Integrated Report Sustainability 2022
Integrated Report Sustainability 2022

Américo Vespucio Oriente. Santiago de Chile. Chile

that cover this chapter



Governing bodies

1. Annual general meeting

The Annual General Meeting is the highest decision-making body in which all the company's shareholders, duly convened, meet to decide on the matters in their sphere of competence.

2. Board of Directors

The Board of Directors promotes the corporate interest, managing and representing the Company, and is Sacyr’s most senior decision-making body except in those matters reserved for the Annual General Meeting


The Board of Directors has three delegate Committees (the Sustainability and Corporate Governance Committee, the Audit Committee and the Appointments and Remuneration Committee) on which only external directors serve.


The day-to-day management of Sacyr is delegated to the executive bodies and to the management team, which is supervised by the Board of Directors: a) at the corporate level, under the chief executive officer of Sacyr, S.A. with the assistance of the Management Committee; and, b) at each division, by the chief executives of the various business units who, along with the managing directors, form the Management Committee.

3. Corporate governance system

At Sacyr we have developed a Corporate Governance System which is continuously updated, and which is projected on the Company and its Group. The result is systematic regulatory assurance of the best fulfillment of the social contract, the corporate purpose, and the corporate interest, rigorously complying not only with all legal corporate governance obligations, but also following all good governance practices and recommendations, both national and international.

Improving our ESG performance is an objective of the highest governing body that impacts all of Sacyr's businesses

4. Remuneration and incentives

The individual breakdown of the amounts received by the directors in their capacity as such in 2022 are shown in the Annual Remuneration Report, available on our website and on the CNMV website.



National Innovation Award

Sacyr was awarded the 2022 National Innovation and Design Prize in the Large Company category. The Ministry of Science and Innovation recognized our business model based on innovation and a new approach to rolling out infrastructures and services.

This award lauds Sacyr for tackling the medium- and long-term ecological transition and the new opportunities offered by open innovation and public-private partnerships.

At Sacyr, we see innovation as the driver of change and an instrument for adapting to changing times, being more efficient, making better decisions, distinguishing ourselves and building new business models. We innovate to be more competitive. We are transforming because we believe in a better and more sustainable planet.

1. Our innovation strategy

  • Strategic innovation with a focus on overcoming challenges and identifying opportunities at Group level.
  • Securing the engagement and commitment of senior management in achieving the innovation objectives set by the company.
  • Exploring and anticipating future challenges and opportunities, including evaluating potential long-term scenarios and pinpointing areas of opportunity.
  • Developing initiatives and projects that generate an impact on the business and can be scaled beyond the geography or business where they start.
  • Steadily increasing the level of disruptive innovation being developed.
  • Implementing mechanisms for the fast and effective development of innovation throughout the organization, paving the way for its impact on different business units.
  • Recruiting top innovative talent and helping employees develop by regularly encouraging and challenging their ability to innovate.
  • Introducing a global R&D+I management system to make processes more uniform and enhance the impact of the innovation achieved.

2. Sacyr iChallenges

This is one of the pillars of our innovation and transformation strategy, in which we are committed to collaboration with the innovative ecosystem, seeking entities that provide us with solutions to respond to current challenges and build a sustainable future for Sacyr.

This program held its 5th edition in 2022, in which the challenges posed had a sustainable focus: sustainable urban mobility, maximizing the use of renewable energies, harnessing new material flows in waste treatment and reducing the carbon footprint in construction. A total of 276 proposals were received from more than 22 countries.

