Recognition and Reward

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:

Reinforce and encourage behaviors and attitudes, in line with Galp's culture and values

Reinforce and encourage the commitment and orientation to Galp's strategy, objectives and mission

Stimulate excellent performance

Encourage continuous feedback

Strengthen employer branding and pride in working for Galp

Build closer relationships between employees and reinforce teamwork

Improve the environment and the sense of trust and partnership in the organization

Stimulate recognition and pride in being recognized, as a way of development and involvement

 

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, using the so-called EQSS Factor (Environment, Quality, Safety and Sustainability), 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 EQSS aspects in our daily activities. The EQSS factor, which consists of a set of indicators, is reflected in the variable remuneration resulting from the evaluation of the employees' performance.

Executive Members

In 2019, we incorporated a quantitative and explicit safety and  carbon intensity KPI, with impact on the evaluation and remuneration of the executive directors.

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, will 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).

 

In addition, in 2018, we implemented a flexible benefits program, with the objective of maximizing and customizing the benefits associated with variable remuneration.

The flexible benefits plan allows each employee to choose, in a dynamic, flexible and participative way, the additional benefits that he/she wants to use, recognizing that different people have different needs and that the needs vary over time.

Aligned with the best market practices, benefits in the areas of mobility, health, retirement, education, and technology are available on an optional basis, without partial or total loss of any available benefits. The aim is to reinforce the values of the company, extend the social protection areas and reinforce the employer brand of the organization.

See also health and safety topics covered in formal agreements with trade unions.

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