-2021 business plan that we put forward to the capital markets back at the month of November. The key pillars of this strategic plan aim at transforming Endesa into a robust, profitable, sustainable company that can take leadership in the drafting of the new energy model required by our country that can give sustainability and stability to all the employees of this company. The first pillar of this plan aims at the decarbonization of our generation portfolio, maintaining a sufficient supply.
The goal has been accomplished with the following initiatives: a strong focus on renewable energies with the goal to increase by 30% the installed capacity in this kind of renewable technologies. This will add up 1,900 MW of renewable energies to our existing generation portfolio up to 2021. This is an investment of EUR 1,800 million. By June 2020, we will shut down the national coal factories, and this requires a fair transition plan in order to minimize its impact in their respective activities. And we've also requested the shutting down of two groups of generation in the Alcúdia station, Mallorca. This will help us reduce our CO2 emissions substantially. Therefore, by 2020, we will reach a 50% decrease compared to those emissions issued in 2005 and more than 60% in 2030, and a strong commitment to have zero CO2 emissions by 2050.
The second pillar of this plan is the improvement of our distribution networks, making them more efficient, smart by, digitalized, by a strong focus on digitalization, automation, and extension. This is all required in order to boost the integration of renewable energies, thus making it possible to carry out electric mobility. Namely, our plan foresees an injection of capital of EUR 1.9 billion in net investment in distribution. Thirdly, a value creation and customer-centric management. Endesa X is going to play a paramount role. This is a business line we've created in order to offer new technological solutions and services that can facilitate and speed up energy transition towards a more electrified, digital, open, and sustainable model.
Some of the key initiatives that Endesa X are promoting are the electric mobility actions throughout a plan that foresees the installation of more than 100,000 recharge points in the next five years, smart lighting, distribution generation, and energy-efficient actions. Fourthly, a EUR 1.3 billion investment towards the digitalization of our processes and our assets, you know, and also to train our individuals because digitalization is and will continue to be a key factor that can give adequate answers to customers and to improve energy efficiency. As far as the financial part of this plan, I'd like to stress out that the net forecasted investments for the 2018-2021 years are EUR 6.4 billion, which is EUR 1.4 billion above those included on the previous business plan.
Likewise, our EBIT operating profit will be 4 billion EUR by 2021, and the net profit will be 1.8 billion EUR for the same period. These results help us pay out substantially, and it is 100% of the ordinary profit between 2019 and 2020 and 8% of the payout by 2021. Therefore, we have a strong sustainable strategic plan from the financial point of view, and it's also fully aligned with the goals towards the energy transition that Spain is undertaking. These goals, as you all know, are contained within the key strategic plan for energy and climate of this country that was passed on the 22nd of February by the Cabinet of Ministers, as I pointed out before. This is a package of initiatives which includes the Integrated National Plan for Energy and Climate 2021-2030, the Bill of Law for Climate Change, and the Fair Transition Strategy.
The first document, that is, the Integrated Plan for Energy and Climate, has been submitted to the European Commission by the Spanish government, as it is the case, and it is a very relevant document. Let me please stress out that the goals contained within this package are more ambitious than those Spain would carry out in line with the decarbonization strategy of the European Union. Likewise, the European Commission updated its goals last year in terms of CO2 emissions reduction, renewable energy penetration, and energy efficiency for 2030. These new goals mean that Spain shall reduce its CO2 emissions by 1% compared to those registered in 1990. Therefore, the renewable energy contribution shall stand at 32% in the total energy consumption, and therefore, energy savings shall stand at 32.5% versus the previous scenario.
This integrated plan for climate and energy assumes 10 points, 20 points, 10 points, and 7.5 points higher than those imposed upon the European Commission. Spain, as I said on the previous weeks, are luckily much more ambitious than those imposed by the European Commission, and therefore, we need to be pleased, as I said, for three reasons. One, because they are fully aligned in terms of their scope with the very huge dimension of the challenge ahead. One must not forget that the challenge is to ensure the sustainability of this planet and the future of upcoming generations. Secondly, because I think these goals are attainable as long as we carry out the plans integrated in the Spanish plan for energy and climate, closely monitoring the improvements and giving it the necessary flexibility in order to overcome the difficulties and pitfalls ahead.
Thirdly, this plan, and especially because of the hefty investments it required, which are roughly EUR 236 billion, can really modernize our economy with a huge capacity to carry out additional employment, boosting competitiveness of our companies. In line with these goals, I strongly believe that the strategic plan of Endesa is fully aligned with the energy transition goals of the national strategy. This will help us play a substantial role in the development of renewable energies. By 2021, the total renewable energy would be 8,400 MW. This national plan requires the installation of 65,000 renewable MW until 2030. Endesa aims at having a substantial role in the development of this new capacity. Moreover, the plan requires electric mobility and digitalization, among others, in order to boost the electrification of the final energy demand as a substantial driver for the extension, modernization, and digitalization of our electric grids.
Likewise, we can take another step forward in the field of electric mobility compared to the Spanish national plan. One must recognize that we are facing a major shortcoming with regards to the electrification of the final demand in our country. I'm talking about the final drafting of the electric tariffs, which are among the highest in Europe. Why? Because half of these are cost overruns of energy policies and taxes that have nothing to do with the electric supply. The design thereof does not favor the consumption during day hours, where energy is much cheaper and where electric grids are very hectic. Another tariff, cheaper and more intelligent, does regulate low demand value periods and will allow energy to compete against other energy vectors like CO2, gas, or oil. It will also improve the conditions in which electricity can be consumed, for irrigation, for instance.
It will favor the electric heating at houses, and it would really give importance to the demand management and the use of batteries for energy storage. As such, the said and regulatory measures we need to meet in order to meet these very ambitious plans of energy and climate. As far as I am concerned, the two most important ones are as follows: to progressively eliminate or substantially reduce costs that are alien to electric supply. Secondly, to divide the cost of renewable premiums or co-premiums to co-generation, which are paid by electric consumers at the moment. Boosting renewable energies and co-generation requires a major energy policy effort. Thirdly, we need to define smart, intelligent tariffs that can transmit to consumers the necessary needs to electrify demand.
And fourthly, to apply reasonable remuneration to distribution so these important investments can be carried out as forecasted in the energy and climate plan, which are at the moment EUR 37 billion up to 2030. Another highlight that is directly tied to the National Integrated Plan for Energy and Climate is the protocol that was formalized three weeks ago by the companies that own nuclear power stations and the agreements that have been reached as a result thereof in order to request an extension of operating permits for such plans. In my opinion, such agreements constitute an intelligent, flexible, and efficient approach to the goal so that nuclear power stations play the key role they have throughout the energy transition process. First off, because the agreements reached in order to request such permits are totally in line with the protocol.
Second, because they have been adopted simultaneously by the four first nuclear groups that had to request such permits, therefore avoiding complex future negotiations by each station. Third, because the investments to secure the operation of these plants in terms of security and economic viability are sufficient and reasonable. And fourth, because we operators have agreed on flexible and reasonable mechanisms should any situations arise that could impair such economic viability. In summary, we have reached an agreement that all the parties involved have deemed satisfactory and well-balanced. For that reason, I believe that we must highlight and acknowledge the key role played by the Ministry for Ecological Transition and Endesa in order to make this agreement possible. So, dear shareholders, Endesa is delivering excellent results, thus surpassing the goals publicly announced.
We have a strategy plan that entails a major investment effort in order to carry out the successful transformation of our business. In addition, this plan is fully aligned with the goals set by Spain in terms of energy and decarbonization transition. On the other hand, in order to further secure the success of our plan, we rely on the talent, dedication, and commitment of the 9,700 people who work in our company and who embody the differentiating asset that makes us more robust and competitive. I believe that we should also highlight the contribution made by all the people who make up the Board of Directors of Endesa, the most important governing body in our company. I would like to express to each and every one of the board members my respect and acknowledgment.
I would like to take the opportunity of the fact that our honorary presidents, Mr. Manuel Pizarro and Mr. Rodolfo Martín Villa, are here in order to thank them once again for the example they have always served to and encourage them to keep on standing as an undeniable benchmark of our business track record. Likewise, I would like to thank Mr. Francesco Starace, who is CEO of Enel and Vice Chairman of Endesa, and Ms. Patrizia Grieco , chairperson of Enel and a board member at our company. Because in my personal opinion, and if you would allow me again from my personal opinion, they embody the ongoing support and endorsement that we get from our majority stakeholder. I would like now to welcome the new independent board member whose appointment to the board will be subjected to ratification by the GSM, Mr.
Juan Sánchez-Calero, who will certainly make a major contribution to this company because he is a legal expert as well as a specialist in corporate governance. Likewise, I would like to make a special reference to Mr. Borja Prado, his long history and engagement with Endesa. As I was saying, I would like to add a special mention to Mr. Borja Prado for his long history and engagement with Endesa throughout the past 12 years, which are valued by all, both within and outside of our company. For all that, dear Borja, I would like to express my most sincere acknowledgment for your work and wish you the best of luck in the future.
To conclude, ladies and gentlemen, I'm pleased to finish off this address by stating to all of you, those who have participated actively or listening, my gratitude for your trust placed on us and for attending this GSM. Thank you.
[Foreign language] .
We would like to thank the CEO for his presentation, and now we open the round of interventions by the shareholders. Thank you very much. Pursuant to the GSM regulations, the time allocated to shareholders for this intervention will be five minutes. Since there are several interventions, we are going to stick to such maximum amount of time allotted. On the other hand, according to internal regulations, pursuant to such regulations, interventions should be concerned only with the items on the agenda.
The information that were filed with the CNMV at the previous meeting or the auditor's report once the intervention round is over, if possible, we are going to provide all the relevant clarifications that may be deemed relevant. And if it's not possible to address such clarifications on this occasion, we are going to provide an answer within the next seven days according to law. We are going to start out with the interventions of the shareholders. We first give the floor to Luis López Nicolás, who is the holder of 3,000 shares. The interpreters apologize, but no microphone is in use at this point by the person who is taking the floor. We give the floor to Luis López Nicolás, who is the holder of 3,000 shares. Dear shareholder, we are not going to discuss every single aspect concerning shareholders because they are duly regulated. Mr.
