Corporate social responsibility (CSR) is a company’s commitment to making a positive impact on society. This includes sustainable solutions, ethics and giving back to the community. In this article, we will guide you through the guidelines and norms for CSR in Spain.
The official Spanish guidelines
Many aspects of CSR are voluntary in Spain, but labour relations, environmental aspects and governance are highly regulated. The Stock Market National Commission has a Code of Good Governance with guidelines for quoted companies. Additionally, EU law requires large companies to undertake non-financial reporting, regarding social, environmental and governance issues.
Private and public initiatives
There are many private and public initiatives to promote CSR in Spain. Numerous private awards have been created to encourage companies to focus on topics such as work-life balance and environmentally friendly management. For certification, Forética’s SGE21 is the only Spanish system, but international references such as GRI, Integrated Reporting, B Corporation and Global Compact are popular. There is an increasing demand for CSR-reporting in purchasing, which incentivizes companies of all sizes to comply with basic CSR practices.
Innovation Norway’s overall expectation is that businesses should assume responsibility for how their actions affect people, society and the environment. Through innovation and responsible practices, companies can contribute to solving current social and environmental changes by integrating social and environmental concerns into their day-to-day operations.
For more information about CSR in Spain, contact one of our advisors:
Innovation Norway, Spain
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