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March

In 2009 Abengoa consolidates its commitment to transparency and rigor in company management and information preparation and reporting

March 15, 2010

  • Abengoa is the first listed company to obtain an independent verification report with reasonable assurance regarding the Corporate Governance Report, the CSR Report, and the Greenhouse Gas Emissions Inventory.
  • Abengoa is the first Spanish company, and possibly the first in Europe, to externally audit its Risk Management System design in accordance with the new ISO 31000 standards.
  • Abengoa is the only European company to have voluntarily implemented the requirements stipulated under the Sarbanes – Oxley (SOX) Act. The company also voluntarily submits its system of internal control over financial information reliability to external auditing in accordance with the PCAOB standards, the set of rules applied to companies listed on U.S. stock exchanges.

Madrid, March 15th, 2010.- Abengoa is a technology company that applies innovative solutions for sustainable development in the infrastructure, environmental and energy sectors, bringing long-term value to its stakeholders through a management model characterized by encouragement of entrepreneurship, social responsibility, transparency, and rigor.

In 2009, Abengoa consolidated the company’s market position as a point of reference in matters of transparency and rigor in management and in the reliability of the information prepared by the company. In fact, Abengoa has become the first listed company to obtain an independent verification report with the highest possible level of assurance and scope on the Corporate Governance Report, the Greenhouse Gas Emissions Inventory, and the CSR Report, which covers 112 GRI indicators.

These measures support the objective the company established several years ago to include external verification of all information disclosed in its Annual Report. This began in 2007, coinciding with the first external verification conducted on the CSR Report, followed in 2008 by the Greenhouse Gas Emission Inventory. However, Abengoa sought to go beyond the verification report of limited assurance in line with the ISAE 3000 1 standards, and has worked since then towards obtaining a verification report of reasonable assurance, the most demanding level to which the company may aspire.

Therefore, the company has also externally audited its Risk Management System design in accordance with the new ISO 31000 standards (published in December), to become the first Spanish company, and possibly the first in Europe, to do so.

In addition, in 2009 the company submitted its Greenhouse Gas Emissions Inventory to reasonable assurance verification. This inventory includes both direct and indirect emissions generated by the chain of suppliers of goods and services (Scope 1, 2 and 3 emissions in GHG Protocol terminology).

Verification of all of the company’s reports is important to Abengoa in lending credibility, rigor and transparency to company activity, and in turning its reports into key tools for gaining knowledge of management systems and policies.

Likewise, the application of good governance practices constitutes another fundamental underpinning of Abengoa’s strategy, enabling the company to increase informational transparency, generate added value, and improve communication with its stakeholders, minimizing risks and maximizing benefits.

Abengoa has thus anticipated the recommendations regarding internal control of the reliability of financial information recently published by the CNMV and currently at the stage of public disclosure.

Abengoa has also become the first European company to voluntarily implement the requirements set forth under Sections 302 and 404 of the Sarbanes-Oxley (SOX) Act, of mandatory compliance for all companies listed on the U.S. stock markets. The purpose of the SOX Act is to guarantee the trustworthiness of the financial information prepared by these companies and to protect the interests of shareholders and investors by establishing an appropriate internal control system.

Since 2007, Abengoa has submitted its internal control system to verification by external auditors, who issue their opinion under the Public Company Accounting Oversight Board (PCAOB) standards, a set of norms which applies to companies listed in the United States, and which sets Abengoa apart from other European companies which are likewise not listed on the U.S. stock market.

Abengoa’s five business units presently adhere to this standard, and also submit their internal control system to this type of external auditing.

In a group made up of more than 600 companies operating in 77 countries and which doubles in size every four years, SOX implementation has helped Abengoa to reinforce its internal control system and grow steadily and securely in line with the strategy of diversification pursued by the company.

Abengoa: commitment to transparency and good governance.

  • First listed company to obtain an independent verification report with reasonable assurance, the highest possible level of assurance and scope, regarding its Report on Corporate Governance.
  • First company in Spain to obtain an independent verification report with reasonable assurance, the highest level of assurance, on the CSR Report for all GRI Indicators reflected in the report (112).
  • First Spanish company, and possibly the first in Europe, to externally audit its Risk Management System design in accordance with the new ISO 31000 standards published in December.
  • Pioneers in submitting the company’s Greenhouse Gas Emission Report, the only one in Spain, to reasonable assurance verification. This inventory includes both direct and indirect emissions (Scope 1, 2 and 3 emissions).
  • The only European company to voluntarily undertake Sarbanes-Oxley (SOX) Act implementation, engaging in external auditing in accordance with the most stringent standards applied to companies listed on the U.S. stock markets.

1: The ISAE 3000 Standard, Assurance Engagements Other than Audits or Reviews of Historical Financial Information (referred to hereafter as ISAE3000), issued by the International Auditing and Assurance Standard Board (IAASB) of the International Federation of Accountants (IFAC).

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