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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

2018 Target2019 Target2020 Target

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


Received 86% shareholder approval

Conduct annual “say on pay” advisory vote at AGM



Received 94% shareholder approval


Conduct annual “say on pay” advisory vote at AGM



Received 65% shareholder approval

Establish Board of Directors Sustainability Committee



100% achieved

Develop Sustainability Committee Terms of Reference and associated procedures



100% achieved

Conduct scenario analysis work at Board level



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 to assist 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 identifying and 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 2019, the Sustainability Committee:

Board Composition: Effective May 25, 2020, Vermilion’s Board of Directors is comprised of 9 directors and 1 corporate secretary. Eight Directors (89%) are considered independent, and two (22%) are female. As Executive Chairman of Vermilion Energy Inc., Mr. Lorenzo Donadeo is a non-independent director.102-22

Board Tenure: Five Directors (56%) have a tenure of less than five years.

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 2019 CEO-to-worker ratio of 40-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. Note: In May 2020, the CEO role was replaced with an Executive Chairperson and President, and Vermilion created an Executive Committee to review and approve key organizational, financial, operational and strategic decisions.

Diversity: Our formal recruitment process for the Board and Executive Officer vacant positions 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