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Good corporate governance is a critical part of our business culture and practice. Making decisions responsibly and in the best interests of our shareholders and stakeholders is a key focus, from the Board of Directors to every employee.
Leadership starts at the top
Our Board of Directors sets the standard for our governance structure. The Board oversees the management of Suncor’s business and affairs on behalf of our shareholders. It has processes in place to help ensure we live up to regulatory requirements and the standards of excellence we set for ourselves.
The Board's responsibilities include, amongst others:
- identifying principal risks and ensuring systems are in place to effectively monitor, manage and mitigate those risks
- ensuring Suncor has an effective strategic planning process
- overseeing the establishment and enforcement of Suncor’s Standards of Business Conduct
- ensuring systems are in place for communication with investors and other stakeholders
- selecting, monitoring and evaluating executive leadership and aligning management's decision-making with long-term shareholder interest
- ensuring processes are in place to monitor and maintain the integrity of Suncor’s internal controls and management information systems
Read about our Board of Directors
Experienced and diverse leaders
According to the Canadian Board Diversity Council (CBDC), having a diverse, experienced and well-credentialed Board of Directors improves Board discussions, contributes to greater diligence when decisions are being made and leads to improved financial performance and shareholder value.
Suncor’s Board aims to be comprised of directors who have a range of perspectives, insights and views in relation to the issues affecting Suncor. It looks for members from diverse backgrounds, having regard to gender, ethnicity/Aboriginal status, age, business experience, professional expertise, personal skills, stakeholder perspectives and geographic background.
To encourage board diversity across Canada, our president and chief executive officer, Steve Williams, is a supporting CEO of the CBDC, while Suncor is a founding sponsor.
Suncor is also a proud supporter of the 30% Club Canada, a not-for-profit organization that is focused on the continued drive towards achieving greater gender balance at all levels, including an aspirational objective of 30% women on boards by 2020.
Learn more about CBDC
Learn more about our governance policies
Corporate governance structure
Effective corporate governance comes from leadership and good corporate structure. Economic, environmental and social issues aren’t considered separately but evaluated together as part of our strategic decision-making process. This has informed our corporate structure and its key features:
- Our Board of Directors and its committees have clearly defined and distinct oversight roles to protect the interests of our shareholders set out in terms of reference.
- The Board’s environment, health, safety and sustainable development (EHS&SD) committee monitors management’s performance in areas within its mandate. They also review emerging trends and issues in the areas of health, environment, climate change, safety and sustainable development to ensure we are anticipating future challenges and positioning ourselves to minimize risks.
- Our senior management team integrates key operational and functional accountabilities for maximum efficiency and effectiveness.
- The vice president, sustainability and communications, reports directly to our executive vice president, business services.
- Environment, health and safety and sustainability employees have direct access to senior management.
Download the company’s annual 2017 Management Proxy Circular and related governance policies.