Strong values, oversight and risk management

As we focus on being financially, environmentally and socially responsible, Devon is guided by our core values and corporate governance principles. We sustain the trust we’ve built with our stakeholders through ethics, integrity and recognized governance practices such as proactive shareholder engagement and purposeful risk management.

To deliver results, we focus on operational excellence, top-tier environmental, social and governance (ESG) performance, and constructive stakeholder engagement. We integrate our environmental, health and safety (EHS) commitment into our operations and incorporate ESG performance goals into our compensation program.

Devon’s senior leaders evaluate risks and opportunities to continuously improve our ESG performance and transparency. Our ESG and sustainability leaders play an active role by informing management on current and emerging issues that influence business planning, strategy and operations.

TAKING ACTION

CORPORATE GOVERNANCE

  • Increased board engagement and oversight of environmental targets and strategy, diversity, equity and inclusion (DEI), and other ESG matters.

  • Tied executive compensation more closely to ESG performance with more quantifiable metrics, increased weighting for ESG and related metrics, and provided additional transparency on our corporate goals for executive and company-wide performance by prospectively publishing our goals for the year.

ETHICS AND INTEGRITY

  • Adopted a WPX legacy practice for reporting to the board on our ethics program, which has led to quarterly reporting and executive sessions with the Audit Committee and additional structure, including the establishment of a Business Ethics Resource Center.

PUBLIC ADVOCACY

  • Engaged constructively with federal and state policy makers, diverse stakeholders and thought leaders to broaden our perspectives on key public policy issues.

STRATEGIC FOCUS ON EMISSIONS

  • Company-wide goals for 2022 included a standalone emissions goal, which the company met.

TRANSPARENCY

  • Published our 2023 Climate Change Assessment Report, which is consistent with the core elements of the Task Force on Climate-related Financial Disclosures (TCFD) framework.

  • Published our 2022 Political Activity and Lobbying Report and 2023 Sustainability Report as we further advanced our commitment to transparency and disclosure performance.

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Governance Metrics
2020 2021 2022
Independent Board Members 82%1 73% 73%
As of June 2023, 10 of our 11 board members (91%) qualify as independent under NYSE standards and SEC regulations.
Women Board Members 27%1 27% 27%
As of June 2023, four women (36%) serve on our board of directors, including the chair of Devon’s Audit Committee.
Contributions - Trades and Political (thousands) $2,234² $2,520 $4,347
With the increased scale of the company following the Devon-WPX merger, Devon's trade association dues have increased.
Lobbying - Federal and State (thousands) $743² $433 $751
Devon's lobbying and political activity is disclosed via public agencies, as well as through the company's Political Activity and Lobbying Report available on our website.
1 Reflects legacy Devon board composition following the annual election of directors each June.
2 Legacy Devon only.