Tag: 3BL

As previously seen on the CSRHub blog. 

Richmond Global Sciences (RGS) seeks to provide comprehensive tech solutions for key stakeholders committed to making a positive impact on the Environment and Society while generating Financial Returns. It provides impact analysis and financial data insight to public, private, and fixed income investors.

CSRHub is now integrating this data into its consensus Environment, Social, and Governance (ESG) ratings system. Unlike other ratings sources, RGS does not seek to fit companies into a curve (best to worst, with a bulge in the middle). Instead, it estimates the financial impact that a company has on society through its greenhouse gas emissions, waste, data breaches, hiring, and other ESG-related issues.

RGS’s unique approach created some challenges when we first sought to integrate its data into our system. The chart below shows that only 11% of the companies studied were “bad actors” on impact and only 1% were “super bad.”

These results are not ‘traditional’ ESG scores, but rather show how much positive or negative impact a company has if all their impacts were accounted for and priced as $ of impact for every $ of revenue generated. That would in essence mean that any companies with lower than a -$1 would be unprofitable if all of their negative impacts were to be priced in.

See Total Impact/$ of Revenue Reveals Several Interesting Features graph.

Fortunately, we have seen other absolute measures such as those Richmond Global provides. For instance, most carbon and pollutant emission sources have similar long tails. After processing through our normalization engine, we got F Scores between 5 and 11 for signals that affect our environment and social ratings. (An F score above 2 suggests at least a 95% chance that two signals are related.)

All of the entities RGS shared data for were already in CSRHub’s rating system. (You can see a list of the RGS-covered entities here). This means that those who want to pair impact with CSRHub’s outside-in consensus signal can now do so. RGS covers most of the world’s largest entities. About half of the entities RGS has data for are from North America.

We expect to soon offer sets of impact estimates from RGS within CSRHub’s ESG Roadmap report. This will allow companies to quickly compare their impact on society against that of selected groups of their peers. Please contact us if you’d like to be one of the first testers of this new feature.

 

Bahar Gidwani is CTO and Co-founder of CSRHub.  He has built and run large technology-based businesses for many years. Bahar holds a CFA, worked on Wall Street with Kidder, Peabody, and with McKinsey & Co. Bahar has consulted to a number of major companies and currently serves on the board of several software and Web companies. He has an MBA from Harvard Business School and an undergraduate degree in physics and astronomy. He plays bridge, races sailboats, and is based in New York City.

About CSRHub

CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 55,000 public and private companies, and provides ESG performance scores on over 35,000 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 933 sources to produce a strong consensus signal on corporate sustainability performance.

The European Union’s Corporate Sustainability Reporting Directive (CSRD) represents a significant shift in sustainability reporting. As part of the EU Green Deal, it emphasizes the importance of transparency and accountability in corporate activities. A key component of this directive is the Double Materiality Assessment (DMA). CSRD companies are required to evaluate their sustainability matters from two distinct perspectives: financial materiality and impact materiality.

The CSRD mandates that companies independently assess whether a sustainability matter is material from a financial or impact perspective—or both. A matter is considered material if it requires disclosure from just one of these perspectives. This dual approach adds complexity to materiality assessments but also ensures a more comprehensive and fact-based understanding of a company’s sustainability footprint.

Data Quality in Double Materiality Assessments 

During these first few years of CSRD reporting, DMAs are often conducted with estimates based on the “best possible information” proxy data, generic data models, indirect stakeholder feedback, and publicly available scientific research. The availability of actual products and site-specific data is often limited. Although these estimations and limitations are expected now, future DMAs will require businesses to develop their data. By coordination and stakeholder communication, more accurate, recent, and specific data may need to be produced to achieve better performance and realize competitive advantage.

The Path Forward: Improving Data Quality and Stakeholder Communication 

The CSRD has put into motion a need to genuinely connect businesses, not only within the organization but across its value chain. As business systems mature, the quality of sustainability-related information will probably increase. Data standardization will enable businesses to report consistent metrics at the site level, leading to richer KPIs and increased visibility of progress.

Value chain partner communication will also need to mature to keep up with CSRD demands. Businesses are increasingly being expected to understand, not estimate or model where raw materials come from, how that material enters their supply chain, and what are the impacts to the people and communities along the way.

The Key to More Accurate Sustainability Reporting 

To effectively conduct a DMA, companies must move beyond merely estimating impacts. They will need to adopt a granular approach that includes compiling and coordinating site-level assessments to directly measure sustainability impacts. This involves a detailed analysis of operations at each site, considering local environmental, social, and governance (ESG) factors, and aligning them with broader corporate sustainability goals.

The transition to this level of detail in sustainability reporting is challenging but necessary. It allows for a more accurate and actionable understanding of a company’s sustainability impacts and the risks and opportunities associated with them. By doing so, companies can not only comply with the CSRD but also demonstrate their commitment to sustainable practices to stakeholders and society at large.

Additional Resources 

For further information on conducting a DMA in line with the CSRD, resources such as the European Financial Reporting Advisory Group’s (EFRAG) recently published Materiality Assessment Implementation Guidance (MAIG) and Value Chain Implementation Guidance (VCIG) provide considerations and insights into this complex undertaking. These resources provide detailed instructions and considerations that can help companies navigate the complexities of double materiality and enhance the quality of their sustainability reporting.

Conclusion: The Future of Double Materiality and Sustainability Reporting 

The transition to comprehensive sustainability reporting through Double Materiality Assessments presents both challenges and opportunities for businesses. While the complexity of data collection and the current reliance on proxy information may seem daunting, the future demands more accuracy, transparency, and collaboration across the value chain. By embracing these changes, companies can not only meet the evolving regulatory requirements under the CSRD but also position themselves as leaders in sustainability.

As businesses enhance their data collection practices and strengthen communication with stakeholders, they will be better equipped to provide meaningful insights into their sustainability efforts. This, in turn, will build trust with stakeholders and create a competitive advantage in a marketplace increasingly focused on sustainability. With the right tools, resources, and mindset, companies can rise to the challenge and contribute to a more sustainable future.

Do you have questions? Reach out to our team of experts today!

Healthcare plastic waste is a growing concern. While a significant portion is non-hazardous and recyclable, most ends up in landfills or incinerators. A new HPRC case study examines the experiences of four European hospitals pioneering plastic recycling programs. These hospitals are making strides, but face challenges like:

Sorting at the point of use: This is considered most effective but strains busy staff.Mixed-material items and low waste volumes: These factors complicate recycling efforts.Limited financial incentive: Currently, hospitals often pay to recycle or receive little financial benefit.

Despite these hurdles, the hospitals in our study demonstrate a strong commitment to environmental responsibility. They are open to collaboration and exploring solutions like:

Clearer labeling: Simplifying what can be recycled.Dedicated waste management spaces: Easing the burden on staff.New business models: Making recycling more economically viable for hospitals.

Learn more about the specific challenges and promising solutions in our full case study! Download it today and see how your hospital can join the movement towards a more sustainable future.

Download Now

Mastercard

October 23, 2024 /3BL/ – Together with partners Conservation International and the World Resources Institute, Mastercard is expanding the Priceless Planet Coalition’s global portfolio of restoration sites. The Coalition, comprised of over 150 corporate and financial institution partners, is introducing three new restoration sites and expanding six existing projects, increasing investment in areas that have significant potential for positive global impact. This development brings the total number of Priceless Planet Coalition’s restoration projects to 22, further solidifying its dedication to restoring vital ecosystems worldwide.

This expansion is a crucial step towards the coalition’s goal of funding the restoration of 100 million trees. The addition of these new sites and the enhancement of current projects underscore the coalition’s continuous efforts to maximize benefits on climate, communities, and biodiversity.

The project portfolio of the Priceless Planet Coalition includes diverse geographical representation in the following locations: Asia Pacific (Australia, Cambodia, China, the Philippines, India, and now Thailand as well); Latin America (Brazil, Colombia, Guatemala, and now including High Andes restoration sites in Ecuador and Peru); Europe (France, Portugal, Spain, Scotland); Middle East & Africa (Madagascar, Democratic Republic of Congo, Kenya, Malawi, United Arab Emirates); and North America (Mexico, United States, Canada).

New Restoration Sites 

The three new sites have been chosen based on their potential for strong positive impacts on climate, biodiversity, and local communities. This expansion reflects the coalition’s approach to selecting locations that have strong implementation partners and socially and ecologically appropriate restoration strategies.

One of the new sites is in the High Andes, where coordinating organizations Global Forest Generation (GFG) and Asociación de Ecosistemas Andinos (ECOAN) are powering an ambitious restoration initiative, Acción Andina. This initiative will help protect and restore native forest ecosystems across the Andes, including Ecuador and Peru. These ecosystems act as the water towers of South America by absorbing and redistributing moisture and glacial meltwater to feed streams, rivers, and major metropolitan areas, all the way to the Amazon. The absence of healthy, native forests leads to detrimental drought and flood cycles, endangering local economies and prompting migration to urban centers. Acción Andina is committed to working with local communities to restore these ecosystems by planting and restoring trees. In tandem with restoration efforts, the initiative includes community engagement activities such as building water catchment systems, wells, and reservoirs, conducting forest fire prevention and management trainings; distributing clean cookstoves; providing livestock management support; developing irrigation and water infrastructure; and offering literacy programs.

“Acción Andina has already planted millions of trees in the high Andes and involved tens of thousands of local people to bring back native forests and water for the continent. We are on a mission to grow this locally-led initiative into a global movement, involving diverse communities, cultures, and sectors all united to protect and restore vital ecosystems for decades to come,” says Florent Kaiser, Global Forest Generation CEO and Acción Andina co-lead. “The Priceless Planet Coalition is an essential partner that will help us take continued action towards creating resilient communities and landscapes in this century of change.”

Across the globe in the Eastern Himalayas of India, 210 hectares of forest will be restored in partnership with ATREE . According to Conservation International, the Eastern Himalayan region is extraordinarily rich in biodiversity, containing one-twelfth of all species on the planet, while also supporting the livelihoods and survival of nearly a billion people who depend on its natural resources. With over 200 indigenous groups, this region serves as a critical water source to millions both upstream and downstream and is home to species such as the Indian elephant, Bengal tiger, and snow leopard. Despite its ecological importance, this region ranks among the most climate-vulnerable globally. Since 2000, it has lost 9.5% of its green cover, and in 2022 alone, 1.5 million people lost their homes to extreme weather events. The Priceless Planet Coalition’s work to fund restoration in the Eastern Himalaya will aim to support the restoration of the region’s biodiversity, while mitigating climate change and supporting the local communities.

“Co-identifying and co-designing restoration activities with relevant stakeholders in the region will be the primary focus of our work. Biodiversity and ecosystems are inextricably linked with the wellbeing of the people in the Eastern Himalaya and landscape/ecosystem restoration is key to building resilience for nature and people,” adds Sarala Khaling of ATREE.

In Thailand, a significant new project is underway within Kaeng Krachan National Park. This initiative aims to restore monoculture agriculture areas and other degraded zones, while also safeguarding conservation areas in community-managed sections of the National Park. By restoring trees and the overall ecosystem, the project will enhance biodiversity and provide benefits to both wildlife and local communities. Covering 165 hectares, this restoration effort will focus on supporting the diverse forest types found within the National Park and the flora and fauna vital to the local ecosystem.

