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Scope 1 and 2 greenhouse gas (“GHG”) emissions data for calendar year 2024 as reported herein are being assured by ISOS Group Inc. (“ISOS”), who
is providing moderate Level II (limited) assurance in accordance with the AccountAbility 1000 Assurance Standard v3. When completed, refer to ISOS’
independent assurance letter as presented in the Appendix of our 2024 Sustainability Report for more information on the scope and findings of the
assurance.
Governance - From the Wellhead to the Boardroom
By employing both top-down and bottom-up strategies, our robust governance framework integrates a focus on sustainability and climate across the
entire organization. This includes engagement, ownership and accountability at every level.
Climate-related Governance Framework
Board of Directors ( 10 meetings in 2024) Promotes value creation and long-term success of the Group through oversight of corporate strategy and business model, including climate and other ESG-related factors. | |||
Sustainability & Safety Committee (six meetings in 2024) Evaluates climate and energy transition-related issues to inform the Board’s climate decision-making and monitors climate public policy trends and related regulatory matters. | Audit & Risk Committee ( five meetings in 2024) Ensures climate risk is properly identified, assessed and managed through enterprise risk management processes and potential climate impacts are appropriately considered in company financial models. | Nomination & Governance Committee (three meetings in 2024) Oversees corporate governance structure of the Board, ensuring a balance of climate knowledge and other ESG-related factors are considered when seating a diverse Board and formulating succession plans. | Remuneration Committee ( three meetings in 2024) Ensures Sustainability KPIs, including achievement of GHG emission reduction targets, are included in compensation programs, and reviews and approves annual progress of the same. |
Chief Executive Officer Assumes primary responsibility for delivering the Group’s climate and related energy strategy and communicating progress of the same to investors and other stakeholders. | |||
Executive Management Oversees development, execution, assessment and reporting or climate, environmental and sustainability initiatives, including related operational and financial impacts of these initiatives. | |||
Business Departments and Advisory Working Groups Actively collaborates and seeks to promote continuous improvement and best practice application in day-to-day operations in support of the Group’s climate and sustainability targets and goals. | |||
Progression of Oversight & Guidance | Progression of Response & Reporting | ||
Board Oversight
As a whole and through its independent committees, the Board oversees the long-term success, viability and value creation of our business through its
oversight of our strategy, business model and risk profile, which includes, in part, climate-specific risk management and mitigation, climate goal setting
and progress, and new climate-related commercial opportunities as they may arise. The Board recognizes that the world’s approach to climate and
decarbonization can represent both operational and financial risks to the Group. Thus, climate-related topics are often addressed at Board meetings, and
we have established corporate-level KPIs related to sustainability and climate. Further during 2024, the Board received targeted climate training from
outside counsel that included updates on final, currently proposed and potentially forthcoming US and UK climate-related regulations with respect to
GHG emissions reporting; environmental risks, financial impacts, and materiality; carbon credit generation and trading mechanisms; and general
governance perspectives.
During 2024, the Board convened 10 times where climate-related topics were brought before the Board by executive management and the chair of each
Board committee, as applicable. Our current climate-related risk appetite and associated opportunity set directly impacted Board-level climate
discussions during the year, including decisions on acquisitive growth and strategy, emissions reduction and management practices, technology
innovation, executive compensation linked to climate objectives, risk management and mitigation, and regulatory and legislative risk.
The Board’s knowledge of climate and its impact on business is informed, in part, by the following experiences of one or more of its members:
• Chair of ESG or EHS board committees for third-party companies;
• Advisor and/or assurance provider regarding climate risk management, emissions monitoring, sustainability strategies, leak detection and repair,
and clean air and climate regulation;
• Author of guiding principles on climate for a US independent federal government agency;
• Annual climate and sustainability training through U.S. National Association of Corporate Directors;
• Stakeholder engagement inclusive of investors, financial institutions, and legal and public relations experts;
• Executive advisor and lead resource in production and publication of corporate ESG and sustainability reports;
