Acerinox, leader in the manufacture of stainless steel and high performance alloys, has received the ‘T for Transparency’ seal in its three-star category awarded by the Haz Foundation.

This is a distinction granted by the institution after evaluating twelve indicators on responsible taxation such as cooperation with the Tax Administration, the involvement of the Board of Directors in promoting and overseeing good tax practices, the transparent disclosure of taxes paid and accrued in different countries, the non-use of tax havens, and information related to any ongoing legal disputes regarding tax matters with the Administration, among other factors. This award certifies a 92% compliance of these indicators by the Acerinox Group, a score higher than the average of IBEX 35 companies, which stands at 76% compliance.

In the Report on the transparency of the tax responsibility of IBEX 35 companies 2023, published this Tuesday, the Haz Foundation has highlighted as a good practice the previous bilateral valuation agreement, which Acerinox Group has, between the tax authorities of Spain and Germany signed in 2017 and now in the process of renewal, as well as the collaboration with the tax authorities in the resolution of various amicable procedures.

On the other hand, Acerinox has been an active participant in various cooperative procedures, including its participation in the ICAP programme, urged by the OECD, which began in mid-2019 and concluded in March 2022 when letters were obtained from the various participating tax administrations that categorised the transactions examined as generally low tax risk.

Esther Camós, CFO of the Acerinox Group explained that “transparency, now integrated throughout the organisation, has been progressively implemented as the best method for tax management. Transparency is not only a question of resources but also of a strong will to facilitate access to information.”

Compared to last year, the Group has improved in indicators such as presence in tax havens, existing litigation or the breakdown of information in the audit report, among others, complying with eleven of the twelve indicators evaluated.

About the Haz Foundation

The Haz Foundation (formerly Compromiso y Transparencia) was established in 2007 by a group of professionals from the world of business, academia and the non-profit sector with the aim of strengthening society’s trust in institutions and companies by promoting transparency, good governance and social commitment. Website www.hazfundacion.org