Society today demands open and clear information from the business community

We are committed to transparent reporting and to safeguarding our reputation through good governance. Consumers want companies to behave with integrity and we welcome that.

Our governance framework enables us to operate efficiently by aiming to ensure we comply with, or exceed legal and regulatory requirements. 

The Board of Telefónica Europe is charged to ensure that all O2 companies comply with best practice in corporate governance, helped by a common system of internal controls and integrated auditing.

Before stepping down in January 2008, Chairman and Chief Executive Officer (CEO) Peter Erskine sat on the Board of Telefónica, S.A., which is ultimately responsible for our governance. Matthew Key, formerly CEO of O2 UK, now Chairman and CEO of Telefónica Europe, has since replaced him.

Members of the Telefónica Europe Board who include Telefónica O2 UK’s new CEO Ronan Dunne (previously Chief Financial Officer), are in charge of strategy, structure and management. They also provide leadership within the framework of our internal controls.

Their aim is to be alert to any current or future risks, including those of a social, environmental and ethical nature, and to minimise events or trends that could undermine our operations or diminish the reputation of the O2 brand.

We have an ethical code, which we call our Business Principles, and this governs the way everyone at Telefónica O2 UK works. We measure our employees’ conduct against our Business Principles to ensure that accountability is built in at all levels. We also ask every employee to respect our values.

We make no political donations. However, we consider it essential to engage with political parties, Members of Parliament and civil servants on matters of policy that interest the Government and the public.

In January 2007 a new Governance and Ethics Committee was set up under the chairmanship of Richard Poston, Director of Corporate Affairs. One of its responsibilities is to inform the Board of any material social and environmental opportunities or issues facing the business.

Our Business Principles and the related policy set define the O2-wide standard of behaviour. Our Compliance programme is in place to communicate and train our people about our standards.