At Dominion Energy, everything starts with clear values. Doing the right thing is a constant thread woven throughout the fabric of our culture — one that we keep front of mind through intentional effort. Maintaining the trust of investors, customers, regulators and other stakeholders is crucial. And we believe that how much we are trusted depends on our actions, not just our words.
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What you should know
Our company is driven by five core values: Safety, Ethics, Excellence, Embrace Change and One Dominion Energy.
Our values are not just slogans on a wall; we live them every day.
We have rigorous systems in place to ensure compliance with laws and regulations.
When we fall short of our high standards, we are usually the first to say so — and we take action to remedy our shortcomings.
Five core values guide the people of Dominion Energy: Safety, Ethics, Excellence, Embrace Change and One Dominion Energy — our term for teamwork. These values define who we are. They form the basis of our company culture, set the course for our actions, align our culture and strategy, and create the environment for long-term success.
We reinforce these values through management tone and oversight that start at the top. New employees learn them on day one. They are continually modeled and reinforced throughout the company and throughout everyone’s career. For example, we begin all meetings with a safety message; our employees coach one another on safe work habits and are subject to a safety-based incentive compensation metric.
In 2018, Dominion Energy added the new core value of Embrace Change. This formalized a tradition of evolution and growth established by our corporate ancestors, who dug canals and made ice before moving into new lines of business. We have been evolving ever since. Adopting Embrace Change as one of our core values recognizes this part of our culture and reinforces the importance of innovation to everyone at Dominion Energy.
Our Values in Brief
Safety is our highest priority — in the workplace and in the community. The work we do can be dangerous. So our first and fundamental goal is to send every employee home safe and sound, every day. That is the only acceptable standard of performance.
Integrity, individual responsibility and accountability go hand-in-hand with bottom-line results. We cannot and will not take shortcuts to achieve our goals and fulfill our obligations to stakeholders. Ethical behavior matters, and our reputation depends on it.
We set high performance standards and are committed to continuous improvement in all areas of our business. The odds of long-term success improve when we go beyond “good” and strive for “great.” Our aim is not to be the biggest energy company, just the best.
Transformation and growth are the keys to long-term prosperity. A culture of receptivity to change and passion for innovation propels our company forward, ensuring that our stakeholders will continue to flourish and that our best days still lie ahead.
One Dominion Energy
It’s about teamwork. It is a unifying outlook that transcends organizational boundaries and focuses on our shared mission and purpose. We know that strong, sustainable performance depends on how well we support one another in executing our business plan.
Each of these values plays an integral role in sustainability — by safeguarding the health and welfare of our employees, communities and environment; fostering trust between Dominion Energy and others; and ensuring that the company uses innovative strategies to ensure the well-being of all our stakeholders, today and long into the future.
“We care first about how we do things, not just the results we achieve.”
Values in Action
Naming your values does little good if you don’t also live them. At Dominion Energy, we take our values down off the wall and put them into action. Here are just a few of many examples from 2018.
We consider any on-the-job harm unacceptable, and we strive relentlessly to reach our injury goal: zero. The company set a record for safety performance in 2018, with only 89 OSHA-recordable injuries in 32 million hours worked by our employees. That translates to an OSHA-recordable incident rate of 0.55, eclipsing our record-setting 2017 rate of 0.60. Since 2010, we have cut our injury rate in half.
Dominion Energy has long practiced an ethic of care toward all living things. One illustration of this involves protecting birds from being harmed by our electric transmission and distribution network through collision or electrocution. We have a vigorous Environmental Management Policy, and in 2018 we adopted an official policy on environmental justice. For more on that, see the “Engaging Communities” section of this report.
Elsewhere in this report, you will find a section listing various awards the company has won — for everything from being among the best workplaces for diversity to being one of the best-managed companies in America. We don’t chase after such applause, but we are grateful for it — because it shows that our striving for high performance is paying off, not only in our own eyes but in the eyes of others.
Among many other honors the company received in 2018, Dominion Energy was proud to attain the highest rating at each of its nuclear power plants from the Institute of Nuclear Power Operations for exemplary operational performance.
We are aggressively seeking ways to foster an even more innovative culture. One way we do that is by using innovation guides and innovation accelerators who help foster idea generation and shepherd new ideas toward development. In 2018, we also created the position of Vice President — Innovation to ensure a more strategic approach to the creation and advancement of new ideas.
One Dominion Energy
In early 2018, we looked around the company and realized that, in addition to corporate programs, individual business units had their own employee-development programs, and working together could produce even better results. The outcome was the Dominion Energy Development Council. With representatives from across the business who share ideas and strategies with one another, the council ensures that employees receive a consistent learning and development experience no matter where they work in the company.
Ethics & Compliance
Dominion Energy will always follow the law and regulations. After all, compliance is important and necessary — but we never consider it sufficient. A commitment to strong values is imperative. To reinforce that commitment, employees complete annual training in ethics and compliance. Employees also certify annually that any potential compliance items have been reported or are being addressed.
Dominion Energy maintains a comprehensive Ethics and Compliance Program to uphold the expectation that our leaders, employees and suppliers act with integrity, respect and good judgment — and in compliance with the law. Our Ethics and Compliance Program defines responsibilities through the Code of Ethics and Business Conduct, provides resources and, when necessary, administers disciplinary action. The program has the following key elements.
The Board of Directors oversees the Ethics and Compliance Program through its Audit Committee. To address ethics issues on a day-to-day basis, the company’s chief compliance officer has established a Compliance Council. Its members are senior officers representing our business units and key areas of responsibility. Additionally, the Ethics and Compliance team members work along with the Law Department, Corporate Security and Human Resources to ensure that Dominion Energy follows all applicable laws, regulations and company policies, and maintains high ethical standards in its business activities.
“Ethics is a core value at Dominion Energy. That means qualities such as integrity, individual responsibility and accountability matter as much as bottom-line results. Dominion Energy believes doing right and doing well are inseparable.”
All employees, officers and Board members receive comprehensive annual training on the company’s Code of Ethics and Business Conduct. New hires also receive this training. In addition, other interactive ethics and compliance training and education events are made available to leaders and employees throughout the year. The code requires employees to know and comply with all regulatory requirements that apply to their business areas. Those affected by various regulatory requirements receive training on federal and state codes and standards of conduct, and other applicable regulations.
Advice and Guidance
The Ethics and Compliance Program receives numerous questions from employees seeking advice on ethical matters. Since a variety of scenarios can raise questions of ethical conduct, we encourage employees to ask whenever they are unsure about a situation, to avoid even the perception of a conflict of interest. Employees may use a dedicated email account to ask questions or seek guidance about ethical concerns and compliance issues.
Reporting and Addressing Concerns
Employees have a duty to report any concerns whenever they suspect misconduct or illegality. In all cases, retaliation for good-faith reporting is strictly prohibited. We provide a variety of reporting options, including a dedicated, confidential compliance telephone line and website that allow employees to remain anonymous, if they wish. Employees also may report concerns by contacting the ethics and compliance staff and other appropriate personnel. Each year, we survey employees to help identify and address potential compliance concerns.
Dominion Energy stakeholders can report concerns by contacting the compliance line or by communicating directly with independent members of the Board of Directors. We categorize reported concerns by type of allegation to facilitate investigation by appropriate company representatives and review every question and concern to determine if it is covered under the Ethics and Compliance Program. This also promotes our ability to identify, monitor and address any trends by category of allegation. A compliance attorney oversees all ethics and compliance investigations. Questions and concerns that raise ethical or compliance issues are investigated and resolved under the guidance of the program.
Supplier Code of Ethics and Business Conduct
Dominion Energy expects all suppliers to share our commitment to ethics and compliance. Our Supplier Code of Ethics and Business Conduct outlines these minimum expectations, including in the areas of human labor practices, responsible sourcing, and the health and safety of suppliers’ employees. The code’s main purpose is to promote lawful and ethical behavior in all of our business dealings.
In addition, we expect our suppliers to follow our company’s guidelines in other important areas, including:
- Ethics and compliance;
- Health and safety;
- Supplier diversity;
- Conflicts of interest;
- Business courtesies;
- Accounting and financial reporting;
- Regulatory requirements;
- Environmental compliance and stewardship;
- International business conduct;
- Protection and proper use of Dominion Energy assets; and
Dominion Energy bears a responsibility to a wide range of stakeholders. Those include our shareholders — the company’s owners — as well as our employees, customers, contractors and retirees.
These and other stakeholders depend on the company’s long-term stability for their financial security. The decisions of local, state and federal policy-makers can affect our company’s operations immensely, so we owe it to our stakeholders to stay abreast of political and policy developments that could affect the company’s fiscal health, and to exercise the constitutional right to petition government on our own and their behalf.
Some of the company’s employees want to do even more. So Dominion Energy also operates a political action committee, or PAC. Participation is strictly voluntary and nonpartisan. Membership is open to employees and the Board of Directors. The PAC aims to articulate the company’s views at all levels of the political process.
In the interest of transparency, every year we voluntarily report the corporate political contributions we make to tax-exempt 527 organizations, as well as the lobbying portion of trade association payments and dues. In addition, we disclose our political contributions on the website of the Federal Election Commission and the electoral board website of the states in which we contribute to state and local elections. Because of such efforts, the Center for Political Accountability recognized Dominion Energy as a trendsetter for transparency and disclosure with regard to political contributions in 2018.