Campus entrance with the Repsol logo and people walking around

Policy on Communication and Contact with Shareholders, Investors, and Proxy Advisors and on the Disclosure of Economic-Financial, Non-Financial, and Corporate Information

Our aim is to define and establish the general principles and criteria that govern the communication of economic and financial, non-financial, and corporate information by the channels considered appropriate, and in particular the contact with shareholders, investors, and proxy advisors. It focuses especially on the points of view of shareholders and significant investors who are not represented on the Board of Directors. The foregoing is without prejudice to the legal obligations to disseminate inside information, other relevant information, and other regulated information applicable to the company.

Campus Repsol

General principles

The Board of Directors is responsible for top-level management and supervision of information provided to the stock market, investors, and other interest groups, ensuring the highest disclosure and quality, in accordance with the following general principles:

  • Transparency, truthfulness, immediacy, relevance, consistency, traceability, equality, and symmetry in the dissemination of economic-financial, non-financial, or corporate information, both mandatory and voluntary.
  • Protection of the legal rights and interests of all shareholders, and equal treatment in the recognition and exercise of the rights of all those who are in the same position and who are not affected by conflicts of competence or interests.
  • Promoting the involvement of shareholders and investors in the company, in particular by facilitating access to information on the exercise of their rights by shareholders.
  • Establishment and use of channels and dynamic tools for communication. They should promote efficient communication between the Company and the stock market, investors, and other stakeholders, generating knowledge, cooperation, and relationships of trust with stakeholders.

These principles will be applied to information and communication from the Company to its stakeholders, such as shareholders, institutional investors, financial institutions that act as intermediaries, agents, and depositories of the company's shares or debts instruments, financial and non-financial analysts, regulatory and supervisory bodies, credit rating agencies, information agencies, proxy advisors, the media, and similar.

Notwithstanding the principles of equal treatment and non-discrimination, the company may adapt the general and special channels for information and communication with the stock market, investors, and other stakeholders, depending on the different target groups.

All the aforementioned, in compliance with current regulations on the treatment of privileged information and other relevant information, shareholder relations, and communication with the stock market. These rules are all set out in the Board of Directors Regulation, the Internal Conduct Regulation regarding the Securities Market, the Code of Ethics and Business Conduct, and the internal norms on classification of information in the stock markets and their regulatory entities.


General information and communication channels

  1. The Comisión Nacional del Mercado de Valores and other bodies. The first general channel that the company uses to provide information to shareholders, investors, and markets in general, is the regulatory body of the Spanish Stock Market, the Comisión Nacional del Mercado de Valores (CNMV) – which receives all information that, in accordance with current legislation, is considered privileged or relevant, periodic financial and non-financial information, and corporate information established by law. It also uses channels established by foreign supervisory bodies and authorities when appropriate. The information sent to the CNMV is immediately disseminated and made public through publication on its website.
  2. Corporate website. The company will promote its corporate website ( as an information channel for shareholders, investors, and other stakeholders. Any economic and financial, non-financial, and corporate information that may be of interest will be published on the website, with the advantage that the information can be published immediately and can be accessed afterwards. This prioritizes transparency as the value that defines the Company's relationships with markets and with the general public. All communications of inside information or other relevant information made by the Company, as well as periodic financial and non-financial information and corporate information established by law, shall be simultaneously published on the corporate website.
  3. Investor relations. The company shall have a specific investor relations area, the main purpose of which shall be to serve as an open, permanent, and transparent channel of communication with shareholders, institutional investors, and other interested parties. In order to strengthen the relationship with these people, the company will carry out the initiatives it deems appropriate, such as sending specialized newsletters, text messages with corporate information, the creation of computer applications, or holding meetings, roadshows, and information days with the Company's senior management. Additionally, the company shall make available to shareholders, institutional investors, sustainable and socially responsible investors, and other interested parties the appropriate telephone, face-to-face, or electronic communication channels at all times, through which they may submit the appropriate queries or suggestions. In addition, for the purpose of strengthening the direct and two-way relationship of the company with individual shareholders, the Company may create a community of shareholders, which may be joined voluntarily by those shareholders interested in following the Company's performance in a more detailed and continuous manner. In this regard, the company may also set up a shareholders' advisory committee to improve its knowledge of the expectations of its individual shareholders and their assessment of the shares and the channels of communication between Repsol and its shareholders, as well as the content and quality of such communications. In the case of institutional investors and sustainable and socially responsible investors, the company shall establish mechanisms that allow for the regular exchange of information on matters that may be of interest to them, such as investment strategy, evaluation of results, or issues related to corporate governance, the environment, or corporate social responsibility, without such information creating situations of privilege or conferring special advantages over other shareholders.
  4. External communication. The company shall have a specific communication area, responsible for managing, among others, the relationship with the media and for preparing the press announcements with the areas affected in a coordinated manner, maintaining the coherence and alignment between the announcements issued by the company in any of its supports and channels.
  5. Social networks. The company is aware that new information technologies have a relevant impact and influence on social activity and on its relations with shareholders, investors, and other stakeholders. For this reason, and in order to contribute to the maximization of the dissemination of information, the company may use, in addition and complementary to the above means of communication, social networks of relevant acceptation, distribution, presence, and monitoring, to communicate economic-financial, non-financial, and corporate information, whenever the requirements established in the current regulations on the communication of privileged information and other relevant information, as well as the other internal rules of the company, are complied with.
Repsol BoD at the 2022 Annual General Meeting

Annual General Meeting

The Board of Directors shall promote the informed and responsible participation of the shareholders in the Annual General Meeting, adopting the appropriate measures to facilitate the exercise by the Meeting of its functions. To this end, the company shall make available to its shareholders, prior to the AGM, such additional channels of communication as may be appropriate from time to time, such as the electronic shareholders' forum or such others as may be established, as well as such information as may be legally required or, even if not legally required, may be of interest to them and can reasonably be provided. It shall also respond with the greatest diligence to requests for information and questions posed by shareholders prior to or on the occasion of the Meeting.

The company may use the services of agencies, entities, and financial intermediaries to better distribute information to its shareholders and Institutional Investors.

For its part, the general secretary's office, with the support of the investor relations area, shall be responsible for liaising with proxy advisors, responding to their queries in relation to the proposed resolutions to be submitted to the Annual General Meeting and providing them with the clarifications deemed appropriate.