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 accurac

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.

n 2023, the Ethics and Conduct Committee received 54 complaints that were duly investigated, following the Internal Whistleblowing Communication Standard. Of the received complaints, 21 were related to workplace harassment, 5 to potential conflicts of interest, 3 to consumer defense, and 3 to discrimination. Out of the 54 reported cases, 22 were archived due to lack of evidence of the described facts, 6 required the adoption of measures by the Company to align conduct with the standards established in the Code of Ethics and Conduct, 11 are ongoing, and 15 are complaints outside the scope with no defined mitigation measures.

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 will enhance our preparedness to comply with upcoming regulation and voluntary disclosures from 2024 onwards, namely the Corporate Sustainability Reporting Directive (EU CSRD). This project is actively sponsored by the Sustainability Committee, the elected 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.

Our ESG recognitions and reporting frameworks

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. In 2023, the Environmental Delegated Act was adopted. This addresses the remaining four environmental objectives: sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control and protection and restoration of biodiversity and ecosystems. This delegated act is in addition to the Climate Delegated Act on climate change mitigation and adaptation objectives, adopted in 2021.

In 2023, amendments to the Climate Delegated Act were published and adopted by the European Commission. These correct some criteria and add others for new activities. These changes extend to the Disclosures Act.

As in 2022, in 2023, Galp once again conducted an analysis of the eligibility and alignment of its business activities, considering the Delegated Acts outlined in the EU Taxonomy Regulation, and including the most recent Environmental Delegated Act.

For additional details regarding Galp's EU Taxonomy context, alignment, and performance, please refer to our 2023 Integrated Annual Report: Part V – Appendices (1. Non-financial consolidated information).

Galp Low Carbon capital allocation

Galp strategy is to allocate a significant part of its investments directly to projects or initiatives that support energy transition, have reduced impact on carbon emissions and contribute to a more sustainable future. Galp's EU Taxonomy eligible activities have been included in this capital allocation, along with other activities that are not thus far eligible under this regulation but may contribute significantly to mitigating climate change, such as investments in the battery value chain and industrial energy efficiency projects in the Refinery. Galp’s strategic plan foresees that over 45% of the gross capital expenditures planned during 2023-2025, will be allocated to low carbon activities. The plan includes several projects already committed or at an advanced stage of development.