Transparency and ethics as key principles

We have zero tolerance for corruption and other unethical practices and strive to foster trust among all stakeholders by consistently acting in an ethical and transparent manner and emphasizing how these principles are imperative for Galp.

To achieve our ambition, Galp focuses on the following drivers:

Zero tolerance for unethical practices
Increment greater ESG disclosure, clarity, and accuracy

Zero tolerance for unethical practices

Our Code of Ethics and Conduct reflects Galp’s corporate values and commitments, and outlines the fundamental ethical guidelines applicable to all stakeholders.

Learn more about how our code of ethics and conduct apply to all our stakeholders.

Embracing ethics

As part of its commitment to being a great place to work, Galp is reinforcing a culture of ethics and ensuring a secure work environment free from unethical practices, both internally and externally.

Fighting corruption and other unethical practices

Galp, strictly prohibits any engagement in corrupt practices. To strengthen these efforts, we have implemented a robust Corruption Prevention Policy and a comprehensive Prevention of Money Laundering and Financing of Terrorism Policy. These policies describe our commitments and are applicable across the entire group and its workforce. Our dedication to this issue also extends to ensuring consistent adherence to the provisions of the Code of Ethics and Conduct. This commitment is in line with the highest standards, and reflects best practices as articulated in various international benchmarks, such as the United Nations 2004 Convention to Combat Corruption (UN Global Compact 10 principles).

Communicating irregularities

Galp's Open Talk serves as a secure, confidential, and optionally anonymous channel for addressing questions, concerns, or reports of violations within the scope of our Code of Ethics and Conduct. For example, possible offences to human rights such as harassment or discrimination or acts of fraud and corruption. The channel is accessible to any stakeholder within Galp's network and is overseen by the Ethics and Conduct Committee.

Reports and calls submitted via the Open Talk channel find their way to Galp through an independent third-party ethics line provider that takes charge of communicating these submissions to the Ethics and Conduct Committee, ensuring a vigilant process that safeguards individuals against any form of retaliation.

Learn more about our corporate documents.

Increment greater ESG disclosure, clarity, and accuracy

Galp is dedicated to enhancing transparency in disclosing non-financial performance by adhering to globally recognised reporting standards and frameworks.

The crucial role of non-financial information (NFI)

After submitting our Non-Financial Information (NFI) control process to an independent assessment in 2022, Galp initiated implementation of an improvement plan focused on four key areas – governance model, internal control model, process and support systems. This initiative has strengthened our readiness to comply with ESG regulation and voluntary disclosures requirements, namely the Corporate Sustainability Reporting Directive (EU CSRD). This project is actively sponsored by the Sustainability Committee, the designated supervisory body for NFI, and the Executive Committee, which has the duty to promote an accurate, consistent and auditable NFI reporting culture and evaluate, jointly with the Audit Board, the operational effectiveness of internal control system over NFI.

EU Taxonomy

The EU Taxonomy regulation, part of the European Green Deal and Sustainable Finance framework, provides a common framework for evaluating the sustainability of economic activities. It guides investments toward endeavours that positively impact the environment and society and outlines criteria to recognize sustainable economic activities that support EU environmental goals.

Galp’s EU Taxonomy report has been conducted considering the Taxonomy Regulation (EU) 2020/852, the Climate and Environmental Delegated Acts and their annexes, the Complementary Climate Delegated Act, the Disclosures Delegated Act, the Delegated Regulation amending the Climate Delegated Act, as well as Galp’s current interpretation about EU Taxonomy regulation. Additionally, other published documents such as the FAQs and the Commission Notices on the “FAQs repository” available on the EU Taxonomy Navigator were also considered.

The eligibility assessment method involved a thorough examination of Galp's business operations. This analysis was conducted following the Climate and the Environmental Delegated Acts of the EU Taxonomy, which cover the six environmental objectives.

The alignment assessment of the activities identified as 'eligible' begins with verifying compliance with the criteria for making a substantial contribution to one of the six environmental objectives. Although, most of Galp's eligible activities are applicable for both the climate change mitigation and climate change adaptation environmental objectives, the Company considers that it contributed more significantly to the mitigation of climate change, given the nature of its activities. Apart from the substantial contribution criteria, the EU Taxonomy regulation includes the principle of Do No Significant Harm (DNSH). The compliance with DNSH criteria involved a comprehensive assessment of activities against established criteria that need to be met to avoid significant harm to any of the relevant environmental objectives.

For additional details regarding Galp's EU Taxonomy context, alignment, and performance, please consult our Annual Integrated Report 2024.