Governance
Magellan's employees and Board of Directors are dedicated to maintaining high ethical standards and a diligent focus on compliance to preserve a safe environment for our employees, stakeholders, customers and communities. Our One Magellan Code of Ethics and Business Conduct is at the heart of our decision-making and actions. It focuses on our core values of Safety, Respect, Integrity, Efficiency, Engagement and Compliance. Our employees and Board of Directors are expected to regularly review the One Magellan Code of Ethics and Business Conduct and incorporate its values in their day-to-day decisions and conduct.
Douglas May, our General Counsel, serves as Compliance and Ethics Officer with overall responsibility for our compliance and ethics program. We provide regular compliance and ethics training for our officers, directors, managers and supervisors and One Magellan Code of Ethics and Business Conduct training to all employees that covers the most frequently encountered issues surrounding compliance and ethics.
We regularly review our programs and implement enhancements to assure we are current and compliant with laws and regulations. Each year, we conduct audits and reviews, focus on regulatory compliance and thoroughly investigate any issues brought forth on our Action Line.
We are committed to meeting our responsibilities to our employees, investors and general public through safe and efficient operations, compliance with laws and regulations and responsible stewardship of Magellan’s assets. That commitment is further reflected in the structure and management of our company. Since inception, Magellan has built a conservative financial risk/reward approach to growing our business. If a growth opportunity doesn’t meet our stringent requirements, then we don’t pursue it.
Unlike many publicly traded partnerships, independent members constitute a majority of our Board of Directors, which is not required by the New York Stock Exchange (NYSE). Of our board members, eight are independent and only one is a member of management. Our independent board members meet the independence and financial literacy requirements of the NYSE and the Securities and Exchange Commission (SEC).
All members of our Board of Directors are publicly elected by our unitholders and have been since our inception in 2003.