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Iberdrola has become the first Spanish company to obtain the AENOR certificate for its Tax Compliance Management System in accordance with the requirements established in the UNE 19602 standard.

This certification, which is aligned with the Spanish standard and with recommendations from the OECD, focuses on the establishment and supervision of fiscal policies and strategies, basic guidelines for their management and decisions on matters of strategic importance as well as on the design of the Iberdrola Group fiscal management and control system.

This morning, AENOR CEO, Rafael García Meiro, handed over the certificate to Iberdrola Chairman, Ignacio Galán, during an event held at the company's offices in Madrid.

Galán has indicated that “it is highly satisfying to be the first Spanish company to receive this certificate, which confirms Iberdrola's role as a benchmark for corporate governance and good tax practices, maintaining a culture of responsible compliance and transparency in the field of tax information”.

For his part, García Meiro pointed out that Iberdrola has demonstrated an effective and positive commitment to the values shared by society: "Our auditors verified its conscientious and rigorous work in numerous fields and I feel proud that our stamp gives all Iberdrola's stakeholders confidence regarding its work".

The Spanish UNE 19602 standard, which relates to Tax Compliant Management Systems, was approved in February this year as a response to the increasing importance given to corporate social responsibility and takes into account that the level of compliance in tax obligations is considered to be one of the main risks affecting all organisations

This standard defines a number of requirements and recommendations for tax compliance. In this way it helps companies to implement a management system that facilitates the identification, prevention and detection of fiscal risks, in order to avoid or mitigate complementary settlements, penalties or crimes against the Public Treasury and, in the event that they occur, create control and mitigation mechanisms.

The UNE 19602 standard also facilitates transparency when dealing with the tax administration and ethical compliance in an organisation's relations with the public administrations, whether state, regional or local.