TVA First Federal Agency to Earn Ethics, Compliance Verification
KNOXVILLE, Tenn. – The Tennessee Valley Authority announced today that it is the first Federal agency to earn the coveted Compliance Leader VerificationTM from Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This verification validates TVA's government-leading efforts to build an organization that is transparent with a best-in-class ethics and compliance program.
"Earning the Compliance Leader Verification designation is a high honor," said David Fountain, TVA Executive Vice President, and General Counsel. "More importantly, CLV demonstrates that TVA fosters a culture of ethics and integrity that builds public trust as we serve the 10 million people of the Tennessee Valley."
The CLV process involves a rigorous review of an ethics and compliance program and corporate culture. To earn the CLV, Ethisphere evaluated TVA's performance in six key areas: program resources and structure; perceptions of ethical culture; written standards; training and communication; risk assessment, monitoring, and auditing; and enforcement, discipline, and incentives.
"It was a privilege to test the ethics program of a federal agency, and our team is impressed by how TVA has embedded its ethics and compliance program into its business through its excellent training, written standards, and monitoring," said Leslie Benton, J.D., Vice President, Ethisphere. "We congratulate TVA as the nation's first federal agency to earn the Compliance Leader Verification and applaud the agency's commitment to integrity."
The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power companies, serving nearly 10 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system and assists local power companies and state and local governments with economic development and job creation.
Ethisphere® is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World's Most Ethical Companies® recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere also helps to advance business performance through data-driven assessments, benchmarking, and guidance. More information about Ethisphere can be found at ethisphere.com. Follow us on Twitter @Ethisphere.