Board and Management Oversight: Vermilion has reported publicly on climate risks and opportunities via our CDP submissions since 2014, with data back to 2012. These risks and opportunities are identified by key staff across our company, including our Health, Safety and Environment (HSE) team, Sustainability team, Government and Public Relations teams, Business Unit Managing Directors, and our Economist. All of these employees are experts in their fields, and gather a wide array of inputs that inform our analysis. These include research reports, external stakeholder organizations, government policy and regulation discussions, industry initiatives, communities, landowners, and the work of global bodies such as the United Nations, including the Paris Agreement, and the Organization for Economic Development.
Climate-related responsibility sits directly with the HSE team and the Sustainability team. These teams provide quarterly reports to the Executive team and the full Board of Directors. On our Executive team, our Chief Operating Officer is responsible for climate-related operations performance, such as emissions and HSE performance, and our Executive Vice President, People and Culture, is responsible for overall Sustainability performance.
In addition, the Chief Operating Officer, Director of Corporate HSE and Manager of Corporate HSE brief the Board’s HSE committee, which meets three times per year. The Terms of Reference for the HSE Committee specifically include Review and Monitoring of Health, Safety, and Environment related Sustainability Initiatives. The executive and senior management have the ability to take various initiatives, research/results and other information to this group to validate operational/policy change or organizational direction adjustment.
The Board, as our highest governing body, has responsibility for reviewing all risks, including climate-related, and their implications for our business strategy and how we implement it, both in the short and longer term.