Overview

• Acciona’s CEO José Manuel Entrecanales said the company was deeply pained by its mention in a Guardia Civil UCO report and the resulting reputational fallout
• The group has launched an internal investigation to determine whether employees bypassed or breached its integrity control policies
• A former construction employee was dismissed in 2021 for loss of trust after introducing an external firm into contracts and the head of Spain’s construction division was recently removed for potential oversight failures
• Acciona has initiated legal proceedings to terminate all existing agreements with Servinabar over non-compliance with its regulatory and conduct standards
• The implicated construction unit represents only about 3% of Acciona’s business and its share price has remained resilient