López Nicolás, holder of 3,000 shares, has the floor. Good morning. Please, let's calm down a little bit because this GSM is quite peculiar, so to speak. My question is the following. I'm the holder of 3,000 shares, as you have pointed out. These are all of my savings, among others. I was a journalist, an employee. I'm a little bit anxious after such a GSM development. I have heard everything you have said, and I fully agree with the way in which the company has evolved. I remember Mr. Pizarro, during a well-known IPO, when we reached 41 EUR, if I'm not wrong. Mr. Pizarro, in the face of such a takeover bid, did quite a good job.
I remember that I had shares in Abertis, and minority shareholders were damaged somehow because the book value was between EUR 13 and EUR 35, and we were given EUR 18.36 because both companies, that is to say the Italian company and, this gentleman from Real Madrid, whose name I can't recall at this point. Well, eventually, yes, Mr. Florentino Pérez, in fact. Even though I'm a fan of Real Madrid, I also want him to step down. But of course, he has quite a profitable business at the Bernabéu, football stadium. They actually took advantage from us. I believe that this is a social issue that has nothing to do with the company itself. In the face of these concerns, I would like to know about the company's future, even though I think that it has quite a strong position.
You say that by 2022, you are going to deliver, or you're going to have a payout of 80%. So after the strategy plan, I would like to know about your dividend payout policy. So that's my first question. Wait, just one minute, please. Well, somebody from the audience who is asking me, I believe they are company employees. In the face of the attitude of the climate we see at this GSM, apparently they have some personal concerns. So as a shareholder, of course, I'm a little bit worried to see this climate. I would like to know whether this situation is going to be worked out or not. So as a shareholder, I would also like to know the company's position in this regard. My third question is whether there will be a takeover bid taking place or not.
As a shareholder, I would like to know about any takeover bids in the pipeline. We are always the ones that are affected by these situations. I'm talking about minority shareholders. In aggregate, we hold many shares, but individually, not very much.
[Foreign language] .
Okay, that's all.
Thank you. We now give the floor to Valentín Germán Domínguez, holder of 663 shares.
Good morning. With regard to the GSM and the shareholders, sorry, I'm a little bit nervous. As for employees' compensation, they acquired some rights in kind several years ago. The company removed such benefits. Actually, we are collecting such compensation in kind, but actually the agreement was a different one in the collective bargaining agreement.
I would like to say that withdrawing such benefits from employees who are part of companies who are in an economically unstable situation. I would like to urge the shareholders and those responsible for the presiding committee and those who manage the company to ponder over your next steps because we are talking about rights acquired by employees. When these benefits are withdrawn, it would be like stealing from employees, stealing part of their salary. I was not going to take the floor. Actually, I wanted to attend the meeting for many years. This time I came because I believe that it's my duty to join these people, these colleagues who are claiming such rights. As a shareholder, even though I'm a minority shareholder, I feel as if I were stealing from my former coworkers, even though I'm a minority shareholder.
It's as if I was stealing from myself. Therefore, I would like to urge you to reflect upon this because no justice can exist considering this to be a social benefit. This is a salary that we were granted many years ago. If that would have been part of a pay raise, our retirement payment would be much higher. Therefore, I believe that whoever is in charge of doing justice should take this into account because doing otherwise would be a mistake. There are other issues. The company encouraged employees to install electric heating systems at home by carrying certain investments. If these benefits are withdrawn, what do you expect employees to do to install other types of heating systems? We will have to start spending money once again. In my opinion, instead of obtaining five, we can earn just three in terms of dividend payout.
But let's leave employees in peace because they have already gone through a lot. And of course, I'm addressing you all very respectfully, and thank you very much for allowing me to take the floor. And let me apologize because I'm a little bit nervous. Actually, I'm not very good at writing, and unfortunately, I have a lot of misspelling problems. Thank you very much for allowing me to take the floor.
Thank you very much, Mr. Valentín. Ms. Carlota Ruiz-Bautista, holder of one share, will now take the floor.
Good morning. I'm Carlota Ruiz-Bautista, and I'm here on behalf of the National Institute of Law and Environment and a carbon-free platform. I would like to know about non-financial information concerning item three on the agenda. Pursuant to Law 11/2018 contains information as to this kind of non-financial reporting.
Based upon the report presented by Endesa to the GSM, apparently we are not in line with the law, especially with respect to environmental reporting, including climate change issues. Climate change accounts for a material risk for several companies, and in fact, the non-financial reporting system of Endesa recognizes that climate change accounts for major risk. Therefore, disclosing information by companies is critical in order to guarantee the efficiency and good operation of capital markets. So when the climate change becomes significant, as it is the case today, companies should report on that so that investors can act accordingly. So in this regard, this law foresees that any environmental reporting, including non-financial reports, should include short-term or long-term goals concerning gas, greenhouse gas emissions. Even though the non-financial reports include such decarbonization goals, it does not specify according to law the mechanisms implemented to that end.
That is to say, there's no clear roadmap being reported by the company to attain such long-term goals and what is going to happen with those companies, those plants that are fueled through fossil fuels. On the other hand, it is foreseen we would like to know whether there is enough installation in order to operate competitively. We don't know what is going to happen after 2025 because even though the company has invested EUR 300 million in some of these plants, competitiveness and profitability will be basically impaired due to the CO2 emission rise price. As for your specific decarbonization goals, the non-financial information reports say that you are absolutely in line with the climate goals of the EU. However, there are insufficient goals according to the latest report of the IPCC.
So, not restraining the increase of temperature could entail economic losses between 8 and 9 billion EUR before 2019, and we would all be affected by this. Then, pursuant to these, the previously mentioned law, information should be provided as for the current effects of the company's activity in the environment and people's health. So this report by Endesa does not mention such effects on human health despite the fact that there is one report that shows that Endesa is the sixth most contaminating company in Spain, causing serious problems on human health and economic losses. On the other hand, Law 11/2018 makes it compulsory to include information about fulfillment of human rights when reporting on financial information. We know that Cerrejón is one of the companies that provides coal to the company.
A Colombian court says that this company actually impairs human health and contaminates drinking water in the Guajira District in Colombia. We also have evidence that in 2017, Endesa imported carbon coal from Russia, the same as in 2018. Even though there's no financial information reporting explains the human rights policy and due diligence process of Endesa, we know that you are part of the Bettercoal Initiative. However, we believe that for the reasons that we set out in the letter dated February the 20th, that this is very important. So on behalf of IIDMA, I would like to know whether Endesa continues to import coal from Russia and which other vendors in that case.
According to law 11/2018, could you tell us about the measures that you have undertaken to mitigate any abuse against human rights with regards to the Cerrejón company and to redress such violations and which specific measures are you going to take in order to fulfill your decarbonization targets? Are those targets in line with your goal to, keeping global temperature at one degree and a half? On the other hand, when are you estimating as part of your strategy to decommission the As Pontes plant, which shouldn't be later than 2025, of course guaranteeing a fair transition process for employees?
We now give the floor to Mr. Manuel Pardo Roncero, who represents or holds 1,500 shares.
Señoras y señores. Dear shareholders, good morning. My name is Manuel Roncero, and I am a general secretary of the Independent Trade Union for Energy.
It is told that companies are feeling less. They have no heart or shame. Today, sadly, as it is, I'm here to tell you that allowing this shareholders' meeting happening without talking about the healthcare of its employees and not discussing the latest collective bargaining agreement is confirming that you are a heartless company. Beyond the figures and beyond the facts, you are forgetting about the heart and soul of Endesa, that is, its employees, Endesa's workforce, and its families. One must not forget that while you were paying out more than 30 billion EUR in profits over the last 10 years, the economic conditions and the socio-economic conditions facing your employees have been curbed to unexpected limits in this company amidst an industry where Endesa was a key flagship.
I'm here to remind you that you are devaluing the present and the future heart of this company, but with the decisions that you have undertaken, you are also undermining the past of those retired employees, widows, orphans, or pensioners that, along with their families, contributed and redoubled efforts in order to place Endesa at the situation where it is the flagship company that you're currently liquidating. That's wiping Endesa, that's wiping your obligations and the contribution to make it possible. My colleagues may argue, as I agree, it's not possible to support the future of the company in a decapitalization leverage and divestment policy. This so-called modernization of the company requires a future robust project with the employees, not against the employees. And I couldn't agree more. What's more, it shall be a shared project in its design, development, and implementation.
You may understand it's not possible to share a project where one of the parts receives the profits, you, whilst the other part, that's the workforce, works more and more with less recognition and whose rights are halved in order to increase your profits. This project, by the way, shall not be represented in this shareholders' meeting convened out of the traditional environment out of the headquarters on a Friday morning when people tend to go on the Easter holidays. Unfortunately, the lack of coexistence of these understandings between the company and employees brings us to a clash unseen before in a company in this industry. You are holding and convening the shareholders' meeting when there is a strike among employees and when the retired employees of Endesa are striking against you. I'd like to remind you that companies are heartless and shameless.
But I hope you can change, and I'd like to finish my contribution by saying, let's get back to the backbone of this company. Let's allow for the necessary investments that's increasing your growth but involving employees and involving families and retired employees. You can always find us willing to cooperate with you. But in any case, rest assured that we will continue working hard towards the future of this company, which does not mean we're going to forget about our rights and involvement in the future of this company. If you allow us on our day-to-day tasks, on the collective bargaining agreements, or if the case, as the case may be, in court.
Thank you very much, Mr. Manuel. I'm going to hand over to Manuel Bodoque Ariza.
Good morning, ladies and gentlemen. Thank you very much for letting me the opportunity to address these audiences.
I was very much interested in Mr. Prado and Mr. Bogas's presentation. They were blowing their own trumpet because, you know, these decisions are to the board of directors. They talk about their magnificent results obtained by the magnificent board of directors. You never even mentioned the employees. I've heard you talking about Endesa's commitment, and my question is, does it comply with respecting the signed agreements, or these are empty words that you don't care about? You've talked about Endesa's CapEx, Endesa's earnings, Endesa's policy and environment, what your clients are making, what the shareholders are making. What's the role of the employees? We are the losing party here. It seems you're going to invest in absolutely everything, even the social bond. Does this mean that we're going to pay the social bond? If there's an agreement, it shall be enforced. Why don't you enforce these agreements?
