Transparency with Shareholders

"We undertake to provide all relevant information for their investment decisions. We will do this promptly in a non-discriminatory way" Code of Ethics.

The company had another year with different tools and communication channels to guarantee the principles of transparency and equal treatment in all dealings with our shareholders, whether they are private individuals or institutions. These principles are set out in the Regulations of the Telefónica Board of Directors governing the channels through which this relationship is established.

The Shareholders' Service Centre was created more than ten years ago to establish transparent and fluent communication with individual investors. At the end of 2008, there were 199,329 shareholders who received all the information about the company, both on financial results and on any event about the company that may be relevant for their investment.

In order to provide personalized attention to institutional investors, there is an Investor Relations Department through which we keep up a constant flow of information with the domestic and international financial markets. This department is responsible for explaining the company’s main organizational, operational and business strategies and for facilitating the formation of market expectations on its future performance.