Statement of Corporate Governance Practices 2021-22
The Director 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. This year, the sale of a 'non-core' asset to streamline and focus corporate activity has also led to the transfer of some environmental liabilities and risk mitigation. 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 in meeting Saskatchewan’s demand for safe and reliable energy. It’s 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. SaskEnergy assists its customers in reducing their impacts to the environment and meeting their environmental goals. For more than 20 years, SaskEnergy has offered energy efficiency programs to help its residential and commercial customers install more efficient natural gas appliances. SaskEnergy is committed to protecting the environment as it delivers safe and reliable energy to its customers. From project planning and design through to construction, operation and reclamation, SaskEnergy strives to reduce its impact on all aspects of the environment. This includes plant life, wildlife, wetlands, native prairie, and species at risk. As an energy company, SaskEnergy recognizes its role – and the role of its industry – in reducing greenhouse gas emissions. The Corporation does its part to manage its GHG emissions and contribute to a lower-carbon energy future by meeting and exceeding regulatory requirements. Through collaboration within its industry and with its network of local contractors, SaskEnergy creates innovative solutions to help reduce the environmental impact of natural gas. These solutions assist customers in achieving energy efficiency goals, lowering emissions and reducing costs.
In December of 2021, the Board approved and adopted a Sustainability Report prepared by management. Sustainability for SaskEnergy means providing safe, reliable and affordable energy to its customers today and for years to come. At the same time, SaskEnergy also acknowledges the desire for a cleaner energy future. Sustainability is also about strengthening relationships with customers, communities and Indigenous groups while providing an inclusive, safe working environment for employees. The 2020-21 Sustainability Report provides an overview of SaskEnergy’s continued progress on ESG principles such as stewardship, community collaboration and socially conscious business practices. It also provides an outlook on the Corporation's long-term goals and objectives. SaskEnergy’s 2020-21 Sustainability Report can be found at: https://www.saskenergy.com/about-us/ commitment-sustainability. In addition, at the time of this report, the CSA is developing new guidance on Climate Related disclosures in proposed “National Instrument 51-107 Disclosure of Climate Related Matters” and the Board, where applicable, will adopt the recommended disclosures when National Instrument 51-107 comes into force. It is anticipated that it will come into force by the end of 2022 and companies will have a year to transition. Cyber Security Risk SaskEnergy relies on its information and operations technology systems to operate corporate assets and protect corporate data and personal information safely and efficiently. These systems are subject to cyber security risks. Cyber security risks include, but are not limited to, targeted attacks, exposure to computer viruses, and breaches of corporate and personal information within technology systems managed by internal and external parties. A cyber security event could expose the Corporation to loss or misuse of critical data and information, leading to property damage, disruptions to its operations, privacy breaches, loss of confidentiality, and financial or reputational losses. SaskEnergy proactively and continuously monitors its systems to identify and address malicious activity and potential or emerging threats. Business continuity exercises are also conducted regularly. SaskEnergy has developed a cyber security strategy whereby the Corporation tests its systems, builds controls, and conducts investigations to manage cyber security risk. This strategy is partly enshrined in the Enterprise Security Policy and the Acceptable Use of Technology Policy. In addition, the Corporation has added incremental resources to manage and evaluate cyber risks and privacy processes related to the growing adoption of cloud migration, data analytics, and mobile technology.
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