Governance (ESG)

Corporate Governance

GRI Renewable Industries S.L. was incorporated in June 22, 2008 under the name “Gonvarri Infraestructuras Eólicas”, later it was denominated “Gestamp Wind Steel”, before taking on its current name, GRI Renewable Industries, and absorbing “Gonvarri Eólica”.

The governance bodies at GRI Renewable Industries integrate environmental, social and governance (ESG) criteria into their decision making to grow as a profitable and sustainable company.

In line with our sustainability objectives, the “2030/50 Carbon Neutral Plan” was presented in December 2020. For its monitoring and measurement, a carbon neutral government was defined:

• Carbon Neutral Committee
• Operational team

Compliance Model

The Company has developed a global corporative culture that has kept the same values and principles since its origin, but which are adapted to the local necessities of each country, to the current market conditions and to the requests of stakeholders.

In 2017 the Compliance Department was created to coordinate all the initiatives in Compliance, as the monitoring and follow-up of the training in Ethic Code of all employees. This Management was formally approved by the Board of Directors.

The main policies are summarised below:
• United Nations Global Compact
• Sustainability Policy
• Code of Ethics and Conduct
• Harassment prevention guidelines and action protocol
• Anti-fraud and anti-corruption policy
• Behavioural guidelines to offers of incentives, gifts or invitations

Code of Ethics and Conduct

The code is a referent for decision making by all employees of GRI Renewable Industries. It was approved by the Board of Directors in January 2014 and was revised in 2019. The new version of the Code of Ethics and Conduct came into force on January 21st, 2020.

One of the most significant changes is the new “Ethical Channel”. The Ethical Channel is available to all employees, directors, administrators and partners of GRI Renewable Industries, as well as other external stakeholders: customers, suppliers or the society in general.

During fiscal year 2020, the Ethics Committee received 30 complaints, of which only one is pending resolution. The table below shows the complaints per type.

During the period under analysis, 442 visits to the ethical channel were recorded from 21 countries, mainly from Spain (59%), India (6%), Finland (5%) and Brazil (5%).


In order to provide all employees with information on the policies and guidelines, a Training Plan has been developed, which includes both online and face-to-face training.

In 2019, 2,720 professionals (684 online 25% and 2,036 face-to-face 75%) were trained through an online course and face-to-face mode, which represents 68% of the workforce. In 2020, with the entry into force of the new Code of Ethics and Conduct, the new “online” training model has been designed and defined through the GRI Academy, which is mandatory for all employees. It is scheduled to be launched on March 24, 2021 in all Iberia factories and offices, to be gradually extended to the rest of the countries.

Risks and opportunities

At GRI Renewable Industries we work to mitigate and reduce all possible risks through mechanisms integrated in the organization, as is outlined next:

• Risk management: new projects
• Risks on financial information
• Risks: confidentiality and privacy
• Operational risks
• Reputational, ethical and human right risks
• Risks related to health and safety

Risks and opportunities: Climate change risks:

For GRI, FY20 has been a period of reflection to define a roadmap towards a climate-neutral future through the “2030/50 Carbon Neutral Plan”.

Hence, it is essential to know our risks facing climate change and what measures will help mitigate such risks.
In 2020, corporate analyzed potential cross-cutting risks that could affect the business with the aim of transferring and specifying such risks, in the next two years, to the different countries and facilities.

Risks are identified by taking as a reference the recommendations and categorizations of the Task Force on Climate related Financial Disclosures (TCFD) standard by the Financial Stability Board (FSB). Such an analysis was carried out in collaboration with the different corporate departments which are part of the carbon neutral project, together with the Internal Audit area.

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