Reporting

Communication of reliable information about our activity is part of Galp’s commitment to establish a strong relationship with stakeholders, enabling a continuous, clear and transparent dialogue with them.

Our reporting of non-financial information is designed to provide a global, transparent and accurate overview of the processes by which we create economic, environmental and social value. This information is publicly presented, and submitted to third party verification, in the company's annual integrated report, on our website, and in other relevant forms of communication, such as GRI Standards Table, which also includes the demonstration of alignment with the principles of the United Nations Global Compact (Communication on Progress) and the Sustainable Development Goals of United Nations, and the TCFD Table with our response to the TCFD Task Force on Climate Financial Disclosures recommendations.

We communicate our non-financial information in line with the applicable standards and with internationally acknowledged guidelines, namely:

  • The guidelines on integrated reporting from the International Integrated Reporting Council (IIRC);
  • The guidelines of the Global Reporting Initiative (GRI) standard version, under the “In accordance – Comprehensive” option, including the Oil & Gas sector supplement;
  • The principles of inclusion, relevance and accountability of the stakeholders provided by the AccountAbility norm AA1000 AccountAbility Principles Standard (AA1000APS 2008);
  • The Financial Stability Board’s (FSB) Task Force on Climate-related Financial Disclosure (TCFD) initiative, regarding the disclosure of the financial risks connected to climate change;
  • THE principles of the United Nations Global Compact (UNGC); and
  • The guidelines regarding the report of the non-financial information introduced by Decree-Law no. 89/2017 of July 28.

Performance monitoring and verification

At Galp, the monitoring of non-financial performance is a key management tool for achieving goals and targets, in order to reach operational excellence and ensure the license to operate.

Performance evolution and the main key performance indicators (KPI) are monitored at Organization’s different levels, within the Sustainability Committee, the Health, Safety and Environment (HSE) Committees and the HSE Commissions and Sub-Commissions, and are reported to the Top Management on a quarterly basis.

The reporting and monitoring of indicators is supported by internal instruments and tools that support the processes for recording and calculating indicators in the areas of environment, including carbon footprint, quality, security and other relevant areas in sustainability matters.

These tools, which we have built and standardized over time, allow us to:

 

The performance indicators and information, of internal and external reporting, are regularly verified by external, independent and accredited entities, in compliance with the International Standard on Assurance Engagements 3000 (ISAE 3000) (reviewed) “Assurance engagements other than audits or reviews of historical financial information”, by the International Auditing and Assurance Standards Board of the International Federation of Accountants.

To that end, we submit relevant information published in the different sustainability communication channels to an external verification.

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