Compliance culture
For Red Eléctrica, ethics and compliance are fundamental pillars in the undertaking and execution of its activity, which means maintaining an honest, ethical and transparent business conduct in the relationship and commitment it has with all its stakeholders.

The Company has mechanisms in place for the prevention of bribery and corruption, among which the following are noteworthy: the Code of Ethics, the Code of Conduct for Suppliers, the Criminal Risk Prevention Programme, the Guide for the Prevention of Corruption, the conducting of social audits, the segregation of functions in the purchase process and the execution of such process entirely through IT systems (allowing the traceability and periodic auditability of the process). This allows the Company to mitigate possible risks due to a breach of a regulation or law by suppliers.

Furthermore, the Company’s Compliance System is aligned with best practices in the field in order to ensure that all members of the organisation adequately respect the established obligations and the commitments undertaken by the Company, all based on a corporate culture that is proactively engaged in compliance risk management. Additionally, it has a Data Protection Compliance System that responds to the technical, legal and organisational requirements of the European Data Protection Regulation and the Spanish Organic Law on the Protection of Personal Data (LOPD).

Red Eléctrica, through its bespoke Codes, control procedures & programmes and guides, requires that the professionals who are employees of the Company, as well as those third parties acting on their behalf or those with whom the Company maintains a relationship during the performance of its activities, comply with the most stringent standards of integrity in the execution of their respective business activities. These mechanisms seek to oversee and ensure that bribes, hospitalities, illegal payments or gifts of any type to Company employees are not offered; that irregular business practices that go against free competition are not carried out; that confidential information is not unduly or wrongfully disclosed or used for personal benefit or for the benefit of others and that above all, they promote a commitment to responsible purchasing in their procurement processes.

In addition, suppliers should encourage monitoring and oversight measures against corruption in their field of action to prevent and detect activities such as fraud, money laundering or embezzlement.