Month: May 2023

Each day, Boston Scientific is dedicated to transforming lives through innovative medical solutions that improve the health of people around the world. Boston Scientific was recently recognized by the Edison Awards for two innovative products that are making a meaningful difference for the patients the company helps to serve.

EXALT™ Model B Single-Use Bronchoscope received a Gold award in the Medtech category. EXALT Model B has contributed to the evolution of the standard of care within bronchoscopy. The single-use bronchoscope was specifically designed and optimized for bedside procedures and features suction capabilities and the familiar feel of reusable models.

“At Boston Scientific, we are always pushing ourselves to drive innovation based on direct input from physicians,” said Mike Jones, senior vice president and president, Endoscopy. “EXALT Model B was designed to help provide ease of navigation and visualization during bronchoscopies. It also helps improve operational efficiencies for hospitals by removing any unplanned downtime due to equipment out for repair or having to wait for the scopes to be cleaned.”

Image guided programming with STIMVIEW™ XT technology was awarded a Silver award in Artificial Intelligence Assisted Medicine category. The advanced software, which is powered by our collaboration with Brainlab AG, is used with the Vercise Genus™ Deep Brain Stimulation (DBS) system that is designed to offer a streamlined approach to DBS programming for people living with Parkinson’s disease. STIMVIEW XT uses patient-specific, 3D visualization of the anatomy and imaging of the implanted DBS lead to enable clinicians to see, shape and steer DBS therapy to where it’s needed most.

“This recognition reinforces our ongoing commitment to deliver best-in-class innovations that ultimately help those living with Parkinson’s,” said Milad Girgis, vice president, general manager, Brain Franchise for Neuromodulation. “The technology behind STIMVIEW XT allows clinicians to personalize therapy and better address the unique needs of their patients.”

The Edison Awards is an annual event honoring excellence in new product and service development, marketing, human-centered design and innovation. The awards symbolize the persistence and excellence personified by Thomas Edison and his Menlo Park team who successfully brought an unprecedented number of innovations to the market.

Learn about previous Edison Awards and more honors Boston Scientific has received for its innovation and leadership.

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Social issues are perhaps the most difficult to research and least understood by investors with an environmental, social and governance (ESG) focus. But the risks and opportunities they represent are growing, and investors need a way to step up to the challenge.

From modern slavery to female representation in the workforce, companies are plagued by a growing list of social concerns. These issues account for a higher proportion of corporate controversies than environmental and governance issues (Display). Yet ESG-focused investors, who have become increasingly systematic and sophisticated in incorporating environmental and governance factors into investment decisions, don’t have similarly robust processes for addressing social factors.

Why Social Data Lags

Tighter regulation and quasi-government scrutiny of “E” and “G” issues have prompted dramatic data improvements in these areas. Now, official interest in social issues is increasing. This may help redress the information imbalance, in which the availability of data for social factors remains relatively low compared to “E” and “G” (Display).

The most commonly available social data concern workforce gender diversity, health and safety, product recalls, and human rights policies. But data quality remains sketchy. For example, the fact that a company has a human rights policy doesn’t mean it is a good policy or well implemented.

It’s also difficult to compare social metrics across companies and industries. Unlike carbon footprints and governance standards, which can be easily compared across companies or sectors, social issues differ across industries.

In the apparel industry, for example, key issues include forced or child labor, the proportion of employees covered by trade unions or bargaining agreements, grievance reporting mechanisms, and supplier codes of conduct.

In retail banking, predatory lending is a big social concern, along with access to services for customers from lower-income backgrounds, privacy and data security, and fines levied for regulatory breaches. Food and beverage companies should be judged on product quality and recalls, investment in safety and quality systems, and production time lost because of workplace injury or safety incidents.

These issues will gain more prominence because official scrutiny of “S” factors is increasing steadily.

Investors Face a Tsunami of “S”-Related Legislation

Our research shows that, between 2011 and 2022, key Western governments and quasi-governments took 23 significant actions—such as introducing legislation or guiding principles and holding parliamentary inquiries—to curb forced labor and human rights abuses. Most actions (17) took place in the second half of that period.

This slow-moving tsunami of legislation will force companies to carry out and report due diligence in their operations and supply chains. Government moves to ban products made with forced labor are already underway in the US and will soon be followed by the European Union.

Grassroots awareness of social issues is becoming more vocal. COVID-19 highlighted the inequality of vaccine distribution and the strain on healthcare, while supply chain disruptions caused by the pandemic and by the war in Ukraine have shed light on challenging conditions in some export-producing countries. Rising inflation and the cost-of-living crisis are increasing public awareness of social issues.

Investors, in our view, should take two steps to accommodate the growing importance of “S” factors in their portfolios.

Data Science and Qualitative Analysis Can Drive Insights

The first is to address issues of data quality and availability. Where data are available, their materiality for various industries should be mapped appropriately. Then, data science and qualitative analysis can help drive better insights.

