AVANGRID’s Board of Directors considers the fight against climate change a strategic priority for the company. In 2021, the Board of Directors approved updates to AVANGRID’s Climate Change Policy to incorporate new emissions goals. The Climate Change Policy articulates AVANGRID’s commitment to contributing to the achievement of Goals 7 and 13 of the UN Sustainable Development Goals (SDGs). The AVANGRID Board of Directors, through its Compensation, Nominating and Corporate Governance Committee, reviews the policy annually to ensure alignment with AVANGRID’s current climate-related goals and objectives.
The Board of Directors oversees AVANGRID’s policies and procedures for managing sustainability and environmental, social and governance risk. The Chief Executive Officer of AVANGRID, who is a member of the AVANGRID Board, is responsible for sustainability and citizenship.
The Compensation, Nominating and Corporate Governance Committee is responsible for overseeing environmental, social and governance (“ESG”) risk management and AVANGRID’s non-financial sustainability reporting.
The Chief Risk Officer (CRO), who reports to the Chief Financial Officer, evaluates the risks of direct or indirect economic losses resulting from external events, including the risk related to climate change. The CRO is responsible for preparing the information and for reporting to the Audit and Compliance Committee and the Board of Directors.
In 2020, the AVANGRID Environmental, Social and Governance Committee was established as a management committee to support AVANGRID’s ESG and sustainable development strategies, policies, programs, practices and initiatives. This committee is comprised of corporate and operating senior leaders and is responsible for reviewing and monitoring AVANGRID’s sustainability and climate change-related activities, performance and disclosures.
HIGHLIGHTS
• Designated as one of the World’s Most Ethical Companies by the Ethisphere Institute in 2021
• Named U.S. company with Best Corporate Governance by World Finance Magazine in 2019
• Recognized by Corporate Secretary Magazine as a finalist in the category “Best Compliance and Ethics Program (Large Cap)”
• Achieved Compliance Leader Verification status from the Ethisphere Institute
