Tag: 3BL

Factors such as the aging demographic of dealership owners and impending changes in tax laws put the automotive retail industry on the brink of significant transitions. With the average age of a dealer being around 72 years old, the next 5 to 10 years will see a wave of succession planning and ownership transitions.

In this month’s episode of Up to Speed, Mike Mader, Principal with Baker Tilly’s dealership advisory service team, explores the critical aspects of dealership succession planning and estate management with Jeff Bannon, Partner at Rawls Group. They highlight strategies to maximize lifetime exemption amounts for estate taxes, adapt succession planning during organizational changes and ensure board alignment.

The urgency of succession planning

The dealership space is poised for a substantial transfer of assets, with an estimated $7 trillion expected to change hands over the next decade. This massive shift underscores the importance of strategic succession planning. Currently, the lifetime exemption amount for estate taxes stands at approximately $13.9 million per person, or nearly $28 million per couple. However, this exemption is set to expire at the end of 2025, potentially reducing to around $7 million per individual. This significant reduction creates a narrow window for dealers to transfer assets without incurring substantial estate taxes.

Strategic asset transfers

Dealers must evaluate their exposure to estate taxes and identify which assets to transfer. The goal is to gift assets that are likely to appreciate significantly over the next decade, thereby removing taxable growth from the estate. Typically, the most effective assets to transfer are those that have not yet reached peak performance, such as newly acquired dealerships. By transferring these assets, dealers can minimize estate taxes and ensure that future growth occurs outside the taxable estate.

Balancing financial security and succession

One of the many primary concerns for dealers is maintaining financial security while planning for succession. Dealers often hesitate to transfer large amounts of assets to the next generation, fearing the loss of control and financial stability. It is crucial to create a plan that balances the dealer’s financial independence with the need to prepare successors for future leadership roles. This involves realistic valuation of the dealership’s assets and a clear understanding of the estate tax implications.

Mitigating leadership vacancies

Unexpected leadership changes, such as the loss of a CEO or CFO, can create significant uncertainty within an organization. To mitigate these risks, it is essential to develop a succession plan that includes the constant development of potential replacements. This approach ensures that the organization can continue to function smoothly even in the face of unexpected leadership changes. Key to this strategy is fostering an environment where knowledge and responsibilities are shared, reducing the reliance on any single individual.

Manufacturer approval in dealership succession planning

In the automotive retail industry, the approval of the manufacturer is a critical component of succession planning. Dealers can transfer job titles and responsibilities, but the manufacturer must approve the successor to ensure continuity of the franchise. This approval process can be leveraged to ensure that successors are adequately prepared and meet the manufacturer’s standards. Dealers should engage in early and proactive conversations with manufacturers to outline the steps required for approval, thereby safeguarding the franchise’s future.

The role of the board of directors

As dealership groups grow, the governance environment becomes more complex, necessitating the formation of a board of directors. A well-defined board can play a pivotal role in succession planning by providing oversight and strategic direction. The board’s scope of authority should be clearly defined, allowing the dealer to transition to a role as chairman or chairwoman while delegating day-to-day operations to trusted managers. This structure enables dealers to gradually reduce their involvement in the business while ensuring that strategic decisions are made collaboratively.

Managing family dynamics

Family dynamics can complicate succession planning, particularly when multiple family members are involved in the business. It is essential to establish a common vision and core values that guide the family’s approach to the business. This shared vision helps align the goals of different generations and ensures that everyone is working towards the same objectives. Open communication and a clear delineation of roles can help manage expectations and reduce conflicts.

Preparing the next generation

The transition of leadership from one generation to the next often involves a shift in risk tolerance and business goals. The older generation may prioritize financial security and legacy, while the younger generation may be more focused on growth and expansion. It is important to create a financial plan that provides independence for the older generation while allowing the younger generation to pursue their vision for the business. This balance can be achieved through careful estate planning and the establishment of clear guidelines for decision-making.

Dealership succession planning is a complex but essential process. By strategically managing asset transfers, preparing for unexpected leadership changes and fostering strong governance structures, dealers can ensure the continuity and success of their businesses. Engaging in proactive conversations with manufacturers and aligning the family dynamics with business goals are critical steps in this process. Ultimately, effective succession planning not only protects the dealer’s legacy but also positions the business for future growth and stability.

Are you ready to begin your succession planning? Connect with a Baker Tilly dealership specialist.

LINCOLN, Neb., March 26, 2025 /3BL/ – The Arbor Day Foundation is replanting lost forestland in the American Southeast to help address a range of threats to the landscape. As part of this work, the nonprofit is planting hundreds of thousands of trees specifically to combat an increasing rate of pest outbreaks. The southern pine beetle is one of the most destructive forest pests in the Southeast United States, affecting 29,000 acres of forests in 2024 alone.

