The Executive Leadership Team (ELT) manages climate-related risks and opportunities and drives the business in implementing climate-related plans. This includes:

• Reviewing and approving GHG pricing forecasts for inclusion in our long-range planning and project authorization reviews.
• Supporting climate-related Variable Compensation Incentive Plan milestones.
• Reviewing the GHG emissions long-range plan and peer analysis.
• Approving Low Carbon Technologies plans and transition opportunities

The EVP, Strategy, Sustainability and Technology reports to the chief executive officer and has overall accountability for corporate planning and development, including corporate strategy and long-range planning, and is the ELT’s climate change champion. In addition, the Sustainability and Public Policy Executive Council (SPEC), a subcommittee of the Executive Leadership Team, leads global oversight of existing and emerging sustainable development and public policy risks including climate change. The SVP, Government Affairs is responsible for government engagement and advocacy on climate-related public policy.

Members of SPEC met six times during the year for detailed briefing and discussion on emerging climate-related issues, strategic priorities and the Climate Risk Strategy. Examples of issues reviewed by SPEC during 2021 include:

• ESG engagement in the financial sector.
• Improvements to SD policy and company position on water.
• GHG target tracking.
• Review of global climate-related meetings occurring prior to COP26.
• Review of SD priorities for 2022.

Climate-related risks are communicated and integrated into strategy through the SD risk management process and ERM system. Climate-related risks from the corporate SD Risk Register are mapped to relevant enterprise risks. Owners of these enterprise risks, who are ELT members or senior managers, are briefed on the risks and our mitigation activities. Enterprise risks are then presented to the Audit and Finance Committee of the Board. The climate-related risk category is managed by the SD team; the EVP, Strategy, Sustainability and Technology and SVP, Government Affairs are jointly accountable for this risk.

Read how climate-related performance is a component of executive compensation.