Repsol YPF

Repsol YPF and the Global Compact

In 2002, Repsol YPF signed the United Nations (UN) Global Compact Agreement.  This Global Compact was created in order to stimulate and promote collaboration, strengthen the pillars on which society is sustained, and create a more equitable global market, open to all.  On signing the pact, we have committed ourselves to adopting, supporting and establishing, within our range of influence, a series of values regarding human rights, work standards and environmental issues, in order to achieve positive changes.

With the signing this Global Compact, we have committed ourselves to ten principles relating to:

Human Rights:

1. the support and respect for internationally proclaimed human rights within our range of influence.
2. the guarantee that the company is not involved with the abuse of human rights.

Labour:

3. Respect for the freedom of association and the effective recognition of the right to collective negotiation.
4. Elimination of all forms of forced and compulsory labour.
5. The effective abolition of child labour.
6. The elimination of discrimination regarding employment and occupation.

Environment:

7. Support in the application of a precautionary approach regarding environmental problems.
8. Undertake initiatives in order to promote greater environmental responsibility.
9. Encourage the development and diffusion of environmentally friendly technologies.

Fighting against corruption and bribery:

10. Businesses should work against corruption and bribery.

All the businesses which are participating in the Global Compact have two characteristics in common: they are leaders in their respective fields and, at the same time, look towards a responsible worldwide growth, taking into account the interests and worries of the interested parties employees, investors, customers, society, etc.

Repsol YPF is a member of the Square Table, the instrument for managing the Global Compact in Spain. The Square Table has been given this name due to the four sides which is made up of: Companies, NGOs, Educational Entities and public or social Institutions. In the meetings held throughout 2003, the way to implement the Ten Principles of the Global Compact has been studied, as well as designing a system that allows an objective and in-depth evaluation of the progress made both in their implementation and in the continuous improvement within the fields where the ten principles are in force.

Transparency and social commitment are key values with which Repsol YPF actively participates on this important Pact, whose Spanish chapter has been described by the Secretary General of the UN, Kofi Annan, as being a pioneer and example to follow in other countries.

Now in 2004, Repsol YPF has joined the "Grupo Promotor" of the Global Pact in Argentina, where, in conjunction with the Fundación YPF, it will act as the driving force of the pact between among national and regional Argentinean companies.