Southern Company - North America's Building Trades Unions Lmcc Trust

What it reported doing in 2024

To assist southern company, its construction contractors and nabtu and its affiliates in addressing issues of mutual interest and opportunity as provided for by section 302(c)(9) of the labor management relations act, for any and all of the purposes set forth in section 6(b) of the labor-management cooperation act of 1978, including the encouragement and support of joint labor management activities designed to improve labor-management relations, job security, competitiveness, productivity, organizational effectiveness and economic development, and more specifically: to improve communications between representatives of labor and management; to provide workers and employers with opportunities to study and explore new and innovative joint approaches to achieving organizational effectiveness; to assist workers and employers in addressing areas of mutual interest not susceptible to resolution within the collective bargaining process; to study and explore new ways of eliminating potential challenges which reduce the competitiveness and inhibit the economic development of the utility industry; to enhance the involvement of workers in making decisions that affect their working lives; to expand and improve working relationships between workers and managers; to study and explore opportunities to improve the health and safety of workers employed on southern company project sites, as well as the health and safety of the public affected by southern company's industry; to explore opportunities to demonstrate superior value that enhances job security while also providing opportunities to enhance workforce development by joint labor-management apprenticeship and training programs through sustainable job growth; to encourage free collective bargaining by establishing continuing mechanisms for communication between employers and their employees; to promote access to registered apprenticeship programs sponsored by nabtu's affiliates and southern company contractors, including the promotion of apprenticeship readiness programs; to promote and support programs and activities designed to attract personnel leaving the military and veterans for careers in the construction industry to help provide necessary personnel for southern company and its contractors; to promote and support programs and activities designed to promote social, economic, gender, and racial justice; and to do any and all other lawful activities, including activities incidental or related to the accomplishment of those purposes and goals.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 3 of 7 controls in place; rating input score 43
  • Conflict-of-interest policy: Fail
  • Whistleblower policy: Fail
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Fail
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 32.8%; rating input score 84; 84th percentile among comparable filings
• Total-asset coverage ratio: 1.71; rating input score 55; 55th percentile among comparable filings
• Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: -19.7% per year; rating input score 0; 3rd percentile among comparable filings
• Asset growth: 18.1% per year; rating input score 100; 82nd percentile among comparable filings