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CSR Highlights 2010

Transcript of the video of Arturo Gonzalo

In 2010 we have made progress in defining a model to manage corporate responsibility in an integrated and transversal manner in our organisation. Firstly, this model envisages getting to know and integrating the expectations of our stakeholders, establishing a fluid, systematic and two-way dialogue with them. Furthermore the model establishes a joint review of risks and opportunities in the main issues that make up corporate responsibility, and the creation of pluri-annual action plans which aim to reduce risks and boost those opportunities previously identified.

This is not a centralised model that attributes all the responsibility to a single unit. On the contrary, it is a decentralised model which aims for leadership to be taken up in the businesses in each of the countries where our company operates.

Along these lines, last year we set up Repsol's second sustainability plan. This plan has been created with the participation of many units and it envisages 61 initiatives in nine large strategic programmes. All of these initiatives aim to modify our internal processes and our corporate culture so that we can ensure that our operations always follow an ethical channel, respecting human rights and minimising the environmental risks that may be caused by our operations. Of course we do not intend to resolve the formidable challenge of sustainability all at once, but to establish a road map that shall be permanently revised and updated so that Repsol contributes to sustainability each year in a more effective way.

One aspect of progress that I would like to highlight from 2010 is the improvement in the impact that our activity has on social matters. The United Nations has recently published a human rights framework called "Protect, Respect and Remedy". It has made clear that companies must also be responsible in this matter. To this end, we here at Repsol are currently immersed in establishing a life conscientiousness procedure, which will ensure the utmost respect for human rights in our operations. In this context we include the approval, in 2009, of the regulation of action related to indigenous communities affected by our operations. At this time, in existing operations, we are applying a provisional procedure to adapt these operations to the culture established in this regulation. In this framework we are carrying out impact studies on our operations through independent observers in the indigenous communities affected by the same. We are also preparing action plans to ensure that our activities respect this new internal regulation in relation to indigenous communities.

This year our company's commitment to sustainability has also been object of numerous external acknowledgements. For the fifth consecutive year we have been included in the Dow Jones Sustainability Index, one of the most prestigious indexes in the world. I would also like to stress that this year we have achieved the maximum score for social matters in our sector. Once again we have also been included in the FTSE4Good Index, in which we have been included since 2003, and for the first time we have been included in the Ethibel Index.

I would also like to highlight that this year we have been one of only two companies in the sector to be included in the two main climate change indexes. The two indexes in question are the Climate Performance Leadership Index and the Climate Disclosure Leadership Index. These indexes are prepared using the information obtained from the Carbon Disclosure Project, which evaluates the climate change response strategies of the main companies listed on the New York Stock Exchange.

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