45

Fixed remuneration

45%

Variable remuneration

44%

Other wage factors 2% Funds and pension plans

9%

Management Remuneration (Thousands of euros)

2015

2014

2013

6,043

6,249

5,826

ETHICS, INTERNAL CONTROL AND COMPLIANCE

Cepsa s governance model is based on the Company s Mission, Vision and Values, as well as on the content of the Code of Ethics and Conduct which is the framework for our professional practice.

The Code of Ethics was updated in 2015 to include the Company s new value, safety . Sixteen ethical guidelines have also been approved which develop the basic rules of the Code of Ethics and serve as guidelines for employees and other stakeholders.

Fourteen complaints have been received through the Ethics Channel concerning

equal opportunities, conflict of interests, suppliers and contractors, customer relations and use and protection of the Company s assets. Over 85% of these complaints have been dealt with to date and the necessary corrective measures implemented.

We evaluate the efficiency of the Com- pany s Internal Control systems from various units, under the supervision of the Internal Audit, Internal Control and Corporate Risk Unit.

For more information about programs regarding fulfilment of ethics controls click here.

We remain firmly committed to responsible management in our activi- ties, aware that operational excellence implies a sustainable development of our processes, while maintaining our values and ethical principles and prioritizing the prevention of potential environmental and social impacts in the areas in which we operate.

As a result of this commitment, in 2013 we launched our first Corporate Responsibility Master Plan, on which we have been working for three years within the following areas of action:

CORPORATE RESPONSIBILITY STRATEGY

ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015