Through this initiative, the Foundation and its partners will target states most impacted by the southern pine beetle, including Florida, Georgia, Alabama, South Carolina, and Mississippi. The Arbor Day Foundation will also provide local communities and schools with educational resources to help people learn more about the impact of the southern pine beetle and engage them in recovery.

“When we lose trees to pests like the southern pine beetle, we lose more than a canopied landscape. We also lose the economic value and environmental benefits that forests provide,” said Lauren Marshall, director of landscape restoration at the Arbor Day Foundation. “By replanting a more biodiverse forest, we can help make this region more resilient against future outbreaks and ensure these trees remain a positive resource for many years to come.”

The southern pine beetle destroys trees by digging tunnels through its bark, limiting a tree’s ability to move nutrients through its trunk. By killing trees, southern pine beetles also destroy crucial habitat for wildlife like insects and migrating birds. The southern pine beetle has caused widespread destruction for decades in the Southeast, damaging $254 million worth of trees since 1972 in Georgia alone. The beetles are typically drawn to injured or vulnerable trees but can quickly spread to surrounding healthy trees, attracting even more beetles.

The Arbor Day Foundation’s effort builds on large-scale reforestation and community tree planting work already underway in the Southeast. In the last five years, the Foundation has helped plant 50 million trees in regional forests and hosted multiple free tree distributions in communities impacted by the southern pine beetle. Most recently, the Foundation helped distribute 1,000 trees to people living in and around Newnan, Georgia.

Click here to learn more about the importance of planting trees in the American Southeast.

About the Arbor Day Foundation 

The Arbor Day Foundation is a global nonprofit inspiring people to plant, nurture, and celebrate trees. They foster a growing community of more than 1 million leaders, innovators, planters, and supporters united by their bold belief that a more hopeful future can be shaped through the power of trees. For more than 50 years, they’ve answered critical need with action, planting more than half a billion trees alongside their partners.

And this is only the beginning.  

The Arbor Day Foundation is a 501(c)(3) nonprofit pursuing a future where all life flourishes through the power of trees. Learn more at arborday.org.

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Following World Water Day on March 22, CNH brands – Case IH and New Holland – continue to lead the way in breaking new ground in precision agriculture.

As part of the Drops of the Future initiative, CNH has teamed up with Italy-based agri tech company, xFarm, to develop a pilot project in Uzbekistan to show how precision technology and data from their machines can help farmers increase productivity and save water.

The Drops of the Future initiative is tackling water scarcity in Uzbekistan and Turkmenistan by empowering young professionals through innovation and collaboration. It has been set up by The Organization for Security and Co-operation in Europe (OSCE), which focuses on addressing a wide range of security-related concerns that include economic, environmental and human aspects. It is the first time OSCE has worked with private companies on the topic of water, agri-food production and energy to increase environmental efforts around water use, while improving production efficiency.

It started in September 2024 with the Tashkent Youth Workshop in Uzbekistan, which featured experts, policymakers, and industry leaders – including CNH. This ongoing project is delivering real impact.

To find out more about the Drops of the Future Initiative and the xFarm pilot project in Uzbekistan, visit: bit.ly/BreakingNewGround_en

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Key Points

Students in the Ysleta Independent School District in El Paso, Texas, are getting new learning experiences outside the classroom that support workforce development.High school students in engineering courses recently explored interactive exhibits about subjects such as robotics at the city’s new science and learning center.The visit came through the district’s partnership with Marathon Petroleum’s El Paso refinery, which has also provided internships and equipment for job-based classes.

The Ysleta Independent School District (YISD) in El Paso, Texas, is providing new learning experiences outside the classroom to build upon career-oriented programs for high school students. The district recently leveraged its educational partnership with Marathon Petroleum Corporation’s (MPC) El Paso refinery for a visit by more than 30 students and teachers to the city’s La Nube (pronounced noo-beh) STEAM (science, technology, engineering, art, and math) Discovery Center.

“We invited some of the engineering students, since we have been working with Marathon on workforce development and engineering is one of the main careers of focus,” said YISD Career and Technical Education (CTE) Coordinator of Workplace Learning Cecy De La O. “Some of the instructors said that the exhibits gave them ideas for future lessons, activities or projects.”

“We have been working with Marathon on workforce development, and engineering is one of the main careers of focus.”

The students who toured La Nube are enrolled in courses that are part of Engineering Foundations, one of several professional development curricula available at high schools in YISD.  Among other advantages, these programs of study can help students acquire industry certifications, earn college credit and pursue work-based learning opportunities.

