Board Oversight

Magellan's Board of Directors oversees our enterprise risk management practices via an annual enterprise risk assessment and through our asset integrity risk program, known as the System Integrity Plan (SIP).  

Our SIP is a comprehensive program that helps us identify and minimize the risks inherent in our operations and assets. It is a process-focused approach that defines how we design, construct, operate, maintain and manage our assets. It furthers our commitment to continuous improvement of environmental, health and safety performance. Our Board of Directors receives a report each quarter regarding safety and environmental performance.

Our internal audit department annually conducts an enterprise risk survey and presents the results to the Board's audit committee, which uses the results of this assessment to set the annual goals and focus areas for Audit. This group reports to our audit committee on a quarterly basis.

As part of our annual enterprise risk assessment, a compliance and ethics risk assessment is conducted to identify, validate and perform an analysis of whether we are meeting our expectations in areas such as environmental, pipeline safety, employment practices and financial reporting rules and regulations. Our Compliance and Ethics Officer uses the results of this report along with input from various internal subject matter experts to develop focus areas for our Compliance and Ethics Program each year.

In addition, our executive officers report to our Board of Directors on the various material risks facing us and our risk mitigation strategies during quarterly board meetings as well as at a strategic planning board meeting each year. For instance, our audit committee periodically meets with our Director of Information Technology to assess cyber security risks and to evaluate the status of our cyber security efforts, which include a broad range of tools and training initiatives that work together to protect the data and systems used in our business. Based on the information provided through these various processes, our Board of Directors actively evaluates the risks facing us and provides guidance as to the appropriate risk management strategy.

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