ESG Impact, Risk & opportunities public analysis

{
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        "name": "N/A",
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            "description": "Adapting operational infrastructure to withstand the increasing frequency and intensity of extreme weather events is crucial for N/A. This includes investing in resilient infrastructure and developing contingency plans to minimize disruptions. Proactive adaptation measures can reduce potential financial losses and ensure business continuity for N/A.",
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            "matter_id": "0",
            "name": "Climate Change Adaptation in Operations",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                        "source": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
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            "description": "Transitioning to low-carbon technologies in electricity production presents both opportunities and risks for N/A. While it can reduce climate change effects, it may also create new environmental problems. Careful decision-making about energy technologies and infrastructure is essential for N/A to minimize negative impacts.",
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                    "document": "[ green energy choices: the benefits, risks and trade-offs of low-carbon technologies for electricity production low-carbon electricity generation could help meet demand while reducing climate change effects. but new technologies could create new environmental problems. this report aids informed decision-making about energy technologies, infrastructure and optimal",
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                    "document": "[ climate transition risk reduce the uncertainty around low carbon transitions and optimize managing transition risks and opportunities with our proprietary transition risk data and industry-specialized consulting. arrow_forward ](https://www.wtwco.com/en-us/solutions/services/climate- transition-risk \"climate transition risk\")",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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            "description": "Improving water resource management is crucial for N/A to ensure sustainable operations and reduce environmental impact. This includes implementing water-efficient technologies and practices, as well as monitoring and reporting water usage. Effective water management can enhance the company\u2019s reputation and reduce operational costs for N/A.",
            "material_scope": "current",
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            "name": "Water Resource Management Improvement",
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                    "document": "[ mineral resource governance in the 21st century the mining sector, if carefully managed, presents enormous opportunities for advancing sustainable development particularly in low-income countries, the international resource panel says in its latest report. the full report, summary for policymakers, and factsheets are now available for download. ](/reports/mineral-resource-",
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                {
                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                        "source": "https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html"
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                {
                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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            "description": "Implementing pollution reduction initiatives is essential for N/A to minimize its environmental footprint and comply with regulations. This includes investing in cleaner technologies and processes, as well as monitoring and reporting emissions. Reducing pollution can improve the company\u2019s reputation and reduce potential liabilities for N/A.",
            "material_scope": "current",
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                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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            "time_horizon": "medium",
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            "description": "Adopting circular economy practices can create new business opportunities and reduce waste for N/A. This includes designing products for durability and recyclability, as well as implementing closed-loop systems. Embracing circular economy principles can enhance the company\u2019s brand image and reduce resource consumption for N/A.",
            "material_scope": "potential",
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            "matter_id": "4",
            "name": "Circular Economy Practices Adoption",
            "nature": "material",
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                    "document": "[ mineral resource governance in the 21st century the mining sector, if carefully managed, presents enormous opportunities for advancing sustainable development particularly in low-income countries, the international resource panel says in its latest report. the full report, summary for policymakers, and factsheets are now available for download. ](/reports/mineral-resource-",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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            "time_horizon": "medium",
            "value_chain_item_ids": "7,0"
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            "description": "Implementing biodiversity conservation efforts can protect ecosystems and enhance the company\u2019s reputation for N/A. This includes supporting conservation projects and minimizing the impact of operations on natural habitats. Protecting biodiversity can also reduce potential risks associated with ecosystem degradation for N/A.",
            "material_scope": "potential",
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            "matter_id": "3",
            "name": "Biodiversity Conservation Efforts",
            "nature": "material",
            "sources": [
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                    "document": "[ mineral resource governance in the 21st century the mining sector, if carefully managed, presents enormous opportunities for advancing sustainable development particularly in low-income countries, the international resource panel says in its latest report. the full report, summary for policymakers, and factsheets are now available for download. ](/reports/mineral-resource-",
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                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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            "description": "Investing in employee well-being programs can improve morale and productivity for N/A. This includes providing access to healthcare, wellness resources, and flexible work arrangements. Supporting employee well-being can also reduce absenteeism and improve retention rates, contributing to a positive work environment for N/A.",
            "material_scope": "current",
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                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    }
                },
                {
                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
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                    }
                }
            ],
            "time_horizon": "medium",
            "value_chain_item_ids": "0,5"
        },
        {
            "description": "Ensuring fair labor standards in the supply chain is crucial for N/A to mitigate reputational risks and comply with regulations. This includes conducting audits and assessments of suppliers to ensure they meet ethical and social standards. Promoting fair labor practices can enhance the company\u2019s brand image and reduce potential liabilities for N/A.",
            "material_scope": "current",
            "material_type": "positive",
            "material_value_chain": "upstream",
            "matter_id": "6",
            "name": "Supply Chain Labor Standards",
            "nature": "material",
            "sources": [
                {
                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                        "source": "https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html"
                    }
                },
                {
                    "document": "id | disclosure | corresponding page ---|---|--- 201-1 | direct economic value generated and distributed | [ financial highlights ](/en/ir/finance/) 201-2 | financial implications and other risks and opportunities due to climate change | [ response to climate change ](/en/sustainability/environment/tcfd.html)",
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                        "source": "http://www.milbon.com/en/ir/management/gri.html"
                    }
                },
                {
                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
                    "metadata": {
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                    }
                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
                    "metadata": {
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                    }
                },
                {
                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
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                }
            ],
            "time_horizon": "medium",
            "value_chain_item_ids": "0,9"
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            "description": "Engaging with local communities can build trust and support for N/A. This includes investing in community development projects and engaging in open dialogue with stakeholders. Strong community relationships can enhance the company\u2019s social license to operate and reduce potential conflicts for N/A.",
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            "material_type": "positive",
            "material_value_chain": "local",
            "matter_id": "7",
            "name": "Community Engagement Programs",
            "nature": "material",
            "sources": [
                {
                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                },
                {
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                    }
                },
                {
                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    }
                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
                    "metadata": {
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                    }
                },
                {
                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
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            ],
            "time_horizon": "medium",
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            "description": "Enhancing customer data protection measures is crucial for N/A to maintain trust and comply with privacy regulations. This includes implementing robust cybersecurity protocols and providing transparent data policies. Protecting customer data can enhance the company\u2019s reputation and reduce potential liabilities for N/A.",
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            "material_value_chain": "downstream",
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            "name": "Customer Data Protection Enhancement",
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            "sources": [
                {
                    "document": "* * * \u00a9 2025 business for social responsibility\u2122 | [ data protection and privacy policy ](/en/data-protection-and-privacy-policy) | [ cookie policy ](/en/cookie-policy) | [ terms of services ](/en/terms-of-services) | [ antitrust and competition law policy ](/en/antitrust-and-competition-law-policy) | [ contact ](/en/about/contact)",
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                },
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                    }
                },
                {
                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
                    "metadata": {
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                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
                    "metadata": {
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                },
                {
                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
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            "time_horizon": "medium",
            "value_chain_item_ids": "1,2"
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            "description": "Promoting ethical business conduct is essential for N/A to maintain integrity and comply with regulations. This includes implementing a code of ethics and providing training to employees on ethical decision-making. Upholding ethical standards can enhance the company\u2019s reputation and reduce potential legal risks for N/A.",
            "material_scope": "current",
            "material_type": "positive",
            "material_value_chain": "local",
            "matter_id": "9",
            "name": "Ethical Business Conduct Promotion",
            "nature": "material",
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                    "document": "behaviour, human rights violations and environmental damages. when we examine the impact of risks, we look at the impact on our business operations, financial performance, and reputation. the result of each risk assessment is a risk matrix that we use to prioritise identified risks based on their likelihood and impact. this helps us focus resources on managing the most",
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                },
                {
                    "document": "id | disclosure | corresponding page ---|---|--- 201-1 | direct economic value generated and distributed | [ financial highlights ](/en/ir/finance/) 201-2 | financial implications and other risks and opportunities due to climate change | [ response to climate change ](/en/sustainability/environment/tcfd.html)",
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                        "resource_type": "webpage",
                        "source": "http://www.milbon.com/en/ir/management/gri.html"
                    }
                },
                {
                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
                    "metadata": {
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                    }
                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
                    "metadata": {
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                    }
                },
                {
                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
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            "time_horizon": "medium",
            "value_chain_item_ids": "0,8"
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            "description": "Identifying, quantifying, and managing climate-related risks and opportunities is crucial for N/A. Utilizing advanced climate analytics and industry specialists can help in making informed decisions. This proactive approach ensures resilience and optimized risk management for N/A in the face of climate change.",
            "financial_type": "risk",
            "matter_id": "0",
            "name": "Climate Risk Identification and Management",
            "nature": "financial",
            "sources": [
                {
                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    }
                },
                {
                    "document": "[ physical climate risk protect performance and strengthen resilience with our data-driven expertise that identifies, quantifies and manages physical climate risks to your assets, operations, suppliers and financial value. arrow_forward ](https://www.wtwco.com/en-us/solutions/services/physical- climate-risk \"physical climate risk\")",
                    "metadata": {
                        "ext_id": "b832bf37-0ba4-435b-ba7b-c95190f5561b",
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                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                        "source": "http://www.milbon.com/en/ir/management/gri.html"
                    }
                },
                {
                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                        "source": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
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            "time_horizon": "medium",
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            "description": "Understanding the financial implications and other risks and opportunities due to climate change is vital for N/A. This involves assessing potential impacts on revenues, costs, and investments. Strategic responses to climate change can help N/A mitigate risks and capitalize on emerging opportunities.",
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            "matter_id": "0",
            "name": "Financial Implications of Climate Change",
            "nature": "financial",
            "sources": [
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                        "source": "http://www.milbon.com/en/ir/management/gri.html"
                    }
                },
                {
                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    }
                },
                {
                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
                    "metadata": {
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                },
                {
                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                },
                {
                    "document": "[ physical climate risk protect performance and strengthen resilience with our data-driven expertise that identifies, quantifies and manages physical climate risks to your assets, operations, suppliers and financial value. arrow_forward ](https://www.wtwco.com/en-us/solutions/services/physical- climate-risk \"physical climate risk\")",
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        {
            "description": "Improving complex enterprise risk management by identifying, quantifying, and mitigating unpredictable, interconnected risks is essential for N/A. Tailored solutions and expertise can enhance resilience and financial performance. Effective risk management consulting helps N/A navigate uncertainties and protect its value.",
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            "matter_id": "9",
            "name": "Enterprise Risk Management Consulting",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                },
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                        "source": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
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            "description": "Reducing the uncertainty around low carbon transitions and optimizing the management of transition risks and opportunities with proprietary transition risk data and industry-specialized consulting is crucial for N/A. This enables informed decision-making and strategic adaptation for N/A.",
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                },
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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            "description": "Shifting the focus to how operations and practices impact the environment and stakeholders is essential for N/A. Impact materiality includes direct and indirect actions, looking beyond business operations to the value chain. This comprehensive assessment helps N/A understand and manage its broader impacts.",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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            "description": "Carefully managing the mining sector presents enormous opportunities for advancing sustainable development, particularly in low-income countries for N/A. The full report, summary for policymakers, and factsheets are now available for download. N/A can leverage these resources to improve its mineral resource governance.",
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                    "document": "[ mineral resource governance in the 21st century the mining sector, if carefully managed, presents enormous opportunities for advancing sustainable development particularly in low-income countries, the international resource panel says in its latest report. the full report, summary for policymakers, and factsheets are now available for download. ](/reports/mineral-resource-",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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            "description": "BSR\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet for N/A. With offices in Asia, Europe, and North America, BSR\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives.",
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                    "document": "##### about bsr bsr\u00ae is a sustainable business network and consultancy focused on creating a world in which all people can thrive on a healthy planet. with offices in asia, europe, and north america, bsr\u00ae provides its 300+ member companies with insight, advice, and collaborative initiatives to help them see a changing world more clearly, create long-term value, and scale impact.",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "risk calculated | cost of impact | cost of mitigation | time frame ---|---|---|--- physical risks | | | increased likelihood and severity of wildfires | n/a | $0 | 0-1 year increased severity, frequency of extreme weather events | n/a | $0 | 1-5 years other risks | | | decreased revenues due to reduced production capacity | n/a | $0 | 1-5 years",
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                        "source": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
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            "material_scope": "potential",
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            "name": "Green Energy Choices and Trade-offs",
            "nature": "material",
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                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    "document": "[ enterprise risk management consulting with our expertise and tailored solutions, we improve complex enterprise risk management by identifying, quantifying and mitigating unpredictable, interconnected risks. arrow_forward ](https://www.wtwco.com/en-us/solutions/enterprise-risk-management-consulting \"enterprise risk management consulting\")",
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                    "document": "id | disclosure | corresponding page ---|---|--- 201-1 | direct economic value generated and distributed | [ financial highlights ](/en/ir/finance/) 201-2 | financial implications and other risks and opportunities due to climate change | [ response to climate change ](/en/sustainability/environment/tcfd.html)",
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                    "source": "https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2021/Zillow-Group-Reports-Third-Quarter-2021-Financial-Results--Shares-Plan-to-Wind-Down-Zillow-Offers-Operations/default.aspx"
                },
                "page_content": "Please enable cookies.\n\n#  Sorry, you have been blocked\n\n##  You are unable to access  web.prd.q4inc.com\n\n##  Why have I been blocked?\n\nThis website is using a security service to protect itself from online\nattacks. The action you just performed triggered the security solution. There\nare several actions that could trigger this block including submitting a\ncertain word or phrase, a SQL command or malformed data.\n\n##  What can I do to resolve this?\n\nYou can email the site owner to let them know you were blocked. Please include\nwhat you were doing when this page came up and the Cloudflare Ray ID found at\nthe bottom of this page.\n\nCloudflare Ray ID: **935409b1b8db0261** \u2022  Your IP:  34.96.35.9  \u2022\nPerformance & security by  [ Cloudflare ](https://www.cloudflare.com/5xx-\nerror-landing)\n\n",
                "url": "https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2021/Zillow-Group-Reports-Third-Quarter-2021-Financial-Results--Shares-Plan-to-Wind-Down-Zillow-Offers-Operations/default.aspx"
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                    "source": "https://ir.pros.com/news-and-events/news-details/2025/PROS-Holdings-Inc.-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/"
                },
                "page_content": "Please enable cookies.\n\n#  Sorry, you have been blocked\n\n##  You are unable to access  web.prd.q4inc.com\n\n##  Why have I been blocked?\n\nThis website is using a security service to protect itself from online\nattacks. The action you just performed triggered the security solution. There\nare several actions that could trigger this block including submitting a\ncertain word or phrase, a SQL command or malformed data.\n\n##  What can I do to resolve this?\n\nYou can email the site owner to let them know you were blocked. Please include\nwhat you were doing when this page came up and the Cloudflare Ray ID found at\nthe bottom of this page.\n\nCloudflare Ray ID: **935409b239f1036f** \u2022  Your IP:  34.96.35.9  \u2022\nPerformance & security by  [ Cloudflare ](https://www.cloudflare.com/5xx-\nerror-landing)\n\n",
                "url": "https://ir.pros.com/news-and-events/news-details/2025/PROS-Holdings-Inc.-Reports-Fourth-Quarter-and-Full-Year-2024-Financial-Results/"
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                "url": "https://ir.tyson.com/news/news-details/2024/Tyson-Foods-Reports-Fourth-Quarter-And-Fiscal-2024-Results/default.aspx"
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                    "source": "https://www.prnewswire.com/news-releases/zillow-group-reports-third-quarter-2021-financial-results--shares-plan-to-wind-down-zillow-offers-operations-301414460.html"
                },
                "page_content": "[ Accessibility Statement ](https://www.cision.com/about/accessibility/) Skip\nNavigation\n\nSEATTLE  ,  Nov. 2, 2021  /PRNewswire/ -- Zillow Group, Inc. (NASDAQ:  Z  and\nZG), today announced consolidated financial results for the three months ended\nSept. 30, 2021  , and its plan to wind down Zillow Offers, the company's\niBuying service in which Zillow acts as the primary purchaser and seller of\nhomes.\n\n\"We've determined the unpredictability in forecasting home prices far exceeds\nwhat we anticipated and continuing to scale Zillow Offers would result in too\nmuch earnings and balance-sheet volatility,\" said Zillow Group co-founder and\nCEO  Rich Barton  . \"While we built and learned a tremendous amount operating\nZillow Offers, it served only a small portion of our customers. Our core\nbusiness and brand are strong, and we remain committed to creating an\nintegrated and digital real estate transaction that solves the pain points of\nbuyers and sellers while serving a wider audience.\"\n\nThe wind-down is expected to take several quarters and will include a\nreduction of Zillow's workforce by approximately 25%. \"The most difficult part\nof this decision is that it will impact many of our colleagues,\" Barton said.\n\"This is not something we take lightly. We are grateful for their efforts, and\nwe are committed to providing a smooth transition.\"\n\nThe company reported the following Q3 financial results:\n\n  * Consolidated Q3 revenue of  $1.7 billion  . \n    * IMT segment revenue growth of 16% year over year to  $480 million  , and Premier Agent revenue growth of 20% year over year to  $359 million  , both within the company's Q3 outlook ranges. \n    * Homes segment revenue of  $1.2 billion  , below the company's Q3 outlook of  $1.45 billion  at the midpoint of the range, due primarily to renovation and resale capacity constraints. \n    * Mortgages segment revenue growth of 30% year over year to  $70 million  , exceeding the high end of the company's outlook range. \n  * Consolidated GAAP net loss of  $328 million  in Q3. Segment income (loss) before income taxes of  $130 million  ,  $(422) million  and  $(6) million  for the IMT, Homes and Mortgages segments, respectively. \n  * Consolidated Adjusted EBITDA loss of  $169 million  with Adjusted EBITDA for the IMT and Mortgages segments exceeding the high end of the company's Q3 outlook. Adjusted EBITDA by segment of  $207 million  ,  $(381) million  and  $5 million  for the IMT, Homes and Mortgages segments, respectively. \n  * The company ended the third quarter with cash and investments of  $3.2 billion  . \n\nIncluded in the company's third-quarter financial results is a write-down of\ninventory of approximately  $304 million  within the Homes segment as a result\nof purchasing homes in Q3 at higher prices than the company's current\nestimates of future selling prices. The company further expects an additional\n$240 million  to  $265 million  of losses to be recognized in Q4 primarily on\nhomes it expects to purchase in Q4. Additionally, Homes segment Q3 revenue is\nbelow the company's previously provided outlook range due to resale capacity\nconstraints that pushed a number of closings into Q4 that were previously\nexpected to close in Q3.\n\nComplete financial results for the third quarter and outlook for the fourth\nquarter of 2021 can be found in the company's shareholder letter in the\nInvestor Relations section of Zillow Group's website at [\nhttps://investors.zillowgroup.com/investors/financials/quarterly-\nresults/default.aspx\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=4136189710&u=https%3A%2F%2Finvestors.zillowgroup.com%2Finvestors%2Ffinancials%2Fquarterly-\nresults%2Fdefault.aspx&a=https%3A%2F%2Finvestors.zillowgroup.com%2Finvestors%2Ffinancials%2Fquarterly-\nresults%2Fdefault.aspx) .\n\nFor more information about Zillow Group, please visit [\nhttps://investors.zillowgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=3041711873&u=https%3A%2F%2Finvestors.zillowgroup.com%2F&a=https%3A%2F%2Finvestors.zillowgroup.com)\n.\n\n**Third Quarter 2021 Financial Highlights**\n\nThe following table sets forth Zillow Group's financial highlights for the\nperiods presented (in thousands, unaudited):\n\n  \n|  **Three Months Ended  \nSeptember 30, ** |    \n|  **2020 to  \n2021  \n% Change ** |    \n|  **Nine Months Ended  \nSeptember 30, ** |    \n|  **2020 to  \n2021  \n% Change **  \n---|---|---|---|---|---|---|---  \n  \n|  **2021** |    \n|  **2020** |    \n|  \n|  **2021** |    \n|  **2020** |    \n  \n**Revenue:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nHomes segment:  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nZillow Offers  |  $1,172,693  |    \n|  $185,904  |    \n|  531 %  |    \n|  $2,645,697  |    \n|  $1,408,832  |    \n|  88 %  \nOther (1)  |  13,465  |    \n|  1,201  |    \n|  1,021 %  |    \n|  21,758  |    \n|  2,398  |    \n|  807 %  \nTotal Homes segment revenue  |  1,186,158  |    \n|  187,105  |    \n|  534 %  |    \n|  2,667,455  |    \n|  1,411,230  |    \n|  89 %  \nIMT segment:  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nPremier Agent  |  358,852  |    \n|  298,673  |    \n|  20 %  |    \n|  1,041,924  |    \n|  732,741  |    \n|  42 %  \nOther (2)  |  121,343  |    \n|  116,716  |    \n|  4 %  |    \n|  360,689  |    \n|  293,653  |    \n|  23 %  \nTotal IMT segment revenue  |  480,195  |    \n|  415,389  |    \n|  16 %  |    \n|  1,402,613  |    \n|  1,026,394  |    \n|  37 %  \nMortgages segment  |  70,290  |    \n|  54,198  |    \n|  30 %  |    \n|  194,995  |    \n|  113,241  |    \n|  72 %  \nTotal revenue  |  $1,736,643  |    \n|  $656,692  |    \n|  164 %  |    \n|  $4,265,063  |    \n|  $2,550,865  |    \n|  67 %  \n**Other Financial Data:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nGross profit  |  $ 240,583  |    \n|  $412,919  |    \n|  \n|  \n|  $1,286,098  |    \n|  $1,027,211  |    \n|  \n  \nIncome (loss) before income taxes:  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nHomes segment  |  $ (421,604)  |    \n|  $ (75,617)  |    \n|  \n|  \n|  $ (539,424)  |    \n|  $ (253,633)  |    \n|  \n  \nIMT segment  |  130,151  |    \n|  139,956  |    \n|  \n|  \n|  407,299  |    \n|  117,615  |    \n|  \n  \nMortgages segment  |  (5,643)  |    \n|  10,594  |    \n|  \n|  \n|  (25,148)  |    \n|  (2,791)  |    \n|  \n  \nCorporate items (3)  |  (42,089)  |    \n|  (34,938)  |    \n|  \n|  \n|  (109,887)  |    \n|  (77,466)  |    \n|  \n  \nTotal income (loss) before income taxes  |  $ (339,185)  |    \n|  $ 39,995  |    \n|  \n|  \n|  $ (267,160)  |    \n|  $ (216,275)  |    \n|  \n  \nNet income (loss)  |  $ (328,174)  |    \n|  $ 39,570  |    \n|  \n|  \n|  $ (266,569)  |    \n|  $ (208,151)  |    \n|  \n  \nAdjusted EBITDA (4):  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nHomes segment  |  $ (380,783)  |    \n|  $ (59,176)  |    \n|  \n|  \n|  $ (443,823)  |    \n|  $ (195,079)  |    \n|  \n  \nIMT segment  |  206,870  |    \n|  195,465  |    \n|  \n|  \n|  633,216  |    \n|  353,044  |    \n|  \n  \nMortgages segment  |  5,172  |    \n|  15,895  |    \n|  \n|  \n|  5,622  |    \n|  15,177  |    \n|  \n  \nTotal Adjusted EBITDA  |  $ (168,741)  |    \n|  $152,184  |    \n|  \n|  \n|  $ 195,015  |    \n|  $ 173,142  |    \n|  \n  \n**Percentage of Revenue:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nGross profit  |  14 %  |    \n|  63 %  |    \n|  \n|  \n|  30 %  |    \n|  40 %  |    \n|  \n  \nIncome (loss) before income taxes:  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nHomes segment  |  (36)%  |    \n|  (40)%  |    \n|  \n|  \n|  (20)%  |    \n|  (18)%  |    \n|  \n  \nIMT segment  |  27 %  |    \n|  34 %  |    \n|  \n|  \n|  29 %  |    \n|  11 %  |    \n|  \n  \nMortgages segment  |  (8)%  |    \n|  20 %  |    \n|  \n|  \n|  (13)%  |    \n|  (2)%  |    \n|  \n  \nCorporate items (3)  |  N/A  |    \n|  N/A  |    \n|  \n|  \n|  N/A  |    \n|  N/A  |    \n|  \n  \nTotal income (loss) before income taxes  |  (20)%  |    \n|  6 %  |    \n|  \n|  \n|  (6)%  |    \n|  (8)%  |    \n|  \n  \nNet income (loss)  |  (19)%  |    \n|  6 %  |    \n|  \n|  \n|  (6)%  |    \n|  (8)%  |    \n|  \n  \nAdjusted EBITDA:  |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nHomes segment  |  (32)%  |    \n|  (32)%  |    \n|  \n|  \n|  (17)%  |    \n|  (14)%  |    \n|  \n  \nIMT segment  |  43 %  |    \n|  47 %  |    \n|  \n|  \n|  45 %  |    \n|  34 %  |    \n|  \n  \nMortgages segment  |  7 %  |    \n|  29 %  |    \n|  \n|  \n|  3 %  |    \n|  13 %  |    \n|  \n  \nTotal Adjusted EBITDA  |  (10)%  |    \n|  23 %  |    \n|  \n|  \n|  5 %  |    \n|  7 %  |    \n|  \n  \n  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \n(1) Other Homes segment revenue relates to revenue associated with the title\nand escrow services provided through Zillow Closing Services.  \n(2) Other IMT segment revenue includes revenue generated by rentals, new\nconstruction and display advertising, as well as revenue from the sale of\nvarious other advertising and business technology solutions for real estate\nprofessionals, including dotloop.  \n(3) Certain corporate items are not directly attributable to any of our\nsegments, including the gain (loss) on extinguishment of debt, interest income\nearned on our short-term investments included in other income and interest\ncosts on our convertible senior notes included in interest expense.  \n(4) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or\npresented in accordance with U.S. generally accepted accounting principles, or\nGAAP. See Exhibit 99.1 to our Form 8-K filed on November 2, 2021 for more\ninformation regarding our presentation of Adjusted EBITDA, including a\nreconciliation of Adjusted EBITDA to the most directly comparable GAAP\nfinancial measure, which is net income (loss) on a consolidated basis and\nincome (loss) before income taxes for each segment, for each of the periods\npresented.  \n  \n**Conference Call and Webcast Information**\n\nZillow Group co-founder and CEO  Rich Barton  and CFO  Allen Parker  will host\na live conference call to discuss the results today at  2 p.m. Pacific Time  (\n5 p.m. Eastern Time  ). A shareholder letter and link to both the live webcast\nand recorded replay of the call may be accessed in the Quarterly Results\nsection of Zillow Group's Investor Relations website. Participants must\nregister for the live call in advance at [\nhttps://dpregister.com/sreg/10160848/ee2af70ed0\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=4206890173&u=https%3A%2F%2Fdpregister.com%2Fsreg%2F10160848%2Fee2af70ed0&a=https%3A%2F%2Fdpregister.com%2Fsreg%2F10160848%2Fee2af70ed0)\nto receive emailed instructions. This preregistration process is designed to\nreduce delays due to operator congestion when accessing the live call.\n\n**Forward-Looking Statements**\n\nThis press release contains forward-looking statements within the meaning of\nSection 27A of the Securities Act of 1933 and Section 21E of the Securities\nExchange Act of 1934 that involve risks and uncertainties, including, without\nlimitation, statements regarding the future performance and operation of our\nbusiness, the expected amount and timing of charges, write-downs and cash\nexpenditures and expected wind down plans of the Zillow Offers operations, the\ncurrent and future health and stability of the residential housing market and\neconomy and our expectations regarding future shifts in behavior by consumers\nand employees. Statements containing words such as \"may,\" \"believe,\"\n\"anticipate,\" \"expect,\" \"intend,\" \"plan,\" \"project,\" \"predict,\" \"will,\"\n\"projections,\" \"continue,\" \"estimate,\" \"outlook,\" \"guidance,\" \"would,\"\n\"could,\" or similar expressions constitute forward-looking statements.\nForward-looking statements are made based on assumptions as of  November 2,\n2021  , and although we believe the expectations reflected in the forward-\nlooking statements are reasonable, we cannot guarantee these results.\nDifferences in Zillow Group's actual results from those described in these\nforward-looking statements may result from actions taken by Zillow Group as\nwell as from risks and uncertainties beyond Zillow Group's control.\n\nFactors that may contribute to such differences include, but are not limited\nto, disruptions in operations, including in our ability to complete the\npurchase of homes currently under contract and renovate, market and close on\nthe sale of homes currently in inventory during the wind down of Zillow\nOffers; disruptions in relationships with customers, suppliers, vendors,\nbroker partners, contractors, employees, lenders and consumers given our\ndecision to wind down our Zillow Offers operations; unanticipated developments\nthat may prevent, delay or increase the costs associated with our wind down\nactivities; our access to and the availability of financing on terms\nacceptable to us to finance the purchase of homes through Zillow Offers during\nthe wind down of Zillow Offers; the impact of the COVID-19 pandemic (including\nvariants) or other public health crises and any associated economic downturn\non Zillow Group's future financial position, operations and financial\nperformance; the magnitude, duration and severity of the COVID-19 pandemic and\nthe availability and widespread distribution and use of effective vaccines;\nthe impact of actions taken by governments, businesses and individuals in\nresponse to the COVID-19 pandemic, including changes in laws or regulations\nthat limit our ability to operate; the current and future health and stability\nof the economy, financial conditions and residential housing market, including\nany extended slowdown in the real estate markets as a result of the COVID-19\npandemic; changes in laws or regulations applicable to our business,\nemployees, products or services, including current and future laws,\nregulations and orders that limit Zillow Group's ability to operate in light\nof the COVID-19 pandemic; changes in general economic and financial conditions\nthat reduce demand for our products and services, lower our profitability or\nreduce Zillow Group's access to credit; actual or anticipated fluctuations in\nour financial condition and results of operations; changes in projected\noperational and financial results; addition or loss of significant customers;\nactual or anticipated changes in Zillow Group's growth rate relative to that\nof our competitors; acquisitions, strategic partnerships, joint ventures,\ncapital-raising activities or other corporate transactions or commitments by\nus or our competitors; actual or anticipated changes in technology, products,\nmarkets or services by us or our competitors; ability to obtain or maintain\nlicenses and permits to support Zillow Group's current and future businesses;\nability to comply with MLS rules and requirements to access and use listing\ndata, and to maintain or establish relationships with listings and data\nproviders; ability to operate our Zillow Offers and mortgage origination\nbusinesses, including the ability to obtain sufficient financing; fluctuations\nin the valuation of companies perceived by investors to be comparable to\nZillow Group; the impact of natural disasters and other catastrophic events;\nthe impact of pending or future litigation; and the issuance of new or updated\nresearch or reports by securities analysts.