New True & Fair Project Guide Available for Company Directors in Spain

Helping Spanish companies meet the ‘imagen fiel’ requirement by reflecting sustainability in financial statements 

As host of the True & Fair Project, SVI is pleased to launch a new resource for company directors in Spain who have concluded that sustainability issues are relevant to ensuring their financial statements present a true and fair view (known as ‘imagen fiel’ in Spanish). 

The new publication - developed with legal experts at Insight4 in Madrid - sets out how directors can approach sustainability-related information as part of fulfilling their legal duties under existing Spanish company law.  

It offers practical guidance for directors who are ready to take action, and explores how existing legal and accounting frameworks in Spain can support the recognition of material impacts that are typically left out of traditional financial accounts. 

This is the first in a series of regionally-tailored guides being developed under the True & Fair Project to help company directors understand their legal duties in the context of sustainability. In Spain, SVI is working with EsImpact, its regional network, to raise awareness of the implications of the imagen fiel requirement and promote leadership in transparent, accountable reporting. 

Charles Castro, President of EsImpact, says: 
“Spain’s legal framework already requires directors to present an imagen fiel - a true and fair view - of a company’s financial position. This guide helps clarify what that means in the context of today’s sustainability challenges. It offers a practical tool for directors who want to take responsibility for their organisation’s impacts and ensure that critical information is no longer left off the balance sheet.” 

SVI welcomes collaboration from: 

• Companies exploring how the true and fair requirement applies in the context of sustainability issues  

• Investors exploring how the requirement can strengthen decision-making and reduce exposure to systemic risks 

• The accountancy profession to share insights and engage their networks.  

If you would like to learn how to engage with the Project, you can contact the team here.