On May 6, we attended the presentation of the new framework of 100 Corporate Social Responsibility (CSR) measures promoted by the Ministry of Labor and Social Economy. Beyond breaking down this package of short-, medium-, and long-term regulations, the event served as an excellent barometer for gauging where the Spanish ecosystem stands in the face of the imminent challenges of sustainability and social impact.
If one thing became clear during the event, it is the need to dispel a common misconception: greater regulation does not equate to lower competitiveness. On the contrary, the shift toward impact models is the foundation of future competitiveness.
Below is a breakdown the most relevant discussions from the event and their implications for the impact investment sector.
1. The Urgency of the CSDDD and Due Diligence
One of the central themes of the event was the imminent transposition of the Corporate Sustainability Due Diligence Directive (CSDDD). The debate focused on the need to balance regulatory requirements with practical feasibility.
The goal is clear: to ensure redress for victims of corporate malpractice without falling into paralyzing bureaucracy. The approach should not be one of mere imposition, but rather of supporting companies through this transition.
2. The Voice of Civil Society: Light and Shadow in the Value Chain
The roundtable with civil society organizations provided the most critical yet grounded perspective on current challenges:
- The Risk of Greenwashing: Greenpeace warned about “greenwashing” practices in sectors such as biofuels, highlighting indirect impacts such as deforestation and land gentrification. In addition, the focus was placed on the role of the financial sector, demonstrating how the financing of certain operations underscores the urgency of strict due diligence legislation.
- Human Rights and Conflict: Amnesty International and Action Aid emphasized that due diligence must also apply in conflict zones, addressing international infrastructure and operations. Action Aid underscored the importance of applying a gender lens to conflicts, preventing child exploitation and sweatshops in the supply chain.
- Success Stories: Oxfam offered a note of optimism, highlighting that the transition is possible. They presented the case of companies in the food sector that, since 2020, have implemented four-year roadmaps to assess their impact, identify non-financial risks, and integrate contractual clauses and transparency mechanisms. An inspiring example is the four pilot projects in Huelva, where various companies in the agricultural sector are “voluntarily moving from talk to action.”
3. The Crucial Role of Social Dialogue
Sustainability cannot be fully understood without the involvement of the social partners. Labor unions and employer organizations have mapped out a roadmap for implementing these measures within the real business sector:
Participation and Benefits: Representing the unions (CCOO and UGT), Raquel Boto and Andrés Herrero emphasized that Socially Responsible Investment must go hand in hand with worker participation and an equitable distribution of profits. They noted that there are already nearly 128 collective bargaining agreements that incorporate CSR measures, and called for regulatory simplification and the reactivation of the CERSE (State Council for Corporate Social Responsibility).
The challenge for SMEs: Business representatives (CEOE and CEPYME), through Carmen Aparicio and Francisco Vidal, focused on the reality of small and medium-sized enterprises. With limited capacity and time, SMEs need feasible measures, constant support, and adaptable voluntary standards. Sustainability must be understood as a strategy for differentiation and innovation, not as a bureaucratic obstacle.
Final Reflection on Impact Investing
As Amparo Merino aptly concluded during the conference: “Those furthest removed from decision-making are the ones who suffer the consequences.”
For the SpainNab community and all stakeholders in the impact economy, this event sends a key message. The information and regulations are out in the open, but the real challenge lies in implementation. There is a genuine willingness within the corporate sector: many companies are already eager to take action, and many others are already doing so effectively.
Our role as actors in the impact ecosystem is precisely to build that bridge: to facilitate the flow of capital to companies, especially SMEs, providing not only financing but also the necessary guidance to transform regulatory compliance into real, measurable social and environmental impact.
