Hiring and motivating the best human capital, which is one of Ferrovial's Principles for Sustainable Development, is based on the following two guidelines: (i) improve the working conditions and ensure equal opportunities and non-discrimination among employees, and (ii) design reliable instruments to measure the quality of labour relations and employees' motivation and professional development in order to enhance work efficiency.

Those guidelines are complemented with an appropriate combination of compensation and benefits; labour relations based on the principles of respect for the law, ethical integrity and human rights; identification and promotion of talent; balancing employees' personal and professional lives; and training as a key factor in the company's improvement strategy.

The team

Ferrovial's main asset is its team and it devotes resources and efforts to attracting, developing and retaining its most valuable employees and building their key skills: leadership, management capacity and personal efficacy.

Ferrovial's workforce increased by an average of 14.7% to 57,247 in 2005. At year-end, there were 78,633 employees (37,381 in Spain and 41,252 in other countries).

The acquisitions of Swissport and Webber in the fourth quarter of 2005 significantly increased the contribution from the services and construction areas, which are the main job creators: there are 58,776 employees in the services area and 15,006 in the construction division.

As a result of Ferrovial's growing international presence, boosted with acquisitions mainly in the UK, US and Switzerland in 2005, the foreign workforce outnumbered the Spanish workforce for the first time ever: in 2005, 52.46% of the workforce was located outside Spain, mainly in the US, the UK, Poland and Switzerland.

As a result, more Ferrovial employees have been relocated and this has become a matter of vital importance. Approximately 200 Spanish employees now work abroad.

Ferrovial encourages a stable workforce, and natural attrition is around 7.3%.

In order to facilitate and enhance Ferrovial employees' professional careers, Ferrovial has an employment office on the intranet through which any employee can apply for any vacancy in any area of the Company. In 2005, the employment office published a total of 363 vacancies. In 2005, 1,483 employees were promoted to a higher professional category and/or position.

Remuneration policy

Ferrovial considers that the right combination of remuneration and benefits is fundamental, so it provides fixed remuneration that is permanently cross-checked against the market in order to remain competitive. Additionally, 15.8% of employees and nearly all the structural personnel (*) receive variable remuneration based on objectives. These remuneration policies are complemented with other plans, including systems pegged to the share price, stock option plans and personalised flexible remuneration programmes.

The majority of Ferrovial's employees (depending on the business area) receive some type of fringe benefits in addition to those required by law, including life insurance, luncheon vouchers, marriage bonuses, study grants and supplementary payments in the event of illness or accident.

In 2005, the Company implemented Plan 12.000 in which part of the variable remuneration of the beneficiaries (around 1,100 people: executives, heads of department or similar with tax residence in Spain) is paid in the form of Ferrovial shares. A total of 415 employees signed up for Plan 12.000 in 2005. A stock option plan was also approved for executives (around 400 persons).
Personnel expenses amounted to 1,907,073 million euro in 2005, of which 82.7% was wages and salaries and the other 17.3% was employee welfare expenses.

(*) Structural personnel: company personnel not tied to temporary activities (construction services contracts, services and infrastructure concessions, etc.).

Labour relations

Ferrovial respects all employees' right to trade union freedom in accordance with the legislation in force in each country, and almost all employees are covered by collective labour agreements.

All of Ferrovial's activities and any organisational and structural changes are communicated to the entire workforce via the intranet and the in-house magazine.

Based on the Code of Business Ethics, Ferrovial's guidelines regarding employees adhere to the principles of respect for the law, ethical integrity and human rights (see chapter on Respecting and Promoting Human Rights).

Ferrovial is committed to establishing an effective equal opportunities policy so that all its employees are judged on the basis of merit. Promotion decisions are always based on objective circumstances and assessments. Ferrovial is also committed to investing in the personal and professional training of its employees.

Managing and assessing performance

Ferrovial focuses on generating a value proposition for employees within a culture that rewards performance and provides constant professional development.

In June 2005, the Company implemented the first edition of the new Performance Assessment Plan via a technological platform (e-desempeño), through which approximately 2,000 employees were assessed. The Company also developed the 360º Assessment Plan, which refers only to employees' professional development and is not related to compensation. Superiors, peers and co-workers use the plan to assess executives.

The main objective of the plan is to identify and develop talent. Managing and assessing performance:

• align each employee's personal objectives with the company's general objectives;
• enhance human resources management by gearing it to attaining the objectives and performance sought by the organisation;
• identify improvement actions, training needs and the development potential of co-workers;
• motivate persons to attain business objectives and development;
• encourage and facilitate communication between superiors and subordinates;
• identify and reward employees that contribute most to company results and those with high potential; and
• reinforce the principle of equity.

