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CHAPTER 4 Cepsa governance Corporate governance

Our corporate governance structure and model is aligned with the recommen- dations laid out in the Code of Corpo- rate Governance for Listed Companies in Spain, which are specifi cally applicable to Cepsa. We work to ensure our govern- ance model is aligned with best practices in Spain and internationally and the latest applicable regulations.

This model is underpinned by a se- ries of wide-ranging commitments and principles. These include: promoting constant dialogue with our stakeholders; maximizing the creation of long-term and sustainable value; ethical conduct; our

employees compliance with the law and internal regulations; and transparency in everything we do. As well as our fi rm pledge to guarantee the health and safe- ty of our staff and protect the environ- ment, we are committed to scrupulously complying with the laws and regulations in force in each of the jurisdictions where we operate and have a pledge to the local communities in our areas of operation.

4.1 CORPORATE GOVERNANCE

" We strive to keep our model adapted to the best advances in national and international regulatory practices."

2018 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

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