“We are thrilled to embark on this Forest Landscape Restoration project in Kaeng Krachan National Park, a UNESCO World Heritage Site renowned for its exceptional biodiversity. The National Park provides habitat for many endemic and endangered plant and wildlife species, such as Asian elephants, leopards, gaurs and Great Hornbills, and has long been home to local communities and ethnic groups,” explains Jake Brunner, IUCN Head of Lower Mekong Sub-Region. “Collaboration will be essential to the success of this project. IUCN will work closely with The Department of National Park, Wildlife and Plant Conservation of the Government of Thailand and local communities, combining cutting-edge science and traditional ecological knowledge to restore degraded areas through approaches such as enrichment planting, community-based agroforestry and riparian rehabilitation.”

Expansion of Existing Projects 

The coalition is expanding investment in six of its 19 existing sites across Madagascar, Brazil, Mexico, Colombia, Democratic Republic of Congo, and Malawi. This strategic expansion will build on the coalition’s existing partnership, knowledge and learnings, increasing the scope of impact, providing additional funding to maximize climate, biodiversity, and community benefits in these regions. In Colombia, for example, the Musesi restoration project in the Sierra Nevada de Santa Marta mountains in partnership with the Colombia Ministry of the Environment is supporting the Indigenous Arhuaco people to restore their sacred lands, ensuring that the project aligns with their cultural and environmental values. According to Conservation International, over 429 Arhuaco families from 14 communities have participated in growing and planting more than 700,000 trees, restoring almost 2,500 acres of land across three watersheds. The community-based approach has fostered technical skills and increased capacity for future restoration efforts. This initiative not only contributes to national and global climate objectives but also strengthens the governance of the Arhuaco community, helping them reclaim their ancestral territory.

Building on this success, further investment from the Priceless Planet Coalition will allow the Musesi project to restore an additional 2.5 million trees, covering an additional 4,500 acres and ultimately aiming to capture an estimated 64,140 tonnes of CO2, according to Conservation International.

Uniting in climate action 

The Priceless Planet Coalition, launched by Mastercard with Conservation International and World Resources Institute, unites individuals, businesses and corporate partners in taking climate action by funding the restoration of 100 million trees. The coalition includes more than 150 partners globally, each contributing to funding forest restoration through various donation campaigns, which may include encouraging consumers to donate at points of sale, allowing consumers to use loyalty points linked to payment cards to support tree restoration, or making donations to executing charities of the PPC after consumers engage in certain activities, such as agreeing to receive paperless statements or when making the purchase of specific products.

As of 2023, the Priceless Planet Coalition has grown to over 150 members who have helped support the planting of millions of trees and more than 600 plant species and create 1.2 million workdays for people around the world.

“The impact that the Priceless Planet Coalition has made since its inception is a demonstration of the power of partnerships, of collaboration between non-profits, scientific experts, businesses, consumers, and local communities,” says Mastercard Chief Sustainability Officer Ellen Jackowski. “Through this expansion, the coalition is doubling down and enhancing our investment in the places where we are maximizing benefits and achieving lasting impacts on climate, biodiversity, and communities.”

The coalition’s approach integrates scientific expertise, local community involvement, and strategic partnerships to ensure the success and longevity of its restoration initiatives. Each project employs the Tree Restoration Monitoring Framework, which tracks and measures factors such as ecosystem integrity, socio-economic impact, carbon sequestration estimation, and the number of trees that have been fully restored with 5-year monitoring.

To learn more about the Priceless Planet Coalition, visit here.

About Mastercard (NYSE: MA)

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com

Originally published by Mastercard

Follow along Mastercard’s journey to connect and power an inclusive, digital economy that benefits everyone, everywhere.

Are you hearing the increased buzz about new rules, regulations, standards, and accounting directives designed to expand corporate sustainability reporting focused on ESG topics and issues? Will your company be required to report? Are you ready to report?

Highlights

In June 2023, the International Sustainability Standards Board (ISSB) released the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards. The Standards are IFRS S1: General Requirements of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures. The purpose of IFRS S1 and S2 is to provide global criteria for sustainability reporting, inform investors, and facilitate disclosure of comprehensive sustainability-related information for global capital markets.

Background

There are two important and broadly similar financial accounting and reporting global regimens – GAAP (Generally Accepted Accounting Principles) and IFRS. GAAP is the system used for decades by publicly-traded companies in the United States. IFRS is used by…well, the rest of the world.

When stock markets in the U.S. crashed in October 1929, most of the investors were not receiving periodic information about the condition of companies they invested in. Historic laws passed by the U.S. Congress in 1933 and 1934 addressed financial disclosure and new Federal agencies such as the Securities & Exchange Commission set out to “reform” accounting and financial reporting by U.S. public companies. Soon, GAAP began to take shape and over the next decades evolved into the backbone for corporate financial reporting and for players in the capital markets where securities trade. The system was enshrined in law by the U.S. Congress in 1972 with creation of the Financial Accounting Standards Board to oversee GAAP.

Elsewhere another system was taking shape – IFRS was created in 2001 and overseen by the not-for profit IFAS (International Financial Accounting System). At least 168 nations/jurisdictions other than the U.S. use IFRS for public company accounting and reporting (from Albania to Zimbabwe). Over the years there have been earnest efforts to better align the two systems (GAAP being rules-based and IFRS being principles-based, to over-simplify).

More recently, the IFRS has taken the leadership in moving toward global standards in sustainability reporting by announcing the formation in 2021 of ISSB to develop a comprehensive global baseline of sustainability disclosures for global financial markets. These are the IFRS Sustainability Disclosure Standards that are being adopted in policies by an increasing number of countries around the world.

