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.............................. Telefonica
Logo and Trademark..............................
Telefónica, S.A., (IBEX-35:TEF, Euronext: TEF, NYSE: TEF, LSE: TDE, FWB: TEF, TYO: 9481) is a Spanish telecommunication company. Operating globally, it is one of the largest fixed-line and mobile telecommunications companies in the world: 2nd in terms of number of clients (with the acquisition of O2 plc., Movistar and Manx Telecom) only behind a Chinese mobile provider, and in the top five in market value. They were behind China Mobile, AT&T, and Vodafone in November 2007.
Created in 1924, until liberalization of the telecom market in 1997 Telefónica was the only telephone operator in Spain and still holds a dominant position, over 75% in 2004. Since 1997, the Spanish government has privatised its interest in the company. On 5th July, 2007, the European Commission ordered Telefónica to pay a record antitrust fine of almost €152 million for activities in the Spanish broadband market that "harmed Spanish consumers, Spanish businesses and the Spanish economy as a whole, and by extension Europe's economy", as said by European Union competition commissioner Neelie Kroes.
To be honest and trustworthy in all its dealings, and to keep the commitments it makes. To protect the confidentiality of company, employee, shareholder, supplier and customer information. To comply with all applicable national or international laws, rules and regulatory obligations as well as its own internal policies and procedures.
To compete fairly in its own markets, as it believes that consumers and society in general benefit from open and free markets.
As regards, bribery and corruption, Telefónica's business principles state that it will never seek to offer or accept gifts, hospitality, bribes or other inducements to reward or encourage a decision. The company further says that it will avoid or declare conflicts of interest that may lead to divided personal loyalties.
Telefónica has received several fines due to convictions over unfair competition, abuse of its condition as dominant provider, and antitrust violations through the Commission of Telecomunications, European Commission, and Spanish tribunals. These fines include: 900,000 euro fine, Spanish tribunals, 18 million euro fine, Spanish Telecommunication Market commission, 57 million in 2004 for unfair competition and 151,9 million euro by European Commission for abusing of its dominant position. This last fine is the biggest fine on the history of the European for Defence of the Compentence tribunal imposed to any entity on his whole history. Now Telefonica has in court two more fines, with a value of 793 million of euros.
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