51

2021 INTEGRATED MANAGEMENT REPORT

2.9.1 Good governance Cepsa's corporate governance model ensures compliance with strict principles of ethics, integrity and transparency. It is in line with reference standards, such as the 'Good Governance Code of Listed Companies' in Spain, as well as with international best practices.

We have reviewed our regulatory system in depth, including the Code of Ethics and Conduct and our corporate policies developing the principles of our governance model and setting out behavioural guidelines. In 2021, we updated and renewed our policy architecture under a framework of environmental, social and governance criteria reflecting the latest regulations applicable to our businesses.

Our new 'Sustainability Policy' responds to the latest social, energy and climate challenges and is cross-cutting and inclusive, setting out the principles on which all our other policies are based.

Our policy framework is structured as follows:

1. Strategic mission and regulatory framework

Bylaws, Purposes and Values

Code of Ethics

Sustainability

Environment HSEQ Climate action Biodiversity

Social Human rights Human resources Diversity and inclusion Responsible

and sustainable procurement

Customer relations

Corporate Data protection and privacy Protection of fair and effective

competition in markets Prevention of bribery,

corruption and conflicts of interest

Taxes Third-party due diligence Ethics and Compliance

Channel Crime prevention Cybersecurity Binding parties Security

Code of Ethics and Conduct

Sustainability Policy

2. Compliance

3. Policies

Governing bodies

Our main governing bodies are the General Shareholders Meeting, the Board of Directors and three Board Advisory Committees.

The General Shareholders Meeting comprises the company s shareholders on the basis of their ownership interests. It is the highest governing body together with the Board of Directors.