Cybersecurity is crucial for ensuring business continuity, protecting digital assets, and maintaining the stability and trust of our stakeholders. We have an Information Security Policy that outlines conduct and behavior guidelines for all employees, contractors, consultants, temporary staff, and affiliated personnel.

Canacol’s IT Manager is responsible for the implementation of the IT security and Cybersecurity strategy, who reports directly to the CEO. Furthermore, the Audit Committee is responsible for overseeing IT security and regularly receives security updates, including detailed discussions on key topics.

Since 2022 Canacol has established an information Security management system implementing effective cyber security measures based on ISO 27,001.  

Multiple layers of protection spread across the company has let IT team keep the company’s data safe and no major incidents have occurred. 

Cyber Security Risk assessment is performed in regular basis to manage the current risks and to identify new ones since attackers rapidly evolve and are becoming more innovative. Accompanied by the technology and the security awareness program Canacol has set the tone cybersecurity culture led by the executive level, in this way, information security/cybersecurity is linked of the annual employee performance evaluation.

At Canacol, we understand that sustainability is inseparable from responsible business management. That is why we have adopted the double materiality approach as a key tool to identify, prioritize, and manage issues that not only impact the environment and our stakeholders, but can also significantly influence the financial and operational resilience of our company.
This analysis allows us to connect our corporate strategy with environmental, social, and governance (ESG) challenges and opportunities, strengthening our ability to create long-term value and deliver concrete results that reinforce our commitment to a just and responsible energy transition.
 

Double materiality is a comprehensive approach that assesses sustainability from two key dimensions:

• Impact materiality: Evaluates how Canacol’s activities affect the environment, society, and the economy. This includes topics such as climate change, water use, biodiversity, and human rights.
• Financial materiality: Examines how ESG factors may pose risks or create opportunities for the business, affecting its finances, reputation, operations, and access to capital.

This approach is aligned with international frameworks such as the Corporate Sustainability Reporting Directive (CSRD), the European Sustainability Reporting Standards (ESRS), and the Task Force on Climate-related Financial Disclosures (TCFD), enhancing both transparency and strategic management.
 

For Canacol, double materiality is not just a regulatory requirement—it is an essential tool to strengthen long-term resilience and competitiveness.
Through this biennial analysis, we identify the issues that matter most to our stakeholders and those that could significantly affect our business performance. This perspective enables us to:

• Improve strategic decision-making.
• Anticipate and manage ESG risks.
• Align our sustainability goals with corporate value.
• Reinforce our position as a global leader in a responsible energy transition.
   

The double materiality analysis is part of Canacol’s integrated risk management system and is carried out through structured stages, in line with international best practices:

1. Identification of relevant topics: Using frameworks such as GRI, TCFD, and ESRS, we identify key ESG topics for our sector and operational context.
2. Stakeholder consultation: We conduct surveys, workshops, and interviews with employees, communities, investors, regulators, and other actors to understand their priorities and concerns.
3. Impact and risk assessment: We analyze the magnitude and likelihood of Canacol’s impacts on the environment, as well as the potential financial effects of ESG risks on our business.
4. Development of the double materiality matrix: We visualize the results in a matrix that reflects both the importance of each topic to stakeholders and its potential financial impact on the company.

We conduct quarterly follow-ups on the risks and opportunities associated with the Company’s material topics.
 

Canacol has identified 14 key material topics which guide the Company’s sustainability strategy. These are organized as follows:

For more information on our double materiality analysis, please visit the following link: Double Materiality Analysis 2024