2021 Integrated Annual Report
Integrating for Growth

Strategic vision

The materiality diagnosis serves as a starting point for the preparation of the new ESG Plan 2021-2025


In 2020 Cellnex updated its materiality matrix based on an internal and external diagnosis carried out that year, which identified the issues of relevance to Cellnex and its stakeholders. The diagnosis was also used to update the Company's stakeholder map, and as a starting point for the drafting of the new ESG Plan 2021-2025.

For the internal diagnosis, a questionnaire was devised with eight aspects or topics, and within each one, 35 specific aspects and the focus of the analysis were defined. For each specific aspect, the importance and management by senior management and general managers in each country in which Cellnex operates was analysed. The public and internal documentation available at Cellnex relating to the management of the various business aspects related to environment, social and governance (ESG) issues was also analysed, such as the Strategic Sustainability Plan (2019-2023) and the Equity, Diversity and Inclusion Programme (2019-2022).

"At Cellnex UK we believe we must embed ESG in all we do. It’s the responsible way to do business, contributes to a sustainable economy, and establishes solid values to build a cohesive and fair society. I am proud to be part of a company with this at the core of its business." Claire Cranton,
Country Communication and Public Affairs Expert

For the external diagnosis, the demands of opinion leaders and trends in the media in the various predefined thematic areas were identified. In addition, an analysis was carried out to identify good practices in ESG issues in the telecommunications sector. For this purpose, eight companies similar to Cellnex were selected and their ESG initiatives were analyzed based on publicly available information on each company. It was also consulted public information on benchmark opinion leaders, including sectoral sustainability prescribers (DJSI, CDP, MSCI, Sustainalytics), reporting frameworks (IIRC, TCFD, GRI, SASB, SDGs) and national and international regulation (ILO, CNMV), among others.

For both the internal and external diagnosis, the various inputs considered for the analysis were weighted according to their relevance. This enabled Cellnex to identify significant and non-significant issues for the Company. These issues of relevance to Cellnex and its stakeholders are shown in the materiality matrix presented below, which identifies 16 specific material aspects of the 35 initial ones.

or both the internal and external diagnosis, the various inputs considered for the analysis were weighted according to their relevance. This enabled Cellnex to identify significant and non-significant issues for the Company. These issues of relevance to Cellnex and its stakeholders are shown in the materiality matrix presented below, which identifies 16 specific material aspects of the 35 initial ones.

The materiality analysis was carried out with a dual approach. One focused primarily on the impact of sustainability issues on the entity (a more financial approach, or “outside-in”). The second, considering a qualitative analysis of the important issues for Cellnex's stakeholders related to a greater impact of the business on the environment (impact approach, or "from the inside out").

By 2022 Cellnex plans to update its materiality matrix again to incorporate the inputs of the new business units that joined the Company in 2020 and 2021.

ESG Master Plan

Cellnex's commitment to ESG is a priority for the Group and a central and essential element of the corporate strategy. In 2020 the Company approved the ESG Master Plan 2021-2025, a framework for deploying the Group's ESG strategy in all the countries where is present.

This Master Plan is an example of how more time and resources are being dedicated to ensure that Cellnex operates responsibly in all aspects of the ESG concept. For example, the remuneration of senior management has been linked to the Company's performance on ESG issues in 2021. To this end, the Group's efforts in these areas have been evaluated and monitored based on a combination of the overall score obtained in a selection of ESG indexes in which Cellnex participates (e.g. Dow Jones Sustainability Index, Sustainalytics, MSCI and FTSE4Good).

By 2022, the Company will link the Management objectives to the ESG Master Plan, specifically related to the Science-Based Target (SBT) objectives and to diversity indicators. Additionally, 2022 will be the first year in which all Cellnex employees will have a percentage of their evaluation by objectives (MBO) linked to ESG objectives.