“Hosting the students was an extension of our continuing partnership with YISD’s CTE Department,” said MPC Principal ESG and Stakeholder Engagement Representative V.J. Smith. “Our support includes grants to fund participation in skills competitions, purchases of industrial equipment for CTE classes, employee volunteers helping stage academic contests, and summer internships at the refinery.”

MPC representatives coordinated the visit as part of celebrating Flow, an interactive exhibit the refinery funded. This exhibit focuses on the science behind water, how machinery harnesses its power and the importance of conservation. Along with Flow, the students spent time at La Nube’s eight other learning zones that offer hands-on activities for exploring subjects such as robotics, geometry, 3D printing and acoustics.

“Our involvement with the school district reflects MPC’s commitment to strengthen the communities where we operate and help make people’s lives better,” Smith said. “Our core value of collaboration motivates us to work with stakeholders to find ways of making a positive, measurable impact.”

At Tapestry, we believe great design and an exceptional customer experience must come first. With this foundation, we then focus on producing quality products through material efficiency, embracing circularity and innovation across our supply chain.

CREATE PRODUCTS WITH CARE GOALS FOR 2025 AND BEYOND

95% traceability and mapping of our raw materials by 2025.90% of leather used in our products comes from Silver- and Gold-rated Leather Working Group (LWG) tanneries by 2025.95% of polyamide (nylon) will be from preor postconsumer recycled sources by 2025.90% of cotton will be organic- or regenerativecertified by 2025.75% recycled content in consumer packaging by 2025.95% of polyester will be from pre- or post-consumer recycled sources by 2027.10% of leather will be from farms using regenerative agriculture practices, made with recycled inputs or made with “next-generation” materials by 2030.

Tapestry’s circularity strategy is centered on supporting the three principles of the circular economy, all driven by design: eliminating waste and pollution, circulating products and materials and regenerating nature. We categorize our projects into three workstreams that support these principles:

Fabric of Change targets: Our sustainability targets serve as the foundational work underpinning our circular economy strategySystem initiatives: Establish and invest in partnerships, infrastructure and innovations needed to implement circular business models and circular economy principlesProduct initiatives: Empower our brands to create products that are designed to flow through multiple lives, utilizing recycled and regenerative materials

Through these workstreams, we aim to scale circular business models that extend product lifecycles and value.

Tapestry is a Network Partner of the Ellen MacArthur Foundation, an international charity that develops and promotes the idea of a circular economy. The Foundation’s Fashion Initiative is leading international efforts working with businesses, governments and NGOs to fundamentally redesign both the products of the future, and the services, supply chains and business models that deliver them and keep them in use. The program seeks to inspire the fashion industry to ensure products are used more, are made to be made again, and are made from safe and recycled or renewable inputs in order to create a resilient and thriving industry.

We continue to prioritize the education of our employees on circular business principles. For more information see the section Upskilling our Employees and our Supply Chain.

Read more about our commitment to circularity in our Corporate Responsibility Report, The Fabric of Change

Picture a university where the digital landscape is as dynamic as the students it serves—where every classroom is a gateway to global learning and every network is a fortress of security. At Delaware State University (DSU), this is not merely a dream but a realized vision, thanks to a bold digital transformation and a strategic partnership with Cisco.

Overcoming Initial Challenges

When Darrell McMillon joined DSU in 2020 as the Vice President and CIO, he encountered significant challenges. The existing technology infrastructure was outdated, stifling potential and progress. McMillon, alongside Russell Weaver, the Executive Director of Network Services, envisioned a complete overhaul of DSU’s technological landscape to propel the university into the future.

A Strategic Partnership with Cisco

Recognizing the critical need for modernization, DSU built a powerful partnership with Cisco following network outages in 2017. Together, they embarked on an ambitious project to revamp the university’s IT infrastructure. The outcome was a state-of-the-art network featuring 300 new switches, 1500 advanced wireless access points, and robust security appliances. This transformation has not only fortified the campuses but has positioned DSU as a leader in technological innovation.

Enhancing Cybersecurity

In an era where cyber threats are ever evolving and a national mandate in which all Institutions must pass the NIST (National Institue of Standards and Technology) assessment to continue receiving governmental funding, DSU is taking a proactive stance. In partnership with Cisco’s Community Enablement team, DSU received a $3.37 million-dollar donation from Cisco. This donation allowed the university to revolutionize its approach to network security. By transforming physical firewalls into logical virtual ones, DSU has achieved unparalleled protection for its networks. As McMillon highlighted, “Our infrastructure is reliable, scalable, and redundant, supporting multiple campuses across the state.” DSU is not just meeting cybersecurity standards; it is setting the bar higher.

