Total number and percentage of operations assessed for risks related to corruption and the significant risks identified

We reviewed certain aspects of compliance with the Code of Ethics and Conduct on 22 audit projects, and designed indicators to monitor the transactions recorded in our systems. Around 36% of the indicators generate alerts for potential instances of fraud or other irregularities. At year-end 2016, these indicators were implemented at 36 Repsol Group companies.

In 2016 we assessed 1,331 controls in the Crime Prevention Model, of which 229 mitigate the specific risk of corruption. On the Regulatory Compliance Program we monitor 3,956 obligations with bodies and authorities in various countries in which we operate. We have 941 controls in our ICFRS model, of which more than 800 focus on mitigating the risk of fraud.

We also carried out 25 audits on non-operational assets.

Whenever Repsol is the operating partner, we apply our regulations and standards. Even when we are not the operator, we believe it is important that our partners uphold ethical, social and environmental standards on a par with our own, and to this end we attempt to use our influence to encourage them to apply our management rules and systems, or to at least follow principles and systems that are equivalent to ours.

Generally Repsol uses the JOA[1] model, which has been reinforced to tighten anti-corruption clauses. These clauses are aligned with the company's standards which are in turn aligned with international standards.

In 2016 we reviewed two investment agreements and major contracts[2] in connection with anti-corruption.

 

  1. Joint Operating Agreement, AIPN 2012 model form
  2. This includes the agreement to acquire mining rights, as well as the corresponding consortium agreements (JOA)