Governance > Ethics and compliance

ETHICS AND
COMPLIANCE

At GeoPark, transparency and the prevention of compliance risks are essential to achieving our goal of being the leading oil and gas exploration and production company in Latin America, always respecting regulatory frameworks and our ideals.

Our Compliance Program is the tool that sustains GeoPark’s success and is based on our work ethic and our commitment to always doing the right thing. The program is made up of three fundamental pillars: the promotion of an ethical culture to prevent compliance risks; assessment to evaluate and detect risk; and monitoring and supervision to provide timely responses.

Compliance Program and Internal Control

PREVENTION

Promoting an ethical culture is the main element in the prevention of compliance risks, and rests on the responsibility and commitment of our leaders, who are the main examples and ambassadors of our values.

ETHICS CULTURE

The program includes theoretical and practical training for our employees to facilitate the connection between day to day work and making ethical decisions. In 2019, we carried out an exhaustive training program for 446 employees in six face to face sessions (with two sessions specifically for leaders) in Argentina, Brazil, Chile, Colombia and Peru. For our staff in Ecuador the training was done virtually. During the year, we promoted the culture of compliance throughout the Company through the implementation of two interactive awareness campaigns, a web training on conflicts of interest and a virtual game that illustrates our commitment to gifts and donations. Likewise, we share with new GeoPark employees the principles and content of our policy through a complete Compliance Welcome Package, a tool conceived and designed to deepen the understanding of our program for new employees.

The indicators and management associated with the Compliance Program in 2019 were shared with the whole Company through a video distributed through our internal communication channels

446

employees were trained in ethics and compliance during the year.

                   

In 2019 we launched the Compliance Guide, a new tool that helps to protect, construct and strengthen our ethics culture in decision making.


Ethics hotline

A mechanism to report irregularities and behaviors contrary to our values, and to ask questions on these matters. This contact hotline is managed by an independent third party, and when we receive notifications of a report being filed, we activate a protocol that defines the procedures to manage the accusations. In 2019, 100% of the accusations received through the ethics hotline or through other channels were processed according to the established procedures.

DETECTION

Advice and risk assessment

We focus on the detection of certain risks that could expose our assets or our reputation. In 2019 we developed a new Conflict of Interest Commitment, and we studied and managed 10 associated declarations. We also evaluated 464 requests to give or receive gifts, upholding our principle of only accepting or offering gifts of very low nominal value, as related situations can interfere with the normal course of business. We also seek to achieve the greatest possible transparency in the management and administration of initiatives for our neighbors and communities. Within this framework, we analyzed more than 20 reported cases of donation or sponsorship.

In fulfilling the law and to efficiently prevent and detect possible bribery and other related crimes, in 2019 we consolidated in GeoPark a Compliance “risk matrix” to analyze risk, corruption, fraud, money laundering and the financing of terrorism.

MONITORING AND SUPERVISION

We monitor and supervise prevention and detection processes to correct and respond to the queries or infractions identified, and to monitor the effectiveness of the measures taken. In 2019, we conducted a due diligence assessment of 7,776 current suppliers at our operations

Due diligence on suppliers

In 2019, we made the process of supplier evaluation more corporate and, with the help of the firm Price Waterhouse & Co. S.R.L., we developed a tool to know and classify the suppliers according to their risk levels, prioritizing controls and designing action plans to mitigate risks.

GEOPARK IN EITI COLOMBIA

The Extractive Industries Transparency Initiative (EITI) is a global standard that promotes the open and responsible management of oil, gas and minerals resources and enhanced governance in the extractive sector. In relation to the initiative of the Colombian Government to issue the fourth EITI report and in consideration of our letter of adherence to the EITI Colombia chapter, in October 2019 we submitted the requested information for fiscal year 2018, always maintaining our commitment to participate in the Colombia Report, as well as in the action plan resulting from it.

TARGET
2020

              

  • That 90% of employees train in compliance.
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