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Our business model is centred on sus- tainable growth. This means our activities must be based on responsible manage- ment, in line with our values and ethical principles, underpinned by a proactive ap- proach to managing any impacts generat- ed by our activities.

This commitment, which is enforced at both the management and operating lev- els, is developed and supervised by the company s Governing Bodies and Man- agement.

The Audit, Compliance and Ethics Com- mittee (ACE), which reports to the Board of Directors, is responsible for supervis- ing matters related to Corporate Social Responsibility. This Committee reviews policies concerning our main stakeholder groups, in particular Corporate Social Re- sponsibility Policy, and puts forward pro- posals to the Board of Directors. It also supervises the annual corporate respon- sibility action plan and monitors progress on the commitments made in this area. It is supported in this work by the Compli- ance and Ethics Operating Committee, a permanent, internal body that reports di- rectly to the ACE Committee.

In 2018 the Board of Directors approved our new Corporate Social Responsibil- ity Policy, which contains basic guide- lines governing the behaviour of Cepsa's directors and employees, as well as its third party partners, concerning compli- ance with the company s commitments to responsible action. This Policy formal- izes our commitment to build best prac- tice on Corporate Social Responsibility into the daily management of all our busi- ness units and in every country and region in which we operate. These commitments are subject to review by Management to ensure our performance in this area is constantly improving. The targets, guide- lines and specific measures developed for this purpose are set out in our Corporate Social Responsibility Master Plans.

The current, three-year Corporate Social Responsibility Master Plan serves as a route map for strengthening the respon- sible management of our businesses and building on our strategy for sustainable growth. Its second year has recorded suc- cessful results. The Plan contains 10 pil- lars, each one setting out specific actions to enable us to achieve the targets estab- lished:


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