Our commitment to doing the right thing starts right at the top. Non-executive oversight is provided by the Environment, Health and Safety Committee of the Board of Directors. This Committee oversees the establishment of the Company’s strategies, goals, policies and performance related to environment, safety and social responsibility. In addition to reviewing long-term preventive programs for maintaining standards and limiting future liability, the Committee also reviews performance and audit reporting in these areas and provides a forum for discussion of issues relevant to the Company’s operations.
Executive Corporate Responsibility Steering Committee
The Executive Corporate Responsibility Steering Committee (ECRSC) is made up of senior executives from all our businesses and shared services units. The ECRSC meets four to five times each year to provide strategic direction to the Executive Leadership Team (ELT), to recommend priorities and to align resources to achieve and report on commitments in our Principles.
The Committee’s annual program includes a review of our corporate responsibility “heat map,” an assessment that looks through the lens of our Principles for Responsible Investment and Operations at the biggest risks and opportunities to our business strategy. The heat map provides a sound basis for evaluating the maturity of our management systems to deal with those risks and for allocating the resources required to strengthen our approach.
In 2008, the ECRSC approved an update to our Code of Business Conduct, which was successfully completed and communicated to all employees by the end of the year.
Focus areas of the ECRSC stewardship for 2009 will include:
- advancing performance metrics and stewardship of environmental risks
- reviewing our human rights framework
- continuing to further integrate corporate responsibility into our business processes
Strengthening the Compliance Function
Petro-Canada has had a chief compliance officer (CCO) since November 2003. In early 2009, a director, ethics and compliance, was appointed to strengthen our ethical culture and further integrate a sound compliance framework into our business operations. The compliance function is accountable for identifying legal and ethical risks, developing standards and processes for proper and ethical global business practices, and training employees to make sound business decisions in an increasingly complex regulatory environment.
The CCO reports annually to Petro-Canada’s Corporate Governance and Nominating Committee (the Governance Committee) on the Company’s corporate standards and conduct, and obtains certificates from named officers certifying that each such individual adhered to the Code of Business Conduct throughout the year.
Delivering on our corporate responsibility commitments is part of the role of every line manager and project manager, with the support of professionals in the environment, safety and social responsibility, human resources and legal services groups.