\n\nThe foregoing list of risks and uncertainties is illustrative but not\nexhaustive. For more information about potential factors that could affect\nZillow Group's business and financial results, please review the \"Risk\nFactors\" described in Zillow Group's Annual Report on Form 10-K for the year\nended December 31, 2020 and in future quarterly and annual reports. Except as\nmay be required by law, Zillow Group does not intend and undertakes no duty to\nupdate this information to reflect future events or circumstances.\n\n**Use of Non-GAAP Financial Measures**\n\nTo provide investors with additional information regarding our financial\nresults, this press release includes references to Adjusted EBITDA in total\nand for each segment, each a non-GAAP financial measure. We have provided a\nreconciliation below of Adjusted EBITDA in total to net income (loss) and\nAdjusted EBITDA by segment to income (loss) before income taxes for each\nsegment, the most directly comparable GAAP financial measures.\n\nAdjusted EBITDA is a key metric used by our management and board of directors\nto measure operating performance and trends and to prepare and approve our\nannual budget. In particular, the exclusion of certain expenses in calculating\nAdjusted EBITDA facilitates operating performance comparisons on a period-to-\nperiod basis.\n\nOur use of Adjusted EBITDA in total and for each segment has limitations as an\nanalytical tool, and you should not consider these measures in isolation or as\na substitute for analysis of our results as reported under GAAP. Some of these\nlimitations are:\n\n  * Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; \n  * Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; \n  * Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation; \n  * Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; \n  * Adjusted EBITDA does not reflect impairment costs; \n  * Adjusted EBITDA does not reflect acquisition-related costs; \n  * Adjusted EBITDA does not reflect the gain (loss) on extinguishment of debt; \n  * Adjusted EBITDA does not reflect interest expense or other income; \n  * Adjusted EBITDA does not reflect income taxes; and \n  * Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. \n\nBecause of these limitations, you should consider Adjusted EBITDA in total and\nfor each segment alongside other financial performance measures, including\nvarious cash flow metrics, net income (loss), income (loss) before income\ntaxes for each segment, and our other GAAP results.\n\n**About Zillow Group, Inc.**\n\nZillow Group, Inc. (NASDAQ:  Z  and ZG) is reimagining real estate to make it\neasier to unlock life's next chapter.\n\nAs the most visited real estate website in  the United States  , Zillow\u00ae and\nits affiliates offer customers an on-demand experience for selling, buying,\nrenting or financing with transparency and nearly seamless end-to-end service.\nZillow Offers\u00ae buys and sells homes directly in dozens of markets across the\ncountry, allowing sellers control over their timeline. Zillow Home Loans\u2122, our\naffiliate lender, provides our customers with an easy option to get pre-\napproved and secure financing for their next home purchase. Zillow recently\nlaunched Zillow Homes, Inc., a licensed brokerage entity, to streamline Zillow\nOffers transactions.\n\nZillow Group's brands, affiliates and subsidiaries include Zillow\u00ae, Zillow\nOffers\u00ae, Zillow Premier Agent\u00ae, Zillow Home Loans\u2122, Zillow Closing Services\u2122,\nZillow Homes, Inc., Trulia\u00ae, Out East\u00ae, ShowingTime\u00ae, Bridge Interactive\u00ae,\ndotloop\u00ae, StreetEasy\u00ae and HotPads\u00ae. Zillow Home Loans, LLC is an Equal Housing\nLender, NMLS #10287 ( [ www.nmlsconsumeraccess.org\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=2570482826&u=http%3A%2F%2Fwww.nmlsconsumeraccess.org%2F&a=www.nmlsconsumeraccess.org)\n).\n\nPlease visit [ http://investors.zillowgroup.com\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=270306184&u=http%3A%2F%2Finvestors.zillowgroup.com%2F&a=http%3A%2F%2Finvestors.zillowgroup.com)\n, [ www.zillowgroup.com/news\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=1725648147&u=http%3A%2F%2Fwww.zillowgroup.com%2Fnews&a=www.zillowgroup.com%2Fnews)\n, and [ www.twitter.com/zillowgroup\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=2955612879&u=http%3A%2F%2Fwww.twitter.com%2Fzillowgroup&a=www.twitter.com%2Fzillowgroup)\n, where Zillow Group discloses information about the company, its financial\ninformation, and its business that may be deemed material.\n\nThe Zillow Group logo is available at [\nhttp://zillowgroup.mediaroom.com/logos-photos\n](https://c212.net/c/link/?t=0&l=en&o=3343515-1&h=1528799035&u=http%3A%2F%2Fzillowgroup.mediaroom.com%2Flogos-\nphotos&a=http%3A%2F%2Fzillowgroup.mediaroom.com%2Flogos-photos) .\n\n(ZFIN)\n\n**Adjusted EBITDA**\n\nThe following tables present a reconciliation of Adjusted EBITDA to the most\ndirectly comparable GAAP financial measure, which is net income (loss) on a\nconsolidated basis and income (loss) before income taxes for each segment, for\neach of the periods presented (in thousands, unaudited):\n\n  \n|  **Three Months Ended  \nSeptember 30, 2021 **  \n---|---  \n  \n|  **Homes** |    \n|  **IMT** |    \n|  **Mortgages** |    \n|  **Corporate  \nItems (2) ** |    \n|  **Consolidated**  \n**Reconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nNet loss (1)  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  $(328,174)  \nIncome taxes  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  (11,011)  \nIncome (loss) before income taxes  |  $(421,604)  |    \n|  $130,151  |    \n|  $ (5,643)  |    \n|  $ (42,089)  |    \n|  $(339,185)  \nOther income  |  (274)  |    \n|  \\-  |    \n|  (1,096)  |    \n|  (594)  |    \n|  (1,964)  \nDepreciation and amortization  |  5,357  |    \n|  22,747  |    \n|  2,142  |    \n|  \\-  |    \n|  30,246  \nShare-based compensation  |  20,009  |    \n|  50,737  |    \n|  8,659  |    \n|  \\-  |    \n|  79,405  \nAcquisition-related costs  |  \\-  |    \n|  3,235  |    \n|  \\-  |    \n|  \\-  |    \n|  3,235  \nLoss on extinguishment of debt  |  \\-  |    \n|  \\-  |    \n|  \\-  |    \n|  14,785  |    \n|  14,785  \nInterest expense  |  15,729  |    \n|  \\-  |    \n|  1,110  |    \n|  27,898  |    \n|  44,737  \nAdjusted EBITDA  |  $(380,783)  |    \n|  $206,870  |    \n|  $ 5,172  |    \n|  $ -  |    \n|  $(168,741)  \n  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \n  \n|  **Three Months Ended  \nSeptember 30, 2020 **  \n  \n|  **Homes** |    \n|  **IMT** |    \n|  **Mortgages** |    \n|  **Corporate  \nItems (2) ** |    \n|  **Consolidated**  \n**Reconciliation of Adjusted EBITDA to Net Income and Income (Loss) Before Income Taxes:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nNet income (1)  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  $ 39,570  \nIncome taxes  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  425  \nIncome (loss) before income taxes  |  $ (75,617)  |    \n|  $139,956  |    \n|  $ 10,594  |    \n|  $ (34,938)  |    \n|  $ 39,995  \nOther income  |  \\-  |    \n|  \\-  |    \n|  (636)  |    \n|  (2,382)  |    \n|  (3,018)  \nDepreciation and amortization  |  3,029  |    \n|  22,074  |    \n|  1,675  |    \n|  \\-  |    \n|  26,778  \nShare-based compensation  |  11,815  |    \n|  33,435  |    \n|  3,709  |    \n|  \\-  |    \n|  48,959  \nInterest expense  |  1,597  |    \n|  \\-  |    \n|  553  |    \n|  37,320  |    \n|  39,470  \nAdjusted EBITDA  |  $ (59,176)  |    \n|  $195,465  |    \n|  $ 15,895  |    \n|  $ -  |    \n|  $ 152,184  \n  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \n  \n|  **Nine Months Ended  \nSeptember 30, 2021 **  \n  \n|  **Homes** |    \n|  **IMT** |    \n|  **Mortgages** |    \n|  **Corporate  \nItems (2) ** |    \n|  **Consolidated**  \n**Reconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nNet loss (1)  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  $(266,569)  \nIncome taxes  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  (591)  \nIncome (loss) before income taxes  |  $(539,424)  |    \n|  $407,299  |    \n|  $ (25,148)  |    \n|  $ (109,887)  |    \n|  $(267,160)  \nOther income  |  (274)  |    \n|  \\-  |    \n|  (3,834)  |    \n|  (1,882)  |    \n|  (5,990)  \nDepreciation and amortization  |  14,383  |    \n|  67,703  |    \n|  6,042  |    \n|  \\-  |    \n|  88,128  \nShare-based compensation  |  56,425  |    \n|  150,491  |    \n|  24,557  |    \n|  \\-  |    \n|  231,473  \nAcquisition-related costs  |  \\-  |    \n|  7,723  |    \n|  \\-  |    \n|  \\-  |    \n|  7,723  \nLoss on extinguishment of debt  |  \\-  |    \n|  \\-  |    \n|  \\-  |    \n|  17,119  |    \n|  17,119  \nInterest expense  |  25,067  |    \n|  \\-  |    \n|  4,005  |    \n|  94,650  |    \n|  123,722  \nAdjusted EBITDA  |  $(443,823)  |    \n|  $633,216  |    \n|  $ 5,622  |    \n|  $ -  |    \n|  $ 195,015  \n  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \n  \n|  **Nine Months Ended  \nSeptember 30, 2020 **  \n  \n|  **Homes** |    \n|  **IMT** |    \n|  **Mortgages** |    \n|  **Corporate  \nItems (2) ** |    \n|  **Consolidated**  \n**Reconciliation of Adjusted EBITDA to Net Loss and Income (Loss) Before Income Taxes:** |    \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \nNet loss (1)  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  $(208,151)  \nIncome taxes  |  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  N/A  |    \n|  (8,124)  \nIncome (loss) before income taxes  |  $(253,633)  |    \n|  $117,615  |    \n|  $ (2,791)  |    \n|  $ (77,466)  |    \n|  $(216,275)  \nOther income  |  \\-  |    \n|  (5,300)  |    \n|  (1,223)  |    \n|  (16,203)  |    \n|  (22,726)  \nDepreciation and amortization  |  9,201  |    \n|  67,889  |    \n|  4,887  |    \n|  \\-  |    \n|  81,977  \nShare-based compensation  |  35,847  |    \n|  98,940  |    \n|  10,318  |    \n|  \\-  |    \n|  145,105  \nGain on extinguishment of debt  |  \\-  |    \n|  \\-  |    \n|  \\-  |    \n|  (6,391)  |    \n|  (6,391)  \nImpairment costs  |  \\-  |    \n|  73,900  |    \n|  2,900  |    \n|  \\-  |    \n|  76,800  \nInterest expense  |  13,506  |    \n|  \\-  |    \n|  1,086  |    \n|  100,060  |    \n|  114,652  \nAdjusted EBITDA  |  $(195,079)  |    \n|  $353,044  |    \n|  $ 15,177  |    \n|  $ -  |    \n|  $ 173,142  \n  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n|  \n  \n(1) We use income (loss) before income taxes as our profitability measure in\nmaking operating decisions and assessing the performance of our segments,\ntherefore, net income (loss) and income tax benefit (expense) are calculated\nand presented only on a consolidated basis within our financial statements.  \n(2) Certain corporate items are not directly attributable to any of our\nsegments, including the gain (loss) on extinguishment of debt, interest income\nearned on our short-term investments included in other income and interest\ncosts on our convertible senior notes included in interest expense.  \n  \nSOURCE Zillow Group\n\n####  Related Links\n\n[ www.zillowgroup.com ](http://www.zillowgroup.com \"Link to\nhttp://www.zillowgroup.com\")  \n\n##  WANT YOUR COMPANY'S NEWS  FEATURED ON PRNEWSWIRE.COM?\n\n440k+  \nNewsrooms &  \nInfluencers\n\n9k+  \nDigital Media  \nOutlets\n\n270k+  \nJournalists  \nOpted In\n\n[ GET STARTED ](https://www.prnewswire.com/account/online-membership-\nform/?site_refer=press-release-widget)\n\n###  Modal title\n\n##  Contact PR Newswire\n\n  * [ Call PR Newswire at 888-776-0942 ](tel:Call%20PR%20Newswire%20at%20888-776-0942) from 8 AM - 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                "url": "https://www.prnewswire.com/news-releases/zillow-group-reports-third-quarter-2021-financial-results--shares-plan-to-wind-down-zillow-offers-operations-301414460.html"
            },
            "reason": "This is a press release from Zillow Group, a reputable source for its own financial performance.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "Zillow Group reports its third-quarter 2021 financial results.",
            "url": "https://www.prnewswire.com/news-releases/zillow-group-reports-third-quarter-2021-financial-results--shares-plan-to-wind-down-zillow-offers-operations-301414460.html"
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                    "resource_type": "webpage",
                    "source": "https://news.bms.com/news/details/2025/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2024/default.aspx"
                },
                "page_content": "Please enable cookies.\n\n#  Sorry, you have been blocked\n\n##  You are unable to access  web.prd.q4inc.com\n\n##  Why have I been blocked?\n\nThis website is using a security service to protect itself from online\nattacks. The action you just performed triggered the security solution. There\nare several actions that could trigger this block including submitting a\ncertain word or phrase, a SQL command or malformed data.\n\n##  What can I do to resolve this?\n\nYou can email the site owner to let them know you were blocked. Please include\nwhat you were doing when this page came up and the Cloudflare Ray ID found at\nthe bottom of this page.\n\nCloudflare Ray ID: **935409b75faff118** \u2022  Your IP:  2600:1900:0:3701::401  \u2022\nPerformance & security by  [ Cloudflare ](https://www.cloudflare.com/5xx-\nerror-landing)\n\n",
                "url": "https://news.bms.com/news/details/2025/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2024/default.aspx"
            },
            "reason": "This is a press release from Bristol-Myers Squibb reporting its fourth-quarter and full-year financial results for 2024. As a direct source of financial information from the company itself, it is highly reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "Bristol-Myers Squibb reports its fourth-quarter and full-year financial results for 2024.",
            "url": "https://news.bms.com/news/details/2025/Bristol-Myers-Squibb-Reports-Fourth-Quarter-and-Full-Year-Financial-Results-for-2024/default.aspx"
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        {
            "content": {
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                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://pginvestor.com/financial-reporting/press-releases/news-details/2025/PG-Announces-Fiscal-Year-2025-Second-Quarter-Results/default.aspx"
                },
                "page_content": "Please enable cookies.\n\n#  Sorry, you have been blocked\n\n##  You are unable to access  web.prd.q4inc.com\n\n##  Why have I been blocked?\n\nThis website is using a security service to protect itself from online\nattacks. The action you just performed triggered the security solution. There\nare several actions that could trigger this block including submitting a\ncertain word or phrase, a SQL command or malformed data.\n\n##  What can I do to resolve this?\n\nYou can email the site owner to let them know you were blocked. Please include\nwhat you were doing when this page came up and the Cloudflare Ray ID found at\nthe bottom of this page.\n\nCloudflare Ray ID: **935409b7f9ef2a5e** \u2022  Your IP:  34.96.35.9  \u2022\nPerformance & security by  [ Cloudflare ](https://www.cloudflare.com/5xx-\nerror-landing)\n\n",
                "url": "https://pginvestor.com/financial-reporting/press-releases/news-details/2025/PG-Announces-Fiscal-Year-2025-Second-Quarter-Results/default.aspx"
            },
            "reason": "This is a press release from PG announcing its fiscal year 2025 second-quarter results, making it a reliable source for its own financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "PG announces its fiscal year 2025 second-quarter results.",
            "url": "https://pginvestor.com/financial-reporting/press-releases/news-details/2025/PG-Announces-Fiscal-Year-2025-Second-Quarter-Results/default.aspx"
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                    "resource_type": "webpage",
                    "source": "https://ir.savers.com/news/news-details/2025/Savers-Value-Village-Inc.-Announces-Preliminary-Fourth-Quarter-and-Full-Year-Net-Sales-and-Participation-in-the-27th-Annual-ICR-Conference/default.aspx"
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                "url": "https://ir.savers.com/news/news-details/2025/Savers-Value-Village-Inc.-Announces-Preliminary-Fourth-Quarter-and-Full-Year-Net-Sales-and-Participation-in-the-27th-Annual-ICR-Conference/default.aspx"
            },
            "reason": "This is a press release from Savers Value Village Inc. announcing preliminary fourth-quarter and full-year net sales. As a direct source of financial information from the company itself, it is highly reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "Savers Value Village Inc. announces preliminary fourth-quarter and full-year net sales and participation in the 27th Annual ICR Conference.",
            "url": "https://ir.savers.com/news/news-details/2025/Savers-Value-Village-Inc.-Announces-Preliminary-Fourth-Quarter-and-Full-Year-Net-Sales-and-Participation-in-the-27th-Annual-ICR-Conference/default.aspx"
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                    "resource_type": "webpage",
                    "source": "https://ir.aboutamazon.com/news-release/news-release-details/2024/Amazon.com-Announces-Fourth-Quarter-Results/"
                },
                "page_content": "Please enable cookies.\n\n#  Sorry, you have been blocked\n\n##  You are unable to access  web.prd.q4inc.com\n\n##  Why have I been blocked?\n\nThis website is using a security service to protect itself from online\nattacks. The action you just performed triggered the security solution. There\nare several actions that could trigger this block including submitting a\ncertain word or phrase, a SQL command or malformed data.\n\n##  What can I do to resolve this?\n\nYou can email the site owner to let them know you were blocked. Please include\nwhat you were doing when this page came up and the Cloudflare Ray ID found at\nthe bottom of this page.\n\nCloudflare Ray ID: **935409b93f56783c** \u2022  Your IP:  34.96.35.9  \u2022\nPerformance & security by  [ Cloudflare ](https://www.cloudflare.com/5xx-\nerror-landing)\n\n",
                "url": "https://ir.aboutamazon.com/news-release/news-release-details/2024/Amazon.com-Announces-Fourth-Quarter-Results/"
            },
            "reason": "This is a press release from Amazon.com announcing its fourth-quarter results. As a direct source of financial information from the company itself, it is highly reliable.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "Amazon.com announces its fourth-quarter results.",
            "url": "https://ir.aboutamazon.com/news-release/news-release-details/2024/Amazon.com-Announces-Fourth-Quarter-Results/"
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        {
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                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
                },
                "page_content": "Skip to main content\n\n",
                "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
            },
            "reason": "This is a press release from PG announcing its fourth-quarter and fiscal year 2023 results, making it a reliable source for its own financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "PG announces its fourth-quarter and fiscal year 2023 results.",
            "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
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        {
            "content": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2024/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2024-Results/default.aspx"
                },
                "page_content": "Skip to main content\n\n",
                "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2024/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2024-Results/default.aspx"
            },
            "reason": "This is a press release from a company (PG) announcing its fourth quarter and fiscal year 2024 results, making it a reliable source for its own financial information.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' overview financial performance",
            "summary": "PG announces its fourth quarter and fiscal year 2024 results.",
            "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2024/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2024-Results/default.aspx"
        },
        {
            "content": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://home.barclays/investor-relations/shareholder-information/dividends/"
                },
                "page_content": "Barclays uses cookies on this website. Some cookies are essential to provide\nour services to you. Other cookies help us to analyse how you use the site, so\nwe can improve your experience on our site. Cookies are stored locally on your\ncomputer or mobile device. Please select 'Accept all' to consent to cookies or\nselect \u2018Reject all\u2019 to reject all but essential cookies or select 'Manage\ncookies' to change your preferences. For more information visit our [ cookie\npolicy ](https://home.barclays/cookie-policy/ \"Opens in a new window\") .\n\n\\-\n\n  * [ Investor Relations  ](/investor-relations/)\n  * [ Shareholder information  ](/investor-relations/shareholder-information/)\n\n#  Dividends and Share Buybacks\n\nBarclays understands the importance of delivering attractive total cash\nreturns to shareholders. Barclays is therefore committed to maintaining an\nappropriate balance between total cash returns to shareholders, investment in\nthe business and maintaining a strong capital position.\n\nBarclays plans to return at least \u00a310bn of capital to shareholders between\n2024 and 2026, through dividends and share buybacks, with a continued\npreference for buybacks. Barclays plan to keep the total dividend stable at\nthe 2023 level in absolute terms, with progressive dividend per share growth\ndriven through share count reduction as a result of increased share buybacks.\n\nDividends will continue to be paid semi-annually. This multi-year plan is\nsubject to supervisory and Board approval, anticipated financial performance\nand our published CET1 ratio target range of 13-14%.\n\nAs owners of Barclays, shareholders benefit from buybacks as they reduce\noverall share count, thereby increasing each share\u2019s percentage ownership of\nBarclays equity and proportion of future capital returns.\n\n##  Full year dividend for the period ended 31 December 2024\n\nIt is Barclays' policy to declare and pay dividends on a semi-annual basis.\nThe full year dividend for the period ended 31 December 2024 of 5.5p per\nordinary share will be paid on 4 April 2025 to shareholders holding shares on\nthe register on 28 February 2025. Making the 2024 total dividend 8.4p per\nshare.\n\nFor qualifying US and Canadian-resident American Depositary Receipt (ADR)\nholders, the full year dividend of 5.5p per ordinary share becomes 22.0p per\nADS (American Depositary \u2013 Share) (representing four shares).\n\nOn 13 February 2025, the Company announced a further share buyback programme\nof up to \u00a31.0bn. The share buyback commenced on 14 February 2025.\n\nDuring 2024 the Company completed two share buyback programmes to purchase its\nordinary shares. The first share buyback programme concluded on 30 July 2024\nwith a total consideration of \u00a31.0bn and the second share buyback programme\nconcluded on 5 December 2024 with a total consideration of \u00a3750m.\n\n##  Previous capital returns\n\nThe half year dividend for the period ended 30 June 2024 of 2.9p per ordinary\nshare was paid on 20 September 2024 to shareholders holding shares on the\nregister on 16 August 2024.\n\nFor qualifying US and Canadian-resident American Depositary Receipt (ADR)\nholders, the half year dividend of 2.9p per ordinary share became 11.6p per\nADS (American Depositary \u2013 Share) (representing four shares). The ADR\ndepositary bank posted the half year dividend on 20 September 2024 to ADR\nholders on record on 16 August 2024.\n\n  * Barclays distributes its dividends by crediting the relevant amount to a shareholder\u2019s nominated bank account or building society. We believe it is beneficial for our shareholders to use a secure payment method and, in line with our targets to reduce our environmental footprint. Not paying by cheques reduces the environmental impact of printing and posting cheques. \n\nTo receive Barclays PLC dividends and any other money payable to you in\nconnection with your Barclays PLC ordinary shares, you will need to provide\nyour bank or building society account details. Please complete the Bank\nMandate Form below and send to Equiniti at the address listed on the form.\n\n[ Download Bank Mandate Form - Individual Shareholder (PDF 33KB)\n](http://www.shareview.co.uk/4/Info/Portfolio/Default/en/Home/Shareholders/Documents/MandateForm.pdf\n\"Bank Mandate Form - Individual Shareholder \\(PDF 33KB, opens in a new\nwindow\\)\")\n\n[ Download Bank Mandate Form - Corporate Shareholder (PDF 30KB)\n](http://www.shareview.co.uk/4/Info/Portfolio/Default/en/Home/Shareholders/Documents/CorporateMandate_Barclays.pdf\n\"Bank Mandate Form - Corporate Shareholder \\(PDF 30KB, opens in a new\nwindow\\)\")\n\n  * Barclays issues a consolidated dividend confirmation for the financial year in March/April to shareholders who have their dividends paid directly into a bank or building society account. \n\nTo request a duplicate dividend confirmation, please contact Equiniti on +44\n(0) 371 384 2055 in the UK or from outside the UK. Lines open 8:30am to 5:30pm\n(UK time), Monday to Friday, excluding public holidays in England and Wales.\n\nAlternatively you can contact Equiniti via [ shareview.co.uk\n](http://shareview.co.uk/ \"Opens in a new window\") .\n\nThere may be an administration charge for issuing duplicate dividend\nconfirmations. You can also access your dividend information and electronic\ndividend confirmation online using [ Shareview\n](https://www.shareview.co.uk/4/Info/Portfolio/Default/en/Home/Pages/Home.aspx\n\" Shareview \\(opens in a new window\\)\") .\n\n  * Barclays offers a dividend reinvestment plan (DRIP) for those shareholders who wish to elect to use their dividend payments to purchase additional ordinary shares, rather than receive a cash payment. The DRIP will be provided and administered by Barclays\u2019 registrar, Equiniti. Further details regarding the DRIP can be found at [ shareview.co.uk/info/drip ](http://www.shareview.co.uk/info/drip \"Opens in a new window\")\n\n_[ Download the DRIP Invitation Booklet (PDF 459KB) ](/content/dam/home-\nbarclays/documents/investor-\nrelations/ResultAnnouncements/FullYear2020/Barclays_DRIP_2021_Flyer_A5-final-\nFeb2021.pdf \"Opens in a new window\") _\n\n  * Qualifying US and Canadian resident ADR holders should contact [ Shareowner Services ](https://home.barclays/investor-relations/shareholder-information/american-depository-receipts/ \"Opens in a new window\") for further details regarding the DRIP. \n\n  * On 13 February 2025, the Company announced a further share buyback programme of up to \u00a31.0bn. The share buyback commenced on 14 February 2025. \n\nDuring 2024 Barclays undertook two share buyback programmes. The first was a\nshare buyback of \u00a31bn which was announced with the Full Year 2023 Results in\nFebruary 2024 and commenced on 22 February 2024. This buyback completed in\nJuly 2024. The second was a buyback of \u00a3750m which was announced in its 2024\nHalf Year Results on 1 August 2024 and commenced in the third quarter of 2024.\nThis buyback completed in December 2024.\n\nThe purpose of each of the buybacks was to reduce the share capital of the\ncompany and the ordinary shares purchased under the buybacks were cancelled.\n\nNo repurchases were made in the United States or in respect of the Company's\nAmerican Depositary Receipts.\n\n##  Historic Share Buybacks\n\nAnnouncement  |  Commencement Date  |  Completion Date  |  Buyback Amount  |  Shares Purchased  |  Average Purchase Price   \n---|---|---|---|---|---  \nHalf Year (2024)  |  5 August 2024  |  5 December 2024  |  \u00a3750m  |  320,247,475  |  \u00a32.341   \nFull Year (2023)  |  22 February 2024  |  30 July 2024  |  \u00a31bn  |  497,923,138  |  \u00a32.008   \nHalf Year (2023)  |  28 July 2023  |  23 October 2023  |  \u00a3750m  |  493,603,770  |  \u00a31.519   \nFull Year (2022)  |  13 March 2023  |  14 April 2023  |  \u00a3500m  |  343,041,720  |  \u00a31.458   \nHalf Year (2022)  |  17 August 2022  |  3 October 2022  |  \u00a3500m  |  306,326,717  |  \u00a31.632   \nFull Year (2021)  |  24 May 2022  |  16 August 2022  |  \u00a31bn  |  625,019,884  |  \u00a31.599   \nHalf Year (2021)  |  2 August 2021  |  30 November 2021  |  \u00a3500m  |  266,987,647  |  \u00a31.872   \nFull Year (2020)  |  19 March 2021  |  22 April 2021  |  \u00a3700m  |  377,356,751  |  \u00a31.855   \n  \n##  Historic Dividends\n\n|  Ex-Div Date  \n|  Record Date  \n|  Payment Date  \n|  Dividend Amount  \n|  Scrip reference share price  \n  \n---|---|---|---|---|---  \nFull year (2024)  |  27/02/2025  |  28/02/2025  |  04/04/2025  |  5.5p  |  N/A   \nHalf year (2024)  |  15/08/2024  |  16/08/2024  |  20/09/2024  |  2.9p  |  N/A   \nFull year (2023)  |  29/02/2024  |  01/03/2024  |  03/04/2024  |  5.3p  |  N/A   \nHalf year (2023)  |  10/08/2023  |  11/08/2023  |  15/09/2023  |  2.7p  |  N/A   \nFull year (2022)  |  23/02/2023  |  24/02/2023  |  31/03/2023  |  5.0p  |  N/A   \nHalf year (2022)  |  11/08/2022  |  12/08/2022  |  16/09/2022  |  2.25p  |  N/A   \nFull year (2021)  |  03/03/2022  |  04/03/2022  |  05/04/2022  |  4.0p  |  N/A   \nHalf year (2021)  |  12/08/2021  |  13/08/2021  |  17/09/2021  |  2.0p  |  N/A   \nFull year  **(2020)** |  25/02/2021  |  26/02/2021  |  01/04/2021  |  1.0p  |  N/A   \nHalf year  **(2020)** |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \nFull year (2019)  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \nHalf year (2019)  |  08/08/2019   \n|  09/08/2019  \n|  23/09/2019  \n|  3.0p  \n|  \u00a31.4220  \n  \nFull year (2018)  \n|  28/02/2019  \n|  01/03/2019  \n|  05/04/2019  \n|  4.0p  \n|  \u00a31.6406  \n  \nHalf year (2018)  \n|  09/08/2018  \n|  10/08/2018  \n|  17/09/2018  \n|  2.5p  \n|  \u00a31.8548  \n  \nFinal (2017)  |  01/03/2018   \n|  02/03/2018  \n|  05/04/2018  \n|  2p  \n|  \u00a32.0921  \n  \nInterim (2017)  |  10/08/2017   \n|  11/08/2017  \n|  18/09/2017  \n|  1p  \n|  \u00a32.0103  \n  \nFinal (2016)  \n|  02/03/2017  \n|  03/03/2017  \n|  05/04/2017  \n|  2p  \n|  \u00a32.2944  \n  \nInterim (2016)  \n|  11/08/2016  \n|  12/08/2016  \n|  19/09/2016  \n|  1p  \n|  \u00a31.6242  \n  \nFinal (2015)  \n|  10/03/2016  \n|  11/03/2016  \n|  05/04/2016  \n|  3.5p  \n|  \u00a31.6334  \n  \n3rd Interim (2015)  \n|  05/11/2015  \n|  06/11/2015  \n|  11/12/2015  \n|  1p  \n|  \u00a32.3146  \n  \n2nd Interim (2015)  \n|  06/08/2015  \n|  07/08/2015  \n|  14/09/2015  \n|  1p  \n|  \u00a32.7907  \n  \n1st Interim (2015)  \n|  07/05/2015  \n|  08/05/2015  \n|  15/06/2015  \n|  1p  \n|  \u00a32.5709  \n  \nFinal (2014)  \n|  10/03/2015  \n|  11/03/2015  \n|  02/04/2015  \n|  3.5p  \n|  \u00a32.5313  \n  \n3rd Interim (2014)  \n|  06/11/2014  \n|  07/11/2014  \n|  12/12/2014  \n|  1p  \n|  \u00a32.3387  \n  \n2nd Interim (2014)  \n|  06/08/2014  \n|  08/08/2014  \n|  19/09/2014  \n|  1p  \n|  \u00a32.1568  \n  \n1st Interim (2014)  \n|  14/05/2014  \n|  16/05/2014  \n|  23/06/2014  \n|  1p  \n|  \u00a32.4303  \n  \nFinal (2013)  \n|  19/02/2014  \n|  21/02/2014  \n|  28/03/2014  \n|  3.5p  \n|  \u00a32.5719  \n  \n3rd Interim (2013)  \n|  06/11/2013  \n|  08/11/2013  \n|  13/12/2013  \n|  1p  \n|  \u00a32.5542  \n  \n2nd Interim (2013)  \n|  07/08/2013  \n|  09/08/2013  \n|  13/09/2013  \n|  1p  \n|  \u00a32.8497  \n  \n1st Interim (2013)  \n|  01/05/2013  \n|  03/05/2013  \n|  07/06/2013  \n|  1p  \n|  n/a  \n  \nFinal (2012)  \n|  20/02/2013  \n|  22/02/2013  \n|  15/03/2013  \n|  3.5p  \n|  n/a  \n  \n3rd Interim (2012)  \n|  07/11/2012  \n|  09/11/2012  \n|  07/12/2012  \n|  1p  \n|  n/a  \n  \n2nd Interim (2012)  |  08/08/2012   \n|  10/08/2012  \n|  07/09/2012  \n|  1p  \n|  n/a  \n  \n1st Interim (2012)  \n|  02/05/2012  \n|  04/05/2012  \n|  08/06/2012  \n|  1p  \n|  n/a  \n  \nFinal (2011)  \n|  22/02/2012  \n|  24/02/2012  \n|  16/03/2012  \n|  3p  \n|  n/a  \n  \n3rd Interim (2011)  \n|  09/11/2011  \n|  11/11/2011  \n|  09/12/2011  \n|  1p  \n|  n/a  \n  \n2nd Interim (2011)  \n|  10/08/2011  \n|  12/08/2011  \n|  09/09/2011  \n|  1p  \n|  n/a  \n  \n1st Interim (2011)  \n|  04/05/2011  \n|  06/05/2011  \n|  10/06/2011  \n|  1p  \n|  n/a  \n  \nFinal (2010)  \n|  23/02/2011  \n|  25/02/2011  \n|  18/03/2011  \n|  2.5p  \n|  n/a  \n  \n3rd Interim (2010)  \n|  17/11/2010  \n|  19/11/2010  \n|  10/12/2010  \n|  1p  \n|  n/a  \n  \n2nd Interim (2010)  \n|  11/08/2010  \n|  13/08/2010  \n|  10/09/2010  \n|  1p  \n|  n/a  \n  \n1st Interim (2010)  \n|  12/05/2010  \n|  14/05/2010  \n|  04/06/2010  \n|  1p  \n|  n/a  \n  \nFinal (2009)  \n|  24/06/2010  \n|  26/02/2010  \n|  19/03/2010  \n|  1.5p  \n|  n/a  \n  \nInterim (2009)  \n|  18/11/2009  \n|  20/11/2009  \n|  11/12/2009  \n|  1p  \n|  n/a  \n  \nInterim (2008)  \n|  20/08/2008  \n|  22/08/2008  \n|  01/10/2008  \n|  11.5p  \n|  n/a  \n  \nFinal (2007)  \n|  20/08/2008  \n|  22/08/2008  \n|  01/10/2008  \n|  11.5p  \n|  n/a  \n  \nInterim (2007)  \n|  15/08/2007  \n|  17/08/2007  \n|  01/10/2007  \n|  11.5p  \n|  n/a  \n  \nFinal (2006)  \n|  07/03/2007  \n|  09/03/2007  \n|  27/04/2007  \n|  20.5p  \n|  n/a  \n  \nInterim (2006)  \n|  16/08/2006  \n|  18/08/2006  \n|  02/10/2006  \n|  10.5p  \n|  n/a  \n  \nFinal (2005)  \n|  01/03/2006  \n|  03/03/2006  \n|  28/04/2006  \n|  17.4p  \n|  n/a  \n  \nInterim (2005)  \n|  17/08/2005  \n|  19/08/2005  \n|  03/10/2005  \n|  9.2p  \n|  n/a  \n  \n  \n##  Important information\n\n",
                "url": "https://home.barclays/investor-relations/shareholder-information/dividends/"
            },
            "reason": "This is the official Barclays website providing information for investors, specifically about shareholder dividends. It is a primary source of information and therefore highly reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' customers stakeholders",
            "summary": "Official Barclays webpage detailing shareholder dividend information.",
            "url": "https://home.barclays/investor-relations/shareholder-information/dividends/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "f853d77b-fdcf-4931-ba6f-bb9a18fcb978",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://company.nokiantyres.com/investors/share-and-shareholders/major-shareholders/"
                },
                "page_content": "    * [ Nokian Tyres as an investment ](/investors/nokian-tyres-as-an-investment/)\n    * [ Reports and presentations ](/investors/reports-and-presentations/)\n    * [ Corporate governance ](/investors/corporate-governance/)\n    * [ Share and shareholders ](/investors/share-and-shareholders/)\n      * [ Share tools ](/investors/share-and-shareholders/share-tools/)\n      * [ Dividend policy and dividend ](/investors/share-and-shareholders/dividend-policy-and-dividend/)\n      * [ Nokian Tyres in indexes ](/investors/share-and-shareholders/nokian-tyres-in-indexes/)\n      * [ Major shareholders ](/investors/share-and-shareholders/major-shareholders/)\n      * [ Flaggings ](/investors/share-and-shareholders/flaggings/)\n      * [ Management shareholding ](/investors/share-and-shareholders/management-shareholding/)\n      * [ Managers' transactions ](/investors/share-and-shareholders/managers-transactions/)\n      * [ Share capital ](/investors/share-and-shareholders/share-capital/)\n      * [ Authorizations ](/investors/share-and-shareholders/authorizations/)\n    * [ Financial information ](/investors/financial-information/performance-monitor/)\n    * [ Investor calendar ](/investors/investor-calendar/)\n    * [ Investor relations ](/investors/investor-relations/)\n\n[ Home ](/) / [ Investors ](/investors/) / [ Share and shareholders\n](/investors/share-and-shareholders/) /  Major shareholders\n\n#  Major shareholders\n\nOn this page, you can find information on Nokian Tyres' largest shareholders.\nThe below list is based on the information given by Euroclear Finland Ltd and\nit includes only direct registered holdings. The data is updated monthly.\n\n####  Explore more\n\n[ Flaggings ](/investors/share-and-shareholders/flaggings/)\n\n[ Management shareholding ](/investors/share-and-shareholders/management-\nshareholding/)\n\nIt's a safe journey\n\nStay up-to-date on Nokian Tyres\n\n[ Subscribe to our releases ](/news-and-media/order-releases/)\n\nFollow us on\n\n[ ](https://www.facebook.com/nokiantyres \"Facebook\") [\n](https://www.linkedin.com/company/nokian-tyres-plc \"Linkedin\") [\n](http://www.youtube.com/user/NokianTyresCom?modestbranding=1&rel=0 \"YouTube\")\n\n[ ](/investors/share-and-shareholders/major-shareholders/) [\n](https://yritys.nokianrenkaat.fi/sijoittajat/osake-ja-\nosakkeenomistajat/suurimmat-omistajat/)\n\nCopyright \u00a9 Nokian Tyres plc. All rights reserved\n\n[ Privacy policy ](https://www.nokiantyres.com/privacy-statement/) [\nWhistleblow ](https://report.whistleb.com/en/nokiantyres)\n\n[ ](/investors/share-and-shareholders/major-shareholders/) [\n](https://yritys.nokianrenkaat.fi/sijoittajat/osake-ja-\nosakkeenomistajat/suurimmat-omistajat/)\n\n",
                "url": "https://company.nokiantyres.com/investors/share-and-shareholders/major-shareholders/"
            },
            "reason": "This is the official Nokian Tyres website providing information for investors, specifically about major shareholders. It is a primary source of information and therefore highly reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' customers stakeholders",
            "summary": "Official Nokian Tyres webpage detailing major shareholder information.",
            "url": "https://company.nokiantyres.com/investors/share-and-shareholders/major-shareholders/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "93120cb1-ca5d-49db-9121-b7ea6cba8629",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.walleniuswilhelmsen.com/who-we-are/investors"
                },
