Inditex receives Manuel Olivencia Award for Good Corporate Governance for its management during COVID-19

The Cuatrecasas Foundation - through an independent panel chaired by Matfas Rodrfguez lnciarte - has decided to award the Manuel Olivencia Award for Good Corporate Governance, which acknowledges the best corporate governance practices by Spanish listed companies, to Inditex (lndustria de Diseno Textil, S.A.). The award ceremony will be held on February 18 via streaming from the Madrid StockExchange Palace.

In this third year, the award has reflected aspects uniquely related to good governance during the crisis caused by the COVID-19 pandemic, while also monitoring other governance practices aimed at promoting sound, transparent and sustainable corporate management.

To grant the award, the panel analyzed factors, such as (i) the level and quality of Inditex information transparency over these last few months, (ii) the necessary adaptation of general shareholders meetings to the exceptional circumstances (facilitating the comprehensive participation and exercise of the shareholders' other voting rights), (iii) remuneration adjustment of members of the board and shareholders, and (iv) attention to its employees' needs. All these aspects werecoordinated while developing an ambitious policy of corporate social responsibility. Moreover, the company maintains a sound corporategovernance structure in which the level of independence and diversity of the board of directors, and the separation of the positions of chair andCEO stand out.

The award granted by the Cuatrecasas Foundation honors the memory of the late Manuel Olivencia, a professor of commercial law at the University of Seville, vice chair of Cuatrecasas and chair of the committee that drafted the first Spanish Code of Corporate Governance in1998, known as the Olivencia Code.

About Inditex

Inditex is one of the world's largest fashion retailer groups. It has 7,469 stores in 96 markets and is selling online in 202 markets, 66 of which havetheir own online platform. It has 8 brands: Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterque.

The group also includes companies linked to the different activities that form part of designing, manufacturing and distributing in the textilebusiness.

Its sustainable and integrated model of physical and online stores, based on innovation and flexibility, and its way of understanding fashion-quality design and creativity, together with a response tailored to market demands-have allowed for rapid international expansion and an excellent acceptance ofits different commercial concepts, both in stores and online.

The first Zara store opened its doors to the public in1975 in A Corulia (in northwest Spain), where the group started its activity and where it isheadquartered.

Today stores from the Inditex group can be found in hundreds of cities on the five continents, mainly on the most important shopping streets.

Inditex is listed on the stock market since May 23, 2001, after an initial public offering of shares that elicited great interest from investors all overthe world, with demand being 26 times higher than the volume of supply.

The shares are included in the main Spanish and international stock markets. About the Cuatrecasas Foundation

The Cuatrecasas Foundation, created in1991, focuses its activity on projects relating to the rule oflaw and access to justice in line with theUnited Nations Global Compact and the Sustainable Development Goal 16: peace,justice and strong institutions. The foundation's flagship activities are the Manuel Olivencia Award for Good Corporate Governance and the creation of the Spanish Pro Bono Foundation, a platform including a wide representationfrom the legal world to develop pro bona projects in Spain.

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Manuel Olivencia Award for Good Corporate Governance