Sustainability
Governance
Oxy management and its Board of Directors are committed to high standards of ethical conduct, institutional integrity and effective corporate governance in every part of our business as we create value to benefit our shareholders, communities and society.
Our Board of Directors and senior management team uphold high standards of ethical conduct, institutional integrity and effective corporate governance throughout our operations.
Our governance policies are reviewed and updated periodically to reflect changing laws and regulations, evolving best practices and shareholder feedback.
Our governance structure supports our drive to create value for our shareholders and benefit the communities in which we operate. The Board holds our leadership accountable with criteria that reflect our company’s vision and core values; our focus on ethical behavior under our Code of Business Conduct; and our attention to assessing risk and internal controls. We implement robust policies and management systems, including our Operating Management System (OMS), designed to foster and reinforce sound, principled and transparent business practices.
Oxy strives to diligently identify and manage risks and opportunities related to our operations and long-term strategy.
We embed sustainability considerations into our strategic planning and investment decision-making processes and perform risk assessments to support readiness for emerging challenges and opportunities.
Oxy's Board of Directors oversee sustainability (including climate)‑related risks and opportunities and relevant policies as part of its oversight of the Oxy’s strategy and risk management, with these matters incorporated into Board‑level discussions.
Human Rights
Oxy’s approach to respecting and upholding human rights is set forth in our Human Rights Policy.
Our policy supports Oxy’s efforts to promote rights and freedoms as universally recognized in international and national law in our business activities. It also outlines our expectations for employees, contractors and suppliers, security personnel and other key stakeholders regarding awareness, due diligence and risk management practices to safeguard human rights in our operations. All employees must acknowledge and adhere to following the policy as a condition of employment. Oxy is attentive to concerns raised by stakeholders, including the needs of the communities in which we operate, and works with stakeholders to support human rights within the spheres of Oxy’s activity and influence.
- Oxy works with partners, suppliers and contractors who share our approach to ethical business practices.
- We routinely evaluate suppliers and contractors to assess whether they meet our standards of ethics, HSE&S and human rights.
- As part of Oxy’s Compliance Program, we require our suppliers and contractors to comply with applicable policies, including our Code of Business Conduct, Supplier Code of Conduct, and Human Rights Policy.
- Oxy strongly encourages employees and contractors to report suspected violations of company policies, including the Human Rights Policy.
- We provide several avenues for such reporting, including Oxy’s Integrity Helpline and website, available 24/7 and managed by an independent third party, which anyone can use to anonymously report suspected policy violations.
- Credible reports are investigated by Oxy’s Compliance team maintaining a zero-tolerance approach to retaliation.
Read more in our Human Rights Policy Statement.
Enterprise Risk Management (ERM)
Our ERM program establishes a framework for how we identify, assess and manage risks that may affect our ability to implement our business strategy.
Oxy’s ERM program supports strategic decision-making and capital planning that promotes safe, reliable and sustainable operations. Our Board of Directors provides risk oversight, and our senior leadership manages and assesses a range of potential HSE, sustainability (including climate), social and operational risks and opportunities related to our business, workforce, customers and the communities where we operate. Oxy incorporates analyses of short- (1–4 years), medium- (4–12 years) and long-term (beyond 12 years) financial risks of a lower-carbon economy to assess the resilience of our assets, resources and capital investments.
Cybersecurity
Oxy's cybersecurity framework incorporates a variety of mechanisms, controls, technologies and policies designed to prevent and/or mitigate the risk of data loss, theft, misuse, or other security incidents.
Our approach to cybersecurity is multi-faceted and robust. The cybersecurity program is reviewed by senior leadership including Oxy’s Chief Information Officer and other stakeholders as part of our standard general IT controls. Business network and ICS cybersecurity risks are handled by separate and dedicated Company teams and are incorporated into the Company’s ERM program aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework. We leverage a balanced mix of people, processes and technology to identify and swiftly respond to potential cybersecurity threats.
To read more refer to Oxy’s Annual Report.
Public Policy Engagement and Lobbying
Oxy engages with governments, internationally and at the U.S. federal, state and local levels, as well as a range of organizations and entities in the public and private sectors, to support our business strategy and related priorities.
In addition to working with host governments and community leaders, Oxy engages in lobbying efforts on legislative and regulatory issues that impact Oxy, our shareholders and other stakeholders. Oxy’s policy regarding political contributions and lobbying activities by or on behalf of the company is specified for our directors and workforce in the Political Contributions and Lobbying Policy. Our policy is also outlined in the Code of Business Conduct and on our Political Contributions and Lobbying webpage.