Sustainability Strategy

For Telefónica, sustainability means thinking about society and the planet and focusing the business to be part of the solution to the challenges facing humanity.

We believe it is our duty to take advantage of the capabilities of connectivity and digitalisation, not only to bring value to our customers, but also to help tackle major challenges such as climate change, inequality, employability and misinformation. We want to:

  • Help society to prosper: promoting economic and social progress based on digitalisation, leaving no one behind.
  • Build a greener future: taking advantage of the power of digitalisation to curb climate change.
  • Go beyond what is expected of us and take responsibility for our actions at all times in order to build trust.

In this way we will achieve our purpose: to make our world more human by connecting people’s lives and to become more competitive and relevant.

How can we make sure we are on the right track? Listening to our customers, employees, investors, governments and society in general (more details in our materiality matrix).

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“Only companies that take responsibility for their actions with society and the planet will be relevant in the future”

This is how we differentiate ourselves

In order to specify the areas of work that help us to make progress in this mission, we have a global Responsible Business Plan. It includes customer projects along with products and services for sustainability, privacy and security, ethics, human capital, governance, suppliers, the environment and climate change. It helps us to:

  • Manage risks and anticipate increasing regulations.
  • Improve productivity by incorporating sustainability criteria into our processes.
  • Grow by promoting the social or environmental benefits of our products and services as a differentiating element in the market.
Sustainability at the highest level

This is how we differentiate ourselves

In order to specify the areas of work that help us to make progress in this mission, we have a global Responsible Business Plan. It includes customer projects along with products and services for sustainability, privacy and security, ethics, human capital, governance, suppliers, the environment and climate change. It helps us to:

  • Manage risks and anticipate increasing regulations.
  • Improve productivity by incorporating sustainability criteria into our processes.
  • Grow by promoting the social or environmental benefits of our products and services as a differentiating element in the market.

Sustainability at the highest level

Approval

Board of Directors

  • Our Responsible Business Principles
  • Our ethical framework
  • Our Responsible Business Plan
  • Our Sustainability roadmap
  • Main Policies related to Sustainability

Supervision

Sustainability Commission & Quality

  • Oversees month-by-month implementation of the Responsible Business Plan.

Audit and Control Committee

  • Oversees the Company’s compliance function, risk analysis, management and reporting processes.

Monitoring

Responsible Business and Reputation Office

Implementation

Business Areas and Corporate Support

Operators Country

The Sustainability and Quality Committee of the Board of Directors (Telefónica has been a pioneer in the Ibex35 having a Sustainability Committee on its Board since 2002) approves and monitors the corporate Responsible Business Plan.

Customer satisfaction, gender equality, social trust and CO2 reduction form part of our employees’ variable remuneration

We are transparent

The company’s annual Consolidated Report contains detailed information on our progress in the area of sustainability. This report is prepared in accordance with the main international reporting standards (GRI, SASB y TCFD).

In addition, we prepare specific reports on issues which require special attention:

  • Sustainable Development Goals (SDGs), with our contribution to the United Nations 2030 Agenda.
  • Impact measurement methodologies, through which we explain how we measure our contribution to society and to the planet.
  • Report on Transparency in Communications, detailing our commitment to the fundamental rights of privacy and freedom of expression.

Our efforts are paying off: we are recognised by prestigious indices such as the Dow Jones Sustainability Index (DJSI), CDP, Sustainalytics, or FTSE.

Leaders in ESG financing

Telefónica also integrates sustainability into its business strategy, associating part of its business financing with sustainability projects and objectives. Thus, since 2019, Telefónica has raised a volume of sustainable financing in the bond market of 3,250 million euros, the largest cumulative amount in the global telecommunications sector, and we intend to increase the weight of ESG financing to over €10 billion in the coming years, through new bond issues, loans or bank financing, to continue supporting projects with social and environmental impact.

Integrated Management Report

Telefónica’s strategic, financial and ESG situation.

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Report on transparency

Did you know that we pay 8.16 billion euros a year in taxes?

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Integrated Management Report

Our mission puts people at the centre of everything we do.

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Fiscal Transparency

Did you know that we pay 8.16 billion euros a year in taxes?

Our tax contribution

Integrated Report 2020

Our mission puts people at the centre of everything we do.

Telefónica’s financial and strategic situation