Cellnex executed the new
ESG Master Plan (2021-2025)

The definition of the ESG Master Plan considered the evolution of the Company in recent years and its growth and internationalisation, as well as the new trends and expectations of stakeholders.

Based on the internal and external diagnosis of the materiality analysis, 5 strategic axes and a transversal axis were defined within the ESG Master Plan. Based on these 6 axes, 17 strategic lines were established which gave rise to 92 specific actions.

In addition, the actions contemplated in the ESG Master Plan take into account the results obtained from the analysis of the prioritisation of the SDGs for Cellnex conducted in 2020, their specific objectives and their corresponding targets.

Below is a table showing the relationship between the materiality matrix, the ESG Master Plan, the GRI reporting standards and applicable non-financial reporting requirements.

Follow-up of the ESG Master Plan

In order to monitor the implementation of the ESG Master Plan, as well as its degree of compliance, a five-year schedule has been drawn up that includes the indicators (KPIs) and targets to be achieved in some actions. The main KPIs corresponding to the Environmental, Social and Governance dimensions are presented below.


 Target year




Growing with a long-term sustainable environmental approach

Sourcing of renewable electricity (SBT) (1) (2)

2021 / 2025

40% / 100%


Reduction of scope 1 and 2 GHG emissions and scope 3 GHG emissions from fuel and energy-related activities (SBT) (2)




Absolute scope 3 GHG emissions from purchased goods and services and capital goods (SBT) (2)





Boosting our talent, being diverse and inclusive

Women in management positions (3)

2022 / 2025

26% / 30%


Hires of women (3)

2022 / 2025

45% / 50%


Hires of young talent (3)

2022 / 2025

30% / 30%


Appointments of foreign Directors at Cellnex HQ

2022 / 2025

45% / 60%


Appointments of foreign employees at Cellnex HQ

2022 / 2025

20% / 40%


Career advancement for women (3)

2022 / 2025

33% / 40%


Employee engagement (4)

2022 / 2025

≥75% / ≥80%


Employees responding to the pulse survey (4)

2022 / 2025



Inclusive leadership positive scores on the employee pulse survey (4)

2022 / 2025

≥75% / ≥80%


Extending our commitment to the value chain

Critical suppliers homologated considering ESG criteria



Work in progress

Critical suppliers audited



Work in progress

Ensuring the awareness of our responsible way of doing

Cellnex Group employees participating in the ESG annual awareness initiative




Cellnex Group management team participating in the ESG awareness sessions




Cellnex Group employees attending the ESG annual training



Work in progress


Showing what we are, acting with integrity

Women directors




Non-executive directors




Independent directors




Directors with ESG capabilities and expertise




Nationalities in the BoD




(1) Energy targets refer to the energy directly managed by Cellnex (Scope 2). Data calculated according to SBT and GHG Protocol methodology applied to FY21 perimeter.
(2) Compared to the base year 2020 verified by an external certified entity.
(3) According to FY20 perimeter, excluding Edzcom. Intake due to M&A will be included after 3 years after the integration’s year.
(4) Corporate, Denmark, France, Ireland, Netherlands, Portugal, Spain and United Kingdom

During this first year of the ESG Master Plan the performance has been 97% of progress in planning and 91% in the implementation of the actions defined for 2021. Detailed progress on each of the plan's axes are shown below.

Cellnex ESG Governance

Nominations, Remunerations and Sustainability Committee (NRSC)

To monitor the ESG strategy at Cellnex, on 19 February 2021, the Board of Directors amended its Regulations, including the functions of the Appointments and Remuneration Committee, which is now called the Nominations, Remunerations and Sustainability Committee (NRSC). The functions of the NRSC include:

  • Supervising the application of general policy regarding the communication of economic-financial, non-financial, and corporate information, as well as communication with shareholders and investors, proxy advisors and other stakeholders.
  • Evaluating and periodically reviewing the corporate governance system and the Company's environmental and social policy to ensure that they fulfil their mission of promoting the corporate interest and take into account, as appropriate, the legitimate interests of other stakeholders.
  • Ensuring that the Company's environmental and social practices are in line with the strategy and policies set.
  • Reviewing and reporting on the Annual Integrated Report and the implementation of the ESG Master Plan.

