Aaron K. Brooks

The committee discussed proposed changes to the monthly Board package metrics, including streamlining and refreshing data and graphics. Additionally, the committee engaged in a robust discussion regarding proposed updates to the Enterprise Risk Management Policy and the Due Diligence Process, focusing on the categorization of projects, initiatives, wholesale contracts, retail aggregations, special contracts, and product or service offerings, specifically outlining the respective review and approval requirements for each.

The agenda includes discussions on overall results, an energy market update, and a project portfolio summary for March 2026. The Ad Hoc CEO Performance and Compensation Committee will present a report, with possible votes to approve the committee charter and the committee's recommendation on CEO compensation. Additionally, the meeting will cover a risk management committee report, proposed revisions to the governmental 457(b) plan and trust agreement, and a Municipal Electric Utility (MEU) round table.

The Board discussed March metrics, including member power costs and ancillary services, and addressed concerns regarding regional cost impacts. The energy market update highlighted rate changes and market volatility. The project portfolio summary reviewed the performance of various initiatives including micro-generation, transmission, energy storage, and fuel cell projects. The Board approved revisions to the Ad Hoc CEO Performance and Compensation Committee Charter, reviewed the CEO's 2026 performance goals, and approved a base salary adjustment for the CEO. Additionally, updates were provided on the Risk Management Committee's activities, retirement plan administration, credit ratings, and legislative advocacy efforts.

The committee convened to review CEO performance and compensation. An executive session was held to discuss performance metrics and goals, after which the committee recommended a six percent base salary increase for the CEO, retroactive to the start of the year. Furthermore, the committee discussed the next steps in the annual review process, including reviewing goals, potential revisions to the performance appraisal process, and adjustments to the CEO's employment agreement to align with recent tax code changes.

The committee discussed and recommended the adoption of the amended Ad Hoc CEO Performance and Compensation Committee Charter, focusing on revisions to the member onboarding process. Additionally, the committee held an executive session to discuss CEO performance survey results and reviewed the next steps in the annual CEO review process, including the scheduling of future meetings to address compensation adjustments and performance goals.