23 unchanged sentences
In estimated millions of gallons per day.
−Removed: As of December 31, 2023, Ramey Environmental Compliance, Inc.
−Removed: performed operations, maintenance, and monitoring services for 72 wastewater and water treatment plants located in the Rocky Mountain and Eastern Plains Regions of Colorado.
+Added: In addition to the above plants, as of December 31, 2024, our wholly owned subsidiary, Ramey Environmental Compliance, Inc., performed operations, maintenance, and monitoring services for 64 wastewater and water treatment plants located in the Rocky Mountain and Eastern Plains Regions of Colorado.
We are a comprehensive water solutions company that serves a variety of customers through multiple product and service offerings.
1 unchanged sentence
● produce and sell potable water through the design, construction and operation of water infrastructure that employs reverse osmosis technology to produce potable water from seawater;
−Removed: ● design, construct, sell, operate and manage water production, water treatment and water reuse system infrastructure that meets regulatory, environmental and commercial needs and requirements;
+Added: ● design, construct, sell, operate and manage water production, water treatment and water reuse infrastructure tailored to meet the regulatory, environmental and commercial requirements of our clients;
● fabricate/manufacture specialized and custom equipment and products employed in the production and treatment of water for municipal, commercial and industrial purposes;
● provide water-related management and consulting services.
−Removed: We expect to continue to expand and diversify our products, services and markets to meet the ever-expanding global demand for water.
+Added: We expect to continue to expand and diversify our products, services and markets to meet the ever-expanding global demand for clean water.
Key elements of our strategy include:
12 unchanged sentences
Cayman Water operates under an exclusive retail license granted by the Cayman Islands government to provide water to customers within a prescribed service area on Grand Cayman that includes the Seven Mile Beach and West Bay areas, two of the three most populated areas in the Cayman Islands.
−Removed: Cayman Water owns and operates four seawater reverse osmosis desalination plants.
+Added: Cayman Water owns and operates three seawater reverse osmosis desalination plants.
Cayman Water and the Water Authority-Cayman (“WAC”), a government-owned utility and regulatory agency, are Grand Cayman’s only water utilities.
−Removed: Aquilex, Inc.
−Removed: (“Aquilex”) .
−Removed: Aquilex, a U.S.
−Removed: company located in Coral Springs, Florida, provides financial, engineering, information technology, administrative and supply chain management support services to our subsidiaries and affiliate.
−Removed: We include Aquilex in our retail segment for financial segment reporting purposes;
−Removed: however, it provides services to all four of our business segments.
Consolidated Water (Bahamas) Limited (“CW-Bahamas”).
13 unchanged sentences
In January 2023, we acquired the remaining 39% ownership interest in PERC.
−Removed: PERC designs, constructs, sells, operates and manages water, wastewater and water reuse infrastructure.
+Added: PERC designs, constructs, sells, operates and manages water, wastewater and water reuse infrastructure in the United States.
Ramey Environmental Compliance, Inc.
3 unchanged sentences
A Cayman Islands company, DesalCo provides design, management, engineering and construction services for desalination projects as well as management and engineering services relating to municipal water distribution and treatment.
−Removed: Serving as a subcontractor to OC-Cayman, DesalCo designed and constructed the three reverse osmosis plants that OC-Cayman currently operates for (and previously sold to) the WAC and is presently constructing the new Red Gate plant for the WAC.
+Added: Serving as a subcontractor to OC-Cayman, DesalCo designed and constructed the four reverse osmosis plants that OC-Cayman currently operates for (and previously sold to) the WAC.
Kalaeloa Desalco LLC (“Kalaeloa Desalco”).
1 unchanged sentence
In June 2023, Kalaeloa Desalco signed a definitive agreement with the Honolulu Board of Water Supply to design, build, operate and maintain a 1.7 million gallons per day seawater reverse osmosis desalination plant in Oahu, Hawaii.
+Added: Development of this plant is currently underway.
Manufacturing Segment
2 unchanged sentences
company located in Fort Pierce, Florida, is an original equipment manufacturer of a wide range of specialized and custom products and systems applicable to desalination, municipal water treatment and industrial water and wastewater treatment.
−Removed: Aerex’s products include reverse osmosis desalination
−Removed: equipment, membrane separation equipment, filtration equipment, piping systems, vessels and custom fabricated components.
