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CHAPTER 4 Responsible management

4.2 CEPSA S GOVERNANCE

"Because we are a global company, our governance model is based on both national and international best practices."

CORPORATE GOVERNANCE

Our corporate governance structure and model is aligned with the recommenda- tions laid out in the Spanish Code of Good Governance for Listed Companies, which are applicable to Cepsa's specificities. As a company that carries on its activity at a global level, it is necessary to maintain our governance model adapted to the best national and international practices.

Cepsa's governance model is structured around certain general principles and commitments, which include:

Ethical behaviour.

Compliance with the law and internal regulations by all our professionals, as well as transparency in our actions.

The commitment to preserve the health and safety of our employees.

The protection of the environment.

The maximisation of the creation of sustainable and long-term value.

Social commitment to local communi- ties.

The promotion of constant dialogue with our stakeholders.