Red Eléctrica’s social action is aligned with the Company’s Corporate Responsibility Model, its corporate values and business strategy. It seeks to strengthen the relationship of trust between the Company and the community through the creation of value, as a responsible company, going above and beyond the obligations derived from its activity. The main lines of social action with which Red Eléctrica contributes to the community are grouped mainly in the categories of dissemination actions regarding the operation of the electricity system, socio-economic development of the territory in which Red Eléctrica’s facilities are located and conservation of natural heritage.
Red Eléctrica’s collaboration of on the different projects is formalised through the signing of agreements or collaboration agreements with the entity responsible for the project. The monitoring of the projects is carried out through a Monitoring Committee made up of members of each of the signatory institutions, which is responsible for planning and monitoring the actions, as well as the final assessment. The payment of the economic contribution established in the agreement is conditional on the delivery of a final report justifying the activities carried out and that outlines the results obtained.
Contribution in 2016
In 2016, Red Eléctrica’s contribution to social actions totalled €6,421,797, an amount resulting from applying the LBG Methodology and undergoing the assurance process of the model. This figure represents 1,09% of the 2016 net profit.
Red Eléctrica has been a member of the Grupo LBG España (London Benchmarking Group) since November 2014 and uses the LBG methodology to measure and report on their contribution to society. It is an international benchmark model that unifies criteria regarding the classification, management, measurement and communication of the initiatives carried out in the community.
In 2011, the Dow Jones Sustainability Index recognised LBG methodology as a good practice to report on corporate social action.