Governance and Ethics | Schlumberger

Governance and Ethics

The foundation of our sustainability program and key to maintaining the confidence of all stakeholders

We've embedded environmental, social, and governance (ESG) management at all levels of the company. Our executive management team is responsible for developing and implementing ESG strategies and programs, with the oversight of the Board of Directors (Board) and its various committees.

In 2021, we announced the addition of a Chief Strategy & Sustainability Officer (CSSO) to our executive leadership team, demonstrating that sustainability is at the core of our corporate strategy. The CSSO oversees corporate strategy as well as our sustainability, marketing, and investment activities. The Vice President of Sustainability, who reports to the CSSO, is directly responsible for social and environmental sustainability and engages with Schlumberger leadership, employees, investors, and customers on this topic, including climate-related issues.

Schlumberger line management is responsible for managing and mitigating the environmental impact of our operations, while our environmental management systems and standards are the responsibility of the Vice President of HSE. For further information, read our proxy statement.

Schlumberger sustainability organization showing allocation of responsibilities.
Schlumberger sustainability organization showing allocation of responsibilities.

Board oversight of sustainability

The Board and its committees provide oversight for various environmental, social, and other sustainability issues, including our energy transition strategy, emissions reduction targets, climate change response, sustainability reporting, workforce health and safety, human rights position, and ethics and compliance.

Board

The Board oversees our long- and short-term strategies, including the launch of our Transition Technologies and emissions-monitoring portfolios—which focus on decarbonizing our core businesses—as well as our new energy investments in low-carbon and carbon-neutral energy technologies. In addition, the full Board oversaw the decision to establish our comprehensive 2050 net-zero commitment, which is inclusive of Scope 3 emissions, together with interim Scope 1, 2, and 3 emissions reduction milestones.

The Board also oversees the company’s enterprise risk management process and reviews major risks facing Schlumberger, including acute and chronic climate risks and energy transition risks.

Nominating and Governance Committee

The Nominating and Governance Committee oversees our sustainability programs, initiatives, and activities, and receives quarterly updates from senior management on the progress we are making toward a low-carbon future. This committee also monitors and reviews the effectiveness of the company’s ethics and compliance program, including The Schlumberger Blue Print in Action—Our Code of Conduct and all significant compliance allegations.

New Energy and Innovation Committee

Formed in 2021, the New Energy and Innovation Committee evaluates our New Energy and Transition Technologies investments and the sustainability impacts of growth opportunities.

Other Committees

The Board’s other committees oversee sustainability-related topics within their respective areas of responsibility, such as

  • incorporation of sustainability and diversity metrics into our incentive compensation programs: Compensation Committee
  • conduct of sustainability-related reviews by our internal audit team: Audit Committee
  • development of our sustainable finance strategy, including financial instruments with rates linked to climate commitments: Finance Committee.
Corporate Governance at Schlumberger
Schlumberger is committed to sound principles of corporate governance and has adopted practices that promote effective functioning of our Board of Directors, its committees, and our company.
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Ethics and compliance

Our commitment to sound principles of corporate governance and ethics sets the foundation of our sustainability program. Furthermore, our reputation for integrity and fair dealing is vitally important in winning and retaining the trust of our stakeholders. When we are clearly seen to behave in an ethical manner, we enhance our reputation, which helps us attract and retain customers and employees.

Our Blue Print documents define us as a company, how we behave toward others and how we approach our work. The Blue Print—Our Identity summarizes our purpose, ambitions, and values and describes the mindset we need to succeed. The Blue Print in Action—Our Code of Conduct applies to all Schlumberger directors, officers, employees, security providers, and contractors. It is designed to help us handle business situations professionally and fairly. Our Code of Conduct also explains how individual actions reflect on the company and how the company is, therefore, the sum of our actions.

Data Privacy and Cybersecurity

Schlumberger has implemented a global program to identify, assess, manage, and mitigate information security risks.

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