Governance & Risk Management
The Algonquin Power & Utilities Board of Directors has the power and authority to supervise the activities, investments, and affairs of the company directly and through its various board committees. Investment opportunities are evaluated on a risk-adjusted basis and must meet the Company’s acquisition guidelines. The Board oversees the Corporation’s strategy and actively participates in the annual strategic planning process
The Board of Directors is committed to the continued evolution of good governance practices and philosophies. Governance highlights include:
- Whistleblower, insider trading, and disclosure policies, as well as a Code of Conduct and Business Ethics in place that are reviewed annually by the Board and all employees
- Independence requirement for the Chairs of the Board, Audit Committee and Governance Committee
- A larger, more diverse Board of Directors
- For shareholders, an annual advisory vote on executive compensation
- A majority voting policy for the annual election of Directors
- Written mandates for the Chair of the Board, Committee Chairs, and the Chief Executive Officer
- Board oversight of enterprise risk management and internal audit
- Continuing education program to enhance the Board’s contribution to the Company
- With management absent, in-camera sessions are held at all board and committee meetings
In addition, Directors are required to declare any conflict of interest before the Board, and are prohibited from voting on matters where a conflict is present.
Risk is inherent in all of our operating environments. The Company takes an integrated approach to risk management in its business activities to drive consistent, effective, and accountable action in all decision making and management practices. We maintain a full-time Enterprise Risk Management function to assist with the identification and prioritization of risks across the Company as well as assistance with the development and implementation of risk mitigation strategies. Underlying risk principles are consistent with ISO 31000:2009 – Risk management – Principles and guidelines; as well as the COSO framework for Enterprise Risk Management.