(Information sent by the signing company)
London, November 14, 2022. In September 2021, Standard Ethics announced that it would launch the new SE Mid Spanish Index. Today, before the scheduled deadline, the Agency has published the Index [1] made up of 20 mid-cap Spanish listed companies. The index will be calculated at the close of the stock market on November 21, 2022 and will come into force as of November 24, 2022. It will be reviewed twice a year, in the months of March and September.
The objective of the SE Mid Spanish Index is twofold: on the one hand, to provide an overview of Sustainability in Spain in relation to medium-sized listed companies and, on the other, to monitor the steps that Spanish companies are taking in the field of ESG transition. The constituent securities of the Index have been selected according to their market size. [2] The weights of the constituent values at the individual level come from the Standard Ethics Corporate Rating (SER) [3], requested or not requested, assigned to each company.
Standard Ethics analysts observed that Spain's acceleration towards Sustainability in recent years has been ambitious and consistent with international guidelines, and the foregoing is reflected in the current Sustainability standards of many of the societies that are part of the new
SE Mid Spanish Index.
In most cases, extra-financial information is in accordance with the best practices in the sector and companies are making significant progress. However, there are still margins for improvement, in the field of Sustainability governance; for example, in the qualitative and quantitative composition of the Board of Directors with elements such as the independence of its members, the protection of minority shareholders, gender parity, internationality as well as ESG risk management; and a better definition of ESG objectives so that they are in line with international requirements. Last but not least, the desire, in many cases, for a more specific and effective nomenclature to be adopted in the distinction between Corporate Social Responsibility and Sustainability. [4]
[1] Standard Ethics indices are open and free sustainability indices and offer full transparency: the methodology, selection criteria and calculation formula are public and therefore decision-makers and stakeholders Interested parties can use them for free reference.
[2] A market capitalization of around €1 billion was considered to ensure adequate liquidity of the index, in addition to taking into account other factors such as free float.
[3] Grades are based on a 9 letter grade scale. Any rating equal to or greater than "EE-" indicates a good level of conformance.
[4] For the definitions of sustainability and responsibility adopted by Standard Ethics, see: link
Communication and Public Affairs Office
www.standardethics.eu headquarters@standardethics.eu
Tracey Waters – Communications Manager tracey.waters@standardethics.eu
Filippo Cecchi - Comms
