ONEOK’s board of directors and management are committed to maintaining strong corporate governance practices that allocate rights and responsibilities among the board, management and investors in a manner that benefits the long-term interest of stakeholders. Corporate governance practices are designed not only to satisfy regulatory and stock exchange requirements but also to provide effective oversight and management of our company.
Provides key leadership, oversight and diverse energy industry and business expertise.
Provide overall oversight and responsibility for companywide ESG strategy and implementation.
Oversee development and implementation of sustainability strategy.
Support the integration of ESG policy and strategy into daily operations.
Carry out ONEOK’s business and ESG strategy while serving as the point of contact for key company stakeholders.
ONEOK is led by an 11-member board of directors with deep experience and diverse expertise relevant to our company’s strategy, business and industry. Our board has a long-standing commitment to corporate responsibility and sustainability, including safety and health, environmental performance, community leadership, and investment and oversight of public policy engagement.
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For additional details on corporate governance practices and board membership, see ONEOK’s 2020 Proxy Statement.
ONEOK engages in a comprehensive enterprise risk-management (ERM) process annually to identify and manage risk. Our ERM assessment is designed to facilitate a mutual understanding between our company’s board and management regarding the effectiveness of risk-management practices and capabilities, risk exposure and guidance on when to elevate certain key risks for discussion at the board level.
The program, overseen by our chief financial officer, is a key part of our annual strategic-planning process and is designed to identify, assess, monitor and manage risks that could affect our ability to fulfill business objectives or execute our corporate strategy.
ONEOK’s process involves identifying and assessing a broad range of risks and developing plans to mitigate them. These risks generally relate to the strategic, operational, environmental, financial, regulatory compliance and human resources aspects of our business. The board receives periodic updates on specific key risks throughout the year.
For more detailed information on ONEOK’s risk-management philosophy, see the 2020 Proxy Statement.
ONEOK’s approach to tax prioritizes compliance and risk mitigation. Our overarching tax strategy, including the consideration of tax policy, standards and principles, is overseen by our chief financial officer and is embedded within our company’s business segments and financial planning function. Additionally, members of the ONEOK Board of Directors Audit Committee review tax planning efforts and taxing authority developments.
We engage with multiple tax groups and taxing authorities to monitor legislation and ensure compliance. Our corporate tax activity is based within the U.S. and adheres to applicable laws at the local, state and federal levels.