                "page_content": "#  Investor Relations\n\nWallenius Wilhelmsen strives to be available and to pursue a professional,\ntransparent and active dialogue with investors and analysts. Wallenius\nWilhelmsen is committed to disclose and share relevant information in a\ntimely, reliable and accurate manner with all financial stakeholders in\naccordance with relevant legal requirements and sound corporate governance\nprinciples. The objective is to ensure equal treatment of all stakeholders and\nfair valuation of the Wallenius Wilhelmsen share.\n\n[ Subscribe to stock exchange notices\n](https://live.euronext.com/en/listview/company-press-release/170741) [ Stock\nprice development\n](https://live.euronext.com/en/product/equities/NO0010571680-XOSL)\n\n9,500+\n\nEmployees across 28 countries\n\n~125\n\nVessels in operation\n\n7\n\nTerminals\n\n66\n\nProcessing centers\n\nInvestor relations policy\n\nThis investor relations policy (the \"IR Policy\") applies to Wallenius\nWilhelmsen ASA (\"WAWI\" or the \"Company,\" and together with its consolidated\nsubsidiaries, the \"Group\"). **  \n  \n  \nPurpose **  \nThe IR Policy shall help WAWI build trust and awareness in the investor\ncommunity by ensuring that investor relations activities comply with relevant\nrules, regulations, and recommended practices.  \n  \nThe IR Policy aims to ensure that WAWI appropriately provides adequate,\ntimely, and trustworthy disclosure of relevant information to the financial\ncommunity. Furthermore, the communication with the market shall be based on\ntransparency and equal treatment of all stakeholders and be in accordance with\nrelevant legal requirements and sound corporate governance principles. **  \n  \n  \nShareholder contact and communication with the financial market **  \nThe IR team is responsible for all contact with WAWI shareholders on behalf of\nthe Company. The objective is to provide sufficient information on a timely\nbasis to all market participants to ensure a fair valuation of WAWI shares.\nAll WAWI shareholders shall receive equal treatment to access the company's\ninformation.  \n  \nWAWI holds regular meetings with analysts, investors, media, and employees,\nall material and latest information are shared via main communication channels\n\u00e2\u0080\u0093 stock exchange releases, press releases, and the Company webpage\n(www.walleniuswilhelmsen.com). This ensures that identical information is made\navailable simultaneously to all audiences. WAWI will provide a consistent\nlevel of information regardless of whether the news is positive or negative.\n**  \n  \n  \nDisclosure of Information **  \nWAWI provides a prospects statement each quarter including information on\noutlook and potential risks but does not guide on results. The IR team will\nalways put their best efforts into providing comprehensive and informative\nanswers to investors and analysts. However, WAWI will not aim to influence the\nanalyst's recommendations, opinions, and conclusions. **  \n  \n  \nAuthorizations **  \nWAWI spokespersons to financial markets are the Chief Executive Officer, the\nChief Financial Officer, VP Investor Relations, and/or others authorized by\nthese. Questions from investors and financial analysts to other WAWI personnel\nshall be referred to IR. All meetings with investors and financial analysts\nshall be arranged/coordinated by IR, and presentation materials for such\nmeetings shall be prepared or approved by the IR team.  \n**  \n  \nIR events **  \nBased on demand and Company initiative, management will regularly participate\nin meetings with international and domestic investors, analysts, and media, to\nraise awareness of and create interest in the Company. WAWI communicates with\nall investors and analysts through organizing:  \n  \n\u00e2\u0080\u0090 Annual general meeting (annually)  \n\\- Quarterly results presentations (quarterly)  \n\u00e2\u0080\u0090 Investor and analyst meetings  \n\u00e2\u0080\u0090 Capital market days  \n\\- Other events such as conferences and seminars  \n**  \n  \nSilent Period **  \nFour weeks before the planned release of quarterly financial reports \u00e2\u0080\u0093 the\nsilent period \u00e2\u0080\u0093 the company will not comment on matters related to its\ngeneral financial results or expectations, and contact with external analysts,\ninvestors and journalists will be minimized. The purpose of a silent period is\nto reduce the risk of information leaks and of providing potentially unequal\ninformation to the market. **  \n  \n  \nCompliance **  \nWallenius Wilhelmsen ASA shall comply with relevant regulations for companies\nlisted on the Oslo Stock Exchange.  \n  \n  \nUpdated: 08.02.2023\n\nFinancial calendar\n\nFour weeks before the announcement of quarterly results, Wallenius Wilhelmsen\npractices a \"silent period\" meaning that contact with external analysts,\ninvestors and journalists is minimized. This is done to minimize the risk of\ninformation leaks and potentially unequal information in the marketplace\n\n###  Financial events\n\nEvent  |  Date   \n---|---  \nQ4 2024 - Quarterly Report  |  12 February 2025   \n2024 - Annual report  |  21 March 2025   \nAnnual General Meeting  |  29 April 2025   \nQ1 2025 - Quarterly Report  |  08 May 2025   \nQ2 2025 - Quarterly Report  |  12 August 2025   \nQ3 2025 - Quarterly Report  |  05 November 2025   \n  \n  \n  \n\nFour weeks before the announcement of quarterly results, Wallenius Wilhelmsen\npractices a \"silent period\" meaning that contact with external analysts,\ninvestors and journalists is minimized. This is done to minimize the risk of\ninformation leaks and potentially unequal information in the marketplace\n\n###  Financial events\n\nEvent  |  Date   \n---|---  \nQ4 2023 - Quarterly Report  |  14 February 2024   \n2023 - Annual report  |  15 March 2024   \nAnnual General Meeting  |  30 April 2024   \nQ1 2024 - Quarterly Report  |  08 May 2024   \nQ2 2024 - Quarterly Report  |  13 August 2024   \nQ3 2024 - Quarterly Report  |  30 October 2024   \n  \nAnnual report 2024\n\n  \n[ View report ](https://www.walleniuswilhelmsen.com/who-we-\nare/investors/annual-report)\n\nReports and presentation\n\n* * *\n\n[ 2024 Capital Markets Day Presentation ](/storage/images/Wallenius-\nWilhelmsen-2024-CMD.pdf)  \n---  \n  \n[ Climate risk investor presentation August 2023 ](/storage/images/Wallenius-\nWilhelmsen-climate-risk-investor-meeting.pdf)  \n---  \n[ Sustainability-linked bond presentation August 2023\n](/storage/images/230814-WAWI-Bond-Investor-Presentation.pdf)  \n[ Investor presentation March 2023 ](/storage/downloads/WAWI-investor-\npresentation.pdf)  \n[ Sustainability investor presentation January 2023\n](/storage/images/230118-WAWI-Sustainability-investor-presentation.pdf)  \n  \n[ Investor Presentation December 2022 ](/storage/images/WAWI-investor-\npresentation-December.pdf)  \n---  \n[ Investor Presentation January 2022\n](https://www.walleniuswilhelmsen.com/storage/downloads/220111-WAWI-Investor-\nPresentation-SEB-Nordic-Seminar.pdf)  \n[ Sustainability investor presentation February 2022\n](https://www.walleniuswilhelmsen.com/storage/downloads/220218-WalWil-\ninvestor-climate-risk-meeting.pdf)  \n[ Sustainability-linked bond presentation April 2022\n](/storage/images/220404-WAWI-SLB-Investor-Presentation.pdf)  \n  \n[ Investor Presentation January 2021\n](https://www.walleniuswilhelmsen.com/storage/images/210104-WALWIL_SEB-Nordic-\nSeminar-2021pdf.pdf)  \n---  \n[ Fixed Income Investor calls August 2021\n](https://www.walleniuswilhelmsen.com/storage/images/210818-WAWI-Bond-\nInvestor-Presentation.pdf)  \n  \n[ Annual Report 2020 (pdf)\n](https://www.walleniuswilhelmsen.com/storage/images/Wallenius-\nWilhelmsen_Annual-Report-2020.pdf)  \n---  \n[ Investor Presentation April 2020 (pdf)\n](https://www.walleniuswilhelmsen.com/storage/downloads/Investor-presentation-\nApril-2020.pdf)  \n[ Fixed Income Investor calls August 2020 (pdf)\n](https://www.walleniuswilhelmsen.com/storage/images/Wallenius-Wilhelmsen-\nFixed-income-investor-presentation-Aug-2020.pdf)  \n  \n[ Sustainability report 2019\n](https://www.walleniuswilhelmsen.com/storage/downloads/Wallenius-Wilhelmsen-\nSustainability-Report-2019.pdf)  \n---  \n[ Annual report 2019\n](https://www.walleniuswilhelmsen.com/storage/downloads/Wallenius-Wilhelmsen-\nAnnual-Report-2019.pdf)  \n[ Capital markets day (pdf)\n](https://www.walleniuswilhelmsen.com/storage/downloads/wallenius-wilhelmsen-\ncapital-markets-day-2019_191119_114442.pdf)  \n[ Capital markets day (watch recording)\n](https://companycast.live/webcast/3e3089y2/)  \n  \n[ Sustainability report 2018\n](https://www.walleniuswilhelmsen.com/storage/downloads/Wallenius_Wilhelmsen_Sustainability_report_2018.pdf)  \n---  \n[ Annual report 2018\n](https://www.walleniuswilhelmsen.com/storage/downloads/Wallenius_Wilhelmsen_Annual_report_2018.pdf)  \n[ Capital Markets Day 2018 (pdf)\n](https://www.walleniuswilhelmsen.com/storage/downloads/2018-capital-markets-\nday-presentations.pdf)  \n[ Capital Markets Day 2018 (recording)\n](https://companycast.live/webcast/2e51patc/)  \n[ Roadshow ](https://www.walleniuswilhelmsen.com/storage/downloads/wallenius-\nwilhelmsen-asa-fixed-income-roadshow-aug-2018.pdf)  \n  \n[ Annual report ](/storage/images/WWL-Annual-Report-2017.pdf)  \n---  \n[ Capital Markets Day 2017 (pdf)\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-asa-capital-\nmarkets-day-2017.pdf)  \n[ Roadshow ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-asa-\nroadshow-2017.pdf)  \n  \n[ Annual report ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nannual-report-2016.pdf)  \n---  \n  \n[ Annual Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Annual-Report-\nfor-period-end-31-Dec-2015-English-PDF.pdf)  \n---  \n  \n[ Annual Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Annual-Report-\nfor-period-end-31-Dec-2014-English-PDF.pdf)  \n---  \n  \n[ Annual Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Annual-Report-\nfor-period-end-31-Dec-2013-English-PDF.pdf)  \n---  \n  \n[ Annual Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Annual-Report-\nfor-period-end-31-Dec-2012-English-PDF.pdf)  \n---  \n  \nQ1\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q1-2024.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-Q1-Quarterly-\npresentation.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q1-2024-Fact-Sheet-v1.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240508_8)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q2-2024.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-Q2-Quarterly-\npresentation_2024-08-13-113822_wgok.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q2-2024-Fact-Sheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240813_1)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q3-2024.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-24-Q3-Quarterly-\npresentation.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q3-2024-Fact-Sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20241030_2/)\n\nQ4\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q4-2024-report.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-Q4-24-Quarterly-\npresentation.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q4-2024-Fact-Sheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250212_6)\n\nQ1\n\n* * *\n\n[ Report ](/storage/images/Q1-2023-quarterly-report.pdf)\n\n[ Presentation ](/storage/images/Q1-2023-quarterly-presentation.pdf)\n\n[ Fact sheet ](/storage/images/Q1-2023-Fact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20230504_6/)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Q2-2023-quarterly-report-Wallenius-Wilhelmsen.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-Q2-quarterly-\npresentation.pdf)\n\n[ Fact sheet ](/storage/images/Q2-2023-Fact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20230815_1/)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q3-2023-Quarterly-Report.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-23-Q3-quarterly-\npresentation.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q3-2023-Fact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20231101_6/)\n\nQ4\n\n* * *\n\n[ Report ](/storage/images/Wallenius-Wilhelmsen-Q4-2023-Quarterly-Report.pdf)\n\n[ Presentation ](/storage/images/Wallenius-Wilhelmsen-Q4-Quarterly-\npresentation_2024-02-15-184215_upoa.pdf)\n\n[ Factsheet ](/storage/images/Wallenius-Wilhelmsen-Q4-2023-Fact-sheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240214_6)\n\nQ1\n\n* * *\n\n[ Report ](/storage/images/Q1-2022-quarterly-report-and-financial-results.pdf)\n\n[ Presentation ](/storage/images/Q1-2022-quarterly-presentation.pdf)\n\n[ Fact sheet ](/storage/images/Q1-2022-IR-fact-sheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/landingpage/hegnarmedia/20220504_10/)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Q2-2022-quarterly-report.pdf)\n\n[ Presentation ](/storage/images/Q2-2022-quarterly-presentation_updated.pdf)\n\n[ Fact sheet ](/storage/images/Q2-2022-IR-fact-sheet-1.xlsx)\n\n[ Webcast\n](https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalcast.com%2Flandingpage%2Fhegnarmedia%2F20220817_12%2F&data=05%7C01%7CAndre.Ediassen%40walwil.com%7C537acad625584733d69f08da73a98c9b%7Ccdffb2cf96864fe1ae6424e2074f2a7e%7C0%7C0%7C637949469295329085%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=GEkOJhdGj2XvVqKxaXgoKd2Bn%2FTpkzRNBPspJgUkEQc%3D&reserved=0)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Q3-2022-quarterly-report.pdf)\n\n[ Presentation ](/storage/images/Q3-2022-quarterly-presentation_final.pdf)\n\n[ Fact sheet ](/storage/downloads/Q3-2022-Fact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20221102_8/)\n\nQ4\n\n* * *\n\n[ Report ](/storage/downloads/Q4-2022-report.pdf)\n\n[ Presentation ](/storage/downloads/Q4-2022-quarterly-presentation.pdf)\n\n[ Fact sheet ](/storage/downloads/Q4-2022-Fact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20230208_5/)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/images/Q1-2021-Quarterly-report-\nand-results_final.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/images/Q1-2021-Quarterly-report-\npresentation_final.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Q1-2021-IR-\nfact-sheet_final.xlsx)\n\n[ Webcast\n](https://event.on24.com/wcc/r/3163064/778ECDA7E45424EC75800319E78AFF39)\n\nQ2\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/images/Q2-2021-WAWI-\nfinancial-report-and-results_final.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/images/Q2-2021-WAWI-\npresentation.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Q2-2021-IR-\nfact-sheet_final2.xlsx)\n\n[ Webcast\n](https://event.on24.com/wcc/r/3359287/8BF726C4DF6FC6AE03FCA6390714482F)\n\nQ3\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/Q3-2021-WAWI-\nquarterly-report-and-financial-results.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q3-2021-WAWI-\nQuarterly-report-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q3-2021-IR-fact-\nsheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20211110_5/)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2021-Quarterly-\nreport-and-results.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2021-Quarterly-\nreport-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2021-IR-fact-\nsheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220209_6)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q1-2020-Quarterly-\nreport-to-market.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q1-2020-Quarterly-\nreport-presentation_Final.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q1-2020-IR-fact-\nsheet_corr.xlsx)\n\n[ Webcast ](https://companycast.live/player/17e71222/)\n\nQ2\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/images/Q2-2020-Quarterly-\nreport.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/images/Q2-2020-Quarterly-report-\npresentation.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Q2-2020-IR-\nfact-sheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/5462e604/)\n\nQ3\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/images/Q3-2020-Quarterly-\nreport.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/images/Q3-2020-Quarterly-report-\npresentation.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Q3-2020-IR-\nfact-sheet.xlsx)\n\n[ Webcast\n](https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20201111_6)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/images/Q4-2020-quarterly-\nreport_final.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/images/Q4-2020-Quarterly-report-\npresentation.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Q4-2020-IR-\nfact-sheet.xlsx)\n\n[ Webcast ](https://channel.royalcast.com/landingpage/hegnarmedia/20210210_2/)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1-2019-report.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1-2019-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1-2019-fact-\nsheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/4e58gf1p/)\n\nQ2\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2019-report.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2019-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2019-fact-\nsheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/29e60qgh/)\n\nQ3\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/images/Investor-\nrelations/Q3-2019/Q3-2019-Report.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/images/Investor-\nrelations/Q3-2019/Q3-2019-Quarterly-report-presentation.pdf)\n\n[ Fact sheet ](https://www.walleniuswilhelmsen.com/storage/images/Investor-\nrelations/Q3-2019/Q3-2019-Fact-sheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/8e43lsmy/)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2019-Quarterly-\nreport-19-Feb.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2019-Quarterly-\nreport-presentation_FINAL-corrected.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/Q4-2019-Fact-\nsheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/4e25wbdk/)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1-2018-report.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1-2018-presentation.pdf)\n\n[ Fact sheet ](/storage/images/Q1-2021-IR-fact-sheet_final.xlsx)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=83480728)\n\nQ2\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2018-quarterly-\nreport.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2018-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/q2-2018-fact-\nsheet.xlsx)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=93227007)\n\nQ3\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q3-2018-report.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q3-2018-quarterly-\npresentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/q3-2018-fact-\nsheet.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/55e48xqx/)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q4-2018-report.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/q4-2018-presentation.pdf)\n\n[ Fact sheet\n](https://www.walleniuswilhelmsen.com/storage/downloads/q4-2018-fact-\nsheet_corrected.xlsx)\n\n[ Webcast ](https://companycast.live/webcast/8e50bmam/)\n\nQ1\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q1-2017-report.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q1-2017-presentation.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=54324087)\n\nQ2\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q2-2017-report.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q2-2017-presentation.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=58380163)\n\nQ3\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q3-17-report-and-financial-statement.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q3-presentation.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=67474006)\n\nQ4\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-asa-\nreport-to-market-q4-17.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwl-\nasa-q4-17-presentation.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=77790832)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q1_2016_wwasa_quarterly-\nreport.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-finance-presentation-q1-2016-web-ose.pdf)\n\nQ2\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa_q2_2016_finalreport.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-and-finance-presentation-q2-2016.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=35349485)\n\nQ3\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q3_2016_wwasa_final_pdf.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-and-finance-presentation-q3-2016.pdf)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa_q4_2016_final.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-and-finance-presentation-q4-2016_webcast.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=45035812)\n\nQ1\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-q1-2015-raport.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-and-finance-presentation-q1-2015.pdf)\n\nQ2\n\n* * *\n\n[ Report ](https://www.walleniuswilhelmsen.com/storage/downloads/full-\nreport-q2-2015_wwasa.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-1-slide-pdf-\nmarket-and-finance-presentation-q2-2015.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=21826298)\n\nQ3\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/q3-2015_wwasa.pdf)\n\n[ Presentation\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa_q32015_finance-\nand-market-presentation.pdf)\n\nQ4\n\n* * *\n\n[ Report\n](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa_q4_2015_final.pdf)\n\n[ Presentation ](https://www.walleniuswilhelmsen.com/storage/downloads/wwasa-\nmarket-and-finance-presentation-q4-2015.pdf)\n\n[ Webcast ](http://webtv.hegnar.no/presentation.php?webcastId=29655723)\n\nQ1\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q1-Interim-Report-\nfor-period-end-31-Mar-2014-English-PDF.pdf)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q2-Interim-Report-\nfor-period-end-30-Jun-2014-English-PDF.pdf)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q3-Interim-Report-\nfor-period-end-30-Sep-2014-English-PDF.pdf)\n\nQ4\n\n* * *\n\nQ1\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q1-Interim-Report-\nfor-period-end-31-Mar-2013-English-PDF.pdf)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q2-Interim-Report-\nfor-period-end-30-Jun-2013-English-PDF.pdf)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q3-Interim-Report-\nfor-period-end-30-Sep-2013-English-PDF.pdf)\n\nQ4\n\n* * *\n\nQ1\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q1-Interim-Report-\nfor-period-end-31-Mar-2012-English-PDF.pdf)\n\nQ2\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q2-Interim-Report-\nfor-period-end-30-Jun-2012-English-PDF.pdf)\n\nQ3\n\n* * *\n\n[ Report ](/storage/images/Wilh.-Wilhelmsen-ASA-WWASA-NO-Q3-Interim-Report-\nfor-period-end-30-Sep-2012-English-PDF-2-_-3.pdf)\n\nQ4\n\n* * *\n\nStock exchange notice\n\n[ See all ](https://www.walleniuswilhelmsen.com/who-we-are/investors/stock-\nexchange-notices)\n\n15/04/2025\n\n[ Interest Adjustment ](https://newsweb.oslobors.no/message/643832)\n\n10/04/2025\n\n[ Wallenius Wilhelmsen: Update on the sale of MIRRAT - ACCC approval\n](https://newsweb.oslobors.no/message/643359)\n\n04/04/2025\n\n[ Wallenius Wilhelmsen ASA: Notice of Annual General Meeting\n](https://newsweb.oslobors.no/message/643065)\n\n28/03/2025\n\n[ Wallenius Wilhelmsen signs a five-year contract with European OEM\n](https://newsweb.oslobors.no/message/642469)\n\n26/03/2025\n\n[ Wallenius Wilhelmsen ASA: Ex dividend of USD 1.24 today\n](https://newsweb.oslobors.no/message/642225)\n\n[ Click here to see and subscribe to the latest stock exchange notices and\npress releases.  ](https://live.euronext.com/en/listview/company-press-\nrelease/170741#subscribe)\n\n__\n\nDividends\n\n**Dividend policy**  \n  \n\"Wallenius Wilhelmsen\u00e2\u0080\u0099s objective is to provide shareholders with a\ncompetitive return over time through a combination of rising value for the\nWallenius Wilhelmsen share and payment of regular dividend payments to the\nshareholders.\n\nThe Board targets a dividend which over time shall constitute 30-50% of the\ncompany\u00e2\u0080\u0099s profit after tax on an annual basis. The dividend will be declared\nand paid on a semi-annual basis. The size of the dividend will be derived and\npaid based on the reported net profit for the first and second half of each\nfiscal year, respectively. Dividends will be declared in USD and paid in NOK.  \n  \nWhen determining the size of the dividend, the Board will consider its\nfinancial targets, near-term market outlook, the group\u00e2\u0080\u0099s financial position,\nfuture capital requirements, as well as other relevant factors such as\nextraordinary effects.  \n  \nFurthermore, the Board may from time to time, taking into consideration the\nfinancial position of the company, consider extraordinary dividends and/or\nshare buybacks to enhance shareholder returns.\"  \n  \nUpdated 08.05.2024\n\nEx-dividend date  |  Pay date  |  Fiscal year  |  Dividend, USD  |  Exchange rate  |  Dividend, NOK   \n---|---|---|---|---|---  \n26.03.2025  |  28.04.2025  |  2024  |  1.24  |  |   \n25.09.2024  |  10.10.1024  |  2024  |  0.61  |  10.48376  |  6.395094   \n25.09.2024  |  10.10.2024  |  2023  |  0.46  |  10.48376  |  4.82253   \n22.05.2024  |  29.05.2024  |  2023  |  0.68  |  10.92889  |  7.43164   \n09.11.2023  |  22.11.2023  |  2022  |  0.34  |  11.1625  |  3.79525   \n27.04.2023  |  10.05.2023  |  2022  |  0.51  |  10.6160  |  5.41416   \n09.11.2022  |  22.11.2022  |  2021  |  0.06  |  10.2533  |  0.6152   \n27.04.2022  |  10.05.2022  |  2021  |  0.09  |  9.1750  |  0.82575   \n12.11.2019  |  21.11.2019  |  2018  |  0.06  |  9.1374  |  0.54824   \n26.04.2019  |  09.05.2019  |  2018  |  0.06  |  8.6850  |  0.5211   \n12.11.2015  |  26.11.2015  |  2014  |  n/a  |  n/a  |  0.50   \n24.04.2015  |  07.05.2015  |  2014  |  n/a  |  n/a  |  1.00   \n14.11.2014  |  27.11.2014  |  2014  |  n/a  |  n/a  |  1.00   \n25.04.2014  |  08.05.2014  |  2013  |  n/a  |  n/a  |  1.00   \n28.11.2013  |  10.12.2013  |  2013  |  n/a  |  n/a  |  0.75   \n26.04.2013  |  14.05.2013  |  2012  |  n/a  |  n/a  |  4.00   \n14.11.2012  |  27.11.2012  |  2012  |  n/a  |  n/a  |  1.00   \n27.04.2012  |  09.05.2012  |  2011  |  n/a  |  n/a  |  0.65   \n07.12.2011  |  20.12.2011  |  2011  |  n/a  |  n/a  |  0.50   \n29.04.2011  |  10.05.2011  |  2010  |  n/a  |  n/a  |  0.50   \n  \n  \n\nGeneral meetings\n\n###  2025\n\n[ Wallenius Wilhelmsen ASA Notice AGM 2025 ](/storage/images/Investor-\nrelations/AGM-2025/Wallenius-Wilhelmsen-ASA-Notice-AGM-2025.pdf)  \n\n[ Recommendations by the nomination committee 2025 ](/storage/images/Investor-\nrelations/AGM-2025/Recommendations-by-the-nomination-committee-2025.pdf)  \n\n[ Line Hestvik - Curriculum Vitae ](/storage/images/Investor-\nrelations/AGM-2025/Line-Hestvik-Curriculum-Vitae.pdf)\n\n[ Online voting/registration form\n](https://investor.vps.no/gm/logOn.htm?token=267f68dd8483fb8fd238e0e584d70f416ed51cb2&validTo=1748516400000&oppdragsId=20250404VPLL39U0)  \n\n###  2024\n\n[ Signed minutes with votes AGM 2024 Wallenius Wilhelmsen ASA\n](/storage/images/Signed-minutes-with-votes-AGM-2024-Wallenius-Wilhelmsen-\nASA.pdf)\n\n[ Signert protokoll med stemmer GF 2024 Wallenius Wilhelmsen ASA\n](/storage/images/Signert-protokoll-med-stemmer-GF-2024-Wallenius-Wilhelmsen-\nASA.pdf)\n\n[ Votes AGM 2024 Wallenius Wilhelmsen ASA ](/storage/images/Votes-\nAGM-2024-Wallenius-Wilhelmsen-ASA.pdf)\n\n[ WW ASA AGM 30 April 2024 Presentation ](/storage/images/WW-ASA-\nAGM-30-April-2024_Presentation.pdf)\n\n[ Link to AGM 2024 webcast ](https://walleniuswilhelmsen.portal.vp.dk/logon/)  \n\n[ Wallenius Wilhelmsen ASA Notice AGM 2024 ](/storage/images/Wallenius-\nWilhelmsen-ASA-Notice-AGM-2024.pdf)\n\n[ Online voting/registration form (for shareholders only using separately\nreceived ref. no. and PIN code)\n](https://walleniuswilhelmsen.portal.vp.dk/logon/)\n\n[ Recommendations by the nomination committee 2024\n](/storage/images/Recommendations-by-the-nomination-committee-2024.pdf)\n\n[ Magnus Groth - CV ](/storage/images/MG-CV.pdf)\n\n###  2023\n\n  \n\n[ Signed minutes with votes AGM 2023 - Wallenius Wilhelmsen ASA\n](/storage/images/Minutes-AGM-Wallenius-Wilhelmsen-ASA-26-April-2023_en.pdf)\n\n[ Signert protokoll med stemmer GF 2023 - Wallenius Wilhelmsen ASA\n](/storage/images/Protokoll-AGM-Wallenius-Wilhelmsen-ASA-26.april-2023_no.pdf)\n\n[ Votes AGM 2023 Wallenius Wilhelmsen ASA ](/storage/images/votes-AGM-\nWallenius-Wilhelmsen-ASA_en.pdf)\n\n[ Presentation ](/storage/images/WW-ASA-AGM-26-April-2023_Final.pptx)\n\n[ Link to AGM 2023 webcast\n](https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwalleniuswilhelmsen.portal.vp.dk%2Flogon%2F&data=05%7C01%7CAndre.Ediassen%40walwil.com%7C908c82e98001407eb5c308db4003e2aa%7Ccdffb2cf96864fe1ae6424e2074f2a7e%7C0%7C0%7C638174157664773504%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=0ZTQgngxZNxCFyhFM4UNMnVLLpefUnb6UtL%2BMZ%2B2Gus%3D&reserved=0)  \n\n[ Online voting/registration form (for shareholders only using separately\nreceived ref. no. and PIN code): Click here to vote/register\n](https://investor.vps.no/gm/logOn.htm?token=1b9aafc90de3b7aedba7d3032f68ce96de133d86&validTo=1685098800000&oppdragsId=20230331VPM8MXU0)\n[  \n](/storage/images/Wallenius-Wilhelmsen-ASA-Notice-AGM-2023.pdf)\n\n[ Wallenius Wilhelmsen ASA Notice AGM 2023 ](/storage/images/Wallenius-\nWilhelmsen-ASA-Notice-AGM-2023.pdf)\n\n[ Recommendations by the Nomination committee 2023\n](/storage/images/Recommendations-by-the-Nomination-committee-2023.docx)  \n\n  \n\n[ Signed minutes with votes AGM 2021 - Wallenius Wilhelmsen ASA\n](/storage/downloads/Protokoll_en.pdf)  \n---  \n[ Signert protokoll med stemmer GF 2022 - Wallenius Wilhelmsen ASA\n](/storage/downloads/Protokoll_no.pdf)  \n[ Stemmer AGM 2022 Wallenius Wilhelmsen ASA\n](/storage/downloads/Votes_Stemmer-AGM-2022-Wallenius-Wilhelmsen-ASA.pdf)  \n[ Online voting/registration form (for shareholders only using separately\nreceived ref. no. and PIN code): Click here to vote/register\n](https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Finvestor.vps.no%2Fgm%2FlogOn.htm%3Ftoken%3D5e38c6f8ac0f0006f0cd2a426c6292dd9168a8df%26validTo%3D1653562800000%26oppdragsId%3D20220405VPJQRVU0&data=04%7C01%7CAndre.Ediassen%40walwil.com%7Cf797df69819941a7bdad08da16e0f0a8%7Ccdffb2cf96864fe1ae6424e2074f2a7e%7C0%7C0%7C637847452613935476%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000&sdata=O5Dwh%2BprWECtXh0rHZTkxrTCqWqkNw1P9ExvssLzn%2BQ%3D&reserved=0)  \n[ Wallenius Wilhelmsen ASA Notice AGM 2022 ](/storage/downloads/Notice-AGM-\nWalWil-ASA_2022-FINAL-KSB-1.docx)  \n[ Recommendations by the Nomination Committee 2022\n](/storage/images/Recommendations-by-the-Nomination-Committee-2022.pdf)  \n[ Link to AGM 2022 webcast ](https://teams.microsoft.com/l/meetup-\njoin/19%3Ameeting_YmEwZTM1ZTQtMDhmYy00OTc2LTkzOWItMmRiYmRlMDlhNjk0%40thread.v2/0?context=%7B%22Tid%22%3A%22cdffb2cf-9686-4fe1-ae64-24e2074f2a7e%22%2C%22Oid%22%3A%222b13fdaf-51a6-480a-a1e0-a5d2618355aa%22%2C%22IsBroadcastMeeting%22%3Atrue%7D)  \n  \n[ Signed minutes with votes AGM 2021 - Wallenius Wilhelmsen ASA\n](/storage/images/Signed-minutes-with-votes-AGM-2021-Wallenius-Wilhelmsen-\nASA.pdf)  \n---  \n[ Signert protokoll med stemmer GF 2021 - Wallenius Wilhelmsen ASA\n](/storage/images/Signert-protokoll-med-stemmer-AGM-2021-Wallenius-Wilhelmsen-\nASA.pdf)  \n[ Link to AGM 2021 webcast ](https://companycast.live/player/3e-80sed/) \\-\nApril 21, 2021; 1300 CET  \n[ Wallenius Wilhelmsen ASA Notice AGM 2021 ](/storage/images/Wallenius-\nWilhelmsen-ASA-Notice-AGM-2021.pdf)  \n[ Recommendations by the nomination committee\n](/storage/images/Recommendations-by-the-nomination-committee.pdf)  \n[ Guidelines for salary and other remuneration to leading personnel in\nWallenius Wilhelmsen ](/storage/images/Guidelines-for-salary-and-other-\nremuneration-to-leading-personnel-in-Wallenius-Wilhelmsen.pdf)  \nOnline voting/registration form (for shareholders only using separately\nreceived ref. no. and PIN code): [ Click here to vote/register\n](https://investor.vps.no/gm/logOn.htm?token=07b2deaada2ebad824a2384551701beed702908f&validTo=1621594800000&oppdragsId=20210326VPPBCVU0)  \n  \n[ Notice AGM 2020 Wallenius Wilhelmsen ASA ](/storage/downloads/Notice-AGM-\nWallenius-Wilhelmsen-ASA-2020.pdf)  \n  \n---  \n[ Addendum to the recommendations by the nomination committee 2020\n](/storage/downloads/2020-04-14-Addendum-to-the-recommendations-by-the-\nnomination-committee-2020-1.pdf)  \n  \n[ Recommendations by the nomination committee\n](/storage/downloads/Recommendations-by-the-nomination-committee-2020-1.pdf)  \n[ Signed minutes AGM with votes Wallenius Wilhelmsen ASA\n](/storage/downloads/Signed-minutes-AGM-with-votes-Wallenius-Wilhelmsen-\nASA.pdf)  \n[ Signert protokoll m stemmer GF Wallenius Wilhelmsen ASA\n](/storage/downloads/Signert-protokoll-m.-stemmer-GF-Wallenius-Wilhelmsen-\nASA.pdf)  \n  \n[ Wallenius Wilhelmsen ASA - Notice AGM 2019 ](/storage/downloads/Wallenius-\nWilhelmsen-ASA-Notice-AGM-2019.pdf)  \n---  \n[ Recommendation by the nomination committee\n](/storage/downloads/Recommendation-by-the-nomination-committee.pdf)  \n[ Signed Minutes of meeting AGM WALWIL ASA ](/storage/downloads/Signed-\nMinutes-of-meeting-AGM-WALWIL-ASA.pdf)  \n[ Signert protokoll GF WALWIL ASA ](/storage/downloads/Signert-protokoll-GF-\nWALWIL-ASA.pdf)  \n  \n###  Annual general meeting, April 25\n\n[ WWL ASA - Notice AGM 2018 ](/storage/downloads/wwl-asa-notice-agm-2018.pdf)  \n---  \n[ Remuneration board comittees 2018\n](/storage/downloads/remuneration_board_comittees2018.pdf)  \n[ WWL ASA MoM AGM 2018 Eng ](/storage/downloads/wwl-asa-mom-agm-2018.eng.pdf)  \n[ WWL ASA protokoll GF 2018 No ](/storage/downloads/wwl-asa-protokoll-\ngf-2018.no.pdf)  \n  \n###  Extraordinary General Meeting, 25 January\n\n[ WW ASA MoM EGM 2017 ](/storage/downloads/wwasa-mom-egm-2017.pdf)  \n---  \n[ WW ASA Protokoll EGF 2017 ](/storage/downloads/wwasa-protokoll-egf-2017.pdf)  \n[ WW ASA EGMT 2016 combined ](/storage/downloads/wwasa_egmt_2016_combined.pdf)  \n  \n###  Annual General Meeting, 20 June\n\n[ WWL ASA - Notice AGM 2017 ](/storage/downloads/wwl-asa-notice-agm-2017.pdf)  \n---  \n[ Remuneration board comittees 2017\n](/storage/downloads/remuneration_board_comittees2017.pdf)  \n[ WWL ASA MoM AGM 2017 ](/storage/downloads/wwlasa-mom-agm-2017.pdf)  \n[ WWL ASA Protokoll AGM 2017 ](/storage/downloads/wwlasa-protokoll-\nagm-2017.pdf)  \n[ Articles Association WWL ASA ](/storage/downloads/articles_association_wwl-\nasa.pdf)  \n[ AGM Total represented 20.06.17 Eng ](/storage/downloads/agm-total-\nrepresented-20.06.17-eng.pdf)  \n[ AGM Total represented 20.06.17 No ](/storage/downloads/amg-total-\nrepresented-20.06.17-no.pdf)  \n[ MoM AMG 20.06.17 Eng ](/storage/downloads/mom-amg-20.06.17-eng.pdf)  \n[ MoM AMG 20.06.17 No ](/storage/downloads/mom-amg-20.06.17-no.pdf)  \n  \n###  Annual general meeting\n\n[ WW ASA - Notice AGM 2016 ](/storage/downloads/ww-asa-notice-agm-2016.pdf)  \n---  \n[ WWASA MoM AGM 2016 ](/storage/downloads/wwasa-mom-agm-2016.pdf)  \n  \n###  Extraordinary general meeting\n\n[ Minutes EGM WW ASA 20 04 2016 ](/storage/downloads/minutes-egm-ww-\nasa-20-04-2016.pdf)  \n---  \n  \n[ WW ASA - Notice AGM 2015 ](/storage/downloads/ww-asa-notice-agm-2015.pdf) |   \n---|---  \n[ WW ASA AGM presentation 2015 ](/storage/downloads/wwasa-agm-presentation-2015.pdf) |   \n[ WW ASA MoM AGM 2015 ](/storage/downloads/wwasa-mom-agm-2015.pdf) |   \n  \n[ WW ASA - Notice AGM 2014 ](/storage/downloads/ww-asa-notice-\nagm-2014-03-04-2014.pdf)  \n---  \n[ WW ASA - MoM AGM 2014 ](/storage/downloads/ww-asa-mom-agm-2014.pdf)  \n  \nBonds\n\nThe ticker is a direct link to Oslo Stock Exchange. By clicking the name you\nwill get the agreement for that specific loan.\n\nTicker  |  Name  |  Currency  |  Max. nom (MIO)  |  Net outstanding  |  Coupon  |  Final maturity   \n---|---|---|---|---|---|---  \n[ WAWI01 ](https://live.euronext.com/nb/product/bonds/NO0011082091-XOSL) |  [ FRN 21/26 ](/storage/downloads/Securities-Note-NO0011082091_Wallenius-Wilhelmsen-ASA_with-Summary_dated-7-October-2021-with-Appendix.pdf) [ Prospectus ](/storage/downloads/Wallenius-Wilhelmsen-ASA-Supplement-number-1-to-Registration-Document_dated-7-October-2021.pdf) [ Prospectus tap issue ](/storage/downloads/Securities-Note-Tap-Issue-NO0011082091_Wallenius_Wilhelmsen_ASA_with_Summary_dated_20-January-2022.pdf) [ Registration document January 2022 ](/storage/downloads/Registration-Document-Wallenius-Wilhelmsen-ASA_-dated-20-January-2022.pdf) |  NOK  |  2,000  |  2,000  |  3M NIBOR +3.90%  |  03.03.26   \n[ WAWI02 ESG ](https://live.euronext.com/en/product/bonds/NO0012495912-XOSL) |  [ FRN SLB 22/27 ](/storage/downloads/Bond-Terms-NO0012495912.pdf) [ Prospectus ](/storage/images/Securities-Note-NO0012495912_Wallenius-Wilhelmsen-ASA_with-Summary_dated-13.05.2022.pdf) [ Registration document ](/storage/images/Supplement-number-1-to-the-Registration-Document-dated-20-January-2022_dated-13.05.2022.pdf) |  NOK  |  2,000  |  1,250  |  3M NIBOR+4.25%  |  21.04.27   \n[ WAWI03 ESG ](https://live.euronext.com/en/product/bonds/NO0012992090-XOSL) |  [ FRN SLB 23/28 ](/storage/images/Bond-Terms-NO0012992090.pdf) [ Prospectus ](/storage/images/Base-Prospectus-Wallenius-Wilhelmsen-ASA-dated-26-October-2023.pdf) [ Final terms ](/storage/images/Final-Terms-Wallenius-Wilhelmsen-ASA-ISIN-NO0012992090_dated-26-October-2023.pdf) |  NOK  |  2,000  |  1,000  |  3M NIBOR+3.25%  |  31.08.2028   \nLast updated 08.10.2024  |  |  |  |  |  |   \n  \nSustainable finance\n\n###  2025\n\n[ Sustainable financing framework 2025 ](/storage/images/Wallenius-Wilhelmsen-Sustainable-financing-framework-2025.pdf) |  February 2025   \n---|---  \n[ Second party opinion by S&P Global Ratings ](/storage/images/Investor-relations/Second-party-opinion-by-SP-Global-Ratings.pdf) |  February 2025   \n  \n[ WAWI sustainability-linked financing framework v1.0 ](/storage/downloads/220201-Sustainability-Linked-Financing-Framework.pdf) |  February 2022   \n---|---  \n[ Second party opinion by CICERO Shades of Green ](/storage/downloads/220202-WalWil-Framework-Second-Opinion-CICERO.pdf) |  February 2022   \n[ DNV verification statement, 2019 and 2020 ](/storage/downloads/220128-DNV-Verification-Statement.pdf) |  February 2022   \n[ DNV verification statement, 2021 ](/storage/images/WAWI-2021-DNV-Verification-Statement.pdf) |  June 2022   \n[ Progress report: WAWI Sustainability-linked financing, 2021 ](/storage/downloads/WAWI-2021-SLFF-Progress-Report.pdf) |  June 2022   \n[ Progress report: WAWI Sustainability-linked financing, 2022 ](/storage/images/230428-WAWI-2022-SLFF-Progress-Report_final.pdf) |  April 2023   \n[ DNV verification statement, 2022 ](/storage/images/230428-WalWil-Verification-Statement.pdf) |  April 2023   \n[ Progress report: WAWI Sustainability-linked financing, 2023 ](/storage/images/Progress-report-WAWI-Sustainability-linked-financing-2023.pdf) |  April 2024   \n[ DNV verification statement, 2023 ](/storage/images/WalWil-Avg-Fleet-CII-2023-Statement.pdf) |  April 2024   \n  \nTop 20 shareholders\n\n##  Footnote\n\nThe nominee accounts held with Skandinaviska Enskilda Banken AB for\n160,000,000 shares is owned by Wallenius Lines AB\n\n##  Extensive shareholder list\n\nAs per the Norwegian Act on Access to Shareholder Register and Nominee-\nRegistered Shares \u00c2\u00a74-1, we have procured an overview of the company's\nshareholders as of February 10, 2025. The list can be obtained by contacting\nthe company via e-mail: anders.karlsen@walwil.com\n\nFinancial targets\n\nWallenius Wilhelmsen has established long-term financial targets relevant to\ncompanies in capital intensive industries. The targets allow management and\nthe board of directors to monitor the financial development of the group and\nperformance will be regularly communicated to the market.  \n\n**Return on capital employed (ROCE) > 8% **\n\nCalculated as last twelve months of adjusted EBIT divided by the average\ncapital employed (total assets less total liabilities plus total interest-\nbearing debt)\n\n**Leverage ratio < 3.5x **\n\nCalculated as net interest-bearing debt divided by last twelve months of\nadjusted EBITDA\n\n**Equity ratio > 35% **\n\nCalculated as book value of equity divided by book value of total assets\n\nUpdated: 08.02.2023\n\nPrimary insider shareholdings\n\nPrimary insider (PDMR) overview can be found at [ **_Euronext_ ** ](https://live.euronext.com/en/product/equities/NO0010571680-XOSL/primary-insiders) |   \n---|---  \nName  |  Number of shares   \n**Board of directors** |   \nChair of the Board - Rune Bjerke  |  34,750   \nBoard Director - Thomas Wilhelmsen  |  161,375,095   \nBoard Director - Margareta Alestig  |  1,600   \nBoard Director - Anna Fell\u00c3\u00a4nder  |  1,400   \nBoard Director - Hans \u00c3 kervall  |  \\-   \nBoard Director - Yngvil \u00c3 sheim  |  4,250   \nBoard Director - Magnus Groth  |  \\-   \nAlternate Board Member - Christian Berg  |  \\-   \nAlternate Board Member - Erik N\u00c3\u00b8klebye  |  \\-   \n**Senior executives** |   \nChief Executive Officer (CEO) - Lasse Kristoffersen  |  5,000   \nInterim Chief Financial Officer (CFO) - Jermund Lien  |  2,000   \nExecutive Vice President (EVP) and Chief Operating Officer (COO) shipping services - Xavier Leroi  |  63,649   \nChief Strategy & Corporate Development Officer - Michael Hynekamp  |  137,147   \nExecutive Vice President (EVP) and Chief Operating Officer (COO) digital supply chain solutions - Mikael Bj\u00c3\u00b8rklund  |  \\-   \nCOO Logistics - John Felitto  |  55,850   \nChief People Officer (CPO) - Wenche Agerup  |  \\-   \nChief Customer Officer (CCO) - Pia Synnerman  |  \\-   \nChief Technology and Information Officer (CTIO) - Gro Rognstad  |  1,500   \nChief Communications and Marketing Officer (CCMO) - Anette Maltun Koefoed  |  2,010   \n  \n  \n\n_Footnote: Shareholdings are owned directly or indirectly through close\nassociates_\n\nLast updated: 22.11.2024\n\nAnalyst coverage\n\n###  Equity analysts\n\nFirm / Analyst  |  Analyst  |  Phone  |  Email   \n---|---|---|---  \nABG Sundal Collier  |  Petter Haugen  |  +47 22016139  |  petter.haugen@abgsc.no   \nArctic Securities  |  Kristoffer Barth Skeie  |  +47 41363663  |  kristoffer.skeie@arctic.com   \nDNB Markets  |  J\u00c3\u00b8rgen Lian  |  +47 24169188  |  jorgen.lian@dnb.no   \nKepler Cheuvreux  |  Axel Styrman  |  +47 23139078  |  astyrman@keplercheuvreux.com   \nPareto  |  Eirik H\u00c3\u00a5valdsen  |  +47 24132120  |  eirik.haavaldsen@paretosec.com   \nSEB  |  Jon Nikolai Sk\u00c3\u00a5land  |  +47 22827006  |  jon.skaland@seb.no   \nNordea  |  J\u00c3\u00b8rgen Bruaset  |  +47 24015080  |  jorgen.bruaset@nordea.com   \nFearnley Securities  |  Fredrik Dybwad  |  \\+ 47 22936373  |  f.dybwad@fearnleys.com   \nClarksons Securities  |  Frode M\u00c3\u00b8rkedal  |  +47 99704633  |  frode.morkedal@clarksons.com   \n  \n###  Credit analysts\n\nFirm  |  Analyst  |  Phone  |  Email   \n---|---|---|---  \nDanske Bank Markets  |  Brian B\u00c3\u00b8rsting  |  [ +45 45128519 ](tel:+4545128519) |  [ brbr@danskebank.com ](mailto:brbr@danskebank.com)  \nNordea  |  Peder Loholt Kristiansen  |  +47 917 35 143  |  peder.loholt.kristiansen@nordea.com   \n  \nExecutive Remuneration Guidelines\n\n  \n[ Executive Remuneration Guidelines of Wallenius Wilhelmsen 2025  \n](/storage/images/Executive-Remuneration-Guidelines-of-Wallenius-\nWilhelmsen-2025.pdf)\n\n[ Executive Remuneration Guidelines of Wallenius Wilhelmsen 2021\n](/storage/images/Executive-Remuneration-Guidelines-of-Wallenius-\nWilhelmsen-2021.pdf)\n\nAnders Redigh Karlsen\n\nVP Investor Relations & Market Insight\n\n  * __ [ +47 994 20 293 ](tel:+47 994 20 293)\n  * __ [ anders.karlsen@walwil.com ](mailto:anders.karlsen@walwil.com)\n\nInvestor Relations\n\n  * __ [ IR@walwil.com ](mailto:IR@walwil.com)\n\n###  Resources\n\n[ Schedules  ](https://www.walleniuswilhelmsen.com/schedules) [ Track & trace\n](https://www.walleniuswilhelmsen.com/track-trace) [ Rate request\n](https://www.walleniuswilhelmsen.com/rate-request) [ Contact us\n](https://www.walleniuswilhelmsen.com/contact-us)\n\n###  Find your local office\n\nSearch for your country to find our local office or commercial agent.\n\nCopyright \u00c2\u00a9 Wallenius Wilhelmsen ASA. All Rights Reserved. Reproductions not\nallowed without Wallenius Wilhelmsen expressed consent. Backlinks are allowed.\n\n",
