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 Value Reporting Foundation (VRF);
- The guidelines of the Global Reporting Initiative (GRI), GRI Standards version, under the “In reference to the GRI Standards” option, including the GRI 11 Oil & Gas sector standard;
- 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 climaterelated financial risks;
- The principles of the United Nations Global Compact (UNGC);
- The World Economic Forum, Measuring Stakeholder Capitalism metrics;
- 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.
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: