OSLI Charter

OSLI is a collaborative network of companies committed to achieving significant improvement in our environmental, social and economic performance in developing Canada's world scale oil sands resource.

Shared Beliefs

We share the:

• Belief that Canada's oil sands are a vital resource for providing:
  • energy security for future generations of Canadians and the world;
  • economic wellbeing through generating jobs, business opportunities and economic activity; and
  • wellbeing by contributing to the achievement of high standards of living, education, and other societal goals.
• Recognition that there are mounting societal concerns about oil sands development activity, and specifically that there are widely held public perceptions that our industry and the current generation of technologies and practices that we use:
  • are resource-intensive and have environmental impacts;
  • are not meeting all societal expectations; and
  • may be economically challenged in the face of emerging market trends and other resource constraints.
• Understanding that our ability to build the confidence and trust of the public and institutions can be significantly enhanced by transforming our activities to achieve significantly better performance related to economic, environment and social outcomes by:
  • reducing our impact so as to maintain the ecological integrity of the region in which we operate;
  • enhancing the social wellbeing of the communities affected by our operations; and
  • improving the efficiency and economic performance of our companies, both individually and collectively.
• Belief that:
  • the best outcome will result when both the collective group "wins" and each participating company and stakeholder group "wins";
  • to succeed, we need to encourage, enable and recognize innovation and our employees' creativity;
  • value is created by engaging in innovative partnerships; and
  • it is necessary to collaborate in order to accelerate the pace of, and reduce the cost of, performance improvement.

Therefore, we have entered into OSLI to foster effective collaboration among our companies. Our main purpose is driving leadership initiatives and improvements in the environmental, economic and social performance of our companies and industry. We shall do this by:

• sharing best practices;
• cooperating in the assessment, development and implementation of new technologies and practices;
• leveraging resources for optimum benefit; and
• working effectively with regional stakeholders.

Commitment

In recognition that OSLI is based on a voluntary, non-binding, but proactive process entered into by the senior executives (CEOs, COOs or Country Presidents) of the oil sands developers / producers who are signatories to this Charter, we, the executives of the OSLI companies, commit:

1. To providing visible and meaningful leadership both within our individual companies and within broader OSLI-sponsored activities
2. To develop and commit to a set of short, medium, and longer-term aspirations for the OSLI companies.
3. To develop strategies, operational plans and performance measures; to provide resources; and to charge Working Groups with achieving performance improvements
4. To meet annually to share how the OSLI objectives are represented in our companies' performance plans and corporate plans
5. To regularly report both our individual and collective performance targets (including "roadmaps"), and our measured performance against those targets
6. To recognize the importance of broader industry participation in achieving similar industry-wide improvements in performance outcomes and, at an agreed-upon time, to invite additional companies to join OSLI provided that they meet the membership criteria
7. To engage, as appropriate, with key oil sands stakeholders, to solicit their input on our objectives and priorities, and to build relationships; as well as to communicate, and seek feedback on, our progress and results.
8. Each OSLI member acknowledges and recognizes that they are competitors who owe various duties to shareholders, licensors, stakeholders and others. The voluntary and non-binding commitments and undertakings in this Charter will enhance their ability to deliver on, but shall not replace these duties, nor prejudice existing rights and obligations held by member organizations.

Operational Principles

In order to operationalize these general commitments, we endorse the following:

1. Participation and Commitment

   Participation in OSLI is a strategic investment for each company and will bring leveraged value to each company. This requires that visible leadership and participation be strong at all levels of each organization. Each company will, on an equitable basis, commit the time, energy, human resources and funds appropriate to advance the goals and work plans of the OSLI.

2. Collaboration, Trust and Sharing

   The magnitude of leadership initiatives, desired performance improvements, and the high level of collaboration, trust and sharing among the OSLI companies to achieve these goals, will differentiate OSLI from other similar historic activities. We recognize that participation in OSLI can reduce costs and risks and create more value by working collectively and synergistically rather than by working alone. We can achieve more together than individually and everyone will benefit from collaboration.

3. Budget and Project Implementation

   An OSLI budget will be established annually, with all of the OSLI companies contributing equally to that budget. This budget will be approved by the Steering Committee and managed by the Coordinating Committee.

   Major project investments at the implementation phase (beyond development and scoping) will be aligned with individual companies' stage gate approvals processes, facilitating timely consideration of these projects.

4. Performance Measurement / Management

   The OSLI companies will establish a set of performance metrics with the intent of reporting against those metrics. It is our intent that we can realize significant improvements to the economic, environment and social performance of each OSLI company, and the industry as a whole, by measuring progress towards our goals.