+Added: Aerex’s products include reverse osmosis desalination equipment, membrane separation equipment, filtration equipment, piping systems, vessels and custom fabricated components.
Aerex also offers engineering, design, consulting, inspection, training and equipment maintenance services to its customers.
+Added: Aquilex, Inc.
+Added: (“Aquilex”) .
+Added: Aquilex, a U.S.
+Added: company located in Coral Springs, Florida, provides financial, engineering, information technology, administrative and supply chain management support services to all our subsidiaries and our affiliate.
+Added: The expenses incurred by Aquilex to support the operations of our business segments, along with other various general and administrative expenses incurred by our company, are reported as “Corporate” in the segment information included in Item 7.
+Added: Management’s Discussion of Results of Operations and in Note 14 of the notes to our consolidated financial statements.
Ocean Conversion (BVI) Ltd.
9 unchanged sentences
CW-Cooperatief owns 99.9% of NSC, a Mexican company.
−Removed: NSC was formed to pursue a project encompassing the design, construction, ownership and operation of a 100 million gallon per day seawater reverse osmosis desalination plant which was to be located in northern Baja California, Mexico and accompanying pipeline to deliver water to the Mexican potable water system (the “Project”).
+Added: NSC owns 100% of AdR.
+Added: NSC and AdR were formed to pursue a project encompassing the design, construction, ownership and operation of a 100 million gallon per day seawater reverse osmosis desalination plant which was to be located in northern Baja California, Mexico and accompanying pipeline to deliver water to the Mexican potable water system (the “Project”).
In August 2016, the Public Private Partnership Agreement for the Project (the “APP Contract”) was executed between AdR, the Comisión Estatal del Agua de Baja California (“CEA”), the Government of Baja California as represented by the Secretary of Planning and Finance and the Public Utilities Commission of Tijuana (“CESPT”).
In June 2020, the Director General of CEA and the Director General of CESPT terminated the APP Contract.
−Removed: As a result of the cancellation of the APP Contract, we discontinued all development activities associated with the Project and commenced active marketing efforts to sell the land NSC purchased for the Project.
−Removed: Accordingly, the assets and liabilities of CW-Cooperatief, NSC and AdR, as well as all expenses we incur in connection with our on-going international arbitration with the Mexico government to obtain reimbursement for the costs we incurred in connection with the Project are reported as discontinued operations in our consolidated financial statements.
+Added: As a result of the cancellation of the APP Contract, we discontinued all development activities associated with the Project and in June 2024 we sold the land NSC purchased for the Project.
+Added: Accordingly, the assets and liabilities of CW-Cooperatief, NSC and AdR, as well as all expenses we incurred in connection with our international arbitration with the Mexico government to obtain reimbursement for the costs we incurred in connection with the Project are reported as discontinued operations in our consolidated financial statements.
+Added: We are presently in the process of liquidating CW-Cooperatief, NSC and AdR.
Our Operations
5 unchanged sentences
We sell water through our retail operations under a license issued in July 1990 by the Cayman Islands government (the “1990 license”) that granted Cayman Water the exclusive right to provide potable water to customers within its licensed service area.
−Removed: Although the 1990 license has not been expressly extended after January 2018, we continue to supply water under the terms of the 1990 license, as discussed in the following paragraphs.
−Removed: Pursuant to the 1990 license, Cayman Water has the exclusive right to produce potable water and distribute it by pipeline to its licensed service area, which consists of two of the three most populated areas of Grand Cayman:
+Added: Pursuant to the 1990 license, Cayman Water has the exclusive right to produce potable water and distribute
+Added: it by pipeline to its licensed service area, which consists of two of the three most populated areas of Grand Cayman:
Seven Mile Beach and West Bay.
The 1990 license was originally scheduled to expire in July 2010 but was extended several times by the Cayman Islands government in order to provide the parties with additional time to negotiate the terms of a new license agreement.
−Removed: most recent express extension of the license expired on January 31, 2018.
−Removed: We continue to operate under the terms of the 1990 license, providing water services to the level and quality specified in the 1990 license and in accordance with our understanding of its legal obligations, treating those obligations set forth in the 1990 license as operative notwithstanding the expiration of the express extension.
−Removed: We continue to pay the royalty of 7.5% of revenue we collect required under the 1990 license.
+Added: The most recent express extension of the license expired on January 31, 2018.
