Repsol ethics

Our values

We have our own Code of Ethics and Business Conduct to regulate our behavior model in all our activities and operations beyond what is legally required of us.

Our values are efficiency, respect, anticipation, and value creation. They are the basis of our identity as an exemplary and upstanding global company that strives for the well-being of people and works to build a better future.

The actions of each and every person who forms part of Repsol determine both the present and future of our company. We therefore have our own Code of Ethics and Business Conduct which establishes a reference framework for the kind of behaviors and standards which we expect from each and every one of our employees in their daily work. As it is impossible to anticipate all situations that could occur in our work, we have a basic set of guidelines for personal and professional behavior, and we communicate all of our actions truthfully, clearly, and responsibly. 

Our Code of Ethics and Business Conduct ensures that everything we do is done responsibly and honestly throughout the entire value chain and that it reflects our commitment to respect human rights, equal opportunities, environmental protection, and transparency of information. All of our employees make this commitment, particularly directors and members of the Board of Directors, who apply the code in all their decisions and lead by setting an example for all of us who form part of the company. 

We have no doubt that training and awareness are key to effectively transmitting the Code of Ethics and Business Conduct to our employees, which is why throughout the year we organize different sessions and courses aimed at providing an in-depth explanation regarding its scope and the obligations it involves. The code also serves as a reference guide for our relations with third parties, as well as with partners, suppliers, and collaborating companies, and helps to strengthen relations both with our stakeholders and with society as a whole.

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Ethics and Compliance Committee

Our Ethics and Compliance Committee was founded in 2006 and is made up of company directors who demonstrate senior management’s commitment to all matters of ethics and transparency. The committee’s functions include:

  • Promoting awareness of the Code of Ethics and Business Conduct
  • Proposing control actions and mechanisms to encourage, supervise, and assist compliance with the Code of Ethics and Business Conduct
  • Ensuring that all employees may confidentially report possible breaches of the code
  • Solving or proposing solutions to any infractions as it deems appropriate
  • Ensuring that all employees may confidentially report possible breaches of the code
  • Solving or proposing solutions to any infractions as it deems appropriate

Additionally, the Ethics Committee forms part of the Repsol Crime Prevention Body in accordance with Article 31 bis of the Spanish Criminal Code and it supervises our Crime Prevention Model aimed at preventing the risk of criminal acts. The committee carries out the corresponding duties of prevention, response, verification, and reporting. 

Lastly, the committee is in charge of managing our Ethics and Compliance Channel.

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Repsol Ethics and Compliance Channel

Repsol is firmly committed to our culture of compliance and ethical integrity. We understand this to mean that individuals who report irregular or illicit conduct play an essential role in uncovering and preventing such infractions, protecting the correct and proper workings of the Company, and generally contribute to the well-being of society as a whole. Therefore, it is of the utmost importance that reporters receive active and all-encompassing protection, without neglecting the rights of those affected by their reports or the investigations launched as a result.

With this aim, Repsol has an Ethics and Compliance Channel and internal information system in accordance with the law and in line with the following principles:

  • Right to anonymity

    The Ethics and Compliance Channel allows both written and oral reports to be made anonymously. However, Repsol encourages reporters to identify themselves wherever possible, as this facilitates the processing of messages.

  • General commitment of confidentiality

    Anyone participating in the processing of a report received or in any ensuing investigation, whether directly or indirectly, must observe strict rules of confidentiality regarding the information disclosed to them.

  • Confidentiality of the reporter's identity

    The confidentiality of all information related to the persons affected — and especially the reporter's identity should this information be disclosed — is one of our guiding principles. Under no circumstances may any information that could lead to the identification of any of the persons involved in a report or investigation of such report be shared with anyone outside the reception and processing of a report, except where such disclosure may be required pursuant to a regulatory requirement or a legal proceeding.

  • Prohibition of retaliation

    The reporter(s) and any persons assisting in an investigation may not be penalized or suffer any negative consequences or retaliation for this reason. This guarantee can be expanded to include other persons associated to the reporter in some way or form.

  • Rights of persons subject to investigation

    A person who is under investigation has the right to be informed of the actions or omissions attributed to them and to be heard by the investigator(s). This person also has the right to the presumption of innocence, in addition to other rights afforded by law.

  • Personal data protection

    All personal data will be processed according to applicable data protection law and pursuant to Title IV of the Whistleblower Protection Law in force in Spain.

  • One centralized channel

    Repsol's Ethics and Compliance Channel is managed by an independent organization that provides reporting persons with various means of submitting reports (telephone, mail, or electronic form) regarding anything perceived to be a breach of the Company's Code of Ethics and Business Conduct or Crime Prevention Model, or of a possibly illegal act or infringement of applicable regulations. Any Repsol Group employee who receives a report regarding possible breaches that fall under the scope of the internal information system must immediately send it to the Ethics and Compliance Committee through the Ethics and Compliance Channel. Failure to meet these obligations by the recipient of any such report will be considered an extremely grave infraction.

  • System manager

    The Ethics and Compliance Committee is the organizational body responsible for Repsol's reporting system. Its management duties and responsibilities are deposited the Company's Chief Compliance Officer.

Repsol's Ethics and Compliance Channel is a place to ask questions and raise concerns about irregularities, illicit conduct, or possible breaches of Repsol's Code of Ethics and Business Conduct under full confidentiality and without fear of retaliation. Messages can be sent through the channel either in writing or verbally at any time, 24 hours a day.