Risk Oversight

Risk management is by nature multifaceted, and the Board’s approach to risk oversight recognizes that reality. It is a control and compliance function, but it also involves strategic considerations in normal business decisions, as well as concerns regarding finance, security, cybersecurity, safety, health, and the environment.

Historically, the entire Board retained direct oversight of environmental, health and safety issues, and any related social concerns. In May of 2021, the Board formalized their long-standing integration of sustainability oversight by creating an ESG and Safety Committee. The ESG and Safety Committee will serve to expand ongoing efforts in coordination with the other Committees of the Board.

Each Committee meets regularly with management to review, as appropriate, compliance with existing policies and procedures and to discuss change or improvement that may be required or desirable.

The five Board Committees include the following:

  • Audit Committee: Evaluates the Company’s financial reporting, interfaces with the independent auditor, Chief Financial Officer, and other members of management, while monitoring the Company’s compliance programs.
  • Compensation Committee: Considers the possible risk implications of the Company’s various compensation programs and monitors those programs to ensure they are aligned with shareholder interests, do not incentivize excessive risk-taking, and provide equitable compensation.
  • Governance and Nominating Committee: Responsible for the oversight and monitoring of the Company’s governance processes, including the Company’s Code of Business Conduct and Business Ethics.
  • ESG and Safety Committee: Responsible for providing guidance on workplace health and safety, diversity, environmental risks, community involvement, ethical business operations, and other ESG topics.
  • Dividend Committee: Responsible for the declaration of dividends in a manner consistent with the Board’s dividend policy.

While the Board and its Committees oversee the Company’s risk management strategy, Range management is responsible for managing risk on a day-to-day basis. We have a robust enterprise risk management process for identifying, assessing, and managing risk, while monitoring risk mitigation strategies. A committee of officers and senior managers work with our Principal Accounting Officer to manage each enterprise-level risk and to identify emerging risks.