CEPSA - 2021 INTEGRATED MANAGEMENT REPORT

2021 INTEGRATED MANAGEMENT REPORT

Cepsa's managment bodies

Cepsa has two main committees to manage operations: the Management Committee and the Investment and Contracts Committee:

· The Management Committee is the executive body responsible for the day-to-day management of all businesses, for organisation and strategic coordination, and for ensuring the integration of economic, social, environmental and ethical aspects in all decision-making processes at the highest level. This committee, chaired by the CEO, is formed by the heads of the business lines and cross-organisational areas.

· The Investment and Contracts Committee is responsible for reviewing and making decisions on significant contracts, organic investments and merger and acquisition investments, exercising powers delegated by the Board of Directors. It also monitors the progress and status of ongoing investment projects, and takes decisions relating to budget deviationss for projects within its scope.

In 2021, we strengthened our management approach in this area by:

· Setting up the Strategy and Sustainability Committee to ensure that sustainability priorities and perspectives are part of decision-making processes.

· Making the Nomination and Compensation Committee responsible for aligning the establishment and achievement of the company's ESG objectives with our remuneration schemes.

· Boosting the functions that the Audit, Compliance, Ethics and Risk Committee had been carrying out in relation to ESG aspects.

· Reorganising the policy structure to cover all material ESG matters.

2.9.2 Governance and ESG management

We aim to become a leading player in sustainability so as to contribute to the ecological transition and respond proactively to our stakeholders' expectations.