Cellnex ESG Committee

For the development of perform these functions, in 2021 the Cellnex ESG Committee was created, an executive committee coordinated by the Corporate and Public Affairs area, and composed of various departments related to ESG issues (Management Systems, People, ESG, Operations, Board Secretariat, Investor Relations and Procurement). During 2021, the The ESG Committee met 3 three times in 2021.


In 2020, as part of the update of the materiality matrix, Cellnex updated its stakeholder map. In this regard, the consultations carried out with various stakeholders allowed Cellnex to identify and understand the expectations of all of Cellnex's stakeholders in the field of ESG.

Cellnex has different channels (common and specific) to continuous maintain fluid and constant communication with its Stakeholders and consequently provide an appropriate response to their needs.

Thus, the new Stakeholder map includes the seven most relevant key actors for Cellnex. The following table details the communication and relationship tools with each of these groups, as well as the company's specific commitments, the related ESG Master Plan axes and Sustainable Development Goals linked.

In addition, to deepen and expand awareness to Cellnex's stakeholders, in 2021 a video4 of the Cellnex's ESG Master Plan was launched as a lever to involve all the stakeholders.

4 Link to video, Cellnex ESG Master Plan 2021-2025: https://youtu.be/VBYZmalJqm0


Cellnex is a member of various associations, which allows the Company  to strengthen its commitment to other players in the sector and to participate in decision-making that could affect the Company. Below are some of the associations in which Cellnex participates.

Cellnex participation in EWIA

The European Wireless Infrastructure Association (EWIA) is the European trade association of wholesale wireless infrastructure providers. Its members invests in and operate wireless infrastructure essential to the delivery of mobile voice, wireless broadband and other wireless networks. EWIA advocates policies that encourage the network infrastructure investment and deployment necessary to make advanced wireless broadband available everywhere for consumers, businesses, health care, public safety and the countless other sectors that rely on always-on wireless connections. It is composed by 10 towerco, which are operating across 14 European countries. On September 2020 Tobias Martinez, Cellnex CEO, was elected as EWIA Chairperson for a two-year term.

Cellnex France participation in OFITEM

OFITEM is an association that brings together the four main operators of mobile telephony infrastructure in France: ATC France, Cellnex, Hivory and TDF. Within OFITEM, the office is responsible for steering the Association’s strategic actions and ensuring its representation to public authorities and various stakeholders. OFITEM leads several working groups which, at the initiative of its members, produce the Association's reflections and public positions. Cellnex is one of the founding members and currently Vincent Cuvillier is the President of the Association.

Representation of Cellnex in InfraNum

Vincent Burgert, nexLoop Managing Director has been elected to the Board of Directors at Infranum, a federation for telecom infrastructure professionals.


UER/EBU (European Broadcasting Union)

Instituto Auditores Internos

Eureka Itea 3

 DVB (Digital Video Broadcaster)

Asociación Emisores Españoles

5G UK Board

TCCA (antes Tetra MOU association)

Asociación Española para la Calidad (AEC)

Tech UK


Asociación Española para las Relaciones con Inversores (AERI)

Iberian Nanotechnology Lab (INL Vigo)

FENITEL (Federación de Instaladores)

Asociación para el Progreso de la Dirección (APD)

Mobile World Capital

Broadcast Network Europe

Cámara de Comercio e Industria Italiana para España (CCIS)


EWIA (European Wireless Infrastructure Association)

Confederación Empresarial de usuarios de seguridad y servicios (CEUSS)


EIF (European Internet Forum)

Cámara de Comercio de Francia en Cataluña (CCI)

Centro Tecnológico Gradiant

HbbTV Association

AIOTI (Alliance for Internet of Things)


Asociación empresarios y directivos Aragón



ETSI European Telecommunications Standard Institute

Instituto de Oficiales de Cumplimiento (IOC)

RES Roma VIII S.r.L.

