CALGARY – The oil crash was rough on most Albertans in 2015, however for Steve Williams, president and CEO of Suncor Energy Inc., it included a pay raise.
Among his achievements, the business’s board of directors highlighted the CEO’s contribution to the controversial global warming leadership plan announced by Rachel Notley’s NDP government last November.
“Through a committed vision of climate leadership, he caused industry colleagues and engaged directly with United states environmental leaders, resulting in aligned recommendations to government in connection with an historic, and globally supported, climate framework for Alberta,” the administrators say in Suncor’s management circular.
His overall compensation was boosted to $12.8 million in 2015 – including base salary, investment and incentives – from $12.3 million in 2014.
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Williams was one of four oilpatch leaders who joined Notley on stage in Edmonton Nov. 22 when she announced a climate change plan that included a cap on oilsands emissions, a $3-billion-a-year economy-wide carbon tax and the replacing coal-fired electricity with wind power.
Two weeks later, the Financial Post revealed the oilsands cap was the outcome of a secret deal between four energy companies, including Suncor, and four environmental organizations, in exchange for environmentally friendly groups backing recorded on opposition to grease export pipelines.
The cap enraged competing oilsands producers which were not contained in the discussions. Meanwhile, opposition to pipelines continues by other environmental organizations. No details have yet emerged in the Alberta government on the cap, which limits oilsands emissions to 100 megatonne-a-year from about 70 megatonnes a year today.
Suncor’s board also praised Williams for ensuring the Calgary-based oilsands giant “successfully navigated through an exceptionally challenging business environment, including a in a free fall oil price environment, while outperforming its peers.”
The circular says Williams also demonstrated national leadership through his role being an advisor to Canada’s Ecofiscal Commission, was asked by Notley for everyone as the co-chair of her advisory committee on economic diversification and was mostly of the industry leaders asked to support the federal delegation in the COP21 climate change summit in Paris in December.
Suncor cut 1,700 jobs, exceeding its original target, and posted a nearly $2 billion loss for 2015. Williams led an offer to acquire struggling competitor Canadian Oil Sands Ltd. that culminated in a $6.6-billion deal in January.
Under his guidance, the company continued to create excellent progress in reducing costs, the circular says. Oilsands cash operating costs per barrels were reduced by $5.95 to $27.85, or down 18 per cent from 2014, the circular says.
Suncor’s annual meeting of shareholders will be held April 28 in Calgary.
Financial Post
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