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Good Governance and transparency

At Telefónica, sustainability is embedded at the highest level of governance and business management.

Our governance model aims to involve all areas of the organisation, with a clear definition of responsibilities. The aim is to ensure a cross-cutting ESG approach that is consistent with the company’s strategy.

Explore the Telefónica Group’s sustainability information and certifications. This is underpinned by the Principles of Responsible Business, our Code of Ethics and Conduct, which also forms our Sustainability Policy.

According to the group’s guidelines, these are the various responsibilities relating to sustainability:

Approval

Board of Directors

  • Responsible Business Principles
  • Ethical Framework in ESG policies
  • Sustainability Plan

Supervision

Sustainability and Regulation Committee

  • Oversees, among other aspects, the implementation of the Sustainability Plan

Audit and Control Committee

  • Oversees the internal audit, ensuring the proper functioning of the information systems and internal controls relating to sustainability information

Nominating, Compensation and Corporate Governance Committee

  • Oversees the variable remuneration system, which includes ESG targets, among others

Monitoring

Executive Committee

  • Monitors the business and the Sustainability Plan, as well as other issues linked to managing the ESG targets

Global Sustainability (ESG) Office

  • Performs detailed monitoring of all the activities relating to this area

Implementation

Global divisions

  • They implement the strategy within their functional area and monitor progress in collaboration with the Group’s companies

Leading companies within the Telefónica Group

  • They draw up local sustainability plans and monitor their implementation

The Sustainability and Regulation 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 Sustainability Global Plan.

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

Meaningful relationships with our stakeholders

At Telefónica, we build strong bonds with our stakeholders through dialogue, transparency, and collaboration. This approach allows us to align expectations, anticipate trends, and generate shared value.

Sustainability information

Telefónica prioritises the quality, accuracy and control of ESG information as the basis for rigorous and reliable communication. To this end, it has strengthened data governance and automated data management via a reporting platform, thereby improving traceability and decision-making. Furthermore, it is working to facilitate access to sustainability content using artificial intelligence.

These are some of the most important public documents containing sustainability information:

  • The company’s annual Consolidated Report contains detailed information on our progress in the area of sustainability. The Sustainability Report is prepared in accordance with the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS), and Spanish Law 11/2018 on non-financial information and diversity.

Our Management and Sustainability (ESG) Report was recognised by the most important international awards:

  • Fiscal transparency, because in accordance with the Business Principles of the Telefónica Group, we ensure compliance with tax laws, regulations, and regulatory obligations with the tax authorities. We have received the ★★★ Fiscal Transparency Seal from Fundación Haz, with 97% compliance, the highest distinction.

These are some of the most important public documents containing information on sustainability:

UK Tax Strategy 2026

Section 172 Companies Act 2006 statement

Management and Sustainability (ESG) Report 2025

Mission, strategy and progress in economic, and ESG matters.

Access to content Management and Sustainability (ESG) Report 2025

ESG Certifications

At Telefónica, we hold certifications that endorse our commitment to the most demanding standards in the areas of: quality, ESG, security, business continuity, among others, which help us to continuously improve our performance. Each one reflects our efforts to put the customer at the centre, move forward and guarantee maximum reliability in all our processes and services.