European Innovation Partnership on Smart Cities and Communities (EIP-SCC)

Cámara Comercio de España

Associazione Centro ELIS

SmartCat Challenge


Unindustria - Unione degli industri

IoT Catalan Alliance

SCF (Small Cell Forum)


Clúster audiovisual de Catalunya

Foment del Treball

Camera di Commercio Spagnola

Cátedra RTVE

Centro de Innovación Tecnologica de Logistica y Transporte (CITET)

F.A.I. Fondo Ambiente Italiano

Global Compact

As Nacional de Operadores (AOETEC)

Consorzio Elis S.C.A R.L.


As Valenciana de Ingenieros

Procurement & Cost Management

CCIES (Cámara de Concesionarios)

As Valenciana de Empresarios

FIRE - Federazione Italiana Uso Razionale Dell'energia

Barcelona Global

Associació Catalana de Radio

Innovate UK

Comité Español de la LECE (UE)


Celtic Next Cluster

Union International Telecomunications (UIT/ITU)

Elis Italia

Associazione Nuvolaverde 2.0

DIRCOM (Directores de Comunicación)

Cámara Comercio Reino Unido

Lad Onlus

Cluster de la Industria - CIAC

Cámara Comercio Francia

UHD spain

Asociación Empresarial de l'Hospitalet de Llobregat (AEBALL)

Enterprise Ireland

Lega Italiana Fibrosi Cistica Odv


IDA Ireland


Cellnex is also a member of several Foundations, participates in forums and collaborates with Universities and training centres, where Cellnex shares its knowledge and experience while benefitting from knowledge transfer and keeping abreast of the latest trends. In this regard, in 2021 Cellnex continued to be a relevant actor in the field of R&D, actively participating as a patron of technology centers such as Eurecat and i2Cat. Cellnex also participated in the selection, jury, launch of challenges and awards to startups in initiatives such as The Collider or the Expansión startups 2021 awards.



Fundación Circulo de Tecnologías para la Defensa y la Seguridad

Banco Alimentos Portugal


Fondazione Banco Alimentare Onlus

Casa dos Rapazes

Fundación Seres

Comunità di Sant’Egidio

Terra dos Sonhos

Fundación Circulo de Telecomunicaciones (Roberto Prieto)

Lega Del Filo D'oro

Fundación Gran Teatre del Liceu

Het Oranje Fonds

Croce Rossa Italiana

Fundación NPH Spain

Fundació BEST

Medici Senza Frontiere


Fundación Hermes

Operation Smile Italia Onlus

Cruz Roja

Fundación CEDE


Cáritas Diocesana Madrid

Fundación Festival de Peralada

Brain Fundation

Cáritas Catalunya

Fundación LEITAT

ViaData - against Cancer

FESBAL  (Federación Española Bancos Alimentos)

Community Foundation Ireland

Planting Trees

Banco de Alimentos de Madrid

Fundación Pere Tarrés


Fundació Oncolliga

Fundació Clínic per la Recerca Biomédica

UK Community Foundations

Save the Children España

Fundació La Marató

Médicos sin Fronteras Switzerland


Fundación Privada Caja de Ingenieros

Cancer fund for children Ireland

National Ouderen Fonds

Fundación Privada Cercle d'Infraestructures



Universities and Training Centers

Escola de Noves Tecnologies Interactives – Universitat de Barcelona

ESADE becas alumnos


BGSE - Barcelona Graduate School of Economy

Bristol University

Cardiff University

Universidad de Granada

Universidad Politécnica de Madrd

Universidad Politécnica de Barcelona

 HRC International Academy Srl



All this activity has given Cellnex regular exposure in the media, such as television, radio and the press, as well as at international events to explain Cellnex's approach to the future of the industry.