“Over the past five years, I have observed Delaware State University’s remarkable evolution in leveraging technology to create exceptional growth opportunities for its students. I am proud that Cisco has played a pivotal role in supporting DSU’s transformation, positively impacting its students.” —Rick Scatchard, Account Manager, Cisco

Revolutionizing Educational Technology

The pandemic underscored the need for flexible learning solutions, and DSU responded with agility and foresight. By integrating Cisco Webex into 125 classrooms, DSU has created vibrant learning environments equipped with the latest technology. Imagine classrooms with speaker tracking and 4K presenter cameras that support seamless hybrid learning. At DSU, educational continuity is guaranteed, no matter the circumstances. McMillon expressed his enthusiasm, noting, “We felt that the Cisco Webex platform delivered the flexibility and reliability needed for both in-person and virtual learning.”

Empowering Student Success

DSU’s transformation is about more than technology—it’s about empowering students. Through Cisco’s Networking Academy, DSU offers groundbreaking opportunities in cybersecurity and IoT. These programs provide students with industry certifications and hands-on experience, paving the way for successful careers. One recent graduate has already secured a full-time network support role, showcasing the tangible benefits of these initiatives.

Commitment to Continuous Improvement

While significant strides have been made, DSU’s journey is far from over. The university remains committed to continuous improvement, driven by a desire to enhance services and expand capabilities. With Cisco as a trusted partner, DSU is poised to maintain its leadership in educational technology and ensure an even more robust future.

Looking Ahead

Delaware State University is not just an educational institution; it is a beacon of innovation and excellence. The partnership with Cisco has been instrumental in DSU’s transformation, and the future holds exciting possibilities. As DSU continues to evolve, it invites others to explore how technology can drive innovation and success in their institutions.

DSU’s journey of digital transformation is not just about upgrading technology; it’s about shaping the future of education, one innovation at a time.

To hear more about this journey, watch the video below featuring Darrell McMillon and Russell Weaver from DSU.

For more information:

Delaware State University Information Technology

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NEW YORK and LONDON, March 25, 2025 /3BL/ – AccountAbility, a globally recognized leader in sustainability advisory services, standards, and research has partnered with the Colin Powell School for Civic and Global Leadership at The City College of New York (CCNY) to launch the AccountAbility Sustainability Lab (“S Lab”). This groundbreaking initiative will provide a unique, immersive learning experience that prepares the next generation of forward-thinking leaders to advance the sustainability agenda across organizations and deliver a positive impact on global society.

AccountAbility has made a commitment to contribute material financial and in-kind support for the next four years to launch the “S Lab” in partnership with the Colin Powell School. This robust investment will fund program development, student stipends, research resources, and faculty costs.

“As we confront shifting economic realities, technological advancements, and social change, a new and ‘different’ kind of leadership is required,” stated AccountAbility CEO Mr. Sunil A. (Sunny) Misser. “The AccountAbility ‘S Lab’ pioneers the development of a new generation of resilient, capable, and principled leaders who can effectively address the foremost issues in the world of tomorrow.”

Empowering Students Through the “S Lab” Fellowship

At the core of the AccountAbility Sustainability Lab is the “S Lab” Fellowship, a year-long program designed to integrate academic rigor with real-world ESG challenges. The fellowship offers CCNY students a structured curriculum, professional mentorship, and industry exposure to position them for successful careers in sustainability.

Key components of the program include:

Fall Credit-Bearing Course: A three-credit course led by a Colin Powell School faculty member, developed in collaboration with AccountAbility subject matter experts. The curriculum covers pressing sustainability challenges, including strategy, measurement & reporting, regulatory developments, and emerging topics such as artificial intelligence and geopolitics.Spring Capstone Course: Fellows will engage in a “hands-on” project designed in partnership with AccountAbility, providing practical application of sustainability concepts in a real-world company setting.Financial Support: Each fellow will receive a financial stipend to support and facilitate their participation.Mentorship: Fellows will be paired with professionals from AccountAbility for one-on-one guidance and career support.Paid Summer Internships: Fellows will receive priority consideration for internships through the AccountAbility Fellowship Program, with additional financial support provided.Industry Exposure: Students will gain access to sustainability practitioners, corporate executives, and policy leaders through site visits and networking events.Cohort-Based Learning: Fellows will engage in a supportive, community-driven learning experience that fosters collaboration and professional growth.

“The AccountAbility Sustainability Lab is a transformative opportunity for our students, equipping them with the skills, knowledge, and hands-on experience needed to excel in the fast-growing field of ESG and sustainability,” said Dr. Andrew Rich, the Richard J. Henley and Susan L. Davis Dean of the Colin Powell School. “My sincere thanks to Sunny Misser for his vision and leadership in making this possible for our students.”