+Added: From that date until February 18, 2025, we continued to operate under the terms of the 1990 license, providing water services to the level and quality specified in the 1990 license and in accordance with our understanding of its legal obligations, treating those obligations set forth in the 1990 license as operative notwithstanding the expiration of the express extension.
+Added: We continued to pay the royalty of 7.5% of the revenue we collected as required under the 1990 license.
In October 2016, the Government of the Cayman Islands passed legislation which created a new utilities regulation and competition office (“OfReg”).
3 unchanged sentences
We began license negotiations with OfReg in July 2017 and such negotiations are ongoing.
−Removed: We have been informed during our retail license negotiations, both by OfReg and its predecessor in these negotiations, that the Cayman Islands government seeks to restructure the terms of our license in a manner that could significantly reduce the operating income and cash flows we have historically generated from our retail license.
+Added: We have been informed during our retail license negotiations, both by OfReg and its predecessor in these negotiations, that they seek to restructure the terms of our license in a manner that could significantly reduce the operating income and cash flows we have historically generated from our retail license.
+Added: Under the new regulatory legislation passed in October 2016, Cayman Water must first be granted a concession by the government before obtaining a new (or renewing the old) retail operations license.
+Added: On February 18, 2025, Cayman Water received a new concession from the government that authorizes and maintains the terms of the 1990 license until a new license from OfReg is negotiated and enacted.
See also ITEM 1A.
4 unchanged sentences
The current aggregate production capacity of the two plants located at ACWW is 3.0 million gallons of water per day.
−Removed: The production capacity of the West Bay plant is 1,000,000 gallons of water per day.
−Removed: Electricity to our plants is supplied by Caribbean Utilities Co.
+Added: The production capacity of the West Bay plant is 1.0 million gallons of water per day.
+Added: Electricity is supplied to our plants by Caribbean Utilities Co.
Ltd., a publicly traded utility company.
2 unchanged sentences
Our distribution system is connected to the distribution system of the WAC.
−Removed: In prior years, during emergencies, we have purchased water from the WAC for brief periods of time and have also sold potable water to the WAC from our retail plants.
+Added: From time to time, the WAC has purchased water from our retail plants.
Our pipeline system on Grand Cayman covers the Seven Mile Beach and West Bay areas and consists of approximately 100 miles of potable water pipeline.
6 unchanged sentences
We bill our customers on a monthly basis based on metered consumption and bills are typically collected within 30 to 45 days after the billing date.
−Removed: Receivables not collected within 45 days subject the customer to disconnection from water service.
+Added: Receivables not collected within 45 days subject the customer to disconnection from water
The provision for credit losses has historically represented less than 1% of our total annual retail sales.
In addition to their past due invoice balance, customers that have had their service disconnected must pay re-connection charges.
−Removed: Historically, demand on our water production and pipeline distribution has varied throughout the year.
−Removed: Demand depends upon various factors, most notably rainfall amounts and the number of tourists during any particular time of the year.
+Added: Demand on our water production and pipeline distribution varies throughout the year.
+Added: Demand depends upon various factors, most notably rainfall amounts and the number of tourists visiting Grand Cayman during any particular time of the year.
In general, the majority of tourists come from the United States during the winter which is also the dry season in the Cayman Islands.
10 unchanged sentences
The plants we operate for the WAC are located on land owned by the WAC.
−Removed: Our agreement with the WAC for the North Sound and NSWW plants expire in 2026.
+Added: Our agreement with the WAC for the North Sound and NSWW plants expires in 2026.
Our agreement with the WAC for the Red Gate plant expires in 2034.
4 unchanged sentences
We supply water from the Blue Hills plant, our largest seawater reverse osmosis desalination facility with a capacity of 12.0 million gallons per day, under the terms of a water supply agreement with the WSC that expires in March 2032 that requires us to deliver and requires the WSC to purchase a minimum of 63.0 million gallons of water each week.
−Removed: The high-pressure pumps at our Windsor and Blue Hills plants in The Bahamas are diesel engine-driven.
+Added: The high-pressure pumps at our Windsor and Blue Hills plants in The Bahamas are powered by diesel engines.
Electricity for the remainder of our plant operations is supplied by Bahamas Power and Light Company (“BPL”).
4 unchanged sentences
DesalCo also provides management and procurement services for desalination plants and engineering services relating to municipal water production, distribution and treatment.
