At LINN, we are committed to conducting business in an ethical, honest and responsible manner because it is the right thing to do. To guide our ethical business practices, we maintain robust policies and procedures and follow laws, rules and regulations applicable to LINN’s business operations.
LINN believes participating in the American electoral process is critical to preserving our robust democracy. In line with our Code, we engage in the public policy arena with integrity and honesty. We comply with all applicable legal and regulatory obligations, including providing transparency to the Company’s investors and other stakeholders.
Executive Leadership
The experience of LINN’s executive leadership team in the oil and gas industry spans many decades. Their combined experience in oil and gas operations and finance, as well as technical and support functions, equips them to make decisions that are in the best interest of LINN and our stakeholders. For more information on LINN’s executive leadership team, please see our Leadership page.
Board of Directors
The Board of Directors (the “Board”) independently oversees the affairs of LINN. The Board is composed of highly qualified individuals with the proven knowledge, experience and skills to best develop and supervise the strategic vision of the Company. Our Board has standing Audit, Compensation, Nominating and Governance Committees. For more information on LINN’s Board, please see our Leadership page.
Board Committees
The Audit Committee assists our Board in the general oversight of our financial reporting, internal controls, audit functions and oil and gas reserves. The Audit Committee also is directly responsible for the appointment, retention, fees and oversight of the work of our independent public accountant. For more information on LINN’s Audit Committee, please see our Governance page.
The Compensation Committee approves the compensation arrangements for our senior management and Board members. The committee also approves and administers any compensation plans for our officers and directors, including the granting of equity awards or other benefits. It reviews and discusses with our management the Compensation Discussion Analysis as well as oversees the report on executive compensation to be included in the annual proxy statement. For more information on LINN’s Compensation Committee, please see our Governance page.
The Nominating and Governance Committee develops criteria, recruits and recommends candidates for election to our Board. It also develops and recommends corporate governance guidelines to our Board and assists it in implementing the guidelines. The committee also leads our Board in its annual review of the performance of the Board and its committees. For more information on LINN’s Nominating and Governance Committee, please see our Governance page.
The Conflicts Committee is an ad hoc committee that is convened to examine and resolve potential conflicts of interest that may occur during LINN’s business dealings. For more information on LINN’s Conflicts Committee, please see our Governance page.
Political Law Compliance
LINN regularly consults with legal counsel in order to maintain complete compliance with all relevant federal, state and local laws and regulations on such issues as U.S. campaign finance, lobbying, gifts and entertainment. Additionally, the Company has outlined specific guidelines to instruct employee representation and participation in trade associations.
Corporate Political and Political Action Committees (“PAC”) Contributions
LINN annually discloses our corporate political and PAC contributions and donations to state and local ballot measure committees and other organizations sanctioned under Section 527 of the U.S. Internal Revenue Code.
Independent Expenditures
LINN has not made any direct independent expenditures through corporate or PAC funds on behalf of candidates running for public office. If, in the future, the Company chooses to make independent expenditures, detailed accounts of these contributions will be disclosed in our annual political contribution reports.
Trade Association Memberships
LINN is an active member of various industry and trade groups organized under Section 501(c)(6) of the U.S. Internal Revenue Code. While it is not the primary reason for our membership, some of these associations engage in advocacy efforts that can have an effect on our industry, including lobbying for sound and responsible legislative solutions that advance LINN’s business goals and interests.
Other Tax-Exempt Organizations
LINN periodically supports social welfare organizations, including those organized under Section 501(c)(4) of the U.S. Internal Revenue Code.