Towards a more agile and innovative company
The Transformation Plan, led and driven by the company's Senior Management, was implemented in November 2015 to facilitate the achievement of the Strategic Plan objectives, promoting sustainable evolution in the company's culture and management model.
Several projects aimed at efficiency, the identification of synergies, and transformation have been deployed in the different areas of the company.
In addition to all these initiatives, another four lines of action are being implemented: reinforce accountability, drive leadership and meritocracy, define and simplify organizational responsibilities to eliminate redundancy, and optimize control mechanisms.
In 2016, savings in excess of 1.6 billion euros were achieved after streamlining and improving processes, which has allowed us to exceed the objective established for 2018. We have also made progress in simplifying management, prioritizing internal controls based on criticality and risk criteria, rationalizing the internal reports by 30%, and reducing the bank of regulations in force by 16%.
At the beginning of 2017, the Executive Committee established the new challenges of the Transformation Program for this financial year, focusing on achieving sustainable changes and driving the company's evolution towards a more flexible and collaborative model with simpler processes. The objective is to promote new forms of working that will make Repsol a more resilient organization better prepared to address future challenges.