Transparency and a commitment to continuous improvement are cornerstones of AVANGRID’s corporate governance system. The company’s corporate governance system is based on a commitment to ethical principles, transparency and leadership in the application of best practices in good governance. It is designed to be a working structure for principled actions, effective decision making and appropriate monitoring of both compliance and performance. During 2018, our Board of Directors was comprised of 14 members, six of whom were independent as defined under the rules of the New York Stock Exchange. Eight of our directors were not affiliated with Iberdrola, S.A., our majority shareholder, and our CEO was our only management director. On December 31, Felipe de Jesús Calderón Hinojosa resigned from the Board of Directors due to personal time commitments with other engagements.
Sustainability is firmly entrenched in the values and principles that guide our board, and respect for people, safety, communities and the environment is a key priority driving our business success. AVANGRID has adopted a management approach to sustainability that engages all levels of the company, from the Board of Directors to individual employees, and embeds a commitment to sustainable development in all aspects of our business. The board oversees AVANGRID’s policies and procedures for managing sustainability and environmental, social and governance risk. Our chief executive officer is responsible for sustainability and citizenship. Strategy is developed by the CEO’s office and approved by the CEO.
• Designated as one of the World’s Most Ethical Companies by the Ethisphere Institute in 2019 — one of only six companies in the Energy and Utilities sector to receive that designation
• 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