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CMS Energy Stock Price

59.55 +1.07 +1.83% Volume: 1,743,911 04.19.24 04:00 ET
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GLOBAL REPORTING INITIATIVE (GRI) INDEX

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Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP, CMS may also disclose certain non-GAAP and pro forma non-GAAP results of operations, including net income, earnings per share, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. CMS provides historical financial results on both a GAAP and non-GAAP basis. Management views adjusted earnings as a key measure of the company’s present operating financial performance and uses adjusted earnings for external communications with analysts and investors. Internally, the company uses adjusted earnings to measure and assess performance. Adjustments could include items such as discontinued operations, asset sales, impairments, restructuring costs, regulatory items from prior years, or other items. Because the company is not able to estimate the impact of specific line items, which have the potential to significantly impact, favorably or unfavorably, the company’s reported earnings in future periods, the company is not providing reported earnings guidance nor is it providing a reconciliation for the comparable future period earnings.

CMS and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data. The non-GAAP information is not prepared in accordance with GAAP and may not be comparable to non-GAAP information used by other companies. The non-GAAP information should be considered supplemental information to assist in fully understanding our business results, rather than as a substitute for the reported earnings.

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP measure is included as a separate link and also posted on the CMS website at www.cmsenergy.com.

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GRI Index

GRI (Global Reporting Initiative) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts by providing them with the global common language to communicate those impacts.

THE ORGANIZATION AND ITS REPORTING PRACTICES

THE ORGANIZATION AND ITS REPORTING PRACTICES
GRI Disclosure Company Disclosure

2-1 Organizational details

Legal Name: CMS Energy Corporation (CMS Energy)
Nature of ownership and legal form: 2022 Annual Report
Location of its headquarter: Jackson, Michigan, USA
Countries of operation: United States, 2022 Annual Report

2-2 Entities included in the organization’s sustainability reporting

The organization includes both Consumers Energy Company (Consumers Energy ) and NorthStar Clean Energy Company (NorthStar Clean Energy) in its sustainability reporting unless otherwise stated.

2-3 Reporting period, frequency and contact point

CMS Energy publishes an annual Sustainability Report in the fall that reflects the previous reporting year. CMS Energy files an annual report each February and a proxy statement in March. Questions regarding this index or the Sustainability report can be directed to: Jessica.Spagnuolo@cmsenergy.com.

2-4 Restatements of information

In our 2022 ESG report, non-consumptive water withdrawals included the total freshwater withdrawn. However, the EEI definition states “Amount of fresh water withdrawn, but not consumed, for use in thermal generation.” Our 2021 Water Withdrawals - Non-Consumptive (Billions of Liters/Net MWh) under this definition was 7.90E-05 (Billions of Liters/Net MWh).

2-5 External assurance

CMS Energy does not have external assurance for its ESG and Sustainability reporting outside of CO2 emission reporting. However, CMS Energy had a third party conduct a voluntary readiness review of its ESG and Sustainability Reporting process for 2022. This readiness review sought to improve the quality of our reporting process and findings were presented to the executive team and Board of Directors.

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Activities & Workers

THE ORGANIZATION AND ITS REPORTING PRACTICES
GRI Disclosure Company Disclosure

2-6 Activities, value chain and other business relationships

Active Sectors: Electric Utilities
Organization’s activities, products, services, and markets served: Annual Report, pages 16-28
Supply chain: Become A Supplier
Entities downstream from the organization and their activities: Annual Report, pages 16-18; 25
Other relevant Significance: Sale of EnerBank; Annual Report pages 173-174

