CSR-related legislation
Law 11/2018, of December 28, amending the Commercial Code, the consolidated text of the Corporate Enterprises Act approved by Royal Legislative Decree 1/2010, of July 2, and Law 22/2015, of July 20, on Audit of Accounts, regarding non-financial information and diversity.
- Its main objective is to improve transparency in companies and to encourage practices and behaviour that make them much more sustainable and responsible.
- Companies that have any of the following: more than 500 employees, annual sales of 40 million euros or more or annual profits of 20 million euros or more are required to report.
- Companies are required to report on environmental, social and personnel issues, human rights, anti-corruption and information about society.
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The amendment of the Commercial Code by Law 5/2021, of April 12, amending the consolidated text of the Corporate Enterprises Act, approved by Royal Legislative Decree 1/2010, of July 2, and other financial regulations, regarding the promotion of long-term shareholder participation in listed companies, added a further requirement to EINFs in the section on Corporate Communication (Article 49, section 6. II Information on social and personnel matters, fourth indent):mechanisms and procedures the company has to promote employee involvement in the management of the company, in terms of information, consultation and participation.
- It aims to reduce material consumption in relation to GDP, waste generation, encourage reuse, make better use of water and reduce greenhouse gases.
- It identifies six priority sectors: construction, agri-food, fisheries and forestry, industry, consumer goods, tourism and textiles and clothing.
- The Spanish National Government must work on regulating the strategy. It should be presented in the coming weeks.
- Its main objective is to regulate remote working conditions (teleworking).
- It obliges companies to assume the costs that remote working may imply for workers.
- It regulates the right of people to be disconnected from work.
- It aims to close gender gaps within companies and make company information much more transparent.
- Spanish Law 6 of 2019 established the initial regulatory framework and the Spanish Royal Decree made some changes.
- The companies that are obliged to make diagnoses and equality plans are
- They have more than 150 people on their staff since March 2020.
- They have between 100 and 150 employees on their staff since March 2021.
- They have 50 or more employees on their staff since March 2022.
- Promote equal opportunities and encourage the employability of people with disabilities.
- Companies with more than 50 employees are required to have at least 2% of their workforce made up of people with disabilities.
- It makes compliance with social, environmental and economic requirements mandatory for companies that want to be suppliers of goods and services to the public administration.
- It helps to promote inclusion and diversity in companies.
- To seek the promotion and guarantee of Human Rights.
- It promotes transparency in companies.
- It aims to regulate waste management throughout the country.
- It establishes the responsibilities of the waste generators and a route for their proper disposal.
- Penalties are established for those who fail to comply with the regulations.
- Its aim is to guarantee a healthy environment by establishing the environmental responsibility of the economic agents.
- All companies must comply with the Environmental Responsibility Act and the vast majority are not aware of it.
- Failure to comply with the Environmental Liability Act has administrative, disciplinary and criminal implications.