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Ethical principles

Ethical principles Our Business Principles, Telefónica’s Ethical Code, assemble a series of guidelines aimed at leading us through our daily activities.

Our Business Principles were approved in December of 2006 and are applicable to all of our employees in all of the countries in which we operate. Their text is the result of the integration of our previously existing ethical codes (those of Telefónica, Telefónica Móviles and O2). Furthermore, the comments received from professionals in all the countries in which we carry out our operations were also taken into account.

They have been used to structure a series of General Principles, based on: honesty, integrity and trust, respect for the law and for human rights. These general principles can be broken down into other more specific ones, in order to assure the trust of our customers, professionals, shareholders, suppliers and society in general.

In order for this Ethical Code not to be a mere “declaration of intentions”, several mechanisms exist which will divulge, promote and supervise its implantation and observance: The creation of the Office of Business Principles, a confidential channel of assistance and a series of training activities.

You can download the Business Principles Document on PDF format [2 MB]

The Business Principles Office

It is made up of the following corporate areas: Human Resources, Internal Auditing, a General and Legal Secretariat and Telefónica’s General Technical Secretariat to the Chairman. In addition, it also relies on a representative from each one of the regions in which our company is present: Spain, Latin America and Europe. The Office reports to the Board of Directors through the Human Resources, Reputation and Corporate Responsibility Committee.

The Confidential Channel

A channel for confidential assistance makes it possible for our employees to request advice and raise questions associated with the fulfilment of the Business Principles, especially when indications of failure to comply with these principles have been noted. The suppliers and the rest of the interested parties can also access the confidential channels through the websites set up for handling relations with the different stakeholders.

All of these communications are handled in a totally confidential and exhaustive manner, and with the proper grounds for adopting any decisions considered necessary and with an absolute respect for the individuals involved.


We, at Telefónica, have passed on our Business Principles to all of our professionals through an on line training course, which is obligatory for all of our staff. Its main goal is to keep our employees duly informed about our ethical code and to reflect on the importance of relying within the Group on certain ethical standards which will help them in the carrying out of their daily activities.

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