The G&A Institute team members are experts in the new reporting standards. To help U.S. corporate managers prepare for compliance, we’ve prepared a new G&A Resource Paper, available for your download. G&A Institute will conduct an informative webinar on IFRS reporting requirements: IFRS’ ISSB Reporting Standards Pathfinders Webinar.

As you tune in to IFRS reporting requirements, consider the G&A Institute team your guide to structure and navigate your company’s IFRS sustainability reporting. Email us at info@ga-institute.com.

This is just the introduction of G&A’s Sustainability Highlights newsletter this week. Click here to view the full issue. 
 

CHARLOTTE, N.C., October 23, 2024 /3BL/ – Global edtech leader Discovery Education and select partners present a host of new, free resources that empower students, educators, and families to observe Red Ribbon Week 2024. These specially curated resources are available on the Discovery Education Red Ribbon Week website and within the award-winning K-12 learning platform, Discovery Education Experience.

Observed annually every October 23-31 to honor the memory of Drug Enforcement Agent Enrique (Kiki) Camarena, Red Ribbon Week is a time to reinforce messages about alcohol, tobacco, and drug prevention, recognize the harmful effects of substance abuse, and promote the importance of making healthy and safe decisions. In honor of the 2024 Red Ribbon Week theme “Life is a Movie, Film Drug Free,” Discovery Education and select partners offer the following resources:

Virtual Field Trip 
The “Opioids: Real People. Real Stories. Real Science.” Virtual Field Trip from Operation Prevention provides students with stories of addiction and recovery from a parent, two retired professional athletes, and a musician. Created in partnership with the Drug Enforcement Administration, Operation Prevention engages youth in grades 3-12, and people in the workplace with the power of prevention. These resources can be used to open life-saving conversations with standards-aligned English & Spanish-language resources, plus additional resources designed for educators, families, professionals, and the public.

Classroom Activities and Lesson Plan 
Kick-off conversations with students in grades 4-8 about living substance-free with classroom activities and lesson plans exploring how underage drinking and underage cannabis use negatively affect the developing brain. Created in partnership with Ask, Listen, Learn, a proven prevention education program teaching kids the value of saying “YES” to a healthy lifestyle and “NO” to underage drinking and underage cannabis use, these engaging videos and accompanying educator guides help integrate these lessons into any class.

Interactive Classroom Activities 
As an extension of the Pharmacists Teach program from CVS Health, Dose of Knowledge strives to empower educators, pharmacists, parents, and other members of the community to support substance misuse education and guide students to make good decisions for the health and well-being of themselves and their community. These standards-aligned K-12 classroom resources give educators everything they need to teach students of all ages about medication safety and mental health. With new resources like the choose-your-own-adventure, Think It Through, educators and students can engage in an interactive animated adventure empowering healthy choices and decision-making skills.

Discover more resources on the award-winning classroom companion platform, Discovery Education Experience on the Red Ribbon Week channel.

“Red Ribbon Week is an important time to foster meaningful conversations about drug and alcohol safety with students,” said Amy Nakamoto, Executive Vice President of Corporate Partnerships at Discovery Education. “The resources we are offering alongside our valued partners offer educators and families support in navigating challenging topics, and equip students with the knowledge needed to make informed, healthy choices. Together, we can create a future where students thrive both inside and outside the classroom.”

For more information about Discovery Education’s award-winning digital resources and professional learning solutions, visit www.discoveryeducation.com, and stay connected with Discovery Education on social media through X, LinkedIn, Instagram, TikTok, and Facebook.

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About Discovery Education 
Discovery Education is the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place. Through its award-winning multimedia content, instructional supports, innovative classroom tools, and corporate partnerships, Discovery Education helps educators deliver equitable learning experiences engaging all students and supporting higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Inspired by the global media company Warner Bros. Discovery, Inc. Discovery Education partners with districts, states, and trusted organizations to empower teachers with leading edtech solutions that support the success of all learners. Explore the future of education at www.discoveryeducation.com.

Contacts 
Grace Maliska 
Discovery Education 
Email: gmaliska@dicoveryed.com

SARAWAK, Malaysia, October 23, 2024 /3BL/ – Black & Veatch, a global leader in critical infrastructure solutions, has been chosen as the owner’s engineer for PETROS Power Sdn Bhd’s (PETROS Power) Miri Combined Cycle Gas Turbine (Miri CCGT) Power Plant in Sarawak, Malaysia.

The Miri CCGT Power Plant will be a lower-emission alternative to coal-fired power plants. The Miri CCGT Power Plant is expected to have a capacity of 500 megawatts (MW) and is intended to supply power to the Sarawak State Grid.

“Black & Veatch’s knowledge of international and country-specific engineering codes and standards, and contract structures helps to systematically mitigate project cost and schedule risks to ensure project execution certainty,” said Narsingh Chaudhary, president, Asia Pacific and India, Black & Veatch.

“By bridging the gap between different engineering standards, Black & Veatch offers progressive clients, like PETROS Power, assurance that the engineering, procurement, construction (EPC) contractor delivers on project commitments cost effectively.”

Black & Veatch will provide technical expertise, knowledge and technology transfer, and support for engineering, procurement, construction, and commissioning (EPCC) contract management and administration.

Black & Veatch has extensive experience in designing and constructing combined cycle power plants for diverse settings, including new sites, expansions to existing steam electric generating stations, and conversions of existing simple cycle peaking combustion turbines to combined cycle operation.

Contact Black & Veatch for more information.

About Black & Veatch 
Black & Veatch is a 100-percent employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Follow us on www.bv.com and on LinkedIn, Facebook, X (Twitter) and Instagram.

