Our management model is based on a separation of powers at the Company’s level between:

a) The Board of Directors, which has monitoring powers over issues of strategic nature;

b) The Supervisory Board , which is responsible for supervising the compliance by the Company with the law as well as for accounting supervision; and
 
c) The Executive Committee, which is responsible for the day-to-day management of our business.

All members of the Executive Committee also sit on the Board of Directors.


Board of Directors

The Board of Directors is responsible for matters of major business and social importance, such as the business strategy and the business model; corporate structure and organisation of the Galp Energia Group; composition of the business portfolio; promotion of synergies among businesses; approval of high cost and high risk investments; establishment of objectives for value creation in each business; and control of execution of the established objectives.



Executive Committee

The Executive Committee is the body responsible for the day-to-day management of Galp Energia, in accordance with strategic guidelines defined by the Board of Directors. In accordance with the powers delegated to it by the Board of Directors, pursuant to the Articles of Association, the Executive Committee establishes value creation objectives and drives the business segments’ performance; promotes synergies between business segments; allocates key resources; manages human resources; defines the brand strategy; monitors compliance with established objectives and defines group policies.

Supervisory Board

The Supervisory Board comprises three effective members and one substitute who are not members of the Board of Directors. The members of the Supervisory Board are elected by the General Shareholder Meeting.

The responsibilities of our Supervisory Board include, among other things, the proposal to the General Shareholder Meeting of the appointment of the statutory auditor or audit company, the appointment or dismissal of our independent auditor, the supervision of the process of preparation and disclosure of financial information, the supervision of the accounts, namely the accounting documents of the Company, the supervision of the independence of the statutory auditor, namely in relation to the provision of additional services.