Governance Dashboard
Excellence. Trust. Respect. Responsibility. These four core values guide what we do and how we do it.
SDG Target | Vermilion’s Contributions | |
|---|---|---|
 | 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 16.1
Reduce all forms of violence | Internal policies on ethics, workplace violence, discrimination and/or harassment; whistleblower; human rights. Audited annual reporting Anti-corruption policies Internal governance structures Compensation Board of Directors effectiveness disclosures |
SDG 16.3
Promote the rule of law | ||
SDG 16.4
Combat organized crime | ||
SDG 16.5
Reduce corruption and bribery | ||
SDG 16.6
Effective, accountable and transparent institutions | ||
SDG 16.7
Responsive, inclusive, participatory and representative decision-making |
As of July 2, 2023, Vermilion’s Board is comprised of 10 directors and 1 corporate secretary.
Nine Directors (90%) are considered independent, and three (30%) are female. 102-22
In 2022, the Board followed its previous materiality assessment, climate scenario analysis and emission reduction target-setting by:
- Linking executive and employee compensation to climate concerns by adding targets for emission reduction, in addition to Asset Retirement Obligation (ARO) liability reduction, to the LTIP scorecard
- Evaluating performance against our 2025 target to reduce Scope 1 emissions intensity by 15 to 20% by 2025
- Ensuring the Company developed a clear pathway in 2023 to achieve Scope 1 and 2 net zero emissions by 2050 target, including a 2030 Scope 1 and 2 emission intensity reduction target
- Receiving business unit updates on sustainability-related projects, including potential renewable fuel partnerships and projects utilizing end of life assets
- Assessing freshwater use in our global operations, and ensuring water management plans for higher freshwater intensity assets are developed and/or maintained
- Approving corporate lobbying activities to ensure alignment with our stated climate and other positions, including the Paris Agreement
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
Vermilion’s 2022 President-to-employee ratio of 19-1 is magnitudes lower than the 324-1 ratio for S&P 500 Index companies reported for 2021 by the American Federation of Labor-Congress of Industrial Organizations. 102-39
We recognize the importance of equitable gender representation on the Board. The Board Diversity Policy includes a clear commitment to maintain Board gender diversity at a minimum of 30%. In support, our formal recruitment process for Board 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 position available. Vermilion is also a member of the 30% Club, joining the campaign to increase gender diversity on boards. 102-24
We prioritize career development and succession planning for our female employees to foster a more balanced senior leadership team in the future.
We also have a mentoring program focused on helping high-potential female employees develop their management skills and prepare for senior leadership roles. To support our diversity goals,we will continue to expand this program to additional participants. 102-24
- Conduct annual "say on pay" advisory vote at AGM
Received 42% shareholder approval. The Board took the results of this vote into account and engaged with shareholders to understand their concerns. We then made several changes, including setting the President’s compensation at 25th percentile compared to our peer group.
Received 42% shareholder approval. The Board took the results of this vote into account and engaged with shareholders to understand their concerns. We then made several changes, including setting the President’s compensation at 25th percentile compared to our peer group.
- Review Vermilion’s updated sustainability strategy, including mid- to long-term emissions-related reduction targets
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
- Review sustainability-related information in regulatory filings in alignment with recommendations from the Task Force on Climate-related Financial Disclosures
100% Achieved
- Conduct annual "say on pay" advisory vote at AGM
Received 96.6% Shareholder Approval
- Review Vermilion’s updated emissions reduction strategy, including progress on mid- to long-term emissions-related reduction targets
100% Achieved
- Maintain Board gender diversity at least 30%, along with membership of the 30% club.
100% Achieved
- Maintain sustainability-related information in regulatory filings in alignment with recommendations from the Task Force on Climate-related Financial Disclosures
100% Achieved
- Conduct annual "say on pay" advisory vote at AGM
Received 93.25% Shareholder Approval
- Review Vermilion’s updated emissions reduction strategy, including progress on mid- to long-term emissions-related reduction targets and development of net zero transition plan
On Track
- Maintain Board gender diversity at least 30%, along with membership of the 30% club.
100% Achieved
- Review ISSB S1 and S2 impacts on inclusion of sustainability-related information in regulatory filings
On Track