Galp’s Ethical Commission investigates anonymous whistleblower tip off on Galp CEO

Galp Energia’s Ethics and Conduct Committee is investigating a complaint regarding Executive Chairman Filipe Silva. Alleged conflicts of interest will be under the spotlight because of a close and personal relationship, kept secret, with a top director of the company who depends hierarchically on the director.

“Yes, I was aware of the complaint, but I do not know the content of it and as soon as I am aware of it I will only discuss it with the Ethics Committee,” said Filipe Santos to the online news source ECO.

A financial director of Portugal’s oil and gas company Galp Energia since 2012, he became Chief Executive Officer (CEO) in January 2023, and was then formally elected at a general meeting of shareholders for a four-year term, which officially ends on December 31, 2026. But according to a third source contacted by ECO, the results of the ethics committee’s investigation may even dictate the dismissal of Filipe Silva.

Filipe Silva confirmed to ECO that at no time did any relationship with Galp staff participate in the Ethics Committee — a body that has to be informed when potential conflicts of interest are at stake – but guarantees that no personal relationship “threatened the integrity of Galp’s decisions”.

The president of Galp’s Board of Directors when quizzed by ECO refused to comment about the case but chair, Paula Amorim (the Amorim family own a controlling stake in the energy company) reiterated: “The president of the Board of Directors re-emphasises Galp’s commitment to the company’s Code of Ethics and Conduct, acting in accordance and when applicable and under the company’s legal and statutory regulations”.

Galp Energia, which is worth more than €11Bn on the stock exchange, earned €890 million to September, an amount that represents an increase of 24% compared to the same nine months of the previous year, according to the report submitted to the stock market regulator CMVM, with the results of the third quarter. This was Galp’s biggest result ever in this specific period, a company source confirmed.