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                "page_content": "Loading content\n\n#\n\n##  Executive Management Team\n\n[ Meet Our Team\n](https://newsroom.bankofamerica.com/content/newsroom/executive-bios.html)\n\n##  Board of Directors\n\nView Bio\n\n###  **Brian T. Moynihan**\n\nChair of the Board and  \nChief Executive Officer,  \nBank of America Corporation\n\n  \nView Bio\n\nSame page link Brian T. Moynihan Dialog\n\n##  Brian T. Moynihan\n\n**Chair of the Board and  \nChief Executive Officer,  \nBank of America Corporation **\n\nAge: 65  Director since: January 2010\n\nCommittee membership:  Attends meetings of all of the Board committees\n\nAs our Chief Executive Officer, Mr. Moynihan leads a team of more than 200,000\nemployees focused on driving Responsible Growth for our teammates, clients,\ncommunities, and shareholders.\n\nUnder his leadership, the company provides core financial services to three\nclient groups through our eight lines of business. This has delivered record\nearnings and significant capital return to shareholders. Mr. Moynihan has\ndemonstrated leadership qualities, management capability, knowledge of our\nbusiness and industry, and a long-term strategic perspective. In addition, he\nhas many years of international and domestic financial services experience,\nincluding wholesale and retail businesses.\n\n###  Professional highlights:\n\n  * Appointed Chair of the Board of Directors of Bank of America Corporation in October 2014 and President and Chief Executive Officer in January 2010. Prior to becoming Chief Executive Officer, Mr. Moynihan led each of the company\u2019s operating units \n  * Member (and prior Chair) of the Board of Directors of Bank Policy Institute (Chair of the Global Regulatory Policy Committee) \n  * Member (and prior Chair) of Financial Services Forum \u2022 Chair of the Supervisory Board of The Clearing House Association L.L.C. \n  * Member of Business Roundtable \n  * Member (and prior Chairman) of the World Economic Forum\u2019s International Business Council (Chair of Stakeholder Capitalism Metrics Initiative) \n  * Past Chair of the Board of The U.S. Council on Competitiveness \n  * Chair of the Sustainable Markets Initiative \n\n###  Other leadership experience and service:\n\n  * Chancellor (Chair) and current member of Board of Fellows of Brown University \n  * Member of Advisory Council of Smithsonian\u2019s National Museum of African American History and Culture \n  * Member of Charlotte Executive Leadership Council \n  * Chair of Massachusetts Competitive Partnership \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Lionel L. Nowell III**\n\nLead Independent Director,  \nBank of America Corporation  \n  \nFormer Senior Vice President and Treasurer, PepsiCo, Inc.\n\n  \nView Bio\n\nSame page link Lionel L. Nowell III Dialog\n\n##  Lionel L. Nowell III\n\n**Lead Independent Director,  \nBank of America Corporation  \n  \nFormer Senior Vice President and Treasurer, PepsiCo, Inc. (Pepsi) **\n\nAge: 70  Director since: January 2013\n\nCommittee membership:  Attends meetings of all of the Board committees\n\nMr. Nowell is an active board leader with a deep range of corporate audit,\nfinancial expertise, risk management, operational, and strategic planning\nexperience.\n\nDuring his more than 30-year career with multinational consumer products\nconglomerates, he oversaw the worldwide corporate treasury functions,\nincluding debt and investment activities, capital markets strategies, and\nforeign exchange as Senior Vice President and Treasurer of Pepsi, finance\nfunctions as Chief Financial Officer of Pepsi Bottling Group, and held\nresponsibilities for strategy and business development as a Senior Vice\nPresident at RJR Nabisco. Mr. Nowell brings a robust corporate governance and\nboard leadership perspective through his current and prior service on public\ncompany boards across varying industries and through his ongoing dialogue with\ninstitutional shareholders as our Board\u2019s Lead Independent Director. In 2022,\nMr. Nowell was named \u201cIndependent Director of the Year\u201d by Corporate Board\nMember\n\n###  Professional highlights:\n\n  * Served as Senior Vice President and Treasurer of Pepsi, a leading global food, snack, and beverage company, from 2001 to May 2009; and as Chief Financial Officer of The Pepsi Bottling Group and Controller of Pepsi \n  * Served as Senior Vice President, Strategy and Business Development at RJR Nabisco, Inc., from 1998 to 1999 \n  * Held various senior financial roles at the Pillsbury division of Diageo plc, including Chief Financial Officer of its Pillsbury North America, Pillsbury Foodservice, and H\u00e4agen-Dazs divisions; and also served as Controller and Vice President of Internal Audit of the Pillsbury Company \n  * As our Board\u2019s Lead Independent Director, Mr. Nowell has an extensive set of responsibilities that brings him into frequent communications with our primary regulators, institutional shareholders, other stakeholders, and our employees and customers. \n  * Member of the Board of Directors of Ecolab Inc., Chair of its Audit Committee and member of its Finance Committee \n  * Member of the Board of Directors of Textron Inc. and Chair of its Audit Committee \n  * Served as a member of the Board of Directors of American Electric Power Company, Inc., from July 2004 to April 2020; Chair of its Audit Committee and as a member of its Directors and Corporate Governance, Policy, Executive, and Finance Committees \n  * Served as Lead Director of the Board of Directors of Reynolds American, Inc., from January 2017 to July 2017; and as a Board member, from September 2007 to July 2017 \n\n###  Other leadership experience and service:\n\n  * Former member of the Dean\u2019s Advisory Council at The Ohio State University Max M. Fisher College of Business \n\n###  Other U.S.-listed company boards:\n\n  * Ecolab Inc. \n  * Textron Inc. \n  * American Electric Power Company, Inc. _(past five years)_\n\nView Bio\n\n###  **Sharon L. Allen**\n\nFormer Chairman,  \nDeloitte LLP\n\n  \nView Bio\n\nSame page link Sharon L. Allen Dialog\n\n##  Sharon L. Allen\n\n**Former Chairman,  \nDeloitte LLP (Deloitte) **\n\nAge: 73  Director since: August 2012\n\nCommittee membership:  Audit Committee (chair) / Corporate Governance\nCommittee\n\nMs. Allen is an experienced director who brings deep auditing and consulting\nservices, financial reporting, and corporate governance experience to our\nBoard.\n\nAs a corporate leader, Ms. Allen has broad experience leading and working with\nlarge, complex businesses and brings an international perspective on risk\nmanagement and strategic planning. During her nearly 40-year career with\nDeloitte, the largest professional services organization in the U.S. and\nmember firm of Deloitte Touche Tohmatsu Limited (DTTL), she became the first\nwoman elected to serve as Chairman of the Board and also served as a member of\nDTTL\u2019s Global Board of Directors, the chair of its Global Risk Committee, and\nthe U.S. representative of its Global Governance Committee. During her tenure\nat Deloitte, Ms. Allen oversaw relationships with major multinational\ncorporations and provided oversight and guidance to management.\n\n###  Professional highlights:\n\n  * Served as Chairman of Deloitte, a firm that provides audit, consulting, financial advisory, risk management, and tax services, as the U.S. member firm of DTTL, from 2003 to 2011 \n  * Employed at Deloitte for nearly 40 years in various leadership roles, including Partner and Regional Managing Partner; and responsible for audit and consulting services for a number of Fortune 500 and large private companies \n  * Former member of the Global Board of Directors, Chair of the Global Risk Committee, and U.S. Representative on the Global Governance Committee of DTTL, from 2003 to 2011 \n  * Member of the Board of Directors of Albertsons Companies, Inc. and its Audit & Risk Committee, and Chair of its Governance, Compliance and ESG Committee \n  * Former member of the Board of Directors of First Solar, Inc., Chair of its Audit Committee and a member of its Technology Committee \n\n###  Other leadership experience and service:\n\n  * Former Director and Chair of the National Board of Directors of the YMCA of the USA, a leading nonprofit organization for youth development, healthy living, and social responsibility \n  * Former Vice Chair of the Board of Trustees of the Autry National Center, the governing body of the Autry Museum of the American West \n  * Appointed by President George W. Bush to the President\u2019s Export Council, which advised the President on export enhancement \n\n###  Other U.S.-listed company boards:\n\n  * Albertsons Companies, Inc. \n  * First Solar, Inc. _(past five years)_\n\nView Bio\n\n###  **Jos\u00e9 (Joe) E. Almeida**\n\nFormer Chairman, President,  \nand Chief Executive Officer,  \nBaxter International Inc.\n\n  \nView Bio\n\nSame page link Jos\u00e9 (Joe) E. Almeida Dialog\n\n##  Jos\u00e9 (Joe) E. Almeida\n\n**Former Chairman, President,  \nand Chief Executive Officer,  \nBaxter International Inc. (Baxter) **\n\nAge: 62  Director since: September 2022\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMr. Almeida is a former chief executive officer and public company director\nwith experience leading large, global companies subject to regulatory\noversight. His service as a board member for global companies in a variety of\nindustries also brings additional perspective to our Board.\n\nAs former Chairman, President, and Chief Executive Officer of Baxter, Mr.\nAlmeida led the company through a period of transformation driven by\ninnovation, operational excellence, and strategic execution. Prior to joining\nBaxter, Mr. Almeida served as Chairman, President and Chief Executive Officer\nand on the Board of Directors of Covidien and served in leadership roles at\nTyco Healthcare (Covidien\u2019s predecessor), Wilson Greatbatch Technologies Inc.,\nAmerican Home Products\u2019 Acufex Microsurgical division, and Johnson & Johnson\u2019s\nProfessional Products division. He began his career as a management consultant\nat Andersen Consulting (Accenture) and previously served on the Boards of\nDirectors of Walgreens Boots Alliance, Inc., Analog Devices, Inc., EMC\nCorporation, and State Street Corporation.\n\n###  Professional highlights:\n\n  * Former Chairman of the Board, President and CEO of Baxter, a global medtech leader, from 2016 to February 2025. Began serving as an executive officer of Baxter in October 2015 \n  * Served as Senior Advisor with The Carlyle Group, a multinational private equity, alternative asset management and financial services corporation, from May 2015 to October 2015 \n  * Served as Chairman, President and Chief Executive Officer and as President and Chief Executive Officer of Covidien, a global healthcare products company, from March 2012 through January 2015 and from July 2011 to March 2012, respectively, prior to the acquisition of Covidien by Medtronic plc \n  * Prior to becoming Covidien\u2019s President and Chief Executive officer, served in several leadership roles at Covidien, including President of its Worldwide Medical Devices business; also served as President of International and Vice President of Global Manufacturing for Covidien\u2019s predecessor, Tyco Healthcare \n  * Served on the Boards of Directors of: Baxter; Walgreens Boots Alliance, Inc., including on its Compensation Committee; State Street Corporation, including on its Executive Compensation Committee; Analog Devices, Inc.; and EMC Corporation \n  * Served on the Board of Trustees of Partners in Health \n\n###  Other leadership experience and service:\n\n  * Serves on the Board of Trustees of Northwestern University \n\n###  Other U.S.-listed company boards:\n\n  * Baxter _(past five years)_\n  * Walgreens Boots Alliance, Inc. _(past five years)_\n\nView Bio\n\n###  **Pierre J. P. de Weck**\n\nFormer Chairman and  \nGlobal Head of Private Wealth  \nManagement, Deutsche Bank AG\n\n  \nView Bio\n\nSame page link Pierre J. P. de Weck Dialog\n\n##  Pierre J. P. de Weck\n\n**Former Chairman and  \nGlobal Head of Private Wealth  \nManagement, Deutsche Bank AG **\n\nAge: 74  Director since: July 2013\n\nCommittee membership:  Compensation and Human Capital Committee / Enterprise\nRisk Committee\n\nMr. de Weck is a Swiss national based in Europe with deep knowledge of the\nglobal financial services industry.\n\nAs a senior executive with a tenure of more than three decades in global\nfinancial services, including as a member of the Group Executive Committee and\nGlobal Head of Private Wealth Management of Deutsche Bank AG in London, and as\nChief Executive Officer of North America, Chief Executive Officer of Europe,\nand a member of the Group Executive Board at UBS AG, and as Chief Executive\nOfficer of UBS Capital, Mr. de Weck has extensive experience in risk\nmanagement, including credit risk management. He brings valuable international\nperspective to our company\u2019s business activities, including to our European\nsubsidiaries through his service on the Boards of Directors of Merrill Lynch\nInternational (MLI), our U.K. broker-dealer subsidiary, and BofA Securities\nEurope S.A. (BofASE), our French broker-dealer subsidiary.\n\n###  Professional highlights:\n\n  * Served as the Chairman and Global Head of Private Wealth Management and as a member of the Group Executive Committee of Deutsche Bank AG, from 2002 to May 2012 \n  * Served on the Management Board of UBS, from 1994 to 2001; as Head of Institutional Banking, from 1994 to 1997; as Chief Credit Officer and Head of Private Equity, from 1998 to 1999; and as Head of Private Equity, from 2000 to 2001 \n  * Held various senior management positions at Union Bank of Switzerland, a predecessor firm of UBS, from 1985 to 1994 \n  * Chair of the Board of Directors of MLI (and previously chair of the MLI Board\u2019s Risk Committee); and Chair of the Board of Directors of BofASE \n  * Member of the Board of Directors of 360 ONE WAM Limited, a company listed on the National Stock Exchange of India and the BSE \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Arnold W. Donald**\n\nFormer President and  \nChief Executive Officer,  \nCarnival Corporation and  \nCarnival plc  \n  \nIncoming Lead  \nIndependent Director,  \nSalesforce, Inc.\n\n  \nView Bio\n\nSame page link Arnold W. Donald Dialog\n\n##  Arnold W. Donald\n\n**Former President and  \nChief Executive Officer,  \nCarnival Corporation and  \nCarnival plc (Carnival)  \n  \nIncoming Lead  \nIndependent Director,  \nSalesforce, Inc. (Salesforce) **\n\nAge: 70  Director since: January 2013\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMr. Donald has more than three decades of strategic planning, global\noperations, and risk management experience in regulated, consumer, retail, and\ndistribution businesses.\n\nHe brings expertise in business transformation through his service as\nPresident and Chief Executive Officer of Carnival, one of the world\u2019s largest\nleisure travel companies with operations worldwide, his leadership roles with\nglobal responsibilities at Monsanto, and his experience as a public company\ndirector. Through his leadership of nonprofit organizations, including The\nExecutive Leadership Council and the Juvenile Diabetes Research Foundation\nInternational, Mr. Donald also brings focus and perspective on our work to\npromote talent, inclusion, and opportunity for our employees and the\ncommunities we serve.\n\n###  Professional highlights:\n\n  * Served as President, Chief Executive Officer, and Chief Climate Officer of Carnival, a cruise and vacation company, from July 2013 to November 2022; began serving on Carnival\u2019s Board of Directors in 2001 \n  * Served as President and Chief Executive Officer, from November 2010 to June 2012 of The Executive Leadership Council, a nonprofit organization providing a professional network and business forum to African-American executives at major U.S. companies \n  * Served as President and Chief Executive Officer of the Juvenile Diabetes Research Foundation International, from January 2006 to February 2008 \n  * Served as Chairman and Chief Executive Officer of Merisant, from 2000 to 2003, a privately held global manufacturer of tabletop sweeteners, and remained as Chairman until 2005 \n  * Joined Monsanto in 1977 and held several senior leadership positions with global responsibilities, including President of its Agricultural Group and President of its Nutrition and Consumer Sector, over a more than 20-year tenure \n  * Member of the Board of Directors of GE Vernova, Chair of its Compensation and Human Capital Committee and member of its Nominating and Governance Committee \n  * Member of the Board of Directors of MP Materials Corp. and its Compensation Committee \n  * Incoming Lead Independent Director of Salesforce, Inc., member of its Audit & Finance and Nominating & Corporate Governance Committees \n  * Served as a member of the Board of Directors of Carnival and its Executive Committee \n\n###  Other leadership experience and service:\n\n  * Appointed by President Clinton and re-appointed by President George W. Bush to the President\u2019s Export Council \n\n###  Other U.S.-listed company boards:\n\n  * GE Vernova \n  * MP Materials Corp. \n  * Salesforce, Inc. \n  * Carnival _(past five years)_\n\nView Bio\n\n###  **Linda P. Hudson**\n\nFormer President and  \nChief Executive Officer,  \nBAE Systems, Inc.\n\n  \nView Bio\n\nSame page link Linda P. Hudson Dialog\n\n##  Linda P. Hudson\n\n**Former President and  \nChief Executive Officer,  \nBAE Systems, Inc. (BAE) **\n\nAge: 74  Director since: August 2012\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMs. Hudson has extensive executive leadership experience, with a focus on risk\nmanagement.\n\nShe brings international perspective, geopolitical insights, and broad\nknowledge in strategic planning, technology, global operations, and risk\nmanagement to our Board through a career in the defense, aerospace, and\nsecurity industries that spanned more than 40 years. As the former President\nand Chief Executive Officer of BAE and the first woman to lead a major\nnational security corporation, Ms. Hudson oversaw a global, highly regulated,\nand complex U.S.-based defense, aerospace, and security company, wholly owned\nby London-based BAE Systems plc (BAE Systems), where she also served as an\nexecutive director. Through her leadership positions, including with General\nDynamics Corporation and its Armament and Technical Products division, Ms.\nHudson also brings focus and perspective to the Board\u2019s oversight of\ntechnology and related risks, including cybersecurity risks.\n\n###  Professional highlights:\n\n  * Served as Chairman and Chief Executive Officer of The Cardea Group, LLC, a management consulting business, from May 2014 to January 2020 \n  * Served as CEO Emeritus of BAE, a U.S.-based subsidiary of BAE Systems, a global defense, aerospace, and security company headquartered in London, from February 2014 to May 2014, and as President and Chief Executive Officer of BAE, from October 2009 until January 2014 \n  * Served as President of BAE Systems\u2019 Land and Armaments operating group, the world\u2019s largest military vehicle and equipment business, from October 2006 to October 2009 \n  * Prior to joining BAE, served as Vice President of General Dynamics Corporation and President of its Armament and Technical Products division; held various positions in engineering, production operations, program management, and business development for defense and aerospace companies \n  * Served as a member of the Executive Committee and as an executive director of BAE Systems, from 2009 until January 2014; and as a member of the Board of Directors of BAE, from 2009 to April 2015 \n  * Member of the Board of Directors of Trane Technologies plc and its Human Resources and Compensation Committee and its Sustainability, Corporate Governance & Nominating Committee; and Chair of its Technology and Innovation Committee \n  * Served as a member of the Board of Directors of TPI Composites, Inc. and its Nominating and Corporate Governance Committee and Technology Committee \n\n###  Other leadership experience and service:\n\n  * Elected member to the National Academy of Engineering, one of the highest professional honors accorded an engineer \n  * Member of the Board of Directors of the University of Florida Foundation, Inc. and the advisory board of the University of Florida Engineering Leadership Institute \n  * Former member of the Charlotte Center Executive Board for the Wake Forest University School of Business \n  * Former member of the Board of Trustees of Discovery Place, a nonprofit education organization dedicated to inspiring exploration of the natural and social world \n  * Member of the Board of Directors of Shands Teaching Hospital and Clinics, Inc., the healthcare system affiliated with the University of Florida College of Medicine \n  * Member of the Board of Directors of University of Florida\u2019s Gator Boosters, Inc. \n\n###  Other U.S.-listed company boards:\n\n  * Trane Technologies plc (formerly Ingersoll-Rand plc) \n  * TPI Composites, Inc. _(past five years)_\n\nView Bio\n\n###  **Monica C. Lozano**\n\nFormer Chief Executive Officer,  \nCollege Futures Foundation  \n  \nFormer Chairman,  \nUS Hispanic Media Inc\n\n  \nView Bio\n\nSame page link Monica C. Lozano Dialog\n\n##  Monica C. Lozano\n\n**Former Chief Executive Officer,  \nCollege Futures Foundation  \n  \nFormer Chairman,  \nUS Hispanic Media Inc **\n\nAge: 68  Director since: April 2006\n\nCommittee membership:  Compensation and Human Capital Committee _(chair)_ /\nEnterprise Risk Committee\n\nMs. Lozano brings a broad range of leadership experience in the public and\nprivate sectors through her active participation in public service and her\nservice as chief executive officer and as a public company director. She also\nbrings a track record as a champion for talent, inclusion, and opportunity.\n\nAs Chief Executive Officer of College Futures Foundation, a charitable\nfoundation focused on increasing the rate of bachelor\u2019s degree completion\namong California student populations who are low-income and have had a\nhistorically low college success rate, she worked to increase the rate of\ncollege graduation and improve opportunity for low-income students and\nstudents of color in California. With 30 years at La Opini\u00f3n, the largest\nSpanish-language newspaper in the U.S., including as editor and publisher, as\nChairman and Chief Executive Officer of its parent company, ImpreMedia LLC,\nand as co-founder of the Aspen Institute Latinos and Society Program, Ms.\nLozano possesses deep insights into the issues that impact the Hispanic-Latino\ncommunity. As a director serving on the boards of large organizations with\ndiversified international operations, including Apple Inc. and Target\nCorporation, and previously The Walt Disney Company, Ms. Lozano has long-\nstanding experience overseeing matters ranging from corporate governance,\nhuman capital management, and executive compensation, to risk management and\nfinancial reporting. In addition, as a member of California\u2019s Task Force on\nJobs and Business Recovery, Ms. Lozano has valuable perspective on important\npublic policy, societal, and economic issues.\n\n###  Professional highlights:\n\n  * Served as Chief Executive Officer of College Futures Foundation, from December 2017 to July 2022 and a member of the Board of Directors, from December 2019 to July 2022 \n  * Served as Chair of the Board of Directors of U.S. Hispanic Media Inc., the parent company of ImpreMedia, a leading Hispanic news and information company, from June 2014 to January 2016 \n  * Served as Chairman of ImpreMedia, from July 2012 to January 2016; Chief Executive Officer, from May 2010 to May 2014; and Senior Vice President, from January 2004 to May 2010 \n  * Served as Publisher of La Opini\u00f3n, a subsidiary of ImpreMedia and the leading Spanish-language daily print and online newspaper in the U.S., from 2004 to May 2014; and Chief Executive Officer, from 2004 to July 2012 \n  * Strategic advisor to multiple media companies \n  * Member of the Board of Directors of Apple Inc. and its Audit and Finance Committee \n  * Member of the Board of Directors of Target and its Governance & Sustainability Committee, Chair of its Compensation & Human Capital Management Committee, and former Lead Independent Director \n\n###  Other leadership experience and service:\n\n  * Member of California\u2019s Task Force on Jobs and Business Recovery \n  * Served as a member of President Obama\u2019s Council on Jobs and Competitiveness, from 2011 to 2012; and served on President Obama\u2019s Economic Recovery Advisory Board, from 2009 to 2011 \n  * Served on COMEXUS, a binational commission dedicated to strengthening ties between the two countries through business, education, and cultural collaboration \n  * Member of the Board of Directors of the Weingart Foundation \n  * Served as the Chair of the Board of Regents of the University of California; as a member of the Board of Trustees of The Rockefeller Foundation; as a member of the Board of Trustees of the University of Southern California; and as a member of the State of California Commission on the 21st Century Economy \n\n###  Other U.S.-listed company boards:\n\n  * Apple Inc. \n  * Target Corporation \n\nView Bio\n\n###  **Maria N. Martinez**\n\nFormer Executive Vice President and  \nChief Operating Officer,  \nCisco Systems, Inc.\n\n  \nView Bio\n\nSame page link Maria N. Martinez Dialog\n\n##  Maria N. Martinez\n\n**Former Executive Vice President and  \nChief Operating Officer,  \nCisco Systems, Inc. **\n\nAge: 67  Director since: January 2025\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMs. Martinez brings extensive technology, risk management, and strategic\nplanning experience for global businesses to our Board.\n\nMs. Martinez\u2019s experience at Cisco Systems, Salesforce, and Microsoft enables\nher to bring extensive technology knowledge to our Board. Her leadership roles\nprovide her with strategic planning, risk management, and executive leadership\nexperience. Her history of public company board experience gives her insight\ninto governance of large, complex, and regulated companies.\n\n###  Professional highlights:\n\n  * Served as Executive Vice President and Chief Operating Officer from 2021 to 2024, and as Executive Vice President and Chief Customer Experience Officer from 2018 until 2021 at Cisco Systems, Inc., a multinational digital communications technology company \n  * Served in a variety of senior executive roles at Salesforce, Inc. between 2010 and 2018, including: President, Global Customer Success and Latin America; President, Sales and Customer Success; Executive Vice President and Chief Growth Officer; and Executive Vice President, Customers for Life \n  * Managed the Global Services business for Microsoft Corporation, including professional services and customer support for all products during her tenure there from 2003 to 2007 \n  * Member of the Board of Directors of McKesson Corporation and its Compliance Committee and Chair of its Governance and Sustainability Committee \n  * Member of the Board of Directors of Tyson Foods, Inc. and its Governance and Nominating Committee and Strategy and Acquisitions Committee \n  * Served as a member of the Board of Directors of Cue Health Inc. and its Audit and Compensation Committees and Chair of its Nominating and Governance Committee \n\n###  Other leadership experience and service:\n\n  * Former member of the Board of Trustees of the Computer History Museum \n  * Former member of the Board of Trustees of Silicon Valley Education Foundation \n\n###  Other U.S.-listed company boards:\n\n  * McKesson Corporation \n  * Tyson Foods, Inc. \n  * Cue Health Inc. _(past five years)_\n\nView Bio\n\n###  **Denise L. Ramos**\n\nFormer Chief Executive Officer and President, ITT Inc.\n\n  \nView Bio\n\nSame page link Denise L. Ramos Dialog\n\n##  Denise L. Ramos\n\n**Former Chief Executive Officer and President, ITT Inc. (ITT)**\n\nAge: 68  Director since: July 2019\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMs. Ramos is an experienced public company executive who brings global\nbusiness leadership, financial expertise, and strategic planning experience to\nour Board.\n\nMs. Ramos served as Chief Executive Officer of ITT, a diversified manufacturer\nof engineered components and customized technology solutions for the\ntransportation, industrial, and energy markets, focusing on innovation and\ntechnology. She was Chief Financial Officer at ITT, Furniture Brands\nInternational, and the U.S. KFC division of Yum! Brands, and served as the\ncorporate treasurer at Yum! Brands. Through her public company board service\non the Boards of Phillips 66 and RTX Corporation, Ms. Ramos brings board-level\ninsights into issues facing complex, regulated global public companies and\noversight experience in finance, audit, corporate governance, public policy,\nand sustainability.\n\n###  Professional highlights:\n\n  * Chief Executive Officer and President of ITT, a diversified manufacturer of critical components and customized technology solutions, from 2011 to 2019; and Senior Vice President and Chief Financial Officer of ITT, from 2007 to 2011 \n  * Served as Chief Financial Officer for Furniture Brands International, a former home furnishings company, from 2005 to 2007 \n  * Served in various roles at Yum! Brands Inc., an American fastfood company, from 2000 to 2005, including Chief Financial Officer of the U.S. Division of KFC Corporation and as Senior Vice President and Treasurer \n  * Began her career at Atlantic Richfield Company, where she spent more than 20 years in a number of finance positions \n  * Member of the Board of Directors of Phillips 66 and its Human Resources and Compensation Committee and Public Policy and Sustainability Committee \n  * Member of the Board of Directors of RTX Corporation and its Audit Committee and Governance and Public Policy Committee \n\n###  Other U.S.-listed company boards:\n\n  * Phillips 66 (through May 2025)  (1) \n  * RTX Corporation \n\n(1)  Ms. Ramos has announced her intent not to stand for reelection to the\nboard of Phillips 66 at its 2025 annual meeting of shareholders.\n\nView Bio\n\n###  **Clayton S. Rose**\n\nBaker Foundation Professor of Management Practice,  \nHarvard Business School\n\n  \nView Bio\n\nSame page link Clayton S. Rose Dialog\n\n##  Clayton S. Rose\n\n**Baker Foundation Professor of Management Practice,  \nHarvard Business School **\n\nAge: 66  Director since: October 2018\n\nCommittee membership:  Compensation and Human Capital Committee / Enterprise\nRisk Committee _(chair)_\n\nDr. Rose is an executive leader in academics and the private sector who brings\nrisk management experience, public policy and social thought leadership, broad\nglobal financial services industry knowledge, and strategic planning\nexperience to our Board.\n\nAs former President of Bowdoin College, Dr. Rose has a legacy of promoting\nintellectual engagement with a diverse set of ideas and issues; increasing\naccess and opportunity for students; enhancing programs for postgraduate\nsuccess; advancing inclusion; and addressing mental health challenges facing\nyouth. As a Harvard Business School faculty member, Dr. Rose has taught and\nwritten on issues of leadership, ethics, the financial crisis, and the role of\nbusiness in society. Dr. Rose spent the first 20 years of his career with\nJPMorgan Chase & Co. and its predecessor company, where he retired as Vice\nChairman after leading the global investment banking and equities businesses,\nas well as holding leadership roles in securities, derivatives, and corporate\nfinance in New York and London. Following retirement from JPMorgan Chase, Dr.\nRose received a master\u2019s degree and PhD with distinction in sociology from the\nUniversity of Pennsylvania. Dr. Rose also holds an MBA from the University of\nChicago. Dr. Rose has served on several financial institutions boards and\ncurrently serves as Chair of the Board of Trustees of the Howard Hughes\nMedical Institute, the U.S.\u2019s largest private supporter of academic biomedical\nresearch.\n\n###  Professional highlights:\n\n  * Baker Foundation Professor of Management Practice at Harvard usiness School \n  * Former President of Bowdoin College \u2022 Served as a professor at Harvard Business School prior to his appointment as President of Bowdoin College \n  * Served as Vice Chairman, headed two lines of business\u2013Global Investment Banking and Global Equities\u2013and was a member of JPMorgan Chase\u2019s senior management team during his approximately 20-year tenure at JPMorgan Chase \n  * Served as a member of the Boards of Directors of XL Group, plc, Federal Home Loan Mortgage Corporation (Freddie Mac), and Mercantile Bankshares Corp. \n\n###  Other leadership experience and service:\n\n  * Trustee and Chair of the Board of Trustees for Howard Hughes Medical Institute and formerly Chair of the Audit and Compensation Committee \n  * Member of the Board of Directors of Pew Charitable Trusts \n  * Served on the company\u2019s Board of Directors, from 2013 to 2015 \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Michael D. White**\n\nFormer Chairman, President  \nand Chief Executive Officer,  \nDIRECTV\n\n  \nView Bio\n\nSame page link Michael D. White Dialog\n\n##  Michael D. White\n\n**Former Chairman, President  \nand Chief Executive Officer,  \nDIRECTV **\n\nAge: 73  Director since: June 2016\n\nCommittee membership:  Audit Committee / Corporate Governance Committee\n_(chair)_\n\nMr. White is a seasoned executive and public company director with experience\nleading the global operations and strategic direction of complex and highly\nregulated multinational consumer retail and distribution businesses.\n\nHe possesses executive and board leadership experience and provides broad\nranging operational and strategic insights, an international perspective, and\nfinancial expertise to our Board. Mr. White was President, Chief Executive\nOfficer, and Chairman of the Board of Directors of DIRECTV, where he oversaw\nthe operations and strategic direction of the company in the U.S. and in Latin\nAmerica. Prior to joining DIRECTV, he served as the Chief Executive Officer of\nPepsiCo International, Frito-Lay\u2019s Europe, Africa, and Middle East division,\nand Snack Ventures Europe, PepsiCo\u2019s partnership with General Mills\nInternational. He also served as Chief Financial Officer of PepsiCo., Inc.,\nPepsi-Cola Company worldwide, and Frito-Lay International. Mr. White began his\ncareer as a management consultant at Bain & Company and Arthur Andersen & Co.\n\n###  Professional highlights:\n\n  * Served as Chairman, President, and Chief Executive Officer of DIRECTV, a leading provider of digital television entertainment services, from January 2010 to August 2015; and as a Director of the company, from November 2009 until August 2015 \n  * Chief Executive Officer of PepsiCo International, from February 2003 until November 2009; and served as Vice Chairman and director of PepsiCo, from March 2006 to November 2009, after holding positions of increasing importance with PepsiCo since 1990 \n  * Served as Senior Vice President at Avon Products, Inc. \n  * Served as a Management Consultant at Bain & Company and Arthur Andersen & Co. \n  * Served as Lead Director of the Board of Directors of Kimberly- Clark Corporation; and Chair of its Executive Committee \n  * Served as a member of the Board of Directors of Whirlpool Corporation; Chair of its Audit Committee; and a member of its Corporate Governance and Nominating Committee \n\n###  Other leadership experience and service:\n\n  \n\n  * Vice Chair of The Partnership to End Addiction \n\n###  Other U.S.-listed company boards:\n\n  * Kimberly-Clark Corporation _(past five years)_\n  * Whirlpool Corporation _(past five years)_\n\nView Bio\n\n###  **Thomas D. Woods**\n\nFormer Vice Chairman and  \nSenior Executive Vice  \nPresident, Canadian Imperial  \nBank of Commerce\n\n  \nView Bio\n\nSame page link Thomas D. Woods Dialog\n\n##  Thomas D. Woods\n\n**Former Vice Chairman and  \nSenior Executive Vice  \nPresident, Canadian Imperial  \nBank of Commerce (CIBC) **\n\nAge: 72  Director since: April 2016\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMr. Woods is a veteran financial services executive with experience in risk\nmanagement, corporate strategy, finance, and the corporate and investment\nbanking businesses.\n\nMr. Woods is a veteran financial services executive with experience in risk\nmanagement, corporate strategy, finance, and the corporate and investment\nbanking businesses.\n\n###  Professional highlights:\n\n  * Served as Vice Chairman and Senior Executive Vice President of CIBC, a leading Canada-based global financial institution, from July 2013 until his retirement in December 2014 \n  * Served as Senior Executive Vice President and Chief Risk Officer of CIBC, from 2008 to July 2013; and Senior Executive Vice President and Chief Financial Officer of CIBC, from 2000 to 2008 \n  * Began his career at CIBC in 1977 through Wood Gundy, a predecessor firm; served in various senior leadership positions, including as Controller of CIBC; as Chief Financial Officer of CIBC World Markets (CIBC\u2019s investment banking division); and as the Head of CIBC\u2019s Canadian Corporate Banking division \n  * Served as Chair of the Board of Directors of Hydro One Limited, an electricity transmission and distribution company serving the Canadian province of Ontario, and publicly traded and listed on the Toronto Stock Exchange, from August 2018 to July 2019 \n  * Member of the Board of Directors of MLI; Chair of its Risk Committee; and member of its Governance Committee \n  * Member of the Board of Directors of BofASE \n\n###  Other leadership experience and service:\n\n  * Chair of Board of Directors of Institute of Corporate Directors (Institut des Administrateurs de Soci\u00e9t\u00e9s) \n  * On the advisory committee of Cordiant Capital Inc., a global infrastructure and real assets manager \n  * Member of the University of Toronto College of Electors and of the Boards of Directors of Catholic Health Sponsors of Ontario and St. Michael\u2019s Hospital Foundation \n  * Former member of the Board of Directors of Alberta Investment Management Corporation, a Canadian institutional investment fund manager from 2015 to 2024; of the Board of Directors of Jarislowsky Fraser Limited, a global investment management firm, from 2016 to 2018; of the Boards of Directors of DBRS Limited and DBRS, Inc., an international credit rating agency, from 2015 to 2016; and of the Board of Directors of TMX Group Inc., a Canada-based financial services company, from 2012 to 2014 \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Maria T. Zuber**\n\nPresidential Advisor for  \nScience  \nand Technology Policy  \nand E.A. Griswold Professor of  \nGeophysics,  \nMassachusetts Institute of Technology\n\n  \nView Bio\n\nSame page link Maria T. Zuber Dialog\n\n##  Maria T. Zuber\n\n**Presidential Advisor for  \nScience  \nand Technology Policy  \nand E.A. Griswold Professor of  \nGeophysics,  \nMassachusetts Institute of Technology (MIT) **\n\nAge: 66  Director since: December 2017\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nDr. Zuber is a distinguished research scientist and academic leader who brings\na breadth of risk management, technology, geopolitical insights, and strategic\nplanning thought leadership to our Board.