Management of ESG aspects
in listed companies

How are large companies incorporating sustainability into governance? Do they have measurable and quantifiable social and environmental objectives? What is not measured cannot be improved or evaluated.  Do they have specific remuneration policies for ESG performance?

These are the big issues on which this report aims to shed light. To do so, we have analysed  the 35 IBEX companies and other 50 companies from different sectors listed on the stock market. 



Examinar la presencia en el Consejo de Administración de un órgano de gobierno transversal encargado de la sostenibilidad, con el propósito de entender su grado de integración en los mecanismos ya existentes para la toma de decisiones.


Conocer los compromisos adquiridos por las empresas tanto respecto al medioambiente como en el ámbito social
y verificar si dichos compromisos, se traducen a objetivos concretos y medibles.


Analizar si la empresa vincula la retribución variable de los directivos al desempeño ESG de la compañia y a los objetivos de sostenibilidad.

Download the full report here


Only 40% of the companies analysed communicate specific and measurable environmental objectives
This percentage drops to 13% in the case of quantifiable social objectives.
54% of the IBEX35 companies have a variable remuneration system linked to ESG performance
This variable salary is specially focused on to the achievement of environmental objectives.
The environmental factor is much more integrated into the companies compared to the social aspects
Even the IBEX35 companies are lagging behind and barely 29% of them make measurable and quantifiable social objectives visible.
The substantial progress made by the IBEX35 companies in terms of sustainability governance has not yet materialized in the rest of the listed companies
Only 32% of the companies listed on the Stock Exchange have a Committee responsible for sustainability matters, either exclusively dedicated or not.
68% of the IBEX35 companies had a Sustainability Commission in 2020
In 2018 only 20% of them had a Committee dedicated to Sustainability.
Although in most cases specific committees are set up, sometimes the supervision of ESG aspects is integrated into other existing Commitees, such as the Appointments and Remuneration Committee
In 14% of the IBEX35 companies, sustainability does not have a specific Commission.