−Removed: DesalCo also conducts research and development.
−Removed: DesalCo sometimes tests new components and technology offered by suppliers in our business and, at times, collaborates with suppliers in the development of their
−Removed: Presently, DesalCo is providing management and purchasing services to our affiliate OC-BVI in the British Virgin Islands.
+Added: DesalCo sometimes tests new components and technology offered by suppliers in our business and, at times, collaborates with suppliers in the development of their products.
+Added: Presently, DesalCo is providing engineering, management and purchasing services to our affiliate OC-BVI in the British Virgin Islands.
In the past, DesalCo has provided consulting services to the WSC and constructed the desalination plants sold by OC-Cayman to the WAC.
−Removed: Serving as a contractor to OC-Cayman, DesalCo is presently constructing the new Red Gate desalination plant for the WAC.
In October 2019, we acquired 51% of the common stock of PERC, a U.S.
2 unchanged sentences
In January 2023, we acquired the remaining 39% ownership interest in PERC.
−Removed: PERC designs, constructs and sells wastewater and water reuse infrastructure.
−Removed: PERC also provides management services for wastewater and water reuse infrastructure under long-term operations and maintenance contracts.
+Added: PERC designs, constructs, sells, operates and manages water, wastewater and water reuse infrastructure.
+Added: PERC also provides management services for water, wastewater and water reuse infrastructure under long-term operations and maintenance contracts.
PERC’s primary markets are California and the Southwest U.S., but it conducts business in other areas of the U.S.
19 unchanged sentences
Pursuant to a water supply agreement with the BVI government, OC-BVI is required to supply up to 600,000 gallons per day to the BVI government.
−Removed: This water supply agreement expires March 2031.
+Added: This water supply agreement expires in March 2031.
OC-BVI purchases electrical power to operate this plant from the BVI Electricity Corporation and operates diesel engine-driven emergency power generators which can produce 100% of the plant’s production capacity when the BVI Electricity Corporation is unable to provide power to the plant.
17 unchanged sentences
The equipment at our desalination plants is among the most energy efficient available and we monitor and maintain the equipment in an efficient manner.
−Removed: As a result of our decades of experience in seawater desalination, we believe our expertise and experience with respect to the development and operation of desalination plants and similar facilities is easily transferable to locations outside of our current operating areas.
+Added: As a result of our decades of experience in seawater desalination, we believe our expertise and experience with respect to the development and operation of desalination plants and similar facilities is easily transferable to locations outside of our historical operating areas as demonstrated by the recent award to us of a reverse osmosis desalination project in Honolulu, Hawaii, USA.
Wastewater Treatment Technology
16 unchanged sentences
Prior to our acquisition of Aerex, we did not manufacture any parts or components for equipment essential to our business.
−Removed: Aerex has manufactured key components for some of our desalination plants and we expect Aerex to continue to do so from time to time, however, our other businesses are not dependent on Aerex.
+Added: Aerex has manufactured key components for our desalination plants and we expect Aerex to continue to do so from time to time, however, our other businesses are not dependent on Aerex.
Our access to seawater for processing into potable water is granted through our licenses and contracts with governments of the various jurisdictions in which we operate.
5 unchanged sentences
In August 2022, the Cayman Islands government lifted the COVID-19 pandemic related travel restrictions that had eliminated tourist travel to the Cayman Islands since March 2020.
−Removed: Demand in The Bahamas was not affected to the same degree by the drop in tourism resulting from the COVID-19 pandemic.
−Removed: The business conducted by Aerex and PERC is generally not subject to seasonal variations.
+Added: Demand for our water in The Bahamas was not affected to the same degree by the drop in tourism resulting from the COVID-19 pandemic.
+Added: The business conducted by Aerex, REC, and PERC is generally not subject to seasonal variations.
Government Regulations, Custom Duties and Taxes
2 unchanged sentences
Legislative or regulatory requirements currently applicable to our businesses may change in the future.
−Removed: Any such changes could impose new obligations on us that may adversely affect our businesses and operating results.
+Added: Any such changes could impose new obligations on us that may adversely affect our business and operating results.
The following paragraphs set forth some of the key governmental regulations in the jurisdictions in which we operate outside of the United States.
