Governance model

Galp Energia's governance rests on a responsible and transparent relationship between its shareholders, governing bodies and stakeholders in general

The governance of Galp Energia aims at transparency and effectiveness and one of its main goals is the clear separation of powers between the Company's governing bodies. Whereas the board of directors has a controlling role, monitors strategic issues and oversees the relationship between shareholders and the Company's governing bodies, the executive committee's role - which is delegated by the board of directors - is operational and consists of the day-to-day management of the Company's business units and corporate services.

Galp Energia's governance model and organisational set-up

In the current governance model, top-management functions are entrusted to the board of directors, which delegates management powers to the executive committee. The supervisory role is assigned to an audit board jointly with external chartered accountants.

Galp Energia's organisational structure consists of five business units, one corporate services unit under the leadership and guidance of an executive director according to the responsibility distribution approved by the board of directors, and a development project unit.

The guiding principles of the governance structure are flexibility, simplicity, efficiency and accountability and its purpose is to create shareholder value, namely by achieving synergies within the business units and between them.

The corporate services unit is composed of 15 areas and its responsibility is entrusted to various executive directors. This unit was created with the purpose of providing services to business units in different matters, such as accountancy, law consultancy and legal services, thus achieving important synergies as well as make an interface between the Company and its stakeholders.