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Saturday, November 07, 2009
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Corporate Governance: A Letter from the CEO

CEO Letter


Dear Fellow Employee,

Our company has sown a rich tradition in the Northwest, with corporate roots going back more than 130 years. Few Northwest companies can boast such longevity. It is a great source of pride for our organization. Our company’s long history has borne witness to the Alaska Gold Rush, non-native settlement of the Northwest, rapid industrial growth, the Great Depression, two world wars, the inception and development of the computer age, and most recently, a severe global recession. What has enabled us to grow and thrive through all these changes? Several accomplishments come to mind. Our utility provides an excellent product. The service provided by Puget Sound Energy has literally fueled our region’s economic and population growth. We have provided essential services to our customers and a fair return to our investors.

Our hard work, dedication, and integrity are key to the preservation and future growth of our great organization. We will continue to grow and provide great customer service. Our employees are the backbone of our corporate legacy. They carry on traditions and work practices built over decades by hard-working people just like them. What we do now and how we do it will preserve this legacy, long after we are gone, for future generations of company employees. Our hard work, dedication, and integrity are key to the preservation and future growth of our great organization.

The compliance program and our ethics code seek to bolster our continued success as a valued company. This program is more than simply fulfilling a legal requirement. It is an important tool for preserving our corporate culture and core values.

While our code covers a number of topics, it really can be summarized in one simple sentence: Do what is right. As employees, our role is to help ensure that we uphold the code, company policies and the law by performing our daily tasks in an honest and ethical manner. To that end, I proudly join with you to continue building upon the foundation that generations of dedicated employees have created for our great company.

Respectfully,


Stephen P. Reynolds