Governance

Our Board of Directors has a strong commitment to corporate responsibility and accountability. Community-focused and with a breadth and diversity of experience, board members bring strong effective oversight in their service to MGE and MGE Energy.

Highlights 

• The Board of Directors schedules 10 regular full-board meetings each year.
• Seven out of the board’s nine directors are independent. All members of the Corporate Governance Committee, Audit Committee and Compensation Committee* are considered independent.
• The Lead Independent Director is empowered to call meetings of the board and executive sessions and chairs the Corporate Governance Committee.
• The Corporate Governance Committee conducts an annual assessment of the board’s effectiveness as a whole.
• In 2021, as part of ongoing board refreshment, the board welcomed a new director—its third new director since 2018.
• The company has a “clawback policy,” which covers both cash-based and/or stock-based awards containing performance requirements.
• Bylaws include a director resignation policy for directors who do not receive a majority “for” vote in uncontested elections.
• The board engages in a comprehensive biannual risk assessment with quarterly review, and on a biennial basis, the board conducts a broad-based exercise with all company officers on risk.
• MGE does not use corporate funds for contributions to any state or federal political candidates or their campaign committees.

This report includes forward-looking statements and estimates of future performance that may differ from actual results because of uncertainties and risks encountered in day-to-day business.

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*In 2023, the Compensation Committee was renamed the Human Resources and Compensation Committee.