Work-Life Balance Plan

One of the main ethical principles of Ferrovial's corporate activity is to foster a work-life balance among employees, as stated in its Code of Business Ethics. A Work-Life Balance Plan was developed in 2005 and was implemented in the first quarter of 2006.

Ferrovial understands that working on this commitment is an opportunity and that expanding on this issue will have a positive impact on its employees' personal life and on the company's efficacy and competitiveness.

The main measures that were adopted include introducing flexitime, managing time at meetings, improving and increasing flexibility of leave (maternity, etc.), creating employment for people with disabilities who are relatives of employees, and implementing other measures to provide access and mobility to employees with disabilities.

Ferrovial also signed an agreement with Fundación +Familia to obtain a ‘Family-Friendly Company’ certificate. This certificate covers issues related to employees' work-life balance and to the creation of a system that provides and assesses continuous improvement in this field.

In 2005, Ferrovial developed Plan Familia to foster the social and labour integration of people with disabilities who are relatives of employees (see chapter on Support for Socio-economic Development).

Hiring and internships

A corporate priority is to constantly hire young graduates based on their ability to generate value for the organisation, and to employ the necessary resources to achieve this goal. The company seeks people with an entrepreneurial profile, a high degree of commitment, initiative and responsibility, and a strong aptitude for team work.

Ferrovial is involved mainly in two areas: course sponsorships, and internship and work experience programmes. Ferrovial also attends the main employment forums and has an active presence at universities, fostering and participating in the training of tomorrow's professionals. It also has collaboration agreements with most of the universities in Spain, business schools in Spain and other countries, foundations and secondary schools.

Throughout the year, and particularly in the summer, Ferrovial offers final-year students the possibility of complementing their academic training via internships, in which they perform similar tasks to those they will carry out in their professional career. Interns are assigned to carefully-selected sites in order to improve their professional skills with a view to including them in future selection processes once they graduate. In 2005, 685 internships were granted.

Ferrovial has a selection system which involves acquiring applicant CVs via the web site (www.ferrovial.com) and integrating them automatically into an internal database.

In 2005, 22,344 candidates were added to the database. This system improves recruitment, unifies data and expedites the selection process.

Employee training and development

Ferrovial considers employee training and development to be a key element of the company's strategy, and it has ongoing training programmes to improve the technical knowledge and skills required for each post. In addition to traditional classroom methods, videoconferencing and e-learning platforms are used frequently.

In 2005, 363,969 training hours were given in Spain alone, with a total direct investment of 8,576 million euro, i.e. 8.3% more than in 2004. In total, 666,944 training hours were given, with an investment of 12.8 million euro, to 38,344 trainees.
The number of training hours was 11.7 for each employee and 13.42 for skilled personnel in 2005. Annual investment in training is 223.6 euro for each employee and 904.85 euro for skilled personnel.

Internal communications

Ferrovial has two internal communication tools: a corporate intranet (Ferronet) and an in-house magazine (Inforvial).

Since 1997, all employees equipped with computers have had access to Ferronet, both in Spain and in the other countries in which Ferrovial has a stable presence. At present, 7,600 employees have access to Ferrovial's intranet. In 2005, Ferrovial's employees had access to 265 news items about its businesses, over 480 new contracts and nearly 60 circulars about company operations, the organisation, and social and labour relations. As well as company information and management tools, Ferronet has a section for personnel (Empleado.net), which contains the following: the Employees' Club (special offers), E-nota (expense account management), Training, Induction Manual, My Personal Information, Requisitions (human resources, materials, systems, telecommunications, etc.), Job Exchange and Notice Board.

The in-house magazine (Inforvial) has been published on a quarterly basis for the last ten years; 8,000 copies are distributed in five countries (Spain, Portugal, Poland, the UK and Switzerland).

Employee satisfaction

An Employee Satisfaction Study is conducted every two years to measure employees' perception of the company's personnel management and detect any weaknesses and needs; the study was last conducted in the fourth quarter of 2005.

Employee satisfaction was assessed based on twelve factors: work, organisation and resources, hierarchical relationships, team work and coordination, orientation towards results, customer and quality orientation, information, communication and participation, organisational leadership and progress, training and development, remuneration, health and safety at work, and general satisfaction.

In the latest edition, the survey was distributed to 8,594 employees, including Budimex in Poland, and the response rate was 42.8%.

The results will be analysed in the first quarter of 2006 and will be used as the basis for drafting action plans aimed at enhancing strengths and overcoming weaknesses.

The company is also committed to implementing dialogue mechanisms with employees. In July 2004, Ferrovial set up a Suggestion Box so that all its employees could transmit their ideas and complaints with a view to attaining a more efficient company while making Ferrovial the best possible workplace.

In 2005, 115 letters were received (64 proposals, 20 complaints and 31 comments) and the conclusions are as follows:


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