Fundación MAPFRE is one of the 10 Spanish foundations with the best levels of transparency and adoption of good governance practices, according to the seventh edition of the “Construir Confianza 2015” (“Building Trust 2015”) report
In 2015, Fundación MAPFRE was among the top positions of this ranking again, which is published by the Fundación Compromiso y Transparencia every year.
Specifically, the Foundation fulfills 15 of the 18 indicators for transparency and good governance, that are required by the organization in order to belong to the select group of21 Spanish business foundations within the “Transparent” category.
Among them, the indicators related to financial information stand out, which according to the study, represent “the most sensitive and critical content of all” and which the foundations “must always fulfill” to truly be transparent.
The development of a good governance code also stands out, which is an indicator that is still fairly uncommon among the foundations, as well as reporting on their activities on the website, providing the number of beneficiaries of their programs and releasing the names and positions of the main executives and members of their board of trustees, among others.
This information was taken from the report Construir Confianza 2015. This reports on transparency and good governance on the websites of Spanish foundations, the purpose of which is to analyze the development and progress of the 63 main business and family foundations in Spain during the last seven years.
This task, which in general reveals a “gradual improvement” in the levels of transparency and adoption of good governance practices, highlights that two of the most noteworthy advances in this new edition are related to the compliance of the indicator on the “mission,” without which it is difficult to measure the results and strategic focus can be lost, and related to financial information, which 4 out of every 10 foundations release at this point, and which entails releasing the financial statements, annual accounts report and external audit report.
The Construir Confianza 2015 report also emphasizes several recommendations aimed at promoting best practices. The most noteworthy include: the need to have “more diverse and independent trustees” and publish investment policies, detailing the criteria used in the administration of the foundation’s equity.
The following are also among the 10 most transparent bodies included in this ranking: Fundación Accenture, Fundación Atresmedia, Fundación Bancaria La Caixa, Gas Natural Fenosa and Telefónica.
To see the complete study, click here: