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Tidewater is committed to advancing a strong record of Environmental, Social and Governance ("ESG") performance. In February, 2020 Tidewater established an Environmental, Social and Governance ("ESG") committee comprised of Tidewater's Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and Vice President, Health, Safety, Environment and Regulatory, among other Tidewater personnel (the "ESG Committee"), to guide Tidewater's efforts in measuring and reporting on the Corporation's ESG metrics. The ESG Committee operates under the valued direction of the Chair of Tidewater's Corporate Governance, Compensation, Nomination, Health, Safety and Environment Committee (“CGCNHSE”). With the guidance of Tidewater’s ESG committee, Tidewater has provided an overview of its recent ESG accomplishments, identified key relevant metrics to track, recognized improvement opportunities, and created goals to improve overall sustainability. Certain general highlights of Tidewater's recent ESG efforts are provided as follows:
Environmental
Safety
Governance
First Nations
Tidewater is committed to improving its ESG disclosure and as such provides the following ESG metrics. Since inception, Tidewater has achieved material growth through a combination of acquisitions and organic projects including the Pipestone Plant, Pioneer Pipeline, and acquisition of the Prince George Refinery. As a result, Tidewater expects certain metrics (such as emissions levels and waste) to naturally trend higher due to the significantly larger scale and change in overall business mix. One such example is Tidewater’s acquisition of the Ram River gas plant in December 2017 has resulted in higher corporate emissions due to the nature of operations in that region (sour gas processing and sulphur forming/remelting). Tidewater also expects emissions data to increase moving forward due to the Prince George Refinery acquisition in November 2019. Tidewater intends to manage these metrics on a relative basis while considering its size and business mix which continue to evolve. Several opportunities for improvement and targets to enhance overall sustainability are expanded upon in the section following the metrics below
Environmental | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Greenhouse Gas (GHG) Emissions Scope 1 & 2 | ||||
Total Scope 1 Emissions | Tonnes CO2e | 402,043 | 697,588 | 812,984 |
Total Scope 2 Emissions | Tonnes CO2e | 88,420 | 197,560 | 166,906 |
Annual Emission Intensity | Tonnes CO2e/BOE | 0.0131 | 0.0188 | 0.141 |
Total NOx Emissions | Tonnes | 2,616 | 4,189 | 3,252 |
Total CO Emissions | Tonnes | 3,094 | 2,994 | 2,783 |
Total VOC Emissions | Tonnes | 66 | 562 | 468 |
Total PM Emissions | Tonnes | 13 | 29 | 41 |
Total SO2 Emissions | Tonnes | 732 | 4,044 | 5,479 |
Climate Change Commercial Risk Opportunities | ✓ | ✓ | ✓ | |
Energy | ||||
Total Natural Gas Fuel Consumption | e3m3 | 107,735 | 209,812 | 246,407 |
Total Electricity Consumption | MWh | 116,335 | 259,930 | 226,850 |
Water | ||||
Surface Water Use | m3 | 7,985 | 7,453 | 37,158 |
Recycled Water | m3 | 0 | 25,932 | 1,316,555 |
Groundwater Use | m3 | 34,027 | 243,133 | 205,703 |
Freshwater Withdrawal Total | m3 | 41,102 | 188,432 | 239,085 |
Water Discharge | m3 | 15,480 | 111,267 | 273,367 |
Liquid Waste | m3 | 2,698 | 5,921 | 92,876 |
Solid Waste | m3 | 5,381 | 21,731 | 15,282 |
Policies and Initiatives | ||||
Environmental Restoration Initiatives | ✓ | ✓ | ✓ | |
Waste Reduction Initiatives | ✓ | ✓ | ✓ | |
Resource Reduction Policy | ✓ | ✓ | ✓ | |
Policy Water Efficiency | ✓ | ✓ | ✓ | |
Policy Environmental Supply Chain | ✓ | ✓ | ✓ | |
Environmental Supply Chain Management | ✓ | ✓ | ✓ | |
Environmental Supply Chain Monitoring | ✓ | ✓ | ✓ | |
Land Environmental Impact Reduction | ✓ | ✓ | ✓ | |
Environment Management System and Team | ✓ | ✓ | ✓ | |
Spills and Releases | ||||
Number of Significant Spills | Count | 1 | 2 | 3 |
