Madrid, June 2026-. TISFD (Taskforce on Inequality and Social-related Financial Disclosures) and NFQ hosted the TISFD Madrid Forum 2026, a high-level meeting held at NFQ’s offices. The event brought together representatives from more than thirty organisations across the financial, business, academic and institutional sectors to discuss an issue that is gaining prominence on the markets’ agenda: High levels of inequality represent a systemic risk factor for investors.
The conference was opened by Gabriela Ramos, Co-Chair of TISFD, and by Ana Garrido, representing the State Council for Sustainable Finance of the Ministry of Economy, whose presence underscored the institutional support this initiative is receiving in Spain. In her address, Garrido highlighted the role that social aspects play in the transition towards a more sustainable economy:
“The Green Paper on Sustainable Finance recognises the importance of the social aspects of the climate and environmental transition. The mobilisation of capital towards a more sustainable economy must be accompanied by mechanisms that promote an inclusive and orderly transition.”
Ana Garrido, Sustainable Finance Council – Ministry of the Economy
Gabriela Ramos elaborated on the importance of putting people at the heart of financial decision-making:
“It is not just a matter of fairness, but a necessary condition for the stability, resilience and smooth functioning of our economies and societies.”
Gabriela Ramos, Co-Chair of TISFD
An event that reflects the sector’s growing interest
The diversity and profile of the attendees is one of the most revealing aspects of the forum. Representatives from leading financial institutions such as BBVA, CaixaBank, Banco Santander, Bankinter, Unicaja and Sabadell were in attendance, alongside major corporations such as Telefónica, Iberdrola, Acciona, Gestamp and Acerinox.
Leading organisations and associations also took part, including the Spanish Banking Association (CECA), SpainSIF, the UN Global Compact Spain, GRI, Inverco, ICAC and Comisiones Obreras (CC.OO.), demonstrating that the debate on the social dimension of finance now extends beyond the strictly business sphere to encompass trade unions, regulators, supervisors and international organisations.
The TISFD framework: from Europe to the world
The keynote presentation was delivered by Andrea Saldarriaga, Technical Director of TISFD, who outlined the Beta Framework: a global disclosure framework structured around four pillars — governance, strategy, impact and risk management, and metrics and targets — aligned with its sister standards, the TCFD and the TNFD, with which it is sure to share its success in global implementation, as it is designed to work in harmony with CSRD, CSDDD, as well as the ISSB standards and, of course, the GRI itself. TISFD plans to publish beta versions every six months until the final framework is approved, which is expected by the end of 2027.
Saldarriaga highlighted the importance of the framework for European companies and its global scope:
“TISFD has a global remit and aims to contribute to the provision of information and risk management within value chains relevant to European companies, whilst also highlighting and demonstrating the link between social impacts and their financial consequences.”
Andrea Saldarriaga, Technical Director – TISFD
The expert panel: inequality as a risk that markets cannot ignore
The expert panel, moderated by Tomás Conde, Director of ESG & Sustainable Finance at NFQ and representative of AERI, the Spanish Association for Investor Relations, addressed the financial and strategic implications of social inequalities under the title ‘Inequality as a systemic risk factor for markets and investors’. Participants:
- Beatriz Rubio, Head of Social Sustainability at ILUNION
- Regina Pálla, Deputy Director of Sustainability at COFIDES
- Mónica Malo, Deputy Director General at CECA
- Laura Díaz, Head of People at Vecttor – Cabify Group
- Clara Barrabés, Global Head of Sustainable Finance at BBVA
Key figures highlighted during the debate included: 68 per cent of the public perceive the economy as designed to benefit the most powerful (IPSOS); financial losses linked to human rights impacts at twelve major companies amount to 85 trillion dollars (Heartland Initiative, Wespath & Schroders); and narrowing the gender gap could increase the global GDP of OECD countries by 9.2% by 2060.
The social dimension as a lever for change
The closing remarks were delivered by Marcos Rodríguez, ESG & SF Manager at NFQ, and Andrea Saldarriaga, who emphasised the urgency of integrating social issues into financial disclosure frameworks and of developing metrics that enable companies and investors to manage these risks effectively. Rodríguez brought the forum to a close with a statement of commitment:
“At NFQ, we have absolute conviction in the transformative power inherent in the social dimension. That is why we will spare no effort in dedicating resources to ensure that the TISFD initiative leads the way from now on in scaling up our corporate management models.”
Marcos Rodríguez, ESG & SF Manager – NFQ
