Page 48 - MIC 2014 - English

EXECUTIVE COMPENSATION

Stephen D.L. Reynish, Executive Vice President, Strategy & Corporate Development and Interim Chief Financial

Officer

Mr. Reynish was appointed Executive Vice President, Oil Sands Ventures in January 2012 and remained in this role until
January 1, 2014. During 2013, his primary role was to develop and execute the optimal development strategy for the oil sands
growth projects planned under Suncor’s strategic partnerships. He also represented Suncor’s interest in non-operated oil sands
assets, including the Syncrude Joint Venture. He was appointed Interim Chief Financial Officer on December 9, 2013. Effective

January 1, 2014, Mr. Reynish became Executive Vice President, Strategy & Corporate Development and remains Interim Chief
Financial Officer.

2013 Performance

2013 Goals
2013 Performance Summary
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The OSV business unit was established with a focus on developing world class • Ensure the Oil Sands Ventures
assets, maximizing value creation from existing assets, developing a high (previously defined herein as ‘‘OSV’’)

performance team, as well as building joint venture management capability.
portfolio of projects is positioned to
In accordance with Suncor’s focus on capital discipline, a decision was reached to deliver industry leading returns in
accordance with Suncor’s triple
indefinitely defer the Voyageur upgrader project during the first quarter of
bottom line.
the year.
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• Bring an operational excellence
Subsequent to the project decision, OSV successfully negotiated a purchase
agreement giving Suncor full ownership of the Voyageur assets, including the culture to Suncor’s joint venture
regionally significant Hot Bitumen Terminal.
relationships and joint venture
decision making processes.
During the second quarter of 2013, the Hot Bitumen Terminal was successfully
commissioned, which has resulted in additional Suncor oil sands product volumes
2013 Performance Highlights
being available to the market.
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During the fourth quarter of 2013, a decision was reached among the owners of • Reached decision to indefinitely defer

the Fort Hills oil sands mining project to approve development of the first phase of the Voyageur upgrader project.
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the Suncor-operated project. The project sanction received unanimous support • Successfully executed the start-up of
from all three joint venture participants. Mr. Reynish worked to ensure the project
the Hot Bitumen Terminal to enable
is aligned with Suncor’s strategic objective to only invest in projects that will the blending and cooling of hot
provide the company with long-term profitable growth. Work on the project bitumen to pipeline specifications to
remains lost-time injury free since project re-start in 2011.
enable an increase in shipped
Mr. Reynish also provided oversight to oversee Suncor’s interests in two product volumes from Oil Sands.
non-operated oil sands joint ventures, namely Joslyn North Mine and Syncrude.
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• Reached a unanimous joint venture
Mr. Reynish also continued to work to ensure company-wide understanding of decision to sanction the Fort Hills oil
joint venture structures and projects, as well as associated business opportunities sands mining project.

and risks through a series of presentations in various areas and levels throughout
Suncor.

46 SUNCOR ENERGY INC. MANAGEMENT PROXY CIRCULAR 2014