Our most innovative projects at the service of sustainability


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AWARENESS AND TRAINING Sacyr iFridays: Inspirational sessions in which companies from different sectors share with all Sacyr employees how they apply innovation and sustainability to their activities. 546 views on average per iFriday session in 2022 +4,000 views in 2022
NATURAL INNOVATORS Recognition of internal innovation talent and sustainability . 6 participant countries 52 award winners +70 proposals
INNOVATION PODCAST Small audio pills to disseminate knowledge on innovation and sustainability quickly, simply and dynamically. 453 likes 10 innovation podcasts streamed 10,372 plays
ZOOM SCREENS Weekly publications screened at each of our sites on the company's innovation and sustainability news. +190 news items posted in 2022
Investment in Innovation €13.3 million Projects in development 45 Number of projects launched in 2022 15 Group companies certified to UNE 1660002:2021 standard 10 Number of innovation training hours + 13,000 OUR INNOVATION IN FIGURES Sustainability- focused investment 6.6 million Revenue by new business model €4.8 million Number of employees in Innovation 35 Employees involved in innovation initiatives 346 Percentage of net profit invested in Innovation 12%


Risk management

Integrated Risk Management System (IRMS)

At Sacyr, we have an Integrated Risk Management System (IRMS), based on internal risk control and management standards issued by COSO ERM (Committee of Sponsoring Organizations of the Treadway Commission) and ISO 31000 (International Organization for Standardization), to facilitate key business decision-making, within a common risk culture, through a systemic and structured analysis of the risks inherent to our business.


The risk control and management process through the Integrated Risk Management System (IRMS) is structured over six stages:


Planning: taking the company's strategy and objectives as a reference, at this stage the required management tools are activated and the parties responsible and risk owners involved in taking key business decisions are designated.
Identification: activities are carried out to identify in advance the different critical risks associated with each key decision, considering both the risks associated with the strategic plan and the potential critical risks and opportunities that may affect the attainment of the objectives envisaged.



Assessment: performance of activities enabling the critical risks previously identified to be assessed, filtered and prioritized, in accordance with scales of impact, tolerance thresholds and the other common support metrics defined to establish the materiality of these risks.
Treatment: the purpose of the activities carried out during this stage is to define the response strategy for each specific risk (accept, avoid, mitigate or transfer), and to implement the adequate response or action plans (Mitigation and/or Contingency Plans), in line with the exposure and tolerance established in this regard.



Monitoring: this stage gauges the performance of pre-existing risks and new risks, assessing the effectiveness of the response plans, recalibrating tolerance and risk assessment scales and activating contingency plans if maximum tolerance thresholds are exceeded.
Control: this stage includes internal control and assurance activities carried out by the Risk Management and Control Department, and the uptake of lessons learned for the continuous improvement of the IRMS, the Risk Control and Management Policy and other internal rules and regulations.


Risk management is an integral component of good business management and governance


Regulatory compliance


1. Code of conduct

Our activity is governed at all times by the values, principles and guidelines established in the Code of Conduct. This Code establishes our commitment to the ethical values and principles that must guide our conduct and the conduct of our related third parties.

2. Whistleblowing channel (advice and complaint line)

The Advice and Complaint Line ( is the channel set up by Sacyr for members of the company and third parties (customers, users of our services, shareholders, suppliers, partners and any other stakeholders) to securely, confidentially and anonymously, report any potential breach of the Code of Conduct and, in general, of our Regulatory Compliance Model for Criminal Prevention and Fair Competition, as well as any other applicable internal or external regulation, such as those concerning corruption, antitrust and fair competition, fraud or criminal actions, that may be detected.

As evidence of our commitment to preventing and responding to possible sexual, workplace or gender harassment at our work centers, Sacyr also has an Anti-Harassment Line ( catering specifically for complaints of this kind.

3. Regulatory compliance model for criminal prevention and fair competition

The Audit Committee, which is supported by the Regulatory Compliance Unit for its operational management, is responsible for the proper functioning of our Regulatory Compliance Model.