I'd say thank you very much indeed.
[Foreign language] .
I'm going to hand over to Carlos Vila Quintana with 300 shares.
Good morning, ladies and gentlemen. Fellow shareholders, my name is Carlos Vila Quintana. I am the SIE Endesa Trade Union representative. Last year, I intervened in the shareholders' meeting last year, so what I said then is still valid today. One year has gone by. Things have even worsened substantially. Our labor conditions have been jeopardized. Our guarantees are halved, and on the other hand, the company has reduced the social benefits of companies working for Endesa, the so-called retired group. After two years of negotiation, the management team has put forward unthinkable proposals that require the reduced number of rights and halving the collective bargaining agreement that was negotiated amidst the Spanish recession.
Now, we decided to resign being responsible towards the future of this company. Now, for the first time in the history of Endesa, we are convening a general strike in Endesa because we are sick and tired of the way this company is treating or maltreating us on behalf of the employees. We believe time has come to stop streamlining this company. We have to build a future. This is what's worrying us, the employees of Endesa. On behalf of our employees, I would like to kindly request a shifting of gears that can ensure the viability of Endesa by terminating the short-term policies that put at stake the long viability of this company. Likewise, Enel shall restate its commitment towards maintaining the socio-economic conditions of its employees under the umbrella of the CBA.
Likewise, we will continue being united, rejecting an entrepreneurial policy whose only goal is to increase Enel's payout detrimental to Endesa, making employment precarious and denying the undertaking commitments with Endesa's employees, but also with contractors and third parties. Far from being a modern company, a competitive company, which are the pillars of a series of entrepreneurial projects that recognize the effort of our workforce that managed to adapt itself throughout the collective bargaining agreement, Endesa's management team conveys a view of inequality, quick payout of dividends, bringing us to an uncertain future. The so-called modernization of Endesa, which requires a renegotiation of the collective bargaining agreement, shall require another future, not decreasing employees' rights or streamlining, which will make this company disappear. And as a consequence, many jobs will be destroyed.
Rest assured, everyone working at this company wants a solid future company going forward, and this is the willingness of all the employees. However, the management team has to shift gears in order to attain that future by motivating your workforce, by encouraging your employees. It's not built based on precarious work, uncertainty, or insecurity. Thank you very much indeed.
Thank you. I'm going to hand over to Ana María Campuzano with one share.
Buenos días. Soy María Campuzano. Good morning. My name is María Campuzano in the Alliance Against Energy Poverty, a social movement led by families living in this poor situation, facing problems to pay their energy bills, their utility bills, or families that are paying their bills but not using heating in the winter because they cannot pay it. So that's not living a decent life.
They are facing a potential outage because this is a possibility after four months of not paying the bills because the law understands if your bill is not paid, it's because you don't want to, not because you cannot. From our organization, we are very clear that the measures like the social bond are not sufficient. It's just a discount to certain consumers, but they do not give an answer to the situation facing these families. Access to electricity in your report, your sustainability report, only covers one page out of 340 pages where it literally says, and I quote, "Endesa is a strongly committed company towards the fight against energy poverty." Let's review that commitment, please. Let's see where is the role of families here. In this report, you mentioned that the commercial care to vulnerable clients is a priority to this company. Let me doubt about it.
In 2018, constantly, we received families coming to our assemblies that were very worried about their unpaid bills. They were bringing the letters not sent directly by the company, but by a collection or debt collection company or a law firm with very complicated wording claiming the payment of that debt. And Mari Carmen from Cubelles received the typical wording of a lawsuit. Encarna, on the other hand, received between January the 1st and April the 3rd, 137 calls to her fixed line to claim the debt. This is just two cases among endless cases of families being chased by your company. Put the families at the forefront instead of your economic profit. Stop the chasing of the vulnerable families. You also mentioned the signing of agreements with public administrations, 272 in particular. Unfortunately, these agreements are not signed in Catalonia.
You may know the law 24/2015, boosted by the citizenship by Una and LLP, where we managed to prevent a lot of outages in Catalonia. Therefore, the administration and companies are forced to sign agreements to deal with the debt collection, but we haven't mentioned signing this in Catalonia because you opposed it. We highly encourage you to engage in a transparent dialogue with Catalonia's regional government. We know you don't like this law, that you've put forward 70% of the lawsuits against this law enforcement, and we highly encourage you to avoid just like what you did with the 272 agreements where the public administration is assuming the cost of this debt. Please, you have to assume the result of this debt. You said EUR 3 billion in net profit for 2018. Isn't it the right time to end up this debt of vulnerable families?
Talking about debt, postponing the debt is not the solution to these families. The only way to go is the total cancellation of that debt. With regards to the Social Bond.
[Foreign language] ?
[Foreign language]. You have only one more minute left, madam. There is another mechanism that you have used again and again, and you are actually making it quite difficult to use. Please make things easier for families in order to avoid this odyssey. Perhaps you don't know this, and this is quite uncomfortable to hear. More than one-fourth million people today live in houses owned by financial institutions or banks. These families cannot actually have electricity because you require a lease agreement in order to do so. So these families have to use electricity in a fraudulent manner.
On January the 5th this year, five people died in Badalona because actually they were connected to an illegal electrical line. So please sign agreements with the government so that these families can access social matters until they can normalize their situation. Please, you have to finish. So you should have a steady commitment with SDGs. You are saying that, therefore, you should act accordingly, and you should respect the right to energy. And we should also say that, of course, we support all of the employees who are here demanding for their labor rights. Thank you. Thank you very much. Now we give the floor to José Manuel Asencio, who represents or owns 185 shares.
Dear shareholders of Endesa, good morning.
Dear top management of Endesa, on behalf of the organization I represent, Comisiones Obreras Trade Union, I should, of course, say that you have been quite bold in negotiating labor conditions. Even though in the short term this can result in hefty profit, they are also responsible for our impairment and poor image in the short term. So there are many people who are demonstrating against the company outside of this hotel. Until yesterday, they were identifying or they identified themselves with this company, but today they have become sort of your growth thanks to you. So you can feel satisfied by presenting the results you have, and I'm not going to deny this.
Of course, that can be useful in order to account for your very high remunerations and bonuses, but you should also recognize that such high increases clash against the current reality, and therefore they become indecent because this is the second consecutive GSM that we are holding a conflicted situation now without a collective bargaining agreement in place and framed by a social and labor confrontation environment. You either change your management rules or else we are going to hold a third GSM under conditions that will be even more shameful. So you have proven that you can actually buy the mass media, but you will never be able to buy the hearts of all those people who are out there claiming for their rights. So do not cheat yourselves. Actually, your successful response does not hide your attitude towards the staff and retirees.
Actually, you are making it quite evident that you are screening people throughout Spain. And if this seed continues to grow, it will grow very strongly, and it will affect our company negatively, and therefore it will make other competitors stronger who will take advantage of that in order to improve their social and corporate image. Therefore, taking advantage of any potential growth opportunity to the detriment of Endesa. So this is not supposed to be a threat. Please don't take it as a threat. Actually, it's a warning. I'm an employee who holds this company's highest team. So the current labor context shows that we are not taking advantage of the employees that are best qualified in this world. If this is a company to be successful, we should remember that lack of hope by employees has become quite overshadowing.
So all of your proposals entail losses for employees who have contributed to the company's good performance that you are boasting. You should understand that actually that's also part of our credit. We should be given credit for that, and we should be acknowledged for that, and we should be compensated for that. You must understand that we workers deserve to improve our own conditions. It's everybody's responsibility to seek solutions in order to come up stronger, and that will only be possible with a fifth collective bargaining agreement in order to redress the failures of the fourth agreement, allowing employees to feel proud of belonging to Endesa once again, looking into the future with a hope that they can have a good professional career ahead that motivates them. Be respectful or compliant with the agreements undertaken with retirees because actually they made Endesa the great company it is.
You have only one more minute left. Now they see how top managers are overlooking their agreements, focusing only on the opportunity given by some legal aspects. This will never put an end to the current conflict. Actually, they do not deserve that, and Endesa's good name deserves better, and to conclude, dear shareholders and top management members, retirees also deserve that the agreements undertaken are fulfilled. The same as employees. We employees deserve to claim that we all improve. Thank you.
Now we give the floor to Rafael Salinas Salinas, who owns 3,000 shares. Pues... No sé si parece que no. It seems that Mr. Rafael is not going to take the floor. If not, he will be given the floor later. Ms. Raquel Montón Valladares, who holds 128 shares, she now takes the floor. Ms. Raquel Montón Valladares, holding 128 shares.
[Foreign language]
Good morning. My name is Raquel Montón Valladares, and I belong to the ecologist organization called Greenpeace. It's not the first time that I address this GSM on behalf of minority shareholders at Endesa. It's not the first time that I tell you that one portion of Endesa's businesses are costing our life and planet. There are many people here, many workers who are talking about their own lives. I would also like to talk about the life of others, and let me explain why. Out of 50 companies who happen to be the most contaminating ones in Spain, seven belong to Endesa. The first and the third one in As Pontes, in Galicia, and Litoral, down south in Almería. Only these seven companies emit as many as the 35 companies that rank as the last companies in this list.
These seven companies emit twice as much as the refinery sector in Spain, much more than all of the emissions coming from the manufacturing sector in Spain, much more than Spain's livestock in aggregate, and much more than the residential, commercial, and institutional sectors taken in aggregate throughout Spain. So you are the most contaminating company in Spain, and this is costing us our life and the planet. According to a diagnosis that was published by the European Environment Agency a few days ago in Spain, we lost more than EUR 37 billion as a result of extreme outcomes of climate change since 1980. And in fact, EUR 37 billion, the figure is accurate, and we are talking about 1980.
Climate change impact is not something that belongs to the future. Rather, it's something that is happening, that has been happening for quite a long time, and that we are paying for it. But I don't want to talk about money only. Actually, this is also having a toll on our own lives. According to this study I have just mentioned, there are 14,000 lethal victims. We are the third country in this tragic list out of all of the E.U. members. In the face of such a situation, it's quite offensive to see that the plans that you are announcing show Spanish decarbonization measures at a rate of 5%. Let me give you an example. This is as if one smoker would say that he will protect his smokes by smoking one cigarette less every year, right?
