The third decade of the 20th century is upon us and the corporate world is immersed in an unprecedented transformation process. Disruptive technology, people’s changing lifestyle habits, demographic and urbanization trends and the needs that define sustainable development agendas demand a response from economic, social and institutional actors.
All these changes have a direct impact on company business models, which are derived from new regulatory frameworks and consumer and investor selection criteria. More and more often, companies try to align their commercial strategies with corporate social and sustainable responsibility.
Here at Ferrovial, we are aware of the role we play in society and incorporated a series of social commitments decades ago. In addition to these initial actions, we have continued to add new commitments, which currently make up our Corporate Responsibility Strategic Plan. What was originally conceived as a resource to improve our reputation and create value is now an end goal in itself. We have even taken this a step further and are attempting to implement it into our entire value chain.
Our CSR Initiative
Thanks to this early leadership, we have been on the Dow Jones Sustainability Index for the last 18 years, leading in the construction and engineering sector ranking. In addition, we recently launched our fourth Strategic Corporate Responsibility Plan.
This strategic plan is based on the advancements and successes gained by previous plans. Successes such as: creating a code of ethics for worker training; approving our commitment to reduce our carbon footprint; developing a methodology to measure the impact that our social projects have on local communities; reinforcing measures to prevent as many workplace accidents as possible; and implementing the good governance recommendations.
Our sustainable development agenda, tied to the UN’s goals for the year 2030, are the centerpiece of our Corporate Responsibility Strategic Plan. In addition to the policies (explained in detail here), the initiative collects and analyzes other trends that will irrevocably change all companies’ business models.
- Digital transformation. Digital disruption creates many opportunities, but also major challenges. That is why we have outlined four initiatives to overcome challenges posed by technological transformation:Keep Ferrovial a leading company in its sector through innovation.Creation of new digitally based business units, Ventures.Continue encouraging the innovation ecosystem through startups, Construtec.Ensure a learning environment that facilitates the acquisition of digital skills.
- New transportation and urban congestion. Alternatives to traditional mobility have been brought about by restrictions on private vehicle use in large cities, technological advancements and lifestyle changes. The most prominent measures we have undertaken in relation to this trend include:Road safety on infrastructures themselves and for employees.Quantification of the impact of a highway on the environment over its life cycle.Launching a shared social action program in our main marketsProjects that improve urban mobility.Analyze the company’s social, economic and environmental impact in its innovation projects.
- Climate change. The world must strengthen its response to climate change by getting on board with sustainable development and efforts to eradicate poverty. As part of the CSR Initiative, we conduct five initiatives to work towards this goal.
- Incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
- Integrate climate risks into Ferrovial Risk Management (FRM)
- Reduce our carbon footprint
- Start compensation projects, register them at the Spanish Office for Climate Change and manage the compensation seal
- Promote the purchase of electricity from renewable energy sources
- Ethics and corporate governance. The advances made in recent years by Ferrovial in corporate governance serve as an incentive to consolidate its position as a model company in this area. The measures included in the plan are the following:
- Place the company at the forefront of implementing corporate policies
- Increase the scope of training on our code of ethics
- Comply with the CNMV Recommendations for Good Governance
- Gender equality. Bridging the salary gap, improving reconciliation policies and strengthening women’s presence on our board of directors are challenges we are working to overcome. Our plan includes the following projects:
- Monitor the salary gap
- Increase the presence of women in leadership positions
- Train and raise awareness among all staff on unconscious bias
- Occupational safety and health A primary goal of a company of Ferrovial’s stature must be to guarantee the protection of its employees’ physical safety. Therefore, in line with previous plans, the main principles in this area are:
- Continuous improvement of accident rate indices.
- Involving employees in preventive behavior.