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Ferrovial, seeking to follow all the latest reporting trends, generates its non-financial information based on a number of internationally recognized standards, such as the International Integrated Reporting Framework from the International Integrated Reporting Committee (IIRC), the CNMV “Guide for the preparation of management reports of listed companies”, the AA1000 Standard and the latest version of the GRI guide (G4).

IIRC Conceptual Framework (International Integrated reporting Council)

Ferrovial has worked on an integrated model for reporting financial, social and environmental information, based on the “International Integrated Reporting Framework” from the International Integrated Reporting Committee (IIRC).

The AA1000 Standard

For the sixth consecutive year, the Corporate Responsibility information has applied the principles of the AA1000 Standard, a key tool for aligning information presented in the Report with stakeholder expectations and the company’s materiality. These are explained in a more extensive section on stakeholder relations and the materiality study. The standard is based on three fundamental principles:

  • Inclusiveness: This principle analyzes whether the company has identified and understood the relevant aspects of its sustainable performance and presents sufficient information in terms of quality and quantity. For more information, please refer to the “Material Issues” section in this chapter.
  • Materiality: The information must be the information required by the stakeholders. In other words, it ensures disclosure of all those material aspects whose omission or distortion could influence its stakeholders’ decisions or actions. For more information, please refer to the GRI-G4 Indicators Table.
  • Responsiveness: This report includes the information relating to Ferrovial’s response to stakeholder expectations.

GRI4 Guidelines

The Report follows Version 4 of the Global Reporting Initiative (GRI) Guidelines. These Guidelines include a series of principles and indicators that aim to establish the report’s content, scope and coverage, as well as to ensure the quality of the information disclosed. A table of contents and GRI indicators is included. Ferrovial has declared itself as “In Accordance Comprehensive”, based on GRI Guidelines requirements.

GRI Guidelines Principles

  • Establishing report contents:
    • Materiality: Aspects that reflect the significant social, environmental and economic impacts had by the organization or those that could have a substantial influence on stakeholder decisions.
    • Stakeholder engagement: Identifying stakeholders and describing in the report how their expectations and interests have been addressed.
    • Sustainability context: Presenting the company’s performance within the broader context of sustainability.
    • Completeness: Coverage should enable stakeholders to assess the performance of the reporting organization.
  • Establishing the quality of the report: 
    • Balance: The report must reflect both the positive and the negative aspects of the company’s performance.
    • Comparability: Stakeholders should be able to compare the information over time and with other companies.
    • Accuracy: The published information must be accurate and detailed.
    • Clarity: The information must be presented in a way that is clear and accessible to everyone.
    • Reliability: The information must be of high quality and it should establish the company’s materiality.

The principles underpinning the content of the Report are described by Ferrovial in the specific sections on materiality and commitment to stakeholders.

information scope

Ferrovial comprises the parent company Ferrovial, S.A. and its subsidiaries and associated companies. Included in non-financial reporting are all companies over which Ferrovial exercises control, which is deemed to mean companies in which Ferrovial holds a stake in excess of 50% (for detailed information on the companies included in the direct scope, see the Consolidated Annual Financial Statements Scope, the appendices of which include a list of dependent companies). 100% of information is reported in such cases, i.e. not in proportion to the percentage held in each company.

Likewise, following the indications of the GRI guide, version G4, Ferrovial will provide information on all indicators and material aspects “external to the organization” to the fullest extent possible, provided that said information is of sufficient quality and always on a separate basis. Ferrovial considers that the more relevant impacts are related to 407 ETR Highway (Toronto, Canada) and on HAH (United Kingdom).

Consolidation process

Since 2007, Ferrovial has employed a system for reporting and consolidating Corporate Responsibility information (non-financial reporting).

This system helps improve the quality of the information and makes it easier to compile information for internal and external reporting. The information is used for a variety of purposes, such as the Annual Report, management of the different sustainability indices and ratings, the UN Global Compact Progress Report and other observatories or barometers that are kept abreast of Ferrovial’s activities.

This reporting process allows us to work on two levels:

  • By business: Services, Toll Roads, Construction and Airports.
  • Geographic: includes all Ferrovial subsidiaries worldwide.

This scheme means that the data collected can be cross-referenced to obtain the required information.


The consolidation criteria used in the system are unchanged from previous years. All companies have provided their Corporate Responsibility information as of December 2014.

reformulation of the information presented 

The consolidated information included in this Report may show significant variations in terms of comparability, because of changes in the reporting scope.

Changes to the consolidation scope in 2014 do not affect the comparability of the information relative to 2013. Nevertheless, when there is a specific change of scope in any given indicator that affects said comparability, this will be stated in the text of the report.

The principles of the GRI Guidelines (currently in version G4) and the AA1000AS Standard have been used since 2009 as the basis for presenting the information.


Ferrovial considers stakeholders to be any individual or social group with a legitimate interest in, and affected by the company’s current or future activities. This definition includes both internal stakeholders, forming part of the company’s value chain (shareholders, employees, investors, customers and suppliers) and considered partners by the company, and external stakeholders, including: public authorities, governments, media, analysts, the business community, labor unions, the Third Sector and society in general, starting with the local communities in which the company operates. This relationship is dynamic, because the climate in which the company operates is now changing more rapidly than ever. The company is committed to transparent reporting to the market, by implementing continuous improvements to its communication channels with all stakeholders, on the basis of innovative corporate information that not only includes financial aspects, but also takes into account environmental and social conduct.

Ferrovial’s relations with stakeholders are couched in a context of transparency, honesty and professionalism. These are bilateral and interactive relations, seeking to generate common value and mutual benefit.