In 20 years' time, by the year 2040, this person will no longer smoke. But it's quite obvious that it will be of no use because actually the problem is not what this person is not smoking, but rather what he keeps on smoking. So the problem here is all the remnant that we still need to decarbonize. I'm sorry for raising this sensitive issue concerning health, but it seems that scientific data show quite clearly what I have just said. Perhaps you do not care about that. According to the IPCC, there are only 11 more years to go in order to avoid a catastrophic global warming. We have to curtail all of the planet's emissions. When I say all, I mean all of the emissions coming from all companies, sectors, and across countries.
We only have 11 more years to go, and we have to bring them down to zero before the next 30 years. It's quite self-evident that companies from some of the most powerful countries and companies such as Endesa will have to take the lead in order to undertake such a commitment because we do need electricity. And yes, of course, you are a company that produces, distributes, and sells electricity. And according to what your employees are saying, we need a future plan in order to guarantee a fair transition for everybody, including employees and above all employees. The electricity coming from renewable energies is the best medicine, and we need this at large scale. It's the right medicine for a fair transition process. We are talking about the creation of nearly 3 million jobs tied to the building of new energy stations, renewable energy stations by 2030.
This, of course, entails not only these jobs but many other benefits.
And Raquel, you have just one more minute left.
However, they will also have to wait because this company needs to secure that the nuclear industry does not have any income statement issues. Rather than investing in renewable energies, they will extend the life of nuclear power stations as long as it may take because they still need to amortize the cost of such stations even though they have been operating for 40 years. As for employment, I would like to say that the decommissioning of nuclear power plants will do away with 100,000 direct jobs for 20 years. This could actually be a thrust or an incentive towards such fair transition.
But nuclear power, some people say that they do not produce CO2 emissions, but they produce radioactive waste that we will have to take care of for many years. And the risk-free claim actually is not true. And you should know that the secure supply will be guaranteed. However, you prefer to leave this messy situation to the next generations rather than impairing the income statement. So these young people who see that they only have a few more years to go to do what we were not able to do in the past 30 years, and today, like on any other Friday, they are also demonstrating in order to claim for what I'm claiming here as well. So please do work in order to earn money without actually putting the life of people and the planet at stake. Thank you.
Th ank you very much, Ms. Raquel. Now we give the floor to Ms. Elena Isabel Peñalver Palomino, holding one share.
Señores y señoras. Dear shareholders, good morning. As of late, the press has announced the conflict between Endesa's management and active and passive employees as a result of the company's intent to suppress electric tariffs, not allowing employees to benefit from price cuts. As for active employees, they are now given new conditions regarding this reduced electricity tariff, and this is transferred over to their individual contracts, showing that such conditions should actually be deemed as salary in kind. As for retirees or passive employees that do not have a collective bargaining agreement in place, they won't be able to benefit from this after, or they were not able to do this after December 2018.
Therefore, we are forgetting that passive employees actually profit from social benefits by way of salary in kind, but on a different basis. So the conditions that you are trying to suppress are not such. In different statements or in different agreements, you mention more than a 100-year period. In many cases, over the past 20 years, when retired people who adhere to early retirement plans through downsizing schemes are recognized to benefit from these conditions through individual agreements that, according to the Pacta Sunt Servanda Agreement, should be complied with unless there has been a change in initial conditions making such compliance impossible. In this case, those who agreed to adhere to the original agreement should actually review these new conditions. In this respect, we should say that other similar agreements in other companies continue to be fulfilled.
Endesa's top management's decision means a cut on benefits for active and passive employees and a breach of the agreement reached with those employees who retired already. It also implies a breach of the commitment undertaken with society at large. The downsizing agreement involved not only Endesa and its employees. Rather, the state approved such a downsizing plan, something that the Social Security would have to bear, waiting for all the other parties to undertake their own obligations without causing the agreement to be at stake. The administration has contributed to this pre-retirement through Social Security support, but also these downsizing schemes took place in several companies. The regulation of CTC was set out in Law 54/1997 in the sixth transitional provision as of January 1, 1998, until June 25, 2006.
All these situations are within the amount of EUR 3 billion, according to a law expert, Jorge Fabra Utray, who carried out a study that was published by the Pascual Madoz Institute from the University Carlos III from Madrid. He reached the conclusion that the excess of the CTCs have not yet reached the statute of limitations.
You have just one more minute.
I would like to ask whether you believe that having such a conflict open for more than one year and a half is worth it, because this can only damage the company's image, affecting its sponsorship efforts while also damaging retired people or widows who are over 90 years of age who are unable to defend themselves against your company and Endesa.
Leading companies are normally worried about the happiness of both male and female workers because there's ample evidence that if they are happy, they are more productive. Therefore, it would be interesting if this GSA could actually assess the company's surveys regarding the employees' engagement. Thank you very much.
We now give the floor to Francisco Javier Peñalver Rodriguez, who holds two shares.
Even though this has already been mentioned, I would like to ask about what the company is actually seeking in addition to clashing against workers. You know that the downsizing plans have been subsidized not only by the Spanish Social Security system, but transition overrun costs between EUR 1.5 and EUR 3 billion. As you know, electricity companies and Endesa, in particular, that has been a leading company in this regard.
It turns out that such money has been used by Endesa to reduce the number of employees. Therefore, this is something that can hardly be understood by any person. That's all I wanted to say.
[Foreign language] .
I'm going to hand over to José Contreras with 1,841 shares.
[Foreign language] .
Good morning. I am representing the Association of Retired People in Granada. I'm representing the members of this association in order to denounce the current social policy of this company. Once again, please know that life is not free. It's salary in kind. According to Article 26 on the Social Article of Employees, it is considered as retention and payment in kind in the income statement that's included on the contracts that have been agreed upon by the notary public, as it is shown on the public deeds.
You have initiated a war against the passive workers of Endesa, the retired employees. You have won the first battle, but the war is not over. There are many pending battles, like the appeal against the Supreme Court in Spain. You are going to receive a lot of complaints from Huelva, Tenerife, and all over Spain, several lawsuits from all the different regions in Spain. We're going to claim our social benefits. We're going to gain the support of all city councils, political parties, to the government and the parliament and Senate, and the public opinion that's been disguised with your claims saying, "Life is for free for the passive employees of Endesa." Please remember, we've got plenty of time, and there's plenty of us. Be ready to listen to the tune that you can hear today.
You'll continue to hear it at the main doors of your headquarters and in every single event you organize, wherever you're invited: technical events, sports events, openings, where we will defend our rights, and we will defend our rights and social rights, as well as the exploitation of Enel over Endesa, where the social benefits had to be recognized by the employees that managed to defend their rights. To conclude, I'd like to restate once again that life for us is not for free. It is salary in kind. You're going to hear this motto many times everywhere and elsewhere. Thank you very much indeed.
I'm going to hand over to Pedro González Fuertes, 7,300 shares.
Good morning, ladies and gentlemen, trade union representatives and employees of this company. Being a shareholder of this company is much more than holding some securities, and I thought you shared the same view.
At the doors of this building, we have employees requiring a change in labor financial policies that shall be consistent with the company's profit that's been obtained thanks to the hard great work of its employees. It isn't ethical or moral to deny a decent collective bargaining agreement. Our company is living uncertainty. Our investments are at stake. That's why I kindly ask you for your support. Only with your support, we can come out of this. Mr. Borja Prado Eulate, I'd like to thank you for your words replying and writing my intervention over the last session. You didn't answer my expectations when I was talking about the 30% representation of the shareholders in your board of directors. I wasn't talking about it from a legal point of view, the number of proprietary directors or independent directors. They've all been appointed by the majority shareholder.
Therefore, the remaining shareholding structure is not sufficiently represented. We count nothing to you. I am sorry to say that your work in this company, just like your preceding fellow chairman, hasn't contributed anything. We lost all of our identity with the exit of the only entrepreneur, Feliciano Fuster Jaume. May he rest in peace. Since you landed in 2009, we have lost 50% of the stock exchange. You have decapitalized the company. That's generating a massive EUR 6.6 billion in debt. You wanted to make this company attractive with the interesting payout ratio without thinking about the future of the company. What's more, it's good today, it's bad tomorrow, and you're not only the ones responsible for this. You have destroyed the jewel of the crown that was abandoned by politicians who sold this company that was in the hands of the citizens without counting on the citizens.
It seems the viability of the company requires a streamlining, and it is the breadwinner of many families. However, a compensation for dismissal of EUR 18 million, EUR 30 million for dismissal, EUR 60 million charged by the board of directors for the last 10 years, EUR 30 million of golden parachute to the CEO, EUR 20 million of contribution to the pension schemes. That is no picnic, isn't it? Says the speaker ironically. Please, shareholders of this company deserve some respect. The ethics that you're trying to defend shall be practiced, shall be implemented, and this is far from the truth. I'd like to know when Article 62 of our bylaws will be implemented, the dividend payout when the company is highly leveraged.
How is it possible for you to appoint honorary chairmen of those who jeopardize the company or those who jeopardize its employees and shareholders with a reduction streamlining scheme 98/2005, destroying the 75 track record of this company? A cost of a run to the social security and an additional cost for all the shareholders, EUR 18 million compensation, and the purchase of 50,000 securities two days after the takeover bid. How? What a coincidence. We've suffered so many unfair situations that shareholders are no longer enthusiastic, as well as the employees that are in a deep misery, physical and psychological. Secretary, I'd like to criticize your actions on the previous shareholders' meeting because we disagreed with Enel's shareholders. The disagreement allows for progression and improvement. I'd like to appeal the social representation. After 15 months, no agreements have been reached on the collective bargaining agreement. Camino.
What about the dramatic loss of the only social benefit that we had, the electric tariff benefit? We no longer profit from other benefits that were agreed upon according to collective bargaining agreements. After 42 years working for the company and after calling this company again and again, right now I feel absolutely disappointed and let down because I was not able to contribute to the creation and sustainability of a much more fairer and humane company. Perhaps this is due to the system's hypocrisy, and this perhaps impaired my own principles and values and did away with it. So please, go, go. And if this company can still aspire to some hope, please leave this company in the hands of true business people and do not actually do away with all of its human capital. Thank you very much.
