We have set up an acknowledgement programme — Got it programme —, which is open to all its people and highlights employees who incorporate the Galp values in their daily lives. The objective is to promote recognition, namely through peer credits, in which colleagues can compliment each other, in an organic and spontaneous manner. For us Recognizing is:
Long-term and sustainability incentives
Galp offers long-term financial incentives (cash bonuses over a 3-year period) for categories under senior management. These long-term incentives have financial and economic targets associated and contribute to retain well-qualified employees and to achieve longer-term goals and strategic objectives of the Company.
At Galp, we have considered sustainability factors in assessing the performance of employees. In 2022 we reviewed the performance scorecard, including an energy transition KPI, weighing 15% and composed by a metric on Galp's own scope 1 & 2 emissions and a metric on our all downstream sales carbon intensity. In addition, the safety KPI (Lost Time Injury Frequency Rate) was maintained with a reviewed ponderation of 10%. By incorporating 25% of sustainability KPIs in the performance scorecard, we are spurring the commitment to achieve the Company’s strategic objectives.
This commitment aims to implement a cross-accountability culture of the Organization towards our Sustainability goals and commitments. Thus, we ensure the commitment of management and the encouragement of deep integration of sustainability aspects in our daily activities.
In 2019, we incorporated a quantitative and explicit safety and carbon intensity KPI, with impact on the evaluation and remuneration of the executive members.
As from 2019, the indicators defined by the Remuneration Committee to determine the annual variable remuneration, in addition to the economic dimension, which will be evaluated by reference to the generation of cash flow by business, incorporate the achievement of objectives and targets related to safety and environmental sustainability of activities material to the company, namely through the Total Recordable Injury Rate and the Carbon Intensity Index.
In order to best stimulate the alignment of the executive directors’ practices with the Company’s long term sustainable interests, a multi-annual objectives policy was introduced in 2012, and entered into force in 2013, postponing during a period of 3 years a significant part of the variable remuneration, which is linked to the performance of the Company during this period. On an annual basis, objectives are defined for the subsequent three-year period, with the final three-year assessment being made at the end of each three-year period.
Benefits and compensations
At Galp, we are concerned with the overall well-being of our employees, and we provide them with a number of benefits. Our Organization provides a set of social insurance policies to the majority of our employees and pensioners beyond those provided in the Portuguese Labour Code (for example, health insurance and life insurance).