Good Corporate Governance Index (IBGC). Version 2.0

Good Corporate Governance Certification. New version

In 2021, AENOR launched the first certification solution on good corporate governance on the market.

After several certification processes and in response to the needs of organizations, AENOR has gone a step further by improving this certification solution thanks to the collaboration and advice of prestigious national and international organizations, such as Deloitte Legal, Ernst & Young Abogados, PwC Tax & Legal and the Garrigues law firm.

This new version includes updated best practices in the field and improves its content, allowing companies to showcase their good performance in this field to their key stakeholders: investors, proxies, customers, employees, the regulator and society at large.

The Good Corporate Governance Model (IBGC v.2.0) considers maintaining the current methodology. It is based on 7 variables, each of which encompasses a total of 180 indicators, with each being assigned an individual score, criteria, and a certification system by levels.

Each variable arranges the indicators into blocks and assigns a score to each indicator, such that as each one is complied with, points are added to the total score. Each variable has a value of 150 points.

The 7 variables mentioned focus on aspects such as the Composition of the Board of Directors, the Operation and Competences of the Board of Directors, Board of Directors Committees, Remuneration, General Shareholders' Meeting, Transparency and other aspects of corporate governance, Compliance.

Benefits of the Certification in Corporate Governance

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.