Thank you. We now give the floor to Mr. Antonio Ramos Fuentes, holding one share. Mr. Antonio, would you like to take the floor?
Good afternoon. Well, the person who took the floor right before me said a lot, so I believe that there's not much I still have to say. So good afternoon, ladies and gentlemen. Just one small comment. My goodness, what you have built up here today, how much does it cost having such a GSM event? Who pays for this? Workers do. I was also quite struck that there are more people right there sitting at the presiding committee than people from the workers' side being represented here. Okay, straight to the point. I come from Andalucía. I traveled eight hours by bus. I came here with some coworkers. I bought just one share to be here and to be able to take the floor at this GSM, with, of course, your respect.
Of course, I'm addressing you respectfully, especially shareholders. I'm a passive employee coming from the company called Compañía Sevillana de Electricidad, a company that was acquired in Seville by Endesa. I spent half my life working for such a company, and after such acquisition, we went through quite a predicament after Endesa purchased the company, not to mention when Enel took over as the majority stakeholder. In fact, it was indeed quite a predicament. Today is Friday. It's Holy Week, and it's quite a significant date. Due to such a period, and since today it's Friday, I'm not going to talk about the 15 items on the agenda that are concerned with the financial statements, with results, with appointments, with reelections, remunerations, among other topics, or dividend payout.
I'm not going to talk about this in this ordeal because I see that it's one missing item on the agenda, like in prior GSM, talking about what actually makes the company run every day, those who actually gave most of their life to this company. This company had one slogan: "Electricity, gas, and people." You have certainly forgotten about people. It seems that in the past times, we have forgotten about people because at the GSM, there's no mention about workers, whether active or passive. They are being a keystone for the proper operation of any company. If that is not being mentioned, it means that there's something wrong. So, as I said before, today's Friday, in Easter's week, next Sunday, we are now starting a calvary, a religious calvary.
The calvary, an ordeal, is what we workers, active and passive, are going through as a result of the top management that is leading Endesa and Enel. Nobody actually knows this company. Nobody has a clue about it. We can't tell the company's system as it used to be because we just hear about salary cuts. We have spent the past two years without a collective bargaining agreement, with no social benefits for passive employees anymore. Now, what about salaries in kind? That was part of what was agreed in the past. So yes, this company, Endesa Enel, as it's called today, is not willing to negotiate, to listen, or to learn anything about active, not to mention passive workers. This company is forgetting about widows, about orphans, and only pursues one ultimate goal: making quick money through speculation by depleting our company year after year.
Mr. Antonio, you have one more minute.
Well, I still have two more pages to go. So, as I said before, we are going through a true ordeal, and let me just mention three examples, and they are true stories. This happened a few days ago, another one a couple of months ago. Three cases that show a lot of arrogance, and I would like to mention, first of all, what happened to the family in Cádiz, where the person, the man, the family head, died, leaving a widow and some children. I would like to say that the widow came all the way from Andalucía here. She traveled eight hours. She bought one share to come into the room, and she was not allowed to enter the room because apparently she was missing some documents.
Again, she is outside demonstrating against the company, and she is really very upset at the way in which Endesa has treated her. And then there is another lady who bought a share. Her husband died at a very early stage. He spent 30 years with the company. He was mistreated, and right now she filed a lawsuit against the company to collect life insurance from the company. So the first widow talked to Endesa, providing Endesa with all the relevant documentation. So when her husband died, she, well, informed Endesa thereof. She submitted the death certificate, among others. And then Endesa said, well, they answered with three paragraphs only.
They didn't even say, "Well, we are sorry about your loss." But there is one third paragraph that reads, and I quote, "Endesa, what we are going to ask for is to lower the tariff." Oh my goodness, actually, how can you do such a thing? And if I bring up the third example, which is also a true story, and this happened only 10 days ago, 10 families from the province of Cádiz sent a letter to Endesa saying that the keys had to be turned in. These families had lived in those houses for more than 50 years. They are very small houses, which are close to an electrical station. Yes, they were threatened, and they were told, and again, I quote, that unless they left the houses, a lawsuit was going to be brought against them.
So they were to be evicted right away again for speculation purposes. This was mentioned by the family's widow. She said, "Where could I go being 79 years old?" So going back to what we said before, this company is really unknown. We can't have this company if they use the company used to be. Thank you very much for allowing me to take the floor. And now, on behalf of many workers, including passive workers, we are not asking for an increase for passive workers in terms of benefits. Actually, you should not confuse this, and please, the mass media should understand this clearly. What we passive workers are asking for is that social benefits that were agreed in the past by the original company be kept. We are talking about salary in kind. Four more rows to go. Sorry. So they are salaries in kind.
From a tax perspective, they are also accounted for. I just hope that these statements, which reflect the wish of many other people, will help shareholders to open their eyes so that you become aware of who is managing the company. I greet you all, dear friends.
Now we give the floor to Mr. Rafael Miralles Ponce, holding 1,000 shares.
Good afternoon. For the sake of time, I would like to say that I represent ADICAE and those shareholders that entrusted our association representing consumers with the task of defending their interests. As for the results of fiscal year 2018 and after showing the profits in the amount of 1.4 billion EUR, this GSM should ask us what portion of such profit is a result of unfaithful wealth obtained by some people at the company. We are talking about a national company that ran energy.
Collecting amounts in the amount of EUR 2,000 for the inspection of manipulation meters that were not carried out in the presence of customers. According to a decree 1955/2000, there is a responsibility to maintain such meters. Usually, clients did not have access to such meters. In order to carry out the necessary investigation, this is supposed to be addressed. On the other hand, we have some penalties. We have some high billing based on some wrong estimates. The courts have already issued a decision about this saying that clients or consumers are not properly defended. In terms of billing, apart from these practices, this is sometimes done without using objective data, showing, for example, the number of people who live in the house, how much water is consumed, etc. Everything metering is based on estimations only.
This abusive practice should be coupled with outages that are imposed on disadvantaged customers. Endesa is doing nothing in the face of the complaints filed by these people, forcing them to go to the departments of the industry of the different regional governments in order to find a solution. Endesa has recently announced before the media that they have detected 65,000 cases of electric fraud together with law enforcement. But how come? Because actually, meters are monitored remotely. Actually, this is common practice. However, when such situations are detected, users are not informed thereof, nor security authorities, leaving users defenseless. So talking about the renewal of the Social Bonus , you know that that can be obtained within 50 days after fulfilling all paperwork. This is being delayed again and again, going all the way up to one month and a half.
This normally happens during wintertime when consumption goes up, changes in contracting conditions, and affecting customers in 90% of cases who have to bear more costs by using sometimes confusion or by sending difficult bills. No matter the distribution company we're talking about, if you pick up the electricity bill, it's very hard to tell what that bill contains. Endesa has already stood out as a company who in 2018 reported the greatest number of penalties before our organization, mainly due to cases of changes of contracts affecting users without their consent. There was a royal decree, number 15 in 2018, that banned the visit or the call on salespeople in order to avoid these abusive practices. The national competition organization had to change many logotypes of companies that provide tariffs that are typical of the regulated or the free market.
Now, without taking into account the increasing price of Endesa's share price, you should remember that your reputational image is mainly based on the opinion of clients, and therefore you should set the example for the benefit of the organization. This is very important because very often we forget that actually our profit comes from clients. It's as if the father ate the food of their children. They would die of hunger. Thank you.
[Foreign language] .
We're going to hand over the floor to Concepción, Representative 438.
I am Concepción Barrera, Representative of the Pre-Retired Employees Association of Granada. We are against that company's policy since 2018. Light is not for free. It's payment in kind as pursuant to Article 29 of the Employees' Articles.
It is considered as payment in kind in the income statement returns, and that's how it is reflected in our contracts once the activity has finalized, just like it happens with the active employees. We are just waiting for the final ruling of the Spanish Supreme Court, and we will continue to fight hard and to battle every single week, demonstrating against this in front of many authorities. Light is not for free. It is payment in kind, and just like social benefits in La Antilla and Oliva, that you are enjoying yourself, a social policy that has really forced this general strike after 30 years of social peace. You may be very pleased and proud, but you shall be ashamed because you have tackled the passive workers, many of them grandparents and the widows, like Francisco Parejas's widow, whose light's been cut even before hosting their funeral.
Workers that contributed to this company. And thank you very much indeed.
Thank you very much, Mrs. Concepción. I'm going to hand over to Miguel Castillo Marfil with 346 shares.
[Foreign language] Miguel.
Good morning. My name is Miguel Castillo Marfil. I am the secretary of the Association of Retired Employees in Granada. My father was a fellow colleague of Endesa, the former Sevillana de Electricidad. When I was little, my father taught me to be accountable and responsible at work. He led by example. And that's how I left. I've always lived my professional life and how all the colleagues have done, those within and outside, with a strong commitment towards our obligation towards public service that we have done in very difficult family situations. A lot of people were enjoying their holidays or enjoying the Easter holidays or winter holidays.
Many of us were called to do a service to serve other families with no light, and we would leave our families alone and could go to work to meet our obligations, knowing that that was our obligation because we signed an agreement with you. And all of a sudden, you are no longer law-abiding with these commitments, with the obligation that you adhered to. With the redundancy schemes, there was a document that said we are still subject to the social rights until retirement and even after. What's happened? Why are you no longer committing to these words? You have broken your promise. This is a matter of trust among the company and employees, and everyone shall commit to that. And all of a sudden, there is a massive flow of letters saying it's over. There is no more social rights. How can I explain to my widowed mother?
She's 93 years old. She's paying to somebody for taking care of her. Out of her pension scheme, she's got to pay 85% of it. She only has 15% for her food and for her housing. This is not only my mother. Many of her colleagues require some attention because they are weak. What do we do with these people that have spent their whole life working for Endesa, fulfilling their commitments and rights and obligations? Where are you? Are you committing to your rights? I don't see that anywhere. And lately, I don't know why they call us passive workers. We've always been active since we are born, since we study, since we joined the company. Now that we've retired, we're active in other functions at home, in social activities. We will continue being active.
