Strong values, oversight and risk management
As we work to be financially, environmentally and socially responsible, Devon is guided by our core values and corporate governance principles. We sustain the trust we’ve built with our stakeholders with ethics, integrity and recognized governance practices such as proactive shareholder engagement and risk management.
To deliver results, we focus on operational excellence, top-tier environmental, social and governance (ESG) performance, and constructive 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 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.
Expanded the former Governance Committee’s responsibilities to include environmental and public policy oversight, renaming it the Governance, Environmental and Public Policy (GEPP) Committee.
Increased transparency on board diversity by disclosing individual diversity characteristics of board members.
Increased board engagement and oversight of environmental targets and strategy, diversity, equity and inclusion (DEI), and other ESG matters.
Tied executive compensation more closely to ESG performance with more quantifiable metrics, increased weighting for ESG and related metrics and additional transparency into our corporate performance scorecard and goals.
ETHICS AND INTEGRITY
Increased the frequency and depth of reporting on our ethics program to the board’s Audit Committee by establishing the Business Ethics Resource Center.
Engaged constructively with federal and state regulators, diverse stakeholders and thought leaders to broaden our perspectives on key public policy issues.
In addition to Devon’s 2022 ESG goal, the company created a standalone emissions reduction goal that accounts for 15% of the overall corporate scorecard.
Published our 2021 Climate Change Assessment Report, which is consistent with the core elements of the Task Force on Climate-related Financial Disclosures (TCFD) framework.
Published our 2021 Political Activity and Lobbying Report and 2022 Sustainability Report as we further advanced our commitment to transparency and disclosure performance.