18 Nov, 2020, 11:00 ET
NEWARK, N.J., Nov. 18, 2020 /PRNewswire/ -- Public Service Enterprise Group (PSEG) has been included on the Dow Jones Sustainability Index (DJSI) for North America for the 13th year in a row. PSEG has a long commitment to sustainable and ethical practices and achievements across environmental, social and governance (ESG) criteria. Being named to the DJSI list is further recognition of the company's ongoing accomplishments on behalf of its customers, communities and employees.
The DJSI recognizes forward-thinking companies based on an appraisal of the company's strategy, management and performance in dealing with opportunities and risks deriving from ESG factors. The DJSI tracks the performance of the 600 largest U.S. and Canadian companies in the S&P Global Broad Market Index and acknowledges the top 20% that lead the field in terms of sustainability.
This year more than ever, considering the collective impacts of climate change, the coronavirus pandemic and the social unrest that followed the killing of George Floyd, companies have been challenged to show that their purpose is aligned with societal needs and supports positive and systemic change.
"PSEG is proud of our longstanding commitment to sustainability and our performance on ESG issues," PSEG Chairman, President and CEO Ralph Izzo said. "For 13 consecutive years, our inclusion as part of the Dow Jones Sustainability Index has recognized PSEG's ongoing mission to address climate change, delivering the innovative clean energy solutions our customers and communities need to succeed while also aiming to support their well-being. Public service is part of our company's DNA, and we're proud to be recognized for these efforts over such a long period."
Highlights of PSEG's ESG leadership include:
- Won approval of a $1 billion investment in energy efficiency, the centerpiece of PSE&G's Clean Energy Future proposal
- PSE&G is seeking approval to invest over $1 billion in pending Clean Energy Future programs, including Energy Cloud – Advanced Metering Infrastructure, Electric Vehicles (EV), and Energy Storage (ES)
- Continuing to increase system adaptation and resiliency against severe weather events via the Energy Strong program
- Announced vision for net-zero emissions by 2050, with advances in technology, public policy and consumer behavior
- Announced plans to explore strategic alternatives for PSEG Power's non-nuclear fleet
- Nuclear generation fleet provides 90% of New Jersey's carbon-free energy
- Comprehensive equity review of employee policies, resulting in updates of programs supporting gender equity, including expanding PSEG's paid parental leave policy
- Developed and implemented a new diversity, equity and inclusion (DEI) initiative – Inclusion for All – based on direct employee feedback, reaffirming PSEG's commitment to DEI, driving culture change at the local business level, and further developing our people managers to lead inclusively
- Launched an immersive talent development program to increase representation of people of color in leadership ranks. The program develops high-potential leaders, increases their internal and external visibility, and will positively impact PSEG's inclusive leadership, company culture and talent pipeline
- Committed to supplier diversity with a goal of achieving 30% spending allocated to diverse suppliers by 2023
- PSEG and the PSEG Foundation launch the Powering Equity and Social Justice Initiative with a $1 million commitment to fight racial injustice and inequity, including funding a first-of-its-kind police reform initiative by Rutgers University Center on Policing
- PSEG's Human Rights policy in effect since 2018
- Corporate Governance committee exercises oversight over sustainability matters including climate change. Board oversight over risk management, ethics and compliance, internal audit and cybersecurity
- Four new directors since 2018 demonstrating good levels of board refreshment
- Demonstrable board diversity
- Enhanced disclosure in the PSEG proxy statement across ESG topics
- PSEG Standards of Conduct continues to be reviewed, updated and enhanced
- PSEG is committed to transparency in political contributions and disclosure of data via the GRI, SASB, CDP and Task Force on Climate-related Financial Disclosures (TCFD) standards
Izzo continued: "The coronavirus pandemic has driven home how much we are all interconnected. Our ability to perform as a company and support the states in which we operate is dependent on the health, safety and well-being of our employees and doing what's right to support their needs. From expanded paid sick leave and family time off to virtual training and new career development opportunities, PSEG has taken steps to expand the level of support and care we offer our employees."
Coronavirus support for our customers, communities and employees:
- PSEG Foundation pledged $2.5 million; includes $1 million to NJ Pandemic Relief Fund and $50,000 to the Community FoodBank of NJ; PSEG donated 50,000 N95 masks and 200,000 pairs of gloves to health care providers at the beginning of the pandemic
- For customers, PSE&G and PSEG Long Island extended the deferred payment agreement from 12 month term to 24 months
- Implemented enhanced safety protocols for our employees, across the field work, customer's premises, office work
- Provided remote access and implemented remote work practice for all employees where job could be performed remotely
- Expanded paid sick leave and family time off to care for relatives with COVID-19. Similarly, PSEG provided temporary PTO time for caregivers to deal with school / daycare closures and interruptions
- Early to introduce a mobile app that allows employees/contractors to complete a health assessment questionnaire regarding COVID-19 risk status prior to entering a PSEG worksite
- Increased virtual learning programs to assist leaders in managing and leading remote teams, and support workers in managing stress, navigating remote work, and improving time management and work-life integration
Additional ESG resources can be found throughout PSEG's website and via:
The DJSI assessment is conducted each year by sustainability investment specialist RobecoSAM. It is based on a comprehensive review of environmental performance, innovation management, corporate governance, risk management, stakeholder engagement and talent attraction and retention, which can be found at https://investor.pseg.com/pseg-esg-disclosures.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 13 consecutive years (https://corporate.pseg.com).
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The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
From time to time, PSEG, PSE&G and PSEG Power release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can also use the "Email Alerts" link at https://investor.pseg.com sign up for automatic email alerts regarding new postings.
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