Media Contact Information: 
EMILY CHIA | +65 6335 6623 P | Chialp@bv.com 
24-HOUR MEDIA EMAIL | Media@bv.com

Abbott

To help address the greatest need for blood in a generation, Abbott, a global leader in blood testing, and the Big Ten Conference are teaming up to host the first college conference-wide blood donation competitionThe school that drives the most blood donations during the 2024 football season will be honored by Abbott at the Discover Big Ten Football Championship Game with a $1 million donation to the school to advance student or community healthStudents, alumni and fans can donate blood on behalf of any of the 18 member schools at blood centers across the country; donation totals will be tracked live at BigTen.Org/Abbott throughout the campaignParticipants receive a free one-month subscription to B1G+ streaming service and are entered to win two tickets and a trip to the Big Ten Football Championship Game

ABBOTT PARK, Ill., and ROSEMONT, Ill., /3BL/ – Abbott (NYSE: ABT) is partnering with the Big Ten Conference and its 18-member university athletic departments to boost the U.S. blood supply through a blood donation competition. It will put rivalry and school spirit to the test as all of the schools compete to see who can donate the most blood, positively impacting lives across the country.

“The We Give Blood Drive” initiative is designed to motivate Big Ten students, alumni and fans to donate blood by tapping into school pride and devotion to their teams.

The competition comes at a time when the U.S. is experiencing one of the biggest blood shortages in a generation, in part due to the fact that the number of younger donors has declined sharply in recent years. The initiative aims to inspire young people to become life-long donors to ensure a stable blood supply, especially as older adults become unable to donate.

Blood donations are needed for a wide variety of medical reasons, including trauma and accident victims, mothers experiencing complications after childbirth, and individuals receiving cancer treatment. One donation can save up to three lives.

“The U.S. continues to experience ongoing blood shortages, and we knew as a leader in diagnostics and testing we had to do something powerful to draw in donors,” said Robert B. Ford, chairman and chief executive officer, Abbott. “What better way to inspire people to donate than tapping into rivalries between Big Ten schools and offering up a friendly competition. It’s our hope we’ll give the blood supply a significant boost while inspiring a future generation of blood donors.”

The X‘s and O‘s 
“The We Give Blood Drive” blood donation competition will run during the college football season, from Sept. 26 through Dec. 6, with the winner announced at the Big Ten Championship Game on Dec. 7 in Indianapolis. Donation totals will be tracked live at BigTen.Org/Abbott throughout the campaign.

People who want to donate blood as part of the competition can learn more about eligibility, find participating local blood centers and validate their donation to count for their school of choice at BigTen.Org/Abbott.

Mobile blood drives for students and faculty are planned on campuses throughout the season. If someone lacks a participating center near them, they may choose to donate blood at any center across the country and upload proof of donation. Everyone who participates in the competition also will receive a free one-month subscription to B1G+, the Conference’s streaming service via an email after uploading their proof of donation. Participants will also be entered to win two tickets and a trip to the Big Ten Football Championship Game on Dec. 7.

The school credited with donating the most blood — each donation counts for 1 point — will be named “The We Give Blood Drive” champion. The winning school will receive $1 million to advance student or community health.

“We’re grateful for Abbott’s important work and partnership with the Big Ten Conference,” said Tony Petitti, Big Ten Conference Commissioner. “Students, alumni and fans of Big Ten universities are known across the country for both their competitive and community spirit, giving us confidence this campaign will inspire them to donate blood, support their favorite Big Ten school and potentially save a life.”

Abbott and the Big Ten also announced that Abbott has become the health sciences and diagnostics partner of the Big Ten Conference. Abbott’s transfusion business helps screen the world’s blood supply. Abbott has partnered with the multimedia rightsholders across each Big Ten campus – Learfield, Playfly Sports, and JMI Sports – to bring this national campaign to life.

For more information about “The We Give Blood Drive” and how to participate, visit BigTen.Org/Abbott. To download media assets, click here.

About the Big Ten Conference: 
The Big Ten Conference is an association of world-class universities whose member institutions share a common mission of research, graduate, professional and undergraduate teaching and public service. Founded in 1896, the Big Ten has sustained a comprehensive set of shared practices and policies that enforce the priority of academics in the lives of students competing in intercollegiate athletics and emphasize the values of integrity, fairness and competitiveness. The Big Ten Conference sponsors 28 official sports, 14 for men and 14 for women, and the broad-based programs of the 18 Big Ten institutions provide direct financial support for more than 14,000 student-athletes. For more information, visit BigTen.org.

About Abbott: 
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X and Youtube.

SOURCE Abbott

For further information: Abbott Media: Karen Twigg May, 630-564-3009; Kim Modory, 847-393-5107; Abbott Financial: Ryan Aliff, 224-667-2299

Read the 2024 Wesco Sustainability Report here

Products, Innovation and Supply Chain

Designed for a Dynamic Market

Our Products

We offer a wide range of sustainable products from the world’s leading manufacturers and help our customers determine the best solution to meet their sustainability goals. Key categories include:

Energy-efficient products: Advances in lighting, motors, drives, transformers and our other mechanical products increase the ROI value proposition to install energy-efficient products, which continue to benefit our customers through reduced lifetime energy costs.Energy-management solutions: Our smart building solutions give better visibility and control of energy consumption and storage. These range from lighting and HVAC controls to advanced building automation and AI-driven monitoring equipment.Renewable energy products: We offer renewable energy solutions that include solar, electric vehicle (EV) charging infrastructure, energy storage solutions and micro-turbine wind.Sustainable maintenance, repair and operations (MRO) products: We have a broad range of sustainable MRO products to support green procurement goals.Workplace safety products: We offer a full range of products and equipment designed to help keep people safe in the workplace.

Wesco Energy Solutions

The Wesco Energy Solutions team is focused on turnkey LED lighting and controls upgrades to assist customers in realizing cost savings and sustainability goal achievement. The end-to-end service offering includes audit, design, procurement, project management, installation, rebate, commissioning, and post-installation warranty support.

