NorthWestern Energy - 1792 Exchange

Rating Overview

NorthWestern Energy is Medium Risk.

Northwestern Energy Group is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. The company occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	Lower Risk

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Northwestern Energy integrates ESG into its business practices. From its 2023 Sustainability Report: “At NorthWestern Energy, we are guided by our commitment to sustainability and our robust environmental, social and governance (ESG) policies and practices” (1). However, in 2024, the company stopped publishing its Sustainability Report. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (2). From its 2025 Code of Conduct and Ethics: “Environmental issues and impacts are an integral
part of our planning, operating and maintenance decisions.” (3). Northwestern Energy promotes divisive sex and gender policies. Its Code of Conduct and Ethics require[s] international vendors to include sexual orientation and gender identity in their nondiscrimination policy (4). However, the company has not canceled customers, suppliers, or vendors based on political views or religious beliefs (5).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

NorthWestern Corporation does not discriminate against charitable organizations based on views or beliefs. However, it will only give to religious organizations that provide non-sectarian services (1). The company’s charitable giving focus areas are: Education, Health and Human Services, Civic and Community, Culture and the Arts, Resource Conservation (2)(3).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Northwestern Energy offers unconscious bias training to its supervisors (1).However, in 2024, the company stopped publishing its Sustainability Report and removed unconscious bias training. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (2). The company appears to prioritize diversity over merit in its hiring and promotions. From its Code of Conduct and Ethics : “Diversity in the workforce may be considered when relevant to hiring, promotions, work assignments, or other decisions related to the terms and conditions of employment.” (3). Northwestern Energy appears to prioritize diversity over merit in its supply chain. From its Supplier Code of Conduct: “We expect our Suppliers to: encourage the use of diverse business
enterprises within our communities and, when directed by NorthWestern Energy, provide small and local businesses, minority, women and veteran-owned and all diverse businesses (including those who support people with
disabilities) with the opportunity to participate in our procurement and sourcing processes” (4). The company does not provide viewpoint protections for its employees (5).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Northwestern Energy is committed to net zero carbon emissions by 2050 (1). The company supports DEI within its business practices. From its 2025 Annual Report: “We value diversity, foster inclusion and encourage a healthful work–life balance that includes taking personal time and giving back to the communities we live and work in.” (2). From its 2025 Code of Conduct and Ethics: “We value diversity, equity and inclusion” (3). The company supports ESG within its business practices. From its 2023 Sustainability Report: “Our business practices reflect a respect for, and a commitment to, ESG policies and practices” (4). However, in 2024, the company stopped publishing its Sustainability Report. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (5).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Northwestern Energy has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

Lower

Rationale:

Northwestern Energy has not used its PAC donations or lobbying for ideological purposes(1)(2)(3).