FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of January, 2021

Commission File Number: 001-09531

Telefónica, S.A.

(Translation of registrant's name into English)

Distrito Telefónica, Ronda de la Comunicación s/n,

28050 Madrid, Spain

3491-482 87 00

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Telefónica, S.A.

TABLE OF CONTENTS

Item		Sequential Page Number
1.	Telefónica: Executive Commission change	2

TELEFÓNICA, S.A. (“Telefónica”) in compliance with the Securities Market legislation, hereby communicates the following:

INSIDE INFORMATION

The Board of Directors of Telefónica, S.A., at a meeting held today, has unanimously agreed, following a favourable report from the Nominating, Compensation and Corporate Governance Committee, to appoint the Independent Director Mr. Peter Löscher, as Member of the Executive Commission of the Board of Directors.

Consequently, the composition of the Executive Commission is made up as follows:

–Mr. José María Álvarez-Pallete López (Chairman – Chief Executive Officer).

–Mr. Isidro Fainé Casas (Vice-Chairman – Proprietary Director).

–Mr. José María Abril Pérez (Vice-Chairman – Proprietary Director).

–Mr. José JavierEchenique Landiríbar (Vice-Chairman – Independent Director).

–Mr. Ángel Vilá Boix (Member – Chief Operating Officer).

–Mr. Peter Erskine (Member – Other External Director).

–Mr. Peter Löscher (Member – Independent Director).

–Mr. Francisco Javier de Paz Mancho (Member – Other External Director).

–Mr. Pablo de Carvajal González (Secretary – non Director).

Madrid, January 27, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Telefónica, S.A.
Date:	January 27, 2021	By:	/s/ Pablo de Carvajal González
			Name:	Pablo de Carvajal González
			Title:	Secretary to the Board of Directors