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Governance - ESG


Sound and effective


A key element of good governance

Our 11-member Board of Directors provides oversight, support, and guidance to all constituents and plays a vital role in our success.

An independent nonexecutive director, Lawrence J. Sterrs, has served as chair of the Board since 2017. Ten of our 11 directors are independent, and one is our president and CEO. The Board and its committees regularly have executive sessions attended only by independent directors.

Independent directors chair all Board committees, which include:

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Risk Oversight

We take a comprehensive approach to risk management. Our defined enterprise risk management framework provides a structured method for identifying, assessing, and managing risks across the company in a coordinated manner.

The Board administers its risk oversight function primarily through the Corporate Governance and Risk Committee, which meets quarterly throughout the year and reports its findings to the entire Board on an ongoing basis. Our enterprise risk management and chief risk officer (CRO) reports on matters involving corporate risk to the Corporate Governance and Risk Committee and quarterly to the Board. In conjunction with executive management and the Board, the CRO has developed a Board Risk Appetite Statement, which is refreshed and approved annually.

To monitor adherence to this risk appetite statement, we set a variety of metrics and report on our progress against them to the Corporate Governance and Risk Committee and the Board quarterly. Our Enterprise Risk Management Committee, composed of executive management, proactively monitors operations across the company to be sure we are meeting our strategic goals while operating within our risk appetite.

Top-level risk categories include:

  • Credit risk
  • Climate risk
  • Interest rate risk
  • Liquidity, market, or pricing risk
  • Capital risk
  • Transactional/operational risk
  • Technology/cyber risk
  • People and compensation risk
  • Compliance and legal risk
  • Strategic alignment and reputation risk

Board diversity and expertise

Our directors possess the highest personal and professional ethics, integrity, and values, and they are committed to representing the long-term interests of our shareholders.

The Board’s Diversity DEI Statement outlines the Board’s commitment to equality and inclusion across Camden National, highlighting its dedication to employing various strategies to help develop a diverse candidate pool from which director nominees are selected:

“The Corporate Governance and Risk Committee seeks nominees with a broad diversity of experience, areas of expertise, professions, and perspectives including but not limited to diversity with respect to age, race, ethnicity, gender, gender expression, and sexual orientation.”

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