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 SLB leadership, employees, investors, and customers on this topic, including climate-related issues.
SLB 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.
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 SLB, including acute and chronic climate risks and energy transition risks.
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 SLB—Our Code of Conduct and all significant compliance allegations.
The Board’s other committees oversee sustainability-related topics within their respective areas of responsibility, such as
SLB 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.
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 Code of Conduct defines us as a company, how we behave toward others and how we approach our work. The SLB Code of Conduct applies to all SLB 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.