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Staff costs and Directors Remuneration | 12 Months Ended
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Dec. 31, 2021
Disclosure of Staff costs and Directors Remuneration [Abstract] |
Disclosure Of Staff Costs And Directors Remuneration Explanatory [Text Block] | Note 11 Staff costs and Directors’ Remuneration ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
Number of employees at year end (a) | ​ | 463 | ​ | 437 | ​ | 439
Amounts in US$ ‘000 | ​ | ​ | ​ | ​ | ​ | ​
Wages and salaries | ​ | 42,236 | ​ | 49,338 | ​ | 55,325
Share-based payments (b) (Note 31) | ​ | 6,621 | ​ | 8,444 | ​ | 2,717
Social security charges | ​ | 6,863 | ​ | 5,712 | ​ | 6,888
Director’s fees and allowance | ​ | 2,853 | ​ | 2,094 | ​ | 3,266
​ | ​ | 58,573 | ​ | 65,588 | ​ | 68,196
Recognized as follows: | ​ |  | ​ |  | ​ |
Production and operating costs | ​ | 16,994 | ​ | 15,217 | ​ | 14,542
Geological and geophysical expenses | ​ | 6,219 | ​ | 12,893 | ​ | 18,448
Administrative expenses | ​ | 35,360 | ​ | 37,478 | ​ | 35,206
​ | ​ | 58,573 | ​ | 65,588 | ​ | 68,196
Board of Directors’ and key managers’ remuneration | ​ |  | ​ |  | ​ |
Salaries and fees | ​ | 9,069 | ​ | 8,641 | ​ | 13,483
Share-based payments | ​ | 5,759 | ​ | 7,170 | ​ | 2,251
Other benefits in kind | ​ | 296 | ​ | 232 | ​ | 262
​ | ​ | 15,124 | ​ | 16,043 | ​ | 15,996
(a) | Unaudited.
(b) | The increase in share-based payments in 2021 and 2020 is explained by the accrual of the 2019 VCP and the 2020 Plan, which were granted in November 2019 and February 2020, respectively.
​ Directors’ Remuneration ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Executive | ​ | Executive | ​ | Non-Executive | ​ | Director Fees | ​ | Cash Equivalent
​ | ​ | Directors’ Fees | ​ | Directors’ Bonus | ​ | Directors’ Fees | ​ | Paid in Shares | ​ | Total Remuneration
​ |  | (in US$) |  | (in US$) |  | (in US$) |  | (No. of Shares) |  | (in US$)
Gerald O’Shaughnessy (a) | ​ | 261,560 | ​ | — | ​ | — | ​ | — | ​ | 261,560
James F. Park | ​ | 800,000 | ​ | 800,000 | (b) | — | ​ | — | ​ | 1,600,000
Pedro E. Aylwin (c) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Carlos Gulisano | ​ | — | ​ | — | ​ | 82,083 | ​ | 7,845 | ​ | 185,953
Robert Bedingfield (d) | ​ | — | ​ | — | ​ | 32,500 | ​ | 15,438 | ​ | 238,527
Constantin Papadimitriou (e) (f) | ​ | — | ​ | — | ​ | 112,500 | ​ | 14,852 | ​ | 310,646
Somit Varma (f) (g) | ​ | — | ​ | — | ​ | 141,875 | ​ | 14,803 | ​ | 339,239
Sylvia Escovar Gomez (h) | ​ | — | ​ | — | ​ | 67,500 | ​ | 11,331 | ​ | 223,465
(a) | Chair of GeoPark's board until June 8, 2021. Sylvia Escovar Gomez is the new Chair of the Board.
(b) | The service contract with the Company to act as Chief Executive Officer established a bonus based on metrics and targets defined by the Compensation Committee over the performance of the Company. The target bonus is an amount equal to the annual salary. On March 10, 2021, the independent directors of the Board approved, as per recommendation of the Compensation Committee, Mr. Park’s bonus for the performance in 2020. Given the impact of COVID-19 and oil price crisis during 2020, the cash bonus approved was reduced to US$ 400,000.
(c) | Pedro E. Aylwin has a service contract that provides for him to act as Director of Legal and Governance, so he relinquished his fees as a member of the Board.
(d) | Audit Committee and Nomination & Corporate Governance Committee Chairman until November 10, 2021. Mr. Somit Varma was appointed as new Chairman of the Nomination & Corporate Governance Committee.
(e) | Compensation Committee Chairman.
(f) | Constantin Papadimitriou and Somit Varma, as members of the Strategy & Risk Committee, instructed by the Board, were awarded additional fees on their work related to specific projects and activities. The additional fees for 2021 amounted to US$ 82,500 and US$ 111,875, respectively and are included in the table above.
(g) | Strategy & Risk Committee Chairman.
(h) | Includes an additional annual remuneration of US$ 50,000 to act as independent Chair of the Board.

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