ESG Governance

Our Board of Director’s Nominating, Governance, and Public Responsibility Committee reviews our ESG Strategy and Corporate Sustainability program, monitors progress against our goals, and provides guidance on our efforts. Our Executive Committee also reviews and evaluates ESG performance and long-term goals with support from our ESG Steering Committee. Led by senior executives from across the company, the ESG Steering Committee developed the objectives and goals for our ESG Strategy, drawing on the expertise of cross-functional ESG Working Groups. Day to day, our Corporate Sustainability team works with colleagues throughout the company to shape our ESG programs and investments and monitor progress on key issues.

Additionally, ESG risks, in particular climate risk, have been included as an emerging risk for the Company, and are part of our Enterprise Risk Management framework. Climate-related risks are currently managed as part of our Enterprise Risk Management process. The Risk Committee of our Board of Directors provides oversight of our Enterprise Risk Management framework, processes, and methodologies, and approves our Enterprise Risk Management policy, which governs risk governance, risk oversight, and risk appetite.

Governance

Office of Enterprise, Inclusion, Diversity, and Business Engagement

In October 2020, we announced a $1 billion DE&I Action Plan containing goals and initiatives through 2024. Underlining the importance of this goal to our company and leadership, we established a new Office of Enterprise Inclusion, Diversity, and Business Engagement, reporting directly to the Chairman and CEO. This expert team guides the DE&I Action Plan’s rollout, partnering closely with our Executive Committee, Chief Colleague Inclusion and Diversity Officer and Colleague Advisory Networks worldwide.

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Priority Issues

In 2020, we completed a comprehensive ESG materiality analysis to update our priority environmental, social and governance issues. We collaborated with the think tank and advisory firm SustainAbility to guide our approach. Using outputs from the analysis, we ranked our 20 priority ESG issues based on their relative importance to our business and their relative importance to our stakeholders. The matrix on the right highlights these results:

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ESG
Learn more about our approach to Corporate Sustainability in our 2020-2021 Environmental, Social, and Governance (ESG) report.