ESG | Governance

Our stakeholders—including our people, customers, suppliers, business partners, shareholders, and local communities around the world—depend on us to consistently demonstrate integrity, ethical behavior, and good judgment, and our corporate governance standards reflect these values.

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The full Board reviews and monitors NOV's enterprise risk management policies, procedures, and practices, including our overall sustainability strategy and ESG issues like business ethics and compliance, supply chain management, conflict minerals, cybersecurity and data privacy, and political activity.

We task our ESG steering committee with identifying the sustainability issues most affecting our business, determining appropriate goals to measure progress, and defining the strategy and agenda required to achieve them. Our ESG steering committee consists of leaders from across the organization who represent different stakeholder groups. By considering their diverse opinions and perspectives, we can make more informed decisions on how best to approach the risks and opportunities ESG issues present our business strategy and financial performance. While a lot goes into our sustainability efforts, it all comes down to doing the right thing.

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Achievements to Date

  • In 2021, we delivered over 68,815 compliance trainings covering topics like business conduct, anti-corruption and anti-bribery, trade compliance, and human trafficking and modern slavery to employees globally, either in-person or online.
  • NOV does not use corporate funds or resources for political campaign contributions or advocacy, nor does the company direct funds to trade organizations with the intent to influence legislation. NOV does not have a political action committee.
  • NOV participates, as corporate or individual members, in a variety of organizations that provide opportunities to engage with different stakeholders. Example organizations include the Energy Workforce and Technology Council, the Global Carbon Capture and Storage Institute, and the Carbon Capture Coalition.
  • Our cybersecurity program is aligned to the NIST Cyber Security Framework (CSF). Our security and privacy controls are managed using an Information Security Management System (ISMS) that has been independently certified to ISO 27018:2019 and ISO 27001:2013.

Goals Going Forward

  • More closely align both our executive and employee compensation programs to ESG performance by adding a new performance goal related to total revenue from our energy transition initiatives. This metric will measure the area in which we believe we can make the biggest impact on climate risk management: providing equipment and technologies to energy industry participants that reduce their emissions and overall environmental impact.
  • Further extend our Code of Conduct training to employees working in our manufacturing or service facilities who do not have regular access to work computers or company intranet and therefore cannot access scheduled, standardized online training.