Communication of reliable information about our activity is part of Galp’s commitment to establish a strong relationship with stakeholders, incrementing greater ESG disclosure, clarity and accuracy.
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. We disclose it publicly in the company's annual integrated report, on our website, and in other relevant forms of communication, guaranteeing that the majority of this information is verified by an independent third-party.
We communicate our non-financial information in line with the applicable standards and internationally acknowledged guidelines, namely:
- The guidelines on integrated reporting from the Value Reporting Foundation (VRF);
- The guidelines of the Global Reporting Initiative (GRI), GRI Standards version (GRI 11 Oil & Gas sector standard), under the “In accordance with the GRI Standards” option;
- The guidelines of the Sustainability Accounting Standards Board (SASB) for Oil and Gas, including Exploration & Production, Midstream and Refining & Marketing Standards;
- The principles of inclusion, materiality, responsiveness and impact set in the AccountAbility norm AA1000 AccountAbility Principles Standard (AA1000AP 2018);
- The recommendations of the Financial Stability Board's (FSB) Task Force on Climate-related Financial Disclosure (TCFD) regarding the disclosure of climate related financial risks;
- The principles of the United Nations Global Compact (UNGC);
- The World Economic Forum, Measuring Stakeholder Capitalism metrics (WEF);
- The Sustainable Development Goals (SDG);
- The guidelines regarding the report of the non-financial information introduced by Decree-Law no. 89/2017 of July 28;
- The Sustainable Finance Disclosure Regulation (SFDR) indicators
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, other board-level Committees and Business Units' specific HSE Commissions and Sub-Commissions.
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 perform a robust performance monitoring and verification by:
- Promoting a transparent reporting culture
- Standardization principles and metrics for performance assessment
- Ensuring traceability and assurance on the indicators management
- Ensuring the integrity and security of information
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.