Repsol YPF

Corporate governance

The Repsol YPF corporate governance principles and practices are intimately linked to the companys vision and the commitments undertaken and publicly expressed with our stakeholders (shareholders, customers, partners and suppliers, employees and the community at large); and may be found, duly classified, in the documents filed under this weblink.

These principles and practices are evaluated by the Board of Directors in the Corporate Governance Annual Report  placed at the disposal of Repsol YPF shareholders and the investment community in general every year, on the occasion of the Annual General Shareholders Meeting.

This Report contains information about:

• The ownership structure and administration of the Company
• Related party and intragroup transactions
• Risk control systems
• General Meeting
• Extent to which recommendations concerning good governance from the Aldama and Olivencia reports have been implemented         

During the 2005 fiscal year, several procedures have been made available for all the people concerned, that include a specific application in order to send any communication regarding matters related to accounting, internal accounting controls and auditing that affect the Repsol YPF Group, to the Audit and Control Committee of the Board of Directors of Repsol YPF, S.A.