The transparency report on the Fiscal Responsibility of Companies in the Ibex 35 compiled by Fundación Compromiso y Transparencia has awarded BBVA second place in the ranking of companies that best inform on their fiscal responsibility. This excellent result is thanks to the bank’s efforts to comply with the transparency indicators and improve their information in this area.
The document rates the transparency of the 35 companies on the IBEX 35 stock exchange index during 2015 through a series of indicators. In general terms, the report notes that companies have improved their information on fiscal responsibility, although only four are classified as transparent. The breakdown of the taxes paid by country, money laundering policies and compliance with the Spanish Internal Revenue Service’s code of good practices are the areas that showed the greatest progress.
An effort rewarded
BBVA is second on the list of the companies in the IBEX 35 rated according to their transparency, only behind Iberdrola (10 indicators out of 12), and tied with Endesa and Telefónica, all with 9 indicators. These companies comprise the group at the head of the list, designated by the report as “transparent companies”. Behind them are the “translucent companies” (complying with between 5 and 8 indicators) and the “opaque companies” (which comply with fewer than 5 indicators).
Among other actions, the Fundación Compromiso y Transparencia singled out BBVA for including sections dedicated to tax transparency and fiscal strategy in its corporate responsibility and management reports. It also noted that BBVA subscribes to the “Code of Good Tax Practices” and positively rated the fact that it announces its compliance through its information channels.
The 2015 Fiscal Transparency Report positively highlights BBVA’s compilation and dissemination of the document “Global fiscal contribution for 2014. Report on the BBVA Group’s contribution to public finances”, which is now available in a new edition. According to the Fundación Compromiso y Transparencia, the bank is making an effort to “be a leader in transparency in fiscal information and responsibility”. It also highlights the quality of the section on its Shareholders and Investors website dedicated to Corporate Governance, which has a heading entitled Auditors, containing information on the company contracted and the fees received.
In spite of the good performance in the tax area by the companies at the head of the ranking, the report points out that there is still a long way to go, given that “we continue to highlight and emphasize the achievements and awards, and tend to only gloss over the risks associated to the activities and the negative impacts”. However, the foundation expressed its satisfaction, as “on this occasion we have observed that the idea of presenting the information on these issues in a more ordered, clear and systematic way has really taken root”.