During 2021 Cellnex also participated in several events, some of the most significant of which are presented below:

  • Mobile World Congress (MWC): This is the main event in the telecommunications world. It is held in Barcelona and Cellnex has taken part since its inception. In 2021, in response to healthcare needs, the Company's stand featured open spaces while showing a complete vision of its activity in the various market segments and territories.
  • 5G Forum: International meeting where experts in the development of 5G meet in the city of Malaga. Cellnex has participated in this event since its first edition as a 5G infrastructure operator and a benchmark in the creation of technological solutions.
  • Small Cells World Summit: As a member of the Small Cells Forum organisation, Cellnex has participated in several conferences at this event held in Italy. The Company is very active in the DAS and Small Cell field in Italy, and this conference reinforces its position in the business.
  • Critical Communications World: Event held in 2021 in Madrid, where the Company had a stand to showcase its areas of business and meet its main customers in the security and emergency communications sector.
  • 4K Summit: One of the leading events in the broadcast sector in which Cellnex has participated since its inception. The Company demonstrates the latest technologies in the audiovisual field.
  • Digital Summit: As a member of the DigitalES association, Cellnex is one of the sponsors of this event which brings together companies and organisations involved in the development of the telecommunications sector.
  • Smart Expo Milano: Cellnex participates in this event, which is the stage for showcasing the solutions that the company is developing for the smart city.
  • Vivatech Technology: Event dedicated to startups and technology, which in 2021 took place in Paris, France. The event showcased the latest innovations in topics related to technology for the environment, technology for society, technology for monitoring and the future of work. All these initiatives were presented by leading corporations and hundreds of innovative start-ups.
  • 4YFN: Event dedicated to startup innovation in the framework of the Mobile World Congress (MWC) taking place in Barcelona, Spain. The event features conferences, panels, talks and startup competitions.
  • South Summit: The aim of the event is to be the hub of reference that shapes the future through initiative, entrepreneurship, open innovation and business opportunities. To this end, the event aims to activate connections between the main players in the ecosystem, providing a platform of reinforcement for all. And bringing together the most disruptive startups, the most visionary investors and the most dynamic corporations. Mixing the voice of experience with the entrepreneurial spirit and sharing a common ecosystem. In 2021 Cellnex has been an innovation partner at the South Summit, where Cellnex participated in the startup judging panel, allowing it to get closer to the entrepreneurial world together with local authorities.
  • Telecom 2021: is an event organised in Spain by the National Federation of Telecommunications Installers and Integrators (FENITEL). The event was attended by a relevant representation of the telecommunications sector, senior representatives of the Ministry of Economic Affairs and Digital Transformation, other areas of the Public Administrations and the CNMC. The aim of the event was for the entire value chain of the sector to learn about NextGenEU resources to sustainably boost levels of economic activity and promote the momentum of a "connection to recovery". Thus, different round tables were organised, as well as a networking meeting. Albert Cuatrecasas, CEO of Cellnex Spain, participated in the round table on "5G: Use cases, deployment models and the impact on the sector's activity".
  • TowerXchange Europe Meet Up: This is one of the main annual meeting of the European telecommunications infrastructure industry, in which Cellnex has participated since 2016. In 2021, -again marked by Covid-19- it was held in a virtual format, across three days, different meetings and sessions were held in the form of round tables, conferences and bilateral meetings, among others. Cellnex sponsored the event and the company's management participated as speakers and moderators in several of the sessions.
  • Choose France: This event held in Versailles brings together senior representatives of the French government and the main foreign investors in France. In 2021, more than 110 top-level executives from around the world participated, including Cellnex. During the event, 22 investment projects led by foreign companies, with an investment value of more than €3.5 billion, were announced.

