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Values Matter
Sustainability Report
Values Matter
2016 Sustainability Report
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Governance Dashboard

Excellence. Trust. Respect. Responsibility. These four core values guide what we do and how we do it.

SDG 13.1. Take urgent action to combat climate change and its impacts

This applies directly to Vermilion’s investments in environmental protection, disclosures of GHG emission and intensity data, internal carbon pricing and carbon liability analysis, and overall governance of climate risks and opportunities.

SDG 16 covers a range of issues that are integral to effective business governance at Vermilion

Commitments and Progress

2017 Target2018 Target2019 Target

Conduct annual "say on pay" advisory votes at AGM 102-37

 

Received 97% shareholder approval

Conduct annual “say on pay” advisory votes at AGM

 

Received 86% shareholder approval

Conduct annual “say on pay” advisory votes at AGM

 

 

Received 94% shareholder approval

Develop procedures for contractors to confirm annually awareness of and compliance with our Code of Business Conduct

 

100% achieved

Establish Board of Directors Sustainability Committee

 

 

 

100% achieved

Develop Sustainability Committee Terms of Reference and associated procedures

 

 

 

100% achieved

 

Adopt a formal Gender Diversity Policy in respect of the nomination of women to our Board

 

 100% achieved

Incorporate sustainability-related information in regulatory filings in alignment with recommendations from the Task Force on Climate-related Financial Disclosures

100% achieved

Key Updates

Sustainability Committee: The Board established our Sustainability Committee in 2018 to assist it with oversight of Vermilion’s approach to sustainability, including the Sustainability Policy, the long-range strategic plan, sustainability performance including key performance indicators, and methods of communicating sustainability policies and performance.  The committee’s role also encompasses reviewing emerging risks and opportunities associated with sustainability issues, including significant matters such as the energy transition and social impacts, including human rights, community investment, and government and other stakeholder relations, along with the integration of those risks and opportunities into Vermilion’s Enterprise Risk Management framework.

 In 2018, the Board, Board Chair and/or Sustainability Committee Chair:

Board Composition: Vermilion’s Board of Directors is currently comprised of 10 directors and 1 corporate secretary. Eight Directors (80%) are considered independent, and two (20%) are female. Mr. Anthony Marino and Mr. Lorenzo Donadeo are non-independent directors.102-22

Board Tenure: In the last four years, we have appointed six new directors who bring valuable skills and experience to our company.

CEO Pay Ratio: Although not required by regulations such as the Dodd-Frank Wall Street Reform and Consumer Protection Act, we disclose the annual total compensation of our CEO to the median annual total compensation for employees.102-38 102-39 Vermilion’s 2018 CEO-to-worker ratio of 41-to-1 is magnitudes lower than the 287-to-1 ratio for S&P 500 Index companies reported in June 2019 by the American Federation of Labor-Congress of Industrial Organizations.

Diversity: In 2018, we adopted a formal recruitment process for the Board and Executive Officer vacant positions that includes a candidate screening step that addresses gender diversity. The candidate screening process should include reasonable efforts to secure at least 50% of qualified women applicants and the interview pool for every Board and Executive Officer position available. 102-24

Company and Board Performance – Awards: Vermilion is recognized for excellence in governance practices by a wide range of governance-related organizations, including the Globe and Mail Board Games report, the Canadian Coalition for Good Governance, MSCI and ISS. For details, please see our Awards page. 

Values Matter
Vermilion Energy