For each project, we leverage our technology and supplier relationships while considering price, performance, aesthetics, cost of maintenance, warranty, product availability and manufacturer reliability and stability. Wesco Energy Solutions serves as a single point of contact throughout the lighting renovation and retrofit process, allowing our customers to easily implement energy-efficient solutions. Following a preliminary assessment, we conduct an onsite investment-grade audit of the facility being considered for an energy efficiency upgrade. Our detailed analysis of the audit’s findings results in energy- and cost-efficient designs and recommendations.

In addition to project implementation costs, we provide insights that enable our customers to make the optimal decisions in support of their business’s sustainability, branding, and financial goals and objectives.

This includes:

A detailed financial analysis, including a cost savings and payback periods.Energy reduction in kilowatt-hours saved, the equivalent greenhouse gas emissions eliminated, and the emissions-reduction equivalent in terms of trees planted and cars removed from the road.A line-by-line energy analysis of each proposed lighting fixture.Available utility rebates.Financing options.

Once a project is approved, we provide turnkey installation coupled with project life-cycle management services. This includes selecting and managing our installation partner(s), staging and storage of material, coordinating and securing rebates, recycling of the replaced fixtures and more.

Wesco 2023 Energy Solutions Projects Summary

Projects completed: 2,855Area of Energy Efficiency Audits: 74M square feet Rebates Back to Customers: $4MPotential Customer Energy Savings: 84M kWhPotential CO2 Emissions Avoided: 53,612 MTCO2e Estimated Client Energy and Maintenance Savings: $13M

Wesco Renewables

Our programs, services and solutions are designed for the dynamic and flourishing renewables market. Whether the focus is residential, commercial, or utility- scale solar, Wesco offers supply chain solutions supported by a leading product portfolio and expertise that is current with evolving market demands. Our solutions are scalable and adaptable to respond quickly and meet the needs of the industries we serve.

Selling and installing solar energy systems can be a complex process, but not with the right partner. Our team of dedicated in-house experts includes sales, project management, and inventory specialists. Additionally, our technical team offers engineering and design services customized to end user needs. In 2022, we opened our Solar Center of Excellence (COE) and in 2024, we are adding incremental resources to support our expanding services and offerings. The Solar COE is a centralized resource consisting of subject matter experts that can provide technical support, training, strategic sales guidance, project management, and business development to the greater Wesco sales organization and their customers. In its first year of operation, the Solar COE provided support to more than 100 Wesco sales reps in over 65 sales offices around the country.

In addition to our in-house expertise, we partner with the world’s industry-leading providers of renewable products and solutions, including manufacturers of photovoltaic modules, inverters, racking, the balance of systems, energy storage and EV chargers. Our strong partnerships combined with our expansive distribution network ensure our customers have the flexibility to quickly scale to ever-changing demands.

Whatever the geographic scope, we help customers expand their reach by leveraging our global footprint allowing service for projects at any scale. To complement our dedicated resources and product offerings, our supply chain value proposition includes everything from vendor-managed inventory to financing solutions.

Our team understands today’s complex supply chain and provides guidance throughout the project life cycle including business development, preconstruction and logistics, construction and installation and support 
and operations maintenance. Wesco offers materials management services including staging, on-site storage, kitting, cable management, code compliance and safety solutions. We also offer customized combiner boxes and PV assembly solutions to reduce our customers’ operating costs.

This combination of in-house expertise, product offerings and supply-chain solutions allow our renewables customers to remain focused on selling and installing solar energy systems. The result is increased profitability and reduced operating costs for our customers, more solar energy on the grid and solutions to keep our communities running smoothly and the world working smarter. In 2023, we worked with our customers to install solar products with more than 192 million kilowatt-hours of renewable energy generating potential. The amount of greenhouse gas emissions avoided is equal to the emissions from:

15,092,755 gallons of gas consumed147,820,780 lbs. of coal burned

*Equivalencies based on the EPA Greenhouse Gas Equivalencies Calculator

UN Sustainable Development Goals

Solar Center of Excellence was founded to provide technical support, training, strategic sales guidance, project management and business development to the sales organization and their customers.

Supply Chain

Our supply chain mission statement prioritizes safety, sustainability, supplier diversity and supplier transparency. It is a business imperative that Wesco remains a supplier of choice for our customers. Our Executive Vice President of Global Supply Chain and Operations provides quarterly updates to our Board of Directors on the mission-critical safety, health and sustainability of our supply chain.

We purchase products from a diverse group of suppliers, most of whom are headquartered in North America and manufacture products around the world.

Responsible Sourcing

Wesco is committed to protecting human rights, safeguarding health and safety standards, and promoting environmental responsibility across our supply chain. To this end, we require our suppliers to maintain safe and fair working environments for their workers, meet the requirements of the Wesco Supplier Code of Conduct, and comply with all applicable laws.

Our Supplier Code of Conduct and contractual terms set our expectations for human rights, health and safety, environmental responsibility and business ethics and integrity. We expect our suppliers to adhere to our standards in their operations. Our Business Integrity Line is available for employees, suppliers and outside parties to report any unethical conduct in our supply chain.

To help us evaluate supplier performance against our expectations and better understand the sustainability and risks in our supply chain, we conduct a supplier sustainability survey biennially. The survey questions cover conflict minerals, environmental performance, human rights and employee and supplier diversity.

Wesco’s Approach to Supplier Engagement and Continuous Improvement

We follow a risk-based approach whereby we proactively and continuously identify and evaluate the risks within our supply chain. Based on changes in the risks, we adopt appropriate criteria and standards for supplier selection, including contractual obligations and performance metrics.

