Sexual and Labor Harassment Prevention Policy

We apply a strict code of conduct and implement a zero-tolerance policy for discrimination and a Sexual and Labor Harassment Prevention Policy in all our offices and operational areas. Our goal is to provide an inclusive workplace environment, where fundamental tenets such as respect, fairness, justice, and autonomy serve as guiding principles.

We develop annual trainings for all our employees on discrimination or harassment in the workplace, as well as we defined and socialize an escalation process for reporting incidents specific to discrimination and/or harassment and implement corrective or disciplinary action taken in case of discriminatory behavior or harassment.

For more information, please refer to the 2023 ESG Report or/and to our Sexual and Labor Harassment Prevention Policy.

Canacol has strengthened the participation of women in junior and middle management positions through targeted recruitment, equitable practices, and promotion strategies. Our efforts encompass enhancements in training, selection, and promotion processes for management positions, fostering the cultivation of internal female leaders while also appealing to a broader pool of external candidates.

We have also facilitated improved work-life balance options, strengthened health and safety support systems, and expanded remote work alternatives, all aimed at facilitating fair and transparent professional promotion.

Canacol's compensation structure is aligned with our corporate strategies and equity guidelines. It adheres to a methodology rooted in job profiles rather than demographic attributes, ensuring internal fairness devoid of gender, race, ideology, and similar differentiators. Our compensation structure remains competitive within the oil and gas sector and is predicated on employee competencies and performance in technical, administrative, and/or managerial capacities.

For more information, please refer to the 2023 ESG Report and our 2023 KPIs.

Performance Evaluation

Canacol has an annual performance evaluation system designed to minimize biases in processes, improve objectives attainment monitoring, and pinpoint gaps in knowledge and soft skills. The evaluation includes elements such as strategic planning, objective delineation, progress tracking, constructive feedback, and self-evaluations, management by objectives, multidimensional performance appraisal, team-based performance appraisal, agile conversations among others.

Incentives for Employees

Our total compensation package remains highly competitive in the hydrocarbon sector, underscoring our unwavering dedication to employee well-being. The incentive framework encompasses a range of benefits including health insurance, life insurance, flexible work schedules, annual bonuses linked to corporate performance, long-term savings funds, funeral insurance, birthday gifts, transportation assistance, and basket bonds.

Long term incentives for employees 

Canacol acknowledges employee commitment by disbursing bonuses tied to the Company's annual performance, subject to approval by the Board. 

Additionally, regarding long terms incentives, Canacol offers an employee savings fund which offers the possibility of saving a maximum of 10% of the employee’s monthly salary, giving in return 22% profit. This incentive applies to full time employees contracted to indefinite term and applies after working for two years in the Company.

Support Programs for Employees

Canacol actively promotes initiatives aimed at fostering employee assistance across various areas such as, health, well-being, and flexibility, among others. We offer a diverse array of support mechanisms or our employees, including notable provisions such as:

• Annual sports incentive bonuses.
• Prepaid medical plans for the employee and his/her immediate family.
• Educational support for the children of employees with disabilities.
• Educational aids for children of employees.
• Paid work leaves.
• Extra-legal maternity and paternity leaves.
• Lactation Room
• Childcare monthly contributions
• Psychological support for stress management.
• Part-time working options

Canacol provides incentives and programs through agreements with unions and/or through our own proprietary programs.

Perception of Well-being of Employees

Canacol recognizes the importance of our employees’ perception of their work environment regarding the following aspects:

• Job satisfaction 
• Purpose 
• Happiness 
• Stress 

We consider it imperative to maintain a motivated, productive, and effective workforce. We conduct periodic surveys to evaluate our work environment and gauge employee satisfaction levels. Our most recent evaluation was conducted in 2023 through the Great Place To Work (GPTW), achieving a “highly satisfactory” score and recognition as a distinguished “Great Place To Work.”

Turnover

Voluntary employee turnover refers to the proportion of people who stopped working in an organization (due to resignation, retirement, early retirement, etc.) throughout the year, expressed as a percentage of total employees. In 2023, the voluntary turnover rate was 8.9% and the total turnover employee rate was 21.6%.

