ESG at TRICORBRAUN
At TricorBraun, doing the right thing related to Environmental, Social, and Governance (ESG) is an extension of our core values and our company’s Operating Principles. We are committed to sustainable and ethical practices because it’s good for our customers, our business, and our planet.
ESG is present throughout the entirety of the product life cycle at TricorBraun – from ensuring that our products meet customer expectations in terms of performance and safety, to assisting customers in their management of the environmental impact of those products. This commitment continues throughout the sourcing process, as we manage the ESG risks associated with our suppliers’ operational activities and implement best in class procurement practices.
2022 was a significant year of ESG progress in that it was the first year we focused on our ESG goals in a structured and cohesive way, improving our own environmental footprint while providing more sustainable options to customers. These efforts led to several successes. One of which was a B- score from CDP, a global nonprofit that runs the world’s leading environmental disclosure platform. This score places TricorBraun in the top 36% of our activity group and signifies that we're taking coordinated action on climate issues. We are also proud to have retained our EcoVadis Silver Medal in 2023. The Silver Medal places us in the top 10% of submitted companies with the best sustainability and ethical ratings.
In 2023, we were also proud to launch our first-ever Sustainability Report, covering the FY2022 year. This investment in preparation and planning our roadmap signifies our commitment to sustainable and ethical standards.
Our ESG Roadmap
To guide us moving forward, we conducted a materiality assessment in 2021 to identify and prioritize those issues of greatest importance to our stakeholders, as well as the opportunities for TricorBraun to drive significant impact. That assessment identified the following 10 areas of ESG priority focus.
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Product Lifecycle Management, GHG (Greenhouse Gas) & Climate, and Waste
Product Quality & Safety, Supply Chain Management, Occupational Health & Safety, Labor Practices, DEI and Talent Attraction & Engagement
Ethics, Compliance & Risk Management
Our ESG Governance
TricorBraun’s commitment to ESG is demonstrated through our actions – we have established an ESG Steering Committee, composed of various members of the company’s Executive Leadership Team (including the CEO, CFO and COO), responsible for providing strategic guidance to the ESG Taskforce on the implementation of our ESG initiatives. We have also set up Pillar Teams, each chaired by our Director of ESG & Sustainability Programs and composed of representatives from across the company, to provide direction and set, prioritize, develop, and lead initiatives under each of our strategic pillars. These initiatives will enable us to make iterative, continuous improvements in how we operate and to achieve our goals.
Click here to view our progress in more detail in our first Sustainability report.
Our ESG Pillars & Goals
Based on our identified areas of priority, ESG at TricorBraun falls under three strategic pillars:
ESG is present through the entirety of the product lifecycle at TricorBraun - from ensuring that our products meet customer expectations in terms of performance and safety, to assisting customer in their management of the environmental impact of those products through all lifecycle stages (design and engineering, distribution, use-phase and end-of-life). This commitment continues throughout the sourcing process, as we manage the ESG risks associated with our suppliers' operational activities and implement best in class procurement practices.
All suppliers, including manufacturers, vendors, and other service providers, who do business with TricorBraun are required to sign, and are expected to follow, the TricorBraun Supplier Code of Conduct, which covers child labor, forced labor, health and safety, freedom of association, working hours and wage, discrimination and harassment, environmental, ethical and compliance requirements. On an annual basis, we use a Supply Chain Risk Assessment to evaluate and monitor sustainability risks associated with our top 100 suppliers. This assessment evaluates risks based on a supplier’s industry, geographic location, and the results of their Supplier Sustainability Survey and our Vendor Excellence Rating system.
TricorBraun is committed to understanding and minimizing the impact of our operations on the environment, including with respect to greenhouse gas emissions, energy consumption, and our hazardous and nonhazardous waste generation.
During 2022, TricorBraun completed seven acquisitions across three continents, growing our facility footprint from 3.76 million to 4.43 million square feet. Despite our growing facility footprint, during FY2022 we reduced our FY2020 baseline GHG market-based emissions by 24.0% (4,618 MTCO2e) across our global operations. We reduced our FY2020 baseline GHG location-based emissions by 12.1% (2,318 MTCO2e) over that same period. In 2023, we plan to commit to setting a new GHG absolute combined emissions reduction goal for our global operations in accordance with the Science Based Targets Initiative (SBTi).
At TricorBraun, people are our greatest asset. Understanding and attracting high-caliber employees and supporting their development and growth is a cornerstone of making sure we continue to be the Best Place for the Best People in Packaging. This includes ensuring that our culture and practices provide a safe and healthy workplace; that we uphold basic human rights related to forced labor and fair wages; and that we embrace the building of diverse and inclusive workforce.
TricorBraun has established a Global Human Rights Policy that applies to all operations worldwide. This Policy is meant to emphasize our commitment to basic human rights as a core component of the way we do business and how we engage our team members. While local law or regulations may necessitate a different interpretation or application of this policy, TricorBraun believes that the fundamental values set forth in this policy should serve at a minimum as our global business standards.
It’s just the beginning of our journey of continuous improvement. In 2023, we will continue our ongoing alignment with the United Nations Sustainable Development Goals. We’re also planning resubmissions to EcoVadis and CDP for assessment of our progress and are working towards measuring Scope 3 GHG emissions.