The AENOR Principles of Corporate Governance is the first certification of its type in Spain and is based on the methodology for assessing the implementation of Corporate Governance Principles created by the reputation management company Villafañe & Asociados with which companies will be able to demonstrate their good performance in this area to their key stakeholders:
customers, society in general, employees, proxies, investors or the regulator.
The certification, which is based on Spanish regulations and the Good Governance Code of the National Securities Market Commission (CNMV), uses standardised metrics that measure the degree of compliance in Good Governance based on nine variables, 41 indicators, each with the details of the assessment criteria; identifying the actions to improve the governance of a company and the impact of the implementation of each of them.
The nine variables mentioned touch on aspects such as the Board of Directors from different angles; participation in the General Shareholders' Meeting; Transparency, Anti-Corruption and Fraud; sustainability and Environmental, Social and Governance (ESG).
Each variable has a score that is obtained from the sum of the scores of the indicators that comprise it, so that the maximum score that can be achieved, with the total of the 9 variables, would be 1000 points.
The verification carried out by AENOR is based on the analysis of public information and other information available to the organisation.
The certification scheme developed by AENOR establishes three levels, depending on the total score obtained by the organisation:
The main benefits of this certification are: having an objective assessment system; having certification by an independent third party accrediting the level of good corporate governance; and improving public information and identifying the main areas for improvement.
With this certification, companies have a powerful tool to express their rigorous and long-term commitment in this field.
Rafael García Meiro, CEO of AENOR and Justo Villafañe, Chairman of Villafañe & Associates, said that "we are standing before the certification of a unique and pioneering index, which will help all companies improve their corporate reality, and also gain the recognition of their stakeholders in terms of Good Governance," according to the exact words of the speakers.
This certification is aimed at companies that are listed on the stock market (Continuous Market and BME Growth), regardless of the sector to which they belong.
It is not integrated with other systems, although certification in areas of
Compliance Management and Anti-bribery compliance or of
Social Responsibility may meet some of the indicators.
Prosegur and Prosegur Cash were the first companies to receive the Good Corporate Governance certification from AENOR, both obtaining the G++ qualification, the highest score awarded by AENOR.
Listed companies are currently being certified.
Reports from the media:
The cutting-edge of good corporate governance (Cinco Días)
El Economista Interview
Mayrata Conesa, Compliance and Good Governance Manager at AENOR tells you all the details in this interview (El Economista).
Read it here
How to implement a Compliance management system
First certification in Corporate Governance