Orientation and Continuing Education

Ensuring that Board members understand Encana, the industry and the regulatory environment is critical to ensuring that Board members are effective in their role as stewards of the Corporation.

The Nominating and Corporate Governance Committee (PDF) is responsible for and has implemented procedures to orient and educate new Board members concerning their role and responsibilities and for the continued development of existing Board members.

Orientation

Through our formal and comprehensive orientation program, new directors are provided with opportunities to meet with senior management to discuss key operational, financial, legal, and environmental topics specific to Encana's business and operations and have the opportunity to visit some of Encana's major producing properties and areas of operations.

New directors receive a detailed information package containing Encana's strategic plan, directors' information handbook, recently issued disclosure materials, Encana's Corporate Constitution and independent third party peer comparison information and are encouraged to conduct his/her own due diligence through independent meetings with the Chairman of the Board, President & CEO, or other directors.

Continuing Education

We provide continuing education opportunities for all directors to enhance their skills and to ensure each has a current understanding of Encana's business environment. In 2012, Encana provided directors with the following opportunities:

  • quarterly updates on Encana's operations, divisions and supply chain management
  • quarterly overviews of risks, including a formal risk report
  • quarterly overviews of market fundamentals, including analyses of commodity prices and basis differential projections, and their potential impacts
  • regular attendance of Audit Committee meetings by non Committee members interested in more in depth discussions on Encana's accounting and financial reporting processes, financial statements and system of internal controls regarding accounting and financial reporting and accounting compliance
  • regular attendance of Reserves Committee meetings by non-Committee members interested in more in-depth discussions on reserves

In 2012, directors visited our British Columbia operations to receive an overview of the planned Kitimat liquefied natural gas ("LNG") export terminal and the associated natural gas pipeline by touring the Bish Cove Kitimat LNG site, the Port of Kitimat, the Douglas Channel LNG tanker route and the pipeline route.

During the 2012 Board Strategy session, directors heard from the following third party experts that discussed matters important to Encana's strategic plan:

  • David Hobbs, Chief Energy Strategist for IHS Cambridge Energy Research Associates (an expert in energy industry structure and strategies) on "Oil & Gas: The Top of the Super-Cycle?"; and
  • David Pursell, Managing Director, Head of Securities of Tudor Pickering Holt & Co. (an expert in global oil and gas markets, including inventory and price forecasts, supply/demand modeling and rig count/production relationships) on "Oil and Natural Gas Thoughts".

In addition to these specific events and other ongoing internal continuing education programs, directors are encouraged to attend external educational programs to assist in their development as a director. All such external programs are approved by the Chairman of the Board:

  • Ms. Peverett attended three Audit Committee Chair roundtable meetings.
  • Mr. Dea attended the following conferences:
    • Rocky Mountain Energy Epicenter - a natural gas strategy conference and Executive forum presented by the Colorado Oil and Gas Association
    • North American Project Expo - a conference focused on the buying, selling and trading of oil and gas prospects and producing properties
  • Mr. Waterman is enrolled in the Institute of Corporate Director's professional accreditation program. Mr. Waterman anticipates completing the program in 2013.

How we select our board members

ECA stock price

TSX $24.53 Can -0.250

NYSE $22.33 USD -0.310

As of 2014-04-15 16:00. Minimum 15 minute delay