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Annual Corporate Governance Report

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Annual Corporate Governance Report REPSOL S.A. 2019 Annual Corporate Governance Report Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails DETAILS OF ISSUER DETAILS OF ISSUER Dated end of year 31/12/2019 TAX REGISTRATION NUMBER: A-78375725 Name: Repsol, S.A. Registered office: C/ Méndez Álvaro, 44, Madrid 2 DETAILS OF ISSUER TABLE OF CONTENTS A. Executive summary ......................................................................................................................................................................... 4 1. Presentation by the Chairman of the Board of Directors .......................................................................................................... 4 2. At a glance .................................................................................................................................................................................. 5 3. The Board of Directors ............................................................................................................................................................... 9 4. Interaction with investors ........................................................................................................................................................ 12 B. The Repsol Corporate Governance System ................................................................................................................................... 15 1. Regulatory Framework ............................................................................................................................................................. 15 1.1. EXTERNAL REGULATORY FRAMEWORK ..................................................................................................................... 15 1.2. INTERNAL REGULATORY FRAMEWORK ...................................................................................................................... 15 2. Ownership structure of the Company ..................................................................................................................................... 17 2.1. OWNERSHIP STRUCTURE ........................................................................................................................................... 17 2.2. GENERAL SHAREHOLDERS MEETING ......................................................................................................................... 24 3. Repsol's governance body ....................................................................................................................................................... 31 3.1. COMPOSITION OF THE BOARD OF DIRECTORS .......................................................................................................... 31 3.2. COMPETENCIES OF THE BOARD OF DIRECTORS ........................................................................................................ 47 3.3. Activities of the Board of Directors ............................................................................................................................ 49 3.4. FUNCTIONING OF THE BOARD OF DIRECTORS .......................................................................................................... 50 4. Committees of the Board of Directors..................................................................................................................................... 54 4.1. DELEGATE COMMITTEE ............................................................................................................................................. 55 4.2. AUDIT AND CONTROL COMMITTEE ........................................................................................................................... 56 4.3. NOMINATION COMMITTEE ........................................................................................................................................ 60 4.3. COMPENSATION COMMITTEE ................................................................................................................................... 62 4.3. SUSTAINABILITY COMMITTEE .................................................................................................................................... 64 5. Remuneration of Directors and Senior Management ............................................................................................................. 66 6. Related party and intra‐group transactions ............................................................................................................................ 68 7. Financial reporting and audits ................................................................................................................................................. 71 7.1. REQUIRED FINANCIAL REPORTING ............................................................................................................................ 71 7.2. AUDITS ........................................................................................................................................................................ 71 8. Risk control and management ................................................................................................................................................. 73 8.1. RISK CONTROL AND MANAGEMENT SYSTEMS .......................................................................................................... 73 8.1. SYSTEMS OF INTERNAL CONTROL OVER FINANCIAL REPORTING (ICFR) ................................................................... 73 Appendix I: Analysis of compliance with the recommendations of the Good Governance Code for Listed Companies ...... 88 3 A. Executive summary 1. Presentation by the Chairman of the Board of Directors A. Executive summary 1. Presentation by the Chairman of the Board of Directors The aim of our good governance practices is to ensure that both the Company’s management model and the decisions of the Board of Directors and its Committees are focused on preserving the long‐term interest of our stakeholders and guaranteeing the group's sustainability. Our corporate governance system is in a constant review and improvement process, incorporating the main recommendations of the international markets and the latest trends in this area. Our Board is composed of Directors with broad professional experience and diversity in terms of training, origin, gender and age. Following the latest appointments, the percentage of women has risen to 33%, 13% higher than in 2018. Among the main developments of 2019, it should be highlighted that the agreement at the General Shareholders Meeting on 31 May to reduce the number of Directors to 15 in line with the recommendation established in the Good Governance Code for listed companies. Throughout 2019, the Board and the Committees have continued working on the oversight of the most significant matters for the Company and on making decisions on relevant matters, such as the monitoring of the Strategic Plan, sustainability action plans or aligning the Company with the objectives of the Paris Agreement to have zero net emissions in 2050. In this year, we will continue to work on the constant improvement of our Good Governance system, supported by the continued dialogue and the engagement with our interest groups under our principles of efficiency, respect, anticipation and value creation, involving them in the future of Repsol. Antonio Brufau Chairman of the Board of Directors 4 A. Executive summary 2. At a glance 2. At a glance Board of Directors Board of Directors’ skills Top Management Risk management Technology 87% 93% 47% Energy sector University and Strategy knowledge investigation 80% 87% 53% Institutional International Commercial / experience and experience Retail 93% Public Sector 60% 27% Legal and Financing and corporate Sustainability accounting 73% governance 87% 60% Years of Service of Directors Compliance with the recommendations of the Good Governance Code 5 A. Executive summary 2. At a glance Separated roles and responsibilities Chairman of the Board of Directors Chief Executive Officer (CEO) Lead Independent Director The Chairman has overall The CEO is the chief executive and The Lead Independent Director is responsible responsibility for the effective responsible for the management of the for coordinating, gathering and echoing the opinions of the External Directors. He heads functioning of the Board of Directors. business and the Company and as such has the Board in the absence of the Chairman and all the functions of the Board of Directors Vice-Chairman and may ask the Chairman to delegated to him, except those that cannot call a meeting of the Board. He is also in be delegated pursuant to law or the Articles charge of liaising with investors and of Association. shareholders to ascertain their views, particularly in relation to the corporate governance of the Company. Renewal of Independent Directors Ms. Arantza Estefanía Larrañaga Ms. Maite Ballester Fornés Appointed on 2019. Appointed on 2017. Independent Independent Ms. Teresa García-Milá Lloveras Appointed on 2019. Independent. Mr. Mariano Marzo Carpio Appointed on 2017. Ms. Carmina Ganyet i Cirera Independent Nombrada en 2018. Independent Mr. Ignacio Martín San Vicente Ms. Isabel Torremocha Ferrezuelo Appointed on 2018. Appointed on 2017. Independent Independent 6 A. Executive summary 2. At a glance Board Committees Delegate Committee Chairman: External Director 8 Meetings in 2019 98% 8 Members 12.5%
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