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CHAPTER 4 Responsible management

At Cepsa we take care to ensure that the remuneration and benefits received by our professionals are in line with their job position, their performance and the mar- ket, and foster their commitment to the company s strategy and success. Accor- dingly, remuneration policies are availa- ble for each level of the organisation which aim to remunerate our employees in line with their responsibilities, per- formance and the targets achieved. To avoid bias, the policies set out common criteria for the determination of salaries and seek maximum transparency in the application thereof. In 2019 a survey was conducted on the pay gap at Cepsa and an action plan was defined to mitigate the differences identified as a result of its findings.

At Cepsa we are committed to gender equality and accordingly we monitor the gender pay gap.

The analyses carried out demonstrate that, although the gross pay gap is high (29%, 25% and 13% for Spain, Portu- gal and Colombia, respectively), when comparable positions held by male and female employees with similar characte- ristics are compared, this difference drops to 2.80%, 0.60% and 1.59% (Spain, Portugal and Colombia, respectively).

One of the factors with the greatest im- pact on the gross pay gap is the higher proportion of men in managerial position within the organisation (Executives and heads of department).

To remedy this situation, we have set the commitment of increasing the presence of the women in these positions through the measures included in the Diversity and Inclusion Programme.

Also, in application of the remuneration policies for each level of the organisa- tion, each professional s remuneration is established based on their responsibili- ties, performance, skills and the targets achieved. To avoid bias, these policies de- fine common criteria for the determina- tion of salaries and the company fosters maximum transparency both in policy application and in the promotion and em- ployee-performance and skills-assess- ment processes.

Cepsa also promotes transparency in the area of remuneration, informing mana- gers and employees of the policies in place and the criteria for their application.

Cepsa reviews the structure and com- petitiveness of the remuneration policies each year and endeavours to improve the offer. In this connection, a platform was developed in 2019 Mi Flex which makes it possible to offer employees more fle- xible remuneration and maximise their income.

Our collective agreements establish the universal nature of the benefits offered and no distinction is made between the welfare benefits received by employees based on their working hours. Notewor- thy benefits include the pension plans

REMUNERATION