Stakeholder Engagement
Our people, communities, investors, governments and regulators, and partners and suppliers are Vermilion’s key stakeholders: those who have the greatest impact on our business, or who are most impacted by our activities.
We base stakeholder identification and prioritization on our understanding and analysis of our value chain, with engagement that is guided by their impact and influence.102-42 ,413-1
Our key stakeholders influence our business and operations in important ways, including capital to fund our activities, licenses for exploration and production, and expectations regarding safety and environmental performance. Meeting these expectations is the key to maintaining and growing our license to operate, and we therefore engage with these stakeholders on a regular and ongoing basis. 102-43
Our corporate external stakeholder relations framework reflects the importance of community and government support, which we manage on a business unit-specific basis. This includes Public and Government Relations staff in France, Netherlands, Ireland, Germany, and Central and Eastern Europe; a regulatory specialist in the United States; our Land department in Canada (which plays a key role in both community and Indigenous Peoples relations), and those responsible for our Safety Case and Environment Plan in Australia.
While regulations prescribe specific external stakeholder engagement, our approach is to also proactively communicate with our community and government stakeholders and Indigenous rightsholders – both individually and in venues such as town halls, open houses and visitor centres, where we provide information about our activities (planned and ongoing) and invite feedback. For example, as we evaluate and prioritize our exploration opportunities, we present activity plans, including managing the environmental and social impact of our activities, to partners, government and regulatory authorities, and public and community stakeholders.
For stakeholders with lesser degrees of impact or influence, our engagement is more specific and generally involves direct issue-related communication.
The following table details how we engage with our stakeholders, topics raised, and how we have responded. 102-40,102-42,102-43,102-44
Engagement Channels | Topics Related | Response |
|---|---|---|
Annual General Meeting and webcast, distribution of annual report & proxy statement and quarterly reports
| Financial results
| Ongoing communication of material issues and results
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Annual benchmarking against peers through Globe and Mail Board Games
| Increasing emphasis on climate-related strategy and reporting, along with evolving regulatory approaches to sustainability reporting
| CDP Climate Change and Water Security Responses
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Business updates, analyst conference calls
| Reporting recommendations from TCFD, SASB (IFRS), ISSB and EU
| Sustainability reporting evolution
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Ongoing presentations to investor and industry conferences, with webcasts posted on external Vermilion website and intranet
| Response to requests for interviews and other input
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Ongoing monitoring of and response to investor relations e-mail and phone inquiries
| Reviews of evaluations by ESG rating agencies, including corrections, responses and engagement
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Ongoing monitoring of and response to social media including LinkedIn
| Input into business strategy
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Media monitoring/ media appearances
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News releases
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Engagement on sustainability-related queries from ESG investment agencies, potential investors and current shareholders
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Feedback for TCFD and SASB proposed changes, directly and via industry groups
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Engagement Channels | Topics Related | Response |
|---|---|---|
HSE Pre-qualification screening and auditing of operations to ensure compliance
| HSE performance
| Development of HSE High Five personal safety initiative
|
Safety meetings, including both Vermilion staff and our contractors and partners
| Access to opportunities
| Focus on operational excellence
|
Contractor briefings from Vermilion staff on expected standards of behavior, including our Code of Business Conduct and our Anti-Discrimination and Harassment Policy
| Production and financial results
| RFPs and invitations to bid
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Meetings, etc. to review requirements and negotiate contracts, as needed
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Daily operations, including inspections and field audits
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Meetings, phone calls, e-mails as issues or concerns arise
|
Engagement Channels | Topics Related | Response |
|---|---|---|
Great Place to Work® program confidential staff survey, communication of results to staff through e-mails and meetings, ongoing engagement of staff in feedback and improvement action planning meetings from department to team levels
| Strategic direction of the company
| Executive Committee response to town hall suggestions and questions
|
Global town halls, with executive question-and-answer sessions based on questions submitted anonymously in advance, or during the meeting
| Employee engagement and satisfaction
| Implementation of suggestions from staff working groups
|
Additional confidential staff surveys on topics such as HSE (Perception Survey), compensation and strategic community investment (choices of non-profit partners, activities, etc.)
| Communication (internal and external) of strategic community investment program
| Implementation of Fair Culture Policy in all business units
|
Additional town halls in each of our business units with leadership question-and-answer sessions
| Clear communication and implementation of HSE program
| Annual workplan within VET Vision, with strategy to 2030
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Extensive annual lunch and learn program with company, industry and wellness topics
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Whistleblower policy, 24/7 (referred to internally as “Reporting of Inappropriate Activity”)
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Company-wide working groups established to refresh our strategic plan
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Engagement Channels | Topics Related | Response |
|---|---|---|
Stakeholder engagement programs, including proactive communications (letters, town halls, open houses, visitor centres, surveys, etc. ) to provide information and gather feedback
| Community support and capacity building
| Progressing community investment program in all locations based on community and staff engagement (see Our Communities in this report) and guided by the concept of Creating Shared Value
|
Meetings, phone calls, e-mails with landowners, as needed
| Public safety
| Discussions with local communities regarding impacts and potential partnerships
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Contract negotiation with landowners, as needed
| Environmental stewardship
| Increased engagement with Indigenous Peoples communities, including business opportunities and community investment
|
Ongoing partnerships with key social agencies
| Online community investment applications to streamline process for community groups
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Meetings, e-mail, phone calls with other local social agencies & councils, ongoing
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Customized community investment program for each location, ongoing
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Communication of community investment via external website & LinkedIn, ongoing
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Engagement with Indigenous Peoples communities as rightsholders, including provision for consultation, free, prior and informed consent, business opportunities and community investment OG-9, DMA Social
|
Engagement Channels | Topics Related | Response |
|---|---|---|
Regulatory requirements in all of our locations
| Compliance
| Compliance with or exceeding all regulatory requirements
|
Meetings, phone calls, conferences with government officials
| Technical expertise
| Audits and inspections to confirm compliance
|
Government-Industry working groups
| Economic and community development
| Proactive community investment and sustainability programs
|
Alignment of sustainability strategy with SDGs
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Engagement Channels | Topics Related | Response |
|---|---|---|
Ongoing participation in industry meetings and conferences
| Increasing transparency and communication of sustainability performance
| Annual CDP submission and engagement
|
High-level review of NGO positions and topics
| Environmental concerns and performance based on location, location (see our Environment section)
| Alignment of sustainability strategy with UN SDGs
|
Meetings with NGO representatives
| Active engagement with ESG rating agencies, including CDP, Sustainalytics, MSCI, Vigeo-Eiris, ISS and S&P Global
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Focus on operational excellence, including compliance with or exceeding all regulations
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Use of feedback in developing internal environmental and social programs
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