Endesa tops the IBEX 35 transparency and fiscal responsibility ranking

Published on Wednesday, 19 June 2019

Endesa is the best at informing its customers about fiscal matters, according to the "Informe de Contribución y Transparencia 2018", recently published by the Fundación Compromiso y Transparencia. According to the report, whose analysis is based on specific indicators, Endesa is ranked first, as it is perceived to be the company with greatest transparency and responsibility in fiscal matters of all the IBEX 35.

The report lists Endesa's best practices in this area, such as the introduction of the Fiscal Transparency section on the website, where the company volunteers information about its Fiscal Strategy (expressly demonstrating its willingness to comply with the tax regulations), its Fiscal Risk Management and Control System (as part of the company's Fiscal Control Framework), its participation in the System of Co-operative Compliance with the Spanish Tax Authorities, which is demonstrated by its signing up to the Fiscal Best Practice Code and submission of an annual Enhanced Transparency Report to the tax authorities, the taxes paid and collected in the jurisdictions in which the company operates (also listed in its Fiscal Contribution Report and Non-financial Report) and the main disputes concerning taxation (detailed in the company's Financial Statements).

Endesa also includes links on its website to the Activity Report by the Audit Commission, reflecting the company fiscal manager's periodic visits to the Commission to report on the company's tax position, expressly demonstrating that the company has not engaged fiscal advice by any external auditors, explaining the complaints system and fraud prevention system, and its crime prevention and anti-money-laundering systems.

The findings of this Report, which awards Endesa a score of 23 out of 24, demonstrate the company's degree of commitment to fiscal transparency and responsibility with respect to making an economic and social contribution to the communities in which it operates. In the words of María Muñoz Viejo, Endesa's head of Fiscal Affairs, "for Endesa, compliance with tax legislation is one of the values which guide the company's corporate social responsibility principles, and more specifically, the local contributions the company makes demonstrate clear commitment to the social and economic development of the communities in which it operates; this is an aspect which we feel it is important to share with all potential stakeholders with whom we work". In our current economic climate, there is ongoing debate surrounding the contributions which major corporations should make to the Public Administration coffers. Endesa has therefore taken an active stance, which involves clearly and transparently declaring the broad range and large amount of social contributions which they really do pay.