Carbon Disclosure Project 2011 – Iberia Report 125


also leading in terms of the quality and completeness of their response with more than 85 points achieved on carbon disclosure. A total of 18 Spanish and Portuguese companies (38%) have achieved a disclosure score greater than 70 and fall within the A, A- or B performance band. Of these companies, 6 have a disclosure score of 85 and above and are in the performance band of A or A-. There is therefore an opportunity in the next few years for more companies that are leading in the quality and completeness of their disclosure to also improve in their performance, in other words there is a link between disclosure and performance.


Business strategy and Board oversight


Undoubtedly, the key for companies to become leaders in climate change management is the integration of this issue into business strategy.


According to responses to the CDP questionnaire, 96% (46) of the companies have taken this step by linking their climate change strategy with their overall business strategy. This is a higher percentage than in the Global 500 (90%) or Europe 300 (92%) sample. Similarly high is the percentage of companies with the highest level of responsibility for climate change at Board or senior management level in the company, which is the case for 90% (43) of the companies. While this fact underlines the importance given to climate change in major Spanish and Portuguese companies, only a comparatively low number of companies have adopted incentives and specific management systems. Only 56% (27) of the companies have economic incentives for achieving climate change related goals compared to 72% of companies in the Global 500 sample. Moreover, 13% (6) of the companies which responded that


22


Figure 8: Key indicators in the corporate governance of climate change


Climate change included in overall business strategy 46 96%


Responsibility for climate change at the Board level


Dialogue with governments to propose regulations on climate change


43 90%


Managing climate change risks integrated into a global risk management system 40 83%


34 71%


Monetary incentives for the management of climate change issues 27 56%


Figure 9: Companies that identify risks and opportunities associated with climate change


45 40 35 30 25 20 15 10 5 0


Risks Opportunities 41 42 35 32 30 30


6 5 Regulatory Physical Other No answer


% of companies


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