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Spain's largest companies fail in corruption risk management transparency

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All largest companies in Spain listed in the Spanish Stock Exchange Index (IBEX 35) fail to provide adequate information about how they manage their corruption risks, according to a recent report published by ECCJ’s Spanish Member Observatorio RSC (CSR Observatory).

The report “The management of corruption risks in the IBEX 35 companies. Analysis of the quality of information provided as of December 31, 2016” ranks companies in a scale of 0 to 4 according to their level of transparency as regards the information provided by companies. A higher score would indicate a higher level of transparency in 2016.

The results show a poor performance in general. Only three companies have a score slightly higher than 1 (Endesa, 1.18; Iberdrola, 1.18, and Repsol, 1.-5). No company has reached what the analysis considers as a satisfactory level of information. The average score for Spanish listed companies is 0.62. 

The objective of the study is evaluate, through the analysis of relevant indicators, the degree of companies’ public commitment to the fight against corruption and to assess the degree of information provided as regards bad business practices in the various territories where they operate.

The study also seeks to assess the extent to which information provided as regards of corruption prevention mechanisms is incorporated in specific documents beyond the annual accounts and whether reference is made to it in the social responsibility reports.

Observatorio RSC has since 2004 analysed the transparency practice of Spanish listed companies in areas concerning corruption, human rights due diligence, environmental protection, etc.

The Report’s Executive Summary can be downloaded here.

The full report (in Spanish), can be accessed in Observatorio RSC website.

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