AVANGRID is committed to building a healthier and more accessible clean energy model. Our strategy and actions are inspired by and built on values established by the Board of Directors and articulated in the Code of Business Conduct and Ethics. AVANGRID’s commitment creates value in a sustainable way by focusing on integrity and social responsibility in our business, with the goal of benefiting our employees, the customers we serve and the communities in which we operate.
AVANGRID’s Compliance Division is independent of business and management, and reports directly to the Audit and Compliance Committee. The Compliance Division was established by the Board of Directors to oversee and monitor the company’s actions to prevent and correct illegal or fraudulent conduct. Duties include disseminating and ensuring compliance with the Code of Business Conduct and Ethics and related company policies and procedures; fostering an ethical culture against improper conduct, wrongful acts, corruption and fraud; and verifying the effectiveness of the company’s corporate compliance program while recommending improvements to achieve the highest ethical standards. AVANGRID promotes a culture of compliance by proactively embracing preventative controls through education and by correcting identified compliance concerns through robust, fair and transparent policies and practices. To promote transparency, the Compliance Division publishes an annual report describing its activities and new initiatives on the company’s public website. AVANGRID is committed to leadership and continuous improvement in this area.
SUPPLIERS’ CODE OF ETHICS
AVANGRID extends its ethical standards under the Code of Business Conduct and Ethics to all of its vendors. Each vendor is required by contract to comply with the Suppliers’ Code of Ethics, available on the company’s public website. In keeping with its goal of continuous improvement, the company’s Compliance Division initiated an ethics and compliance screening process for vendors in 2018. This process supplements existing due diligence practices in procurement – improving what are already considered industry-leading practices.
STATISTICS ON CORRUPTION
Zero incidents of corruption — no fines, penalties or settlements in relation to corruption.