Our Approach and Strategy
Our Corporate Responsibility Policies and Practices document explains how our commitment to sustainability naturally flows from our Core Values and addresses our expectations and requirements with respect to key dimensions of sustainability.
The foundation of our four pillars is based on the interaction of Regency’s key strategic and sustainability goals, and further supported by our stakeholders’ priorities. Our continued commitment in these areas guides our business strategy and helps us to identify key risks, including those related to ESG factors.
With these pillars in mind, we develop nearand long-term goals aligned with each to ensure that our ESG initiatives remain at the forefront of our business. We continue to carry out our purpose, and are excited about our transition to the next phase of Regency’s sustainability goals.
In 2020, Regency conducted a materiality assessment to identify and better understand our stakeholders’ ESG priorities. The materiality assessment, conducted with the help of an experienced third party, collected feedback from a range of internal and external stakeholders and benchmarked best practices. We also reviewed key topics raised through our stakeholder engagement and outreach, and then discussed and prioritized these with important internal and external stakeholders.
We are committed to periodically refreshing our materiality assessment to prioritize the most significant issues impacting our business, communities, and the environment, as well as the issues that matter most to our stakeholders. For more details regarding our 2020 stakeholder priorities and the associated materiality matrix, please see Stakeholder Engagement.
Corporate Responsibility, or focusing on ESG issues, is a foundational strategy of Regency. We know that alignment of strategy and sustainable outcomes is critical to the long-term success of our Company and the environment. Therefore, management of ESG issues is integral to operating our business and is embedded within our corporate strategy and objectives.
That is why, for the first time in 2021, we integrated our ESG objectives into our Named Executive Officers’ (NEOs) annual incentive program.
This includes effectively governing our business and holding ourselves accountable on important topics to our Company and our stakeholders, including transparency about our performance.
Regency's Core Values, including the importance that we place on Corporate Responsibility, are at the foundation of who we are and what we do. We believe that acting responsibly is strategic to the long-term sustainability of our business, our stakeholders,
and the environment. Our Corporate Responsibility program is built on four pillars — our people, our communities, ethics and governance, and environmental stewardship — and is guided by our focus on three overarching concepts: long-term value creation,
the importance of maintaining our culture, and Regency’s brand and reputation.
Our Board of Directors is responsible for the oversight of our ESG strategy, initiatives, and business alignment, and has delegated to its Nominating and Governance Committee oversight of Regency's Corporate Responsibility (or ESG) program. Our President and CEO, Lisa Palmer, has ultimate senior management responsibility for the Company’s ESG program, including oversight of our management-led Corporate Responsibility Committee, and is the primary decision-maker on all ESG matters. Regency’s Corporate Responsibility Committee comprises senior leaders from key areas of our business and is tasked with working with management’s Executive and Operating Committees to ensure that our ESG strategy and near-and long-term objectives are embedded throughout the Company’s business decisions, processes, and activities.
In 2021, the Nominating and Governance Committee was briefed regularly on our strategic sustainability initiatives, our goal-setting process, progress toward developing goals aligned with SBTi and the Task Force on Climate-Related Financial Disclosures (TCFD), performance against metrics and targets, sustainability reporting, and the landscape of shifting ESG expectations and practices among our investors and other stakeholders.