Summary: Lack of Social and Environmental reporting coupled with weak Board Effectiveness are the main concerns at Vaalco.
Our evaluation revealed a potentially weaker Board Effectiveness and lack of Board Diversity. Compensation practices also need revamping.
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Is the Board at Vaalco equipped to provide effective oversight?
Vaalco Energy’s board has older members- 2 out of 10 are over the age of 80 and 4 out of the balance 8 are over the age of 70 years.
Is the Board at Vaalco diverse?
The company needs to work on diversifying its board. Currently there are 10 Board Members out of which only 1 director is a woman and who is also an employee of Vaalco.
Does the Board at Vaalco follow good compensation practices?
There is no Board level Reserves committee to oversee the oil and energy reserves of the company. This is especially critical when you consider that part of the executive compensation is based on operating and financial performance measurements of which such reserves form an integral part.
Does the company provide adequate details on its social and environmental impact?
Perhaps the biggest gap the company needs to fill in is the absence of a Corporate Social Responsibility report. The company does not formally report on various social and environmental metrics such as oil spills, safety metrics on its employees and contractors etc.