Company Profiles

Acciona

Spain

Acciona is a diversified Spanish company, primarily involved in construction, transportation, and power generation. The company's President, Jose Manuel Entrecanales, notes "sustainable development and social well-being are . . . key features of [Acciona's] business strategy." The company's tagline is "Pioneers in development and sustainability." Acciona's sustainability focus is demonstrated by its positive activities in renewable energy, environmental services, waste treatment, and sea transport. Through its construction and infrastructure subsidiary, Acciona works to educate clients and promote environmental benefits. The company reports that it proposed environmental improvements on 68% of its projects, and implemented improvements in 49% of its projects. Construction projects range from high-speed railways to schools and power facilities. Acciona has plans to further integrate sustainability by addressing material life cycles; conservation of energy, water and materials; and gradual inclusion of renewable energy sources. Acciona's logistics division is working to attract freight transportation to seaways to reduce congestion and environmental impact on land routes. Acciona's energy division is one of the world's largest developers of wind power, and is involved in micro hydro, biofuels, solar, and co-generation. Portfolio 21 is encouraging Acciona to develop company-wide data reporting as it lacks comprehensive environmental metrics. Additionally, we would like to see an improvement in the depth of the company's discussion on how sustainability issues are incorporated into its construction activities.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 5/31/07 and may not reflect current opinions or subsequent events.