In this paper we describe a proposal for standardizing the concept of competency in a repository of learning objects, by means of an extension of the LOM and the IMS-LD standards, and the use of ontologies for ensuring consistency is also outlined. Following the recommendations from the Bologna Process, we identify the competencies required and developed by means of the current learning resources and formative and evaluation activities in a virtual e-learning environment and, using the most important taxonomies defined for such purposes in the literature, we identify the necessary metadata to describe the competencies related to such learning resources and activities. We discuss the process of shifting from content based metadata to competency based metadata, and we present an example of improving the description of learning resources by adding metadata for describing competencies, using a real case at the Universitat Oberta de Catalunya.