Board of Directors

The company has an effective and operational governance system which is based on the global scale of Telefónica. In the context of the Company’s commitment to its shareholders, the Board of Directors, with the support of its committees, carries out its work in accordance with corporate governance standards which are contained principally in its Articles of Association, the Regulations of the General Shareholders’ Meeting and the Regulations of the Board of Directors.

Telefónica´s Board of Directors, which as of May 2011 had 18 members, is responsible for the supervision and control of the Company’s activities. It has exclusive responsibility for issues such as general policy and strategies related to corporate governance, corporate social responsibility, compensation to directors and senior managers and returns to shareholders, along with strategic investment.

The Board of Directors of Telefónica, S.A. is supported in the Company’s corporate governance by eight committees responsible for examining and monitoring key areas. In accordance with its Regulations, the Board of Directors delegates day-to-day business management to the executive bodies and management team of Telefónica.

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