ESG Governance & Operating Responsibly
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 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 our four 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 within our Enterprise Risk Management (ERM) 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 ERM policy, which governs risk governance, risk oversight, and risk appetite.
Office of Enterprise, Inclusion, Diversity,
and Business Engagement
In 2020, we established the Office of Enterprise Inclusion, Diversity and Business Engagement (OEIDBE). This team guided the execution of our DE&I Action Plan, partnering closely with our CEO, Executive Committee, Chief Colleague Experience Officer and Colleague Advisory Networks worldwide. Building on our momentum and to approach our DE&I efforts in a holistic way going forward, the OEIDBE joined the Colleague Experience Group in January 2023 to integrate our internal and external DE&I efforts. Our DE&I framework is comprised of six enterprise-wide pillars. Each pillar is led by members of the Executive Committee as well as designated Senior Executive Sponsors to drive action and accountability. Within each of these pillars, every business unit has a comprehensive, multi-year plan with clear objectives, timelines and metrics.
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:
Learn more about our progress on our Environmental, Social, and Governance (ESG) Strategy in our 2022-2023 ESG Report.