The AccountAbility Sustainability Lab will launch with key milestones to ensure a structured and impactful program. Recruitment of “S Lab” Fellows will occur through Spring 2025, with Mentors assigned to support the Fellows this summer.

In its inaugural year, the “S Lab” Fellowship will support a select number of students, with plans for future expansion.

“At the Colin Powell School, our mission is to prepare our diverse, talented students — who are often hindered by financial and societal constraints — to be tomorrow’s leaders,” said Ms. Linda Powell, co-Chair of the Colin Powell School Board of Visitors and Executive Vice President, SAG-AFTRA. “We are proud to collaborate with a global leader like AccountAbility to prepare the next generation of ethical, forward-thinking professionals. Through this partnership with AccountAbility, our students will gain unparalleled access to industry leaders, real-world projects, and career pathways that will empower them to drive meaningful change in their communities and beyond.”

Mr. Marco Antonio Achón, co-Chair of the Colin Powell School Board of Visitors, Global Head of Corporate Banking, Santander Corporate & Investment Banking, echoed Ms. Powell’s appreciation for the new partnership with AccountAbility.

“Last year, I had the pleasure of introducing Sunny to Dean Rich — and he immediately grasped the importance of the work we are doing at the Colin Powell School,” said Mr. Achón. “He has now translated this understanding into a generous and substantive partnership that will provide extraordinary opportunities for our students.”

The “S Lab” will “kick-off” in Fall 2025 with a special launch event at AccountAbility’s offices on Madison Avenue in New York City, where “S Lab” Fellows will be the guests of honor.

AccountAbility and the Colin Powell School will also host a Sustainability Forum in Spring 2026, bringing together Fellows, AccountAbility practitioners, and Industry Experts.

“Our partnership with the Colin Powell School through the AccountAbility Sustainability Lab is part of our commitment towards investing in the future generation of leadership by equipping them with the knowledge, skills, and real-world experience needed to navigate the evolving international sustainability landscape,” Sunny Misser stated. “By combining academic rigor with practical application, we are not only preparing future leaders but also hoping to make a lasting, positive impact on society.”

Media Contact

Mr. Julian Cardillo

Marketing & Communications Manager, AccountAbility

julian.cardillo@accountability.org

781-864-3492

About AccountAbility

Established in 1995, AccountAbility is a leading global consulting and standards firm dedicated to advancing the sustainability and ESG agenda. The firm works with businesses, investors, governments, and multilateral organizations to improve sustainability performance, drive innovation, and create lasting impact. Operating as a Public Benefit Corporation, AccountAbility has a global presence with offices in New York, London, Riyadh, and Dubai. The firm has been recognized by the Financial Times, Forbes, and Capital Finance International for its excellence in sustainability, strategy, and governance and its website is archived by the United States Library of Congress.

For more information on the AccountAbility Sustainability Lab (“S Lab”) and partnership opportunities, please visit www.accountability.org

About the Colin Powell School for Civic and Global Leadership

Established in 2013, the Colin Powell School is home to the social science departments at CCNY as well as the core leadership development and public service programs of the College. With 4,000 students, and graduating the most CCNY students annually, the Colin Powell School mission is to transform the nation’s most diverse student body into tomorrow’s global leaders. Half of our students are immigrants; more than seventy percent are first-generation college students. Eighty percent are people of color. Most come from lower income backgrounds. The Colin Powell School and City College remain among the most effective engines of economic and social mobility in the United States. The School is led by a faculty dedicated to the highest standards of research and to the university’s democratic and public obligations. Read more about the Colin Powell School.

About The City College of New York

Since 1847, The City College of New York has provided a high-quality and affordable education to generations of New Yorkers in a wide variety of disciplines. CCNY embraces its position at the forefront of social change. It is ranked #1 by the Harvard-based Opportunity Insights out of 369 selective public colleges in the United States on the overall mobility index. This measure reflects both access and outcomes, representing the likelihood that a student at CCNY can move up two or more income quintiles. Education research organization Degree Choices ranks CCNY #1 nationally among universities for economic return on investment. In addition, the Center for World University Rankings places CCNY in the top 1.8% of universities worldwide in terms of academic excellence.

Labor analytics firm Lightcast puts at $3.2 billion CCNY’s annual economic impact on the regional economy (5 boroughs and 5 adjacent counties) and quantifies the “for dollar” return on investment to students, taxpayers and society. At City College, more than 15,000 students pursue undergraduate and graduate degrees in eight schools and divisions, driven by significant funded research, creativity and scholarship. In 2023, CCNY launched its most expansive fundraising campaign, ever. The campaign, titled “Doing Remarkable Things Together” seeks to bring the College’s Foundation to more than $1 billion in total assets in support of the College mission. CCNY is as diverse, dynamic and visionary as New York City itself. View CCNY Media Kit.

BIRMINGHAM, Ala., March 25, 2025 /3BL/ – The highly anticipated 26th season of Alabama Power’s Renew Our Rivers (ROR) cleanups begin Saturday, March 1, at Valley Creek. In 2025, ROR Coordinator Mike Clelland has 28 cleanup events lined up, running through October 31, with additional dates to be announced.

“We’re kicking off another quarter-century,” said Clelland, who expects to distribute approximately 5,000 ROR T-shirts to volunteers. Last year, nearly 3,400 volunteers removed about 107 tons of trash from Alabama’s lakes and waterways, contributing to a 25-year total of over 104,000 volunteers and 13.4 million pounds of debris cleared.

ROR cleanups have become a staple in Alabama Power’s environmental efforts, with strong participation from company volunteers, homeowner and boat owner groups (HOBO), and environmental organizations. Clelland noted an increase in volunteer recruitment this year, particularly among lake associations, indicating growing enthusiasm for the program.

“The energy for the program is still there, and it’s even increasing in some instances,” Clelland said.

The program has seen a steady rise in volunteer numbers post-pandemic, with high school and college students, scout groups, and community members eager to contribute.

Volunteers are encouraged to stay updated on cleanup schedules through their local lake associations, as dates may shift due to weather conditions.

For more information on the Renew Our Rivers initiative and to find a cleanup event, visit AlabamaPower.com/RenewOurRivers.

2025 ROR cleanup schedule

March 1: Valley Creek: Adger, Birmingham, Bessemer and Providence

March 22: Minor Heights Community at Village Creek

March 28-March 29: Lake Eufaula (Chattahoochee River)

March 29-April 5: Logan Martin (Coosa River)

April 12: Lay Lake (Coosa River)

TBD: Lay Lake at E.C. Gaston Plant (Coosa River)

April 17-18: Smith Lake (Winston County)

April 25: Smith Lake (Cullman County)

April 26: Weiss Lake

May 3: Lake Jordan (Coosa River)

May 10: Lake Mitchell (Coosa River)

May 20-21: Smith Lake (Walker County)

May 31: Chattahoochee River (Plant Farley)

June 7: Holt Reservoir

Aug. 9: Valley Creek- Fairfield, Midfield, Hueytown, Pleasant Grove and Brighton

Sept. 4-5: Smith Lake (Winston County)

Sept: 17-18: Smith Lake (Walker County)

Sept. 19-20: Lake Demopolis

Sept. 22-27: Neely Henry Lake (Coosa River)

Sept: 27: Village Creek

Sept. 30: Dog River (Mobile County)

Oct. 1-2: Mobile River (Plant Barry)

Oct. 4: Lake Mitchell (Coosa River)

Oct. 9: Plant Miller (Locust Fork)

Oct. 10: Smith Lake (Cullman County)

Oct. 21-23: R.L. Harris (Tallapoosa River-Lake Wedowee)

Oct. 31-Nov. 1: Lake Martin (Tallapoosa River)

About Alabama Power

Alabama Power, a subsidiary of Atlanta-based Southern Company (NYSE:SO), provides reliable electricity to 1.5 million customers across the state. Learn more at AlabamaPower.com.

SOURCE Alabama Power

For further information: Media inquiry line: 205.257.4155

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Last November, Covia’s Roff Plant accepted the Wildlife Habitat Council’s challenge to build birdhouses as part of WHC’s Artificial Nesting Structure Challenge. This initiative was created in response to the decline of cavity nesting birds over the years due to habitat loss. Providing these artificial nesting structures is an important way to support bird populations and gain insight into the local bird community. Today, Covia is proud to be recognized by the WCH with the Best New Build Award.

The house is perched 10 feet off the ground and features a predator guard to keep pesky critters away. This stunning custom home is perfect for purple martins, when the adult birds show up in Oklahoma from March through May. The team is excited to keep an eye on the house as Covia’s Roff Plant approaches the optimal nesting season for purple martins.

Covia’s Roff Plant is honored to be recognized with this award from the Wildlife Habitat Council. By providing these artificial nesting structures, the Roff Plant is contributing to WHC’s mission to help local bird populations thrive.

Learn more about the Tandem Global Nesting Structure Challenge here.

