Also, in accordance with our tax policy, we refrain from using opaque or contrived structures with the intention of concealing or reducing the transparency of our tax activities. We are committed to having no involvement in tax havens, unless this is justified for legitimate business reasons. In such case, we guarantee:
- The authorization of our Board of Directors to incorporate or acquire the company and regular information about its activity.
- Strict compliance with our internal regulations relative to our business activities.
- The application of our Company's general administration and management control criteria and procedures.
- Full transparency and cooperation with the affected administrations in order to facilitate the information they deem necessary regarding our activities.
We perform active management to reduce our already limited involvement in jurisdictions classified as tax havens or uncooperative with tax authorities. The list of tax havens developed by the OECD and Spain serves as a reference for this purpose. In recent years, we have significantly reduced its involvement in these territories having gone from owning more than 40 companies in them to a minimum, as described below:
- We have no involvement in jurisdictions included in the list of uncooperative tax havens prepared by the OECD in 2012 under the "lack of informational transparency" approach.
- As regards the Spanish list of tax havens, as of December 31st, 2016 Repsol has no controlled company that is active and with registered address and tax residency in said jurisdictions.