According to the Company’s articles of association, the Executive Committee shall be composed of between five and seven directors – including its Chairman or Chief Executive Officer (CEO) – who are appointed by the Board of Directors for a term no longer than three years coinciding with the Board members’ own term.
Meetings are valid when the majority of Executive Committee members attend. According to the law and the Company’s articles of association, re-solutions are passed by a simple majority of the attending Directors. The Executive Committee is responsible for the day-to-day management of Galp Energia’s business in accordance with the strategic guidelines laid down by the Bard of Directors.
Using the powers delegated by the Board of Directors according to the Company’s articles of association, the Executive Committee conducts the performance of the business units and corporate services, supervises these units, promotes synergies between the units, allocates critical resources, manages human resources, formulates the brand strategy and supervises the attainment of the goals set, establishing policies across the Company.
The Chairman of the Executive Committee convenes and conducts the Committee’s meetings, ensures that its decisions are properly executed, coordinates its activities and makes sure that information flows continually to the Non-Executive Directors.
Day-to-day management of the Company
With the exception of matters that are of the exclusive responsibility of shareholders at the general shareholders meeting and of the Board of Directors, the Executive Committee, under the powers delegated by the Board of Directors, is in charge of the Company’s day-to-day management and will act in the interest of the Company and its shareholders and of other stakeholders, considered together rather than individually for this purpose, complying in all circumstances with applicable law and respecting the values and models of behaviour generally accepted in the market.
The Executive Committee shall also submit to the Board of Directors any matters which, due to their importance, it believes justify approval by that governing body.