2-7 Employees

Our Workforce

2-8 Workers who are not employees

Our Workforce

2-9 Governance structure and composition

As stated in our Principles, the Board has determined that for the present time, it is in the best interests of the Corporation and shareholders to keep the offices of CEO and Chairman separate to enhance oversight responsibilities. The Board believes that this leadership structure promotes independent and effective oversight of management on key issues relating to long-range business plans, long-range strategic issues, and risks. Additionally, to further promote independent and effective oversight of management, the Board has chosen to appoint a Presiding Director even though our principles
only require one when the Chairman is not considered independent under NYSE listing standards. The Presiding Director provides the independent directors with a key means for collaboration and communication. Under our Bylaws, the Presiding Director will: (1) convene and chair meetings of the independent directors in executive session no less than once each year; (2) preside at meetings of the Board at which the Chairman of the Board is not present, including executive sessions of the independent directors; (3) solicit independent directors for advice on agenda items for meetings of the Board; (4) serve as a liaison between the Chairman of the Board, the President and the independent directors; and (5) perform such other duties as may be assigned by the Board from time to time. Russell, the current Chairman, is not a member of management, but served as President and CEO of CMS and Consumers until July 2016. As of July 2019, he qualified as independent under NYSE listing standards; however, on May 5, 2023, Harvey was re-elected as Presiding Director for the Board for a one-year term.

2-10 Nomination and selection of the highest governance body

The Governance Committee is responsible for Board succession planning, which includes identifying and evaluating director candidates to serve on the Board consistent with the criteria approved by the Board and recommending a slate of director candidates for election at the Annual Meeting. Our Board determines director independence, in accordance with the New York Stock Exchange listing standards, applicable rules and regulations of the Securities Exchange Commission, our more stringent Independence Standards, as set forth in our Principles, and taking into consideration all business relationships between the Corporation and its subsidiaries and each non-employee director.

2-11 Chair of the highest governance body

As stated in our Principles, the Board has determined that for the present time, it is in the best interests of the Corporation and shareholders to keep the offices of CEO and Chairman separate to enhance oversight responsibilities. The Board believes that this leadership structure promotes independent and effective oversight of management on key issues relating to long-range business plans, long-range strategic issues, and risks.

2-12 Role of the highest governance body in overseeing the management of impacts

The Board provides direction and oversight with respect to our overall performance, strategic direction, and significant corporate policies. The Board oversees major initiatives, advises on key financial and business objectives, and monitors progress with respect to these matters. Directors are kept informed of our business by management via discussions, presentations, and reports on a regular basis, including operating and financial reports made at Board and Committee meetings. The Board has full and direct access to all members of management and may hire consultants and advisors as it deems necessary.

2-13 Delegation of responsibility for managing impacts

We have adopted an Employee Code of Conduct (“Employees’ Code”) that applies to the CEO, Chief Financial Officer (“CFO”), and Chief Accounting Officer (“CAO”), as well as all other officers and employees of CMS Energy and Consumers Energy. CMS Energy and Consumers Energy have also adopted a Board of Director Code of Ethics (“Directors’ Code”) that applies to the members of the Board. The Governance Committee annually reviews the Codes and recommends changes to the Board, as appropriate. The Employees’ Code is administered by the Chief Compliance Officer, who reports directly to the Audit Committee. The Audit Committee oversees compliance with the Codes. Any alleged violation of the Directors’ Code will be investigated by disinterested members of the Audit Committee, or if none, by disinterested members of the Board. The Governance Committee would recommend appropriate action to the Board in the event a determination is made that a director violated the Directors’ Code. The Codes and any waivers of, or amendments or exceptions to, a provision of the Employees’ Code that applies to the CEO, CFO, CAO or persons performing similar functions and any waivers of, or exceptions to, a provision of our Directors’ Code will be disclosed on our website. No such waivers or exceptions have been granted.

2-14 Role of the highest governance body in sustainability reporting

We integrate multiple levels of sustainability oversight into our daily operations and use several governance and risk management tools when addressing ESG and sustainability matters. These include oversight by the Board, an enterprise risk management program and robust strategic and business planning processes. The Board oversees the Company’s public responsibility and sustainability practices.


The Governance Committee is also responsible for advising and assisting the Board with respect to our public responsibility, including stakeholder outreach, stewardship and corporate social responsibility, and sustainability matters.

2-15 Conflicts of interest

Our Employee Code of Conduct, Board of Director Code of Conduct and Third Party Code of Conduct all contain a conflict of interest and reporting and response provision.

