Governance
Board Oversight
Otter Tail Corporation, the holding company of Otter Tail Power Company, has a Board of Directors committed to sound corporate governance practices and policies. In 2023 nine of the ten board members were independent, including all members of the Compensation and Human Capital Management, Corporate Governance, and Audit committees. An overview of the Corporation’s governance practices and policies is available online at ottertail.com.
The Corporation’s Proxy Statement provides further information about corporate governance practices and Committee roles. The Board, through the Corporation’s Business Risk Management process, regularly reviews the Corporation’s significant and emerging risks, including cybersecurity and climate change, and assesses the Corporation’s plans to mitigate or manage those risks. The Compensation and Human Capital Management Committee oversees the management of human capital, including the policies and programs supporting workplace health and safety and diversity, equity, and inclusion (2024 Proxy Statement, page 27).
Supply Chain
When it comes to external support, our suppliers are extensions of our teams.
We evaluate our suppliers based on quality, experience, cost, safety performance, adherence to cybersecurity requirements, and other applicable business criteria. Our goal is to increase our awareness of diverse suppliers in our geographic region and track our spend by supplier diversity business classification.
We expect Otter Tail Power contractors to abide by the Otter Tail Power Company Contractor Code of Business Ethics, Otter Tail Power Company Contractor Safety Policy, Otter Tail Corporation Human Rights Policy, and Federal Equal Opportunity requirements. Contractors must conform to applicable governmental permits, cybersecurity standards, licenses, and laws; meet or exceed all OSHA requirements; and meet or exceed all reporting requirements for the accidental release of hazardous materials.