3 unchanged sentences
We do not pay import duty or taxes on reverse osmosis membranes, electric pumps and motors, and chemicals, but we do pay duty at the rate of 10% of the cost, including insurance and transportation to the Cayman Islands, of other plant and associated materials and equipment to manufacture or supply water in the Seven Mile Beach or West Bay areas.
−Removed: We have been advised by the Government of the Cayman Islands that we will not receive any duty concessions in any new retail water license signed with the government.
+Added: We have been advised by the
+Added: Government of the Cayman Islands that we will not receive any duty concessions in any new retail water license signed with the government.
Under the current laws of the Commonwealth of The Bahamas, no income, corporation, capital gains or similar taxes are payable by us.
We are required to pay an annual business license fee (the calculation of which is based on our preceding year’s financial statements) which to date has not been material to the results of our Bahamas operations.
−Removed: We are also required to pay a value added tax on materials and services we purchase.
+Added: We are also required to pay a value added tax on materials and services we purchase and bill a value added tax for the water we sell.
Markets and Service Areas
5 unchanged sentences
The Cayman Islands government, through the WAC, supplies water to the areas of Grand Cayman that are not within our licensed area, as well as to Cayman Brac.
−Removed: We operate all but one of the reverse osmosis desalination plants owned by the WAC on Grand Cayman and supply water under two agreements held by OC-Cayman with the WAC.
+Added: We operate all but one of the reverse osmosis desalination plants owned by the WAC on Grand Cayman and supply water under three agreements held by OC-Cayman with the WAC.
According to the most recent information published by the Economics and Statistics Office of the Cayman Islands Government, the population of the Cayman Islands was estimated in 2023 to be 84,738 after the 2021 census count.
−Removed: According to the figures published by the Department of Tourism Statistics Information Center, in 2023 as compared to 2022, tourist air arrivals increased over 50% to approximately 429,000 and tourist cruise ship arrivals increased 70% to approximately 1,270,000.
−Removed: We believe that our water sales in the Cayman Islands are more positively impacted by stay-over tourists that arrive by air than by those arriving by cruise ship, since cruise ship tourists generally only visit the island for one day or less and do not remain on the island overnight.
+Added: According to the figures published by the Department of Tourism Statistics Information Center, in 2024 as compared to 2023, tourist air arrivals increased by 2% to approximately 438,000 and tourist cruise ship arrivals decreased by 15% to approximately 1,076,000.
+Added: We believe that our water sales in the Cayman Islands are more positively impacted by stay-over tourists that arrive by air than by those arriving by cruise ship, since cruise ship tourists generally only visit the island for less than one day and do not stay in hotels or condominiums.
Our water sales in the Cayman Islands are also greatly impacted by rainfall patterns and amounts on Grand Cayman.
3 unchanged sentences
A 2022 census placed the population of New Providence at approximately 297,000.
−Removed: According to statistics published by the Bahamas Ministry of Tourism, in 2023 as compared to 2022, the number of air arrivals increased 17% to approximately 1,327,000 and cruise ship arrivals increased 46% to approximately 3,114,000.
+Added: According to statistics published by the Bahamas Ministry of Tourism, in 2024 as compared to 2023, the number of air arrivals decreased by 1% to approximately 1,320,000 and cruise ship arrivals increased by 25% to approximately 3,901,000.
British Virgin Islands .
4 unchanged sentences
Pursuant to our license granted by the Cayman Islands government, we have the exclusive right to provide potable, piped water within our licensed service area on Grand Cayman.
−Removed: The last express extension of this license expired on January 31, 2018.
−Removed: However, we continue to operate under the terms of this license, providing water services to the level and quality specified in the 1990 license and in accordance with its legal obligations, treating those obligations set forth in the license as operative notwithstanding the expiration of the express extension.
−Removed: Negotiations for a new license are on-going.
We are the only non-government-owned public water utility on Grand Cayman.
The Cayman Islands government, through the WAC, supplies water to parts of Grand Cayman located outside of our licensed service area.
−Removed: Although we have no competition within our exclusive retail license service area for potable water, our ability to expand our service area is at the discretion of the Cayman Islands government.
−Removed: We have competed with such companies as SUEZ/Veolia, IDE Technologies and small local contractors for bulk water supply contracts with the WAC and expect to compete with these and other companies for any new water supply contracts awarded by the WAC.
+Added: Although we have no competition within our exclusive retail license service area for potable water, our ability to expand our service area is at
+Added: the discretion of the Cayman Islands government.
