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Ethisphere Recognizes Avangrid with Compliance Leader Verification for Third Consecutive Term

Ethisphere Recognizes Avangrid with Compliance Leader Verification for Third Consecutive Term

Identifies organizations with an outstanding commitment to achieving a best-in-class ethics and compliance program

ORANGE, Conn. — June 6, 2023 — Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that for the third consecutive term, Ethisphere has awarded it with the coveted Compliance Leader Verification for 2023-2024. Ethisphere is a global leader in defining and advancing the standards of ethical business practices. Avangrid has held the Compliance Leader Verification since 2019.  

As one of the cleanest U.S. utilities and a leader in renewable energy, Avangrid is at the forefront of the nation’s clean energy transformation. The company is guided by its comprehensive ESG+F strategy (environment, society, governance, and financial strength) and was recognized by Ethisphere earlier this year as one of the 2023 World’s Most Ethical Companies, the company’s fifth consecutive year earning the designation.

“Transparency, ethical principles, and continuous improvement are the cornerstones of our corporate governance and sustainability system,” said Pedro Azagra, Avangrid CEO. “This achievement is a clear reflection of our commitment to those values and earning it is no small feat. In 2022, this verification was awarded to only eight companies worldwide. By maintaining this verification since 2019, we are illustrating that we take good corporate citizenship seriously and are on the right path to leading the country’s clean energy transition.”

The Compliance Leader Verification process involves a rigorous review of an ethics and compliance program and corporate culture. It includes completing the Ethics Quotient® (EQ), a questionnaire covering the elements of an effective program; benchmarking program practices against the World’s Most Ethical Companies®; and extensive document review and interviews with executives and stakeholders.  Avangrid also chose to conduct an Ethical Culture survey to assess employee perceptions across eight pillars of an ethical culture.

“Congratulations to Avangrid for earning Compliance Leader Verification,” said Leslie Benton, SVP and Deputy General Counsel, Ethisphere. “In addition to a robust ethical culture, the review team continues to be impressed by the caliber of the ethics and compliance team and its collaborative relationships with the Board of Directors, business units, and other functional areas.” 

Avangrid’s performance was evaluated on six key areas: program resources and structure; perceptions of ethical culture; written standards; training and communication; risk assessment, monitoring and auditing; and enforcement, discipline, and incentives.

More information about Compliance Leader Verification is available here.
 

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: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,600 people and has been recognized by JUST Capital for three consecutive years as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.  

About Iberdrola: Iberdrola is one of the world’s biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.