Responsible
Compliance
One of the largest energy companies, present in the entire value chain: exploration and production, transformation, development and commercialization of efficient, sustainable and competitive energy.
We are a multi-energy company operating around the globe. Our activities range from oil and gas exploration and production to refining as well as selling derived products and providing services for your everyday life, such as natural gas and electricity.
The people on our team represent our prime competitive advantage and guarantee the company's future. A flexible and committed team comprising over 25,000 employees, united by a shared vision and values.
Our facilities are a reflection of our values and company culture. Our smart buildings promote smooth communication and transparency between team members, while allowing them to be more efficient and versatile in their work.
Our brand reflects our efficient, modern, responsible, and transparent management style which characterizes our company. Moreover, it conveys our values and builds trust.
A global, integrated company with over 90 years of history seeking to supply society's energy needs.
At Repsol, we ensure integrity in the relationships the Company maintains with its suppliers and contractors. Our suppliers are a part of our team and working together enables us to continuously evolve.
We look for energy solutions that meet people's needs and safeguard their well-being. With our solid and diversified business undertakings, we stay one step ahead of the future.
Learn about our Company's annual performance in the area of sustainability.
Our priority is to minimize the environmental impact of our activities by optimizing water management, air emissions, waste management, and spill prevention and response, in addition to considering biodiversity a key element.
We work to be part of the solution to climate change. Our challenge: responding to the demand for energy both responsibly and sustainably.
Each and every one of our decisions aims to guarantee the safety of our workers, customers, users, and suppliers. We firmly believe that all accidents can be prevented, and we develop ever-improving prevention mechanisms.
Each and every one of the actions taken by the people who make up Repsol determine the present and the future of our company. Therefore, we train our employees in core values that must govern their behavior and communicate all of our actions in a way that's reliable, transparent, and verifiable.
We are committed to managing our tax affairs by applying good practices and acting transparently. We pay our taxes responsibly and efficiently, and we foster cooperation with governments, thus avoiding serious risks and unnecessary conflicts.
We make reasonable efforts to ensure that our activities do not have negative impact on human rights, and should they occur, we do everything we can to correct them. Moreover, we do everything within our power to prevent impacts directly related to the activities of our business relationships.
Sustainability is an essential part of our forward-looking vision and the shared commitment undertaken by every one of us at Repsol.
The Repsol Technology Lab is an example of one of the most cutting-edge private R&D models in Spain, based on open innovation, whose objective is to seek sustainable solutions to achieve a more efficient and competitive lower-carbon business.
Innovation is in our DNA. That's why we've taken on the ambitious challenge of transforming the energy sector through the passion of our professionals, people who question things to make them better.
We look for industrial startups that provide disruptive reliability and maintenance solutions, particularly those related to the prediction and detection of corrosion.
Innovation, open collaboration, and a connection with the entrepreneurial world within an environment designed for co-creation. Discover our Open Innovation program.
At Repsol, innovation is part of our DNA. That's why we support education in the technical science field in order to inspire future generations.
Soluciones energéticas 100% renovables: energía solar y electricidad para particulares, empresas y entidades públicas.
Global, integrated, sustainable, and present throughout the entire value chain. These are just some of the compelling attributes that make us as an attractive company.
Useful documents to follow the company's profitability and sustainability-related measures and initiatives.
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We are committed to managing our tax affairs by applying good tax practices and acting transparently, efficiently and responsibly paying taxes, and promoting cooperative relations with governments, while avoiding significant risks and unnecessary disputes.
Our tax strategy is based on five fundamental principles:
Responsible
Compliance
Tax
Efficiency
Cooperative
Relations
Prevention of
Tax Risks
Transparency
1. We are aware of our responsibility in the sustainable economic development of the societies in which we operate and that the taxes we pay represent a significant part of their economies.
For this reason, we are committed to the responsible payment of taxes in the countries in which we operate, applying the following action principles:
- Complying with the Spanish Code of Good Tax Practices.
- Abstaining from the use of contrived corporate structures in tax havens.
- Internal procedure for setting transfer prices with value creation and the arm’s length principle.
- Internal control processes, regulations, and a whistleblowing channel to ensure compliance with our tax obligations.
- An adequate organizational structure and the means to comply with our tax obligations.
- Professional team undergoing continuous training, subject to a common compensation policy and with a contingency plan for key positions.
- Tax planning aligned with the business and aimed at legitimate optimization.
- Corporate structure aligned with the business and adapted to legal requirements and corporate governance standards.
- Applying tax breaks accessible to all economic players (deductions for research, development, and innovation; freedom to amortize; capitalization of reserves, etc.).
- Supporting publishing the tax incentives in oil contracts from authorities and governments.
- Voluntarily presenting our 2015, 2016, and 2017 Tax Transparency Reports to the Spanish Tax Agency.
- Participating in employment forums in cooperation with public administrations (Spain, Canada, Portugal, Singapore, United Kingdom, the Netherlands).
- Voluntarily participating in the OECD's pilot program “International Compliance Assurance Programme” (ICAP).
- Collaborating with international organizations (OECD, UN, and EU).
- Being certified as an Authorized Economic Operator in the EU and Peru.
- Tax Control Framework compliant with the best standards and validated by an independent expert.
- Incorporating tax risks into the Group’s core risk management system.
- Approval of the Corporate Tax Policy by the Board of Directors, which shall monitor enforcement of the strategy and tax risk management at least once a year.
- Concluding mutual procedures and agreements with tax administrations regarding a range of matters.
5. We are committed to transparency being the basis of our actions in exercising tax functions and we endeavor to:
- Leaders in Spain in terms of transparency and responsible tax affairs according to studies carried out by various social analysis opinion panels.
- Corporate structure aligned with the business and adapted to legal requirements and corporate governance standards.
- Remove inactive companies from the company structure.
- Incorporating tax-related objectives into Repsol’s Global Sustainability Plan.
- Participating in Tax Responsible Principles defined by the B-Team, which ranked as "one of the most radically transparent companies."
- Active dialogue with NGOs.
- Publishing our Country-by-Country Report (CbC).