In the notice and proposals to the General Meeting published by the Portuguese Securities Market Commission (CMVM), Galp has informed stakeholders of its plan to propose a reduction in the company’s share capital by up to 9%. This reduction will occur through the cancellation of treasury shares, and the Board of Directors will be given all necessary powers to implement this over an 18-month period.
Among the agenda items, Galp plans to propose a dividend distribution of 0.62 euros per share. The company has previously distributed an advance profit for the fiscal year 2024, totaling 212,401,368.20 euros, equivalent to 0.28 euros per outstanding share.
The Board of Directors suggests, in compliance with legal standards, a dividend distribution of 0.34 euros per outstanding share, bringing the total distribution to 0.62 euros per share.
Galp has estimated the total amount of this distribution, based on the existing share capital on December 31, 2024, to be 468,589,722.26 euros. It was noted that because the anticipated dividend payout exceeds the earnings for the fiscal year, the additional amount will be drawn from accumulated earnings.
Shareholders will also discuss ratifying the co-option of Nuno Holbech Bastos as a member of the Board of Directors to complete the ongoing term from 2023 to 2026, in addition to reviewing documents related to the fiscal year 2024.
The agenda includes a general assessment of the Board of Directors, the Fiscal Council, and the Statutory Auditor for the fiscal year 2024, as well as a resolution to grant authorization to the Board for the acquisition and disposal of the company’s own shares and bonds.
Additionally, shareholders will deliberate on the remuneration policy for the members of the company’s corporate bodies.
