On September 20, 2022, upon recommendation of the Audit Committee, the Board of Directors (“Board”) of Public Service Enterprise Group Incorporated (the “Company”) adopted and approved an amended Standards of Conduct (“Standards”).

The amended Standards maintain many of the same principles as the prior Standards, and incorporate various clarifications and additional guidance in areas in which employees frequently seek advice from the Office of Ethics & Compliance.  The Standards do not apply to suppliers, as the Company now has separate Supplier Standards of Conduct. In summary, the proposed revisions to the Standards: 

• Reflect the responsibility to: cooperate truthfully and promptly with government investigations, audits and requests for information; not pursue personal political activities on company time or with company assets; complete a heightened level of review of suppliers or job candidates who have a connection to political figures; and ensure employee speaking engagements are appropriately authorized;
• Add a new Human Rights section that reflects that that the Company complies with high standards of ethical conduct, including in connection with workplace health and safety; anti-discrimination and harassment; diversity; community stakeholder engagement; freedom of association and collective bargaining; fair wages; and compliance with forced labor, human trafficking, child labor, and wage and hour laws; and
• Provide clarifying information related to the definition of retaliation, as well as when the Company can request access to information on an employee’s personal device.
• Incorporate additional guidance by including examples of prohibited behaviors related to: antitrust and fair competition; discrimination and harassment; the use of drugs and alcohol, including marijuana; conflicts of interest; and international trade compliance.

The amended Standards of Conduct apply to all Directors, Officers and employees of the Company. The adoption of the amended Standards does not result in any waiver to any Officer, Director or employee of the Company, explicit or implicit, from any provision of the Standards as in effect prior to the Board’s action to amend the Standards.

The foregoing summary of the amended Standards of Conduct is subject to and qualified in its entirety by reference to the full text of the Standards of Conduct, a copy of which can be found on the Company’s website.

Information on who to contact if an employee seeks to report concerns that arise with respect to the Standards of Conduct.

The Standards do not anticipate every compliance or ethics situation that could arise during the course of an employee’s work. In addition, certain business decisions are not cut and dried and may present employees with real dilemmas not clearly addressed in the Standards. Employees must have access to guidance from a knowledgeable person to help them understand the Standards, resolve compliance and ethics questions not be specifically addressed in the Standards, and report any compliance or ethics concerns.

Managers and supervisors are employees' first source for guidance and the appropriate initial channel for questions or reporting compliance or ethics concerns. Employees are encouraged to contact his or her manager or supervisor to discuss issues of interpretation or to report concerns with respect to compliance with the law or the Standards. Managers or supervisors should report alleged violations of the law or the Standards to PSEG's Ethics and Compliance Counsel. If discussion with a supervisor is impractical or uncomfortable, employees may contact:

Office of Ethics & Compliance
ethics.compliance@pseg.com
973-430-6405

PSEG employees may also contact the PSEG Integrity Line service by phone at 1-800-655-7269 or through a website at https://pseg.alertline.com.  The Integrity Line is available 24x7x365. Contacts may be made anonymously at the election of the employee.

A waiver of any provision of the Standards will only be made in exceptional circumstances for substantial cause. Requests for waivers must be submitted to Tamara Linde, Executive Vice President and General Counsel for review and resolution. All waivers will be reported to the PSEG Compliance Committee. In addition, in accordance with legal requirements, any waiver of a provision in the Standards for any Director or Executive Officer will be made by the Board of Directors or a Board Committee and will be disclosed to stockholders.

There are no affected affiliates at this time.