Lisa Grow
Director at AWK
Board
About Lisa Grow
Lisa A. Grow was appointed as an independent director of American Water Works (AWK) effective August 26, 2025, following a 38-year career at Idaho Power, where she has served as President and CEO of IDACORP and Idaho Power since June 2020 (President of Idaho Power since October 2019; previously SVP & COO from April 2016). She holds a BS in Electrical Engineering from the University of Idaho and an MBA from Boise State University, and currently chairs the St. Luke’s Health System board and the Salt Lake City branch board of the Federal Reserve Bank of San Francisco. Her appointment expanded AWK’s Board to ten members, nine of whom are independent, signaling a focus on regulated utility operational and regulatory expertise at the board level .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Idaho Power | Senior Vice President & Chief Operating Officer | Apr 2016 – Oct 2019 | Operational leadership, system reliability, safety focus . |
| Idaho Power | President | Oct 2019 – Jun 2020 | Customer operations, regulatory engagement . |
| IDACORP & Idaho Power | President & CEO; Director | Jun 2020 – Present (director since Feb 2020) | Strategy, regulated utility oversight; board governance . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| St. Luke’s Health System (Boise, ID) | Board Chair | Current | Health system oversight; community engagement . |
| Federal Reserve Bank of San Francisco, Salt Lake City Branch | Board Chair (second 3-year term) | Current | Monetary policy input; regional economic insights . |
Board Governance
- Independence: Appointed as an independent director; Board expanded to 10 members, 9 independent .
- Committee Assignments: Nominating/Corporate Governance and Safety, Environmental, Technology and Operations (SETO) committees .
- Term: Appointed to serve until AWK’s 2026 Annual Meeting, or earlier per standard resignation/removal provisions .
- Overboarding Policy: AWK limits directors to four public boards (including AWK), and limits executive officers of a public company to two public company boards (including AWK); audit committee service limited to two other public companies without prior approval . Grow’s current public company boards (IDACORP/Idaho Power and AWK) are within AWK policy .
- Meeting Fees: AWK does not pay meeting fees; compensation is via annual cash retainers and equity .
- Board evaluations: Annual board and committee evaluations, peer reviews, and executive management feedback; executive sessions used to discuss effectiveness .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Cash Retainer | $120,000 | Paid quarterly; prorated for initial term . |
| Committee Chair Premiums (reference) | Audit Chair: $145,000; ED&CC, Nominating, SETO Chairs: $140,000 | Board Chair $200,000; Grow is not a chair; no chair premium applies . |
| Meeting Fees | $0 | AWK does not pay meeting fees . |
| Reimbursements | Actuals | Travel and one director education program per year . |
Performance Compensation
| Instrument | Grant Date | Grant Value Basis | Vesting/Distribution | Performance Metrics |
|---|---|---|---|---|
| Director Stock Units (under 2017 Omnibus Plan) | Aug 26, 2025 | Prorated portion of $175,000 annual equity for initial term | Vests on grant; shares distributed within 30 days of grant | None – non-employee director equity; no options granted in 2024 per program . |
- Program context: In 2024 AWK increased the standard annual director equity grant to $165,000 and moved to immediate distribution of shares post-grant; Board Chair equity is $260,000 .
Other Directorships & Interlocks
| Company | Exchange/Ticker | Role | Tenure | Interlock/Conflict Considerations |
|---|---|---|---|---|
| IDACORP, Inc. | NYSE: IDA | President & CEO; Director | Director since Feb 2020; CEO since Jun 2020 | Different utility sector (electric) vs. AWK (water); AWK policy review required for conflicts/time; appointment noted no related-party transactions . |
| Idaho Power Company | Subsidiary of IDACORP | President & CEO; Director | Director since Feb 2020; CEO since Jun 2020 | Operational expertise in regulated utility; no AWK related-party disclosures . |
Expertise & Qualifications
- Utility operations and regulatory leadership: Nearly four decades at Idaho Power; CEO experience in regulated utilities .
- Technology/safety/operations: Committee placement on SETO aligns with operational and safety governance experience .
- Financial/regulatory perspective: Federal Reserve branch board chair role enhances macro/regulatory insight .
- Technical education: BS in Electrical Engineering (University of Idaho); MBA (Boise State) .
Equity Ownership
| Item | Detail |
|---|---|
| Initial Director Stock Units | Granted Aug 26, 2025; prorated portion of $175,000; shares distributed within 30 days . |
| Ownership Guidelines | Must hold shares equal to 5x annual cash retainer ($600,000) by Aug 2030 . |
| Options | None outstanding for non-employee directors as of Dec 31, 2024 . |
| Related Party Transactions | None disclosed for Grow under Item 404(a) . |
Governance Assessment
-
Positive signals:
- Independent appointment with deep regulated-utility operating and regulatory experience strengthens AWK’s risk oversight and operational governance on SETO and Nominating .
- Clear ownership alignment requirements (5x cash retainer by Aug 2030) and immediate vesting/distribution enhance transparency and alignment with shareholders .
- AWK’s overboarding limits and committee evaluation disciplines mitigate time/attention risk and enhance board effectiveness .
-
Watchpoints:
- Executive time commitments: Grow remains CEO and director at IDACORP/Idaho Power; monitor attendance and engagement metrics in the 2026 proxy to ensure full participation at AWK while meeting AWK’s “executive officer” board-service limits .
- Interlocks/transactions: No related-party transactions disclosed; continue to monitor for cross-utility dealings or policy overlaps that could create perceived conflicts .
RED FLAGS: None disclosed at appointment—no Item 404(a) related-party transactions; no options repricing; compensation aligned to peer-reviewed director program .