Applus leads the SE Mid Spanish Index ranking for sustainability by Standard Ethics

MADRID, 14 Nov.

Applus leads the SE Mid Spanish Index ranking for sustainability by Standard Ethics


Standard Ethics has published the SE Mid Spanish Index, made up of 20 mid-cap listed companies, led by Applus Services with an 'EE' rating, as reported in a statement.

The firm has already announced the launch of this index in September 2021. Its objective is, on the one hand, to provide an overview of sustainability in Spain among the 'midcaps', and, on the other, to monitor the steps that companies are taking in the scope of the ESG transition (environmental, social and good governance criteria).

The constituent securities of the index have been selected according to their market size, for which a market capitalization of close to 1,000 million euros has been considered, to guarantee adequate liquidity of the index, in addition to taking into account other factors such as the floating capital.

This index, made up of 20 companies, will be calculated at the close of the stock market on November 21, 2022 and will take effect from November 24. It will be reviewed twice a year, in the months of March and September.

The weights of the constituent values ​​at the individual level come from the Standard Ethics (SER) corporate rating, applied for or not applied for, assigned to each company.

Regarding Applus' rating, the firm highlights that it has adopted the standards of the main supranational organizations (EU, UN, OECD) as references in its corporate governance and sustainability governance models, as well as the qualitative and quantitative composition of the board of directors of the company in terms of minority and gender parity shareholders.

Following Applus, which has obtained the 'EE' rating, are Faes Farma ('EE-') and Grenergy ('EE-'). Behind, Aedas Homes, CAF, eDraems Odigeo, Gestamp, Global Dominion, Rovi, Logista, Metrovacesa, Neinor Homes, Pharma Mar, Sacyr, Solaria and Unicaja Banco have obtained an 'E' rating.

Standard Ethics considers that Spain's acceleration towards sustainability in recent years has been "ambitious and consistent" with international guidelines, something that would be reflected in the current sustainability standards of several of the companies that are part of this new SE index Mid Spanish Index.

In this sense, he maintains that the extra-financial information that most companies have provided is in accordance with best practices and companies are making significant progress.

However, it indicates that there would be room for improvement in the field of governance in terms of sustainability: specifically, in the composition of the board of directors with elements such as the independence of its members, the protection of minority shareholders, parity of gender, internationality as well as ESG risk management.

It has also pointed to a possible improvement in the definition of ESG objectives so that they comply with international requirements, and in the adoption of a more specific and effective nomenclature in the distinction between corporate social responsibility and sustainability.