512019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

CHAPTER 4 Responsible management

4.1 OUR MANAGEMENT APPROACH

"We have designed a Stakeholder identifi cation model that will help us create a culture of proactive stakeholder management."

STAKEHOLDERS At Cepsa we are aware of the important role the credibility and trust deposited in us by our shareholders, employees, cus- tomers, suppliers and the community plays in the development of our activities. In order to understand and respond to our stakeholders' needs, we work tirelessly to strengthen our relationships based on the Stakeholder Relationship Policy which establishes the following general aims:

Maintaining accessible, open, trans- parent and trusting relationships with the various stakeholders, through the implementation of engagement channels and monitoring tools that enable us to meet their expectations, reducing potential risks and identify- ing opportunities in the management process.

Managing Cepsa's impacts and risks responsibly, taking into account the signifi cant issues and concerns of stakeholders and including them in decision-making.

Being proactive in the dissemination of information in all the phases of deve- lopment of Cepsa's business activities, through the transmission of truthful and transparent information, which presents a true picture of our compa- ny, our activities and corporate and/or social strategies, and which will allow trusting relationships to be built that have a positive impact on stakeholder perception.