1. Ethics and Integrity
  2. Other internal procedures and policies
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Ferrovial - Integrated annual report 2013 / Other internal procedures and policies

Procedure governing investments

This procedure establishes the systems of checks and approval required to carry out large transactions of one million euro or more. On a rising scale that depends on the amount, the operations must be approved by the CEO, the Chairman or the Board of Directors. All preliminary agreements, option contracts and purchase agreements involving down-payments must also be given approval. The formal presentation of non-binding bids, including ITNs (invitations to negotiate), in the course of public or private contract bidding processes, shall be communicated in writing to the CEO with copies to the General Secretary’s Office and the Financial Department.

Handling of cash and expenses (regulations on travel and/or managerial expenses)

To avoid irregularities in connection with travel expenses, regulations require that all airline and train tickets, rental car fees and hotel reservations have to be handled by the central travel agency. Moreover, the use of company cards is limited to paying for corporate travel expenses.

Cash availability

In order to control the availability of cash, regulations control requests for cash advances through the computerized expense management system. The maximum sum allowed for travel expenses is 1,200 euro for domestic trips and 3,000 euro for travel abroad. If the amount of the current request plus the previous advances that have not yet been justified exceeds 1,200 euro, the request requires authorization from the immediate superior.