11 November 2019 Iberdrola is the first Spanish company to obtain the certificate of AENOR for its Tax Compliance Management System, in accordance with the requirements established in the UNE 19602 standard.
This certification, in line with the Spanish standard and the recommendations of the Organisation for Economic Co-operation and Development (OECD), is focused on the establishment and supervision of tax policies and strategies, of the basic guidelines for their management and of decisions on matters of strategic relevance, as well as In the design of the Iberdrola Group's tax management and control system.
The CEO of AENOR, Rafael García Meiro, presented the certificate to the President of Iberdrola, Ignacio Galán, during an event held at the company's offices in Madrid today.
Galán stated "it is an honour to be the first Spanish company to receive this certificate, which ratifies Iberdrola's role as a benchmark in corporate governance, good tax practices while maintaining a culture of responsible compliance and transparency in the area of tax reporting."
García Meiro declared that "Iberdrola has demonstrated an effective and positive commitment to the values shared by society. Our auditors ratify the company's serious and rigorous work carried out in many fields and the company is proud that its certificates inspire trust in the work by carried out by Iberdrola with all its interest groups. "
The Spanish standard UNE 19602, regarding Tax Compliance Management Systems, was approved in February this year as a response to the progressive importance of corporate social responsibility and taking into account that the degree of compliance with tax obligations is considered to be one of the main risks affecting organizations.
This standard sets out the requirements and guidelines for Tax Compliance. It helps companies implement a management system that facilitates the identification, prevention and detection of tax risks, in order to avoid additional settlements, fines or offences being committed against the Tax Authorities, and, in the event that any of these situations do arise, to create control and mitigation mechanisms.
Standard UNE 19602 facilitates transparency regarding the tax administration and ethical compliance regarding the company's relations with the state, regional and local public administrations.