It will replace the formerly named Appointments, Remuneration and Corporate Governance Committee
The Board of Directors of Red Eléctrica agreed at the meeting held 28 January 2010 to modify the designation of the Appointments, Remuneration and Corporate Governance Committee that, as of today, shall be known as the Corporate Responsibility and Governance Committee.
The motive for this change responds to the greater implication resulting from the corporate responsibility demonstrated by Red Eléctrica and which it considers a key element of management and one of the essential pillars when addressing the challenge of sustainable development. This is the assessment that the "Observatorio de la Responsabilidad Social de las Empresas of UGT" (General Union of Workers, a Spanish trade union) in order to monitor and analyse Spanish companies' progress on responsible strategies, policies and practices, has recently published and that, for third year straight, awards Red Eléctrica the highest score in their study "Responsibility: Culture, Policies and Practices of IBEX 35 companies".
This Committee assumes all functions previously entrusted, and broadens the scope of those regarding corporate governance, and additionally incorporates a new section of competency encompassing topics related to Corporate Responsibility (CR).
In this sense, the Committee shall be responsible for proposing and driving the CR policies in the company and for supervising and informing the Board of the different actions and proposals related to this area submitted by the different organisational units of Red Eléctrica. Lastly, it will be responsible for elaborating an annual report covering the actions and compliance on behalf of the company regarding corporate responsibility policy.
Along the same line, the Board of Directors, agreed to vary its Regulation in order to adapt it to the corporate restructuring that Red Eléctrica Group carried out in 2008, and in general, to adapt it to the most recent practices in matters regarding corporate governance.