\n\nDr. Zuber is the first woman to lead a science department at MIT and the first\nwoman to lead a NASA planetary mission. While serving as Vice President for\nResearch at MIT, Dr. Zuber oversaw multiple interdisciplinary research\nlaboratories and centers focusing on cancer research, energy and environmental\nsolutions initiatives, plasma science and fusion, electronics, nanotechnology,\nand radio science and technology. She also led the development of MIT\u2019s\ninitial Climate Action Plan, and is responsible for intellectual property,\nresearch integrity and compliance, and research relationships with the federal\ngovernment. Dr. Zuber has held leadership roles on 10 space exploratory\nmissions with NASA. She also served on the National Science Board under\nPresident Obama and President Trump and was Co-Chair of President Biden\u2019s\nCouncil of Advisors on Science and Technology.\n\n###  Professional highlights:\n\n  * Presidential Advisor for Science and Technology Policy at MIT, a leading research institution, since 2023, where she tracks trends and seizes opportunities to inform and advance state and federal science and technology policy and provides strategic direction to campus labs, centers, and initiatives connected to defense or national security and represents MIT with external stakeholders \n  * Served as Vice President for Research at MIT, from 2013 to 2024, where she oversaw MIT Lincoln Laboratory and more than a dozen interdisciplinary research laboratories and centers and led the development of MIT\u2019s initial Climate Action Plan \n  * Served as a Professor at MIT since 1995, and was Head of the Earth, Atmospheric, and Planetary Sciences Department, from 2003 to 2011 \n  * Served in a number of positions at NASA, including as a Geophysicist, from 1986 to 1992, a Senior Research Scientist, from 1993 to 2010; and as Principal Investigator of the Gravity Recovery and Interior Laboratory (GRAIL) mission, from 2008 to 2017, which was designed to create the most accurate gravitational map of the moon to date and give scientists insight into the moon\u2019s internal structure, composition, and evolution; and held leadership roles associated with scientific experiments or instrumentation on 10 NASA missions \n  * Member of the Board of Directors of Textron Inc. and Chair of its Nominating and Corporate Governance Committee \n\n###  Other leadership experience and service:\n\n  * Appointed by President Biden in 2021 as Co-Chair of the President\u2019s Council of Advisors on Science and Technology \n  * Appointed by President Obama in 2013 and reappointed by President Trump in 2018 to the National Science Board, a 25-member panel that serves as the governing board of the National Science Foundation and as advisors to the President and Congress on policy matters relating to science and engineering; and served as Board Chair, from 2016 to 2018 \n  * Co-Chair of the National Academies of Science, Engineering and Medicine\u2019s National Science, Technology, and Security Roundtable \n  * Chair of NASA\u2019s Mars Sample Return Mission Standing Review Board \n  * Board of Trustees of Brown University \n\n###  Other U.S.-listed company boards:\n\n  * Textron Inc. \n\nThis website uses cookies to ensure you get the best experience on our\nwebsite.  \n[ View our privacy policy.\n](https://newsroom.bankofamerica.com/content/newsroom/home/cookie-policy.html)\n\n  * [ Email Alerts ](/events-and-presentations/email-alerts)\n  * [ Contacts ](/shareholder-information/contact)\n  * [ RSS News Feed ](https://newsroom.bankofamerica.com/content/newsroom/press-releases.html/rss)\n  * [ Terms of use ](/terms-of-use)\n\n##  Footer Information\n\n  * [ Sign in ](https://www.bankofamerica.com/online-banking/sign-in/)\n  * [ Contact us ](https://www.bankofamerica.com/contactus/contactus.go)\n  * [ Location finder ](https://locators.bankofamerica.com/)\n  * [ Help ](https://www.bankofamerica.com/help/overview.go)\n\n  * ##  [ Our company ](https://about.bankofamerica.com/en/our-company)\n\n    * [ Responsible growth ](https://about.bankofamerica.com/en/our-company/responsible-growth)\n    * [ Business practices ](https://about.bankofamerica.com/en/our-company/business-practices)\n    * [ What we offer ](https://about.bankofamerica.com/en/our-company/what-we-offer)\n    * [ Modern Slavery Act Statement ](https://about.bankofamerica.com/content/dam/about/pdfs/Modern-Slavery-Act.pdf)\n  * ##  [ Making an impact ](https://about.bankofamerica.com/en/making-an-impact)\n\n    * [ Local impact ](https://about.bankofamerica.com/en/our-company/local-presence)\n    * [ Sustainable finance ](https://about.bankofamerica.com/en/making-an-impact/sustainable-finance)\n    * [ Supporting economic opportunity ](https://about.bankofamerica.com/en/making-an-impact/racial-equality-economic-opportunity)\n    * [ Environmental sustainability ](https://about.bankofamerica.com/en/making-an-impact/environmental-sustainability)\n    * [ Find resources ](https://about.bankofamerica.com/en/making-an-impact/find-resources)\n  * ##  [ Working here ](https://about.bankofamerica.com/en/working-here)\n\n    * [ Explore Careers ](https://careers.bankofamerica.com/en-us)\n  * ##  [ Investors ](https://investor.bankofamerica.com)\n\n    * [ Profile ](/profile)\n    * [ Quarterly Earnings ](/quarterly-earnings)\n    * [ Events & Presentations ](/events-and-presentations)\n    * [ Regulatory & Other Filings ](/regulatory-and-other-filings)\n    * [ Fixed Income ](/fixed-income)\n    * [ Shareholder Info ](/shareholder-information)\n    * [ Annual Reports & Proxy ](/annual-reports-and-proxy-statements)\n    * [ Governance ](/corporate-governance)\n  * ##  [ Newsroom ](https://newsroom.bankofamerica.com/?cm_re=EBZ-Corp_SocialResponsibility-_-Enterprise-_-EI38LT0004_AboutSite_Newsroom)\n\n    * [ Press releases ](https://newsroom.bankofamerica.com/press-releases)\n    * [ Executive biographies ](https://newsroom.bankofamerica.com/biographies?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT000B_About_Us_Biography)\n    * [ Journalist resources ](https://newsroom.bankofamerica.com/journalistresources?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT0007_About_Us_Journalist)\n    * [ Awards & recognition ](https://newsroom.bankofamerica.com/awards?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT0008_About_Us_Awards)\n\n[ ](https://about.bankofamerica.com/en)\n\n**Investing in securities involves risks, and there is always the potential of\nlosing money when you invest in securities.**\n\n  \n\nThis material does not take into account your particular investment\nobjectives, financial situations or needs and is not intended as a\nrecommendation, offer or solicitation for the purchase or sale of any\nsecurity, financial instrument, or strategy. 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(\u201cMLLA\u201d), a licensed insurance agency and wholly-owned subsidiary\nof BofA Corp.  \n  \nBanking products are provided by Bank of America, N.A., and affiliated banks,\nMembers FDIC and wholly owned subsidiaries of BofA Corp.  \n  \nThe mobile feature, Erica\u00ae, is only available in the English language. The\nfeature requires that you download the latest version of the Mobile Banking\napp and is only available in the Mobile Banking app for select iOS and Android\ndevices. Message and data rates may apply. Your chat may be recorded and\nmonitored for quality assurance. Member FDIC.  \n  \nMobile Banking requires that you download the Mobile Banking app and is only\navailable for select mobile devices. Message and data rates may apply.  \n  \nFees apply to wires and certain transfers. See the Online Banking Service\nAgreement for details. Data connection required. Carrier fees may apply.  \n  \nInvestment products offered through MLPF&S and insurance and annuity products\noffered through MLLA:  \n  \n\n**Are Not FDIC Insured** |  **Are Not Bank Guaranteed** |  **May Lose Value**  \n---|---|---  \n**Are Not Deposits** |  **Are Not Insured by Any Governmental Agency** |  **Are Not a Condition to Any Banking Service or Activity**  \n  \n  \n  \nCompany goals are aspirational and not guarantees or promises that all goals\nwill be met. Statistics and metrics included in our ESG documents are\nestimates and may be based on assumptions or developing standards.\n\n  * [ Locations ](https://locators.bankofamerica.com/)\n  * [ Contact Us ](https://www.bankofamerica.com/contactus/contactus.go)\n  * [ Help ](https://www.bankofamerica.com/help/overview.go)\n  * [ Accessible Banking ](https://www.bankofamerica.com/accessiblebanking/overview.go)\n  * [ Careers ](https://careers.bankofamerica.com/?cm_re=EBZ-Corp_SocialResponsibility-_-Enterprise-_-EI38LT0006_AboutSite_Careers)\n  * [ Privacy ](https://www.bankofamerica.com/security-center/privacy-overview/)\n  * [ Security ](https://www.bankofamerica.com/security-center/overview)\n  * [ Social community guidelines ](https://about.bankofamerica.com/en/social-media)\n  * [ Site map ](https://about.bankofamerica.com/en/sitemap)\n  * Advertising Practices \n  * CA Opt-Out Preference Signals Honored \n\n###  Advertising practices  \n  \n\nWe strive to provide you with information about products and services you\nmight find interesting and useful. Relationship-based ads and online\nbehavioral advertising help us do that.  \n  \n\nHere's how it works: We gather information about your online activities, such\nas the searches you conduct on our Sites and the pages you visit. This\ninformation may be used to deliver advertising on our Sites and offline (for\nexample, by phone, email and direct mail) that's customized to meet specific\ninterests you may have.  \n  \n\nIf you prefer that we not use this information, [ you can opt out of online\nbehavioral advertising ](https://www.bankofamerica.com/privacy/online-privacy-\nnotice.go#advertising-on-our-sites) . If you opt out, though, you may still\nreceive generic advertising.  \n  \n\nAlso, if you opt out of online behavioral advertising, you may still see ads\nwhen you sign in to your account, for example through Online Banking or\nMyMerrill. These ads are based on your specific account relationships with us.  \n  \n\nTo learn more about relationship-based ads, online behavioral advertising and\nour privacy practices, please review the [ Bank of America Online Privacy\nNotice ](https://www.bankofamerica.com/privacy/online-privacy-notice.go) and\nour [ Online Privacy FAQs ](https://www.bankofamerica.com/privacy/faq/online-\nprivacy-faq.go) .  \n  \n\nBank of America, N.A. Member FDIC. [ Equal Housing Lender\n](https://www.bankofamerica.com/help/equalhousing_popup.go)\n\n\u00a9 2025 Bank of America Corporation.\n\n###  Connect with us\n\n  * [ ](https://www.facebook.com/BankofAmerica)\n  * [ ](https://twitter.com/BankofAmerica)\n  * [ ](https://www.youtube.com/user/bankofamerica)\n\nMarket Data copyright \u00a9 2025 [ QuoteMedia ](http://www.quotemedia.com) . Data\ndelayed 15 minutes unless otherwise indicated (view [ delay times\n](http://www.quotemedia.com/legal/tos/#times) for all exchanges).  RT  =Real-\nTime,  EOD  =End of Day,  PD  =Previous Day. Market Data powered by [\nQuoteMedia ](http://www.quotemedia.com) . [ Terms of Use (QuoteMedia)\n](http://www.quotemedia.com/legal/tos/) .\n\n##  Navigating away from bankofamerica.com\n\nYou are continuing to another website that Bank of America doesn\u2019t own or\noperate. Its owner is solely responsible for the website\u2019s content, offerings\nand level of security, so please refer to the website\u2019s posted privacy policy\nand terms of use.\n\n",
                "url": "https://investor.bankofamerica.com/corporate-governance/management-team-and-directors?wcmmode=disabled"
            },
            "reason": "This is the official Bank of America investor relations website, providing information about the management team and directors. It is a primary source and therefore highly reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' customers stakeholders",
            "summary": "Official Bank of America webpage detailing management team and directors.",
            "url": "https://investor.bankofamerica.com/corporate-governance/management-team-and-directors?wcmmode=disabled"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "6ad2fe18-8f22-4e64-b847-1f22ebeb7f71",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
                },
                "page_content": "Skip to main content\n\n",
                "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
            },
            "reason": "This is the official P&G investor relations website, providing a press release about the company's financial results. It is a primary source and therefore highly reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' customers stakeholders",
            "summary": "Official P&G webpage detailing financial results.",
            "url": "https://www.pginvestor.com/financial-reporting/press-releases/news-details/2023/PG-Announces-Fourth-Quarter-and-Fiscal-Year-2023-Results/default.aspx"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1696834e-b2bb-416d-85e3-451a320531f5",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.epa.gov/ground-water-and-drinking-water/national-primary-drinking-water-regulations"
                },
                "page_content": "Skip to main content\n\n**Official websites use .gov**  \nA **.gov** website belongs to an official government organization in the\nUnited States.\n\n**Secure .gov websites use HTTPS**  \nA **lock** (  ) or **https://** means you\u2019ve safely connected to the .gov\nwebsite. Share sensitive information only on official, secure websites.\n\nJavaScript appears to be disabled on this computer. Please [ click here to see\nany active alerts ](/alerts) .\n\n#  National Primary Drinking Water Regulations\n\nRelated Info\n\n  * Find out [ how EPA develops drinking water regulations ](/sdwa/sdwa-evaluation-and-rulemaking-process)\n  * Learn about [ existing EPA drinking water regulations ](/node/115533/)\n  * Read the drinking water section of the [ Code of Federal Regulations (40 CFR 141) ](http://www.gpo.gov)\n  * Historical information [ Fact Sheet: Questions and Answers on Fluoride, January 2011 ](https://19january2021snapshot.epa.gov/dwsixyearreview/fact-sheet-questions-and-answers-fluoride_.html)\n\nThe National Primary Drinking Water Regulations (  NPDWR)  are legally\nenforceable primary standards and treatment techniques that apply to public\nwater systems. Primary standards and treatment techniques protect public\nhealth by limiting the levels of contaminants in drinking water.\n\n  * Microorganisms \n  * Disinfectants \n  * Disinfection Byproducts \n  * Inorganic Chemicals \n  * Organic Chemicals, except for PFAS \n    * Selected Per- and poly-fluoroalkyl substances (PFAS) \n  * Radionuclides \n\n* * *\n\n###  Microorganisms\n\n  * [ Surface Water Treatment Rules ](/dwreginfo/surface-water-treatment-rules)\n  * [ Ground Water Rule ](/dwreginfo/ground-water-rule)\n  * [ Revised Total Coliform Rule And Total Coliform Rule ](/dwreginfo/revised-total-coliform-rule-and-total-coliform-rule)\n\nContaminant  |  MCLG  1  |  MCL  or  TT  1  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \n_Cryptosporidium_ |  zero  |  TT  3  |  Gastrointestinal illness (such as diarrhea, vomiting, and cramps)  |  Human and animal fecal waste   \n_Giardia lamblia_ |  zero  |  TT  3  |  Gastrointestinal illness (such as diarrhea, vomiting, and cramps)  |  Human and animal fecal waste   \nHeterotrophic plate count (  HPC  )  |  n/a  |  TT  3  |  HPC  has no health effects; it is an analytic method used to measure the variety of bacteria that are common in water. The lower the concentration of bacteria in drinking water, the better maintained the water system is.  |  HPC  measures a range of bacteria that are naturally present in the environment   \n[ _Legionella_ ](/ground-water-and-drinking-water/legionella) |  zero  |  TT  3  |  Legionnaire's Disease, a type of pneumonia  |  Found naturally in water; multiplies in heating systems   \nTotal Coliforms (including fecal coliform and _E. Coli_ )\n\n  * [ Quick reference guide ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=P100K9MP.txt)\n  * [ Rule Summary ](/dwreginfo/revised-total-coliform-rule-and-total-coliform-rule)\n\n|  zero  |  5.0%  4  |  Not a health threat in itself; it is used to indicate whether other potentially harmful bacteria may be present  5  |  Coliforms are naturally present in the environment; as well as feces; fecal coliforms and _E. coli_ only come from human and animal fecal waste.   \nTurbidity  |  n/a  |  TT  3  |  Turbidity is a measure of the cloudiness of water. It is used to indicate water quality and filtration effectiveness (such as whether disease-causing organisms are present). Higher turbidity levels are often associated with higher levels of disease-causing microorganisms such as viruses, parasites and some bacteria. These organisms can cause symptoms such as nausea, cramps, diarrhea, and associated headaches.  |  Soil runoff   \nViruses (enteric)  |  zero  |  TT  3  |  Gastrointestinal illness (such as diarrhea, vomiting, and cramps)  |  Human and animal fecal waste   \n  \n* * *\n\n###  Disinfection Byproducts\n\n  * [ Quick reference guide: Stage 1 and 2 Disinfectants and Disinfection Byproducts Rules ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=P100C8XW.txt)\n  * [ Stage 1 and 2 Rules Summary ](/dwreginfo/stage-1-and-stage-2-disinfectants-and-disinfection-byproducts-rules)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  or  TT  1  (  mg/L  )  2  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \nBromate  |  zero  |  0.010  |  Increased risk of cancer  |  Byproduct of drinking water disinfection   \nChlorite  |  0.8  |  1.0  |  Anemia; infants and young children: nervous system effects  |  Byproduct of drinking water disinfection   \nHaloacetic acids (  HAA5)  |  n/a  6  |  0.060  |  Increased risk of cancer  |  Byproduct of drinking water disinfection   \nTotal Trihalomethanes (  TTHMs  )  |  n/a  6  |  0.080  |  Liver, kidney or central nervous system problems; increased risk of cancer  |  Byproduct of drinking water disinfection   \n  \n* * *\n\n###  Disinfectants\n\n  * [ Quick reference guide: Stage 1 and 2 Disinfectants and Disinfection Byproducts Rules ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=P100C8XW.txt)\n  * [ Stage 1 and 2 Rules Summary ](/dwreginfo/stage-1-and-stage-2-disinfectants-and-disinfection-byproducts-rules)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  or  TT  1  (  mg/L  )  2  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \n[ Chloramines (as  Cl  2  ) ](/dwreginfo/chloramines-drinking-water) |  MRDLG  =4  1  |  MRDL  =4.0  1  |  Eye/nose irritation; stomach discomfort, anemia  |  Water additive used to control microbes   \nChlorine (as  Cl  2  )  |  MRDLG  =4  1  |  MRDL  =4.0  1  |  Eye/nose irritation; stomach discomfort  |  Water additive used to control microbes   \nChlorine dioxide (as  ClO  2  )  |  MRDLG  =0.8  1  |  MRDL  =0.8  1  |  Anemia; infants and young children: nervous system effects  |  Water additive used to control microbes   \n  \n* * *\n\n###  Inorganic Chemicals\n\n  * [ Chemical Contaminant Rules Summary ](/dwreginfo/chemical-contaminant-rules)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  or  TT  1  (  mg/L  )  2  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \nAntimony  |  0.006  |  0.006  |  Increase in blood cholesterol; decrease in blood sugar  |  Discharge from petroleum refineries; fire retardants; ceramics; electronics; solder   \nArsenic\n\n  * [ Quick reference guide ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=300065YM.txt)\n  * [ Consumer fact sheet ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=60000E1E.txt)\n\n|  0  |  0.010 as of 01/23/06  |  Skin damage or problems with circulatory systems, and may have increased risk of getting cancer  |  Erosion of natural deposits; runoff from orchards, runoff from glass and electronics production wastes   \nAsbestos (fiber > 10 micrometers)  |  7 million fibers per liter (  MFL  )  |  7  MFL  |  Increased risk of developing benign intestinal polyps  |  Decay of asbestos cement in water mains; erosion of natural deposits   \nBarium  |  2  |  2  |  Increase in blood pressure  |  Discharge of drilling wastes; discharge from metal refineries; erosion of natural deposits   \nBeryllium  |  0.004  |  0.004  |  Intestinal lesions  |  Discharge from metal refineries and coal-burning factories; discharge from electrical, aerospace, and defense industries   \nCadmium  |  0.005  |  0.005  |  Kidney damage  |  Corrosion of galvanized pipes; erosion of natural deposits; discharge from metal refineries; runoff from waste batteries and paints   \n[ Chromium (total) ](/dwstandardsregulations/chromium-drinking-water) |  0.1  |  0.1  |  Allergic dermatitis  |  Discharge from steel and pulp mills; erosion of natural deposits   \nCopper  |  1.3  |  TT  7  ; Action Level=1.3  |  Short term exposure: Gastrointestinal distress  Long term exposure: Liver or kidney damage  People with Wilson's Disease should consult their personal doctor if the amount of copper in their water exceeds the action level  |  Corrosion of household plumbing systems; erosion of natural deposits   \nCyanide (as free cyanide)  |  0.2  |  0.2  |  Nerve damage or thyroid problems  |  Discharge from steel/metal factories; discharge from plastic and fertilizer factories   \nFluoride  |  4.0  |  4.0  |  Bone disease (pain and tenderness of the bones); Children may get mottled teeth  |  Water additive which promotes strong teeth; erosion of natural deposits; discharge from fertilizer and aluminum factories   \n[ Lead ](/node/133825/)\n\n  * [ Quick reference guide ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=60001N8P.txt)\n  * [ Rule information ](/node/120819/)\n\n|  zero  |  TT  7  ; Action Level=0.010  |  Infants and children: Delays in physical or mental development; children could show slight deficits in attention span and learning abilities  Adults: Kidney problems; high blood pressure  |  Corrosion of household plumbing systems; erosion of natural deposits   \nMercury (inorganic)  |  0.002  |  0.002  |  Kidney damage  |  Erosion of natural deposits; discharge from refineries and factories; runoff from landfills and croplands   \nNitrate (measured as Nitrogen)  |  10  |  10  |  Infants below the age of six months who drink water containing nitrate in excess of the MCL could become seriously ill and, if untreated, may die. Symptoms include shortness of breath and blue-baby syndrome.  |  Runoff from fertilizer use; leaking from septic tanks, sewage; erosion of natural deposits   \nNitrite (measured as Nitrogen)  |  1  |  1  |  Infants below the age of six months who drink water containing nitrite in excess of the MCL could become seriously ill and, if untreated, may die. Symptoms include shortness of breath and blue-baby syndrome.  |  Runoff from fertilizer use; leaking from septic tanks, sewage; erosion of natural deposits   \nSelenium  |  0.05  |  0.05  |  Hair or fingernail loss; numbness in fingers or toes; circulatory problems  |  Discharge from petroleum refineries; erosion of natural deposits; discharge from mines   \nThallium  |  0.0005  |  0.002  |  Hair loss; changes in blood; kidney, intestine, or liver problems  |  Leaching from ore-processing sites; discharge from electronics, glass, and drug factories   \n  \n* * *\n\n###  Organic Chemicals, except for PFAS\n\n  * [ Chemical Contaminant Rules Summary ](/dwreginfo/chemical-contaminant-rules)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  or  TT  1  (  mg/L  )  2  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \nAcrylamide  |  zero  |  TT  8  |  Nervous system or blood problems; increased risk of cancer  |  Added to water during sewage/wastewater treatment   \nAlachlor  |  zero  |  0.002  |  Eye, liver, kidney or spleen problems; anemia; increased risk of cancer  |  Runoff from herbicide used on row crops   \nAtrazine  |  0.003  |  0.003  |  Cardiovascular system or reproductive problems  |  Runoff from herbicide used on row crops   \nBenzene  |  zero  |  0.005  |  Anemia; decrease in blood platelets; increased risk of cancer  |  Discharge from factories; leaching from gas storage tanks and landfills   \nBenzo(a)pyrene (PAHs)  |  zero  |  0.0002  |  Reproductive difficulties; increased risk of cancer  |  Leaching from linings of water storage tanks and distribution lines   \nCarbofuran  |  0.04  |  0.04  |  Problems with blood, nervous system, or reproductive system  |  Leaching of soil fumigant used on rice and alfalfa   \nCarbon tetrachloride  |  zero  |  0.005  |  Liver problems; increased risk of cancer  |  Discharge from chemical plants and other industrial activities   \nChlordane  |  zero  |  0.002  |  Liver or nervous system problems; increased risk of cancer  |  Residue of banned termiticide   \nChlorobenzene  |  0.1  |  0.1  |  Liver or kidney problems  |  Discharge from chemical and agricultural chemical factories   \n2,4-D  |  0.07  |  0.07  |  Kidney, liver, or adrenal gland problems  |  Runoff from herbicide used on row crops   \nDalapon  |  0.2  |  0.2  |  Minor kidney changes  |  Runoff from herbicide used on rights of way   \n1,2-Dibromo-3-chloropropane (  DBCP  )  |  zero  |  0.0002  |  Reproductive difficulties; increased risk of cancer  |  Runoff/leaching from soil fumigant used on soybeans, cotton, pineapples, and orchards   \no-Dichlorobenzene  |  0.6  |  0.6  |  Liver, kidney, or circulatory system problems  |  Discharge from industrial chemical factories   \np-Dichlorobenzene  |  0.075  |  0.075  |  Anemia; liver, kidney or spleen damage; changes in blood  |  Discharge from industrial chemical factories   \n1,2-Dichloroethane  |  zero  |  0.005  |  Increased risk of cancer  |  Discharge from industrial chemical factories   \n1,1-Dichloroethylene  |  0.007  |  0.007  |  Liver problems  |  Discharge from industrial chemical factories   \ncis-1,2-Dichloroethylene  |  0.07  |  0.07  |  Liver problems  |  Discharge from industrial chemical factories   \ntrans-1,2-Dichloroethylene  |  0.1  |  0.1  |  Liver problems  |  Discharge from industrial chemical factories   \nDichloromethane  |  zero  |  0.005  |  Liver problems; increased risk of cancer  |  Discharge from drug and chemical factories   \n1,2-Dichloropropane  |  zero  |  0.005  |  Increased risk of cancer  |  Discharge from industrial chemical factories   \nDi(2-ethylhexyl) adipate  |  0.4  |  0.4  |  Weight loss, liver problems, or possible reproductive difficulties.  |  Discharge from chemical factories   \nDi(2-ethylhexyl) phthalate  |  zero  |  0.006  |  Reproductive difficulties; liver problems; increased risk of cancer  |  Discharge from rubber and chemical factories   \nDinoseb  |  0.007  |  0.007  |  Reproductive difficulties  |  Runoff from herbicide used on soybeans and vegetables   \nDioxin (  2,3,7,8-TCDD  )  |  zero  |  0.00000003  |  Reproductive difficulties; increased risk of cancer  |  Emissions from waste incineration and other combustion; discharge from chemical factories   \nDiquat  |  0.02  |  0.02  |  Cataracts  |  Runoff from herbicide use   \nEndothall  |  0.1  |  0.1  |  Stomach and intestinal problems  |  Runoff from herbicide use   \nEndrin  |  0.002  |  0.002  |  Liver problems  |  Residue of banned insecticide   \nEpichlorohydrin  |  zero  |  TT  8  |  Increased cancer risk, and over a long period of time, stomach problems  |  Discharge from industrial chemical factories; an impurity of some water treatment chemicals   \nEthylbenzene  |  0.7  |  0.7  |  Liver or kidneys problems  |  Discharge from petroleum refineries   \nEthylene dibromide  |  zero  |  0.00005  |  Problems with liver, stomach, reproductive system, or kidneys; increased risk of cancer  |  Discharge from petroleum refineries   \nGlyphosate  |  0.7  |  0.7  |  Kidney problems; reproductive difficulties  |  Runoff from herbicide use   \nHeptachlor  |  zero  |  0.0004  |  Liver damage; increased risk of cancer  |  Residue of banned termiticide   \nHeptachlor epoxide  |  zero  |  0.0002  |  Liver damage; increased risk of cancer  |  Breakdown of heptachlor   \nHexachlorobenzene  |  zero  |  0.001  |  Liver or kidney problems; reproductive difficulties; increased risk of cancer  |  Discharge from metal refineries and agricultural chemical factories   \nHexachlorocyclopentadiene  |  0.05  |  0.05  |  Kidney or stomach problems  |  Discharge from chemical factories   \nLindane  |  0.0002  |  0.0002  |  Liver or kidney problems  |  Runoff/leaching from insecticide used on cattle, lumber, gardens   \nMethoxychlor  |  0.04  |  0.04  |  Reproductive difficulties  |  Runoff/leaching from insecticide used on fruits, vegetables, alfalfa, livestock   \nOxamyl (Vydate)  |  0.2  |  0.2  |  Slight nervous system effects  |  Runoff/leaching from insecticide used on apples, potatoes, and tomatoes   \nPolychlorinated biphenyls (  PCBs  )  |  zero  |  0.0005  |  Skin changes; thymus gland problems; immune deficiencies; reproductive or nervous system difficulties; increased risk of cancer  |  Runoff from landfills; discharge of waste chemicals   \nPentachlorophenol  |  zero  |  0.001  |  Liver or kidney problems; increased cancer risk  |  Discharge from wood preserving factories   \nPicloram  |  0.5  |  0.5  |  Liver problems  |  Herbicide runoff   \nSimazine  |  0.004  |  0.004  |  Problems with blood  |  Herbicide runoff   \nStyrene  |  0.1  |  0.1  |  Liver, kidney, or circulatory system problems  |  Discharge from rubber and plastic factories; leaching from landfills   \nTetrachloroethylene  |  zero  |  0.005  |  Liver problems; increased risk of cancer  |  Discharge from factories and dry cleaners   \nToluene  |  1  |  1  |  Nervous system, kidney, or liver problems  |  Discharge from petroleum factories   \nToxaphene  |  zero  |  0.003  |  Kidney, liver, or thyroid problems; increased risk of cancer  |  Runoff/leaching from insecticide used on cotton and cattle   \n2,4,5-TP (  Silvex  )  |  0.05  |  0.05  |  Liver problems  |  Residue of banned herbicide   \n1,2,4-Trichlorobenzene  |  0.07  |  0.07  |  Changes in adrenal glands  |  Discharge from textile finishing factories   \n1,1,1-Trichloroethane  |  0.20  |  0.2  |  Liver, nervous system, or circulatory problems  |  Discharge from metal degreasing sites and other factories   \n1,1,2-Trichloroethane  |  0.003  |  0.005  |  Liver, kidney, or immune system problems  |  Discharge from industrial chemical factories   \nTrichloroethylene  |  zero  |  0.005  |  Liver problems; increased risk of cancer  |  Discharge from metal degreasing sites and other factories   \nVinyl chloride  |  zero  |  0.002  |  Increased risk of cancer  |  Leaching from PVC pipes; discharge from plastic factories   \nXylenes (total)  |  10  |  10  |  Nervous system damage  |  Discharge from petroleum factories; discharge from chemical factories   \n  \n###  **Selected Per- and poly-fluoroalkyl substances (PFAS)**\n\n  * [ PFAS rule references ](/sdwa/and-polyfluoroalkyl-substances-pfas)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  1  (  mg/L  )  2  |  HBWC  9  (mg/L)  2  for [ Hazard Index Calculation ](/system/files/documents/2024-04/pfas-npdwr_fact-sheet_hazard-index_4.8.24.pdf) |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---|---  \n[ Hazard Index ](/system/files/documents/2024-04/pfas-npdwr_fact-sheet_hazard-index_4.8.24.pdf) PFAS (HFPO-DA, PFBS, PFHxS, and PFNA)  |  1(unitless)  |  1(unitless)  |  Not applicable  |  Low levels of multiple PFAS that individually would not likely result in increased risk of adverse health effects may result in adverse health effects when combined in a mixture. Increased health risks include liver, immune, and thyroid effects. Additionally, developmental and thyroid effects following repeated exposure during pregnancy and/or childhood.  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \nHFPO-DA (commonly knowns as GenX Chemicals)  |  0.00001  |  0.00001  |  0.00001  |  Immune, liver and kidney effects; potential concern for cancer  Developmental effects following repeated exposure during pregnancy and/or childhood  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \nPFBS  |  No individual MCLG  |  No individual MCL  |  0.002  |  See Hazard Index PFAS information  |  See Hazard Index PFAS information   \nPFHxS  |  0.00001  |  0.00001  |  0.00001  |  Immune, thyroid, and liver effects  Developmental effects following repeated exposure during pregnancy and/or childhood  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \nPFNA  |  0.00001  |  0.00001  |  0.00001  |  Elevated cholesterol levels and immune and liver effects  Developmental effects following repeated exposure during pregnancy and/or childhood  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \nPFOA  |  zero  |  0.0000040  |  Not applicable  |  Cardiovascular, immune and liver effects; increased incidence of certain types of cancers including kidney and testicular  Developmental and immune effects following repeated exposure during pregnancy and/or childhood  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \nPFOS  |  zero  |  0.0000040  |  Not applicable  |  Cardiovascular, immune and liver effects; increased incidence of certain types of cancers including liver  Developmental and immune effects following repeated exposure during pregnancy and/or childhood  |  Discharge from manufacturing and industrial chemical facilities, use of certain consumer products, occupational exposures, and certain firefighting activities.   \n  \n* * *\n\n###  **Radionuclides**\n\n  * [ **Quick Reference Guide** ](http://nepis.epa.gov/Exe/ZyPDF.cgi?Dockey=30006644.txt)\n  * [ Radionuclides Rule Information and Summary ](/dwreginfo/radionuclides-rule)\n\nContaminant  |  MCLG  1  (  mg/L  )  2  |  MCL  or  TT  1  (  mg/L  )  2  |  Potential Health Effects from Long-Term Exposure Above the  MCL  (unless specified as short-term)  |  Sources of Contaminant in Drinking Water   \n---|---|---|---|---  \nAlpha particles  |  none ---------- zero  |  15 picocuries per Liter (  pCi/L  )  |  Increased risk of cancer  |  Erosion of natural deposits of certain minerals that are radioactive and may emit a form of radiation known as alpha radiation   \nBeta particles and photon emitters  |  none ---------- zero  |  4 millirems per year  |  Increased risk of cancer  |  Decay of natural and man-made deposits of  certain minerals that are radioactive and may emit forms of radiation known as photons and beta radiation   \nRadium 226 and Radium 228 (combined)  |  none ---------- zero  |  5  pCi/L  |  Increased risk of cancer  |  Erosion of natural deposits   \nUranium  |  zero  |  30  ug/L  as of 12/08/03  |  Increased risk of cancer, kidney toxicity  |  Erosion of natural deposits   \n  \n* * *\n\n##  Notes\n\n1  Definitions:\n\n  * Maximum Contaminant Level Goal (  MCLG  ) - The level of a contaminant in drinking water below which there is no known or expected risk to health. MCLGs allow for a margin of safety and are non-enforceable public health goals. \n  * Maximum Contaminant Level (  MCL  ) - The highest level of a contaminant that is allowed in drinking water. MCLs are set as close to MCLGs as feasible using the best available treatment technology and taking cost into consideration. MCLs are enforceable standards. \n  * Maximum Residual Disinfectant Level Goal (  MRDLG  ) - The level of a drinking water disinfectant below which there is no known or expected risk to health.  MRDLGs  do not reflect the benefits of the use of disinfectants to control microbial contaminants. \n  * Treatment Technique (  TT  ) - A required process intended to reduce the level of a contaminant in drinking water. \n  * Maximum Residual Disinfectant Level (  MRDL  ) - The highest level of a disinfectant allowed in drinking water. There is convincing evidence that addition of a disinfectant is necessary for control of microbial contaminants.   \n\n2  Units are in milligrams per liter (  mg/L  ) unless otherwise noted.\nMilligrams per liter are equivalent to parts per million (  PPM  ).  \n\n3  EPA's surface water treatment rules require systems using surface water or\nground water under the direct influence of surface water to\n\n  1. Disinfect their water, and \n  2. Filter their water, or \n  3. Meet criteria for avoiding filtration so that the following contaminants are controlled at the following levels: \n\n  * _Cryptosporidium_ : Unfiltered systems are required to include _Cryptosporidium_ in their existing watershed control provisions \n  * _Giardia lamblia_ : 99.9% removal/inactivation. \n  * Viruses: 99.99% removal/inactivation. \n  * _Legionella_ : No limit, but EPA believes that if _Giardia_ and viruses are removed/inactivated, according to the treatment techniques in the Surface Water Treatment Rule, _Legionella_ will also be controlled. \n  * Turbidity: For systems that use conventional or direct filtration, at no time can turbidity (cloudiness of water) go higher than 1 Nephelometric Turbidity Unit  (NTU)  , and samples for turbidity must be less than or equal to 0.3  NTUs  in at least 95 percent of the samples in any month. Systems that use filtration other than the conventional or direct filtration must follow state limits, which must include turbidity at no time exceeding 5  NTUs  . \n  * Heterotrophic Plate Count (  HPC)  : No more than 500 bacterial colonies per milliliter. \n  * Long Term 1 Enhanced Surface Water Treatment: Surface water systems or groundwater under the direct influence (  GWUDI  ) systems serving fewer than 10,000 people must comply with the applicable Long Term 1 Enhanced Surface Water Treatment Rule provisions (such as turbidity standards, individual filter monitoring, _Cryptosporidium_ removal requirements, updated watershed control requirements for unfiltered systems). \n  * Long Term 2 Enhanced Surface Water Treatment Rule: This rule applies to all surface water systems or ground water systems under the direct influence of surface water. The rule targets additional _Cryptosporidium_ treatment requirements for higher risk systems and includes provisions to reduce risks from uncovered finished water storage facilities and to ensure that the systems maintain microbial protection as they take steps to reduce the formation of disinfection byproducts. \n  * Filter Backwash Recycling: This rule requires systems that recycle to return specific recycle flows through all processes of the system's existing conventional or direct filtration system or at an alternate location approved by the state. \n\n4  No more than 5.0% samples total coliform-positive (  TC-positive  ) in a\nmonth. (For water systems that collect fewer than 40 routine samples per\nmonth, no more than one sample can be total coliform-positive per month.)\nEvery sample that has total coliform must be analyzed for either fecal\ncoliforms or _E. coli_ if two consecutive  TC-positive  samples, and one is\nalso positive for _E.coli_ fecal coliforms, system has an acute  MCL\nviolation.\n\n5  Fecal coliform and  _E. coli_ are bacteria whose presence indicates that\nthe water may be contaminated with human or animal wastes. Disease-causing\nmicrobes (pathogens) in these wastes can cause diarrhea, cramps, nausea,\nheadaches, or other symptoms. These pathogens may pose a special health risk\nfor infants, young children, and people with severely compromised immune\nsystems.\n\n6  Although there is no collective  MCLG  for this contaminant group, there\nare individual  MCLGs  for some of the individual contaminants:\n\n  * Trihalomethanes: bromodichloromethane (zero); bromoform (zero); dibromochloromethane (0.06  mg/L  ): chloroform (0.07  mg/L  . \n  * Haloacetic acids: dichloroacetic acid (zero); trichloroacetic acid (0.02  mg/L  ); monochloroacetic acid (0.07  mg/L  ). Bromoacetic acid and dibromoacetic acid are regulated with this group but have no MCLGs. \n\n7  Lead and copper are regulated by a treatment technique that requires\nsystems to control the corrosiveness of their water. If more than 10% of tap\nwater samples exceed the action level, water systems must take additional\nsteps. For copper, the action level is 1.3  mg/L  , and for lead is 0.010\nmg/L  .\n\n8  Each water system must certify, in writing, to the state (using third-party\nor manufacturer's certification) that when acrylamide and epichlorohydrin are\nused to treat water, the combination (or product) of dose and monomer level\ndoes not exceed the levels specified, as follows:\n\n  * Acrylamide = 0.05% dosed at 1  mg/L  (or equivalent) \n  * Epichlorohydrin = 0.01% dosed at 20  mg/L  (or equivalent) \n\n9  Health Based Water Concentration (HBWC) - To calculate the Hazard Index, a\nratio is developed for each PFAS by dividing the measured level of the PFAS in\ndrinking water by the level below which adverse health effects are not likely\nto occur (i.e., the Health Based Water Concentration).\n\n[ Contact Us ](/ground-water-and-drinking-water/forms/contact-us-about-ground-\nwater-and-drinking-water) to ask a question, provide feedback, or report a\nproblem.\n\nLast updated on December 12, 2024\n\n  * [ 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](/privacy/privacy-and-security-notice)\n\n##  Connect.\n\n  * [ Data ](/data)\n  * [ Inspector General ](https://www.epaoig.gov/)\n  * [ Jobs ](/careers)\n  * [ Newsroom ](/newsroom)\n  * [ Regulations.gov ](https://www.regulations.gov/)\n  * [ Subscribe ](/newsroom/email-subscriptions-epa-news-releases)\n  * [ USA.gov ](https://www.usa.gov/)\n  * [ White House ](https://www.whitehouse.gov/)\n\n##  Ask.\n\n  * [ Contact EPA ](/home/forms/contact-epa)\n  * [ EPA Disclaimers ](/web-policies-and-procedures/epa-disclaimers)\n  * [ Hotlines ](/aboutepa/epa-hotlines)\n  * [ FOIA Requests ](/foia)\n  * [ Frequent Questions ](/home/frequent-questions-specific-epa-programstopics)\n  * Site Feedback \n\n##  Follow.\n\n  * [ ](https://www.facebook.com/EPA)\n  * [ ](https://x.com/epa)\n  * [ ](https://www.youtube.com/user/USEPAgov)\n  * [ ](https://www.flickr.com/photos/usepagov)\n  * [ ](https://www.instagram.com/epagov)\n\n  *[\n          NPDWR)\n         ]: National Primary Drinking Water Regulations\n  *[\n             MCLG\n            ]: Maximum Contaminant Level Goal\n  *[\n             MCL\n            ]: Maximum Contaminant Level\n  *[\n             TT\n            ]: Treatment Technique\n  *[\n             HPC\n            ]: Heterotrophic plate count\n  *[\n              HPC\n             ]: Heterotrophic plate count\n  *[\n             mg/L\n            ]: Milligrams per Liter\n  *[\n             HAA5)\n            ]: Haloacetic acids\n  *[\n             TTHMs\n            ]: Total Trihalomethanes\n  *[\n              Cl\n              \n               2\n              \n             ]: Chlorine\n  *[\n             MRDLG\n            ]: Maximum Residual Disinfectant Level Goal\n  *[\n             MRDL\n            ]: Maximum Residual Disinfectant Level\n  *[\n             Cl\n             \n              2\n             \n            ]: Chlorine\n  *[\n             ClO\n             \n              2\n             \n            ]: Chlorine dioxide\n  *[\n             MFL\n            ]: Million Fibers per Liter\n  *[\n             DBCP\n            ]: 1,2-Dibromo-3-chloropropane\n  *[\n             2,3,7,8-TCDD\n            ]: Dioxin\n  *[\n             PCBs\n            ]: Polychlorinated biphenyls\n  *[\n             pCi/L\n            ]: Picocuries per Liter\n  *[\n              ug/L\n             ]: microgram per liter\n  *[\n           MCLG\n          ]: Maximum Contaminant Level Goal\n  *[\n           MCL\n          ]: Maximum Contaminant Level\n  *[\n           MRDLG\n          ]: Maximum Residual Disinfectant Level \n\nGoal\n\n  *[\n           MRDLGs\n          ]: Maximum Residual \n\nDisinfectant Level Goal\n\n  *[\n           TT\n          ]: Treatment Technique\n  *[\n           MRDL\n          ]: Maximum Residual Disinfectant Level\n  *[\n          mg/L\n         ]: Milligrams per Liter\n  *[\n          PPM\n         ]: Parts per Million\n  *[\n           (NTU)\n          ]: Nephelometric \n\nTurbidity Unit\n\n  *[\n           NTUs\n          ]: Nephelometric Turbidity \n\nUnits\n\n  *[\n           HPC)\n          ]: Heterotrophic Plate Count\n  *[\n           GWUDI\n          ]: Groundwater Under The Direct Influence\n  *[\n          TC-positive\n         ]: Total Coliform-positive\n  *[\n          MCL\n         ]: Maximum Contaminant Level\n  *[\n          MCLG\n         ]: Maximum Contaminant Level \n\nGoal\n\n  *[\n          MCLGs\n         ]: Maximum Contaminant Level Goals\n  *[\n           mg/L\n          ]: Milligrams per Liter\n\n",
