Telefónica is publishing its fifth Annual Corporate Responsibility Report, for 2006. Inline with our objective of offering an overall picture of the actions of Telefónica, we are publishing this report online.

There is a summary report available for those stakeholders who demand a general overview of Telefónica's corporate responsibility policies and commitments.

This year's Corporate Responsibility report details Telefónica's worldwide activities with a collection of case studies describing the different businesses and their activities in relation to their stakeholders.