Annual Report

The information detailed in this annual report has passed through several internal verification and supervisory processes as well as different levels of external review. The Annual Report uses the Global Reporting Initiative (GRI) principles, the most contrasted and used standard in the preparation of Sustainability and Corporate Social Responsibility reports, with the aim of presenting maximum transparency. In 2015, Fundación Telefónica undertook to carry out the necessary changes so that the criteria, principles and content detailed in this Annual Report were adapted to the G4 framework of the Global Reporting Initiative (GRI) for the preparation of sustainability reports. One of these changes is the performance of a Materiality Study, which has allowed us to identify those economic, social, environmental and corporate governance matters that are considered to be of high impact and relevance, both for the Fundación as well as for our different stakeholders. The study has made it possible not only to focus on the content of this report in a manner that provides a response that is transparent and satisfactory to the expectations of the different internal and external publics of the Fundación, but also to obtain detailed information that helps us to improve the internal management of the concerns that have been identified as significant. Implemented over three phases, which coincide with the Stages of Identification, Prioritisation and Validation included in the GRI-4, the materiality study is carried out with the assistance of the external consultant Cambridge Business Initiatives (CBI).