Ethics And Transparency - GeoPark
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20
23

REPORT
SPEED SUSTAINABILITY

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Ethics And Transparency

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As a short-term goal, a roadmap will be established to manage the material topic, including possible mitigation measures in the event that any risk materialize.

 

The positive impacts resulting from the ethics and transparency material topic are:

    • Improving the company’s reputation
    • Ensuring regulatory compliance
    • Promoting transparent and competitive business environments  Contributing to anti-corruption measures
    • Managing risks correctly

The potential negative impacts associated with the ethics and transparency material topic are:

    • Litigation, fines, or penalties
    • Impact on stakeholder trust
    • Loss of competitiveness versus other companies
    • Deterioration of the work environment

Ethics & Compliance

We have a compliance program that systemizes our activities that promote integrity in operations, among employees, and in elements of the value chain. This program has three components:

  1. Promoting an ethical culture: We implement training and communication plans supported by the ethical leadership of the administration and management bodies, which by example act as the main ambassadors of our values.
  2. Risk management: We address new regulatory obligations and identify situations that may affect the Company’s assets or reputation to establish policies, procedures and controls to mitigate these risks and ensure regulatory compliance.
  3. Monitoring and supervision: We implement controls, risk mitigation measures, and a monitoring system to evaluate the effectiveness of the compliance program. This allows us to take timely corrective actions and continuously improve the program.

Transparency

To build trust-based relationships that respect and recognize differences, we prioritize transparency and provide timely information to our stakeholders.

  • We define an annual reporting cycle of nonfinancial information that includes our own reporting tools, indices, monitoring, guidelines and international initiatives
  • We have a virtual platform for collecting, managing and systemizing the Company’s non-financial information, allowing us to ensure its traceability, governance and reliability
  • The SPEED/Sustainability Board committee monitors the annual reporting cycle, recommends the approval of this Report and the double materiality analysis, ensuring that non-financial information and its disclosure are handled in accordance with the Company’s strategic objectives

2023 Management Highlights

01

We joined the United Nations Global Compact (UNGC), which promotes the commitment of the private and public sectors and civil society to 10 principles in four areas: Human Rights, Labor standards, Environment, Anti-corruption

02

We launched our Suppliers’ Code of Conduct

03

We participated in the Global Ethics Summit, organized by the Business Ethics Leadership Alliance (BELA), a community of over 375 companies in 60 different industries, where we share best practices and participate in conversations that ensure continuous improvement in our performance

04

We trained 82.12% of our employees on compliance and business conduct

05

We centralized the construction of non-financial information reports in the Sustainability Area to ensure the coherence and consistency of the information we give to stakeholders

06

For the second year in a row, we participated in the Corporate Sustainability Assessment (CSA) of the Dow Jones Sustainability Index (DJSI). We improved on four points

07

For the second year in a row, we participated in the Carbon Disclosure Project (CDP) – Climate, being upgraded from C to B

08

For the first time we participated in the CDP – Water and received a C rating

09

We were upgraded from A to AA in the MSCI Index, one of the ratings most recognized and consulted by investors

10

We framed 100% of the Company’s non-financial reporting systems within the MERO information management tool to ensure information reliability and traceability

Goals

0-3

YEARS
  • Execute 100% of the compliance improvement, reporting and transparency opportunity plans made in 2023
  • Share with stakeholders the results of the double materiality analysis carried out in 2023
  • Make a roadmap of material topics and medium and long-term goals
  • Comprehensively assess the Compliance Program in accordance with applicable regulatory requirements and related international standards
  • Review and update 100% of our Compliance policies, integrating the associated best practices
  • Update the sustainability content of our website

3-5

YEARS
  • Implement 100% of the activities defined in the material topics roadmap

5

YEARS
  • To be defined in 2024 when the roadmap of material topics is made
SPEED/ SUSTAINABILITY REPORT