And even since you submitted the letter, even more because we will continue with these actions until the Spanish justice that we trust is in our favor. We have some acquired rights based on the payment in kind, the salary in kind. We need to receive it until we die. And when we die, to our widows. That's what we will continue to defend. This is what we are requesting here and elsewhere. Until justice. Miguel. We will go forward. Go ahead, fellow fighters.
Mr. Carlos Fernando Blanco with 392 shares.
Good afternoon, ladies and gentlemen. Earlier on this year, the executive directors conveyed a letter with the biggest labor aggression in our history. That's why we are here today. That's why we have traveled from very, very far places, Galicia.
We are also representing those that cannot come here today, those that are over 90 years old with a thousand euros pension. With no light, this is a huge economic cost, but also an emotional one. We are also here representing those who died. One of our colleagues who chained himself for a whole month requesting better rights, Pestaña on a hunger strike, Ramiro Fernández Hevia , fighting the policemen when they were hitting us in Pontedeume, Manolo Barcia . We are also here on their behalf because of their legacy. This is called CBA, the written history of our relations. We're going to defend them. I'm not here to complain. I'm not complaining about anything. I'm only going to formally inform you that from now onwards, we're going to be your biggest pain, your biggest problem, your biggest headache.
You're going to have to listen to us, whether you like it or not. I'm a trade unionist. Our goal is to negotiate under whatever condition, but never to negotiate when they are extorting us. The employees from Galicia are not goods that can be exchanged by anyone. I'm about to finish now. You may answer to me or not. I don't think I'm that important, and you may wonder if you need to reply or not. None of you give rights to the employees, and when you presented your talks, but don't give me empty messages like consulting firms or pre-agreed-upon messages. The market is a market. You're making this because of your money: first of all, because you want to, secondly, because you can for the time being, and thirdly, because you use the most regressive part of a labor reform.
But you rest assured you have the answer. You have the answer. And now this is a message to my fellow trade unionists and groups of retired people. Aggression, as I said, has been the biggest in the history of this company. The answer has to be in the same level of magnitude. Unity is not debatable. This is a need that we have. If we are united with clear goals, always ahead, always ahead. Thank you very much.
I'm going to hand over to Jordi Ibáñez Pulido with five shares.
Good morning. My name is Jordi Ibáñez. On behalf of the Ethical Finance and Shareholders for Change Association, handling more than EUR 22 billion in assets under management, we are coordinated with IIDMA and Greenpeace because we are fully aware of the need to redouble efforts and work united in order to promote changes and to defend our citizens.
Apart from the many problems we encounter, we see this as a footprint, as a reason why we are here today. Let's start with the environmental issues. 6,000 tons of diesel and 20,000 of CO2. The total decarbonization by 2050. Well, the clock's ticking. We've got to stop these in the next 11 years. This is not feasible. An 8% reduction until 2040 and 25% from 2040 to 2050 when you will no longer be part of the board of directors. Endesa is the sixth most polluting utility in Europe, causing 400 deaths according to climate action and EUR 1 billion in healthcare expenses. Time's up. Coal factories have to be shut down. You're affected also in your pockets. Your initiative toward renewable energies that only account for 10% of the installed capacity is not very ambitious. 3.7 GW by 2021 means only a fifth of the total.
This is not sufficient. Endesa is not sufficiently aware of the damage towards quality of life of your individuals because you're not speeding up the shutting down of nuclear stations with the radioactive waste. Kind shareholders, you're also responsible for this.
[Foreign language].
So talking about social sustainability and economic sustainability. From an economic perspective, today you are distributing EUR 1.51 billion to shareholders, whereas trade union representatives, both inside and outside, are claiming for their labor rights, which should prevail over those of shareholders because actually the company exists thanks to them. So stock cost accounts for only 4% over total profit of the company. Of course, can't you really fulfill the restructuring agreements signed back in 1999? Do we have to come all the way to this point? Please talk to employees and fulfill your agreements.
Energy poverty, which kills 7,000 people a year, according to Comisiones Obreras, every year, affecting 8 million Spanish people. Perhaps you may claim that you're not responsible for this and that you signed different agreements with city councils and governments and that you will be enforcing a new directive approved by the Cabinet of Ministers. However, Endesa has a lot to say about this. The average consumer in Spain used to pay EUR 0.11 and now pays EUR 0.23 kWh per hour over the past decade. We are the fourth most expensive country in Europe. So we citizens have to bear many other social burdens derived from the crisis, but things have a limit. I'm about to finish. And this limit, of course, affects disadvantaged groups. So please focus on lowering prices for these people.
Talking about human rights, in 2010, Endesa was accused of going against human rights of aboriginal groups in Colombia and Patagonia. You were in charge of privatizing the energy sector in Latin American countries. The Social Corporate Observatory in Spain also raises some questions as to corruption or as to, well, some other issues that you should solve, like, for example, the reappointment of people, so this affects raw material in Indonesia, South Africa, Colombia, and other Latin American countries, so we would like to voice this concern. Have you incorporated the Bettercoal Initiative recommendations to avoid these risks as you were urged the year before? Another social issue we're concerned with: gender inequality. Mr. Jordi, please finish your address. Are you going to keep on allowing that women continue to collect, on average, 30% less than men on account of salaries?
Now, what about the number of women on the board of directors? There will be two women, 18% only, on female representation in your board of directors. Do you think that is enough? Socially responsible investments are moving at a steady rate across Europe. So the Banca Etica, and we are a member to this organization, takes this seriously. We have Ethical SGR, which is another organization. And you know what? Endesa is not among the companies that we are planning to invest in. And you know we are not part of that list because actually you are jeopardizing our life and planet. We are critical shareholders. We hold a limited number of shares. If you take the right steps tomorrow, not only us, but actually all responsible investors could become committed investors for the company. Thank you.
Thank you. We now give the floor to Mr. Antonio Carmelo Mariscal, holding 111 shares.
Good afternoon. I have requested to address the audience in order to explain why I'm going to vote as I will at this GSM. But before, I would like to highlight a few considerations. First off, I would like to state that holding this GSM without having adopted a new bargaining agreement for all of Endesa's employees does not seem to be the right decision. Doing away with social rights, including the electric tariff applied to employees who have worked so hard for the company, to put it mildly, sounds quite unethical and very insensitive, especially with respect to retirees, old people, old people that very often are ill and who very often live under very poor conditions. So keeping social peace within Endesa should be a top priority within a stable work climate.
This reminds me of all those employees who left and those who gave their lives for the sake of the company. So these thoughts are for them so that they never fall into oblivion. As for those who came before us, as well as each and every one of us who worked for Endesa because we turned this company into a big company. I also recall a recommendation made by the Occupational Risk Prevention Service that stated that health is not all, but without it, all the rest is nothing. Well, having said that and paraphrasing such a quote, I should say that Endesa's employees are not perhaps everything, but without them, all the rest is reduced to nothing. Endesa has been dismantled of all of its assets, those that we had to work so hard in order to make the company an international leader.
It's like a little bird whose wings are cut off, depriving the company of its true essence. We continue, however, to deliver the targets set for each fiscal year in terms of profit, but at the cost of curtailing expenses and failing to invest in generation and other business lines. By lowering quite sharply the number of employees and therefore increasing the workload that the few employees that are left have to bear. Let me give you an example. Do you know how many employees have sometimes, well, many devices they have to work with? They use devices, PC monitors, etc. They just have to be plugged in to become robots in addition to all the devices they have to use.
Last year at the GSM, I believe that the CEOs talked about Endesa's decarbonization process, placing special emphasis on lowering CO2 emissions and all the positive benefits that could be obtained from that. Up to date, I should say that Endesa is actually carbonizing itself in such a way that now social peace is at stake, something that characterized the company for many years. Therefore, even though the vote I'm going to cast is meaningless because you hold the majority, and I'm sure that you will eventually approve all of the items on the agenda. However, I do not share the view of paying out dividends in the amount of EUR 1.510 billion.
Please, you have to finish, Mr. Antonio.
But it's quite clear that you will be adopting such resolutions like all the other items on the agenda.
The Fifth Framework Agreement on Endesa's social rights, which was signed more than one century ago. You are not mentioning that at all. And let me give you an example. Can you imagine how many jobs you could create in order to employ unemployed young people if you invested dividends in human resources? I'm sure that you have not considered that. Well, I'm sure that you could create a great many jobs. So it's very hard for me to express what I truly feel because this hurts. It hurts me. It hurts everybody. It hurts us all to see what will happen with the company if things continue like this in the future. Since I'm running out of time, let me just quote a statement.
During night and during day, during stormy weather and calm weather, in times of abundance of poverty, if our clean voice can reach out to both men and women, we will certainly make Endesa a great company again. Thank you very much.
Thank you very much, Mr. Antonio. We now give the floor to Mr. Manuel Jaramillo, holding 111 shares.
Good morning. Good afternoon, rather. To all of you. I'm Manuel Jaramillo, Secretary General for UGT Trade Union at Endesa. I would like to highlight some aspects concerning social responsibility according to what you have reported in this regard. I would like to mention how you have been treating employees who used to work for the company in the past and who work for the company right now, who are the true protagonists of the results being delivered by the company.
Since Endesa's top management decided to go against the Fourth Agreement in order to withdraw rights from employees, both active and passive, in pursuing such cost-cutting policy, you began harassing employees. They started by facing employees as if employees were fraudsters and criminals, even sending detectives to the employees' homes. Once the negotiation process started, the top management only produced a number of proposals that are about cutting down on our salaries and reducing benefits. In the past, at a GSM another meeting, you decided to extend the Alcoba de Jo Agreement as well as the nuclear power station at Almaraz region, keeping the same rights for their employees in terms of social and labor conditions with an employee rate of 30,000 kWh. So you have heard me right. 30,000 kWh.