Canacol is proud to be a benchmark in DEI within Colombia’s energy sector. We value and promote diversity in our workforce, recognizing its pivotal role in fostering innovation and informed decision-making. Our operational processes encourage the inclusion of minority groups with intentional efforts to ensure equity across recruitment, selection, retention, and advancement of personnel.

We firmly uphold that practices centered around DEI are integral to both societal progress and business accomplishments. In all our endeavors, we actively advocate for inclusion, extending to our employees, contractors, and the local communities. 

"At Canacol we work to generate sustainable changes in terms of Diversity, Equity and Inclusion. It is essential that our employees, partners, suppliers and the communities we work with feel valued, respected, and continue to foster a sense of belonging allowing them to develop their full potential." – Charle Gamba, CEO.

DEI Policy

Canacol defines practices, policies, guidelines, and strategic decisions that consistently prioritize the attainment of equity, inclusion, and participation for all individuals, irrespective of their circumstances. 

Within the company, it is imperative to ensure opportunities are consistently extended in an equitable, all-encompassing, and inclusive manner. In this regard, all aspects encompassing compensation, performance, recruitment, training, labor issues, coaching, leadership, well-being, and more, are delineated based on merit, performance, outcomes, competencies, skills, accolades, and requisite experience. This approach is firmly grounded in the fundamental belief that every Canacol employee is equally entitled to the same prospects and avenues for growth, development, learning, advancement, recognition, and accomplishments.

We have a DEI Policy that outlines the overarching guidelines and principles. This policy serves as a foundational framework ensuring alignment and consistency between our internal practices and our commitment to equity at all levels of the company.  

The policy focuses on the following actions:

• Promotion and defense of the human rights of our employees.
• Championing equal pay.
• Ensuring equal treatment and opportunities without distinction as to characteristics such as sex, gender, gender identity, ethnicity, race, nationality, culture, age, marital status, political affinity, religion, or sexual orientation, to eliminate inequalities within the organization.
• Guaranteeing equity and preventing discrimination of any kind.

Canacol's Commitment to The DEI Strategy:

Canacol prioritizes the preservation and promotion of the diversity of its entire workforce and stakeholders. This commitment encompasses facets such as, gender identity, ethnic origin, religion, age, socio-economic background, political preferences, and disabilities. We take prides in nurturing a diverse human capital that resonates with a broad spectrum of labor and market requisites. This diversity fosters a vibrant exchange of ideas, cultures, perspectives, and experiences enabling a work environment conducive to creativity and innovation. The cumulative effect is mutually beneficial, benefiting both the organization and the wider community.

We are proud of our workforce composition, where 37% are women, a percentage surpassing the global average for the oil and gas sector (22%) as well as the national average in Colombia (27%).

We have set the following strategic goals regarding gender diversity:

• 37% participation of women in Canacol’s workforce by 2026. 
• 51% of women in Science, Technology, Engineering and Mathematics (STEM) positions in the Company by 2026.
• 30% participation of women in all management positions, including junior, middle and top management by 2026.
• 33% of women in junior management positions by 2026.
• 22% Share of women in top management positions by 2026.
• 40% of women in management positions in revenue-generating functions by 2026.
• Maintain 10-20% female representation on the Board of Directors. 

DEI Recognitions

At Canacol we celebrate our achievements and progress in DEI, we have received the following recognitions as a company committed to gender equity:

• (2022) - Equipares Silver Seal: our DEI program obtained the Silver Seal award granted by the Colombian Ministry of Labor and the United Nations Development Program. This program, which includes 81 companies and benefits 300,000 people, helps Colombia achieve excellence in gender parity.
• (2023) - Recognition of good practices in Sustainable Development from the Global Compact and the Bogota Chamber of Commerce for the initiative “Canacol: a culture focused on diversity, equity and inclusion” For contributing to SDG 5: Achieve gender equality and empower all women and girls.
• (2021, 2022, 2023) - “Energy that Transforms” Alliance: We are members of the “Energy that Transforms” Alliance of the Ministry of Mines and Energy, in the framework of the implementation of the guidelines for gender equity in the mining-energy sector in Colombia. 
• (2022, 2023) - Great Place To Work (GPTW) certification as one of the best places to work.