The ConocoPhillips Board of Directors oversees our position on climate change and related strategic planning and risk management policies and procedures, including those for managing climate-related risks and opportunities. In particular, the Board reviews:

• Sustainable development risk management processes.
• Enterprise risk management policy and output.
• Corporate strategy and Climate Risk Strategy.
• Energy transition scenarios.
• GHG emissions intensity target and progress.
• Low Carbon Technologies plans.

The Board delegates certain elements of climate oversight functions to one or more of the five standing committees: Executive, Audit and Finance, Human Resources and Compensation, Directors’ Affairs, and Public Policy and Sustainability. Each committee, other than the Executive Committee, is made up of independent directors and convenes at least quarterly. Issues considered by the committees are, as appropriate, regularly reported to the full Board.

The Audit and Finance Committee (AFC) oversees enterprise risk management (ERM). The AFC facilitates appropriate coordination among the committees to ensure that our risk management processes, including those related to climate change, are functioning properly with necessary steps taken to foster a culture of prudent decision-making throughout the company. The AFC receives annual updates on how, through the ERM system, we address, mitigate and manage enterprise risk, including climate-related considerations that influence market, reputational, operational and political risks. 

The Public Policy and Sustainability Committee (PPSC) is responsible for identifying, evaluating and monitoring climate-related trends and risks that could affect business activities and performance. In 2021, the PPSC met five times and received in-depth briefings and engaged in discussions on the following climate-related topics:

• Climate Risk Strategy.
• Implementation of our Climate Risk Strategy.
• Our position on Scope 3 emissions and review of climate-related and environmental shareholder resolutions.
• Updates on emissions reduction projects.
• Improvement to 2030 GHG intensity targets.
• Low carbon strategies.
• Carbon offset primer.
• Reporting and engagement.
• ESG engagement in the financial sector.
• Performance progress against targets and 2020 SD report highlights.
• E&P Roundtable Net-Zero Principles.
• SD governance.
• Improvements to SD policy and company position on water.
• Review of SD priorities for 2022.
• The IEA Net-Zero by 2050 report.
• Just Transition and its application to exploration and production companies.

Other board committees also address climate-related issues. The Human Resources and Compensation Committee executive compensation and performance-based components, including sustainability performance. Annual incentive programs promote responsibility for sustainability progress throughout all levels of the organization as well as achievement of strategic milestones and objectives that address stakeholder issues essential to sustaining excellence in environmental and social performance.

Read more about the skills and qualifications of our board members.