+Added: We have competed with such companies as Veolia, IDE Technologies and small local contractors for bulk water supply contracts with the WAC and expect to compete with these and other companies for any new water supply contracts awarded by the WAC.
The Bahamas .
−Removed: We have competed with companies such as SUEZ/Veolia, IDE Technologies, and TSG for the contracts with The Bahamas government to build and operate seawater desalination plants in the past.
+Added: We have competed with companies such as Veolia, IDE Technologies, and TSG for the contracts with The Bahamas government to build and operate seawater desalination plants in the past.
We expect to compete with these companies and others for any future water supply contracts in The Bahamas.
British Virgin Islands .
−Removed: In the British Virgin Islands, SUEZ/Veolia operates seawater reverse osmosis desalination plants in West End, Tortola, and on Virgin Gorda and generally bids against OC-BVI for projects.
+Added: In the British Virgin Islands, Veolia operates seawater reverse osmosis desalination plants in West End, Tortola, and on Virgin Gorda and generally bids against OC-BVI for projects.
Seven Seas Water owns and operates a 2.75 million gallon per day desalination plant in Parakeeta Bay, Tortola for the British Virgin Islands government.
−Removed: We expect that OC-BVI will be required to compete against SUEZ/Veolia, Seven Seas Water, TSG and other parties for any future business opportunities that may arise in the British Virgin Islands.
+Added: We expect that OC-BVI will likely compete against Veolia, Seven Seas Water, TSG and other parties for any future business opportunities that may arise in the British Virgin Islands.
United States .
Aerex competes in the highly fragmented industry for manufactured water production and treatment equipment and systems against a large number of manufacturers, fabricators and service providers, many of which have greater resources than Aerex.
−Removed: PERC and REC compete in the highly fragmented industry for water treatment and water reuse infrastructure development and management against a large number of companies, many of which have greater resources than PERC and REC.
+Added: PERC and REC compete in the highly fragmented industry for water treatment and water reuse infrastructure development and management against a large number of companies, many of which have greater resources than PERC and REC such as Veolia, Inframark, and Jacobs Solutions.
Environmental and Health Regulatory Matters
7 unchanged sentences
OC-BVI is licensed by the British Virgin Islands government to discharge concentrated seawater into the sea.
−Removed: At several of our locations, hydrogen sulfide gas is present in the seawater and we are contractually obligated to operate our plants in a manner designed to prevent the emission of airborne gas into the environment.
+Added: At several of our locations, hydrogen sulfide gas is present in the seawater and we are contractually obligated to operate our plants in a manner designed to remove hydrogen sulfide gas from our product water and to prevent the emission of airborne hydrogen sulfide gas into the environment.
United States.
5 unchanged sentences
Human Capital
−Removed: We are committed to a work environment that is welcoming, inclusive and encouraging.
+Added: We are committed to a work environment that is safe, welcoming and encouraging.
To achieve our plans and goals, it is imperative that we attract and retain top talent.
−Removed: In order to do so, we aim to have a safe and encouraging workplace, with opportunities for our employees to grow and develop professionally, supported by strong compensation, benefits, and other incentives.
+Added: In order to do so, we aim to provide a workplace with opportunities for our employees to grow and develop professionally, supported by strong compensation, benefits, and other incentives.
We have historically experienced low employee turnover.
4 unchanged sentences
We have no collective bargaining agreements with our employees, and none are represented by labor unions.
−Removed: We consider our relationships with our employees to be very good.
+Added: We consider our relationship with our employees to be very good.
Available Information
1 unchanged sentence
Information contained on our website is not incorporated by reference into this Annual Report, and you should not consider information contained on our website as part of this Annual Report.
−Removed: We have adopted a written code of conduct and ethics that applies to all of our employees and Directors, including, but not limited to, our principal executive officer, principal financial officer, and principal accounting officer or controller, or persons performing similar functions.
+Added: We have adopted a written code of conduct and ethics that applies to all of our employees and Directors, including, but not limited to, our Chief Executive Officer, Chief Financial Officer, and principal accounting officer or controller, or persons performing similar functions.
The Code of Business Conduct and Ethics, the charters of the Audit Committee, Compensation Committee, Nominations and Corporate Governance Committee, Environmental and Social Governance Committee and the Corporate Governance Guidelines of our Board of Directors are available at the Investors section of our website.
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.