Jeanette Hite

The meeting included a presentation on corporate facility expansion, including new storage and administration buildings. The leadership provided updates on new initiatives, including an optional time-of-use rate pilot program, a prepaid billing option for members, and improvements to outage information access. Additionally, the Board discussed ongoing enhancements to the electric distribution and transmission infrastructure. The meeting also featured the election of board directors, recognition of employee and director service anniversaries, and the drawing of scholarship winners for students pursuing higher education.

The board reviewed and accepted the 2024-2025 year-end audit for Boone Power and Subsidiary, which was reported as a clean audit. Discussions included an expense audit committee report, the fourth quarter 2025 financial report, and the authorization of a new bank signatory. Proposed policy and bylaw edits were accepted. The board approved out-of-state travel for directors to attend an upcoming legislative conference. Additionally, reports were received and accepted regarding annual safety, the 2026 safety improvement plan, regulatory compliance, vegetation management, insurance renewal, and legal updates. The board also heard summaries of other organizational board activities.

The regular board meeting included several key agenda items. Cybersecurity training for directors was delivered, focusing on leadership alignment, corporate policies, risk management, and Board responsibilities. A report was provided on the yearly review requirement for CEO Succession Management policy. Discussions covered anticipated communications for the Project Domino announcement. The Policy & Bylaws Committee addressed revised employee policies, which were accepted with minor edits. New business included a determination of eligibility for director election petition candidates, acceptance of the 2025 annual inventory report and adjustments, and the identification of representatives for the Wabash Valley Power Association (WVPA) Director, Voting Delegate, Alternate, Proxy, and MSR roles. A legal update was provided, and a report was given on a previous WVPA board meeting. The Board entered an executive session to discuss the 2026 CEO Performance Evaluation, authorizing the CEO to dispose of unneeded assets related to the headquarters building project and move upon reconvening. The meeting concluded with the acceptance of the financial reports for November and the safety report for January.

The regular board meeting addressed several key items. The Budget Committee accepted the 2026 Budget as presented after addressing director questions. Regarding corporate reports, the reappointment of two Operation Round Up trustees for an additional three-year term was affirmed. The proposed 2026 Member Ambassadors of the Cooperative (MAC) meeting schedule was approved, reducing events from three to two and adjusting dates to March and September. A report on the recent Rural Electric Safety Achievement Program (RESAP) audit highlighted a significant increase in categories rated as 'exceeds requirements.' Old business included the acceptance of the proposed 2026 Board Meeting schedule. New business involved the approval of CFC loan documents and the acceptance of the annual write-off of 2024 bad debt balances (with one dissenting vote). A legal update was provided, and financial and safety reports were accepted. The board concluded with an Executive Session to discuss the 2025 CEO Performance Evaluation.

The regular board meeting covered several key actions and reports. The board affirmed the execution of Energy Services Agreements (ESAs) and the MISO Obligations and Prepayment Allocation Agreement, relating to specific agreements with WVPA, Boone REMC, and other entities, effective in July and October 2025. The 2026-2028 Construction Work Plan (CWP) for Boone Power was approved. Updates were provided on the Nominating Committee slate, revised corporate records retention schedules (approval requested next month), and an updated organizational structure incorporating functional areas and staffing needs. The Policy & Bylaws Committee reported on minor edits to Employee Policies. The Building Committee provided a general project update confirming the building project is on time and within budget. New business included the adoption of an Executive Compensation 457(b) Plan. Reports were given on the WVPA and IEC board meetings, and financial and safety reports were accepted.