For example, specialized third-party providers may have more in-depth knowledge of “S” factors than in-house securities analysts, but they typically cover fewer companies. Using data science, investors can access new data sources with the help of artificial intelligence.

Understanding the data is important to avoid drawing false conclusions. “S” controversies are more common in some industries, such as autos. But don’t assume that industries with less data have a correspondingly low level of controversies. Similarly, fundamental research can verify that a company’s human rights policy is effective and appropriately implemented.

Three Dimensions to Understanding “S” Issues

The second step is to develop a research framework that can identify key “S”-related risks and opportunities.

We have identified three broad themes to help investors make sense of the evolving “S” investment environment: a changing world, a just world and a healthy world (Display).

These themes cover multiple and far-reaching changes. From a changing world perspective, for example, they include understanding how human capital management can give firms a competitive advantage, the implications of an aging workforce and the risk that 30% of jobs could be lost to automation by 2030.

Thinking about the world in social justice terms can focus investors on growing evidence of a positive correlation between female corporate leadership and corporate performance. It can also alert them to industry-wide costs of import bans on products made with forced labor.

The global transition to a low-carbon economy puts pressure on governments to develop policies to help people adapt as old jobs are lost and new ones created; how well governments perform in this respect will have implications for sovereign-bond investors.

Health is also important for companies and investors. In fact, poor health is estimated to cost the world US$12 trillion a year—equivalent to about 15% of annual global GDP. 1

Avoiding a Rock and a Hard Place

Companies and investors are under increasing pressure from governments and the public to identify and take responsibility for social issues that arise in their business operations and investment portfolios.

Given the data issues, some investors may feel they are wedged between a rock and a hard place. That pressure can be eased, in our view, by capturing and collating the available data, wringing better insights from them with data science and qualitative analysis, and applying those insights through a comprehensive research framework.

Roxanne Low, ESG Associate from AB’s Responsible Investing team, contributed to this analysis.

1 Jaana Remes et al., “Prioritizing Health: A Prescription for Prosperity,” July 8, 2020, McKinsey.com

The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams and are subject to revision over time.

Learn more about AB’s approach to responsibility here.

The Arbor Day Foundation has recognized Entergy as a 2023 Tree Line USA utility for its commitment to urban forestry in its communities.

The Tree Line USA program recognizes electric utilities for implementing best practices that protect and develop America’s urban tree canopy. The program is a partnership between the Arbor Day Foundation and the National Association of State Foresters, which promotes delivering safe and reliable electricity while maintaining healthy community forests.

“Trees and vegetation are part of our region’s natural environment and also one of the leading causes of power outages for utilities,” said Charles Long, interim senior vice president of power delivery. “Entergy has a robust vegetation management program that protects the power lines and ensures reliable electric service for our customers’ homes and businesses. At the same time, we’re helping sustain both our urban and rural landscapes, which improves quality of life for our customers and communities.”

Entergy achieved the Tree Line USA recognition by meeting five program standards: quality tree care, annual worker training, tree planting and public education, a tree-based energy conservation program, and a sponsorship of or participation in annual Arbor Day events.

“Trees are essential to creating more urban green spaces in communities across the United States,” said Dan Lambe, chief executive of the Arbor Day Foundation. “In addition, they provide important benefits to residents, including clean air, clean water, and vital tree shade. Service providers like Entergy demonstrate how easily trees and utilities can co-exist for the benefit of communities and residents.”

By joining the Tree Line USA program, energy service providers benefit from lowering line clearance costs due to proper pruning. As a result of those properly pruned and maintained trees, customers and communities benefit from increased reliability of service because those trees will have healthy root systems that decay less, have less structural weakness, and ultimately result in fewer downed lines during storms.

For more information about Entergy’s tree management practices, visit Entergy’s website.

VMware celebrated the 25th anniversary of its founding in February this year. Marking the occasion, our CEO, Raghu Raghuram, remarked, “Our 25-year history proves that we can execute anything we set our minds to.” This truth is borne out every day at VMware as we build on our DEI momentum and work towards ensuring inclusion and equity for more than 35,000 employees around the world. We’re proud of our advances in 2022, and our progress is illustrated in VMware’s 2023 Diversity, Equity and Inclusion Report. VMware remains committed to fostering an inclusive culture where all our employees thrive; and we’re honored to be recognized for that work by our inclusion on the Forbes Best Employers for Diversity 2023 list.

Our progress over this past year could not have happened without an inherent passion for people-first strategies and our commitment to innovation – qualities that have enabled us to consistently rank at the top of the JUST 100 list for fair and equitable business behavior.

I encourage you to read the report and learn about the growth we achieved in our DEI initiatives. Dive into the details to discover inventive new programs that were designed to achieve the bold outcomes outlined in our 2030 Agenda. Looking back, we see that these three mindsets guided our strategic approach and the initiatives you’ll read more about in the report.

All In

At VMware, we encourage everyone to drive DEI. Neither Human Resources nor the DEI COE team is solely responsible for achieving these results. It’s a companywide effort and responsibility because it directly contributes to the impact in our day-to-day work and to the community at large. This all-in approach is an integral part of our culture.