                "url": "https://www.epa.gov/ground-water-and-drinking-water/national-primary-drinking-water-regulations"
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            "search_query": "company 'N/A' risk regulatory compliance",
            "summary": "This is a U.S. government website (epa.gov) detailing national primary drinking water regulations, suggesting high reliability.",
            "url": "https://www.epa.gov/ground-water-and-drinking-water/national-primary-drinking-water-regulations"
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                "metadata": {
                    "ext_id": "1fab1351-8a0f-4d18-b2d5-353ae348bc51",
                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://worldwide.kia.com/int/company/ir/info/shareholders"
                },
                "page_content": "skip to the main content\n\n##  Total Number of Issued Shares (last 5 years)\n\nYear\n\nTotal Number of Issued Shares by Year  Year  |  Issued shares (common)  |  Treasury stock (common)  |  %   \n---|---|---|---  \n2023  |  402,044,203  |  5,837,383  |  1.45   \n2022  |  405,363,347  |  4,432,968  |  1.09   \n2020  |  405,363,347  |  4,432,331  |  1.09   \n2020  |  405,363,347  |  4,432,084  |  1.09   \n2019  |  405,363,347  |  4,432,084  |  1.09   \n  \n\u203b As of the end of 2023\n\n##  Shareholders\n\nShareholder\n\nShareholders table  Shareholder  |  Number of shares  |  Ownership   \n---|---|---  \nHyundai Motor Company  |  137,318,251  |  34.16%   \nEmployee stock ownership  |  9,889,054  |  2.46%   \nTreasury stock  |  5,837,383  |  1.45%   \nNPS  |  28,554,484  |  7.10%   \nForeigner  |  151,723,249  |  37.74%   \nOthers (financial institutions, etc)  |  68,721,782  |  17.09%   \nTotal  |  402,044,203  |  100%   \n  \n\u203b As of the end of 2023\n\n##  Related Parties\n\nName\n\nRelated Parties table  Name  |  Relationship  |  Type of share  |  Number of shares  |  Ownership  |  Remarks   \n---|---|---|---|---|---  \nHyundai Motor Company  |  Affiliate(largest shareholder)  |  Common  |  137,318,251  |  34.16%  |  \\-   \nEuisun Chung  |  Executive  |  Common  |  7,061,331  |  1.76%  |  \\-   \nHo Sung Song  |  Executive  |  Common  |  3,500  |  0.00%  |  \\-   \nJun Young Choi  |  Executive  |  Common  |  1,718  |  0.00%  |  \\-   \nWoo Jeong Joo  |  Executive  |  Common  |  23,740  |  0.01%  |  \\-   \nTotal  |  \\-  |  \\-  |  144,408,540  |  35.92%  |  \\-   \n  \n\u203b As of the end of 2023\n\n##  Shareholder Protection\n\nYear\n\nShareholder Protection table  Category  |  Content  |  2021  |  2022  |  2023   \n---|---|---|---|---  \nShareholders\u2019 equity  |  Shares owned by the largest shareholder and its related parties (%)  |  35.62%  |  35.62%  |  35.92%   \nShares owned by registered officers excluding the largest shareholder and its related parties (%)  |  N/A  |  N/A  |  N/A   \nDisclosure of shareholders who acquire more than 5% of the shares excluding the largest shareholder and its related parties (including officers and affiliates)  |  National Pension Service 8.24%  |  National Pension Service 6.91%  |  National Pension Service 7.1%   \nDividends  |  Interim or quarterly dividends (business results exist)  |  N/A  |  N/A  |  N/A   \nOwnership structure  |  Transactions between affiliates  |  Transactions accounting for more than 5% of the last business year\u2019s revenue   \n\u00b7 Hyundai Mobis : KRW 7,342,633mil  \n\u00b7 Hyundai WIA : KRW 2,621,472mil  \n\u00b7 Hyundai Motor Company : KRW 2,010,502mil  |  Transactions accounting for more than 5% of the last business year\u2019s revenue   \n\u00b7 Hyundai Mobis : KRW 9,167,718mil  \n\u00b7 Hyundai WIA : KRW 3,698,721mil  |  Transactions accounting for more than 5% of the last business year\u2019s revenue   \n\u00b7 Hyundai Mobis : KRW 10,944,427mil  \n\u00b7 Hyundai WIA : KRW 3,591,942mil  \nTotal credit granted* to affiliates against equity capital  |  N/A  |  N/A  |  N/A   \n  \n\u203b As of the end of 2023\n\n##  Cumulative voting and voting in writing\n\nCumulative voting and voting in writing table  Classification  |  Date of Introduction  |  Remarks   \n---|---|---  \nCumulative voting  |  N/A  |  \\-   \nVoting in writing  |  N/A  |  \\-   \nElectronic voting  |  March 24, 2020  |  At the 76th Ordinary General Meeting of Shareholders   \n  \n\u203b As of the end of 2023\n\n##  Annual General Shareholders\u2019 Meeting\n\nYear\n\nAnnual General Shareholders\u2019 Meeting by Year  Item  |  2021  |  2022  |  2023   \n---|---|---|---  \nNumber of voting rights present at the last General Meeting of Shareholders  |  316,634,966  |  309,190,948  |  317,697,423   \nAttendance of those excluding the largest shareholder and its related parties  |  43.00%  |  40.65%  |  43.80%   \n  \n\u203b As of the end of 2023\n\n##  Outcome of 80th Annual Shareholders\u2019 Meeting (2023)\n\nOutcome of 80th Annual Shareholders\u2019 Meeting table  Item  |  Approval Rate  |  Opposition &   \nAbstention Rate  |  Approval/   \nOpposition  \n---|---|---|---  \nAgenda 1. Approval of the Financial Statements for the 80th Fiscal Year  |  95.4%  |  4.6%  |  Approval   \nAgenda 2-1. Appointment of Inside Director (Jun Young Choi)  |  90.5%  |  9.5%  |  Approval   \nAgenda 2-2. Appointment of Outside Director (In Kyung Lee)  |  99.8%  |  0.2%  |  Approval   \nAgenda 3. Appointment of audit committee members (In Kyung Lee)  |  99.7%  |  0.3%  |  Approval   \nAgenda 4. Appointment of Outside Director who becomes a member of audit Committee(Wha Sun Jho)  |  95.4%  |  4.6%  |  Approval   \nAgenda 5. Approval of the director compensation\u2019s limit  |  99.5%  |  0.5%  |  Approval   \n  \n##  Dividend History (last 5 years)\n\nYear\n\nDividend History (last 5 years) table  Year  |  Gross amount of cash dividend (100 mil KRW)  |  Cash dividend per share (KRW)  |  Payout ratio  |  Dividend yield ratio  |  Dividend/Face value   \n---|---|---|---|---|---  \n2023  |  22,188  |  5,600  |  25.30%  |  6.40%  |  112.00%   \n2022  |  14,033  |  3,500  |  25.90%  |  5.50%  |  70.00%   \n2021  |  12,028  |  3,000  |  25.30%  |  3.60%  |  60.00%   \n2020  |  4,009  |  1,000  |  27.0%  |  1.6%  |  20.0%   \n2019  |  4,611  |  1,150  |  25.2%  |  2.6%  |  23.0%   \n  \n##  Shareholder proposal & Protection of minority shareholders\n\nWe are committed to protecting the rights of the Company\u2019s minority\nshareholders, whose rights are set forth below.\n\n  * #####  Right to call general meetings of shareholders \n\nIn accordance with the Commercial Code, shareholders who own more than 1.5% of\noutstanding shares with voting rights of the Company for more than six months\nmay request to convene extraordinary general meetings.\n\n  * #####  Right to present shareholder proposals concerning annual general meeting \n\nIn accordance with the Commercial Code and the Articles of Incorporation,\nshareholders who own more than 0.5% of outstanding shares with voting rights\nfor more than six months may present shareholder proposals at an AGM. The\nBoard shall accept the proposal as an agenda item of a general meeting of\nshareholders, state the item in the notice of convocation of the meeting,\nexcept where such proposal is in violation of laws or the Articles of\nIncorporation, or where it is subject to the rejection of a shareholder\nproposal as stipulated in Article 12 of the Enforcement Degree of the\nCommercial Code. When requested by the shareholder who made the proposal, the\ndetails of the agenda item shall be stated in the notice of the meeting, and\nthe shareholder will be given the opportunity to present the proposal at the\nmeeting. Compliance Management Team is responsible for tasks related to agenda\nproposals by shareholders. Once a proposal is submitted, the shareholder will\nbe identified, a legal review will be conducted, and then a letter or\nelectronic notice will be sent to the shareholder to verify submission.  \n(Address: 12, Heolleung-ro, Seocho-gu, Seoul 06797 Republic of Korea,\nCompliance Management Team / [ kiacm@kia.com ](mailto:kiacm@kia.com) )\n\n  * [ Privacy Policy ](/int/privacy-statement)\n  * [ Cookies Policy ](/int/cookies-policy)\n\n  * [ Go to instagram  ](https://www.instagram.com/kia.worldwide)\n  * [ Go to youtube  ](https://www.youtube.com/kiaworldwideofficial)\n  * [ Go to facebook  ](https://www.facebook.com/kiaworldwideofficial/)\n  * [ Go to linkedin  ](https://www.linkedin.com/company/kiaworldwide)\n  * [ Go to X  ](https://x.com/kia_worldwide)\n\n\u00a9 Kia Corporation\n\n  * English \n  * [ \ud55c\uad6d\uc5b4 ](/kr)\n\n",
                "url": "https://worldwide.kia.com/int/company/ir/info/shareholders"
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            "url": "https://worldwide.kia.com/int/company/ir/info/shareholders"
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                    "source": "https://www.waterboards.ca.gov/laws_regulations/"
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                "page_content": "\n\n#  Laws and Regulations\n\n##  Quick Links\n\n  * Service of Process \n  * Laws & Regulations Relevant to Current Public Proceedings \n  * California Code of Regulations \n  * Final Amendments to Water Quality Petitions Regulations - Effective January 1, 2015 \n\n  * [ Water Quality Petitions ](../public_notices/petitions/water_quality/)\n  * Ex Parte Communications \n  * Additional Information \n  * Laws & Regulations Applicable to Conduct of Meetings and Proceedings \n\n[ Subscribe on-line ](/resources/email_subscriptions/) to our email lists and\nreceive updates on various topics.\n\n##  Service of Process\n\nIn lieu of personal service, the State Water Resources Control Board and the\nnine California Regional Water Quality Control Boards commit to accepting\nservice of summons via a notice of acknowledgment and receipt (Code of Civil\nProcedure section 415.30) if the notice and the papers being served are\nemailed to the following agency email address: [ OCC-Service-Of-\nProcess@waterboards.ca.gov ](mailto:OCC-Service-Of-Process@waterboards.ca.gov)\n\nFor questions related to service of subpoenas and other legal papers, please\nsend an email to the address above.\n\n##  Laws and Regulations Relevant to Current Public Proceedings\n\n  * [ California Water Code ](http://leginfo.legislature.ca.gov/faces/codesTOCSelected.xhtml?tocCode=WAT&tocTitle=+Water+Code+-+WAT)   \nThe official Water Code on the California Legislative Counsel Website\n\n  * [ California Health & Safety Code ](http://leginfo.legislature.ca.gov/faces/codesTOCSelected.xhtml?tocCode=HSC&tocTitle=+Health+and+Safety+Code+-+HSC)   \nThe official Health & Safety Code on the California Legislative Counsel\nWebsite, which contains provisions relating to drinking water and underground\nstorage tanks.\n\nThe State Water Board also maintains compilations of various laws relevant to\ndifferent areas of the water boards\u2019 responsibilities. While every effort is\nmade to ensure these compilations are accurate and up-to-date, you should\nconsult the official version of the California Code or the United States Code\nif in doubt.\n\n  * [ Statutory Water Rights Laws ](docs/wrlaws.pdf) \\- effective January 1, 2025   \nCalifornia Water Code (particularly Division 2) and other California Code\nsections relevant to water rights\n\n  * [ Porter-Cologne Water Quality Control Act ](docs/portercologne.pdf) \\- effective January 1, 2025   \nExcerpts of California Water Code, Division 7 (Water Quality)\n\n  * [ California Safe Drinking Water Laws ](docs/drinking-water-code.pdf) \\- effective January 1, 2025   \nExcerpts of California Health & Safety Code applicable to safe drinking water\nand environmental laboratory accreditation.\n\n  * [ Sustainable Groundwater Management Act (SGMA) & Groundwater Adjudications ](docs/4-4-2026-sgma-booklet.pdf) \u2013 effective January 1, 2025 Excerpts of the California Water Code, California Government Code, Title 23 of the California Code of Regulations, and the California Code of Civil Procedure related to SGMA and groundwater adjudications. \n  * [ Federal Clean Water Act ](docs/fedwaterpollutioncontrolact.pdf) \\- Title 33, U.S.C. sections 1251 and following  [Updated to include 2011 Amendments] \n  * [ Title 40 of the Code of Federal Regulations ](http://www.gpo.gov/fdsys/browse/collectionCfr.action?collectionCode=CFR&searchPath=Title+40%2FChapter+I&oldPath=Title+40&isCollapsed=true&selectedYearFrom=2010&ycord=1510) \\- Code of Federal Regulations, Title 40 (Protection of the Environment) maintained by the Government Printing Office \n  * [ Human Right to Water ](http://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=WAT&sectionNum=106.3) \\- effective January 1, 2013 California Water Code (Division 1, Section 106.3)   \nEstablishes that every human being has the right to safe, clean, affordable,\nand accessible water adequate for human consumption, cooking, and sanitary\npurposes.\n\nThe State Water Board's Division of Drinking Water (DDW) has a compilation of\nstatutes related to drinking water and recycled water. These are included in [\nDDW\u2019s Drinking Water Lawbook\n](/drinking_water/certlic/drinkingwater/Lawbook.shtml) .\n\n##  California Code of Regulations\n\n  * [ California Code of Regulations ](https://govt.westlaw.com/calregs/Index?bhcp=1&transitionType=Default&contextData=\\(sc.Default\\))   \nThe entire California Code of Regulations maintained by the California Office\nof Administrative Law (OAL)\n\n  * [ Title 27. Environmental Protection ](http://government.westlaw.com/linkedslice/default.asp?li=%7B2F6173EC-EA04-4F8A-96D3-92BA4F967A6E%7D&RS=GVT1.0&VR=2.0&SP=CCR-1000)   \nTitle 27 (Environmental Protection), Division 2, Subdivision 1 (Consolidated\nRegulations or Treatment, Storage, Processing or Disposal of Solid Waste) of\nthe California Code of Regulations on the OAL Website\n\n  * [ Plans and Policies ](../plans_policies/)   \nWater Quality Control Plans (Basin Plans) and State Policies for Water Quality\nControl have the legal force and effect of regulation.\n\nThe State Water Board also maintains compilations of regulations in different\nareas of the water boards\u2019 responsibilities. While every effort is made to\nensure these compilations are accurate and up-to-date, you should consult the\nofficial California Code of Regulations if in doubt.\n\n  * [ Title 23. Waters (Division 3) \u2013 Conflict of Interest Code for the State Water Board ](docs/conflict-of-interest-code.pdf) (2023) \n  * [ Title 23. Waters (Division 3) - Portions Pertaining to SGMA and Water Rights ](docs/ccr_ch16_202010.pdf) \\- effective January 1, 2021   \nExcerpts of the portions of Title 23 (Waters) of the California Code of\nRegulations pertaining to water rights laws and proceedings.  \nA more current version of SGMA statutes and regulations is available in the\nSustainable Groundwater Management Act (SGMA) & Groundwater Adjudications\nlink, above.\n\n  * [ Title 23. Waters (Division 3) - Meeting Regulations ](docs/waterboards_meeting_regs.pdf)   \nExcerpts of the portions of Title 23 (Waters) of the California Code of\nRegulations pertaining to meetings before the water boards.\n\n  * [ Title 27. Environmental Protection (Division 2) - Solid Waste ](../water_issues/programs/land_disposal/docs/t27w97j.pdf)   \nExcerpts of the portions of Title 27 (Environmental Protection) of the\nCalifornia Code of Regulations pertaining to Consolidated Regulations or\nTreatment, Storage, Processing or Disposal of Solid Waste.\n\nDDW has a compilation of regulations related to drinking water and recycled\nwater. These are included in [ DDW\u2019s Drinking Water Lawbook\n](/drinking_water/certlic/drinkingwater/Lawbook.html) .\n\n##  Final Amendments to Water Quality Petitions Regulations - Effective\nJanuary 1, 2015\n\n  * [ Full Text of Final Amendments ](docs/fnlamnd_eff010115.pdf) . Approved by State Water Boards on October 7, 2014. Approved by Office of Administrative Law on November 25, 2014. Effective January 1, 2015. \n  * [ Public Notice of October 7, 2014 Hearing ](docs/notice_wqpet092214.pdf) To Consider Adoption of Proposed Amendments to Water Quality Petition Regulations \n  * [ Transmittal Letter to Interested Parties Re: Regulations ](docs/transmittal_letter.pdf) \\- March 7, 2014 \n  * [ Notice of Proposed Rulemaking ](docs/proposed_rm2014feb.pdf) \\- February 2014 \n  * [ Initial Statement of Reasons ](docs/initial_sr2014feb.pdf) \\- February 2014 \n  * [ Full Text of Proposed Amendments ](docs/wqpetitionregs2014feb.pdf) to California Code of Regulations, Title 23. Waters. Division 3. State Water Resources Control Board. Chapter 6. Rules Governing Review By State Board of Action or Failure to Act By Regional Board - February 2014 \n\n##  Laws and Regulations Applicable to the Conduct of Board Meetings and\nAdjudicative Proceedings\n\n  * [ Bagley-Keene Open Meeting Act ](docs/bagleykeene.pdf) \\- effective January 1, 2024 \n  * [ Administrative Adjudication Statutes ](docs/occ_meeting_provisions.pdf) \\- effective January 1, 2024 \n  * [ Water Boards' Meeting Regulations ](docs/waterboards_meeting_regs.pdf) \\- effective January 1, 2008 \n  * [ Question and Answer Document on Adjudicative Proceedings ](docs/adjudicative_hearing_process.pdf)\n\n##  Water Quality Petitions\n\n  * [ Water Quality Petitions Web Page ](/public_notices/petitions/water_quality/index.shtml)   \nIncludes instructions for filing water quality petitions and opportunity to\ndownload electronic versions of water quality petitions are now available at\nthe Water Quality Petitions webpage.\n\n##  Ex Parte Communications\n\n  * [ Ex Parte Communications Questions and Answers ](docs/exparte.pdf) [Updated April 25, 2013 to include Question 45 concerning site visits and pending general orders] \n  * Ex Parte Communication Disclosure Form for General Orders [ [ Fill-In PDF Form and Instructions ](docs/exparte_form.pdf) ] \n    * If possible, please download the form, complete it electronically, then email it to the referenced email inbox. This will help us to distribute and post the forms to the State Board\u2019s website. \n\n_Note: This form is for ex parte communications to State Water Board members\nonly. For Regional Water Board communications, please go to the respective\nboard\u2019s website ([ www.waterboards.ca.gov/waterboards_map.shtml\n](../waterboards_map.shtml) ) _ .\n\n  * Pending General Orders Subject to Water Code Section 13287 Ex Parte Disclosure Requirements   \nBelow is a list of matters pending before the State Water Board subject to the\ndisclosure requirements of Water Code section 13287. Other pending orders or\nwater quality petitions, not in abeyance, before the State Water Board are\nsubject to the prohibition on ex parte communications.\n\nGeneral Order  |  Scheduled Adoption Meeting  |  **Ex Parte Prohibition in Effect**  \n---|---|---  \nGeneral Waste Discharge Requirements for Winery Process Water  |  January 20, 2021  |  January 13, 2021   \nGeneral NPDES Permit for Discharges from Utility Vaults and Underground Structures  |  October 21, 2014  |  October 7, 2014   \nAmendments to Aquatic Animal Invasive Species Control Permit  |  October 21, 2014  |  October 7, 2014   \nGeneral NPDES Permit for Discharges from Drinking Water Systems  |  November 4, 2014  |  October 21, 2014   \nRecycled Water Waste Discharge Requirements  |  June 3, 2014  |  May 26, 2014   \nCompost General Waste Discharge Requirements  |  N/A  |  N/A   \nPetitions A-2209(a)-(e) (Central Coast Water Board, Conditional Waiver for Irrigated Lands)  |  N/A  |  N/A   \nPetitions A-2239(a)-(c) (Central Valley Water Board, General Waste Discharge Requirements for Irrigated Agriculture in the East San Joaquin Watershed)  |  N/A  |  N/A   \nPetition A-2269 (Central Valley Water Board, General Waste Discharge Requirements for Irrigated Agriculture for Discharges Not Participating in Third-Party Groups)  |  N/A  |  N/A   \nPetitions A-2278(a)-(c) (Central Valley Water Board, General Waste Discharge Requirements for Irrigated Agriculture in the Tulare Lake Basin for Dischargers Participating in a Third-Party Group)  |  N/A  |  N/A   \nPetitions A-2283(a)-(b) (Central Valley Water Board, General Waste Discharge Requirements for Existing Milk Cow Dairies)  |  N/A  |  N/A   \nPetitions A-2751(a)\u2013(b) (Central Coast Water Board, General Waste Discharge Requirements for Discharges from Irrigated Lands)  |  N/A  |  N/A   \n  \n##  Additional Information\n\n  * [ Incompatible Activities Statement ](docs/incompatible_activities_statement.doc)\n  * [ Regulated Local Agencies ](docs/regagencies.doc)\n  * [ Waste Discharge Fee Schedules ](/resources/fees/) \\- Amended California Code of Regulations Title 23 \n  * [ SWRCB Conflict of Interest Code ](docs/conflict-of-interest-code.pdf) (effective 10/20/2023) \n\n(Page last updated 04/04/2025 )\n\n_Water is a precious resource in California, and maintaining its quality is of\nutmost importance to safeguard the health of the public and the environment._\n\n####  Statewide Campaigns\n\n  * [ EPA Water Sense ](https://www.epa.gov/watersense)\n  * [ Report an Environmental Concern ](https://calepacomplaints.secure.force.com/complaints/)\n  * [ Save Our Water ](https://saveourwater.com/)\n  * [ Flex Alert ](https://www.flexalert.org)\n  * [ Register to Vote ](https://registertovote.ca.gov/)\n\n[ ](https://covid19.ca.gov/)\n\n####  Quick Links\n\n  * [ Board Agendas ](/board_info/agendas/)\n  * [ Fees ](/resources/fees/)\n  * [ Make a Payment ](/make_a_payment/)\n  * [ Grievance Procedure ](/about_us/public_participation/participation_and_accommodation/#grievance_procedure)\n  * [ Help / Business Help ](/resources/help.html)\n  * [ Uniform Grants Guidance ](/uniform_grants_guidance/)\n\n[ ](https://www.grants.ca.gov/)\n\n####  [ Resources ](/resources/)\n\n  * [ OIMA ](/resources/oima/)\n  * [ CEDEN ](http://ceden.org)\n  * [ Data & Databases ](/resources/data_databases/)\n  * [ Drought Information ](/waterrights/water_issues/programs/drought/)\n  * [ FAAST ](https://faast.waterboards.ca.gov/)\n  * [ Language Access Form ](https://forms.office.com/g/M5PzfjQepk)\n  * [ Formulario de Acceso al Idioma ](https://forms.office.com/g/M5PzfjQepk)\n  * [ My Water Quality ](https://mywaterquality.ca.gov)\n  * [ Performance Report ](/about_us/performance_report/)\n  * [ Tribal Affairs ](/about_us/public_participation/tribal_affairs/)\n  * [ Wastewater Arrearage Payment ](/arrearage_payment_program/)\n  * [ Website Index ](/resources/website_index.html)\n\n####  Working with the Board\n\n  * [ Abbreviations and Acronyms ](/publications_forms/available_documents/water_words/acronyms.pdf)\n  * [ Board Priorities ](/board_info/priorities/)\n  * [ Decisions Pending &   \nOpportunities for Public Participation ](/board_info/calendar/)\n\n  * [ Employment ](/about_us/employment/)\n  * [ Frequently Asked Questions ](/resources/faqs/)\n  * [ Grants & Loans ](/water_issues/programs/grants_loans/)\n  * [ Laws / Regulations ](/laws_regulations/)\n  * [ Plans / Policies ](/plans_policies/)\n  * [ Public Records Center ](/resources/public_records/)\n  * [ Publications / Forms ](/publications_forms/)\n\n  * Back to Top \n  * [ Conditions of Use ](/conditions_of_use.html)\n  * [ Privacy Policy ](/privacy_policy.html)\n  * [ Accessibility ](/accessibility.html)\n  * [ Contact Us ](/about_us/contact_us/index.html)\n\n  * [ Facebook  ](https://www.facebook.com/CaliforniaWaterBoards)\n  * [ LinkedIn  ](https://www.linkedin.com/company/state-water-resources-control-board)\n  * [ X  ](https://x.com/CaWaterBoards)\n  * [ Instagram  ](https://www.instagram.com/ca.water.boards/)\n  * [ Board YouTube  ](https://www.youtube.com/user/BoardWebSupport)\n\n[ Website Accessibility Certification ](/docs/ed_cio_statement.pdf)  \n  \nCopyright \u00a9 State of California\n\nThe California Water Boards include the [ State Water Resources Control Board\n](https://www.waterboards.ca.gov) and nine [ Regional Boards\n](https://www.waterboards.ca.gov/waterboards_map.html)  \nThe State Water Board is one of six environmental entities operating under  \nthe authority of the California Environmental Protection Agency  \n[ CalEPA ](https://calepa.ca.gov) | [ ARB ](https://ww2.arb.ca.gov/) | [ CalRecycle ](https://www.calrecycle.ca.gov) | [ DPR ](https://www.cdpr.ca.gov) | [ DTSC ](https://www.dtsc.ca.gov) | [ OEHHA ](https://oehha.ca.gov/) | [ **SWRCB** ](https://www.waterboards.ca.gov)\n\n.\n\n",
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                    "source": "https://ncua.gov/regulation-supervision/manuals-guides/federal-consumer-financial-protection-guide/compliance-management/compliance-management-systems-and-compliance-risk"
                },
                "page_content": "Skip to main content\n\n#  Compliance Management Systems and Compliance Risk\n\n##  Overview\n\nCredit unions manage their exposure to compliance risk through a comprehensive\ncompliance program, often referred to as a compliance management system (CMS).\nThe following components are essential to a comprehensive CMS:\n\n  * Board of Directors and Senior Management Oversight \n  * Policies and Procedures \n  * Training \n  * Monitoring and Corrective Action \n  * Member Complaint Response \n  * Compliance Audit \n\nA credit union\u2019s CMS should address all of its compliance responsibilities.\nThe depth of detail for each component will vary based on a credit union\u2019s\nsize and complexity. Conclusions about the adequacy of a credit union\u2019s CMS\nshould be based on the effectiveness of the system as a whole.\n\nIn March 2017, the NCUA issued [ Supervisory Letter SL No. 17-01\n](/regulation-supervision/Pages/policy-compliance/communications/supervisory-\nletters.aspx) , which discusses the updated list of Compliance Risk Indicators\nthat are a part of NCUA\u2019s risk-focused examination program. It included an\nupdated AIRES questionnaire for compliance risk. The guidance in the\nSupervisory Letter applies whenever field staff evaluate compliance risk in a\nfederally insured credit union.\n\n  * Associated Risks \n  * Examination Objectives \n  * Examination Procedures \n  * Checklist \n\n* * *\n\n##  ** Associated Risks **\n\n**_Compliance risk_ ** can occur when the credit union fails to implement a\nsatisfactory compliance management system.\n\n**_Reputation_ ** **risk** may increase when the credit union incurs fines and\npenalties or receives decreased member confidence as a result of failure to\ncomply with consumer compliance regulations.\n\n**_Strategic_ ** **_risk_ ** occurs when the board of directors fails to\nperform necessary due diligence in developing a compliance management system.\n\n**_Transaction risk_ ** can occur when there are operational or system\nproblems that cause disclosures provided to members to be inaccurate or\nunderstated.\n\n##  ** Examination Objectives **\n\nAssess the credit union\u2019s level of compliance risk and effectiveness of the\ncredit union\u2019s CMSs.\n\n  * Determine whether board and management\u2019s commitment to and oversight of compliance risk and CMS is appropriate for the size, complexity and risk profile of the credit union; \n  * Assess management\u2019s ability to anticipate consumer protection challenges and emerging risks and, where necessary, determine whether management responds appropriately and takes corrective action; \n  * Determine the effectiveness of the credit union\u2019s policies, procedures, third party management, training programs, review and monitoring mechanisms (including audits and internal control systems), and consumer complaint response process. \n  * When violations of law and/or consumer harm are identified, determine the root cause, severity, duration, and pervasiveness, and recommend corrective actions. \n\n##  ** Examination Procedures **\n\nNCUA does not conduct separate consumer protection examinations nor does it\nassign a separate Consumer Compliance Rating. These procedures are written to\nalign and augment the NCUA\u2019s overall risk-focused examination approach. An\neffort has been made, where possible, not to re-state examination procedures\ndiscussed in the CMS section of this Federal Consumer Financial Protection\nGuide.\n\n  1. Consider the credit union\u2019s market and field of membership, organizational structure \u2014 including the compliance management program and personnel roles and responsibilities \u2014 business strategy, business activities and products, risk tolerance, processes for controlling risk, systems, and other relevant information about the credit union, including any changes to the aforementioned areas. \n  2. Identify the number and subject matter of consumer complaints involving the credit union since the preceding examination effective date. When warranted, review the underlying complaint documents and credit union response. If applicable, determine what additional on-site review steps are necessary to address any concerns identified. \n  3. Through the review of board and committee minutes, board and management reports, board policies, strategic planning documents, directives, and budgets, assess the appropriateness and effectiveness of the level of board and management oversight in regards to crisk, compliance management systems, and federal consumer protection laws and regulations. \n  4. Interview credit union management and senior compliance personnel regarding compliance management systems and processes, including planning, resources devoted to compliance efforts, responses to changes in consumer protection laws and regulations, due diligence, complaint response process, and compliance reviews. Make an assessment of management\u2019s commitment to and effectiveness of compliance management efforts and systems. \n  5. Review available documentation, such as policies and procedures relating to consumer compliance and federal consumer protection laws and regulations, internal and external consumer compliance review reports, training records, and consumer complaints received by the credit union and related documentation. Make conclusions regarding the effectiveness, timeliness, and appropriateness of the credit union\u2019s CMS. \n  6. When violations or deficiencies are identified, determine their root cause, severity, duration, and pervasiveness. Make conclusions on whether the problem identified can be corrected during the normal course of business, the severity of the impact on consumers, the duration of the violation and, if the credit union self-identified the issue, whether it took corrective action immediately, and whether the violations and deficiencies were isolated in nature or widespread across the credit union. \n\n##  CMS AND COMPLIANCE RISK  \nCHECKLIST\n\n###  **Board and Management Oversight**\n\nAccount Disclosures (\u00a7707.4)  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n1  |  Do the board and management effectively manage compliance risk, including providing adequate oversight and resources commensurate with the credit union\u2019s size, complexity, and risk profile?  |  |  |   \n  \n####  Oversight and Commitment\n\nOversight and Commitment  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n1(a)  |  Do the board of directors, supervisory committee, and management demonstrate a commitment and oversight to the credit union\u2019s compliance management system?  |  |  |   \n1(b)  |  Do the board and management provide compliance resources, including systems, capital, and personnel? Is staff knowledgeable, empowered, and held accountable for compliance with laws and regulations?  |  |  |   \n1(c)  |  Does management ensure adequate and ongoing due diligence and oversight of third parties?  |  |  |   \n  \n####  Change Management\n\nChange Management  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n1(d)  |  Does management anticipate and respond to changes in applicable laws and regulations, market conditions and products and services offered by evaluating the change and implementing responses across impacted lines of business?  |  |  |   \n  \n####  Comprehension, Identification, and Management of Risk\n\nComprehension, Identification, and Management of Risk  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n1(e)  |  Does management understand and identify compliance risks, including emerging risks, in the credit union\u2019s products, services, and other activities?  |  |  |   \n1(f)  |  Does management engage in managing risk, including through self-assessments?  |  |  |   \n  \n####  Corrective Action and Self-Identification\n\nCorrective Action and Self-Identification  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n1(g)  |  Does Management identify issues and respond to compliance risk management deficiencies and any violations of laws or regulations, including providing remediation?  |  |  |   \n  \n###  Compliance Program\n\nCompliance Program  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n2  |  Is the credit union\u2019s compliance management program effective and include policies, procedures, training, monitoring and audit programs, and complaint resolution commensurate with the credit union\u2019s size, complexity, and risk profile?  |  |  |   \n  \n####  Policies and Procedures\n\nPolicies and Procedures  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n2(a)  |  Are compliance policies, procedures and third-party relationship management programs adequate to manage the compliance risk in the credit union\u2019s products, services and activities?  |  |  |   \n2(b)  |  Is compliance training outlining staff responsibilities appropriate and timely?  |  |  |   \n2(c)  |  Is the compliance-training program updated to encompass new products and services, internal policy changes, and to comply with changes to consumer protection laws and regulations?  |  |  |   \n  \n####  Monitoring and/or Audit\n\nMonitoring and/or Audit  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n2(d)  |  Are compliance monitoring practices, management information systems, compliance audit, and internal control systems in place to adequately identify and address compliance risks throughout the credit union?  |  |  |   \n  \n####  Consumer Complaint Response\n\nConsumer Complaint Response  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n2(e)  |  Does the credit union have processes and procedures in place to address consumer complaints and investigations? Are consumer complaint investigations and responses prompt and thorough?  |  |  |   \n2(f)  |  Does management monitor consumer complaints to identify risks of potential consumer harm, program deficiencies, and/or customer service issues? If yes, does management take appropriate action?  |  |  |   \n  \n###  Violations of Law and Consumer Harm\n\nViolations of Law and Consumer Harm  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n3  |  During the examination did you identify no violations or only minor violations that did not result in consumer harm and did not represent supervisory concern? (This would include becoming aware of violations or identifying them through your reviews.)  |  |  |   \n  \n####  Root Cause\n\nRoot Cause  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n3(a)  |  Were the violations the result of minor weaknesses in the compliance management system? If no, document and discuss the material or critical weaknesses in the compliance management system.  |  |  |   \n  \n####  Severity\n\nSeverity  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n3(b)  |  Did the violations cause minimal supervisory concern or consumer impact? If no, document and discuss the specific facts involved.  |  |  |   \n  \n####  Duration\n\nDuration  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n3(c)  |  Did the violation occur over a limited period of time? If no, discuss the time frame and whether the violations were long-standing or whether they were repeated.  |  |  |   \n  \n####  Pervasiveness\n\nPervasiveness  Item  |  Description  |  YES  |  NO  |  N/A   \n---|---|---|---|---  \n3(d)  |  Were the violations isolated and resulted in little supervisory concern or consumer harm? If no, discuss the number or how widespread in multiple products or services.  |  |  |   \n  \n##  Footnotes\n\nLast modified on\n\n10/30/19\n\n**Stay Informed**\n\n[ Get Started ](/subscribe)\n\n[ ](https://www.facebook.com/NCUAgov \"Go to the NCUA's Facebook page\") [\n](https://twitter.com/TheNCUA \"Go to the NCUA's Twitter page\") [\n](https://www.linkedin.com/company/ncua \"Go to the NCUA's LinkedIn page\") [\n](https://www.youtube.com/ncuachannel \"Go to the NCUA's YouTube channel\")\n\n**Our Sites**\n\n[ **MyCreditUnion.gov** Trusted resource for consumer financial protection\ninformation.  ](https://mycreditunion.gov/ \"Go to the MyCreditUnion.gov site\")\n[ **Share Insurance** Learn about credit union fund insurance.\n](/consumers/share-insurance-coverage \"Go to the Share Insurance Coverage\npage\") [ **Research a Credit Union** View information for a specific credit\nunion, download Call Reports, and request Financial Performance Reports.\n](https://mapping.ncua.gov/ResearchCreditUnion \"Go to the Research a Credit\nUnion site\") [ **Credit Union Locator** Find a credit union by address, credit\nunion name, or charter number.  ](https://mapping.ncua.gov/ \"Go to the Credit\nUnion Locator site\")\n\nBack to Top  (Opens new window)  This is an external link to a website\nbelonging to another federal agency, private organization, or commercial\nentity.  > See more  < See less  Open/Close Alternative Text\n\n",
