Experience has taught us that the combination of a solid financial foundation, operational excellence, the highest ethical standards, and the utmost regard for our employees and the people and communities we serve are the bedrock qualities of a successful company.
With that in mind, the Company’s Board of Directors establishes committees to oversee various aspects of the Company’s operations. Currently, the Board of Directors has six standing committees: (i) the Audit Committee, (ii) the Corporate Governance and Nominating Committee, (iii) the Executive Committee, (iv) the Finance Committee, (v) the Management, Development and Compensation Committee, and (vi) the Safety, Environment, Operations and Sustainability Committee (SEOS Committee), further information about each of which can be found here: https://www.conedison.com/en/about-us/corporate-governance/board-of-directors.
A standing committee of the Company’s Board of Directors, referred to as the Planning and Environmental Committee, existed as early as 1973. In 1995, this committee became the company’s Environment, Health and Safety Committee (EH&S Committee), whose primary responsibility was to oversee the Company’s efforts relating to the protection of the environment, sustainability, and the health and safety of Company employees and the public. At the end of 2018, the EH&S Committee was dissolved and as of January 1, 2019, the Company established a newly constituted SEOS Committee. The primary responsibility of the SEOS Committee is to oversee our efforts relating to corporate responsibility and sustainability, which includes, but is not limited to, operating in a safe, environmentally sensitive manner, guarding the health and safety of Company employees and the public, delivering value to customers, and fostering growth to meet the expectations of investors. The SEOS Committee, which meets at least four times a year, reviews at each of its meetings certain key performance indicators relating to climate risk, including energy efficiency, dielectric fluid management, SF6 gas emissions, environmentally beneficial electrification, and solar connections. In 2021, the Company’s Board of Directors also received presentations that covered climate-related issues such as the Company’s Climate Change Adaptation Vulnerability Study and Implementation Plan, the Company’s clean energy goals and clean energy commitment, the Company’s climate resilience framework, the Company’s strategy for achieving a clean energy future, and the Company’s renewables strategy.
At the management level, the Company’s EH&S vice president, together with senior management, is responsible for developing strategic goals and programs to comply and support the Company’s commitment and continued work to achieve EH&S goals and operational excellence. As detailed in our Sustainability Strategy, the Company’s SEOS, Management Development and Compensation, and Corporate Governance and Nominating Committees work to strengthen sustainability across all aspects of the Company.
Part of senior management’s commitment to safety, the environment, operational excellence, and sustainability includes independent oversight. The corporate ombudsman’s office, reporting directly to the Company’s Chairman, provides employees with an independent office to which they may confidentially report suspected violations of our Standards of Business Conduct, including ethical, legal, sustainability or EH&S concerns.
Our environment, health, and safety review board (EH&S review board) includes an outside consultant who is an independent attorney. The EH&S review board reports directly to the Company’s Chairman. The role of the EH&S review board is to review the Company’s management of both regulatory and internal requirements and assess whether its implementation is consistent with the Company’s commitment to excellence.
Public policy decisions can have significant implications for our customers, the energy systems we manage, and the future direction of our Company. That’s why we participate in the political process, adhering to all the national, state, and local laws and regulations. Our engagement in the political process is grounded in and guided by our commitment to our Standards of Business Conduct.
For further details: https://www.conedison.com/en/about-us/corporate-governance/political-engagement