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OUR BUSINESS
Participation in the GRI working group
In 2011 the working group created to prepare an industry
guide for media companies containing the
Global Reporting
Initiative
sustainability principles entered its final phase,
preparing the draft guide. In this final phase of the process,
Mediaset España has par ticipating by providing feedback
on the draft in order for it to reflect the industry’s reality
and needs.The guide is due to be published in 2012 and
will contain the audiovisual industry’s repor ting guidelines.
Participation in the Association of
Spanish Issuers
As par t of its commitment to improve corporate
governance, in 2012 Mediaset España joined the
Association of Spanish Issuers, which represents more
than 50% of the stock market and 60% of the Ibex 35.
The purpose of the Association is to:
• Foment measures to tighten legal security in all matters
related to the issuance of listed securities.
• Par ticipate in the development of an improved legal
framework at the Spanish and European levels.
• Contribute towards the development of high corporate
governance standards.
• Promote communication between companies and
their shareholders.
• Maintain a dialogue and cooperate with the
Administration, par ticularly with the National Securities
Market Commission (CNMV).
Corporate governance
Mediaset España is aware of its responsibility and position
in the Spanish audiovisual market and, in general, in the
provision of information society services. Responsible
leadership in its business activity is a priority for the
Group, through ethical and responsible conduct towards
society and the environment.
Mediaset España remains committed to aligning its
corporate governance regulations and management
with the good practices stipulated in the Unified Code
of Good Governance and with the latest regulatory
changes. This is demonstrated by the company’s position
among the leading IBEX 35 companies in terms of
corporate governance, according to the Corporate
Social Responsibility Observatory’s 8th Study. The
substantial changes made in previous years and the new
steps under taken in 2011 have ensured that corporate
governance continues to improve in a continuous process.
During 2011 Mediaset España’s governance rules were
entirely revised in order to bring them into line with
the latest legislative changes and evaluate them from
a good governance perspective before making any
improvements. The outcome is a proposal to amend a
large number of ar ticles in the Ar ticles of Association,
General Shareholders’ Meeting Regulations, Board of
Directors Regulations, Audit and Compliance Committee
Regulations and Appointments and Remuneration
Committee Regulations, which will be submitted for
approval to the Annual General Meeting and the
competent governing bodies during 2012.
The proposed amendments include the extension of
the General Meeting’s remit to encompass the approval
of the Repor t on the Directors’ Remuneration Policy,
meaning that the senior management remuneration
policy will be approved by both the Board of Directors,
subject to a favourable repor t from the Appointments
and Remuneration Committee, and by the governing
body that represents all the company’s shareholders.
In the interests of information transparency, the compa-
ny’s Repor t on Remuneration Policy for 2011 has been
audited for the first time by an independent exper t, Price-
waterhouseCoopers. The repor t contains breakdown
and details of Board directors’ remuneration, including a