Dialogue with stakeholders

At Galp, the dialogue with our stakeholders brings us opportunities for learning, creating shared value, greater closeness and trust, reduction of the risk of conflict and a more informed decision-making process.

Since 2010, we have carried out a formal corporate process of stakeholder consultation on sustainability issues, in accordance with the criteria of AA1000 Stakeholder Engagement Standard from AccountAbility (AA1000SES).

According to our "Stakeholder Management" internal standard, the stakeholder management process follows four distinct stages:

  1. Stakeholders mapping and prioritization
  2. Definition of consultation model
  3. Identification of expectations
  4. Action and monitoring Plan, and relationship report

Stakeholders mapping and selection

In this phase, the stakeholders mapping and prioritization is performed according to their relation with Galp, using 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.

Stakeholders mapping is a dynamic process, and its suitability is verified when there are context changes and/or a revision of Galp's strategy.

The last stakeholders mapping carried out led to the identification of the following stakeholder groups:

 

Definition of consultation model and Identification of expectations

The last stakeholder consultation, carried out in 2018, was based on a questionnaire, through an online platform, or individual interviews (in person, by telephone or videoconference), with the objective of assessing the stakeholders perception and expectations regarding the following aspects:

Which material topics should be incorporated into Galp's strategy Galp 's performance in each topic Disclosure of the company's performance (financial and non-financial)

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).

Action and monitoring Plan and relationship report

At Galp we understand that the stakeholders consultation results contribute to strengthening the relationship with our stakeholders, and realigning engagement strategies with them, in order to provide adequate answers to their expectations, and are also essential to assess the materiality of the sustainability aspects.

Learn more about our approach to Materiality.

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