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Ethics and transparency Repsol Ethics

Repsol Ethics

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 of integrity, responsibility, transparency, flexibility, and innovation 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 by developing smart energy solutions. 

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.

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 .

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.

Repsol Ethics & Compliance Channel

The Repsol Ethics & Compliance Channel is a confidential means for company employees and any third party to ask questions about or confidentially report potential breaches of the Code of Ethics and Business Conduct or the Crime Prevention Model without fearing reprisals. 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. 

As part of this compliance culture, we have a zero-tolerance policy regarding criminal behavior and, of course, the obligation to prevent and reduce any criminal risks the company may face. With this in mind, and in order to provide a guide for better understanding these criminal risks, Repsol created a “Crime Prevention Manual.” This manual further confirms the unwavering commitment of the company’s administrative bodies to foster and maintain a culture that respects ethical standards and regulations.