Shared accountability for success
Sustainability oversight and management
Galp integrates sustainability-related risks and opportunities – over the short, medium and long term - into the Company’s strategic formulation process and investment planning. These responsibilities, overseen by the Board of Directors, are managed at Board level by the Sustainability Committee, supported by the Risk Management Committee.
Both committees play a key role in supporting the Board of Directors, ensuring that the Company continuously identifies and manages the principal risks and opportunities it faces, while sustainability principles are integrated into its decision-making process. The CFO oversees the Corporate Sustainability and Risk Management teams.
Galp Corporate Sustainability team is responsible for the corporate management of sustainability risks and for establishing and proposing assessment and monitoring methodologies. These are implemented with all relevant corporate and business units, including the Corporate Risk Management team, ensuring that an action plan is established to minimise and mitigate these risks.
The Board of Directors holds ultimate accountability for implementing sustainability-related policies, ensuring that they align with Galp's commitment to responsible business practices.
Learn more about Sustainability Committee Regulations.
Sustainability incentives
Galp’s commitment to sustainability is reflected through its performance evaluation framework, which is anchored in ESG criteria. These criteria are directly linked to the annual variable remuneration, which applies to both employees and the Executive Committee. ESG metrics account for 25% of total remuneration for employees, and 25% of the quantitative performance-based remuneration component (65%) for the Executive Committee. This proportion can increase further based on the achievement of strategic objectives.
Long-term incentives
To ensure alignment with Galp's long-term goals and sustainability objectives, the members of the Executive Committee have a specific long-term incentive in the form of Galp shares, vested after four years. The number of shares effectively attributed is based on three categories, including the reduction of the sales carbon intensity.
The Remuneration Policy is reviewed annually and made publicly available.
Objective Key Results (OKR)
The implemented Objective Key Results (OKR) methodology, used across the organisation, includes executing the annual Sustainability Roadmap. These objectives guide the teams through the year and address a range of challenges, including decarbonisation, preserving nature, improving safety and employee engagement.
Integrated Management System
Our Integrated Management System includes the following components: external ISO 9001 and ISO 14001 certification, ISO 50001 at the Sines Refinery, EN 12591:2009 (CE marking) at the Viana do Castelo Park. In addition, Galp has several certifications, applicable according to the defined scope.
At Galp, the environment, quality, and energy audits continue to be extremely relevant management tools in controlling risk and the impact of our activity. We have an internal and external team of qualified auditors. To carry out external audits we use independent and qualified entities.