Ethics and transparency
Our values: The basis of our identity
We are firmly committed to a culture of compliance and ethical integrity. We have a Code of Ethics and Business Conduct and a Comprehensive Compliance Model to regulate our behavior in all our activities and operations beyond what is legally required.
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 aimed at providing an 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.
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:
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.
A channel available for employees and third parties
It is a confidential channel for company employees and any third parties to ask questions or confidentially and anonymously report potential breaches of the Code of Ethics and Business Conduct or the Crime Prevention Model. It is run by the independent company Navex, and the hotline is available 24/7. Whenever a concern is raised regarding any potential breaches through this channel, this is then reported to the company departments in charge of managing such matters and carrying out the corresponding investigations.
Personnel and third parties can report possible concerns in total confidence, because we will not tolerate any retaliation against anyone who in good faith asks questions, or communicates any breaches of the Code, laws, or internal regulations, or who assists in an investigation of a suspected wrongdoing.
Our Repsol Group Compliance Model is an integrated management and organizational framework that encompasses the set of procedures and best practices adopted by Repsol to prevent, detect, and respond to possible compliance risks.
Our "Compliance Charter" sets out the mission, objectives, and general principles of the Compliance function. It also formalizes the commitment made by the Board of Directors and Senior Management to establish, promote, and continuously improve a solid culture of compliance and ethical integrity at Repsol.
To be credible, it's essential to be transparent
Our ethical behaviour includes not only strict compliance with the law, but also with the spirit of the law. These are our three ambitions in terms of ethics and transparency as part of the 2022 Global Sustainability Plan.
Repsol, S.A. and Repsol Petróleos, S.A. are bound by the Spanish law on transparency, access to public information, and good governance.