Volume of Significant Spills | m3 | 10 | 35 | 72 |
Health and Safety | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Lost Time Injuries | Count | 1 | 0 | 0 |
Medical Aids | Count | 1 | 5 | 4 |
Total Recordable Injury Frequency Rate (TRIF) | Recordable Injuries /200,000 Hours | 1.18 | 0.86 | 0.69 |
Health & Safety Policy | ✓ | ✓ | ✓ | |
Health & Safety Training | ✓ | ✓ | ✓ | |
Crisis Management Systems and Emergency Preparedness | ✓ | ✓ | ✓ |
Tidewater People | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Total Employees | Count | 243 | 292 | 439 |
Total Male Employees | Count | 197 | 233 | 360 |
Total Female Employees | Count | 46 | 59 | 79 |
Proportion of Female Employees | % | 19 | 20 | 18 |
Turnover of Employees | Count | 16 | 16 | 17 |
Trade Union Representation | % | 17 | 14 | 24 |
Fair Competition Policy | ✓ | ✓ | ✓ | |
Policy Community Involvement | ✓ | ✓ | ✓ | |
Diversity and Opportunity Policy | ✓ | ✓ | ✓ |
Tidewater Contributions to Society | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Capital Expenditures | $ Million CAD | 144.3 | 315.7 | 451.3 |
Property Tax | $ Million CAD | 5.3 | 7.9 | 8.9 |
Employee Payroll | $ Million CAD | 22.9 | 39.2 | 53.0 |
Political and Lobbying Contributions | $CAD | 0 | 0 | 0 |
Contributions to Community Initiatives | $CAD | 89,442 | 156,899 | 120,806 |
Community Investments Per Employee | $/Employee | 368 | 537 | 275 |
Financial Strength | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Revenue | $ Million CAD | 221.4 | 324.3 | 692.3 |
Adjusted EBITDA | $ Million CAD | 61.6 | 77.4 | 109.7 |
Distributable Cash Flow | $ Million CAD | 45.0 | 56.5 | 56.4 |
Net Income | $ Million CAD | 12.9 | 20.3 | (14.0) |
Dividends Declared | $ Million CAD | 13.2 | 13.2 | 13.3 |
Governance | Measure | 2017 | 2018 | 2019 |
---|---|---|---|---|
Size of Board of Directors* | Count | 6 | 5 | 5 |
Executive Directors | Count | 1 | 1 | 1 |
Independent Directors* | Count | 5 | 4 | 4 |
Independent Lead Director | ✓ | ✓ | ✓ | |
Total Senior Executives Compensation | $CAD | 3,729,644 | 4,266,634 | 3,652,176 |
CEO Compensation Link to TSR Policy | ✓ | ✓ | ✓ | |
Shareholders Approval Stock Compensation Plan Policy | ✓ | ✓ | ✓ | |
Board Member Compensation | $CAD | 514,129 | 484,958 | 379,144 |
Independent Audit Committee | ✓ | ✓ | ✓ | |
Independent CGCNHSE Committee | ✓ | ✓ | ✓ | |
Board Gender Diversity** | % | 17 | 20 | 20 |
Board Attendance- Policy | ✓ | ✓ | ✓ | |
Average Board Meeting Attendance | % | 100.0 | 97.7 | 97.1 |
Committee Meetings Attendance Average | % | 100.0 | 100.0 | 100.0 |
Board Functions Policy | ✓ | ✓ | ✓ | |
Corporate Governance Board Committee | ✓ | ✓ | ✓ | |
Nomination Board Committee | X | ✓ | ✓ | |
Board Structure Policy | ✓ | ✓ | ✓ | |
Board Size Policy | X | X | ✓ | |
Board Independence Policy | ✓ | ✓ | ✓ | |
Board Diversity Policy | X | ✓ | ✓ | |
Board Experience Policy | X | X | ✓ | |
Executive Compensation Performance Policy | ✓ | ✓ | ✓ | |
Executive Compensation ESG Performance Policy | X | X | ✓ | |
Succession Plan Policy | ✓ | ✓ | ✓ | |
External Consultants Policy | ✓ | ✓ | ✓ | |
Majority Voting Policy | ✓ | ✓ | ✓ | |
Code of Business Ethics | ✓ | ✓ | ✓ | |
Policy Bribery and Corruption | ✓ | ✓ | ✓ | |
Minimum Shareholding Requirements*** | X | X | X | |
Policy Whistleblower Protection | ✓ | ✓ | ✓ | |
Whistleblower Complaints | Count | 0 | 1 | 1 |
*In July 2020 TWM added three independent directors to its Board: Mr. Michael Salamon, Mr. Neil McCarron, Ms. Gail Yester
**In July 2020 TWM added Ms. Gail Yester to its Board
***In March 2020 TWM Board approved a minimum TWM holdings requirement for members of the Board
CO | Carbon Monoxide |
CGCNHSE | Corporate Governance, Compensation, Nomination, Health, Safety and Environment |
EBITDA | Earnings Before Interest Depreciation and Amortization ERP Emergency Response Plan |
NOx | Nitrogen Oxide |
PM | Particulate Matter |
SO2 | Sulphur Dioxide |
VOC | Volatile Organic Compound |