Leadership and Governance

Board of Directors

CPChem employs a comprehensive governance and risk management framework to address various risks, including those tied to sustainability. CPChem’s Board is comprised of eight members: three voting representatives each from Chevron U.S.A. Inc. and Phillips 66 Company, along with the Chief Executive Officer and Chief Financial Officer of CPChem as nonvoting members. Board representatives and CPChem’s Executive Leadership Team members participate in several committees, offering strategic oversight for the execution and management of CPChem’s sustainability strategy, leveraging insights from both internal analyses and external subject matter experts.

Reporting to the Executive Leadership Team, two executive-led Guidance Review Teams provide direction and oversight on strategically important sustainability issues. They also identify and harness opportunities for the Company in key strategic areas. Our GRTs provide a multi-disciplinary view used to manage and align sustainability activities with the rest of the operational, commercial and functional priorities.

Setting our Heading

CPChem utilizes feedback from employee surveys and focus groups through its Benefits Committee and Compensation Committee to inform decisions on benefits and develop recruitment and retention strategies for its diverse workforce.

The Board Operational Excellence Committee tracks and responds to global regulatory and political trends, supporting efforts to address risks that could impact environmental, health, safety and security or related manufacturing facility programs and policies as well as those addressing climate and other OE-related sustainability topics, including those designed to ensure compliance with applicable laws and regulations.

Enterprise Risk Management is a key process used by the Board and company leadership to identify market, operational and reputational risks to CPChem and secure appropriate mitigation strategies. An ERM committee conducts in-depth assessments and provides an annual review of CPChem’s ERM process to the Board.

Led by company leadership, the EHSS Policy Committee oversees and governs EHSS activities and implementation of CPChem’s Operational Excellence Management System. OE helps standardize our global operations, improve collective performance, and enhance operational discipline in areas such as environment, health, safety, security, reliability and quality.

A comprehensive talent management governance structure ensures CPChem has the organizational capabilities to meet current and future business needs and achieve Talent Management strategies. The Talent Management Council oversees talent decisions for executive-level employees, while each business unit, manufacturing facility and region has a Talent Stewardship Committee. The TMC and TSCs evaluate employee performance management, development opportunities, career tracks, potential new roles and succession planning. CPChem encourages employees to regularly discuss development and career goals with supervisors and TSCs. CPChem’s Executive Diversity Council fosters the company’s Caring by Choice culture.

The Board is responsible for overseeing CPChem’s Ethics & Compliance Program. The Board Audit Committee is empowered to monitor the status and effectiveness of the E&C Program. CPChem’s Ethics & Compliance Office provides quarterly reports to the BAC detailing E&C Program initiatives, reports, investigations and other relevant information.