Acting ethically and responsibly

The governance practices of our Organisation aim at the continuous improvement and optimisation of the decision and control processes, fostering the creation of value and emphasising its long-term component. We also believe that transparency is a cornerstone in the construction of these trust relationships with society.

Objectives and goals

We believe in long-term value and we continuously set new objectives and goals that continue to generate sustainable value.

  • Continuing to integrate the main Sustainability Indices, such as the DJSI (Dow Jones Sustainability Indices) and the FTS4G (FTSE4Good Index Series), which assess and classify corporate performance in terms of their environmental, social and governance practices.
  • Promote gender equality throughout the Organisation.
  • Foster the ethical performance of all the employees and other stakeholders.

What we have already implemented

By 2017 we had achieved certain goals and implemented certain improvements:

  • We have a Sustainability Committee, chaired by the independent vice-president of the Board of Directors and with the permanent participation of the Chief Executive Officer (CEO), Executive Director, responsible for the Management of HSE&Q and Sustainability (CSO) and Risk Management (CRO), Chief Financial Officer (CFO), Senior Manager of the HSE&Q corporate department (Secretary of the SC), Senior Managers of the OUs. The Sustainability Committee promotes the dissemination and application of best practices in the sector in all the business and corporate areas;
  • We have a Risk Management Committee that supports and monitors the definition and execution of Galp’s risk management strategy and policy;
  • We updated our Code of Ethics and Conduct and we have an irregularity reporting channel (;
  • We updated our Corruption Prevention Policy, in order to align with the best practices;Along with our partners, we take part in compliance audits of assets that we do not operate with the purpose of identifying risks and promoting the continuous improvement of governance and compliance practices;
  • We adopted a Money laundering and terrorist financing prevention policy and a Harassment prevention and reaction policy;
  • We established a Diversity Policy for Galp's management and oversight bodies;
  • We approved the Plan for Gender Equality in 2018 as a way to promote effective equal treatment and opportunities between women and men, the elimination of gender discrimination and to foster the reconciliation of personal, family and professional life;
  • We provided an e-learning course on the new Code of Ethics and Conduct to all of Galp’s employees and corporate bodies;
  • We have an Ethics and Conduct Committee which is responsible for monitoring the application and interpretation of the Code of Ethics and Conduct, monitoring its implementation and receiving/handling the communication of irregularities, with a report line to the Audit Board;
  • We continuously promote the adoption of the Code of Ethics and Conduct and of internal policies, regulations and practices in all the companies in the group where Galp has managing control;
  • We take part, together with our partners, in a compliance audit to Galp’s main assets that we do not operate with the aim of identifying risks and promoting the continuous improvement of governance and compliance practices;
  • We have strengthened the ethics and compliance due diligence mechanisms and procedures for relevant partners and transactions Know Your Counterparty (KYC), and Know Your Transaction (KYT)) and created a compliance risk decision-making model;
  • We carried out a Human Rights assessment to identify gaps and improvements, covering all the geographies where we operate;
  • We became a member of the Voluntary Principles on Security and Human Rights organisation, which disseminates the best practices on this topic in companies in the industry;
  • We developed the existing Know Your Counterparty (within the scope of Third Party Diligence) and Know Your Transaction mechanisms, through the use of information technologies that promote alignment with international best practices.

What we will implement

By 2018-2022, we intend to:

  • To achieve, from the elective general shareholders meeting of 2019, 20% female participation in the Board of Directors, in accordance with national legislation;
  • Promote the respect for Galp’s Code of Ethics and Conduct and main policies and practices in the Joint Ventures;
  • Continue to promote continuous training on the themes provided in the Code of Ethics and Conduct to all our employees;
  • Promote training on the Code of Ethics and Conduct to all direct suppliers considered critical;
  • Implement and certify a Galp's Group compliance management system;
  • Implement human rights due diligence processes in the geographies with a greater risk;
  • Continue to ensure the participation in national and international entities on compliance and ethics issues.