Galp’s shareholders’ remuneration framework envisages additional supplementary distributions, on top of the baseline cash dividend, to be made through repurchases of own shares (buybacks), whenever Galp’s Net Debt to RCA Ebitda remains below the Company’s target of 1x.
The total distributions to shareholders (cash dividend + buybacks) related to a certain fiscal year should be limited at one third of the adjusted operational cash flows (OCF) of the period.
Buyback programmes are to be executed with the purpose to reduce the issued share capital of the Company. The cancellation of the shares acquired is expected to be made after the conclusion of each programme.
Detailed information of own-shares transactions
The Annual General Meeting on 29 April 2022 authorised Galp’s Board of Directors to acquire own shares representing up to 9% of share capital for the execution of buyback programmes aimed at reducing the share capital.
Additionally, the Annual General Meeting of 29 April 2022 approved the reduction of the Company's share capital by up to 9% through cancellation of own shares, delegating to the Board of Directors, for a period of 18 months, all the necessary powers to proceed with the fixing of the number of shares to be cancelled and practice all the useful or necessary acts to materialise the reduction of the Company's share capital.
Resolution for the acquisition of own shares
Resolution for the cancellation of own shares