Communicating Our Expectations

We have high expectations of corporate responsibility and environmental sustainability performance. To ensure our suppliers understand what we require, suppliers are expected to review and commit to the Wesco Supplier Code of Conduct.

Responsible Sourcing Assessments

We evaluate supplier compliance, human rights and environmental sustainability performance in numerous ways, including surveys, self-assessments, site visits and third-party audits. In December 2023, we launched a campaign to survey our top suppliers in terms of human rights and environmental sustainability performance.

Responsible Sourcing Audits

In 2023, we worked with UL Solutions, an independent, third-party auditor, to perform sourcing reviews at 75 facilities around the world that manufacture products for our private label offerings. Responsible sourcing audits focus on the following topics:

Labor Practices:

Abuse, Coercion, Harassment, Disciplinary Action • BenefitsChild Labor, Young Workers, Apprentices/TraineesDiscriminationForced, Bonded, Indentured, Slave, Prison LaborFreedom of Association and Collective BargainingHiring and TerminationRemunerationWorking Hours

Health and Safety:

AccidentsChemicals and Hazardous MaterialsElectricalEmergencyEquipment SafetyFirst AidPersonal Protective Equipment (PPE)

Other Topics:

Facility Supply Chain ProfileEthics and Business IntegrityManagement Systems for Grievance

Corrective Action and Preventative Action Plans

Following these responsible sourcing audits, 54 factories were required to implement a corrective action and preventative action plan (“CAPA”) to address non- compliances. Steps to remediation may include simple actions (such as clearing a blocked exit path) or more complex requirements (such as implementing new company procedures or building new health and safety infrastructure). We require suppliers to address critical or high-risk findings immediately. Depending on the severity, will stop purchasing from the supplier until the issue is resolved. Through our CAPA process, we strive to ensure that our suppliers continuously improve their performance, as we work towards building a more responsible and sustainable supply chain.

Continuous Improvement

Wesco is committed to continuous improvement in our approach to responsible sourcing, as we look to deploy new strategies and technologies to expand the scope and depth of our responsible sourcing program. Please also see our Ethics and Compliance section for a list of policies relevant to our suppliers, including our Supplier Code of Conduct, along with the Data Privacy and Cybersecurity section for more information on supplier data protection.

Supplier Diversity

At Wesco, we are dedicated to building a diverse and inclusive culture and are choosing business partners who share our values. Headed by our Director of Supplier Diversity Sales and Sourcing, we are committed to growing our Supplier Diversity Network in size and spend and expanding our Diversity Alliance Network.

We have defined our mission, goals and strategy surrounding supplier diversity. In 2023, we invested in a strategic partnership with a recognized third party to implement a supply chain management tool that identifies, confirms third party certifications, and connects us with diverse suppliers. This tool provides line of sight to the supplier business profile and has enhanced our diverse supplier spending reporting.

Together, we will:

Increase our portfolio of vetted, third-party diverse suppliers across the enterprise.Drive growth and inclusion by fostering long-term partnership with our customers through a robust and diverse supply chain, while delivering our comprehensive and proven technology solutions.Support diverse business enterprises throughout our supply chain operations.

Membership Organizations

Our memberships with the following national business, civic, and trade organizations strengthen our efforts and yield best practices for identifying and developing new relationships:

National Minority Supplier Diversity Council (NMSDC) MembershipDisability:INCanadian Council for Aboriginal Business (CCAB) Membership

As our supplier diversity efforts mature, we are establishing new efforts internally and externally. Within Wesco, we have initiated a Supplier Diversity 
All Star award for employees supporting our goals and have partnered with business resource groups supporting internal diversity goals. In 2023, we continued expanding communications, including a dedicated page on our website and a highlight of our goals on social media channels.

Additionally, through internal and external communications channels we have featured diverse companies in support of driving awareness and growing our Supplier Diversity spend at Wesco.

Diverse Suppliers*

Minority-, Women-, Aboriginal-, People with Disabilities-, LGBTQ, Veteran- and Service-Disabled Veteran-Owned businesses.

• 2023 Diversity Suppliers: 2,424 
• 2023 Diversity Spend: $370M 
• 2023 Diversity Alliance Network Sales: $240M

*All self and third-party certified minority, women, veteran, disabled, disadvantaged, 8(a), HUBZone, LGBTQ, Aboriginal and diverse small- business enterprises validated through third-party organizations.

To learn more, download the 2024 Wesco Sustainability Report here.

About This Report

Unless otherwise stated, this report covers activities, data and initiatives from our fiscal year 2023.

ESG Disclosure and Framework Alignment

The topics covered in this report include those that we have determined to be material for our business and stakeholders as noted on page 12. Wesco aligns with several ESG frameworks and disclosures in support of our commitment to transparency and our fulfillment of stakeholder needs and expectations. We leverage the following frameworks and standards to provide robust ESG information disclosure:

Global Reporting Initiative (GRI): GRI offers a list of global standards and guidelines around sustainability reporting.Sustainability Accounting Standards Board (SASB): SASB provides a comprehensive set of industry-specific disclosure topics and guidelines.Task Force on Climate-Related Financial Disclosures (TCFD): TCFD provides disclosure recommendations on thematic ESG topics such as governance, strategy, risk management, metrics and targets to provide stakeholders with fuller information surrounding climate risks.CDP: Formerly the Carbon Disclosure Project, CDP is an international organization that helps companies and cities measure and disclose important environmental impact information through an annual questionnaire and rating system.United Nations Global Compact (UNGC): UNGC is an initiative that aims to help businesses align their strategies and work toward the U.N.’s Sustainable Development Goals.United Nations Sustainable Development Goals (U.N. SDGs): U.N. SDGs provide a shared set of 17 toward peace and prosperity for people and planet goals and create a call to action by all countries in a global partnership.

