The main governing body of Cellnex Telecom, S.A. (referred to in this document as “Cellnex” or “the Cellnex group”) is its Board of Directors, which manages, administers and controls its business.
To perform these functions and in accordance with the provisions of the Spanish Corporate Enterprises Act, Cellnex’s Board of Directors has non-delegable powers to determine its tax strategy.
By drawing up this policy, Cellnex acknowledges the importance for the group of taking on board the practices of good corporate governance established by law and determines the key elements, principles and commitments of its tax strategy.
In line with the above, the aim of the tax strategy set out in this document is to establish the main guidelines on which the Cellnex group can base its decisions and actions regarding its tax affairs worldwide and in accordance with the laws applicable in the various countries and territories where it does business.
This tax strategy policy of the Cellnex group will apply to all companies controlled by Cellnex Telecom, S.A. regardless of where they are located and will apply to the group’s tax obligations regarding direct taxes on corporate earnings, indirect taxes and taxes on employment, capital and real estate income and any other tax obligations or obligations regarding the recording or declaration of such taxes.
The tax strategy policy is established and approved by Cellnex’s Board of Directors and is particularly relevant for the group’s different areas of business and organisational management as well as its tax department.
The Cellnex group will inform its staff, shareholders or any other interested persons of this tax strategy policy and any changes which may be made to the policy.
2. TAX STRATEGY
2.1. General overview
The Cellnex group’s tax strategy policy is established in line with the basic principle of regulatory compliance, i.e. compliance with the tax obligations which the group is required to meet in each of the countries and territories where it does business. For this purpose, the group fosters relationships with tax administrations based on the duties of transparency, good faith and loyalty and mutual trust.
In its goal to gain public interest and generate value for its shareholders, it is important that Cellnex always observes this basic principle of respecting and complying with tax regulations when making business decisions to avoid tax risks and inefficiencies.
The aim of this tax strategy policy is therefore to support Cellnex’s business strategy and, for this purpose, it is in line with its corporate mission of generating value for the group and its clients and shareholders by means of an innovatory, efficient and neutral management and quality telecommunications networking and infrastructure services provided by an enthusiastic and experienced team of collaborators.
2.2 Principles for handling tax affairs
In line with the basic principle stated above, Cellnex’s actions regarding its tax affairs have the following aims:
Cellnex’s Board of Directors is aware that its responsibilities include the following non-delegable powers, which make up and define the Cellnex group’s corporate tax governance framework:
The functions of the Audit and Monitoring Commission include the supervision of the effectiveness of the monitoring and management of tax risks.
3.2. Structure and organisation
Cellnex’s tax affairs will be handled in accordance with the following guidelines:
In addition, the Audit Commission will monitor the application of this policy and will regularly assess its effectiveness and adopt adequate measures to ensure that it operates appropriately, reporting to the Board of Directors accordingly.