2023-24 Statement of Corporate Governance Practices
SaskEnergyʼs Corporate Plan sets the Corporationʼs path for the next three years and outlines whatʼs important to the Corporation, what it wants to achieve and what it needs to focus on to be successful. The Corporate Plan is updated annually. The Board oversees the process of plan development and provides input, guidance, validation, support, oversight and critical evaluation of the Corporate Plan and its initiatives. The Board measures managementʼs success against the Corporate Plan. Each year, the Board and senior management meet jointly to identify strategic risks and review strategies and measurable targets to gauge performance in managing those risks. A companywide email from the CEO is distributed to employees, providing electronic copies of the Corporate Plan and a Strategy Map reference tool. These items are also available to employees on SaskEnergyʼs internal website. As a result, all employees can review SaskEnergyʼs Vision, Corporate Vision, Mission, Values, Strategic Imperatives, Operating Environment, Enterprise Risk Management, Strategy (including SaskEnergyʼs Balanced Scorecard), Financial Overview, and Saskatchewan Crown Sector Strategic Priorities. 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 which delivers natural gas and energy solutions responsibly to Saskatchewanʼs 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 provinceʼs economy. CIC approves SaskEnergyʼs Corporate Plan annually and sets any other strategic priorities against which CIC and the Owner will measure the Corporationʼs performance.
SaskEnergy collaborates with other Saskatchewan Crown corporations to further CICʼs stated priorities of enhancing efficiency gains through joint initiatives, procurements and promoting an open business environment. Risk Identification and Management developed by management, and reviewed and approved by the Board of Directors. SaskEnergyʼs 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 SaskEnergy has a formal Enterprise Risk Management Policy and process, which is 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. Environment & Sustainability Environmental sustainability is critical as the Corporation meets Saskatchewanʼs demand for safe and reliable energy. Itʼs also important to customers and the communities where SaskEnergy operates. The Corporation encourages and promotes environmental responsibility and stewardship through collaboration with stakeholders, including industry and customers, and by supporting community organizations.
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