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Audit Board  

Year of election: 2015

Term of office: 2015-2018

No. of members: 3 permanent members and 1 alternate member

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Supervision of Galp Energia is entrusted to a Audit Board and statutory auditors

The supervision of the corporate activity of Galp Energia is the responsibility of the Audit Board and of a company of statutory auditors.


The Audit Board consists of three permanent members and an alternate member elected by resolution of the General Meeting, which also elects the Chairman, and none can be a member of the Board of Directors nor be subject to the incompatibilities provided for in Article 414 of the Commercial Companies Code.


In legal terms, at least one member of the Audit Board must have a college degree appropriate to the exercise of their functions and expertise in auditing or accounting, and the majority of its members must be independent, i.e. those:


  1. Not associated with any specific interest groups inside the Company;
  2. Nor in any circumstance likely to affect their exemption in analysis or decision-making, namely due to:
    a) being holders or acting in the name or on behalf of holders of qualifying holdings greater than or equal to 2% of the company’s share capital;
    b) having been re-elected for more than two terms, whether continuously or interspersed.

All members of the Audit Board comply with the rules of incompatibility provided for in paragraph 1 of Article 414-A of the Companies Code and the independence criterion in paragraph 5 of Article 414 of the Companies Code.


In accordance with the provisions in article 420 of the Companies Code, the Audit Board is competent to exercise supervisory functions of the Company’s business in four critical areas: (i) supervision of corporate activity, (ii) control of the company’s financial information, (iii) monitoring of internal systems of risk management, control and internal audit and (iv) receiving (and dealing with) complaints of irregularities.


According to the law and article 19 of the articles of association, the powers of the Audit Board include: proposing to the General Meeting the appointment of the statutory auditor or company of auditors; appointing or dismissing the company's external auditors; permanently monitoring its activity and that of its subsidiaries; observing the relationship with different governing bodies; as well as giving an opinion on the internal auditing procedures or on issues that are raised about accounting practices followed by the company.


The Audit Board must also ensure the existence of an independent external auditor at Galp Energia, chosen from internationally renowned auditing companies, which should, without prejudice to the powers of the Audit Board and of the Statutory Auditor, check the books and other annual accounting documents of Galp Energia, whereby the Audit Board is the first to receive information from the external auditor.



The Audit Board shall meet at least every quarter and report to the Board of Directors and to the General Meeting on the supervision and checking that has been carried out.


The Audit Board can only meet and deliberate validly in the presence of a majority of its members, and the respective resolutions must be approved by a majority of the votes cast.


The rules on the operation and organisation of the Audit Board are defined in the Regulation of this organ, which can be found here.


Year of appointment: 2011

Term: 2011-2013

Number of members: 3 standing members



Chairman | Daniel Bessa Fernandes Coelho

Degree in economics from the University of Porto, in 1970, and a PhD in economics from the Universidade Técnica de Lisboa, in 1986.






Member | Gracinda Augusta Figueiras Raposo

Degree in management from Instituto Superior de Ciências do Trabalho e da Empresa and master in operational management, University of George Town, Minneapolis, USA.





Member | Manuel Maria Simões Nunes Agria

Degree in mechanical engineering from Instituto Superior Técnico and master in economics at Universidade Nova de Lisboa.






Deputy | Amável Alberto Freixo Calhau

Statutory auditor (ITMPE)






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Last update: 20 Apr 2015

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