13 July 2021. Collaborative work between AENOR and Villafañe & Asociados, two companies of renowned prestige in the field of assessment and management of companies' trust/reputation, has enabled AENOR to launch onto the market the first certifiable Good Corporate Governance Index (GCGI), with which companies can demonstrate their good performance in this area to their key stakeholders: customers, society in general, employees, proxies, investors or the regulator. This certification will be a lever for positioning good corporate governance.
The certification, which is based on European legal 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 and various evaluation 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).
Rafael García Meiro, CEO of AENOR and Justo Villafañe, Chairman of Villafañe & Associates, respectively, agree 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."
For Rafael García Meiro, "society is increasingly demanding companies to align themselves with the values they consider important; a demand that translates into behaviour towards these organisations. For 72% of the population, AENOR's support has a positive connotation; that is why companies that apply best practices can count on AENOR to strengthen the trust that they have among their stakeholders. With the Corporate Good Governance Index certification, companies have a powerful tool to express their rigorous and long-term commitment in this field. "
Justo Villafañe, Chairman and founder of Villafañe & Associates and Professor of Corporate Reputation at the Complutense University of Madrid, says that "the joint work between Villafañe & Asociados and AENOR has allowed the Good Governance Index of our consultancy firm to evolve towards a certification with auditable parameters. It has been carried out based on a meta-analysis of the international literature on governance and the CNMV's Good Governance Code, which allowed us to obtain a broad repertoire of indicators that we work continuously and extensively with experts in the nine variables it contains, to provide them with a relative value, and to be able to prioritise and weigh them appropriately, to obtain the index."
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