Cellnex Portugal participates in the ESG Portugal Forum

On 29 June, ECO and Capital Verde organized the ESG Portugal Forum 2021, an event that brought together the main experts, entrepreneurs, managers and consultants on ESG issues. The event focused on two central topics: the state of ESG reporting in Portuguese companies, and the sectoral and regulatory diversity of ESG approaches. Nuno Carvalhosa, Managing Director of Cellnex Portugal, participated in the panel on this second topic as a speaker.

During 2021, Cellnex professionals also took part in several conferences, notably in the areas of innovation, mobility and sustainability.

In the innovation sector, José Antonio Aranda took part in conferences organized by GSMA and Capgemini, among others. He was also a speaker at the BITAM conference on innovation in the audiovisual sector and at the meeting organized by the El País newspaper with the main players in technology and innovation.

Mobility was the focus of a conference organized by ANFAC in which Fernando Brea represented Cellnex. Moreover, Raül González participated in the meeting organized by Mobile World Capital, sharing the 5G MED project.

On sustainability, Aitor Rubio gave a presentation of the 5G LEAN project in the framework of DigitalES.

Cellnex awards and recognitions in 2021

Cellnex's good performance and its social, environmental and economic contribution have earned the Group international recognition, as evidenced by the awards and recognitions received over the years.

In 2021 Cellnex was the winner in the "Efficient Consumption" category of the first edition of the Retina ECO Awards for its contribution to reducing CO2 emissions to zero in rural telecommunications towers through the "Zero Emissions Rural Site" project. The first edition of the Retina ECO Awards, organised by El País Retina in collaboration with Capgemini, sought to recognise the best projects developed during 2020 in the field of combating climate change and achieving sustainability thought technology.

Albert Cuatrecasas, Managing Director of Cellnex in Spain, receiving the award

Zero Emissions Rural Site

"Zero Emissions Rural Site" is a project designed and developed by Cellnex at the Company's Mobility Lab in the Barcelona municipality of Castellolí, Spain, and consists of an innovative zero emissions telecommunications site that includes a solar panel, wind turbine, 5G antennas, millimetre band (mmW) links, video cameras, environmental sensors and various mobile connectivity technologies related to mobility and connectivity with vehicles. It is an autonomous energy generation, storage and management system aimed at mobile communication sites without access to the electricity grid that, until now, have been equipped with polluting generators.

In 2021 Cellnex received the Company of the year 2021 award

Another major recognition received in 2021 is the "Company of the Year 2021" award from the Federation of Official Spanish Chambers of Commerce in Europe, Africa, Asia and Oceania (FEDECOM). This milestone recognises the outstanding commercial activity and process of growth and internationalisation developed by Cellnex in recent years.

Tobías Martínez, CEO of Cellnex, at an official ceremony held at the Spanish Embassy in London.

Cellnex France received the BECC award for Spanish investor in France

The Official Chamber of Commerce of Spain in France (BECC) has rewarded Cellnex as the most important foreign investor in France. BECC recognizes Cellnex's commitment to the French market and its role in reinforcing economic and business cooperation between France and Spain. During the ceremony, eight prizes were awarded to honor the most successful Spanish and French companies in 2021, as well as the two personalities of the year.

Cellnex received the Catalonia Award for Business Trajectory, recognized for the ESG category

Another award received by Cellnex in 2021 that highlights its efforts in and commitment to environmental, social and corporate governance (ESG) issues was the Catalonia Award for Business Trajectory, organized by "La Razón"; the Company was recognized in the ESG category. La Razón recognized that Cellnex’s objectives include the analysis and management of its impact on society and the environment, following internationally recognized standards, such as the United Nations Global Compact or the Science Based Target initiative.

Before starting...

We use our own and third-party cookies for analytical purposes and to show you personalized advertising based on a profile prepared from your browsing habits (for example, pages visited). Click HERE for more information. You can accept all cookies by pressing the "Accept" button or configure or reject their use by pressing the "Configure" button.

ACCEPT AND CONTINUE Configure cookies