ENERGY SECTOR CORPORATE GOVERNANCE DIVERSITY STUDY 2014

FINDINGS:

DIRECTOR: % FEMALE:

BOARD SIZE: SECTOR- 8.22 BOARD SEATS/COMPANY* (986 SEATS TOTAL) NATIONAL AVERAGE- 10.42 BOARD SEATS/COMPANY

7.8% Female (77 Total)

16.9% Female

54.8% 26.4%

18.9%

EnergyIndustry

FinancialServices

Other

Nation

Sector

DIRECTOR BACKGROUND:

0%

10%

20%

30%

40%

Eng/Geo Business Other

27.1% 36.7% 36.2%

Work Experience Education- Degree

< 6 Years

6 - 12 Years

> 12 Years

Length of Service

< 60 60 - 70 > 70 (394) (468) (124)

Age 476

349 161

* Top 100 Texas and Top 20 Colorado based companies

ENERGY-SECTOR CORPORATE GOVERNANCE DIVERSITY STUDY 2014

RECOMMENDATIONS:

• Energy company Boards (especially the 68 with eight or fewer directors) should add at least one additional member to ensure increased diversity of thought and guidance

• Attract qualified executives from outside the Energy and Financial sector to bring fresh perspectives to board governance

• Develop more aggressive succession planning and refreshment strategies designed to prevent board complacency

• Utilizing these action items will offer a holistic (as opposed to quota-driven) method of increasing the number of both female and first-time board members