The Board of Directors has adopted Corporate Governance Guidelines to define the governance structure for the Company’s business. The Board reviews these guidelines annually and revises when appropriate to lead our actions and business decisions for our shareholders’ benefit.

Board Experience and Diversity

Our Halliburton Board of Directors brings a diverse range of backgrounds and in-depth experience in publicly held and private businesses, start-up entrepreneurship, academia, science, government, and governance to the work of overseeing our Company’s long-term strategy. The Board includes current and former chief executive officers of public and private companies, executive board chairs, and a university president. Our Board members’ experience crosses multiple industries, including energy, finance, science, technology, legal, human resources, and HSE.

The Halliburton Board evaluates representative diversity when we consider the overall composition of our Board and its committees. This means we consider our key stakeholders such as our customers and suppliers, but also — importantly — our own workforce, which we believe to be one of the most diverse in the world, as it represents more than 70 countries and 130 nationalities. Following the addition of new board members in February 2022, more than half of our 12 directors are women or represent racial/ethnic minorities.

ESG Oversight Enhancements

Based on our commitment to provide thorough oversight of ESG risks, opportunities, and strategy, the Halliburton Board of Directors conducted a detailed analysis of our Board structure in 2021. We performed an extensive review of other Board structures and consulted with our shareholders and leading experts. The analysis found that our Board structure and oversight provide a leading model for good governance. Through the review, we also identified an opportunity for Halliburton to dedicate a committee to oversee ESG and elevated the Nominating and Corporate Governance Committee for oversight of these issues. Although the Nominating and Corporate Governance Committee oversees ESG, each committee is responsible for different aspects of ESG, as outlined in each respective charter. The Board sharpened its overall ESG oversight of the Company by focusing more time on these matters in both committee and full Board meetings, as well as in our engagements with Halliburton’s shareholders. By engaging regularly with shareholders and other outside experts to discuss sustainability topics, the Board can more effectively prioritize relevant ESG issues within our overall corporate strategy. During outreach, our shareholders endorsed this oversight structure and other governance enhancements.

For more information on the primary oversight responsibilities of our Board’s committees, with newly expanded or clarified responsibilities, download the PDF.

Energy Demand and Climate Initiatives

This year demonstrated that demand for oil and gas will remain steady into the future while the transition to using alternative energy sources takes place in parallel. Halliburton and our customers play an active role in the transition to a lower-carbon future.

In 2021, under the guidance of our Board of Directors, we continued our steady march forward in meeting the goals to reduce Scope 1 and 2 emissions by 40% by 2035 from our baseline year of 2018. We quantified and executed on opportunities to reduce emissions, and we are on track to meet our reduction targets. To learn more about our sustainable technologies and the clean energy innovations that are underway at Halliburton Labs, please download the full report.

For more information on our approach to climate change and our emissions reduction targets, please visit our Climate Change Statement.

Executive Compensation
We integrate our executive compensation programs within our overall business strategy and management processes to incentivize performance, maximize returns, and build shareholder value. The majority of our total compensation is performance based, at risk, and long term. We combine financial and strategic metrics in our annual incentive plan, and we include relative performance measures in our long-term incentive plan.

As a result of our Listen and Respond shareholder outreach effort, and with the endorsement of our shareholders, we amended our annual incentive plan to include ESG-related metrics focused on greenhouse gas (GHG) emissions and DE&I — two of our main areas of focus. ESG-related metrics will comprise 20% of the total award, with the achievement of specific financial goals comprising 80% of the total award. These changes are effective January 1, 2022.

For more detailed background information about the Corporate Governance and our Board of Directors, including committee structure, roles and responsibilities, and individual member qualifications, please view our 2022 Proxy Statement.

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ASR Overview

Learn more about our focus on sustainability and our engagement efforts on sustainability-related matters.

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