Good corporate governance is a key factor for generating value, improving economic efficiency, integration of businesses and bolstering the trust of its shareholders and other stakeholders, thanks to the appropriate division of functions, duties, and responsibilities, among all the Company’s governing and administrative bodies.
In recent years, it has progressively reinforced its structure to ensure the incorporation of the principles and best practices of good corporate governance both nationally and internationally, adapting them to the circumstances of the Viscofan Group until reaching the best level of compliance.
The Viscofan Group's governance is ruled by the general ethical principles and guidelines established by the Group's Code of Conduct. In turn, the Viscofan Board of Director's commitment to good governance is manifested in its Corporate Social Responsibility (CSR) Policy, which was approved by the board to promote the development of a culture of best practices in sustainability and contribute to improving the welfare of people, promote the economic, environmental and social development of the communities in which the Viscofan Group is present, and create value on a sustainable basis through ethical behaviour for all its stakeholders.
The Sustainability Action Plan establishes commitments and initiatives, within the framework of the sustainable value dimensions (economic, governance, human-social and environmental) and considering the Sustainable Development Goals.
This commitment to good governance was also formalised in 2019 with the approval by the Board of Directors of the Sustainability Action Plan, establishing commitments and initiatives, within the framework of the sustainable value dimensions (economic, governance, human-social and environmental) and considering the Sustainable Development Goals of the United Nations Global Compact, of which Viscofan has been a signatory member since 2015.
In addition, during the 2019 financial year, the Regulations of the Board of Directors were modified in order to assign to the Appointments and Remuneration Committee functions relating to the supervision of corporate governance and corporate social responsibility, which up to that date had been assigned to the Audit Committee.
Following this modification, the Appointments and Remuneration Committee is now responsible for periodically evaluating the effectiveness of the Company’s corporate governance system to confirm that it is fulfilling its mission to promote the interests of the company and take account of the legitimate interests of other stakeholders. In addition, it should lead the review of CSR policy and ensure that it is geared towards the creation of sustainable value, and monitor CSR strategy and practices and evaluate the degree of compliance.1Without prejudice to the functions that the Audit Committee maintains in the process of preparation and integrity of non-financial information and its verification, control and supervision of non-financial risks and the Group's Code of Conduct and Whistle-blower Channel.
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