Transparency is an inherent quality and a cornerstone of the responsible management of any organisation that is committed to sustainability as a business model.
The sustainability report or corporate responsibility report is one of the main communication tools which companies have in order to present clear and reliable information to its various stakeholders (investors, suppliers, employees, etc.) regarding the company’s economic, environmental, social and governance performance. The sustainability report requires the presentation of non-financial information in a balanced and systematic way, including both positive and negative impacts of the organisation from the sustainability point of view and demonstrating the connection between the Company’s strategy and the actions undertaken.
The main international organisation involved in the standardisation process of sustainability reporting is the Global Reporting Initiative, known as GRI, an independent body created in 1997 as a joint initiative between the United Nations and the NGO Coalition for Environmentally Responsible Economies. Its mission is to promote the drafting of such reports through the development and dissemination of guidelines that provide a framework for drafting these reports. This framework sets out the principles and indicators that organisations can use to voluntarily disclose their economic, environmental and social performance, and allows it to be submitted to a control process that has the same level of rigour, comparability, credibility and verifiability associated with a conventional financial report.
Red Eléctrica has always adopted a transparent and pro-active attitude regarding the activities of the Company, as evidenced by the publication in 2002 of its first sustainability report which set out the most important information about the issues that, at that time, were integrated into the Company’s corporate responsibility.
Since then, the Company has published an annual Corporate Responsibility Report, which has been progressively adapted to the different versions of the GRI Guidelines, reflecting the progress and results of the Company’s performance regarding sustainability. In the edition corresponding to 2014, was prepared 'in accordance' with the Comprehensive option of the new G4 Guide, which puts a greater emphasis on issues relevant to the company and its stakeholders. Red Eléctrica, through this report, responds to the great challenges that the Company faces in different areas of its responsible management.
As a result of the effort made towards transparency, since 2005 Red Eléctrica has held a leading position in the ranking of the most transparent companies prepared annually by both the Observatorio de RSC and the Observatorio de la RSE (‘CSR Observatory and the RSE Observatory’). In 2015, the Company, for the tenth consecutive year, ranks first in the study ‘Corporate Social Responsibility in the annual reports of IBEX 35 companies’ prepared by the Observatorio de RSC. For its part, the Observatorio de la Responsabilidad Social de las Empresas (RSE) ranks Red Eléctrica, for the eighth successive year, as the leading company in the IBEX 35 in the successful identification and management of the economic, social and environmental impacts of its activity.
Despite the recognitions received, the Company must continue moving forward in the reporting of non-financial information regarding the risks it faces due to its activity and, above all, the risks to which its stakeholders are exposed due to the Company’s activities. It is also important to note that the Corporate Responsibility Report should not be considered a mere element of communication and dissemination, but an essential management tool to promote sustainability within the organisation and improve its performance.