Concho

Governance

Strong Governance Practices

We believe a foundation of sound governance practices and year-round stockholder engagement are essential to protecting the long-term interests of our stockholders.

A Thorough Approach to Corporate Governance

Corporate governance is an important responsibility at Concho. Our governance policies and structure provide a strong framework for accountability and effective operations. They also provide assurance that we are ethical and transparent across all of our business endeavors.

Concho’s Board of Directors is responsible for risk oversight and plays a critical role in the development and implementation of our corporate governance policies. Our Board is made up of ten directors, eight of whom are independent under the current listing standards of the NYSE. The Board considers the diversity and optimal enhancement of the current mix of talent and experience with respect to its members.

The Board has four committees - Audit, Compensation, Nominating & Governance and Health, Safety, Environment and Reserves. Each of the Audit, Compensation and Nominating & Governance committees are composed entirely of independent directors. The Board has an independent Lead Director who (i) chairs executive sessions of the non-management directors, (ii) leads the Board's annual self-assessment process, (iii) routinely liases with non-management directors between regularly scheduled Board meetings, aggregating inputs for communication to executive management and (iv) works closely with the Chairman to provide leadership and guidance to the Board.

Concho’s Board of Directors has adopted written charters for each of the four committees and various corporate governance policies. All of our committee charters and certain key corporate governance policies are published on this website under the Investors tab. The Board of Directors periodically reviews and will amend these charters and policies as necessary.