2-16 Communication of critical concerns

Our Board of Directors has appointed a Chief Compliance Officer (CCO) who has responsibility for coordinating, monitoring and reporting to them on compliance matters for our companies. The CCO aligns with operational leaders and subject matter experts across the company to establish a mature ethics and compliance program that routinely monitors for and assesses compliance risk, evaluates program effectiveness and identifies improvement opportunities. In addition to internal assessments, the program also utilizes independent audits and reviews to validate program performance.

2-17 Collective knowledge of the highest governance body

At the Corporation’s expense, Board members are expected to attend at least one continuing education program annually, sponsored by a recognized utility industry or corporate governance organization. Additionally, we have an internal director education program. The internal program includes corporate and industry information disseminated through orientation programs, presentations, business training modules and reports, and operational site visits. This bespoke internal education program allows us to tailor programs to enhance our Board’s ability to provide appropriate oversight. Our internal education offering in 2022 was an Advanced Seminar on ESG and Board Oversight. All Director nominees attended at least one continuing education program in 2022.

2-18 Evaluation of the performance of the highest governance body

Board and Committee evaluations are conducted for the Board and each standing Committee. The Board conducts a self-evaluation annually to determine how effectively the Board and the Committees function. The Board also conducts periodic individual Director peer evaluations.

2-19 Remuneration policies

Non-employee director compensation is benchmarked annually. Directors who are CMS Energy or Consumers Energy employees do not receive retainers or fees for service on the Board or as a member of any Committee. Non-employee directors receive an annual retainer fee and restricted stock award for service on the CMS Energy and Consumers Energy Boards and additional annual retainer fees for certain Committee positions. Directors are reimbursed for expenses incurred in attending Board or Committee meetings and other company business. We have designed our executive compensation elements to be balanced and simple, placing emphasis on consistent, sustainable, and superior absolute and relative performance.

2-20 Process to determine remuneration

The Compensation Committee of the Board oversees CMS Energy’s and Consumers Energy’s compensation programs on behalf of the Board. Management annually undertakes a comprehensive review of the compensation policies and practices throughout the organization to assess the risks presented by such policies and practices. As part of our overall corporate governance, we have an ongoing outreach program to develop and maintain communication with our investors regarding governance and compensation issues. We value these discussions, and the Board considers pertinent feedback when evaluating corporate governance and compensation issues. In addition, management regularly participates in investor and industry conferences throughout the year to discuss performance, ESG topics, and share its perspective on business and industry developments. Shareholders may also contact the Board with any inquiry or issue, by the methods described on our website, and the Board will respond as appropriate.

2-21 Annual total compensation ratio

The Compensation Committee is responsible for approving the compensation program for the NEOs. The Compensation Committee acts pursuant to its charter that it reviews annually.

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Strategy, Policies & Practices

THE ORGANIZATION AND ITS REPORTING PRACTICES
GRI Disclosure Company Disclosure

2-22 Statement on sustainable development strategy

2023 CMS Energy Sustainability Report, page 1

2-23 Policy commitments

Corporate Governance: Compliance & Ethics

2-24 Embedding policy commitments

Corporate Governance: Compliance & Ethics

2-25 Processes to remediate negative impacts

Employee Code of Conduct, page 31

2-26 Mechanisms for seeking advice and raising concerns

Employee Code of Conduct, page 31

2-27 Compliance with laws and regulations

Corporate Governance: Compliance & Ethics

We currently do not publicly disclose details around non-compliances. However, this information is reported to management and the Board on a monthly, quarterly, and annual basis.

2-28 Membership associations

CMS Energy does not publicly disclose a list of all membership associations. However, some memberships are disclosed in the Engagement Section of our CDP Climate report and on our Political Engagement page.

2-29 Approach to stakeholder engagement

Information on our stakeholder engagement practices can be found in our 2023 CMS Energy Sustainability Priority Issues Report as well as on the Consumers Energy website and CMS Energy website.