Originally published in Lenovo’s 2023/24 ESG Report

A statement on oversight and management of Environmental, Social and Governance

The oversight of Environmental, Social, and Governance (ESG) programs, and the approach and strategy of Lenovo towards the management of ESG matters was set out in a statement issued by the Board of Directors (the “Board”) and management of Lenovo. Details of which are set out below:

ESG governance structure

Board oversight

The Board has the highest level of oversight for ESG programs and reporting and manages this responsibility. The Board’s oversight of Lenovo’s ESG programs and processes includes support and evaluation of Lenovo’s management of and response to key ESG-related risks and opportunities, in the context of strategy, decisions on major transactions, risk management policies, and long-term value-creation across its business operations. Board members are regularly briefed on and have discussions about critical ESG risk areas, opportunities and key ESG practices during Board meetings, and are tasked with approving the ESG Report. ESG-related topics are included in the agenda items of the Board and Board Committee meetings throughout the financial year, and ESG is a standing agenda item at least twice annually. Regular newsletters with updates on ESG issues, including updates on topics discussed by the ESG Executive Oversight Committee (EOC) and ESG developments of Lenovo, are also provided to the Board and its Committees from the Chief Legal & Corporate Responsibility Officer (or her delegates).

ESG oversight is supported through the Nomination and Governance Committee, which oversees the corporate policies and practices regarding governance and compliance with legal and regulatory requirements. The Audit Committee has a complementary role in the effective management of risks and safeguarding Lenovo’s resources, through oversight of the Internal Audit and Enterprise Risk Management (ERM) systems, both of which support overall ESG risk management practices. The Audit Committee also has annual review of the adequacy of resources, staff qualifications and experience, training programs, and budget on the Group’s ESG performance and reporting. The Chief Legal & Corporate Responsibility Officer provides executive leadership for Lenovo’s ESG position and ensures regular reports are made to the Lenovo Executive Committee (LEC), and the Board and its Committees. The LEC consists of senior management who have delegated authority established by the Chief Executive Officer to manage operational performance, including strategic decisions.

In addition, the ESG EOC, chaired by the Chief Legal & Corporate Responsibility Officer, provides strategic direction, and facilitates the coordination of ESG efforts across Lenovo, including proposing recommendations for the effective management of ESG programs. The ESG EOC is comprised of senior management from across the business and functional areas and is chartered to promote a culture that encourages strong ESG performance, including compliance and leadership activities.

The ESG EOC is responsible for:

Monitoring emerging ESG trends, impacts, and opportunities;Representing the voice of the customer in ESG strategy decisions;Recommending ESG initiatives, investments, and disclosures to management and the Board;Ensuring the Group’s ESG strategy appropriately addresses risks and obligations;Evaluating ESG programs and investments for effectiveness;Supporting ESG disclosure and messaging initiatives;Acting as executive champions for Lenovo’s ESG culture and values.

The Board is aware of the importance of continuous improvement of its own collective performance in the leadership of Lenovo, including addressing climate-related risks and opportunities and the oversight of ESG matters. Through a formal process that is led by the Nomination and Governance Committee, all directors conduct Board evaluation via an online platform, the aim of which is to evaluate and advance the performance and effectiveness of the Board and its committees, including the oversight of ESG matters. This evaluation is conducted every two years or as agreed by the Board members.

As part of the Board’s continuous professional development program, Directors from time to time receive training on ESG matters including anti-corruption, climate, water, ESG risks and opportunities, and other relevant topics in the form of presentations from ESG professionals. Directors are also updated on a continuing basis by Lenovo Secretary on ESG news releases by the Hong Kong Stock Exchange and other professional organizations. This facilitates Board members’ understanding of Lenovo’s ESG practices, supports the continuous development of ESG competencies within the Board’s skills matrix, and increases awareness of ESG impacts on Lenovo’s operations.

Concentrated discussion on ESG issues, including climate change, assists the Board in making the most appropriate decisions and providing oversight based on the long-term risks and opportunities that impact Lenovo’s stakeholders and the business. At least annually, the Board is briefed on Lenovo’s ESG Key Performance Indicators (KPIs), including its climate strategy and progress towards its climate change mitigation goals.

ESG management approach

In addition to the responsibilities listed above, the Board, through management process, delegates authority to the ESG EOC for the following ESG oversight activities:

Overseeing the assessment of Lenovo’s environmental and social impacts, including Lenovo’s annual materiality assessment process;Ensuring alignment of Lenovo’s ESG programs with regulatory requirements and investor expectations;Understanding the risks of ESG issues on Lenovo’s operating model and ensuring that actions taken to address the risks are appropriate and well-followed;Ensuring that ESG considerations are part of business decision-making processes.

As part of Lenovo’s ESG program, a materiality assessment is conducted annually with internal and external stakeholders to identify ESG-related risks and opportunities and their impacts on the business and stakeholders. The results are reviewed and approved by the ESG EOC and included in the ESG Report that is reviewed and approved by the Board. This assessment guides the objectives for Lenovo’s ESG programs, including goals and targets, informing the business strategy, targeting communications, and the disclosures in the ESG Report.