In 2022, the activities carried out by the Regulatory Compliance Unit's have been structured around the following action levers:

  • In 2022, knowledge of and compliance with the provisions of the Code of Conduct and its implementing policies was included as a performance indicator in the evaluation of employee performance targets.
  • Likewise, the topics of the training and communication activities carried out have been expanded, with 7 newsletters having been sent out concerning compliance matters, as well as other communications on new developments in the internal regulations of the Model.
  • In total, each communication was sent to an average of 5,290 employees.
  • During 2022, the criminal risk and control matrices were fully reviewed and updated at the corporate level and in the main geographies where we operate
  • We have internal due diligence procedures for our suppliers, partners and clients in order to avoid behaviors contrary to the standards established in the Code of Conduct, including behaviors related to corruption.
  • In 2022, we analyzed 4,730 third parties. Our Code of Conduct and its implementing policies are mandatory for third parties with whom we have dealings and are conveniently conveyed and communicated by including compliance clauses in our agreements with them.

4. Crime prevention measures

The Policy Regarding Regulatory Compliance for Criminal Prevention sets down Sacyr’s commitment to comply with current legislation, in particular criminal law, building a strong corporate culture of regulatory compliance and criminal prevention at the Group

In 2022, 4,135 attendees 7,162 hours were trained in connection with legal liability and integrity.

5. Anti-corruption and anti-bribery measures

Our Anti-corruption and Relationship with Public Servants and Authorities Policy provide a detailed view of the control measures implemented to comply with the prohibitions included in the Code of Conduct to prevent corruption.

In 2022, 3,322 employees (3,322 hours) received anti-corruption training. Likewise, 100% of Sacyr’s key personnel renewed their express adherence to Sacyr’s internal anti-corruption regulations.

6. Antitrust and fair competition measures

To upholding competition regulations, a Policy regarding Regulatory Compliance for Antitrust and Fair Competition is in place, effectively developing one of the market behavior standards enshrined in our Code of Conduct: the guideline concerning fair competition and antitrust.

In 2022, 100% of Sacyr's key personnel have renewed their express adherence to the Policy regarding Regulatory Compliance in connection with Fair Competition and the commitments undertaken therein.

7. Anti-money-laundering measures

Sacyr also has specific policies and procedures in place to prevent this risk. The main measures in place are:

  • Designation of a specific Internal Control Body responsible for supervising and enforcing measures to prevent breaches of these regulations.
  • Information and dissemination of the Internal Protocol in which the policy and procedures are developed.
  • Existence of a system of software alerts to detect possible risky transactions.
  • Specific training in this area for employees and external collaborators.
  • Existence of a dedicated Advice and Complaint Line for this area (
  • Audits by independent external experts.
  • Third-party due-diligence processes.
  • Annual risk self-assessment analyses.


We aim to minimize the risks associated with the processing of personal data and to guarantee the protection of the related rights both of our employees and of third parties with whom we have dealings in the course of our business. Accordingly, we have rolled out the following measures:

  • Personal Data Protection Policy
  • Data Protection Officer (DPO)
  • Security and Privacy Committee to address data security and privacy from an integrated, and joint perspective.
  • Training sessions that are mandatory for all employees.
  • A specific channel for data subjects to send their queries and/or complaints regarding data protection.


Sacyr's Human Rights Policy is aimed at defining the principles and mechanisms governing actions in this area and guaranteeing that any conduct not in keeping with this Policy is banished from our activities and operations.

