Avangrid Establishes New Compliance Unit to Expand Leadership Involvement in its Compliance Program

Rhea-AI Summary

Avangrid, Inc. is expanding its Governance and Sustainability System by establishing a Compliance Unit to maintain best practices in ethics, compliance, and corporate governance. The Compliance Unit will oversee the company's Compliance Program and bring additional industry expertise and resources to enhance governance and oversight.

Positive

• Expansion of Governance and Sustainability System
• Additional industry expertise
• Increased program visibility and support for ethics culture

Negative

• None.

Ensures Avangrid maintains best practices in ethics, compliance and corporate governance

ORANGE, Conn.--(BUSINESS WIRE)-- Avangrid, Inc. (NYSE: AGR), a member of the Iberdrola Group, announced today that it will expand leadership involvement in its Governance and Sustainability System by establishing a Compliance Unit. This enhancement to its program, which was approved by the Avangrid Board of Directors today, is part of the company’s ongoing commitment to maintaining corporate governance best practices.

“As a leading sustainable energy company, we will always continue to evolve our governance structure and actions to ensure we’re on the leading edge of best practices,” said Pedro Azagra, Avangrid CEO. “This new Compliance Unit is intended to take advantage of best practices identified in the Iberdrola Group while also meeting U.S. standards for effective compliance programs. I’m confident that this enhancement to our program will ensure that we continue to be a leader in ethics, compliance and corporate governance.”

Avangrid’s Compliance Unit will oversee the company’s Compliance Program and report to the Governance and Sustainability Committee of the Avangrid Board of Directors. It will include an independent chair, the Avangrid Chief Compliance Officer, heads of other areas related to risk management and regulatory compliance, and an independent non-voting secretary. The Compliance Unit will be responsible for compliance with the “Code of Business Conduct and Ethics,” managing the company’s Helpline, ensuring effectiveness of the Compliance Program, and more. Operationally, the Compliance Program will continue to be overseen by Avangrid’s Chief Compliance Officer.

This enhancement to Avangrid’s Compliance Program will bring several potential benefits to the company, including:

• Additional industry expertise from the independent chair, who will be an established expert in U.S. corporate compliance best practices.
• Internal compliance and risk management expertise from other Avangrid business areas.
• Additional resources devoted to governance and oversight.
• Increased program visibility, leadership access and influence, and support for ethics culture.

In addition to the enhancement to its Compliance Program, Avangrid’s Board of Directors also approved today German Gonzalez Avecilla as the company’s new Vice President, Chief Compliance Officer due to Alistair Raymond, who formerly held the position, accepting a new leadership role within the company.

Avangrid is a recognized leader in ethics, compliance and corporate governance with countless third-party recognitions and honors. Avangrid has been listed among the World’s Most Ethical Companies for five consecutive year by the Ethisphere Institute, has been named on the JUST 100 Companies by CNBC and JUST Capital for three years running, and has been honored four times with the World Finance Best Corporate Governance Award.

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231025670168/en/

Media:

Sarah Warren

sarah.warren@avangrid.com

585-794-9253

Source: AVANGRID, Inc.

FAQ

What is Avangrid's new initiative?

Avangrid is establishing a Compliance Unit to enhance its Governance and Sustainability System.

Who will oversee the Compliance Unit?

The Compliance Unit will report to the Governance and Sustainability Committee of the Avangrid Board of Directors.

What are the potential benefits of the enhancement to Avangrid's Compliance Program?

The potential benefits include additional industry expertise, internal compliance and risk management expertise, increased program visibility and support for ethics culture.

What recognitions and honors has Avangrid received in ethics, compliance, and corporate governance?

Avangrid has been listed among the World's Most Ethical Companies, named on the JUST 100 Companies, and honored with the World Finance Best Corporate Governance Award.