2024-25 Statement of Corporate Governance Practices
Public Policy Role SaskEnergy is a statutory Crown corporation governed by The SaskEnergy Act and Regulations. By law, CIC is the holding Corporation for all Saskatchewan commercial Crown corporations, and CIC has the authority to establish direction for SaskEnergy related to matters set out in legislation. As a provincial Crown corporation, SaskEnergy serves a public policy role. SaskEnergy operates the distribution utility that delivers natural gas and energy solutions responsibly to Saskatchewan’s residents, businesses and industries. SaskEnergy and its subsidiaries fulfill this mission by operating systems for natural gas distribution, transmission, storage and other related activities to promote the conservation and safe use of natural gas, while contributing to and promoting the province’s economy. CIC approves SaskEnergy’s Corporate Plan annually and sets any other strategic priorities against which CIC and the Owner will measure the Corporation’s performance. SaskEnergy collaborates with other Saskatchewan Crown corporations to further CIC’s stated priorities of enhancing efficiency gains through joint initiatives, procurements and promoting an open business environment. Risk Identification and Management SaskEnergy has a formal Enterprise Risk Management Policy and process, which is developed by management, and reviewed and approved by the Board. SaskEnergy’s risk management process is designed to identify potential events that may impact SaskEnergy and manage the risk presented within accepted risk tolerance levels. Senior management holds primary responsibility for identifying inherent risks and designing and implementing mitigation strategies. Each year, the Board and senior management independently follow a process to identify and prioritize significant inherent risks. The Director, Audit Services, prepares a report summarizing the independent risk assessments completed by the Board and management. This report is discussed at a Board meeting where senior management and the Board align on the key corporate risks and the plans to mitigate or manage the residual risks. The Corporation then implements the mitigation strategies through the Corporate Plan. The Board monitors the risk management programs and oversees the implementation of appropriate systems to manage the identified risks either directly or through the Audit and Finance Committee.
The Audit and Finance Committee regularly reviews the Audit Services reports and discusses significant risk areas with the internal and external auditors. ESG Framework SaskEnergy’s vision is to provide critical energy to support a prosperous Saskatchewan. This means delivering safe, reliable and affordable energy to customers — today and for years to come — while advancing the Corporation’s ESG governance and performance. As a Crown corporation that serves Saskatchewan, SaskEnergy contributes to the ESG priorities of the provincial government. SaskEnergy’s ESG framework includes four focus areas — environment, prosperity, people and governance. ESG principles are integrated in the Corporation’s governance framework, approach to risk management, and how it conducts its day-to-day operations. SaskEnergy’s commitment to environmental responsibility includes reducing emissions from its operations while assisting customers in minimizing their carbon footprint. From project planning and design, through to construction, operation and reclamation, SaskEnergy also strives to reduce its impact on all aspects of the environment. This includes plant life, wildlife, wetlands, native prairie and species at risk. The Corporation’s relationships with customers, communities and Indigenous groups are key in supporting economic prosperity for future generations. Employees drive SaskEnergy’s success and the organization strives for a work environment where all ideas are valued, respected and welcomed. At the time of this report, the CSA continues to develop new guidance on climate-related disclosures in the proposed “National Instrument 51-107 Disclosure of Climate Related Matters.” The Board, where applicable, will consider the recommended disclosures when National Instrument 51-107 comes into force. As of this writing, National Instrument 51-107 has not been implemented, as the CSA is currently working on a revised climate-related rule that will consider the Canadian Sustainability Standards Board’s (CSSB) disclosure standards that were published on December 18, 2024. SaskEnergy will continue to monitor developments with respect to National Instrument 51-107 as they apply to SaskEnergy.
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