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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.

SDGTargetVermilion's Contribution
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.

16.1: Reduce all forms of violence

16.3: Promote the rule of law

16.4: Combat organized crime

16.5: Reduce corruption and bribery 

16.6: Effective, accountable and transparent institutions

16.7: Responsive, inclusive, participatory and representative decision-making

Internal policies on workplace violence, discrimination and/or harassment; whistleblower policies; respect for human rights

Ethics policies

Audited annual reporting

Anti-corruption policies

Internal governance structures

Compensation and Board of Directors effectiveness disclosures

Commitments and Progress

2019 Target2020 Target2021 Target

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

 

 

Received 94% shareholder approval

Conduct annual “say on pay” advisory vote at AGM

 

 

Received 65% shareholder approval

 

Conduct annual “say on pay” advisory vote at AGM

 

 

Received 42% shareholder approval; the Board will take the results of this vote into account, as appropriate, when considering future compensation policies, procedures and decisions

Develop Sustainability Committee

 

  

 

 

 

100% achieved

 

Conduct scenario analysis work at Board level

 

 

  

 

100% achieved

 

Review Vermilion's updated sustainability strategy, including mid to long-term emissions-related reduction targets

 

 

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

Increase Board gender diversity to 30% by the 2024 annual general meeting, and apply to become a member of the 30% Club, joining their campaign to increase gender diversity on boards

 

100% achieved

Key SUSTAINABILITY Updates

Board of Directors:

 In 2020, the Board:

Sustainability Committee: 

 In 2020, the Sustainability Committee:

Board Composition: Effective June 1, 2021, Vermilion’s Board of Directors is comprised of 10 directors and 1 corporate secretary. Nine Directors (90%) are considered independent, and four (40%) are female. As Executive Chairman of Vermilion Energy Inc., Mr. Lorenzo Donadeo is a non-independent director.102-22

Board Tenure: Six Directors (60%) have a tenure of five years or less.

CEO (President) Pay Ratio: We disclose the annual total compensation of our President (as our highest paid employee) compared to the median annual total compensation for employees.102-38 102-39 Vermilion’s 2020 President-to-employee ratio of 29-to-1 is magnitudes lower than the 264-to-1 ratio for S&P 500 Index companies reported for 2019 by the American Federation of Labor-Congress of Industrial Organizations. Note: In May 2020, the CEO role was suspended and two new positions were created: an Executive Chairperson and President. Vermilion created a management-level Executive Committee to effectively act as the CEO and review and approve key organizational, financial, operational and strategic decisions.

Diversity: We recognize the importance of gender diversity. In 2021, the Board Diversity Policy  was amended to include a clear commitment to increase Board gender diversity to 30% by the 2024 annual general meeting. In support, our formal recruitment process for the Board and Executive Officer vacant positions includes a candidate screening step that includes 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 In 2021, Vermilion has also been approved as a member of the 30% Club, joining their campaign to increase gender diversity on boards. We also plan to continue a mentoring program, focused on helping high-potential female employees develop their management skills and prepare for senior leadership roles. Given the positive feedback from mentors and mentees, this program will be expanded to additional participants in 2021.

Values Matter
Vermilion Energy