3. On January 28, 2019, the Board modified its committees from the Audit Committee, the Corporate Governance and Compensation Committee and the Reserves Committee to the Audit Committee, the Compensation Committee, the Corporate Governance and Nominating Committee, and the Reserves Committee.The ultimate authority in Canacol is the Board of Directors, where all critical and strategic decisions are made. The Board oversees four specialist committees providing direct oversight on economic, social, ethical, and legal issues. These committees include the Audit Committee, the Compensation Committee, the Corporate Governance and Nominating Committee, and the Reserves Committee 3.
Corporate Governance:
Performance Catalyst
Board of Directors: Sustainable Leadership-
Our Management System -
Our Policies
Taxes, Transparency, and Government Relations
Maintaining Responsible and Transparent Stakeholders’ Relations
Board of Directors: Sustainable Leadership
The Board is legally responsible for managing the Company and its subsidiaries, intending to protect, preserve, and enhance the Company’s assets while promoting sustainability in all aspects of its operations.
The main functions of the Board of Directors include:
Our Management System
We coordinate with national and international organizations to develop sustainable growth strategies, processes, and controls while meeting or exceeding the requirements of the following internationally recognized certifications:
• OHSAS 18001: Occupational health and safety management system.
• ISO 9001: Quality management system certification.
• ISO 14001: Environmental management system certification.
SGS Colombia issued these certifications. Its scope is exploration, perforation, and oil and gas production.
Another key element of our Management System is the Process Map that 1) facilitates identification of risks and opportunities, 2) mandates action planning to mitigate risks, 3) standardizes process flows, roles, decision making, and required documentation, 4) establishes performance metrics, and 5) monitors performance and provides feedback for continuous improvement.
Our Policies
We prioritize transparency and trust in our operations and stakeholder relationships. Corporate policy and procedure systems provide a framework for all directors, employees, contractors, and suppliers to proceed with their activities in accordance with Canacol’s values. The policy and procedure systems include4:
• Code of Ethics and Business Conduct
• Corporate Anti-Money Laundering and Anti-Terrorist Financing Policy
• Disclosure & Confidentiality
• Insider Trading Prohibition
• Whistleblower and non-retaliation
Living by Our Code of Ethics and Business Conduct
The Code of Ethics and Business Conduct embodies our core values and principles and establishes workforce behavior standards. The Board of Directors Committee for Corporate Governance and Compensation is responsible for administering the Code. The Committee delegates day-to-day responsibility for managing and interpreting the Code to the Chief Executive Officer and the Chief Financial Officer. The Code includes the following elements:
• Non-Discriminatory Environment
• Harassment-Free Workplace
• Sexual Harassment Prevention
• Substance Abuse Prevention
• Violence-free Workplace
• Anti-Corruption and Bribery
• Data Confidentiality
• Conflict of Interest
• Money Laundering
• Environmental Stewardship
For further information about our Code of Ethics and Business Conduct,
please click here.
Reporting Policy for Improper Acts
The Reporting Policy for Improper Acts establishes procedures for efficiently addressing, investigating, and resolving ethical or compliance reports. It ensures appropriate areas investigate, document, report, and follow-up all incidents. The Policy includes safeguards to ensure employees and stakeholders can voice their concerns without fear of retaliation or reprisal.
Responsible Operations: Anti-Money Laundering (“AML”) and Anti-Terrorist Financing (“ATF”)
Canacol complies with the Anti-Money Laundering (“AML”) and Anti-Terrorist Financing (“ATF”) policies of the Canadian government with a specific focus on:
• Politically Exposed Persons (“PEPs”) and
• Know Your Client (KYC) Requirements
Taxes, Transparency, and Government Relations
In 2019, Canacol’s tax payments totaled US$ 9.2 million. Payments corresponding to royalties totaled US$ 9.6 million.
Maintaining Responsible and Transparent Stakeholders’ Relations
Our system for receiving and addressing Concerns, Requests, Complaints, and/or Claims (CRCC) ensures quality and continuity in the processes and communication channels used to receive, organize, prioritize, investigate, and respond appropriately.
