Repsol YPF

Ethical conduct in our relations

Ethical conduct is inherent in Repsol YPF’s business model; it is a key element for generating social trust

Initiatives planned 2007 progress 2008 objectives Review of the capacities of the Board of Directors in line with the corporate responsibility policy recommendations of the Unified Good Governance Code.. Approval for modifications of Board’s regulations. Constitution of the Strategy, Investment and Corporate Social Responsibility Committee. Strengthen the Board’s capacities regarding corporate social responsibility. Corporate Social Responsibility Policy. Introduction of reputational and ethical risks in the company's risk management systems. Identification of social risks. Launch and planning of the project for preparation of a corporate strategy for social risk management. Monitoring of the project and preparation of a recommendations report.  Definition of items for preparation and implementation of a corporate strategy. Adoption of tools related to human rights in operations. Preparation of action procedures in line with the Commitment to the Community Programme. Approval of procedures and inclusion of these in the company’s internal regulations. Development of a global tool for management of suppliers. A system for managing all the company's suppliers was at the development stage. Complete and implement the supplier management system in all the company’s businesses.

Repsol YPF’s outlook and goals 

Generating social trust is a crucial success factor for major companies, subject to growing public scrutiny in ethical, social and environmental areas in an ever more globalised and competitive world.

The values that guide Repsol YPF professionals working in any part of the world are included in the employees’ Ethics and Conduct Regulation of Repsol YPF, S.A., the ethical framework of reference in the Repsol YPF Group.Given the sectors and fields in which Repsol YPF operates, such issues as human rights, equality, non-discrimination and community relations are especially important. The company also makes every effort to extend its own rules of conduct to its contractors and suppliers. 

New resources to design corporate responsibility initiatives

Following modification of the Board of Directors Regulations, approved on 19 December 2007, the Strategy, Investment and Competition Committee became the Strategy, Investment and Corporate Social Responsibility Committee. Its responsibilities include knowledge and guidance of the Repsol YPF Group’s corporate responsibility policy, objectives and guidelines and reporting on these to the Board.

Ethics and Conduct Regulation, the guide to behaviour

Since it was approved in 2003, the Ethics and Conduct Regulation of Repsol YPF has guided the conduct of company personnel, irrespective of their position or location. It addresses such issues as respect for ethical principles and local cultures and laws. The Board of Directors also approved the constitution of an Ethics Committee to ensure that the Regulation is circulated and respected within the organisation. On 14 June 2007 the Ethics Committee approved an extensive internal communications plan, the Rollout Plan for the Repsol YPF Ethical Framework, to ensure adequate disclosure and awareness of the Ethics and Conduct Regulation among all employees. The central objective was to emphasise that compliance with the Regulation is obligatory for all staff and also to establish the Ethics Committee as responsible for overseeing compliance.

The Ethics Committee, monitoring the Regulation
In April 2006 the Repsol YPF Board of Directors approved the constitution of the Ethics Committee to help ensure that all employees are aware of the Ethics and Conduct Regulation. The committee is responsible for overseeing publication of the Regulation within the organisation and compliance therewith, and was formally set up on 4 December 2006, the date of its first meeting.
The Ethics Committee delegates the functions of its members, while their appointment and replacement is the responsibility of the Executive Committee.