Inditex, rewarded for its great business management during the coronavirus pandemic
In the third edition of the Manuel Olivencia Prize, aspects related to good governance in the crisis caused by the pandemic were highlighted, while continuing to follow other corporate governance practices aimed at promoting adequate, transparent and sustainable business
BY RRHHDigital, 16:15 – 21 January 2021
The Cuatrecasas Foundation has decided to award the Manuel Olivencia Prize for Good Corporate Governance to distinguish the best governance practices of companies listed in Spain to Inditex, one of the largest fashion distribution groups in the world. The awards ceremony will take place on Thursday, February 18, streaming from the Madrid Stock Exchange Palace.
Good governance award in the COVID-19 crisis, among other practices
In the third edition of the Manuel Olivencia Prize, aspects related to good governance in the crisis caused by the COVID-19 pandemic were highlighted, while continuing to monitor other corporate governance practices aimed at promoting good management . , transparent and sustainable business.
For the award of the Prize, the jury took into account, among others:
The level and quality of the transparency of Inditex information over the past few months. The timely adaptation of the general meeting regime to exceptional circumstances, broadly facilitating the participation and exercise of other shareholders’ voting rights. Adjustment of the remuneration of directors and shareholders. Pay attention to the needs of your employees.
All this accompanied by the development of an ambitious corporate social responsibility policy. The company also maintains an adequate corporate governance structure, which highlights the level of independence and diversity on the board and the separation of the positions of president and chief executive officer.
The prize awarded by the Cuatrecasas Foundation honors the memory of Manuel Olivencia, humanist, professor of commercial law at the University of Seville, vice-president of Cuatrecasas and president of the commission that drew up the first Spanish code of good government in 1998, known as the Olivencia Code.
Inditex, a hybrid and sustainable business model
Inditex is one of the largest fashion distribution groups in the world. It has 7,469 stores in 96 markets and sells in 202 markets, 66 of which have its own platform. It has 8 commercial formats: Zara, Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqe. The Group also brings together companies linked to the various activities that make up the textile design, manufacture and distribution activity.
Its sustainable and integrated business model for stores and online, based on innovation and flexibility, and its way of approaching fashion – creativity and quality design, as well as an adapted response to market demands – have allowed international expansion and excellent reception of its various commercial concepts, both in-store and online.
The first Zara store opened to the public in 1975 in A Corua, where the Group started its activity and where its head office is located. Today, the stores of the Inditex group are located in hundreds of cities on five continents, mainly in the most important commercial arteries.