Good governance and ethics

Cellnex performs its activity under effective and transparent corporate governance,promotes ethical behaviour, best practices and fosters a culture of compliance. 

In this connection, the company is working to implement and consolidate the best corporate governance practices, covered essentially in the Code of Good Governance for Listed Companies approved by the Spanish National Securities Market Commission in 2015.

Ethics and best practices

Cellnex’s Code of Ethics is the fundamental standard setting the general mandatory guidelines for all persons and stakeholders of the Group covered by it.

The objectives of the Code of Ethics are:

  • To establish general guidelines for action and behaviour.
  • To define an enforceable ethical reference framework for work and professional conduct for everyone it covers.
  • To create reference standards of conduct for stakeholders in contact with any of the companies in the Cellnex Group.

The Cellnex Group Code of Ethics has created an information channel, called the Ethical Channel, available to all the company’s stakeholders, which allows for confidential reporting on any breaches of the Code of Ethics of any applicable regulations, and for consultations, comments or requests for information concerning this matter.

Transparency and reporting

Cellnex makes great efforts to ensure transparency, participating in various sustainability indexes of which it is part:

Carbon Disclosure Project (CDP)

Cellnex takes part in the Carbon Disclosure Project (CDP), one of the most highly recognised organisations for its work on climate change, which seeks to assess the quality of – and systems for reporting – the information provided by private companies or by the public sector in the sustainability and environment area.

Furthermore, Cellnex has signed up to the CDP Supply Chain programme, which aims to better understand how suppliers are addressing climate change and working to reduce their greenhouse gas emissions.

United Nations Global Compact

In November 2015 Cellnex Telecom joined the United Nations Global Compact as an expression of its commitment to including the corporate social responsibility concept into its operational strategy and organisational culture. Each year, the company publishes its COP (Communication of Progress) on the official Global Compact website.

Cellnex – COP Global Compact


Cellnex is part of the FTSE4Good sustainability index, which recognises the good practices of listed companies in the environmental, social and corporate governance fields.

Standard Ethics

Cellnex has taken part in the Standard Ethics sustainability index since 2017 and this year was rated “EE-“, as it was in 2017, equivalent to an adequate level for good compliance in governance, sustainability and social responsibility.


Cellnex is evaluated by Sustainalytics, an environmental, social and corporate governance (ESG) research and rating company for investors worldwide.

Cellnex’s better rating on this index contributed to the company being able to renew a € 500 million ‘green’ loan that matures in 2023.

Dow Jones Sustainability Index

Each year Cellnex participates in the DJSI index as a guest company, obtaining good results and ranking above the industry average in the three areas evaluated: economic, environmental and social.

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