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About this report

This Corporate Responsibility Report relates to the 2011 financial year. Its main aim is to provide complete, reliable and high-quality information about corporate responsibility at Repsol. Its content is supplemented by the information at repsol.com in the section on corporate responsibility and by the rest of the corporate information prepared and published by Repsol in 2011. This includes the Consolidated Annual Accounts Report, the Management Report, which provides more in-depth information on the company's financial management, and the Annual Corporate Governance Report, which focuses on information relating to the functioning of the company's governing bodies.

Repsol publishes this report on a yearly basis and it has been written in accordance with the Global Reporting Initiative Sustainability Reporting Guidelines (version G3), to an A+ level of application.

This report also meets the criteria of the latest version of the AA1000 standard and, consequently, the principles of inclusivity, materiality and capacity for response of the AA1000 2008 APS standard. It has also been verified under the AA1000 2008 AS standard.

Moreover, in drawing it up, we took account of the document "Transparencia, comunicacin y standards de los informes y memorias de sostenibilidad" (transparency, communication and standards in sustainability reports and notes) drawn up by the Spanish State Council for Corporate Social Responsibility (CERSE), as we did the reports of certain organizations that analyze company reports and practices, such as the Spanish Corporate Social Responsibility Observatory and the Social Responsibility Observatory of the Unin General de Trabajadores (UGT) trade union. It is also worth highlighting the participation of the main unions within the company in every phase of drafting the report.

Inclusivity

The company, its corporate divisions and business units have identified their stakeholders, and channels and mechanisms for dialog and relations are in place. The processes and tools for dialog with stakeholders are detailed in the section "Our relationships in this report".

Materiality

In order to produce this corporate responsibility report, a materiality study was carried out based on the recommendations of the AA1000 standard. The end purpose of this study was to ensure that the corporate responsibility report focused on the most relevant issues given the specific characteristics of Repsol, its businesses, its stakeholders and our sector. The material issues resulting from the study carried out for this year have not undergone any substantial modifications with respect to those identified in previous years.

Responsiveness

This report aims to respond to the issues identified as material for the company by means of the dialog processes established with its stakeholders, and to provide an account of its 2011 performance in each of these areas.

Scope of the report

This report includes information about Repsol's activities in the different countries in which it is present. In most cases, when we name Repsol we are referring to the Repsol YPF Group. When this is not the case, the scope of the information reported is specified and clarified.

The data underpinning the environmental information comes from subsidiary companies in which we have a majority holding and/or operating responsibility (control) and where we record 100% of emissions into the air, ground and water. In the case of greenhouse gases, we also include information on emissions from the company's activities in proportion to our holding in each of these companies, as well as from indirect emissions associated with energy purchased from third parties and other relevant indirect emissions.

On safety matters, we include data for 100% of employees at subsidiary companies in which we have a majority holding and/or operating responsibility (control). For contractor employees we include any activity under a direct contract with Repsol in excess of one year.

The information on Repsol employees relates to the companies that Repsol directly manages where it has operating responsibility (control).

Social investment refers to all the activities carried out by Repsol and its three foundations (Repsol Foundation, YPF Foundation and Repsol YPF Ecuador Foundation) that involve making contributions to the community or society in locations where we conduct our activities. Information on social investment has been provided for 100% of the operations in which we have operating control.

This report includes quantitative details from previous years. In those cases where the way in which the information is calculated or its scope has undergone any modification with respect to previous years, the improvement introduced has been specified and the rationale explained.

Verification of the report

The data in this report has been reviewed and verified by Deloitte, to ensure its reliability.

Dissemination

An electronic version of this report can be sent by email to interested parties, and it can also be provided on a USB drive in Spanish and English. This report is also available at www.repsol.com, where the document can be downloaded in PDF format.

Enquiries and additional information

Readers of this report may send their questions, enquiries or requests for additional information through the "Contact" and "Repsol listens to you" sections on www.repsol.com.

Materiality study

To prepare the Corporate Responsibility Annual Report, and in order to spotlight those issues of most relevance given Repsol's characteristics and peculiarities, we carried out a materiality study.

This is a study that aims to identify and define the material issues of fundamental importance to stakeholders and therefore to Repsol. It is done applying a methodology that can be replicated year-on-year and that allows us to obtain a higher degree of precision regarding the issues we have to take into account.

The process of identification was carried out using different approaches and using methods that correspond to the AA1000 standard.

This study included an initial phase during which the relevant issues were identified, taking as a starting point, among others, the analysis and review of the environmental, social and governance (ESG) criteria of our institutional investors, the requirements of relevant international organizations in the field of sustainability, and the analysis of press articles related to the sector.

The issues identified formed an initial definition of the material issues. These were verified by means of in-depth interviews with opinion leaders on ethical, social and environmental matters, identified by analyzing the press and by other means of selection identified by Repsol.

The aim of the interviews was to verify the subjects identified, going into the issues, challenges and trends in greater depth, as well as to find out how they perceive Repsol. All of the interviews were conducted using the same script:

  • Challenges in the area of knowledge of the expert interviewed
  • Trends
  • Perception of Repsol and of the best business practice for each issue

The aim of this study was to determine the contribution that the oil and gas industry makes to sustainable development, focusing on those areas where the sector's contribution is most critical and were Repsol must place greatest emphasis.

The information included in the Corporate Responsibility Annual Report 2011 is structured in response to this analysis.

Declaracin de Control del Nivel de Aplicacin de GRI