Environmental, Social and Governance
Discover our commitment to sustainability, accountability and diversity
As a Canadian Crown corporation, we recognize the importance of being a leader around excellence in business practices. At CDEV, sound ESG practices are integral in supporting businesses and creating long-term value for Canadians.
To proactively maintain accountability, we have begun to evaluate the ESG practices of our corporate holdings. Trans Mountain Corporation, one of our key subsidiaries, recently published its second annual ESG report, which can be found on their website. To emphasize environmental sustainability, we intend to publish our inaugural climate-related financial risk reports for CDEV and our subsidiaries for calendar year 2022, in alignment with the Task Force on Climate-Related Financial Disclosures.
Trans Mountain Corporation (TMC)
As a natural resource-extracting Crown corporation, the responsibilities of environmental and social impacts are an intrinsic element of TMC’s past, present and future. Our commitment to global sustainability and regional biodiversity, as well as ethical hiring and management practices, is apparent. In 2022, TMC released its second full report which summarizes its ESG practices.
As an off-shore production platform located in the waters of Newfoundland and Labrador, environmental responsibility and stewardship principles are integral to Hibernia’s operation. These foundational principles are at the forefront of the actions and initiatives of its operator: Hibernia Management and Development Company Ltd.
At every point of production, safety is duly considered. CHHC management participates in the various Hibernia Management & Development Company committees which have collective oversight over the Hibernia operation. This includes CHHC management’s attendance at all HMDC management committee meetings and meetings of the Hibernia Safety, Security, Health and Environmental Committee.
Canada Enterprise Emergency Funding Corporation (CEEFC)
ESG is integral to CEEFC’s role as overseer of the Large Employer Emergency Funding Facility (LEEFF). CEEFC mandated objectives are grounded in public policy priorities, with a focus on supporting Canadian businesses and jobs. CEEFC is overseen by a highly-qualified, diverse and independent board of directors that adheres to strict standards of governance. We have also achieved significant gender diversity on the CEEFC board.
On the environmental front, CEEFC requires that LEEFF borrowers publish an annual climate risk report using the TCFD framework. Additionally, CEEFC’s climate risks will be incorporated into CDEV’s TCFD reporting.