Protection of migrant workers 4 Child labor is not used 5 Living wages are paid 6 Freedom of association and the right to collective bargaining are respected 1 Human rights Employment is freely chosen 2 Non-discrimination at work 3 Specialized training 10 Employment relationship 11 Working hours are not excessive 7 Workers' health and safety 8 Workers' welfare 9 All the workers are entitled to set up and join trade unions if they so choose. There is no forced or involuntary labor, including bonded labor. Derechos humanos All workers are entitled to equal opportunities and treatment without consideration of their ethnic origin, religion, political views, nationality or social origin (ILO Conventions 100 and 111). Migrant and expatriate workers enjoy the protection and conditions established by the existing national legislation. Agencies that send workers to other countries will be required to repatriate these workers when their employment terminates. We will respect children's rights and child labor will not be used. Only workers above the age of 15 years, or over the age of completion of compulsory schooling, if higher, may be employed (ILO Convention 138). Respetaremos los Derechos del Niño y no se utilizará trabajo infantil. Solo podrán emplearse trabajadores/as con más de 15 años, o que tengan una edad más elevada que la establecida para la enseñanza obligatoria, si esta fuera mayor (Convenio OIT 138). Workers will be paid wages and benefits that must conform, at least, with the conditions of the national legislation or the collective bargain applicable to the sector or industry in question. Working hours must be established in accordance with national legislation and national agreements. All workers will receive at least one day-off per week or its equivalent in the case of an irregular working schedule, always as permitted by the prevailing legislation of each country. A safe and healthy working environment will be provided. At every work place the company will privode adequate facilities for the work to be carried out. Sacyr undertakes to provide the means to contribute to its employees’ learning and training and to update their knowledge and skills. Sacyr will respect the obligations towards all the workers established by the labor and social security laws and regulations, safeguarding workers’ right to receive a minimum wage and promoting equal pay for equal work.


Supply chain

At Sacyr, we see supply chain management as part of a business model that seeks the progress and growth of the entire value chain.

1. Sacyr's Responsible Supply Chain Management Model

Our commitment to supply chain management is expressed at the Supply Chain Management Policy, updated in 2022, which sets out the processes for managing the risks associated with the procurement, acquisition and sourcing of supplies and services.

In 2020, we reinforced our responsible supply chain management by transferring Sacyr’s sustainability model to our suppliers, including ESG clauses in allcontracts which they must agree to be bound by. In 2022, we included an additional clause underpinning responsible and sustainable conduct in the value chain.

Thus, we encourage our suppliers to take measures based on:

Adoption of the UN Global Compact Principles

Obtaining certifications in Ethical and Socially
Responsible Management and Environmental Management


Forced labor

Refrain from using forced or coerced labor.

Child labor

Refrain from using child labor or incorporating into its business activity any product or service derived from child labor in any of the countries in which it operates.


Implement the necessary measures to combat slavery and people trafficking. Sacyr’s Modern Slavery Statement (UK & AUS), sets out the steps we have taken to ensure that slavery and human trafficking do not take place in our supply chain.

Local communities

We avoid complicity in land rights infringements.

Good health and well-being

Provide a safe, healthy and organized work environment to prevent accidents and injuries.

Workers’ conditions

  • Prevent infringements of the basic rights of outsourced employees.
  • Respect our suppliers’ right to freedom of association and collective bargaining.
  • Support the right to a living wage. Support the right to a minimum or living wage and monitor compliance with local minimum wage laws.
  • Promote the reduction of excessive working hours.
  • Respect the rights of all workers, especially migrants in especially vulnerable situations.
  • Establish contractual fair payment conditions and delivery lead times that allow our suppliers to comply with basic labor standards.

ESG risk analysis of our supply chain

In 2021 we began analyzing the ESG risks of our most significant suppliers, taking into account all of our projects.

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of our suppliers met our environmental and social requirements

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Sustainable Investment

The new era ushered in by the 2021-2025 Strategic Plan and the newly-defined sustainability scope, with much more ambitious goals, included exploring and developing sustainability-linked financial instruments as one of the major milestones.

In 2022, Sacyr continued to strengthen its commitment to this type of financing, achieving two fresh milestones with the issuance of the largest social bond linked to an infrastructure P3 project in Latin America (in the Rumichaca- Pasto project, Colombia) and the reinforcement of our capital structure through a syndicated loan linked to environmental and occupational safety commitments

