Leadership and corporate responsibility
Policies that relate to corporate responsibility
How we do our work at Cenovus is as important as what we do. We recognize that to deliver consistent and long-term shareholder value we must operate in a safe, healthy, ethical, legal and environmentally, socially and fiscally responsible manner that maintains and enhances our reputation.
As a central principle of our approach to corporate responsibility, these themes are reflected in a number of policies and practices approved by our Board of Directors. Collectively, these policies and practices communicate to all staff, including those at the highest levels of the company, Cenovus’s commitment to and expectations for corporate responsibility. These include:
- Our Corporate Responsibility Policy, which is the foundation of our approach and outlines our long-term corporate responsibility strategy and our related six key areas of focus.
- Our Code of Business Conduct & Ethics, which is the backbone of the behaviours our Board members, leaders and staff are expected to demonstrate in their daily work.
In addition to our policies and practices:
Corporate responsibility focus areas
We put our Corporate Responsibility Policy, Code of Business Conduct & Ethics and Safety Commitments and Environmental Commitmentsinto action by aligning our work with six key focus areas:
Our Leadership Team ensures that safety, health, environmental, social, ethical and financial considerations are integrated into our business decisions. Leading by example, the Leadership Team strives to ensure that performance expectations and behaviours across the company are consistent with our corporate responsibility commitments and are communicated to all staff. This includes communicating our corporate goals and creating a culture where the following key enablers are used to advance our work and performance:
- Innovation: We’re finding new ways to solve challenges, which is critical to our success as we work to bring down costs, reduce our environmental impact and achieve our corporate goals in other areas such as safety, people and community.
- Collaboration: We recognize that we can find some of the solutions to the environmental challenges of oil sands development faster and more effectively if we take a collaborative approach to technology development and innovation. We work with peer companies, academics, entrepreneurs and other industries to identify and develop innovative solutions to help solve these challenges. Collaboration is also a critical approach in other areas, including working to address issues important to stakeholders and communities where we operate. We work with our peers, shareholders, stakeholders, academics and governments to respectfully engage in dialogue and build trust that allows us to identify and advance innovative solutions that create shared value.
- Transparency: We recognize that conducting our business in a responsible and respectful way requires a commitment to transparency with stakeholders about our environmental, social and governance performance. Transparency is beneficial for both our stakeholders and Cenovus. It gives us a way to provide information that satisfies the needs of our stakeholders while allowing us to better understand how their expectations are changing over time. In addition to our standard financial disclosures, Cenovus is committed to reporting our corporate responsibility performance annually through this report in accordance with accepted practices such as the Global Reporting Initiative. We also share additional information on our risks and performance relating to environment, social and governance factors through our participation in the Carbon Disclosure Project (CDP) and Dow Jones Sustainability Index (DJSI).
Strong governance is the foundation of our business and is fundamental to delivering long-term value. Our approach to governance is directed at setting the highest standards of integrity, meeting or exceeding applicable laws and regulations, and protecting all of our assets – financial, physical, intellectual and reputational – as well as the people who work for us and those in the communities where we operate. Our Board of Directors works with our Leadership Team to oversee our strategy development and risk management.
Whether we’re meeting with community leaders, non-government organizations or landowners, working with Aboriginal communities, engaging with investors or government officials, or speaking to our stakeholders through media interviews, we’re committed to listening and understanding their various perspectives. We work with our stakeholders so we have a better understanding of their concerns about our industry and they have a better understanding of our company. Stakeholder engagement is integral to our corporate responsibility approach because it informs our understanding of what is most important to our stakeholders, allows us to collaborate with them to develop innovative solutions and helps us be transparent through the sharing of information on material topics in our corporate responsibility report and other disclosures.
Our commitment to health and safety applies to everyone involved directly and indirectly in our activities. We want everyone to focus on being safe, not only at work but at home. We want to create a workplace where people have a clear understanding of their role, what’s expected of them and how they can leverage expertise to achieve results. They also need to know how their work aligns to our strategy and that they’re contributing to the company’s objectives and priorities. We want to create a work environment that attracts and retains employees that have the skills we need and helps them develop throughout their careers.
Taking care of the environment is a fundamental part of what we do. That’s why we integrate environmental considerations into how we do business – from the design of our projects, to the way we operate, to the care we take in restoring the environment when a project is complete. We’re focused on building and operating our projects efficiently, while continuously improving our environmental performance.
We’re a company that’s committed to ensuring the communities where we live, work and operate are stronger and better off as a result of us being there. We want these communities to share in the benefits associated with our operations. We look to create shared value by investing in community programs that help address local needs and challenges, supporting local businesses and hiring local residents when possible, and encouraging and supporting the volunteer efforts of our employees.