So you have taken advantage of the labor reform in order to fulfill your only goal, which from the very onset was to do away with employees' workers' rights, whatever the price. You have even blocked negotiation processes, putting a stop to it on December the 27th so that the guarantees agreement and the Fourth Collective Bargaining Agreement would become void and null, and therefore suppressing all rights unilaterally. You sent out letters to all workers doing away or withdrawing any consolidated rights. You even refused to keep on with the negotiations despite the law states otherwise in order to reach an agreement. You didn't even take into consideration our request to keep the bargaining committee. A report was issued whereby you were urged to continue with the negotiations. And that is the only reason why you came back or you decided to resume the negotiation process. Mr. Starace, Mr.
Starace, I would like to ask you to answer my calls. Board members, what have we done to you? Come down. Come down here. He says, "Okay, let me reiterate this, Mr. Starace and Ms. Board members, what we Endesa's workers have done to you because to date, you both, all board members, have already adopted a resolution to increase your compensation while Endesa's workers have had our salaries frozen for the past two years. We are working in a climate of uncertainty and with a lot of pressure so that the company can continue delivering the profits that you have approved in your strategy plan. Our only pursuit from our trade union is to have labor provisions in place in order to have a climate of peace for a long period of time. We held 56 meetings. The top management did not set any measures to benefit employees.
No single measure has been taken. We always lose social, economic, and labor rights, whichever meeting is held. And to cut it all, I'm talking about the negotiation capacity of the bargaining committee. I would like to say that we are exactly the same members, except for some top officials who only after five meetings, we decided to reach a very significant agreement whereby conditions will now be regulated in order to relocate staff from nuclear power stations because we pursued a common goal. So we were able to reach an agreement. Mr. Starace, how come that in the bargaining collective agreement, you didn't want to reach an agreement? I'm sure that the EUR 700 million you have allocated in account of provisions have something to do with this. Do not cheat on employees and workers any longer. It's enough, Mr. Starace. How come that in Italy, things are different?
How come that employees have not been withdrawn any social benefits there? Mr. Starace, why don't you create the same number of jobs that Enel is creating in Italy? Let me give you the answer because while you are creating jobs there, you are destroying jobs here. And let me repeat this. While you are creating jobs there, you are destroying them here. And I wouldn't like to finish without mentioning politicians in our country who are also to blame for the situation that is being undergone by the company. At this point in time, we are particularly worried about the future and feasibility of the company. So, Ms. Board members, let me express to you the message of all those thousand employees who are outside and also those who were not able to come all the way to this venue.
And let us also remember about the concerns of vendors, employees. Again, we demand that you undertake a firm steady commitment with Endesa's employees to achieve labor regulations that are in line with the company's profit and with the sector's overall situation. And I wouldn't like to leave without saying something to Mr. Roca in particular, one of the fathers of our constitution. What are you doing here after all that you are doing against employees?
Thank you very much, Mr. Jaramillo. With us, continuing with the round of interventions by all the shareholders. Now, we would like to share with you a video of Endesa, and then the board of directors will address your questions and comments.
[Foreign language] .
I'm going to reply to the questions asked by the shareholders. Mr. Luis López Nicolás. Mr. López, thank you very much for your presentation.
I'd like to thank you for the assessment of Mr. Pizarro. I fully agree with you. Endesa is a key leader in the energy sector in Spain. We are the biggest company in terms of installed capacity, the number of customers, and the biggest distribution company over the last 10 years. Endesa has put forward three industrial plans of over 22 billion EUR in CapEx, with improvements of goals constantly. We are the utility with the biggest number of investments, 1.4 billion EUR towards investments in 2018 and over 12 billion EUR since 2010. This is the way we generate added value to our shareholders, employees, and collaborators going forward. We have speeded up the rhythm of our divestments between 2018 and 2021, 28% or 1.4 billion EUR more than we forecasted on the previous plan.
As far as the CBA is concerned, I am very unhappy with the state of dissatisfaction of the negotiation. It is so shameful that the collective bargaining agreement hasn't been agreed upon, and Endesa is doing its best to reach a fair, reasonable agreement to all the interested parties as soon as possible. As far as the Spanish Supreme Court appeal and the decision, court ruling of the court, I would like to say that Endesa will always respect any court ruling and no assessment of the judiciary shall be done in this regard. Lastly, regarding the corporate transaction, we don't have any information about it. Thank you very much indeed. Elena Isabel Peñalver Palomino, Francisco Javier Peñalver Rodriguez, Valentín Germán Domínguez. I will give you a joint answer since your questions were very similar for the sake of time.
With regards to the CBA, I'm deeply sorry about the current situation of the collective bargaining agreement. It has been a failure of all involved parties not being able to reach an agreement. All I can say is that Endesa is trying to reach a fair, reasonable agreement for all interested parties. Endesa tries to reach a new collective bargaining agreement, thus having a more agile, flexible, and modern company in order to be able to compete in the upcoming world, in the more digitalized and certain quick world with its conclusions in the medium to long run. When it comes to electric supply of employees, the company's proposal only tries to apply some rationale to a situation. We all enjoy Endesa.
We want to reformulate the goals so it is in line with the goals of the company and the society as a whole with regards to energy efficiency, thus having greater regulation with the limits of consumption. The company continues to bet so this is discussed in the negotiation of this agreement with flexibility and good faith. That's why we hope it can be reached as soon as possible so the necessary situation and conditions are met in the good spirit we've reached in the past few weeks. Mr. Peñalver, with regards to the CTCs, they are only a mechanism that the public administration introduced to allow for a transition between the regulated market to the free liberalized market in order to recover those incurred costs.
In all due respect, this is a recovery mechanism that was subject to the most stringent legality controls, and I'm not here to question the legal regime in Spain. Lastly, regarding the climate survey, we tried to find the relevant measures that can help us overcome these findings of the climate survey. I will give a joint answer to Carlota Ruiz-Bautista representing the International Institute of Law and Environment, Raquel Montón from Greenpeace, and Jordi Ibáñez from Ethical Finance and Shareholders for Change. With regards to the Sustainable Development Goals number three from the United Nations, our report on the non-financial state of information requires all the requirements by virtue of the law, and it's been duly revised by international external experts and independent.
We've analyzed all the UN goals where we can contribute from our business with greater effectiveness, and in this regard, we have detected that the most relevant things are the climate action, industry, innovation, and non-contaminating energy. And since 2016, we want a strong commitment towards them in order to give answer to those challenges. Likewise, Endesa is also contributing towards the commitments by Enel in their field of education, decent work, and economic development throughout its foundation. With regards to Endesa's plan in order to overcome the energy transition plan, we'd like to state the following: the roadmap set out by the strategic plan in order to reach the full decarbonization by 2050 fully coincides with the generation mix under the umbrella of the energy and the environment plan, with a clear bet for the renewable energies, the decrease in the number of nuclear energies for this transitional period.
The CO2 imported plant sites, we are carrying out the relevant environmental adjustments, so they are still fully operational beyond 2030, so we have just set up a protocol for the closing of these facilities, so nuclear energy is still part of this energy mix of the country until 2035 at least. All these actions will be done jointly with our renewable energy plan, fully aligned with the national plan, with a progressive shutdown of the thermal plant sites, reaching a 10%-15% of the entire new capacity that's going to be built for renewable energies in the next decade. As far as the collective bargaining agreement is concerned, I fully regret the existing situation, and I believe it's a failure by all of us. Endesa is doing its best to reach a reasonable agreement by all parties as soon as possible.
We tried to reach a new agreement, thus placing us in the most adequate position to compete in this fast-changing digital world with the impact in the short to medium term of our business plan. Energy poverty. We are very much aware of this problem facing a lot of Spanish families since 2014. We have a specific line of action to give answer to this social problem. The company has been a pioneer in the signing of agreements with city councils and other public bodies in order to guarantee the electric supply to vulnerable families. In 2018, we increased by 19% the number of existing agreements to 272, thus benefiting 180,000 customers. Thanks to the agreement secured in Spain, we can give supply to more than 10 million houses in 27 regions.
With regards to the gender inequality, Endesa aims at promoting gender equality in our organization, especially in leadership positions. We continue to improve the people's development policy of those working for Endesa, whether they are men or women, and we boost the progression of these individuals, the balance between work and personal life. As far as the purchase of coal in Russia and Colombia, the answer is yes. Although these are insignificant, these are two of the biggest coal producers in the world. That's why we are part of the Bettercoal Initiative that's carried out, auditing in this region, which are our priority. That's why we have carried out two special working groups. They haven't identified any critical issue in more than those 30 points. In any case, we have developed different plans.
Additionally, these positive findings have been confirmed with the visits we've done to the mine and the port and the local communities involved therein. Manuel Bodoque Ariza, thank you for your presentation. I apologize if during my statement it wasn't clear, but employees and employees' conditions are a priority to us. We continue to work on that, and this will continue going forward. Let me state that Endesa tries to agree upon new labor-flexible conditions that can help the company adapt itself to the agile, fast-changing world, thus keeping the leadership position we've had in Spain, thus having a great benefit to Endesa, its shareholders. Ana María Campuzano, with regards to energy poverty, we are very much aware of this issue facing a lot of Spanish families. Since 2014, we have undertaken a line of action in order to give answer to this social issue.
In fact, we've been pioneers signing agreements with city councils and autonomous regions as well as public authorities in order to guarantee the public supply to vulnerable families. Clemente. In 2018, there was an increase of 19% as to the number of agreements up to 272, a result of which 108,000 clients could benefit themselves. Besides, Endesa can now cover or provide energy to more than this amount of households across Spain. With regards to the social bond, we are doing everything at hand. In this regard, we comply with current regulations, and we are also making a major communication effort so that potential beneficiaries can access such benefits by giving them all the information they may need. As for outages for those clients in a fraught situation, we are complying with the law because our top priority is to guarantee the security of all of our clients.
Miss Concepción Barrera, Miguel Castillo, and Mr. José Contreras Ruiz, who represent the Granada Retirees Association, and Mr. Antonio Carmelo Mariscal, I would like to thank you all for your comments. As for the formalization of the collective bargaining agreement, I would like to say that we are truly sorry for the current standstill in this negotiation process. I believe that this is everybody's failure, but as I said before, Endesa is doing its best in order to reach a fair and reasonable agreement for all stakeholders. Endesa is seeking to reach an agreement with trade unions in order to have a more flexible, modern company in order to compete in the world, a world that is going to be more digital, and this, of course, will have certain repercussions. As for the company's social benefits given to employees, we're just trying to give a solution to some issues.