One way to ensure this approach is by requiring our people managers to take our Inclusive Leadership in Action (ILIA) course. Offered as an immersive course at VMware, ILIA increases awareness of DEI topics and builds an understanding of how behaviors impact our culture. It is an opportunity for learning, reflection, and discussion, to help all of us check our behavior and experiences, while keeping our values of respect and inclusion at the forefront. While the course is required for people managers, all VMware employees are encouraged to participate and become allies and champions.

Business Embedded 

Studies consistently show that a diverse and inclusive company benefits from more perspectives and increased employee engagement. These benefits lead to greater business innovation and profitability. As the report outlines, we have evolved to a robust DEI business-led process. We connect our strategy directly to results that support the business needs. For example, in 2022, all our general managers in the Product organization created DEI organizational plans and personal DEI plans aligned with our company’s DEI Goals.

We also provide coaching, enablement, and support for business leaders to develop strong business-led DEI initiatives that they are empowered to implement, champion, and promote, including:

Leader dashboards to drive business decisions through the DEI lensQuarterly forums for our senior leaders to review our DEI progress and spotlight leaders who are leading the wayForum and support for business-led DEI resources (“DEI Change Agents”)Data insights and coaching on Leader DEI Action Plans

Keeping the Momentum and Thinking Big

From the advancements we’ve made to measure progress on a broader group of underrepresented communities to our investments in external partnerships and conferences with a goal to expand and support underrepresented talent across the tech industry, we are keeping the momentum going. We also see this momentum in VMware’s joining the Valuable 500, a global business collection for CEOS and their companies innovating together for disability inclusion. This is despite the headwinds of economic challenges, volatility, uncertainty and complexity across the business and the industry as a whole.

But perhaps most importantly, as we keep the momentum going, we keep our aspirational goals in focus. For example, we remain strongly committed to increasing the representation of women globally across all roles, URMs in the U.S., director and above roles for women globally, and director and above positions for URMs in the U.S.

At VMware, we think big. Never satisfied with the status quo, our culture of possibility inspires innovation and moves us forward in our pursuit to accelerate the value we’re driving on key priorities even as we unlock the full potential of our VMware community.

I am proud of where we are today in our DEI journey. And while our work is not yet done, the momentum we’ve created leaves me feeling inspired and energized about where we will go from here.

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Every day, we help millions around the world live their best lives with our science-backed products that support balanced nutrition and by providing economic opportunities through our direct selling business model, encouraging people to become entrepreneurs and have a positive impact in their communities.

Our global presence means we are committed to doing more to provide life-changing opportunities focused on our Global Responsibility (GR) core pillars:

· Healthy communities

· Economic empowerment

· Environmental stewardship

To celebrate National Entrepreneurship Week, we’re diving into our Economic Empowerment Pillar, which supports programs worldwide that advance and support inclusive economies for underrepresented communities and promote entrepreneurship. Mentorship and training that supports educational achievements have the potential to significantly improve outcomes for youth and pave the way for personal empowerment while strengthening local communities.

What makes Economic Empowerment a Pillar in Our Global Responsibility Journey

According to the International Labor Organization, almost half a billion people work fewer paid hours than they would like or lack adequate access to paid work. We aim to target this global challenge by supporting organizations that empower opportunities for underserved, vulnerable and minority communities.

We understand and appreciate the challenges and opportunities for entrepreneurs and strongly believe that small businesses are an essential part of any thriving community.

That’s why we work with leading non-profit organizations around the globe to inspire the next generation of entrepreneurs through leadership and mentorship programs so more people can be empowered to reach their full potential.

By supporting partners such as the Village Book Builders and the U.S. African Development Foundation (USADF), we are working to empower entrepreneurship and increase job opportunities in marginalized communities.

Village Book Builders 

Looking for ways to empower our employees to make a difference, we partnered with the Village Book Builders nonprofit organization because it encompasses values we work to cultivate.

Village Book Builders empowers villages worldwide to end poverty through education. One way they do so is by connecting volunteers to serve as mentors to students in developing communities around the globe. In 2021, Herbalife Nutrition employees participated in pilot mentorship sessions with students in Ghana during an eight-week program.

U.S. African Development Foundation (USADF)

We are proud partners with USADF, and supported five African social entrepreneurs through our Nutrition for Zero Hunger program in 2022.

The focus of USADF has been to champion a community-led, participatory approach by supporting entrepreneurs that are working to address some of Africa’s most significant challenges around food insecurity, energy poverty, and unemployment, particularly among women and youth.

For example, one of the entrepreneurs, Nobukhosi Ndlovu, Founder and Managing Director, Nutrie Foods, started her company to offer healthy food while giving back to the community by providing a fair-trade market for female farmers’ produce.

These success stories confirm how cross sector alliances can transform entire communities and change lives by empowering the next generation of entrepreneurs with new skills and resources that potentially could unlock economic opportunities in the fields they plan on pursuing through leadership and mentorship programs.

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