PSEG Launches New Diversity, Equity & Inclusion Report, Showcases Initiatives that Drive Workplace Change and Create Readiness for Workforce of the Future

PSEG also Named One of Newsweek's "America's Most Responsible Companies 2022"

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Dec 13, 2021, 08:00 ET

NEWARK, N.J., Dec. 13, 2021 /PRNewswire/ -- Today, PSEG reinforced its commitment to support stakeholders confront bias and promote equity with the launch of its first-ever Diversity, Equity & Inclusion (DEI) report. The report highlights the company's Inclusion for All strategy, as well as its progress toward building a culture that respects and celebrates the diversity of its workforce; recruiting, developing and retaining diverse talent; and being a positive force for the many unique communities it serves.

Recognizing PSEG's accomplishments across environmental, social and governance (ESG) measures, PSEG was recently named one of America's Most Responsible Companies 2022 by Newsweek. PSEG is the leading utility, ranked second-highest in the energy & utilities industry and No. 59 among all U.S. companies.

The PSEG DEI report also provides an update on the company's 2020 pledge with New Jersey Gov. Phil Murphy and the New Jersey CEO Council and its members to, working together, hire or train 30,000 residents with a focus on underrepresented communities of color and other underserved communities by 2030, and to spend an additional $250 million on procurement with state-based, diverse companies by 2025.

"We are on a journey, bolstering our commitment to a diverse, equitable and inclusive workplace, and taking concrete actions that will lead to meaningful and sustainable change both inside PSEG and throughout our communities," PSEG Chairman, President and CEO Ralph Izzo said.

"Reflecting, valuing and leveraging a diverse workforce, and developing and retaining people with different life experiences, brings better ideas and the best solutions. This is essential to achieving the goals before us: the transition to a stronger, carbon-free economy, tackling climate change, preserving our nuclear fleet, modernizing critical energy infrastructure, and restructuring and reimagining our business," Izzo said.

Launched in 2020, Inclusion for All is PSEG's enhanced enterprise-wide, multi-year DEI strategy to address the needs of an ever-changing society and workplace. Through Inclusion for All, PSEG is working to:

Increase the representation of people of color and women throughout its workforce, particularly within management and union-represented roles.
Sustain an inclusive and equitable workplace where all employees are engaged, feel psychologically safe, and can innovate and effectively achieve the company's business priorities.

PSEG recognizes that equity is critical to helping all employees to thrive, ensuring that the benefits and opportunities of working at PSEG are accessible equally to all employees. This is especially important as so many struggle with the challenges of work-life balance exacerbated by the pandemic crisis. As a result of a comprehensive equity review of policies and programs, PSEG expanded its paid parental leave policy and updated its annual incentive program to allow greater flexibility for employees who take extended leave, including maternity leave.

PSEG also recognizes the value of our military veterans and active service members and actively supports them in their transition to the civilian workforce. We are honored to be recognized in the top 100 Best Employers for Veterans by Forbes.

Highlights in the report also include:

Governance: The company is holding itself accountable by making DEI part of its annual company-wide incentive program and reporting performance to the PSEG Board of Directors.
Leadership training: The company has several leadership training programs to elevate traditionally underrepresented groups. In 2021, PSEG added additional leadership development programs to support and advance people of color. In addition, the number of participants in the company's existing leadership development program for women has doubled in the last year, with more than a third of participants moving into new positions after completing the program.
Confronting bias: More than 200 of PSEG's senior leaders are participating in an ongoing CEO-led inclusive leadership development program. PSEG has trained hiring managers and recruiters on how to promote equity and eliminate bias in the hiring process.
Representation: Following an enterprise-wide disability inclusion campaign in 2020, the number of employees who self-identified as living with a disability increased by more than 300%.Inclusion: The company recently published a formal LGBTQ+ Inclusion Pledge to reinforce its commitment to this community.
Supplier diversity: The company achieved a new record for the sixth consecutive year of supplier diversity spend, buying 28% of all applicable purchases from diverse vendors.

To find out more, read the full report at www.pseg.com/DEI.

Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 14 consecutive years (https://corporate.pseg.com).

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Forward-Looking Statement
The statements contained in this press release that are not purely historical are "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. Factors that may cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission (SEC), and available on our website: https://investor.pseg.com. All of the forward-looking statements made in this press release are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this press release apply only as of the date hereof. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.