We proposed to formulate these rights again in order to be in line with the targets that we have set in terms of energy efficiency going beyond regulations that encompass some consumption limits that are not reasonable. Since the Supreme Court has told us that we are right, the company continues to take a stake on this because everything concerning collective bargaining agreements is to be negotiated within the framework thereof with flexibility and in good faith. We have always acted that way. For that reason, we are confident that a constructive climate can be resumed quickly and that conversations can be resumed in order to reach an agreement by going back to the negotiations table. Mr. González, thank you very much for your statements. I'm truly sorry if I and my predecessors did not fulfill your expectations, and I'm sorry to hear about your negative opinion regarding my tenure.
However, I also would like to highlight what you said about Valentín Germán. I agree with that statement. I would like to say that independent members are not appointed by the majority shareholder, but rather they are appointed through a coordinated process that is headed by the appointments committee that is fully comprised of independent directors. As for the relationship with Enel, I would like to highlight that as the majority shareholder holding 70% of the company's share capital, this is a shareholder that contributes to our strength and growth. In turn, Endesa is a key component to the group and its growth strategy. Furthermore, I would like to clarify that all corporate actions, whether we're talking about investments or divestments, carried out at Endesa have been fulfilled with the main aim of adding value to shareholders.
As for the company's agreement, we did our best in order to reach an agreement with workers. We stated that I said that on several occasions, but after one year and a half of several negotiations and after 50 meetings, we have not been able to reach an agreement. We are not going to give up on coming to an agreement because that's favorable to both the company and all of its workers. As for your remarks with regards to the company's leveraging over the past 10 years, I would like to remind you, as I said during my address, that there was a significant reduction of the company's debt going from 10.5 billion EUR to 5.8 billion EUR today. Endesa, therefore, has a capital structure that is very robust.
As for Endesa's remuneration policy, I assure you that it's in line with the national and international regulations in terms of corporate governance. Such a policy is also in line with the company's strategy, taking into account market conditions and contributes to add long-term value and controlling risks adequately as a result. Mr. Antonio Ramos Fuentes, thank you also for your remarks. First off, I would like to express my concern about the issues you mentioned concerning companies of former Endesa's employees. We're going to analyze those cases in order to address them adequately. Let me also point out to you and to all trade union representatives and passive employees that attended this GSM or who are outside of this hotel that we understand your concerns and, of course, we respect your rights to demonstrate against the company.
Now, as to the holding of the general shareholders' meeting, apart from the fact that we are now carrying out some works in our head office, we decided to hold the GSM at this venue for obvious reasons, for security reasons mainly, which you could see could be verified when coming to this event. We would like to apologize for any inconvenience caused due to this change of venue, but the purpose was to hold this meeting under the best possible conditions so that the information shared here could be precisely shared in a climate of peace and tranquility. Mr. Rafael Miralles Ponce, who represents ADICAE, concerning changes implemented to customers who contract in the regulated free markets.
According to current regulations, we provide different commercial offers to customers that might be of the customer's interest, and of course, the goal is to defend them against the volatility of the regulated market. As for customer satisfaction, since the end of 2017, the commercial quality department has been involved in a project with the aim of obtaining a 360-degree view of clients. This project will coexist with other flagship projects as part of the company's digitalization goal. On the other hand, we have also reinforced the quality thermometer project so that we can manage customer satisfaction effectively and so that clients can have access to this tool to improve the customer experience if necessary, taking specific individual measures towards clients' needs.
As a result of this survey that was conducted in 2018, we can verify that after nine years, we continue to be the leading company, nine years in a row, in terms of customer satisfaction in the electricity sector, outperforming the competition by 2%. By the same token, we are considered a leading company in terms of satisfaction with respect to customer advice, 5% above the competition after four years of ongoing improvements. The same happens with the commercial cycle satisfaction, which will highlight the fact that our bills are clearer. 10% of satisfaction has been reported vis-à-vis competitors' bills. And as for penalties, we have a control process for vendors working with us, and we are particularly careful in this respect.
Any company doing business with us must sign a code of conduct, and unless they fulfill the protocol, they can be penalized, and the contract can be terminated eventually. There were some examples of this. This is, of course, not the ideal situation. We undertake, we assume our errors, we are rectifying that, but there have been very few examples, only 10 cases over 11 million customers. So again, we have to take action, but our system has proven to work properly. As for the treatment of disadvantaged groups, we are aware of the consequences of energy poverty affecting many Spanish households. Since 2014, we have taken a line of action in order to tackle this social issue.
As a matter of fact, the company has been a pioneer signing agreements with city councils and different regional governments and public bodies in order to guarantee supply to these disadvantaged groups that, of course, have been duly verified by the social services. In 2018, there was an increase of 19% as for the number of agreements currently in force, going from 229 in 2017 to 272 at present. Thanks to that, we have been able to benefit 108,000 customers. Apart from this, Endesa can now cover more than 10 million households in 26 Spanish provinces right now. Endesa is tuning up a new process to address the needs of disadvantaged customers, taking into account the social bond, and this will be reported to the social services when the time comes so that they are informed about the process or procedures that such families have to follow.
Regarding the Social Bond management, we are doing everything we can in order to facilitate access to the Social Bond. In this regard, we, of course, comply with the provisions put forward by the ministry, and we're also making communication efforts so that potential beneficiaries can access the Social Bond by being duly informed. As for the new social modern pattern or scheme, Endesa has now customer communications channels in place in order to inform customers and in order to provide them with all the documentation they require in order to access the bond. They can also send the documentation they need through these channels.
We sent out more than 2 million letters and emails that were particularly addressed to those customers who had been granted the social bond in the past, and we also launched a national and regional communication campaign in the different media outlets in order to inform the general public about the new social bond conditions and the new communication channels made available by Endesa to address their requests. We do not agree, however, with the obligation of financing this measure, which we believe discriminatory. Our goal is always to facilitate management for users. Mr. Jaramillo, who represents UGT, Mr. Asencio, who represents Comisiones Obreras, Mr. Manuel Pardo Roncero, and Mr. Carlos Vila, representing the SIE Trade Union, and Mr. Branco, representing the CIG Trade Union. Let me answer your questions jointly.
As for the loss of workers' rights, first of all, I would like to say to you, to your trade union fellows and other people attending this meeting, and also those who are outside of the hotel, that, of course, I respect and understand your concerns as it couldn't be otherwise. Endesa believes that with the negotiation of the fifth agreement, agree with workers' representatives. As it has been acting up until now, we believe that having a more flexible labor law that can allow the company to adapt itself to current times while keeping a leading position in Spain, as it has been the case so far, this will eventually lead to benefits for all.
In this regard, I would like to say that the company has actually tried to reach an agreement with trade unions and has done its best, but after one year of negotiations and more than 50-minute meetings, unfortunately, we have not been able to reach such an agreement, but we are not going to give up in our endeavor to do so. As for electricity supply to employees, our new proposal is just trying to sound reasonable. We want to reformulate some of the contents of this policy in order to guarantee energy efficiency going beyond regulations that set consumption limits that are not reasonable. So thank you all for your interest. And after the round of interventions has been completed, now we submit to voting the proposed resolutions according to the items of the agenda.
According to the GSM regulations, favorable votes will be those corresponding to all the shares that are presented here or by proxy, deducting those shares whose holders have informed to the notary public any blank votes, abstentions, or negative votes. That is to say, those shareholders who decide to vote against or want to cast an abstention will have to go to the desk of the notary public, who is at the back, at the right, or at the left. So the minutes will therefore state all the negative, positive votes and any abstentions, as well as any blank votes that are submitted to the notary public for each proposed resolution.
This is, of course, according to the regulations we're considering attending shares, those that are listed on the attendance list, except for those who have not attended the GSM before the voting procedure but have actually informed the notary public thereof. Therefore, I'm going to read very quickly all the resolutions that are submitted to approval.
First, the approval of the individual and non-financial statements of Endesa. Second, approval of the individual management report of Endesa and of the consolidated management report of Endesa and subsidiaries for the year ended on the 31st of December 2018. Approval of the non-financial statement of Endesa and the non-financial statement of the consolidated group for the year ended on December the 31st, 2018. Approval of the corporate management for fiscal year ending on the 31st of December 2018. Approval of the proposed distribution of profit that amounts to EUR 1.5 billion, and the amount that you can see on the screen. That is going to be distributed as follows. The dividend maximum to be distributed accounts for EUR 1.47, taking into account that we have 1,510,939,270.96, with a final dividend in the amount of EUR 19,172.28. So we have an amount of 1,510,958,443.24 EUR.
On November the 20th, the board of directors of Endesa agreed to distribute an interim dividend against 2018 profit in the amount of EUR 0.70. That is the gross amount. Therefore, we have to pay this amount on July the 2019. Actually, the amount to be paid is the one that you can see on the screen. KPMG has been appointed as a statutory auditor for the 2020, 2021 and 2022 . Then we have the appointment of Mr. Juan Sánchez-Calero Guilarte as independent board member, Mr.
Helena Revoredo as independent board member, 9th, the reappointment of Francisco de Lacerda again as independent director, 11th, the reelection of Alberto De Paoli as proprietary board member, then 12th, the binding voting of the annual report on the remuneration for board members in 2018, and number 13, the approval of the compensation policy for directors for the 2019-2021 period, and the approval of the loyalty plan for 2019-2021, provided that beneficiaries or the beneficiaries included encompass also Endesa top executives, then the adoption of all the agreements and resolutions discussed here, well, we can state that all of the items of the agenda or the proposed resolutions have been approved or adopted by a vast majority.
All these will be presented to the notary public, and this will be published in the final results, which, as you know, well, this is actually a favorable adoption for all resolutions. These resolutions will be timely informed in the company's webpage. We have a statutory term of five days, but this afternoon, the votes cast for each item on the agenda will also be disclosed. Mr. Chairman, therefore, we consider each proposed resolution to be duly adopted. Now, the notary public will draw up the minutes for this GSM. Ladies and gentlemen, dear shareholders, thank you very much for attending this meeting. Now, the meeting is adjourned.