2-30 Collective bargaining agreements

2022 CMS Energy Annual Report, page 151

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GRI 3: Material Topics 2021

THE ORGANIZATION AND ITS REPORTING PRACTICES
GRI Disclosure Company Disclosure

3-1 Process to determine material topics

2023 CMS Energy Sustainability Priority Issues Report

3-2 List of material topics

2023 CMS Energy Sustainability Priority Issues Report

3-3 Management of material topics

2023 CMS Energy Sustainability Priority Issues Report

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GRI 200: Economic

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GRI 300: Environmental

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GRI 400: Social

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Electric Utilities Sector Disclosures

Electric Utilities Sector Disclosures
GRI Disclosure Company Disclosure

EU1 Installed capacity, broken down by primary energy source.

2022 Annual Report
Electric Operations Statistics

EU2 Net energy output broken down by primary energy source.

2022 Annual Report
Electric Operations Statistics

EU3 Number of residential, industrial, institutional and commercial customer accounts

2022 Annual Report
Electric Operations Statistics

EU4 Length of above and underground transmission and distribution lines.

2022 Annual Report
Electric Operations Statistics

EU5 Allocation of CO₂e emissions allowances or equivalent, broken down by carbon trading framework

CMS Energy does not operate under any CO₂e emissions trading programs.

EU10 Planned capacity against projected electricity demand over the long term, broken down by energy source.

Clean Energy Plan

EU11 Average generation efficiency of thermal plants by energy source

Not disclosed.

EU12 Transmission and distribution losses as a percentage of total energy

Not disclosed.

EU 13 Biodiversity of offset habitats compared to the biodiversity of the affected areas

Biodiversity Report

EU15 Percentage of employees eligible to retire in the next 5 and 10 years broken down by job category and region

Our Workforce

EU17 Days worked by contractor and subcontractor employees involved in construction, operation and maintenance activities

Data is not tracked.

EU18 Percentage of contractor and subcontractor employees that have undergone relevant health and safety training

On average, 170 contractors a year take at least one safety course provided by our company.

EU22 Number of people physically or economically displaced and compensation broken down by type of project

CMS Energy at times works to purchase homes through voluntary acquisition associated with utility projects and provides compensation for land rights and damages but does not track this information for disclosure at this time.

EU25 Number of injuries and fatalities to the public involving company assets, including legal judgments, settlements and pending legal cases of diseases

2023 CMS Energy Sustainability Report, section 2

EU 26 Percentage of population unserved in licensed distribution or service areas

Data is not tracked.

EU27 Number of residential disconnections for non-payment, broken down by duration of disconnection

MPSC Utility Customer Data (point-in-time disconnect data)
SASB Index for Consumers Energy – Gas Utilities & Distributors

EU28 Power outage frequency

MPSC Distribution System Reliability Metrics

EU29 Average power outage

MPSC Distribution System Reliability Metrics

EU30 Average plant availability factor by energy source

Hours

Percentage

Plant

Availability

Planned Outage

Random Outage

Availability

Planned Outage

Random Outage

Campbell 1

6,166 

1,196 

1,398 

70.39 

13.65 

18.48 

Campbell 2

5,632 

2,000 

1,128 

64.29 

22.83 

16.69 

Campbell 3

6,518 

816 

1,427 

74.41 

9.31 

17.96 

Karn 1

5,702 

634 

2,424 

65.09 

7.24 

29.83 

Karn 2

7,208 

14 

1,538 

82.27 

0.16 

17.59 

Karn 3

5,048 

1,104 

2,608 

57.62 

12.60 

34.07 

Karn 4

6,358 

1,278 

1,124 

72.58 

14.59 

15.02 

Zeeland 1a

5,006 

3,614 

140 

57.14 

41.26 

2.72 

Zeeland 1b

8,513 

161 

86 

97.18 

1.84 

1.00 

Zeeland 2

7,145 

837 

778 

81.57 

9.55 

9.82 

Jackson

7,790 

498 

473 

88.92 

5.68 

5.72 

Ludington

7,208 

1,045 

507 

82.28 

11.93 

6.57 

Hydros

7,103 

1,281 

376 

81.08 

14.62 

5.03 

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Updated October 2023

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