Ensure Strong Corporate Governance and Business Ethics
Ensure Strong Corporate Governance & Business Ethics
We conduct our business with integrity, transparency and accountability. Our corporate governance systems are designed to be transparent and to ensure that we comply with the letter and intent of all laws, regulations and rules that apply to our business and our industry, and that we operate both ethically and profitably.
Current business and societal trends reinforce the importance of governance shaped by strong core values. Increasingly, stakeholders want to understand what companies stand for, how they make decisions, and how they manage their operations.
Corporate governance at Spectra Energy starts with an effective board structure supported by clearly articulated policies that drive management systems and processes. This tiered approach establishes clear direction and accountability.
Adherence to sound corporate governance policies and practices is important to ensuring that Spectra Energy is governed and managed with the highest standards of responsibility, ethics and integrity and in the best interests of our shareholders. We continue to strengthen our governance policies and procedures through our own internal reviews and by evaluating and implementing external best practices to ensure that we have a sound governance framework for achieving business results.
Board of Directors
Our board of directors is elected by shareholders to provide management oversight and to assure that the long-term interests of shareholders are served. The board recognizes that shareholder interests are advanced by balancing the interests of all our stakeholders, including investors, customers, employees, the communities we serve. <Read more>
Charter and Code of Business Ethics
The Spectra Energy Charter establishes our vision, purpose, values and measures of success. Our values guide us in the conduct of our business. Our Code of Business Ethics establishes standards designed to help us conduct business ethically and honestly. All company representatives are expected to abide by our Code. Our policies guide our employees in managing day-to-day compliance with our Code and set corporate standards and guidance for conducting our business. <Read more>
Management Systems
Management systems and processes are the means with which we monitor and control the implementation of our business strategies and policies. In the past two years we have strengthened fundamental systems, including risk management, operations, stakeholder engagement and environment, and health and safety (EHS) auditing, which will help ensure that we continue to operate our business safely and with integrity. <Read more>
The Sustainability Performance Scorecard reports the progress made on our commitments. The table also highlights our commitment focus areas and planned next steps.
Conduct annual assessment of the board of directors
Self-assessments of the board of directors and board committees were performed in accordance with our Principles of Governance and the committee charters.
Begin to consider integration of sustainability into risk management and investment decisions
Sustainability considerations integrated into company-wide risk management framework.
Establish environmental health and safety (EHS) auditing function
The EHS Management System auditing function was established and has conducted 24 audits representing 87% coverage of the types of physical assets in the corporation.
Approve Sustainability Charter, appoint oversight committee
Our Sustainability Charter was approved in early 2008. Greg Ebel, Spectra Energy’s president and CEO, is the executive sponsor of the oversight committee.
Next Steps
Maintain strong corporate governance systems.
Conduct independent, third-party review of ethics and compliance program.
Implement enhanced ethics and compliance training.
