Governance model

Galp’s governance model is designed to ensure the transparency and effectiveness of the Group through a clear separation of powers between the different corporate bodies: General Shareholders Meeting, Board of Directors, Executive Committee, Audit Board, Statutory Auditor and Company Secretary.

Galp’s corporate governance model relies on a management structure comprising the Board of Directors, the Executive Committee with powers delegated by the Board of Directors to conduct the day-to-day management, a supervisory framework including the Audit Board and the Statutory Auditor, and the Company Secretary providing specialist support to the Company’s corporate bodies.

The corporate bodies within the governance model are mandatory for companies with shares listed in a regulated market and which adopt the one-tier model under Article 278(1)(a), Article 413(1)(b) and (2)(a) and Article 446(A)(1) of the CSC (Portuguese Companies Code).

Galp's government model has evolved to the approximation to the best corporate governance practices and to the Corporate Governance Code of the Portuguese Institute of Corporate Governance, which Galp adopted, being receptive to the vast majority of the applicable recommendations. For further information, please see the assessment on the Corporate Governance Code adopted.

Galp's latest Corporate Governance Report can be found here.