€160 million Green financing (2021) Operation carried out through the Valoriza subsidiary in the amount of €160 million and involving four banks. This financing, structured in two tranches, each with a term of five years, involves a commitment to invest in projects that contribute directly to the achievement of objectives linked to the sustainable agenda and the fulfillment of green KPIs. Specifically, the reduction of CO2, emissions, the incorporation of electric vehicles to the fleet, safety training for employees and internal health and safety audits will be analyzed. I €209 million LatinFinance Award in the category of best local currency financing (2021) Social bond(2021) The first social bond issued in Latin America linked to an infrastructure project, worth US$209 million and maturing in 24 years, to refinance the Montes de María road project (Colombia). This issue is backed by the United States International Development Finance Corporation (DFC) and the social bond categorization is verified by a third party based on the criteria defined by the ICMA (International Capital Markets Association) "Social Bond Principles 2020". Among other factors assessed is the positive impact that the project will have on the communities located in its impact area as a result of the proceeds from the issuance. II €104 million Green securization fund (2021) III €262 million LatinFinance Award in the category of Infrastructure Financing of the Year for the Andes (2022) Social bond (2022) Issuance by Sacyr of its second social bond in Colombia and the largest in Latin America linked to an infrastructure project. Concesionaria Vial Unión del Sur, headed by Sacyr Concesiones and Sudinco, has successfully obtained long-term social financing for the 4G Rumichaca-Pasto project in Nariño, on the Colombia-Ecuador border, with a US$262 million social bond. The social bond was more than two-times oversubscribed. The issue was rated Baa3 and BB+ by rating agencies Moody's and Fitch, respectively. It matures in 19 years, i.e. in February 2041. Categorization as social bond and loan is subject to an evaluation and analysis process by an external auditor (Moody’s ESG Solutions), which verifies that the bond and loans are consistent with the basic Social Bond Principles 2021 of the International Capital Market Association (ICMA) and the Social Loan Principles 2021 of the Loan Syndications and Trading Association (LSTA). Among other factors assessed is the positive impact that the project has on the communities located in its impact area as a result of the proceeds from the issuance. . IV €355 million Syndicated loan (2022) Arrangement of a syndicated loan with 14 financial institutions to refinance €355 million in corporate debt. The refinancing is in two tranches, a €280 million, five- year loan and a €75 million, three-year liquidity facility, which may be extended for up to two additional years. In this operation, Sacyr undertakes sustainability and safety commitments based on the definition of targets for the reduction of CO2 and the accident rate, whose fulfillment or non-fulfillment entails a small price adjustment. V €104 million bond issue by the Sacyr Green Energy Management Securitization Fund, admitted to the fixed income market (MARF). The fund is comprised of the present and future economic rights derived from the operation and maintenance contracts of five cogeneration plants, two biomass plants and two industrial olive pomace oil extraction plants located in Andalusia, operated by the subsidiary Sacyr Industrial Operation and Maintenance (SIOM). These securitized bonds are aligned with ICMA's Green Bond Principles, as endorsed by G-Advisory, and have an A- rating from Axesor Risk Management.


Tax Transparency

The Board of Directors of Sacyr updated the Corporate Tax Policy in 2022, based on the general principles of legality, transparency and responsibility.

All Group companies comply with the applicable tax reporting and transparency rules in each country. Specifically, in Spain, Sacyr subscribed in 2011 to the Code of Best Tax Practices promoted by the Tax Authority. We are also a member of Asociación de Empresas, Constructoras y Concesionarias de Infraestructuras (SEOPAN), and equivalent sector organizations in the countries where the Group operates, fostering consultations with the authorities, adjustments to existing tax regulations and regulatory developments.

All Group companies comply with the applicable tax reporting and transparency rules in each country

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Holding company



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For every €100 of turnover, €11.15 are spent on taxes

Total Tax Contribution in 2022:
€653 million


Spain Chile Uruguay Peru Mexico Colombia Portugal Italy USA Paraguay United Kingdom Brazil Australia 0.7% 0.5% 56.2% 11.5% 10.5% 8.6% 2.6% 2.4% 2.0% 1.5% 1.3% 0.9% 0.9%

See chapter

Planet Ambition