Corporate governance

Corporate governance

Ethics and compliance

Ethics and compliance are for the Red Eléctrica Group the cornerstones for the correct functioning of the business activity. This means acting with the utmost integrity in the fulfilment of the obligations and commitments entrusted to the Company, as well as in the relationships and collaboration with its stakeholders.

Red Eléctrica’s orientation towards excellence and corporate responsibility requires maintaining and showing at all times an ethical, honest and transparent conduct in the relationships with and commitments to its stakeholders.

Red Eléctrica has a Code of Ethics that provides the reference framework to ensure responsible management and the ethical conduct of the members of the organisation in the performance of their duties and responsibilities. The code contains the corporate values and business conduct guidelines to be followed, formulated through principles and commitments, and constitutes a firm commitment by the Company to ethical and transparent management as the engine to consolidate its image and achieve an enhanced reputation.

In accordance with the commitments contained within its Code of Ethics, Red Eléctrica has a Compliance System aligned with best practices in the field, so that the organisation adequately respects the established obligations and the commitments undertaken, all based on a corporate culture that is proactively engaged in compliance risk management.

Red Eléctrica has appointed an 'Ethics Manager' in order to deal with any doubts that may arise and to receive, analyse and resolve any grievances that may be submitted. The person appointed is Rafael García de Diego Barber, General Counsel and Secretary of the Board of Directors of Red Eléctrica. This figure, which involves a direct relationship with the Chairman or the Board of Directors, shall maintain the confidentiality of the processes as well as being responsible for the development, consolidation and ongoing improvement of ethics management at Red Eléctrica.

The Company provides its stakeholders with a form for possible enquiries or suggestions they may wish to bring to our attention. It also provides another form for submitting any alleged breach of the Code by any of its professionals, departments or regarding the Company as a whole.

It is very important that grievances or alleged breaches not be reported unless there is clear and truthful evidence of non-compliance with one or more of the code's principles. Therefore, in the event of any uncertainty, the first channel to be explored prior to reporting a grievance is that stemming from the relationship between the stakeholder and the person in charge at the Company.