Historical Archive Annual Reports

2003 Annual Report

Selected data

Letter from the Chairman

Management bodies

Corporate Information

Information for Shareholders

Results January – December 2003

Risk Management

Group Structure

Consolidated Annual Financial Statement

Annual Financial Statement

Annual Report Corporate Responsability

Letter from the Chairman

The Telefónica Group in 2003

A commitment to Corporate Governance

Intangible Assets

Customers: quality and compliance

Shareholders and investors: returns

Employees: clarity, development

Society: contribution and proximity

The Environment: respect and protection

Suppliers: equal opportunity and benefit

Media: information and transparency

Committed to you

Annual Report on Corporate Governance

Introduction

Shareholding Structure

Structure of the Board of Directors

Information on related transactions

Information on risk control systems

Relations with shareholders and markets

Degree of compliance with recommendation