Lenovo recognizes that risk management is the responsibility of everyone within the organization, and that risk is best managed when business functions take responsibility and are accountable for them. Rather than being a separate and standalone process, risk management is therefore incorporated as part of Lenovo’s annual strategic planning process across all major functions.

Lenovo’s official ERM process details various business risks that include environmental, social, and governance risk categories. Annually, Lenovo requires each business unit to identify risks, assess their impacts on executing its strategy, and develop risk mitigation plans. The results of this assessment ensure that effective risk management and internal control systems are in place.

ESG-related information is periodically audited using an internal control framework as part of a broader corporate risk assessment that incorporates audit processes to provide independent and objective assurance that Lenovo’s ESG disclosures, statements, and metrics are accurate and aligned with Lenovo’s risk management approach. Lenovo has been following a long-standing integrated approach for internal control which is consistent with the Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework. This internal control framework is overseen by the Audit Committee.

Lenovo’s ESG disclosures, statements, and metrics are managed by a dedicated team that is focused on monitoring the effectiveness of the ESG initiatives and reporting the organization’s progress against the goals and targets.

Review of progress and relevance to the business

The ESG EOC conducts regular meetings to assess the progress of Lenovo’s ESG initiatives, including climate change and net-zero targets, their relevance to stakeholder expectations and Lenovo’s long-term business strategy, and the direction of and investment in ESG programs.

Lenovo sets targets to address Lenovo’s material impacts through a variety of related processes, including Lenovo’s ISO 14001:2015 (environmental), ISO 50001:2018 (energy management), ISO 45001:2018 (occupational health and safety), and ISO 9001:2015 (quality) management systems. In addition, relevant teams and departments within Lenovo including Strategy, Human Resources, and others may set KPIs related to their own impacts which may be integrated into the corporate ESG KPIs as appropriate. Lenovo’s corporate ESG KPIs are developed with approval from the ESG EOC and supported by the LEC and the Board.

The ESG practices and related goals and targets, KPIs and progress are periodically reviewed by the Board and are aligned with credible industry and science-based standards, and ESG reporting frameworks. Lenovo’s progress is disclosed in the ESG Report that is reviewed and approved by the Board.

ESG performance metrics and climate-related considerations are factored into certain executive officer’s remuneration policies where KPIs are tied to variable compensation or may result in non-monetary incentive such as recognition including employee awards.

The Board acknowledges that the corporate ESG landscape is evolving, and that the effective governance of ESG matters is fundamental to a company’s ESG accountability. As Lenovo regularly evaluates the ESG risks and opportunities faced by the industry and the potential impacts on Lenovo’s business continuity plan, the Board strives to strengthen the oversight of ESG programs and practices that will help to build a more resilient future for all.

Ethics and integrity

Ethics and integrity serve as the foundation of all Lenovo business practices. Results from the 2023 ‘Lenovo Listens’ survey highlight one of Lenovo’s greatest strengths: ethical business practices. Specifically, 97% of Lenovo’s workforce believe Lenovo is ethical in all its business dealings. Lenovo recognizes its success hinges on its steadfast commitment to these values. This commitment is reinforced among the workforce through Lenovo’s core values, which emphasize the significance of “Teamwork with Integrity and Trust,” one of Lenovo’s four fundamental cultural tenets.

Lenovo’s Ethics and Compliance Office (ECO) was established to foster a culture that is committed to implementing these values. The ECO works in partnership with stakeholders across the globe to promote legal and ethical operations. The ECO actively raises awareness about the importance of ethical and compliant business practices to Lenovo and serve a critical role in providing employees with the information, resources, and training they need to make informed ethical decisions.

The ECO also oversees Lenovo’s Code of Conduct (Code), which establishes clear expectations for employee compliance with its policies related to lawful and ethical business conduct. The Code reflects Lenovo’s culture of trust and integrity, holds employees accountable for their behavior, and helps employees determine when and where to seek advice. The Code, policies, and related awareness and training materials are provided electronically and through periodic communications. Specifically, Lenovo’s new hires are required to take Code training. In order to successfully complete the training, all employees are required to provide attestation of their adherence to the Code and Lenovo policies. Furthermore, in FY 2023/24, 99.9% of all direct labor employees completed mandatory Code training.

The ECO is supported by the following committees:

Board Committees

The Audit Committee is annually briefed by the ECO on matters including the adequacy of resources for ESG reportingThe Nomination and Governance Committee oversees the corporate policies and practices about governance and compliance with legal and regulatory requirements

Other Committees

The Executive Ethics Committee provides executive-level oversight and guidance to the ECOThe Investigation Oversight Committee works closely with the ECO to oversee the Group’s internal investigation process and speak up initiativesThe Regional Ethics and Compliance Committee provides the ECO with global support, perspective, and insight

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