Spanish Firms Contributed More Than 250 M€ Abroad And Benefited 38 M People

Caixabank, Telefónica, El Corte Inglés or Iberdrola, the Spanish firms best prepared to confront 2019

According to a study carried out by the PwC Foundation and the CEOE Foundation amongst 64 companies, Spanish firms have raised more than 250 M€ abroad, which has benefited 38 million people. The study also shows that Spanish companies tend to concentrate their social action in certain geographies: 51% of the projects analyzed are present in Latin America, which is the region most covered, followed by sub-Saharan Africa, which accounts for 23% of the projects.

With regard to the Sustainable Development Goals (SDGs), the report has shown that, following the impact of the pandemic, the need for annual investment to meet the SDGs has grown globally to 6.4 trillion dollars, 7.4% of global Gross Domestic Product (GDP), with an estimated annual deficit of 3.7 trillion per year (3.52 billion euros), 30% higher than pre-pandemic figures.

We can see how two SDGs receive special attention: SDG 3, on health and well-being, with 30% of the projects having a direct impact, and SDG 4, on quality education, which occupies 24% of the projects analyzed, considered key due to its multiplying effect in the medium to long term on the rest of the SDGs.

Likewise, Spanish companies have developed different strategies with respect to their social action abroad. With regard to their levels of involvement in the initiatives, 55% of the 178 projects and initiatives under study are through intermediaries and 34% are the direct initiative of the company.

With regard to the subject matter of the social action and its alignment (or not) with the differential capabilities of the company, it can be seen that 66% are independent of the main activity of the companies that promote them; 24% involve the main business; and 10% are leveraged in intermediary activities of the value chain, but for purposes outside the main activity.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.