Ferrovial focuses its efforts on conveying to stakeholders its own high standards of corporate responsibility, based on the principles of the Global Compact. The company is now an international benchmark in terms of commitment to stakeholders, as demonstrated by recognition from the leading sustainability indices, such as the DJSI, FTSE4Good and CDP.

A formal mechanism for dialog, allowing us to read the perceptions of those “whose opinions count”, is of vital importance, helping the company to succeed in its operations and to lead in terms of sustainability.

Ferrovial’s business is highly dependent on relationships with governments in the countries where it operates. With this in mind, in December 2014 the company’s Board of Directors approved the new Code of Business Ethics, which includes a specific section on relations with government bodies. Ferrovial is committed to maintaining open and honest communication with its governmental partners. Employees who liaise with governments in representation of Ferrovial must ensure that all communications, both direct and via intermediaries, are precise and abide by all legal and regulatory requirements, including those concerning pressure groups and anti-corruption.

Ferrovial holds positions of responsibility in bodies promoting CR at national and international level, such as: SERES, Foretica, Spanish Association for the Global Compact and AEC (Spanish Association for Quality), among others. More information in the following table.

Regular monitoring of both internal and external stakeholders took place over 2014, enhancing the level of dialog with each and updating our materiality matrix via surveys. Relations with each stakeholder group are detailed in the following table.

material issues

Ferrovial considers relevant any issue that may have a substantial influence on the opinions and decisions of stakeholder groups, affecting its ability to address existing needs without compromising future generations. In other words, those indicators that are considered priority for attaining the company’s strategic goals and that are also relevant for stakeholders, insofar as they address their expectations and enable them to make decisions in relation to the organization.

Performing materiality analysis is one of the key requisites of version 4 of GRI sustainable reporting guidelines. Analysis is also required to monitor recommendations included in the IIRC’s conceptual framework for integrated reporting. The purpose of both is to place stakeholders (internal and external) at the heart of the process.

Internal and external factors must be combined when determining the materiality of information:

  • External factors: The key interests expressed by stakeholders; leading sector issues; domestic and international legislation; risks, impacts and opportunities affecting sustainability as assessed by experts.
  • Internal factors: the organization’s principle values, the opinions of employees, risks, key skillsets at the organization.

Ferrovial updates its materiality matrix every two years. Based on the nature of its operations, the company believes that the issues do not change quickly enough to warrant more frequent updates. Furthermore, the objectives of the Strategic Corporate Responsibility Plan (2016 Plan) are closely linked to the outcome of materiality analysis.

The process is divided into three stages that combine the aforementioned factors:

  • First of all, the main trends and most relevant sustainable practices in the sector are identified, with each allocated a relevance level by experts. This generates the basic version of the materiality matrix.
  • Secondly, the risk matrix developed in-house by the supervising division is taken into account, reflecting the different risk types: strategic, operational, compliance and financial. This supports identification of key risk events that might threaten Ferrovial’s reputation. This matrix allows evaluation of issues identified in the previous stage and qualification of the allocated scores.
  • The relevance axis is fortified by the opinions of specific stakeholders that have extensive knowledge of the company.

In this latter stage a perception survey was conducted among some stakeholders identified by the company, asking for their opinions on a range of material issues for Ferrovial, which were prioritized according to the expectations of the surveyed stakeholders.

The survey was conducted over the Internet, polling 100 individuals (40 employees and 60 external stakeholders) and obtaining a 52% response rate. When selecting external stakeholders, individuals were sought who were very familiar with the company and had contact with a number of internal managers. Employees and stakeholders received the same weighting when evaluating the results.

The answers were compiled and the relevant issues identified. The most significant are shown on the matrix classified by maturity (how much attention Ferrovial and the sector give to a specific issue) and relevance (importance allocated by opinion leaders to corporate responsibility issues).


CR strategic plan (2014-2016)

Ferrovial draws up its CR Strategic Plan every 3 years. This CR strategic plan is approved by the Board and established at a CR Committee meeting held every quarter, which is presided over by the Director for Communications and Corporate Responsibility, and is comprised of the heads from each corporate department (Risks, Human Resources, Innovation, Environment and General Secretary’s Office) and by a representative from each business unit. The role of the Committee is to monitor the plan, which includes specific actions for each of the six lines of activity. The Chair of the CR Committee reports annually to the Board of Directors.

The current plan runs from 2014 to 2016. The plan covers issues identified to be of interest to investors, together with assessments of the main sustainability indices and a review of good practices in the sector. The plan is based on the materiality matrix agreed with internal stakeholders and representatives from all corporate areas, and is subsequently endorsed via the external stakeholder perception survey. All this helped to establish six strategic CR lines and areas.


corporate responsibility policy

Ferrovial understands Corporate Responsibility to mean a voluntary commitment to driving the economic, social and environmental development of communities in which it operates.

Therefore, as a global infrastructure and services firm, Ferrovial is permanently geared toward contributing to society and improving quality of life for citizens, while also generating value for its shareholders, employees and other stakeholders.

This policy is founded on the principles of the Global Compact and internationally accepted agreements and resolutions, the content of which cover corporate responsibility issues.

It is the Ferrovial Board of Directors’ responsibility to uphold the corporate responsibility principles that the organization has voluntarily committed to:

  1. Ethics and responsibility in all of its actions.
  2. Respect for fundamental human rights.
  3. Transparency and the use of the best corporate governance practices.
  4. Contribution to socioeconomic development.
  5. Reducing environmental impact, combatting climate change and efficient resource management.
  6. Encouraging responsible practices throughout the supply chain.
  7. Safeguarding the health and safety of employees, as well as promoting equality, work-life balance and diversity.
  8. Innovation as a means of driving competitiveness and generating value.
  9. Stakeholder engagement.
  10. Financial solvency and a long-term focus.