ComEd Submits First Annual Ethics and Compliance Report to Illinois Commerce Commission

Rhea-AI Summary

ComEd has submitted its inaugural annual ethics and compliance report to the Illinois Commerce Commission (ICC) as mandated by the Climate and Equitable Jobs Act (CEJA). This report outlines the utility's internal controls and commitment to ethical standards, aimed at enhancing transparency for the 9 million residents it serves in northern Illinois. ComEd's CEO emphasized their dedication to high ethical standards and the ongoing efforts to rebuild trust with customers and stakeholders. The report is publicly accessible and includes comprehensive information on compliance policies and financial risk assessments.

Positive

• First annual ethics and compliance report submitted, enhancing transparency.
• Commitment to high ethical standards reinforced by new policies and employee training.
• Focus on restoring trust with customers and communities through ethical leadership.

Negative

• None.

CHICAGO--(BUSINESS WIRE)--

ComEd today submitted to the Illinois Commerce Commission (ICC), which regulates the state’s public utilities, its first annual ethics and compliance report. The report describes ComEd’s internal controls and codes of conduct to provide increased transparency to the public and help ensure that the company adheres to rigorous ethical standards.

The annual report is a new requirement for the state’s electric and gas utilities under the Climate and Equitable Jobs Act (CEJA) that was passed in Illinois last fall. In addition to measures to decarbonize the power sector in Illinois and address equity needs in communities, the law includes a number of new requirements and provisions for Illinois utilities related to ethical conduct and transparency.

“As a regulated public utility and essential service provider, ComEd must be accountable to the more than 9 million people we serve in northern Illinois,” said ComEd CEO Gil Quiniones. “We are as strongly committed to meeting the highest standards for ethics and compliance as we are to providing reliable, affordable, clean, and sustainable energy to the customers and communities we serve.”

Among its contents, the report describes steps ComEd has taken to strengthen its compliance program, as well as policies and programs in place to set high standards for ethical behavior. The company has taken robust action, including putting in place strong new policies, controls, oversight, and employee training regarding how the company works with public officials. In addition, ComEd is strengthening its compliance and ethics culture through increased employee education and engagement.

“Our work in this space continues,” Quiniones said. “Through our words and our actions, we are working every day to restore trust with our customers, communities, and employees and to set an example as a leader in corporate ethics. Our leaders at ComEd are at the forefront of this work, demonstrating the behaviors we expect of every employee.”

The report also provides information on ComEd procedures, practices and controls related to areas such as financial and accounting systems, ethics and compliance risk assessment, employee training, senior leadership and enforcement.

Consistent with the requirements under CEJA, the report was prepared under the oversight of ComEd’s chief compliance and ethics officer. The report is available to the public at: https://www.icc.illinois.gov/emdb/ucdb/entity/U295/filing-list?year=2022&ft=2.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube

 

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ComEd Media Relations

312-394-3500

Source: ComEd

FAQ

What is the significance of ComEd's annual ethics and compliance report submitted to the ICC?

The report is significant as it complies with the new requirements under the Climate and Equitable Jobs Act, focusing on transparency and ethical conduct for Illinois utilities.

What are the key highlights of ComEd's annual ethics and compliance report?

Key highlights include the introduction of internal controls, policies for ethical behavior, and employee training aimed at strengthening compliance.

How many customers does ComEd serve in northern Illinois?

ComEd serves over 4 million customers in northern Illinois, representing about 70 percent of the state's population.

What is the purpose of the Climate and Equitable Jobs Act (CEJA) for Illinois utilities?

CEJA aims to decarbonize the power sector and enforce new requirements related to ethical conduct and transparency in Illinois utilities.

Who oversees the compliance and ethics report at ComEd?

The report is prepared under the oversight of ComEd's chief compliance and ethics officer.