Board of Directors
Our Board of Directors oversees the management of Cenovus’s business to ensure long-term success, with a view to maximize shareholder value and ensure corporate conduct in an ethical and legal manner via an appropriate system of corporate governance and internal control. To learn more, see the mandates and guidelines on the Governance page under Key governance documents.
Board selection, orientation & committees
The Board and its committees monitor Canadian and U.S. regulatory developments affecting corporate governance, accountability and transparency of public corporation disclosure to ensure compliance with the law and to protect the interests of shareholders.
The Board adopted a Board Diversity Policy on February 10, 2015. In accordance with the Governance Committee mandate and the Board Diversity Policy, the Governance Committee is responsible for identifying individuals qualified to become Board members and recommending to the Board proposed nominees for election or appointment. The Governance Committee seeks new nominees who have a sufficient range of skills, expertise, experience and independence to ensure our Board can carry out its mandate and function effectively, while considering the composition of the current Board.
The Board regularly evaluates its own effectiveness, as well as that of its committees and members. As part of this process, the Chair of the Governance Committee meets periodically with each Director. To assist the Chair’s review, each Director completes an anonymous effectiveness questionnaire as well as periodic self and peer evaluations.
Cenovus recognizes and embraces the benefits of having a diverse Board that makes good use of various skills, expertise and industry experience and includes diversity on numerous fronts. The Board adopted a Board Diversity Policy on February 10, 2015. In accordance with the Governance Committee mandate and the Board Diversity Policy, the Governance Committee is responsible for identifying individuals qualified to become Board members and recommending to the Board proposed nominees for election or appointment.
The Governance Committee reviews and assesses Board composition to ensure the Board has a sufficient range of skills, expertise and experience with due regard for the benefits of diversity to allow the Board to carry out its mandate effectively. The Governance Committee receives and evaluates suggestions for candidates.
To learn more, see the mandates and guidelines on the Key governance documents page.
Cenovus's Board of Directors has four standing committees to examine and make recommendations on a variety of issues specific to each committee. The Board of Directors has approved the mandate for each committee, outlining the responsibilities of the committee and decision-making authority. Mandates are regularly reviewed and updated by the Board.
The Board appoints its members to each respective committee, including a committee Chair. Board members selected for a specific committee typically have significant expertise and experience relevant to that committee.