Dialogue with stakeholders

Corporate leadership

We know that the world needs the leadership of companies. Galp is ready to become a company leader by taking on a front running role in the transition towards a green European economy. We want to lead by example: changing consumer behaviors, creating an environment of “race to the top” in our sector, raising public awareness and influencing decisions in our main markets. Galp aims at creating new energy value chains that will strengthen the industrial capacity of the countries where we operate, enhancing their resilience, competitiveness and independence.

Our Stakeholders

We cultivate long-term partnerships with the countries and communities where we operate, to create value and mutual trust.

Stakeholders mapping and prioritization is a dynamic process, and its suitability is verified when there are context changes and/or a revision of Galp's strategy. This process uses the following criteria:

• Influence - represents the impact/ decision-making power of the stakeholder on Galp's activity, namely its ability to influence the achievement of Galp's strategic objectives;
• Dependency - represents the impact/ decision-making power that Galp's activity has on the stakeholder, including stakeholder dependence on Galp's activities, products or services.

At the end of 2021 and beginning of 2022, 2,335 stakeholders were consulted, regarding the relevance of sustainability key topics.

The engagement with our stakeholders builds opportunities for learning, creates shared value, greater closeness and trust, reduction of the risk of conflict and a more informed decision-making process.

We seek feedback from our key internal and external stakeholders, in particular their perspectives on the importance of each aspect and their main expectations for the Company’s performance. This feedback is obtained through a formal, periodic and systematic consultation process with Galp’s stakeholder groups since 2010, using AA1000 Stakeholder Engagement Standard from AccountAbility (AA1000SES) as a reference.

In addition, Galp has other specific means of regularly consulting with its stakeholders, namely:

• Questionnaires to measure the level of customer satisfaction;
• Organizacional climate survey;
• Supplier qualification Platform;
• Stakeholders management plans throughout the life cycle of the projects;
• Institutional events for different target audiences (e.g. Capital Markets Day, Sustainability Day, Safety Forum, among others).

Learn more about our Approach to Materiality.

Associations and Industry Partners 

We believe that in order to respond to substantive matters, it is essential to understand their dynamic character and the context in which they assert themselves. Therefore, we maintain a network for cooperation, sharing, understanding and knowledge development, which benefits from advantages of scale by centralizing common processes that would otherwise have to be reproduced within the structures of the various associates.

Our contribution

With an update context information, we influence the business strategy to adopt best practices and to define ambitious targets towards continuous improvement. Galp is positioning for the future of energy, integrating energy transition across all business units. In order to tackle this challenge and other material issues identified by Galp, we maintain an active network of cooperation, sharing, understanding and knowledge development, participating in various industry associations in different business segments. These engagements are particularly relevant, namely in those whose mission is related to NG/LNG, development of renewable power generation, improvement of asset efficiency, development of lower to no carbon fuels, CCS, etc. aligned with our strategic guidelines.

In 2021, Galp spent €1.84 m with associations and industry partners.