Nexstar was founded in 1996 with one television station, WYOU-TV, in Scranton, PA, and a set of core beliefs, including the strength and power of local journalism, diversity across the workforce, respect for our audiences, customers, employees, and shareholders, and the importance of taking a leadership role in the communities in which we operate.
As Nexstar has grown over the last 25 years to become the largest local television broadcaster in the country, we have remained true to these beliefs. We understand that operating a media business is, in many ways, a form of public trust, and that we must be responsible and accountable stewards of it. To that end, we have adopted policies and procedures to promote ethical practices, fairness, and transparency in the conduct of our business and to demonstrate our commitment to sound Environmental, Social, and Governance (ESG) principles.
Several of these procedures have been in place informally for many years and have recently been codified as policies. Others, more recently developed, are a result of the evolution of our thinking about ESG. We are aligning our ESG efforts today with the framework of the Sustainability Accounting Standards Board (SASB), a market standard for investor-focused sustainability disclosure.
- All Nexstar employees are required annually to review and certify their compliance with the company’s Code of Business Conduct. Employees also receive ethics training yearly, designed to help them identify and prevent unethical behavior. You can find a more detailed explanation of our ethics policies here.
- We have recently further strengthened our Diversity, Equity, and Inclusion efforts across the company, establishing a Diversity and Inclusion Council, formulating several employee resource groups in which employees of similar backgrounds, cultures and interests come together, and launching the Nexstar Mentorship Program to identify and support underrepresented employees. Managers now have a portion of their annual compensation tied to their initiatives to promote diversity. In addition, the company annually conducts anti-harassment, bias, and diversity training beyond what is legally required. More information on Diversity, Equity and Inclusion at Nexstar can be found here.
- Finally, after many years of taking informal measures to protect the environment, we codified them and made them required operating practices at all of our business units. Though our carbon footprint has always been relatively small, (SASB does not believe the Media & Entertainment sector exhibits the three primary types of climate risk), we have prioritized our recycling efforts, reduced our electricity consumption, and installed new, energy efficient transmission equipment at many of our television stations with additional equipment conversions planned over the next 3-5 years. To learn more about our environmental policies click here.
- We have always embraced the local communities where we do business, and we believe it is important that our employees are involved in their communities through public service including our annual Nexstar Founders Day of Caring. Our media businesses partner with local public service agencies and charitable organizations to support their local communities, and the Nexstar Charitable Foundation annually contributes $350,000 or more to local non-profit groups across our 116 markets. More details about our community involvement can be found here.
At Nexstar, ESG is an ongoing mission. We are in the early stages of integrating the philosophy and principles of ESG into our media businesses and devoting the time, energy, and resources necessary to keep ESG at the forefront of our thinking. We have always and continue to firmly believe that ESG is good for business and good for Nexstar.
Perry A. Sook
Chairman and Chief Executive Officer
Thomas E. Carter
President, Chief Operating Officer and Chief Financial Officer