Integrity, accountability and disclosure

As we work to be financially, environmentally and socially responsible, Devon is guided by our core values and corporate governance principles. Maintaining ethics and integrity and recognized governance practices such as board independence, proactive shareholder engagement and risk management help us sustain the trust we’ve built with our stakeholders.

To deliver results, we focus on operational excellence, top-tier environmental, social and governance (ESG) performance and productive stakeholder engagement. We integrate our environmental, health and safety (EHS) commitment into our operations and incorporate ESG performance goals into our compensation program.

Devon’s senior leaders evaluate risks and opportunities and seek to continuously improve our ESG performance and transparency. Our ESG Steering Committee plays an active role by informing management on current and emerging issues that influence business planning, strategy and operations.

TAKING ACTION

BOARD OF DIRECTORS

  • Integrated corporate governance best practices from legacy Devon and legacy WPX to cultivate strong risk management, decision-making and communications with the board of directors.

  • Expanded the responsibilities of the former Governance Committee to include environmental and public policy oversight, renaming it the Governance, Environmental, and Public Policy (GEPP) Committee.

  • Established a new board Dividend Committee.

  • Appointed a non-management director to serve in a lead director capacity.

SHAREHOLDER ENGAGEMENT

  • Engaged with approximately 100 governance representatives of institutional investors representing more than 46% of outstanding shares to discuss topics such as ESG strategy, executive compensation, environmental performance and board composition.

TRANSPARENCY

  • Published our 2020 Political Activity Lobbying Report, 2020 Sustainability Report and 2020 Climate Change Assessment Report, further advancing our commitments to transparency and disclosure.

  • Achieved top-tier scores for ESG performance in a number of leading third-party surveys and assessments.

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Governance Metrics
*Unless otherwise noted, all data presented is pro forma for Devon and WPX.
2018 2019 2020
Independent Board Members1 80% 91% 82%
Currently, 8 of our 11 board members (73%) qualify as independent under NYSE standards and SEC regulations.
Women Board Members1 20% 27% 27%
Currently three women (27%) serve on our board of directors, including the chairs of Devon's Audit and Governance, Environmental, and Public Policy Committees.
Contributions - Trades and Political2 (thousands) $494 $2,144 $2,234
In 2019, we began disclosing non-deductible trade association dues.
Lobbying - Federal and State2 (thousands) $905 $1,178 $743
Devon's lobbying and political activity is disclosed via public agencies, as well as through the company's Political Activity and Lobbying Report available on our website.
1 Reflects legacy Devon board composion following the annual election of directors each June.
2 Legacy Devon only.