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The Red Eléctrica Group is leading the way in fiscal transparency
Red Eléctrica has been acknowledged as the company to offer the most information with regard to fiscal matters, according to the 'Contribution and transparency 2019 report', published by the Commitment and Transparency Foundation, which contains an analysis of voluntary transparency on the part of IBEX 35 companies in content related to their tax obligations.
The Contribution and transparency 2019 report, which measures the annual progress of companies with the aim of boosting their accountability in terms of fiscal responsibility, compiles a fiscal transparency table of all IBEX 35 companies. Red Eléctrica occupies the top position in the table, with a maximum score of 24 out of 24 points, and is present in the category of ‘transparent companies’ alongside Endesa, which has achieved the same score.
The document highlights the best practices undertaken by leading companies who are showing others the way forward, in accordance with a number of responsible fiscal principles with regard to visibility, accessibility, and integrity of their up-to-date fiscal information.
In this regard, and according to this report, Red Eléctrica assumes its fiscal responsibility with full transparency, thus contributing to the economic and social development of the countries in which it operates through the tax contribution paid to the corresponding tax authorities.
The fiscal strategy of the Red Eléctrica Group, aligned with its Commitment to Sustainability 2030, is based on three fundamental values: transparency, good governance and responsibility. Thus, Red Eléctrica’s leadership in fiscal transparency reflects the company’s commitment to offering accessible and detailed tax information.
The acknowledgement by the Commitment and Transparency Foundation confirms the company's commitment to foster continual improvement and to promote knowledge of the Group’s fiscal matters in an ever clearer and more accessible way for its stakeholders, while also providing motivation to continue to applying best practices in the management of fiscal matters.
Red Eléctrica offers its stakeholders a specific section in its website that deals with fiscal transparency, and is also noted for the publication of its annual fiscal transparency report. In this regard, any person who so wishes can consult the Group’s fiscal information as well as its positioning, tax strategy, the various elements that make up tax compliance, the control and management of tax risks, country-by-country reporting and data related to corporate tax. Furthermore it also showcases the key role that the Red Eléctrica Group places on its ties with society in general.
Red Eléctrica crosses the charity box when submitting Income Tax, paying 0.7% of the whole quota to the tertiary sector and thus contributing to the funding of social projects as a reinforcement of its social commitment.
The Spanish Accounting and Business Administration Association (AECA) has awarded Red Eléctrica one of two second prizes in the category of IBEX 35 companies at the 19th Business Transparency Awards, an award that acknowledges, in the words of the association, “the quality, accessibility, usability, content and presence of information disseminated through its corporate website”.