                "url": "https://ncua.gov/regulation-supervision/manuals-guides/federal-consumer-financial-protection-guide/compliance-management/compliance-management-systems-and-compliance-risk"
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            "search_query": "company 'N/A' risk regulatory compliance",
            "summary": "This is a U.S. government website (ncua.gov) providing guidance on compliance management systems and compliance risk, indicating high reliability.",
            "url": "https://ncua.gov/regulation-supervision/manuals-guides/federal-consumer-financial-protection-guide/compliance-management/compliance-management-systems-and-compliance-risk"
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                    "source": "https://tc.canada.ca/en/dangerous-goods/transportation-dangerous-goods-tdg-general-policy-advisory-council-gpac"
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                "page_content": "#  Transportation of Dangerous Goods (TDG) General Policy Advisory Council\n(GPAC)\n\n**From:[ Transport Canada ](/en) **\n\n  * \n\nThe Transportation of Dangerous Goods (TDG) General Policy Advisory Council\n(GPAC) is a working group reporting on classification, emergency response and\nmeans of containment. On this page, you will find information about the\ncouncil as well as lists of members.\n\n##  On this page\n\n  * About the council \n  * Nominated members list \n  * Nominated observers list \n  * Reports and recommendations \n  * Related links \n\n##  About the council\n\nIn November 2013, the Minister of Transport asked the Transportation of\nDangerous Goods (TDG) General Policy Advisory Council (GPAC) to provide short\nand long-term recommendations aimed at enhancing public safety and\nstrengthening standards for the transportation of dangerous goods.\n\nThe TDG GPAC provides Transport Canada (TC) with advice on all matters related\nto the transportation of dangerous goods. Members of the council represent the\nCanadian Association of Fire Chiefs (CAFC), the Canadian Association of Chiefs\nof Police (CACP), the Federation of Canadian Municipalities (FCM), labour\nunions, and a variety of industry associations, including manufacturers,\nconsignors, carriers, shippers and consignees.\n\nThree (3) industry-led working groups were created to examine classification,\nemergency response, and means of containment.\n\nOn January 31, 2014, the working groups provided their reports containing\nrecommendations for the Minister of Transport. The department is reviewing\nthese recommendations on an expedited basis to determine what action can be\ntaken to further protect public safety. Transport Canada continues to work\nwith all its stakeholders, including officials in the United States, as we\nlook together to develop options for a North American solution.\n\n##  Nominated members list\n\nChair of TDG GPAC:\n\n**Mr. Robert Loenhart**  \nSenior Vice-President, Regulatory Affairs and Safety  \nCanadian Propane Association (CPA)  \nVice-Chair of TDG GPAC:\n\n**Mr. Henry Ridders**  \nTransportation Compliance Coordinator  \nKeyera Corporation  \nCanadian Association of Petroleum Producers (CAPP)\n\nAssociations  |  Member name and information  |  Alternate name and information  |  Observer / alternate observer name and information   \n---|---|---|---  \n**Air Transport Association of Canada (ATAC)** |  **David E. Rankin**   \nVice President  \n  \n**Colleen Tieman**  \nNational Dangerous Goods Manager  \nPurolator Inc.  \n  \n**Rhonda Jessop**  \nDirector, Global Learning  \nLabelmaster Inc.  |  **David E. Rankin**   \nVice President  |  N/A   \n**Assembly of First Nations (AFN)** |  **David Diabo**   \nSpecial Advisor - Emergency Management Emergency Services  |  **Irving Leblanc**   \nDirector, Infrastructure  |  **Elizabeth Fox**   \nSenior Policy Analyst  \nInfrastructure  \n**Canada Safety Council (CSC)** |  **Gareth Jones**   \nPresident & Chief Executive Officer (CEO)  |  N/A  |  N/A   \n**Canadian Association of Fire Chiefs (CAFC)** |  **Tina Saryeddine**   \nExecutive Director  |  **Ken Uzeloc**   \nProtective Services Director / Fire Chief  |  **Chris Case**   \nFire Chief  \nCo-Chair CAFC Dangerous Goods Committee / Fire Chief in Chatham Kent  \n**Canadian Association of Oilwell Drilling Contractors (CAODC)** |  **Mark A. Scholz**   \nPresident  |  N/A  |  N/A   \n**Canadian Association of Petroleum Producers  \n(CAPP) ** |  **Henry Ridders**   \nTransportation Compliance Coordinator  \nKeyera Corporation  |  **Claudette Panei**   \nSenior Advisory Regulatory  |  N/A   \n**Canadian Association of Chiefs of Police (CACP)** |  **Kirkland Richardson, Sergeant**   \nOntario Provincial Police  \nField Support Bureau, Emergency Management Unit  \nManager Emergency Management Unit  |  N/A  |  N/A   \n**Canadian Association of Railway Suppliers (CARS)** |  **Sylvia Newell**   \nExecutive Director  |  N/A  |  N/A   \n**Canadian Centre for Occupational Health and Safety (CCOHS)** |  **Janet Mannella**   \nVice President of Operations  |  N/A  |  N/A   \n**Canadian Council for Aviation and Aerospace (CCAA)** |  **Leslie Hogan**   \nSenior Project Manager  |  **Theresa Davis-Woodhouse**   \nExecutive Director  |  N/A   \n**Canadian Emergency Response Contractors Alliance (CERCA)** |  **Shawn Barton**   \nDirector, Emergency Response  \nEmergency Management & Environmental Response Services  **Andy Jeves**  \nCERCA Vice Chair  |  N/A  |  N/A   \n**Canadian Explosives Industry Association (CEAEC)** |  **Nicholas Ebsworth**   \nExecutive Director  |  **Jessica Simon**   \nPresident  |  N/A   \n**Canadian Fuels Association (CFA)** |  **Rob Hoffman**   \nDirector, Government &  \nStakeholder Relations **** |  **Linda Manka**   \nRegional Response Manager,  \nShell Emergency Management  |  N/A   \n**Canadian General Standards Board (CGSB)** |  N/A  |  N/A  |  **Beata Hart**   \nStandards Specialist,  \nReceiver General and Pension Branch  \nPublic Services and Procurement Canada  \n  \n**Jennifer Jimenez**  \nManager of the Standards Division  \nPublic Services and Procurement Canada  \n**Canadian National (CN)** |  **Anthony Ippolito**   \nDirector, Dangerous Goods Officer & Industrial Hygiene  |  **Curtis Myson**   \nTransportation of Dangerous Goods Specialist  \n  \n**Jean-Pierre Couture**  \nTransportation Dangerous Goods Specialist  |  N/A   \n**Canadian Pacific and Kansas City (CPKC)** |  **Jim Kozey**   \nDirector Hazmat Programs  |  **Darlene Nagy**   \nHazmat Program Manager  |  **Megan Schumacher**   \nSpecialist Hazmat Environmental Risk  \nHazardous Materials Programs  \n**Canadian Propane Association (CPA)** |  **Robert Loenhart**   \nSenior Vice-President, Regulatory Affairs and Safety  |  N/A  |  N/A   \n**Canadian Radiation Protection Association (ACPR)** |  **Ali Shoushtarian C-NRPP**   \nManager, Nuclear Substances and Partners Radiation Safety Officer (RSO) of Radiation and Laser Safety Department  |  **Sarah Ternan**   \nMedical Health Physicist  \nDepartment of Radiation and Laser Safety  |  **Stephane Jean-Fran\u00e7ois**   \nP.Eng, CHP, Radioprotection Inc.  \nCertified Health Physicist  \n**Canadian Standards Association (CSA)** |  N/A  |  N/A  |  **Vaishnavi  \nSomasundaram **  \nProject Manager, Worker and Public Safety  \n**Canadian Trucking Alliance (CTA)** |  **Alf Brown**   \nTransportation of Dangerous Goods Coordinator  |  **Geoffrey Wood**   \nSenior Vice President (VP), Policy  |  N/A   \n**Chemistry Industry Association Of Canada (CIAC)** |  **Leah Hogendoorn**   \nAmericas Downstream Dangerous Goods Lead,  \nProduct Regulatory Assurance  \n  \n**Kristina Adler**  \nTransportation Policy and Program Officer  |  **John Heater**   \nGlobal Advocacy  \nIntegrated Supply Chain Dow  |  N/A   \n**Compressed Gas Association (CGA)** |  **Richard Craig**   \nVice President (VP), Technical & Regulatory Affairs  |  **Jean-Pierre Dumoulin**   \nTechnical Manager, Bulk Operations  \nAir Liquide Canada  |  N/A   \n**Council on Safe Transportation of Hazardous Articles (COSTHA)** |  **Julie Prescott**   \nSenior Technical Consultant Specialist, DGSA  |  **James A Watts**   \nRegulatory Compliance Specialist  |  N/A   \n**DANATEC** |  N/A  |  N/A  |  **Joey Motokado**   \nSafety Training and Regulatory Compliance Manager  \n**Department of National Defense (DND)** |  **\u00c9ric Remy**   \nManager, Transportation of dangerous goods policies  |  N/A  |  N/A   \n**Emergency Response Assistance Canada (ERAC)** |  **Patrick Knight**   \nSafety & Emergency Management, Director  |  N/A  |  N/A   \n**ENSERVA** |  **Katy Carley, B.Sc., CRSP**   \nManager, Health & Safety  |  N/A  |  N/A   \n**Federal/Provincial/Territorial Working Group on Dangerous Goods** |  **Malcolm Mullin**   \nDirector, Compliance and Oversight  \nCarrier & Vehicle Safety  \nAlberta Transportation and Economic Corridors  |  **Doug Horvat**   \nChief Inspector  \nDangerous Goods & Rail Safety Unit  \nInvestigations & Enfocement Section  \nMonitoring & Complaince Branch  \nTraffic Safety Services Division  \nTransportation & Economic Corridors  |  N/A   \n**Fertilizer Canada (FC)** |  **Katherine Kennedy**   \nManager, Policy & Regulatory Affairs  |  **Nadine Frost**   \nDirector, Policy & Industry Standards  |  N/A   \n**Forest Products Association of Canada (FPAC)** |  **Mahima Sharma**   \nVice President (VP)  \nInnovation, Environment, and Climate Policy  |  **Kathryn Smith**   \nSenior Manager- Sustainability, Bioeconomy, and Mill Regulations  |  N/A   \n**Mining Association of Canada (MAC)** |  **Mike McDowell**   \nSuperintendent, Materials Stewardship  \nTeck Mateals Ltd.  |  **Geoff Smith**   \nVice President (VP), Government Relations  |  N/A   \n**National Airlines Council of Canada (NACC)** |  **David Bolton**   \nManager, Dangerous Goods Compliance  \nAir Canada  \n  \n**Suzanne Acton-Gervais**  \nVice-President, Skateholder Relations and Regulatory Affairs  |  **Vanessa Lumia**   \nDangerous Goods Manager, Air Canada  \n  \n**Kevin Van Langenhove**  \nAdvisor, Dangerous Good  \nWestjet  \n  \n**R\u00e9jean Beaudoin**  \nCaptain, Air Transat  |  **Ryan Gingerich**   \nManager, Corporate Safety Investigations, Jazz Aviation LP  \n  \n**Anees Munshi**  \nCorporate Safety Specialist  \nJazz Aviation  \n**Private Motor Truck Council of Canada (PMTC)** |  **Dominic Lefebvre**   \nNational Safety & Training Manager T Linde Canada Inc & Quebec  |  **Mike Millian**   \nPresident  |  N/A   \n**Railway Association of Canada (RAC)** |  **Scott Croome**   \nDirector, Dangerous Goods  |  **Jean- Pierre Couture**   \nTransportation of Dangerous Goods Specialist  |  **Brianna Bowman**   \nSenior Administrative Assistant  \nOperations and Regulatory Affairs  \n**Renewable Industries Canada (RICANADA)** |  **Stu Porter**   \nIndependent Consultant  \nBiofuels Consulting  |  N/A  |  N/A   \n**Responsible Distribution Canada (RDC)** |  **Mark Jasper**   \nGHD First  \n  \n**Joe Caponio**  \nRegional Director  |  **Catherine Wieckowska**   \nPresident  |  N/A   \n**Shipping Federation of Canada (SFC)** |  **Chad Allen**   \nDirector, Marine Operations  |  **Farah Ahmad**   \nAdministrative Coordinator  \n  \n**Nathan Phillips**  \nPolicy Analyst  |  N/A   \n**Teamsters Union Canada (TUC)** |  **Mariam Abou-Dib**   \nExecutive Director of Government Relations  |  **Omar Burgan**   \nDirector of Research and Policy  |  N/A   \n**The Canadian Society of Safety Engineering (CSSE)** |  **Arthur Nordholm**   \nOwner/President  \nOASYS Safety Consulting Inc.  |  **Perry Ruehlen**   \nExecutive Director  |  N/A   \n**Transportation Safety Board (TSB)** |  **Vincenzo De Angelis**   \nDirector, Investigations Rail/Pipeline  |  N/A  |  N/A   \n  \n**Transport Canada (TC)  \nTransportation of  \nDangerous Goods (TDG) Secretariat ** |  [ TC.TDGStakeholderInformati   \non-  \nInformationsintervenantsTMD.TC@tc.gc.ca ](mailto:TC.TDGStakeholderInformation-InformationsintervenantsTMD.TC@tc.gc.ca) |  N/A  |  N/A   \n  \n##  Nominated observers list\n\nStatus granted by Chairperson or DG. May participate on a regular basis and in\ncouncil discussions. This member is not permitted to sit at the council table,\nhave a place card or vote.\n\nAssociations  |  Member name and information   \n---|---  \n**Assembly of First Nations (AFN)** |  **Elizabeth Fox**   \nSenior Policy Analyst  \nInfrastructure  \n**Canadian Association of Fire Chiefs (CAFC)** |  **Chris Case**   \nFire Chief  \nCo-Chair CAFC Dangerous Goods Committee / Fire Chief in Chatham Kent  \n**Canadian General Standards Board (CGSB)** |  **Beata Hart**   \nStandards Specialist,  \nReceiver General and Pension Branch  \nPublic Services and Procurement Canada  \n  \n**Jennifer Jimenez**  \nManager of the Standards Division  \nPublic Services and Procurement Canada  \n**Canadian Pacific and Kansas City (CPKC)** |  **Megan Schumacher**   \nSpecialist Hazmat Environmental Risk  \nHazardous Materials Programs  \n**Canadian Radiation Protection Association (ACPR)** |  **Stephane Jean-Fran\u00e7ois**   \nP.Eng, CHP, Radioprotection Inc.  \nCertified Health Physicist  \n**Canadian Standards Association (CSA)** |  **Vaishnavi Somasundaram**   \nProject Manager, Worker and Public Safety  \n**DANATEC** |  **Joey Motokado**   \nSafety Training and Regulatory Compliance Manager  \n**National Airlines Council of Canada (NACC)** |  **Ryan Gingerich**   \nManager, Corporate Safety Investigations, Jazz Aviation LP  \n  \n**Anees Munshi**  \nCorporate Safety Specialist  \nJazz Aviation  \n**Railway Association of Canada (RAC)** |  **Brianna Bowman**   \nSenior Administrative Assistant  \nOperations and Regulatory Affairs  \n  \n##  Reports and recommendations\n\nThe industry reports are available below:\n\n[ Report and recommendations from the Classification Working Group\n](/sites/default/files/migrated/5806_2014_3479_f_bt8821720_capp_edms_238982_v1_jan_31_14_gpac_test_c_en_rev_aaa.pdf\n\"5806_2014_3479_f_bt8821720_capp_edms_238982_v1_jan_31_14_gpac_test_c_en_rev_aaa.pdf\")\n[PDF, 793 KB]\n\n[ Report and recommendations from the Emergency Response Assistance Plan\nWorking Group\n](/sites/default/files/migrated/5807_2014_3477_f_bt8821720_erap_wg_report_and_recommendations_final_21_en_rev_aaa_rev.pdf\n\"5807_2014_3477_f_bt8821720_erap_wg_report_and_recommendations_final_21_en_rev_aaa_rev.pdf\")\n[PDF, 1.48 MB]\n\n[ Report and recommendations from the Means of Containment Working Group\n](/sites/default/files/migrated/5808_2014_3478_f_bt8821720_final1_recommendation_document_gpac_moc_w_1_en_rev_aaa_rev.pdf\n\"5808_2014_3478_f_bt8821720_final1_recommendation_document_gpac_moc_w_1_en_rev_aaa_rev.pdf\")\n[PDF, 2.29 MB]\n\n##  Related links\n\n  * [ Transportation of dangerous goods program ](/en/dangerous-goods/transportation-dangerous-goods-canada \"Transportation of dangerous goods in Canada\")\n\nReport a problem with this page\n\nDate modified:\n\n     2025-02-19 \n\n##  About this site\n\nTop of Page\n\n",
                "url": "https://tc.canada.ca/en/dangerous-goods/transportation-dangerous-goods-tdg-general-policy-advisory-council-gpac"
            },
            "reason": "This is a Canadian government website (tc.canada.ca) concerning the transportation of dangerous goods, suggesting high reliability.",
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            "search_query": "company 'N/A' risk regulatory compliance",
            "summary": "This is a Canadian government website (tc.canada.ca) concerning the transportation of dangerous goods, suggesting high reliability.",
            "url": "https://tc.canada.ca/en/dangerous-goods/transportation-dangerous-goods-tdg-general-policy-advisory-council-gpac"
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                    "resource_type": "webpage",
                    "source": "https://www.fdic.gov/risk-management-manual-examination-policies"
                },
                "page_content": "Skip to main content\n\nAn official website of the United States government\n\n**The .gov means it\u2019s official.**  \nFederal government websites often end in .gov or .mil. Before sharing\nsensitive information, make sure you\u2019re on a federal government site.\n\n**The site is secure.**  \nThe **https://** ensures that you are connecting to the official website and\nthat any information you provide is encrypted and transmitted securely.\n\n_[ ](/ \"Home\") _\n\nRisk Management Manual of Examination Policies\n\n#  Risk Management Manual of Examination Policies\n\n_Share This:_\n\nShare on Facebook\n\nShare on X\n\nFollow the FDIC on LinkedIn\n\nShare through email\n\nPrint\n\n  * [ Risk Management Manual of Examination Policies ](/risk-management-manual-examination-policies)\n  * [ Section 22.1: Examination Documentation Modules ](/risk-management-manual-examination-policies/section-221-examination-documentation-modules)\n\n[ **Complete Manual** ](/risk-management-manual-examination-policies/complete-\nmanual \"Complete Manual\") , [ **Complete Manual** ](/resources/supervision-\nand-examinations/examination-policies-manual/risk-management-manual-\ncomplete.pdf \"Risk Management Manual of Examination Policies\")\n\n**Current Year Updates:**\n\n**(includes redline versions of updated manual sections)**\n\n[ March 2025 Updates Only ](/risk-management-manual-examination-\npolicies/march-2025-updates-only \"March 2025 Updates Only\")\n\n**Prior Year Updates:**\n\n[ November 2024 Updates Only ](/risk-management-manual-examination-\npolicies/november-2024-updates-only \"November 2024 Updates Only\")  \n[ October 2024 Updates Only ](/risk-management-manual-examination-\npolicies/october-2024-updates-only-zip \"October 2024 Updates Only - ZIP\")  \n[ July 2024 Updates Only ](/risk-management-manual-examination-\npolicies/july-2024-updates-only-zip \"July 2024 Updates Only - ZIP\")  \n[ April 2024 Updates Only ](/risk-management-manual-examination-\npolicies/april-2024-updates-only-zip \"April 2024 Updates Only - ZIP\")  \n[ March 2024 Updates Only ](/resources/supervision-and-\nexaminations/examination-policies-manual/2024-03-updates.zip \"March 2024\nUpdates Only - ZIP\")  \n[ January 2024 Updates Only ](/resources/supervision-and-\nexaminations/examination-policies-manual/2024-01-updates.zip \"January 2024\nUpdates Only - ZIP\")\n\n[ PDF Help  ](/acrobat.html)\n\n* * *\n\n[ Table of Contents  ](/resources/supervision-and-examinations/examination-\npolicies-manual/manual-examinations-toc.pdf)  \n[ Index ](/resources/supervision-and-examinations/examination-policies-\nmanual/manual-examinations-index.pdf)\n\nPart I: Basic Examination Concepts and Guidelines  \nPart II: CAMELS  \nPart III: Other Examination Issues  \nPart IV: Administrative and Enforcement Actions  \nPart V: Examination Reports  \nPart VI: Appendix - Examination Processes and Tools\n\n##  **Part I: Basic Examination Concepts and Guidelines**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n1.1  |  [ Basic Examination Concepts and Guidelines ](/resources/supervision-and-examinations/examination-policies-manual/section1-1.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-1-1) |  02:17  |  03/2022   \n  \n##  **Part II: CAMELS**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n2.1  |  [ Capital ](/resources/supervision-and-examinations/examination-policies-manual/section2-1.pdf) |  [ Audio ](/media/25366) |  01:36  |  08/2022   \n3.1  |  [ Asset Quality ](/resources/supervision-and-examinations/examination-policies-manual/section3-1.pdf) |  [ Audio ](/media/25371) |  00:06  |  01/2024   \n3.2  |  [ Loans ](/resources/supervision-and-examinations/examination-policies-manual/section3-2.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-3-2) |  08:03  |  07/2024   \n3.3  |  [ Securities ](/resources/supervision-and-examinations/examination-policies-manual/section3-3.pdf) |  [ Audio ](/media/25376) |  01:27  |  03/2024   \n3.4  |  [ Cash and Due from Banks ](/resources/supervision-and-examinations/examination-policies-manual/section3-4.pdf \"section3-4\") |  [ Audio ](/media/25381) |  00:25  |  03/2012   \n3.5  |  [ Premises and Equipment ](/resources/supervision-and-examinations/examination-policies-manual/section3-5.pdf) |  [ Audio ](/media/25386) |  00:24  |  12/2019   \n3.6  |  [ Other Real Estate ](/resources/supervision-and-examinations/examination-policies-manual/section3-6.pdf) |  [ Audio ](/media/25391) |  00:22  |  02/2023   \n3.7  |  [ Other Assets and Liabilities ](/resources/supervision-and-examinations/examination-policies-manual/section3-7.pdf) |  [ Audio ](/media/25396) |  00:48  |  03/2025   \n3.8  |  [ Off-Balance Sheet Activities ](/resources/supervision-and-examinations/examination-policies-manual/section3-8.pdf) |  [ Audio ](/media/25401) |  00:31  |  06/2019   \n4.1  |  [ Management ](/resources/supervision-and-examinations/examination-policies-manual/section4-1.pdf) |  [ Audio ](/media/25406) |  01:42  |  03/2022   \n4.2  |  [ Internal Routine and Controls ](/resources/supervision-and-examinations/examination-policies-manual/section4-2.pdf) |  [ Audio ](/media/25411) |  02:08  |  03/2015   \n4.3  |  [ Related Organizations ](/resources/supervision-and-examinations/examination-policies-manual/section4-3.pdf) |  [ Audio ](/media/25416) |  01:51  |  12/2004   \n4.4  |  [ Fidelity and Other Indemnity Protection ](/resources/supervision-and-examinations/examination-policies-manual/section4-4.pdf) |  [ Audio ](/media/25421) |  00:36  |  12/2004   \n4.5  |  [ Violations of Laws and Regulations ](/resources/supervision-and-examinations/examination-policies-manual/section4-5.pdf) |  [ Audio ](/media/153131) |  00:20  |  02/2019   \n4.6  |  [ Miscellaneous Banking Activities ](/resources/supervision-and-examinations/examination-policies-manual/section4-6.pdf) |  [ Audio ](/media/153136) |  00:09  |  12/2004   \n5.1  |  [ Earnings ](/resources/supervision-and-examinations/examination-policies-manual/section5-1.pdf) |  [ Audio ](/media/153141) |  0:41  |  07/2018   \n6.1  |  [ Liquidity and Funds Management ](/resources/supervision-and-examinations/examination-policies-manual/section6-1.pdf) |  [ Audio ](/media/153221) |  02:40  |  04/2024   \n7.1  |  [ Sensitivity to Market Risk ](/resources/supervision-and-examinations/examination-policies-manual/section7-1.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-7-1) |  02:00  |  07/2018   \n  \n##  **Part III: Other Examination Issues**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n8.1  |  [ Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Assets Control ](/resources/supervision-and-examinations/examination-policies-manual/section8-1.pdf) |  N/A  |  N/A  |  12/2004   \n9.1  |  [ Bank Fraud and Insider Abuse ](/resources/supervision-and-examinations/examination-policies-manual/section9-1.pdf) |  [ Audio ](/media/153146) |  01:13  |  04/1998   \n10.1  |  [ Suspicious Activity and Criminal Violations ](/resources/supervision-and-examinations/examination-policies-manual/section10-1.pdf) |  [ Audio ](/media/153151) |  01:04  |  11/2017   \n11.1  |  [ International Banking ](/resources/supervision-and-examinations/examination-policies-manual/section11-1.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-11-1) |  03:58  |  01/2018   \n12.1  |  [ Applications ](/resources/supervision-and-examinations/examination-policies-manual/section12-1.pdf) |  [ Audio ](/media/153171) |  02:07  |  02/2002   \n  \n##  **Part IV: Administrative and Enforcement Actions**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n13.1  |  [ Informal Actions ](/resources/supervision-and-examinations/examination-policies-manual/section13-1.pdf) |  [ Audio ](/media/153176) |  00:11  |  04/2016   \n14.1  |  [ Civil Money Penalties ](/resources/supervision-and-examinations/examination-policies-manual/section14-1.pdf) |  [ Audio ](/media/153181) |  00:23  |  11/2023   \n15.1  |  [ Formal Administrative Actions ](/resources/supervision-and-examinations/examination-policies-manual/section15-1.pdf) |  [ Audio ](/media/153196) |  01:03  |  03/2024   \n  \n##  **Part V: Examination Reports**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n16.1  |  [ Report of Examination Instructions ](/resources/supervision-and-examinations/examination-policies-manual/section16-1.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-16-1) |  03:38  |  04/2024   \n16.2  |  [ Report of Examination Instructions \u2013 International ](/resources/supervision-and-examinations/examination-policies-manual/section16-2.pdf) |  [ Audio ](/media/153201) |  00:51  |  01/2018   \n17.1a  |  [ Bank of Anytown \u2013 Current Expected Credit Losses ](/resources/supervision-and-examinations/examination-policies-manual/section17-1a.pdf) |  N/A  |  N/A  |  01/2022   \n17.1b  |  [ Bank of Anytown \u2013 Non-Current Expected Credit Losses ](/resources/supervision-and-examinations/examination-policies-manual/section17-1b.pdf) |  N/A  |  N/A  |  01/2022   \n17.2  |  [ Bank of Anytown \u2013 International ](/resources/supervision-and-examinations/examination-policies-manual/section17-2.pdf) |  N/A  |  N/A  |  01/2018   \n18.1  |  [ Report of Investigation Instructions ](/resources/supervision-and-examinations/examination-policies-manual/section18-1.pdf) |  [ Audio ](/media/153211) |  01:05  |  12/2004   \n19.1  |  [ Bank of Anytown \u2013 Report of Investigation ](/resources/supervision-and-examinations/examination-policies-manual/section19-1.pdf) |  N/A  |  N/A  |  02/2002   \n  \n##  **Part VI: Appendix - Examination Processes and Tools**\n\nSection  |  Title  |  Audio  (Note 1)  |  Run Time (Hrs/Mins)  |  Last Updated   \n---|---|---|---|---  \n20.1  |  [ Risk-Focused, Forward-Looking Safety and Soundness Supervision ](/resources/supervision-and-examinations/examination-policies-manual/section20-1.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-20-1) |  00:32  |  04/2021   \n21.1  |  [ Examination Planning ](/resources/supervision-and-examinations/examination-policies-manual/section21-1.pdf) |  [ Audio ](/risk-management-manual-examination-policies/section-21-1-0 \"section-21-1\") |  00:42  |  10/2024   \n21.2  |  [ Supervisory Planning \u2013 Continuous Examinations ](/resources/supervision-and-examinations/examination-policies-manual/section21-2.pdf) |  [ Audio ](/resources/supervision-and-examinations/examination-policies-manual/section-21-2) |  00:20  |  05/2023   \n22.1  |  [ Examination Documentation Modules ](/risk-management-manual-examination-policies/section-221-examination-documentation-modules \" Section 22.1: Examination Documentation Modules\") |  N/A  |  N/A  |  11/2024   \n23.1  |  _Reserved for Future Documents_ |  N/A  |  N/A  |  N/A   \n  \n(Note 1)  The MP3 files may not be complete copies of the PDF files due to the\nexclusion of charts and tables that do not convert well to audio\npresentations. Therefore, the content in the PDF version takes precedence over\nthe content in the Audio version.\n\nLast Updated: March 27, 2025\n\nCONTACT THE FDIC\n\n[ CONTACT US ](/contact)\n\nSTAY INFORMED\n\n[ Follow the FDIC on Facebook  ](https://www.facebook.com/FDICgov/)\n\n[ Share on X  ](https://x.com/FDICgov)\n\n[ Follow the FDIC on Instagram  ](https://www.instagram.com/fdicgov/)\n\n[ Follow the FDIC on LinkedIn  ](https://www.linkedin.com/company/fdic/)\n\n[ Follow the FDIC on Flickr  ](https://www.flickr.com/photos/187818557@N05/)\n\n[ Follow the FDIC on YouTube  ](https://youtube.com/user/FDICchannel/)\n\nHOW CAN WE HELP YOU?\n\n[ ](https://www.omniture.com/ \"Web Analytics\")\n\n",
                "url": "https://www.fdic.gov/risk-management-manual-examination-policies"
            },
            "reason": "This is a U.S. government website (fdic.gov) providing a risk management manual of examination policies, indicating high reliability.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' risk regulatory compliance",
            "summary": "This is a U.S. government website (fdic.gov) providing a risk management manual of examination policies, indicating high reliability.",
            "url": "https://www.fdic.gov/risk-management-manual-examination-policies"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "da7b0f57-3c59-43c8-b7cc-34344939e8c1",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://ww2.arb.ca.gov/our-work/programs"
                },
                "page_content": "##  Programs\n\nPrograms are the specific actions, research areas, or regulatory\nresponsibilities of the California Air Resources Board.\n\nPrograms are how the Board works to protect public health by improving and\nprotecting air quality. Programs support all aspects of the work of the CARB,\nfrom research and measurements, to policy implementation and regulation\nenforcement.\n\n  * [ Agriculture  ](/our-work/programs?f%5B0%5D=topics%3A219)\n  * [ Airborne Toxics  ](/our-work/programs?f%5B0%5D=topics%3A421)\n  * [ Aircraft & Airports  ](/our-work/programs?f%5B0%5D=topics%3A228)\n  * [ Air Pollution  ](/our-work/programs?f%5B0%5D=topics%3A224)\n  * [ Air Quality Monitoring  ](/our-work/programs?f%5B0%5D=topics%3A384)\n  * [ Air Quality Plans  ](/our-work/programs?f%5B0%5D=topics%3A412)\n  * [ Clean Cars  ](/our-work/programs?f%5B0%5D=topics%3A322)\n  * [ Climate Change  ](/our-work/programs?f%5B0%5D=topics%3A323)\n  * [ Communities  ](/our-work/programs?f%5B0%5D=topics%3A1755)\n  * [ Construction & Earthmoving Equipment  ](/our-work/programs?f%5B0%5D=topics%3A324)\n  * [ Consumer Products  ](/our-work/programs?f%5B0%5D=topics%3A402)\n  * [ Energy  ](/our-work/programs?f%5B0%5D=topics%3A320)\n  * [ Enforcement  ](/our-work/programs?f%5B0%5D=topics%3A400)\n  * [ Environmental Justice  ](/our-work/programs?f%5B0%5D=topics%3A227)\n  * [ Freight & Goods Movement  ](/our-work/programs?f%5B0%5D=topics%3A407)\n  * [ Fuels  ](/our-work/programs?f%5B0%5D=topics%3A406)\n  * [ Health  ](/our-work/programs?f%5B0%5D=topics%3A262)\n  * [ Incentives  ](/our-work/programs?f%5B0%5D=topics%3A409)\n  * [ Indoor Air Quality & Exposure  ](/our-work/programs?f%5B0%5D=topics%3A452)\n  * [ Industry & Manufacturing  ](/our-work/programs?f%5B0%5D=topics%3A403)\n  * [ Lawn, Garden & Landscape Equipment  ](/our-work/programs?f%5B0%5D=topics%3A319)\n  * [ Oceangoing Vessels & Harbor Craft  ](/our-work/programs?f%5B0%5D=topics%3A420)\n  * [ On-Road Heavy-Duty Vehicles  ](/our-work/programs?f%5B0%5D=topics%3A2737)\n  * [ Power Equipment  ](/our-work/programs?f%5B0%5D=topics%3A410)\n  * [ Recreational Vehicles & Watercraft  ](/our-work/programs?f%5B0%5D=topics%3A416)\n  * [ Research  ](/our-work/programs?f%5B0%5D=topics%3A414)\n  * [ Simple Solutions to Improve Air Quality  ](/our-work/programs?f%5B0%5D=topics%3A424)\n  * [ Smoke  ](/our-work/programs?f%5B0%5D=topics%3A418)\n  * [ Sustainable Communities  ](/our-work/programs?f%5B0%5D=topics%3A491)\n  * [ Trains & Railyards  ](/our-work/programs?f%5B0%5D=topics%3A415)\n  * [ Transit  ](/our-work/programs?f%5B0%5D=topics%3A422)\n  * [ Truck & Bus  ](/our-work/programs?f%5B0%5D=topics%3A313)\n  * [ VW Diesel Vehicles  ](/our-work/programs?f%5B0%5D=topics%3A425)\n  * [ Zero-Emission Transportation  ](/our-work/programs?f%5B0%5D=topics%3A143)\n\n267 results found\n\nPROGRAM  |  SUB PROGRAM  |  TOPICS  |  DIVISION   \n---|---|---|---  \n[ AB 2588 Air Toxics \"Hot Spots\" ](/our-work/programs/ab-2588-air-toxics-hot-spots) |  N/A  |  N/A  |  N/A   \n[ AB 2766 Motor Vehicle (MV) Fees Program ](/our-work/programs/ab-2766-mv-fees) |  N/A  |  [ Sustainable Communities ](/our-work/topics/sustainable-communities) |  Sustainable Transportation and Communities Division   \n[ AB 32 Climate Change Scoping Plan ](/our-work/programs/ab-32-climate-change-scoping-plan) |  N/A  |  [ Climate Change ](/our-work/topics/climate-change) |  Industrial Strategies Division   \n[ AB 32 Cost of Implementation Fee Regulation ](/our-work/programs/ab-32-cost-implementation-fee-regulation) |  N/A  |  [ Climate Change ](/our-work/topics/climate-change) |  Industrial Strategies Division   \n[ Abrasive Blasting Program ](/our-work/programs/abrasive-blasting-program-certified-abrasives) |  N/A  |  N/A  |  Monitoring and Laboratory Division   \n[ Access Clean California ](/our-work/programs/access-clean-california) |  N/A  |  [ Incentives ](/our-work/topics/incentives) , [ Zero-Emission Transportation ](/our-work/topics/zero-emission-transportation) |  Mobile Source Control Division   \n[ Accessible Clean Transportation Options SB 350 ](/our-work/programs/accessible-clean-transportation-options-sb-350) |  N/A  |  N/A  |  Mobile Source Control Division   \n[ Adult Education & Vocational School Zero-Emission Vehicle Technology Training Project ](/our-work/programs/adult-education-vocational-school-zero-emission-vehicle-technology-training) |  N/A  |  [ Incentives ](/our-work/topics/incentives) , [ Zero-Emission Transportation ](/our-work/topics/zero-emission-transportation) |  Mobile Source Control Division   \n[ Advanced Clean Cars Program ](/our-work/programs/advanced-clean-cars-program) |  N/A  |  [ Zero-Emission Transportation ](/our-work/topics/zero-emission-transportation) |  Sustainable Transportation and Communities Division   \n[ Advanced Clean Fleets ](/our-work/programs/advanced-clean-fleets) |  N/A  |  [ On-Road Heavy-Duty Vehicles ](/our-work/topics/road-heavy-duty-vehicles) |  N/A   \n[ Advanced Clean Trucks ](/our-work/programs/advanced-clean-trucks) |  N/A  |  N/A  |  Mobile Source Control Division   \n[ Advanced Technology Demonstration and Pilot Projects ](/our-work/programs/advanced-technology-demos-and-pilots) |  N/A  |  [ Incentives ](/our-work/topics/incentives) , [ On-Road Heavy-Duty Vehicles ](/our-work/topics/road-heavy-duty-vehicles) , [ Zero-Emission Transportation ](/our-work/topics/zero-emission-transportation) |  Mobile Source Control Division   \n[ Aftermarket, Performance, and Add-on Parts ](/our-work/programs/aftermarket-performance-and-add-parts) |  N/A  |  N/A  |  Emissions Certification and Compliance Division   \n[ Agricultural & Prescribed Burning ](/our-work/programs/agricultural-prescribed-burning) |  N/A  |  [ Smoke ](/our-work/topics/smoke) |  N/A   \n[ Agricultural Burning ](/our-work/programs/agricultural-burning) |  N/A  |  N/A  |  N/A   \n[ Air Cleaners & Ozone Generating Products ](/our-work/programs/air-cleaners-ozone-generating-products) |  N/A  |  N/A  |  Research Division   \n[ Air Quality Training ](/our-work/programs/air-quality-training) |  N/A  |  [ Enforcement ](/our-work/topics/enforcement) |  Enforcement Division   \n[ Air Resources Board Equipment Registration (ARBER) System ](/our-work/programs/air-resources-board-equipment-registration-arber-system) |  N/A  |  N/A  |  N/A   \n[ Air Toxics Listening Session Series ](/our-work/programs/air-toxics-listening-session-series) |  N/A  |  [ Airborne Toxics ](/our-work/topics/airborne-toxics) , [ Freight & Goods Movement ](/our-work/topics/freight-goods-movement) , [ Trains & Railyards ](/our-work/topics/trains-railyards) , [ Air Pollution ](/our-work/topics/air-pollution) |  Transportation and Toxics Division   \n[ Air Toxics Program ](/our-work/programs/air-toxics-program) |  N/A  |  [ Airborne Toxics ](/our-work/topics/airborne-toxics) , [ Consumer Products ](/our-work/topics/consumer-products) |  Transportation and Toxics Division   \n[ Airborne Toxic Control Measure to Limit Diesel-Fueled Commercial Motor Vehicle Idling ](/our-work/programs/atcm-to-limit-vehicle-idling) |  N/A  |  [ Air Pollution ](/our-work/topics/air-pollution) |  Mobile Source Control Division   \n[ Aliso Canyon Natural Gas Leak ](/our-work/programs/aliso-canyon-natural-gas-leak) |  N/A  |  [ Climate Change ](/our-work/topics/climate-change) |  Research Division   \n[ Almanac of Emissions & Air Quality ](/our-work/programs/almanac-emissions-air-quality) |  N/A  |  N/A  |  N/A   \n[ Alternative Diesel Fuels ](/our-work/programs/alternative-diesel-fuels) |  N/A  |  [ Fuels ](/our-work/topics/fuels) |  Industrial Strategies Division   \n[ Alternative Fuels ](/our-work/programs/alternative-fuels) |  N/A  |  [ Fuels ](/our-work/topics/fuels) |  Industrial Strategies Division   \n[ Ambient Air Monitoring - Regulatory ](/our-work/programs/ambient-air-monitoring-regulatory) |  N/A  |  [ Air Pollution ](/our-work/topics/air-pollution) , [ Air Quality Plans ](/our-work/topics/air-quality-plans) , [ Health ](/our-work/topics/health) , [ Air Quality Monitoring ](/our-work/topics/air-quality-monitoring) |  Mobile Source 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Greenhouse Gas (GHG) Reporting and Climate Related Financial Risk Disclosure Programs ](/our-work/programs/california-corporate-greenhouse-gas-ghg-reporting-and-climate-related-financial) |  N/A  |  [ Climate Change ](/our-work/topics/climate-change) |  Industrial Strategies Division   \n[ California E-Bike Incentive Project ](/our-work/programs/california-e-bike-incentive-project) |  N/A  |  [ Incentives ](/our-work/topics/incentives) , [ Simple Solutions to Improve Air Quality ](/our-work/topics/simple-solutions-improve-air-quality) |  Mobile Source Control Division   \n[ California Greenhouse Gas Emission Inventory Program ](/our-work/programs/ghg-inventory-program) |  N/A  |  [ Climate Change ](/our-work/topics/climate-change) , [ Air Pollution ](/our-work/topics/air-pollution) |  Air Quality Planning and Science Division   \n[ California Methane Research Program ](/our-work/programs/california-methane-research-program) |  N/A  |  N/A  |  N/A   \n[ California Racing Vehicles 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                    "source": "https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/small-medium-sized-deposit-taking-institutions-smsbs-capital-liquidity-requirements-guideline-2025"