We also regularly engage with our investors, employees, customers, regulators, ratings agencies and others on ESG and business issues. Additional information about Wesco can be found in our public financial filings—including our annual report and proxy filings—as well as on the Security and Exchange Commission’s website at www.sec.gov or on the Investors page of our website at Wesco.com.

Wesco plans to continue to report annually as we monitor, measure, and deepen our ESG initiatives and disclosures.

Wesco endorses the United Nations Sustainable Development Goals (SDGs), which are a call to action to end poverty, protect the planet, and ensure that all people enjoy peace and prosperity.

More information about our SDG aligned initiatives is included throughout this report.

Assurance 
We did not seek third-party assurance for this report; however, we will consider doing so for future reporting. The information and data contained in this report was vetted by internal subject matter experts on the various ESG topics included in this report.

Contact Us 
We appreciate and welcome feedback on our ESG initiatives and reporting and invite you to contact us directly via email at Sustainability@Wesco.com.

Originally published on bloomberg.com

Women Capital Drives Value: Analyzing data since 2018, Bloomberg Intelligence found that companies with more women on boards and in leadership roles outperform peers, reinforcing fundamental financial analysis, bolstering ESG credentials and helping investors make more informed decisionsBoard Diversity Gains Momentum: Gender board diversity tripled to 26% in 2023 from just under 9% in 2010, driven by regulations and shareholder activismAn Uphill Battle in C-Suites: Progress on putting women in leadership roles remains slow with women making up only 6% of CEOs globally, and just at 3% in emerging markets

LONDON, October 23, 2024 /3BL/ – A new study from Bloomberg Intelligence (BI) shows that companies with more women on boards in the US, Europe and Asia-Pacific (excluding Japan)1 draw higher annual returns, between 2-5%, compared to peers with less gender diverse boardrooms since 2018. According to the BI Women Capital study, the return differential between the highest and the lowest quintile of women on the board was 11% in the US, 13% in Europe and a sizable 35% in Asia-Pacific.

Adeline Diab, BI Director of Research and Chief ESG Strategist, commented: “Women capital drives value, gender diversity reinforces fundamental analysis and could help investors make more informed decisions, while also demonstrating better ESG credentials. More diverse boards often result in higher profits, stronger valuations and lower volatility in developed markets, like in the US and Europe. Meanwhile, in emerging markets, gender diverse companies demonstrate lower volatility, but have not translated into stronger returns as women in boardrooms do not appear to be a priority or fully recognized by markets.”

BI’s analysis reveals that women’s presence in boardrooms has tripled to 26% in 2023 from under 9% in 2010. The strong progress, especially in developed markets which continues to maintain momentum, has been aided by regulatory support and shareholder activism – except in Japan where women remain mainly absent from Nippon boards.

Gender quotas have pushed diversity despite controversy in many developed markets, such as France leading global peers with 45% female board ratio. Yet, some countries have made progress without mandatory targets or quotas, like the UK achieving 42% women board representation. Investor activism also serves as a catalyst, driving progress in Australia and the US, despite the latest diversity, equity and inclusion (DEI) backlash in the US.

However, regional differences persist. BI’s analysis found that boardrooms in emerging markets trails global standards for gender diversity, highlighting the lack of market and regulatory support, especially in Latin America, where over 10% of companies have no female directors.

Sector gaps also leave room for more improvement globally. BI found that the financials and health care sectors lead the way at almost 30% female board representation, while technology and capital-intensive sectors, such as industrials, materials and energy, lag at around 20% representation.

Women in executive leadership positions have also yet to move the needle, as women make up only 6% of CEOs globally and just 3% in emerging markets, with the highest number of female CEOs in the US and Europe at 8%. The CFO position has made the strongest improvement of the C-Suite reaching 14% globally, including strong representation in Singapore and Australia at 30% and 20% in the US and Europe.

Adeline Diab added: “Some countries in developed APAC have made a remarkable progress on the number of women in executive roles, mostly in the CFO role. We can’t help to wonder if the rise of female prime ministers in the region, including Australia’s Julia Gillard, New Zealand’s Jacinda Ardern or Hong Kong’s Chief Executive Carrie Lam, helped drive a breakthrough.”

“In addition, according to our BI forecasts, although gender parity may be reached across developed Western markets before the next decade, Australia and New Zealand could hit gender parity by 2028, faster than the Western markets by at least two years, setting global standards.”

Looking ahead, according to BI, regulations and quotas will continue to serve as key catalysts driving gender diversity on boards – such as the EU’s mandated quota to ensure at least 40% of non-executive directors or 33% among all directors are women by 2026. In Hong Kong, listed firms will also have to add at least one woman to the board by the end of this year to comply with the exchange’s new gender rules. Additionally, the US presidential election and the prospect of the first female US president could serve as a strong catalyst.

To receive a copy of BI’s Women Capital study or to speak with Adeline Diab, BI Director of Research and Chief ESG Strategist, please contact BloombergIntelligence@citigatedewerogerson.com or ahay38@bloomberg.net

Methodology

1: Regional values derived from underlying indices: Europe Developed (STOXX 600); Europe Emerging (Bloomberg Europe Emerging Markets Large & Mid Cap); Americas Developed (S&P 500, Bloomberg Canada Large & Mid Cap); Americas Emerging (Bloomberg LATAM Large & Mid Cap); APAC Developed (Nikkei 225, Bloomberg APAC Developed Markets ex Japan Large & Mid Cap); APAC Emerging (Bloomberg China Large Cap, Bloomberg Asia Emerging Markets ex China Large & Mid Cap)

Contact

Oktavia Catsaros
Bloomberg Intelligence
ocatsaros@bloomberg.net

About Bloomberg Intelligence

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