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Why does Telefónica prepare an Integrated Report?

 

Did you know that Telefónica contributes 0.6% of the GDP in the group of countries where the company operates, and that for each worker hired the company has generated seven additional employees? Would you like to know what we do for the environment, what we do to empower the development of talent and diversity, or the impact generated by our broad band? The answers to all these questions and many more can be found in the Integrated Report that Telefónica publishes every year

 

What is the Integrated Report?

 

At Telefónica we wager on the Integrated Report for improving the quality and transparency of the information. And it allows us to do so with a more cohesive, logical, and efficient approximation to the communication of social, environmental, and economic aspects, allowing a more modern way of understanding the performance of our company’s accounts. This Integrated Report is, for us, a communicational element that offers the reader the possibility of understanding the mechanisms for creating sustainable management by Telefónica, showing the coherence and link between its economic, social, environmental, and governance strategies for the management of its risks and opportunities.

 

 

Transparency adds value. But there is no transparency if every company uses different reporting models making it impossible for a consumer to be able to compare the social responsibility of different companies. In order for the effort in transparency made by companies to truly provide value, it’s necessary for all the non-financial information that's reported to be comparable with the information provided by other companies (as it has occurred for centuries with financial information), and for it to be coherent with the strategy and financial commitments of the company itself. And it’s in this debate where the idea of the integrated report occurred a few years ago.

With the integrated reported we have undertaken to communicate three fundamental ideas so that everyone can understand Telefónica’s mechanisms for creating value for all society:

 

  • We have a joint strategic vision that's cohesive between the financial and the non-financial. They complement and explain each other.
  • Our business, our technology, and our products and services create value for the communities where we're present, and present positive social, economic, and environmental impacts on the communities where we operate. For example, our fixed and mobile broad band networks generate 2.2% of the GDP of the countries where we're present.
  • The information offered makes it possible to understand the Company’s entire external world ecosystem, and the predictable technological and social evolution of the world. For example, Telefónica has invested more than 6.5 billion Euro in R+D+r.

 

Thus, we can show our capability for creating value by showing the increase, decrease, or transformation of the different capitals caused by the activities and outputs of our Company with its multi-stakeholder vision. In other words, understanding that the capacity to generate value by the company itself is linked to the value that it creates for others. And this value is generated through our company’s activities, relationships, and interactions.

If we really want to wager on showing our capability for creating value for everyone, we don’t just stay with the number of sales to clients as an economic metric, but rather also integrate aspects such as client satisfaction, the inclusion of groups with the risk of social exclusion among the users of our services, the level of alignment of our providers with the Telefónica values (ethical, environmental, etc.), the commitment with the progress of the communities where we operate (% of local providers, taxes, social action, etc.), the improvement of working conditions to produce those services that we sell, and the efficiency of our resources (diversity, policies regarding anti-corruption, reconciliation, work security and health, etc.), or showing the factors that affect the cost of the Company's equity and that have an influence on the price of the shares(risks management, corporate governance, electromagnetic fields, etc.).

 

 

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Emilio Vera

Gerente de Responsabilidad Corporativa y Sostenibilidad, Telefónica.