**4.1 The CSR strategy in** *Telefónica*

As already indicated, the CSR strategy in *Telefónica* is an integral part of the reputation strategy. For *Telefónica*'s Director of Corporate Responsibility, the importance of reputation is underlined by the collapse of the stock market in the 90s (twentieth century). The previous system was centered on the creation of value by keeping only two parties in check, namely the investors and the media, which proved insufficient. The different approach to CSR suggests that we must address the entire environment in which the company operates, taking care of its relationships with the community, its customers, employees, and society in general [53]. *Telefónica* launched its Proyecto de *Reputación Corporativa (PRC)* in November 2001, which outlined an operational plan that was then achieved over time and is described and discussed in the following paragraphs of which Andreu<sup>5</sup> himself became the bearer.
