Board of Directors

CORPORATE GOVERNANCE

We are an industry leader in corporate governance. We maintain on our website constellation.com copies of the charters of each of the committees of the Board of Directors, as well as copies of our Corporate Governance Guidelines, Principles of Business Integrity, Corporate Compliance Program and Insider Trading Policy. In addition, 13 of the 14 members of our Board of Directors are independent. Michael D. Sullivan, one of our independent directors, serves as Lead Director.

INTERESTS ALIGNED WITH SHAREHOLDERS

In 2004, we adopted share ownership guidelines to further align the interests of our directors with the interests of our shareholders. The new guidelines require directors to acquire and maintain holdings of Constellation Energy stock equal to at least five times the annual cash retainer.