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Our strategy

Materiality analysis

Materiality analysis, listening to our stakeholders

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Our Company, corporate areas, and business units have identified their stakeholders and have permanent and transparent channels and mechanisms for dialogue with them.

We structure our relationship with our stakeholders at three levels: global corporate, country, and operating center. Our relationship at each of these three levels requires specific mechanisms adapted to our context in order to adequately identify their needs and expectations regarding our ethical, social, and environmental performance.

Additionally, we work to proactively and systematically identify and understand their expectations in relation to our sustainability performance as well as in order to integrate them into our internal decision-making processes.

How do we do it?

Through materiality analysis. Our objective is to integrate the materiality process into the company by involving all areas that interact with stakeholders and incorporating the results as key input into the Sustainability strategy. These are the phases of the process:

Analysis and relations with stakeholders

Identify the key stakeholders and classify them based on their impact and dependence on the company.

Identify possible matters


Create a long list of potentially material matters.

Prioritize matters

Assess and prioritize the material matters based on the importance for stakeholders and on the analysis of the social, economic, and environmental impact of each matter for the company.

Select matters in materiality matrices

Map the matters on a materiality matrix and define the decision areas: material matters, relevant matters, and non-material matters.

 
The process of materiality, step by step

  • The company's stakeholder map is defined by the different areas in charge of its management. At Repsol we evaluate the channels and frequency of communication as well as their expectations for information regarding our management to ensure that the relationship process is adequate. The identified stakeholders are shown below:



    Stakeholders (Level I)

    Stakeholders (Level II)

    Shareholders, investors, and financial institutions

    Shareholders, Investors, and credit rating agencies; Consultants, advisors, and proxy advisors; Financial analysts; Market analysts

    Customers

    Service stations, Lubricants, Asphtalts, and Specialized Products, Chemicals, Direct Sales and Aviation, Electricity and gas, New mobility businesses

    Society

    Union organizations, Local communities, Indigenous communities, nonprofits, Academia, Civil society observatories, R&D+i, Citizens

    Public institutions and organizations

    International bodies and institutions, State bodies and institutions, Local bodies and institutions, Authorities, and other public agencies and Governments

    Employees

    Management, Leaders, Professionals, Administrative/ Operational/ Junior/ Other Staff

    Media

    General Journalists (Digital, traditional, and social media formats)  Specialized journalists (Digital, traditional, and social media formats)

    Partners, competitors, and business associations

    Joint operation / activity partners, Active partners not operated by Repsol, Chambers of commerce and other business associations, Competitive companies in the sector, Companies in other sectors

    Suppliers and contractors

    Goods suppliers and services suppliers
  • Based on the documentary analysis of internal and external sources, as well as through interviews and meetings with the corporate and business areas and the preparation of a materiality benchmark for other companies, we have prepared a base list of 34 potentially material matters, grouped into 10 pillars that contribute specifically to the SDGs:

    • Environment: SDGs 6, 12, 14, 15
    • Climate change and energy transition: SDGs 7, 9, 13
    • Safety: SDGs 3, 8
    • Human Capital: SDGs 3, 5, 8, 10
    • Value chain management: SDGs 8, 12, 16, 17
    • Human rights and community relations: SDGs 8, 10, 11, 16
    • Good corporate governance and transparency: SDG 16
    • Ethics and compliance: SDG 16
    • Innovation and technology: SDGs 9, 13, 17
    • Products and services: SDGs 7, 8, 16
  • Internal prioritization (Importance for Repsol) is carried out by consulting the heads of the business units and corporate areas, taking into account the businesses and different countries where the company is present. External prioritization (Importance for stakeholders) is carried out based on consultations with stakeholders and the areas of the company responsible for its management.
  • Materiality thresholds are designated and matrices are composed. A global company matrix has been elaborated as well as two business matrices (Upstream and Downstream) and eight specific stakeholder matrices.

    This greater detail satisfies the objective of integrating materiality throughout the company and enables us to delve into those aspects that are most relevant for the different businesses and stakeholders, thus helping us to improve the relationship with our stakeholders.

    The Repsol matrix is made up of 21 material matters that highlight the importance of issues related to climate change and safe operation as well as transparency and channels of dialogue with stakeholders.

Matters identified by stakeholders

Materiality chart

Conducting studies to identify expectations

These studies enable us to learn about the matters that most interest us — both internally and externally — and are used to set forth measures that improve our risk management and sustainability performance and also to report on the Company's performance regarding the identified aspects.

We conclude this systematic process with the various means of communication that the business units establish with their stakeholders, through dedicated channels on the Company's website, the launch of surveys, the organization of workshops to exchange best practices, or the dissemination of matters of interest, as well as by sending communication bulletins, among others.

Once each stakeholder's expectations have been evaluated, we analyze the results so that we may take them into consideration in our decision-making.

See our sustainability reports and policies