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 (ELT) 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. The Leadership Team Extended serves an advisory function to the ELT, providing additional depth and transparency in oversight of the global enterprise.
Guidance Review Teams
Reporting to the ELT, two executive-led Guidance Review Teams (GRT) provide direction and oversight on strategically important sustainability issues. Our GRTs provide a multi-disciplinary view used to manage and align sustainability activities with the rest of the operational, commercial and functional priorities.
Governance and Committees
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 policy trends, supporting efforts to address risks that could impact environmental, health, safety and security or related manufacturing facility programs and policies.
Enterprise Risk Management is a cornerstone of CPChem’s governance framework, enabling the Board and company leadership to systematically identify, assess, and manage market, operational, and reputational risks. Issues identified in sustainability assessments help inform and support our ERM process. An executive-level ERM committee conducts comprehensive evaluations and provides an annual review of the ERM program to the Board.
The EHSS Policy Committee, comprised of company leadership, oversees and governs EHSS activities and implementation of CPChem’s Operational Excellence (OE) 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.
CPChem’s talent management governance framework supports workforce capability and long term strategy. Executive level talent decisions are overseen by the Talent Management Council, with Talent Stewardship Committees providing oversight across business units, facilities, and regions. These bodies oversee performance management, development, career progression, and succession planning. CPChem’s Executive Diversity Council fosters the company’s Caring by Choice™ culture.
The Board is responsible for overseeing CPChem’s Ethics & Compliance (E&C) Program. The Board Audit Committee (BAC) is empowered to monitor the status and effectiveness of the E&C Program. CPChem’s E&C Office provides quarterly reports to the BAC detailing E&C Program initiatives, reports, investigations, and other relevant information.