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                "page_content": "Guidance\n\n#  Small and Medium-Sized Deposit-Taking Institutions (SMSBs) Capital and\nLiquidity Requirements \u2013 Guideline (2025)\n\nInformation\n\nPublication type\n\nGuideline\n\nCategory\n\nCapital Adequacy Requirements\n\nDate\n\nNovember 21, 2024\n\nSector\n\nBanks,\n\nTrust and Loan Companies\n\nEffective Date\n\nApril 2025\n\nTable of contents\n\nA [ draft version of this guideline ](/en/guidance/guidance-library/small-\nmedium-sized-deposit-taking-institutions-smsbs-capital-liquidity-requirements-\nguideline-2026 \"Small and Medium-Sized Deposit-Taking Institutions \\(SMSBs\\)\nCapital and Liquidity Requirements \u2013 Guideline \\(2026\\)\") is available for\nconsultation. Please provide your feedback by April 22, 2025 to [\n**Consultations@osfi-bsif.gc.ca** ](mailto:Consultations@osfi-bsif.gc.ca) .\n\nSubsections 485(1) and 949(1) of the  Bank Act  (BA), subsection 473(1) of the\nTrust and Loan Companies Act  (TLCA) require banks (including federal credit\nunions), bank holding companies, federally regulated trust companies, and\nfederally regulated loan companies to maintain adequate capital and adequate\nand appropriate forms of liquidity. This Small and Medium-Sized Deposit-Taking\nInstitutions Capital and Liquidity Requirements Guideline (SMSB-CLR) is not\nmade pursuant to subsections 485(2) or 949(2) of the BA, or to subsection\n473(2) of the TLCA. However, the capital, leverage and liquidity standards\nreferred to in this guideline, from the requirements set out in the Capital\nAdequacy Requirements (CAR), Leverage Requirements (LR) and Liquidity Adequacy\nRequirements (LAR) Guidelines, provide the framework within which the\nSuperintendent assesses whether a bank, a bank holding company, a trust\ncompany, or a loan company maintains adequate capital and liquidity pursuant\nto the Acts. For this purpose, the Superintendent has established the\nfollowing minimum standards:\n\n  * the leverage ratio described in the LR Guideline; \n  * the risk-based capital ratios described in the CAR Guideline  Footnote  1  ; \n  * the Liquidity Coverage Ratio (LCR) described in the LAR Guideline; and, \n  * the Net Stable Funding Ratio (NSFR) described in the LAR Guideline. \n\nThe first measure provides an overall measure of the adequacy of an\ninstitution's capital. The second measure focuses on risk faced by the\ninstitution. The third and fourth measures \u2013 in conjunction with additional\nliquidity metrics where OSFI reserves the right to apply supervisory\nrequirements as needed, including the net cumulative cash flow (NCCF), the\noperating cash flow statement (OCFS), the liquidity monitoring tools and the\nintraday liquidity monitoring tools which, when assessed as a package \u2013\nprovide an overall perspective of the liquidity adequacy of an institution.\n\nNotwithstanding that a bank, bank holding company, trust company, or loan\ncompany may meet these standards, the Superintendent may direct a bank or bank\nholding company to increase its capital or to take actions to improve its\nliquidity under subsections 485(3) or 949(3) of the BA, or a trust company or\na loan company to increase its capital or to take actions to improve its\nliquidity under subsection 473(3) of the TLCA.\n\n##  I. Purpose of the Guideline\n\n  1. This guideline details the criteria OSFI uses to segment small and medium-sized deposit-taking institutions (SMSBs) into three categories for the purposes of determining capital and liquidity requirements. \n\n  2. Capital and liquidity requirements for SMSBs are detailed in the Capital Adequacy Requirements (CAR) Guideline, the Leverage Requirements (LR) Guideline and the Liquidity Adequacy Requirements (LAR) Guideline, which are referenced throughout. This guideline is a reference tool for SMSBs to clarify which parts of the CAR, LR and LAR are applicable to SMSBs in their category. \n\n##  II. Scope of Application\n\n  3. For the purposes of this guideline, SMSBs are banks (including federal credit unions), bank holding companies, federally regulated trust companies, and federally regulated loan companies that have not been designated by OSFI as domestic systemically important banks (D-SIBs). This includes subsidiaries of SMSBs or D-SIBs that are banks (including federal credit unions), federally regulated trust companies or federally regulated loan companies. \n\n  4. The segmentation, capital and liquidity requirements referenced in this guideline apply to SMSBs on a consolidated basis. \n\n##  III. Segmentation of SMSBs\n\n  5. SMSBs are segmented into three categories for the purposes of their capital and liquidity requirements based on the general criteria, as follows: \n\n    1. SMSBs reporting more than $10 billion  Footnote  2  in total assets are in **Category I**\n    2. SMSBs reporting less than $10 billion in total assets are in **Category II** if they meet **any** of the following criteria: \n      1. report greater than $100 million in total loans \n      2. enter into interest rate or foreign exchange derivatives with a combined notional amount greater than 100% of total capital \n      3. have any other types of derivative exposure \n      4. have exposure to other off-balance sheet items greater than 100% of total capital  Footnote  3 \n    3. SMSBs reporting less than $10 billion in total assets that do not meet any of the criteria in 5(b) above are in **Category III** . SMSBs that do not meet any of the criteria in 5(b) may also request to OSFI to be in Category II. Any such request must be made in writing, and explain why the Category III capital and liquidity requirements are not appropriate for the nature of their institution\u2019s activities  Footnote  4  . Institutions must make such a request prior to the implementation of this guideline, or in the case of new SMSBs, prior to the making of an Order to Commence and Carry on Business. \n  6. Subsidiaries of SMSBs are subject to the same capital and liquidity requirements as their parent institution. Provided the criteria outlined in the exemption of section 1.2 of the LAR Guideline are met, some subsidiaries of SMSBs may be exempted from adhering to minimum liquidity requirements. \n\n  7. Subsidiaries of D-SIBs are considered to be in Category I for the purposes of capital and liquidity requirements. \n\n  8. Notwithstanding the general criteria in paragraph 5, OSFI has the discretion to move an institution into a different category  Footnote  4  . Factors OSFI may consider include: \n\n     * Changes in an institution's activities that may not yet be reflected in its balance sheet; and, \n     * An institution\u2019s business model, where its category, based on the general criteria above, would result in capital or liquidity requirements that do not appropriately reflect the nature of its activities. \n\nOSFI will notify any institutions that are moved into a category different\nfrom the general criteria in paragraph 5, including the time period in which\nthe institution must meet the requirements of its new category.\n\n  9. New SMSBs will be categorized based on the planned activities and balance sheet in the institution's business plan. The categorization will be confirmed at the time the Superintendent issues an Order to Commence and Carry on Business. \n\n  10. For the purposes of SMSB segmentation, institutions must calculate average total assets and total loans at the end of each fiscal year based on the amount reported in OSFI\u2019s M4 monthly Balance Sheet return for each of the previous 12 months. If an institution crosses either the $10 billion total assets or $100 million total loans thresholds, they must notify OSFI within 60 days of their fiscal year end, and after confirmation by OSFI, would be subject to the requirements of their new category the following fiscal year. If, after a minimum of two fiscal years in a category, an institution once again crosses a segmentation threshold for total assets or total loans, the institution must notify OSFI and would, after confirmation by OSFI, be subject to the requirements of their new category the following fiscal year. \n\nThe following example illustrates how asset or loan thresholds for\nsegmentation would operate in practice. The example focuses on the migration\nbetween Categories III and II, however the process would be the same with the\n$10 billion total asset threshold to move between Categories II and I.\n\nAn institution with a December fiscal year end initially has $90 million in\ntotal loans and is therefore in Category III.\n\nIn January 2024 the total loans threshold is assessed using fiscal 2023 data\nand average total loans, using the 12 month-end balances from fiscal 2023, is\nabove $100 million. The institution must inform OSFI that it has crossed the\nthreshold by March 1, 2024 and, subject to OSFI confirmation, would need to\nmeet the capital and liquidity requirements for Category II for at least two\nyears, starting in Q1 2025.\n\nIn January 2026, the 12-month average calculation is performed again using the\n12 month-end balances from fiscal 2025 and the average total loans is below\nthe $100 million threshold. The institution would then need to inform OSFI\nthat it has crossed the threshold before March 1, 2026, and, subject to OSFI\nconfirmation, would need to meet the capital and liquidity requirements for\nCategory III starting in Q1 2027.\n\n  11. Category III SMSBs must also notify OSFI within 60 days of a fiscal quarter end if they had derivative or other off-balance sheet exposures in excess of the thresholds in paragraph 5(b) (ii), (iii) or (iv) at any point during the quarter. After confirmation from OSFI that the institution no longer meets the criteria for Category III, the institution would then be subject to the requirements of Category II after four fiscal quarters. During this period, OSFI may request an institution that has crossed the derivative and/or off-balance sheet thresholds to track, and regularly report on the notional amount, and exposures, from these activities. An institution that has crossed the derivative or off-balance sheet thresholds must remain in Category II for a minimum of two years. If the institution remains below the thresholds in paragraph 5(b) (ii), (iii) and (iv) for a minimum of two years, the institution must notify OSFI and would, after confirmation by OSFI, be subject to the requirements of Category III after four fiscal quarters. \n\nThe following example illustrates how the derivative and other off-balance\nsheet exposure thresholds for segmentation would operate in practice.\n\nAn institution with a December fiscal year end initially has no derivative\nexposure and is therefore in Category III.\n\nIn February 2024, the institution completes an F/X derivatives trade with a\nnotional value of $15 million, which is greater than the amount of the\ninstitution\u2019s total capital. The institution must inform OSFI, no later than\nMay 31, 2024 (60 days after the fiscal quarter end). The institution would,\nsubject to OSFI confirmation, then be subject to the Category II capital and\nliquidity requirements starting in fiscal Q2 2025. The institution remains in\nCategory II until at least Q2 2027.\n\nThe institution closes all of its derivative exposure in Q4 2025. For the next\ntwo years, the institution has no derivative or other off-balance sheet\nexposures. In Q1 2028, the institution informs OSFI that is has remained below\nthe thresholds in paragraph 5(b) (ii), (iii) or (iv) for two years. After\nwritten confirmation from OSFI, the institution becomes subject to the\nCategory III requirements again starting in fiscal 2029.\n\n##  IV. Category I SMSBs \u2013 Capital and Liquidity Requirements\n\n###  4.1 Risk-Based Capital Requirements\n\n####  4.1.1 Overview of Risk-Based Capital Requirements and Definition of\nCapital\n\n  12. Chapter 1 of the CAR Guideline explains how to calculate risk-based capital ratios and the minimum and target ratios. \n\n     * The minimum risk-based capital ratios for Category I SMSBs are in CAR Chapter 1, section 1.6.1. \n     * Category I SMSBs are also subject to the capital conservation buffer in CAR Chapter 1, section 1.7.1. \n     * The capital targets for Category 1 SMSBs are summarized in CAR Chapter 1, section 1.10. \n     * The countercyclical buffer (CAR Chapter 1, section 1.7.2) may also be applicable to Category I institutions  Footnote  5  . OSFI will inform SMSBs whenever the countercyclical buffer has been deployed in Canada and must be applied to domestic exposures. Category I institutions must also apply the countercyclical buffer for any international exposures where the countercyclical buffer has been deployed by the local regulator. \n     * The D-SIB Surcharge and the Domestic Stability Buffer described in Chapter 1 of the CAR Guideline are not applicable to Category I SMSBs. \n     * Annex 1 of Chapter 1 of the CAR Guideline (Domestic Systemic Targets and Capital Targets) is not applicable to Category I SMSBs. \n  13. Category I SMSBs are eligible to apply to use the Internal Ratings Based (IRB) approach for credit risk, as detailed in section 1.4.1 in Chapter 1 of the CAR. CAR Chapter 1, section 1.5, which describes the Capital Floor, is only applicable to Category I SMSBs that have been approved by OSFI to use the IRB approach. \n\n  14. Chapter 2 of the CAR Guideline defines the tiers of capital used in the calculation of the risk-based capital ratios, as well as required adjustments to each tier of capital. \n\n####  4.1.2 Operational Risk\n\n  15. Chapter 3 of the CAR Guideline details how to calculate operational risk capital requirements using either the Simplified Standardized or Standardized Approach. \n\n  16. Category I SMSBs with an annual Adjusted Gross Income  Footnote  6  greater than $1.5 billion must use the Standardized Approach (see CAR Chapter 3, section 3.2 and section 3.4). \n\n  17. Category I SMSBs with an annual Adjusted Gross Income less than $1.5 billion are also eligible to apply to use the Standardized Approach, if they meet the criteria detailed in section 3.2 of the CAR Guideline. \n\n  18. Unless approved by OSFI to use the Standardized Approach, Category I SMSBs with an annual Adjusted Gross Income less than $1.5 billion must use the Simplified Standardized Approach (section 3.3 of CAR Chapter 3). For these institutions, CAR Chapter 3, section 3.4 (Standardized Approach) is not applicable. \n\n#####  Chart 1 - Application of Operational Risk Framework (CAR Chapter 3) for\nCategory I Banks\n\nText Description - Chart 1\n\nStart: Is Adjusted Gross Income greater than $1.5B?\n\n  * Yes \n    * Use Standardized Approach (section 3.4) \n  * No \n    * Received OSFI Approval to use Standardized Approach? \n      * Yes \n        * Use Standardized Approach (section 3.4) \n      * No \n        * Use Simplified Standardized Approach (section 3.3) \n\n####  4.1.3 Credit Risk\n\n  19. The following section provides information related to the credit risk requirements for Category I SMSBs, broken down by the following exposure types: \n\n    1. Banking Book; \n    2. Securitization; and, \n    3. Exposures with Counterparty Credit Risk. \n\n#####  Banking Book Exposures\n\n  20. Risk-weighted assets (RWA) for **banking book** exposures, with the exception of certain securitizations, exposures with counterparty credit risk and CVA exposures, are calculated using either the Standardized or IRB approach. \n\n     * Chapter 5 of the CAR Guideline details the IRB approach to calculating credit risk capital. This chapter is only applicable to those Category I SMSBs that have received OSFI approval to use the IRB approach. \n     * Chapter 4 of the CAR Guideline details how to calculate credit risk capital using the Standardized Approach. This chapter is applicable to all Category I SMSBs. Category I SMSBs are eligible to apply a simplified treatment to the asset class groupings listed in Appendix I of Chapter 4 of the CAR Guideline, provided the total exposure to the asset class grouping does not exceed $500 million. \n  21. Category I SMSBs may reflect eligible guarantees or credit derivatives designed to mitigate credit risk for banking book exposures in the calculation of RWA using either: \n\n     * the IRB approach, if an institution has approval to use the IRB approach for both the original exposure and the guarantor. The recognition of guarantees and credit derivatives under the IRB approach is detailed in section 5.4 of Chapter 5 of the CAR Guideline; or, \n     * the Standardized Approach, as detailed in section 4.3 of Chapter 4 of the CAR Guideline, for all other guarantees and credit derivatives. \n\n#####  Chart 2 \u2013 Application of the CAR Guideline for Credit Risk in the\nBanking Book for Category I SMSBs (CAR Chapters 4-5)\n\nText Description - Chart 2\n\nStart: Has the institution been approved by OSFI to use IRB approach?\n\n  * Yes \n    * Use IRB approach for banking book exposures (Chapter 5). Use standardized approach (Chapter 4) for purposes of floor calculation \n    * Does institution have guarantees or derivatives designed to mitigate credit risk? \n      * Yes \n        * Use either the IRB (section 5.4 of Chapter 5) or Standardized Approach (simple or comprehensive, section 4.3 of Chapter 4) to calculate RWA for credit risk mitigation transactions, depending on whether or not the institution has approval to use the IRB approach for both the original exposure and the guarantor \n      * No \n        * Section 4.3 of Chapter 4 is not applicable \n  * No \n    * Use Standardized approach for banking book exposures (Chapter 4) \n    * Does institution have guarantees or derivatives designed to mitigate credit risk? \n      * Yes \n        * Use the Standardized Approach (simple or comprehensive) to calculate RWA for credit risk mitigation transactions (section 4.3 of Chapter 4) \n      * No \n        * Section 4.3 of Chapter 4 is not applicable \n\n#####  Securitization Exposures\n\n  22. Chapter 6 of the CAR Guideline details how to calculate RWA for **securitization** exposures. This chapter is only applicable for Category I SMSBs if they have securitization exposures that involve tranching, with associated subordination of credit risk, as defined in paragraph 3 and section 6.1 of Chapter 6 of the CAR Guideline  Footnote  7  . \n\n     * Securitization exposures can include, but are not restricted to, the following: asset-backed securities, mortgage-backed securities, credit enhancements, liquidity facilities, loans to securitization vehicles to fund the acquisition of assets, interest rate or currency swaps, credit derivatives and tranched cover  Footnote  8  . \n  23. In order to apply the securitization treatment in Chapter 6 for exposures originated by the institution (e.g. assets sold into a securitization structure), the operational requirements for risk transference detailed in section 6.3 must be met  Footnote  9  . If these requirements are not met, institutions must risk weight the assets underlying the securitization as if they had not been securitized. \n\n  24. When calculating RWA for each securitization exposure, institutions must follow the hierarchy of approaches outlined in section 6.5.2 of Chapter 6 of the CAR Guideline. The terms used in the descriptions of the approaches are defined in section 6.2 of CAR Chapter 6. \n\n     * The Securitization Internal Ratings-Based Approach (SEC-IRBA, section 6.6.1 in Chapter 6 of the CAR Guideline) and the Internal Assessment Approach (SEC-IAA, section 6.6.3 in Chapter 6 of the CAR Guideline) are only applicable to Category I SMSBs that have received OSFI approval to use IRB approaches for the relevant assets in these securitization structures. \n     * Category I institutions that have not received OSFI approval to use IRB approaches for the relevant assets must use either the External Ratings-Based Approach (SEC-ERBA, section 6.6.2 in Chapter 6 of the CAR Guideline) or the standardized approach (SEC-SA, section 6.6.4 in Chapter 6 of the CAR Guideline). \n\n#####  Chart 3 \u2013 Application of the CAR Guideline for Securitization Exposures\nfor Category I SMSBs (CAR Chapter 6)\n\nText Description - Chart 3\n\nStart: Does the institution have any exposure to \u201ctranched\u201d* securitization\nstructures or cover? *Note: \u201cTranched\u201d is where there is concentration or non-\nproportional mitigation of credit risk across a pool of assets (e.g. NHA MBS\nare not considered a tranched securitization structure)\n\n  * No \n    * Chapter 6 is not applicable \n  * Yes \n    * Has the institution sold assets into a \u201ctranched\u201d* securitization structure? \n      * If Yes, follow these steps for each exposure: \n        * Are the operational requirements for risk transference (section 6.3) met? \n          * No \n            * Chapter 6 is not applicable, these exposures should be risk-weighted based on CAR Chapters 4-5. \n          * Yes \n            * Has the institution been approved by OSFI to use IRB approach? \n            * Yes - Follow the hierarchy of approaches outlined in section 6.5.2 for this exposure \n            * No - Is the institution\u2019s exposure rated by a recognized external credit adjudication institution (ECAI)? \n              * Yes-Apply the external ratings-based approach (SEC-ERBA, section 6.6.2) for this exposure \n              * No - Apply the standardized approach (SEC-SA, section 6.6.4) for this exposure \n    * Does the institution have other \u201ctranched\u201d* exposures (e.g. investments, loans, guarantees, commitments, credit protection)? \n      * If Yes, follow these steps for each exposure: \n        * Has the institution been approved by OSFI to use IRB approach? \n          * Yes - Follow the hierarchy of approaches outlined in section 6.5.2 for this exposure \n          * No - Is the institution\u2019s exposure rated by a recognized external credit adjudication institution (ECAI)? \n            * Yes-Apply the external ratings-based approach (SEC-ERBA, section 6.6.2) for this exposure \n            * No - Apply the standardized approach (SEC-SA, section 6.6.4) for this exposure \n\n#####  Counterparty Credit Risk\n\n  25. Category I SMSBs with exposures to instruments with counterparty credit risk must also calculate a capital charge for counterparty credit risk for these exposures. Exposures with counterparty credit risk, as detailed in CAR Chapter 7, section 7.1.2, are: \n\n     * Over the counter (OTC) Derivatives; \n     * Exchange-traded derivatives (ETDs); \n     * Long Settlement transactions; and, \n     * Securities Financing Transactions (SFTs). \n  26. The following approaches should be used for counterparty credit risk exposure, unless the institution has approval from OSFI to use an Internal Model Method (IMM): \n\n     * For **derivative and long settlement transaction exposures** : \n       * the standardized approach for counterparty credit risk (SA-CCR), detailed in Chapter 7, section 7.1.7 of the CAR Guideline, should be used to calculate exposure or exposure at default (EAD); and \n       * Chapter 4 or 5 of the CAR Guideline should be used to determine the applicable risk-weight, depending on whether or not the institution has been approved to use IRB models for the exposure. \n     * For **SFT exposures** : \n       * the simple or comprehensive approach (detailed in CAR Chapter 4, section 4.3.3), or the VaR model  Footnote  10  approach for collateralized transactions, should be used to calculate exposure or EAD; and, \n       * Chapter 4 or 5 of the CAR Guideline should be used to determine the applicable risk-weight, depending on whether or not the institution has been approved to use IRB models for the exposure. \n  27. Only those Category I SMSBs that are required by OSFI to apply the market risk framework are eligible to apply to use an IMM for counterparty credit risk, as detailed in CAR Chapter 7, section 7.1.4. These institutions can apply to OSFI to use IMM for either derivative or SFT exposures (or both). CAR Chapter 7, section 7.1.5, details how to measure exposure and capital requirements using IMM. \n\n#####  Chart 4 \u2013 Application of Different Approaches for Counterparty Credit\nRisk for Category I SMSBs\n\nText Description - Chart 4\n\nStart: Does the institution have exposures with counterparty credit risk?\n\n  * No \n    * CAR Chapter 7 and Chapter 8 are not applicable \n  * Yes \n    * Has OSFI informed the institution that it must apply market risk framework? \n      * No \n        * For derivatives, use standardized approach for counterparty credit risk for derivative and long settlement transaction exposures (section 7.1.6 of CAR Chapter 7). For securities financing transactions, use the simple or comprehensive approach for counterparty credit risk for securities financing transaction (SFT) exposures (section 4.3.3 of CAR Chapter 4) \n      * Yes \n        * Has the institution been approved by OSFI to use IMM for derivatives and long settlement transactions? \n          * Yes \u2013 Use Internal Model Method (section 7.1.5 of CAR Chapter 7) for counterparty credit risk for those exposures where IMM approval has been granted \n          * No - Use standardized approach for counterparty credit risk for derivative and long settlement transaction exposures (section 7.1.6 of CAR Chapter 7) \n        * Has the institution been approved by OSFI to use IMM for SFTs? \n          * Yes \u2013 Use Internal Model Method (section 7.1.5 of CAR Chapter 7) for counterparty credit risk for those exposures where IMM approval has been granted \n          * No - Has the institution been approved by OSFI to use the VaR Model approach for SFTs? \n            * Yes - Use the VaR Models approach for counterparty credit risk for securities financing transaction (SFT) exposures (section 4.3.3 of CAR Chapter 4) \n            * No - Use the simple or comprehensive approach for counterparty credit risk for securities financing transaction (SFT) exposures (section 4.3.3 of CAR Chapter 4) \n\n  28. Category I SMSBs are also subject to capital requirements for credit valuation adjustment risk (CVA, see Chapter 8 of the CAR Guideline) to cover the risk of mark-to-market losses on the expected counterparty risk for each of the following types of exposures: \n\n     * Over the counter (OTC) instruments with counterparty credit risk (e.g. OTC derivatives)  Footnote  11  ; and \n     * Securities financing transactions (SFT), if OSFI has notified the institution that it has determined that the institution's CVA loss exposures arising from SFT transactions are material. \n  29. Chapter 8 of the CAR Guideline is not applicable for Category I SMSBs that do not have either of the two types of exposures in paragraph 28  Footnote  12  . \n\n#####  Chart 5 \u2013 Application of the CAR Guideline for CVA for Category I SMSBs\n\nText Description - Chart 5\n\nStart: Does institution have exposure to OTC derivatives?\n\n  * Yes - Has institution received OSFI approval for IMM and IRR VaR model for bonds? \n    * Yes - Use any of the approaches in Chapter 8 for CVA capital charge for OTC derivatives \n    * No - Use standardized approach for CVA capital charge in Chapter 8 for OTC derivatives \n  * No - No CVA capital charge for OTC derivative \n\nHas OSFI designated institution as having material CVA exposures from STFs?\n\n  * No - No CVA capital charge for SFT exposures \n  * Yes - Has institution received OSFI approval for IMM or IRR VaR model for bonds? \n    * Yes - Use any of the approaches in Chapter 8 for CVA capital charge for SFTs \n    * No - Use standardized approach for CVA capital charge in Chapter 8 for SFTs \n\n####  4.1.4 Market Risk and Trading Book Exposures\n\n  30. Category I SMSBs will be informed by OSFI if the market risk framework is applicable to their institution. These institutions should use one of the approaches detailed in Chapter 9 of the CAR Guideline to calculate RWA for market risk, in consultation with OSFI. \n\n  31. All other Category I SMSBs, for whom the market risk framework is not applicable, should include any trading book exposures in the calculation of RWA using the approaches detailed in other chapters of the CAR Guideline  Footnote  13  . For these institutions, Chapter 9 of the CAR Guideline is not applicable. \n\n#####  Chart 6 \u2013 Application of the CAR Guideline for Market Risk for Category\nI SMSBs\n\nText Description - Chart 6\n\nStart: Has OSFI informed the institution that they must apply the market risk\nframework?\n\n  * Yes - Use one of the approaches in Chapter 9 to calculate RWA for market risk (in consultation with OSFI) \n  * No - No market risk capital charge (Chapter 9 is not applicable) and capital charge for any trading book exposures should be calculated using approaches in other CAR chapters (see Annex 2) \n\n###  4.2 Leverage Requirements\n\n  32. The LR Guideline outlines the leverage requirements for Category I SMSBs, including minimum and authorized leverage ratios. Category I SMSBs are **not** subject to the leverage ratio buffer described in section IV of the LR Guideline. \n\n###  4.3 Liquidity Requirements\n\n  33. Chapter 1 of the LAR Guideline provides an overview of the liquidity adequacy requirements. Category I SMSBs are subject to all of the liquidity metrics detailed in section 1.3 of the LAR Guideline, with the following exceptions: \n\n     * Only those Category I SMSBs with a significant level of wholesale funding are subject to a minimum Net Stable Funding Ratio (NSFR) requirement (see paragraph 36 below). \n     * Category I SMSBs are not subject to any requirements related to the Operating Cash Flow Statement (OCFS) (LAR Chapter 5). \n     * Category I SMSBs are only subject to the intraday liquidity monitoring tools (LAR Chapter 7) if they are direct clearers. \n  34. OSFI generally considers the liquidity adequacy of subsidiaries of SMSBs in the context of the consolidated parent entity. Therefore, subsidiaries of Category I SMSBs may be exempted from the minimum liquidity requirements in the LAR, provided they meet the criteria in section 1.2 of the LAR Guideline. Subsidiaries of D-SIBs are subject to the same liquidity adequacy requirements as Category I SMSBs, with the exception of: \n\n    1. The NSFR (see paragraph 36); and, \n    2. The NCCF, provided they meet the criteria in the LAR (Chapter 1, paragraph 4). \n  35. All Category I SMSBs are subject to the requirements of the Liquidity Coverage Ratio (LCR), detailed in Chapter 2 of the LAR Guideline. \n\n  36. The Net Stable Funding Ratio (NSFR), detailed in Chapter 3 of the LAR Guideline, is only applicable to Category I SMSBs with significant reliance on wholesale funding, defined as funding 40% or more of their total on-balance sheet assets with wholesale funding sources, as detailed in Chapter 3, Annex 1 of the LAR. Note that the NSFR is only a requirement for the consolidated parent entity in Canada that is regulated by OSFI, therefore subsidiaries of D-SIBs and subsidiaries of SMSBs are not subject to separate NSFR requirements. \n\nThe following examples illustrate when the NSFR would, or would not, be\napplicable:\n\nExample #1: A Category I SMSB is a subsidiary of another financial institution\noutside Canada. This SMSB would be subject to the NSFR requirement if its\nwholesale funding levels exceed the 40% threshold.\n\nExample #2: A federally-regulated trust company in Canada is a subsidiary of a\nD-SIB. This SMSB would not be subject to the NSFR.\n\nExample #3: A Category I SMSB is a subsidiary of a provincially-regulated\ncredit union. This SMSB would be subject to the NSFR requirement if its\nwholesale funding levels exceed the 40% threshold.\n\n  37. Chapter 4 of the LAR Guideline details the Net Cumulative Cash Flow (NCCF) metric and related requirements. Category I SMSBs are subject to the Comprehensive NCCF. The Streamlined NCCF is not applicable to Category I SMSBs. \n\n  38. The Operating Cash Flow Statement (OCFS) detailed in Chapter 5 of the LAR Guideline is not applicable to Category I SMSBs. \n\n  39. Chapter 6 of the LAR Guideline details several other liquidity monitoring tools applicable to Category I SMSBs that should be used to assess their liquidity adequacy. \n\n  40. Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category I SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx. \n\n##  V. Category II SMSBs \u2013 Capital and Liquidity Requirements\n\n###  5.1 Risk-Based Capital Requirements\n\n####  5.1.1 Overview of Risk-Based Capital Requirements and Definition of\nCapital\n\n  41. Chapter 1 of the CAR Guideline explains how to calculate risk-based capital ratios and sets out the minimum and target ratios. \n\n     * The minimum risk-based capital ratios for Category II SMSBs are in CAR Chapter 1, section 1.6.1. \n     * Category II SMSBs are also subject to the capital conservation buffer in CAR Chapter 1, section 1.7.1. \n     * The capital targets for Category II SMSBs are summarized in CAR Chapter 1, section 1.10. \n     * The countercyclical buffer (CAR Chapter 1, section 1.7.2) may also be applicable to Category II institutions  Footnote  14  . OSFI will inform SMSBs whenever the countercyclical buffer has been deployed in Canada, and must be applied to domestic exposures. Category II institutions must also apply the countercyclical buffer for any international exposures where the countercyclical buffer has been deployed by the local regulator. \n     * The D-SIB Surcharge and the Domestic Stability Buffer described in Chapter 1 of the CAR Guideline are not applicable to Category II SMSBs. \n     * Annex 1 of Chapter 1 of the CAR Guideline (Domestic Systemic Targets and Capital Targets) is not applicable to Category II SMSBs. \n  42. Category II SMSBs are not eligible to apply to use the Internal Ratings Based (IRB) approach for credit risk, therefore sections 1.4 and 1.5 of Chapter 1 of the CAR Guideline are not applicable to these institutions. \n\n  43. Chapter 2 of the CAR Guideline defines the tiers of capital used in the calculation of the risk-based capital ratios, as well as required adjustments to each tier of capital. \n\n####  5.1.2 Operational Risk\n\n  44. Chapter 3 of the CAR Guideline details how to calculate operational risk capital. Category II SMSBs must use the Simplified Standardized Approach, therefore CAR Chapter 3, section 3.4 (Standardized Approach) is not applicable. \n\n####  5.1.3 Credit Risk\n\n  45. The following section provides information related to the credit risk requirements for Category II SMSBs, broken down by the following exposure types: \n\n    1. Banking Book; \n    2. Securitization; and, \n    3. Exposures with Counterparty Credit Risk. \n\n#####  Banking Book Exposures\n\n  46. RWA for **banking book** exposures, with the exception of certain securitizations, exposures with counterparty credit risk and CVA exposures, are calculated using the Standardized Approach (detailed in Chapter 4 of the CAR Guideline). Category II SMSBs are eligible to apply a simplified treatment to the asset class groupings listed in Appendix I of Chapter 4 of the CAR Guideline, provided the total exposure to the asset class grouping does not exceed $500 million. \n\n  47. Category II SMSBs may reflect eligible guarantees or credit derivatives designed to mitigate credit risk for banking book exposures in the calculation of RWA using the Standardized Approach, as detailed in section 4.3 of Chapter 4 of the CAR Guideline. \n\n  48. Chapter 5 of the CAR Guideline is not applicable to Category II SMSBs. \n\n#####  Chart 7 \u2013 Application of the CAR Guideline for Credit Risk in the\nBanking Book for Category II SMSBs (CAR Chapter 4)\n\nText Description - Chart 7\n\nStart:\n\n  * For asset class groupings in banking book with total exposure less than $500 million: May use either simplified or regular treatment in standardized approach (Chapter 4) for these asset class groupings. \n  * For asset class groupings in banking book with total exposure greater than $500 million: Must use regular (i.e. not simplified) treatment in standardized approach (Chapter 4) for these asset class groupings. \n  * Does institution have guarantees or derivatives designed to mitigate credit risk? \n    * Yes \u2013 Use the Standardized Approach to calculate RWA for credit risk mitigation transactions (section 4.3 of Chapter 4) \n    * No - Section 4.3 of Chapter 4 is not applicable \n\n#####  Securitization Exposures\n\n  49. Chapter 6 of the CAR Guideline details how to calculate RWA for **securitization** exposures. This chapter is only applicable for Category II SMSBs if they have securitization exposures that involve tranching, with associated subordination of credit risk, as defined in paragraph 3 and section 6.1 of Chapter 6 of the CAR Guideline  Footnote  15  . \n\n     * Securitization exposures can include, but are not restricted to the following: asset-backed securities, mortgage-backed securities, credit enhancements, liquidity facilities, loans to securitization vehicles to fund the acquisition of assets, interest rate or currency swaps, credit derivatives and tranched cover  Footnote  16  . \n  50. In order to apply the securitization treatment in Chapter 6 of the CAR Guideline for exposures originated by the institution (e.g. assets sold into a securitization structure), the operational requirements for risk transference detailed in section 6.3 must be met  Footnote  17  . If these requirements are not met, institutions must risk-weight the assets underlying the securitization as if they had not been securitized. \n\n  51. When calculating RWA for each securitization exposure, Category II SMSBs must use either the External Ratings-Based Approach (SEC-ERBA, section 6.6.2 of the CAR Guideline) or the Standardized Approach (SEC-SA, section 6.6.4 of the CAR Guideline) for securitization exposures. Since Category II SMSBs are **not** eligible to use either the Internal Ratings-Based Approach (SEC-IRBA, section 6.6.1 of the CAR Guideline) or the Internal Assessment Approach (SEC-IAA, section 6.6.3 of the CAR Guideline), these sections do not apply. \n\n#####  Chart 8 \u2013 Application of the CAR Guideline for Securitization Exposures\nfor Category II SMSBs (CAR Chapter 6)\n\nText Description - Chart 8\n\nStart: Does the institution have any exposure to \u201ctranched\u201d* securitization\nstructures or cover? *Note: \u201cTranched\u201d is where there is concentration or non-\nproportional mitigation of credit risk across a pool of assets (e.g. NHA MBS\nare not considered a tranched securitization structure)\n\n  * No \n    * Chapter 6 is not applicable \n  * Yes \n    * Has the institution sold assets into a \u201ctranched\u201d* securitization structure? \n      * If Yes, follow these steps for each exposure: \n        * Are the operational requirements for risk transference (section 6.3) met? \n          * No \n            * Chapter 6 is not applicable, these exposures should be risk-weighted based on CAR Chapters 4-5. \n          * Yes \n            * Is the institution\u2019s exposure rated by a recognized external credit adjudication institution (ECAI)? \n              * Yes-Apply the external ratings-based approach (SEC-ERBA, section 6.6.2) for this exposure \n              * No - Apply the standardized approach (SEC-SA, section 6.6.4) for this exposure \n    * Does the institution have other \u201ctranched\u201d* exposures (e.g. investments, loans, guarantees, commitments, credit protection)? \n      * If Yes, follow these steps for each exposure: \n        * Is the institution\u2019s exposure rated by a recognized external credit adjudication institution (ECAI)? \n          * Yes-Apply the external ratings-based approach (SEC-ERBA, section 6.6.2) for this exposure \n          * No - Apply the standardized approach (SEC-SA, section 6.6.4) for this exposure \n\n#####  Counterparty Credit Risk\n\n  52. Category II SMSBs with exposures to instruments with counterparty credit risk must also calculate a capital charge for counterparty credit risk for these exposures. Exposures with counterparty credit risk, as detailed in CAR Chapter 7, section 7.1.2, are: \n\n     * Over the counter (OTC) Derivatives; \n     * Exchange-traded derivatives (ETDs); \n     * Long Settlement transactions; and, \n     * Securities Financing Transactions (SFTs). \n  53. The following approaches should be used for counterparty credit risk exposure, unless the institution has approval from OSFI to use an Internal Model Method (IMM): \n\n     * For **derivative and long settlement transaction exposures** : \n       * the standardized approach for counterparty credit risk (SA-CCR), detailed in Chapter 7, section 7.1.7 of the CAR Guideline, should be used to calculate exposure or exposure at default (EAD); and \n       * Chapter 4 of the CAR Guideline should be used to determine the applicable risk-weight. \n     * For **SFT exposures** : \n       * the simple or comprehensive approach (detailed in CAR Chapter 4, section 4.3.3) should be used to calculate exposure or EAD; and, \n       * Chapter 4 of the CAR Guideline should be used to determine the applicable risk-weight. \n  54. Only those Category II SMSBs that are required by OSFI to apply the market risk framework are eligible to apply to use an IMM for counterparty credit risk, as detailed in CAR Chapter 7, section 7.1.4. These institutions can apply to OSFI to use IMM for either derivative or SFT exposures (or both). CAR Chapter 7, section 7.1.5, details how to measure exposure and capital requirements using IMM. \n\n#####  Chart 9 \u2013 Application of Different Approaches for Counterparty Credit\nRisk for Category II SMSBs\n\nText Description - Chart 9\n\nStart: Does the institution have exposures with counterparty credit risk?\n\n  * No \n    * CAR Chapter 7 and Chapter 8 are not applicable \n  * Yes \n    * Has OSFI informed the institution that it must apply market risk framework? \n      * Yes \n        * Has the institution been approved by OSFI to use IMM for derivatives and long settlement transactions? \n          * Yes \u2013 Use Internal Model Method (section 7.1.5 of CAR Chapter 7) for counterparty credit risk for those exposures where IMM approval has been granted \n          * No - Use standardized approach for counterparty credit risk for derivative and long settlement transaction exposures (section 7.1.7 of CAR Chapter 7) \n        * Has the institution been approved by OSFI to use IMM for SFTs? \n          * Yes \u2013 Use Internal Model Method (section 7.1.5 of CAR Chapter 7) for counterparty credit risk for those exposures where IMM approval has been granted \n          * No - Use the simple or comprehensive approach for counterparty credit risk for securities financing transaction (SFT) exposures (section 4.3.3 of CAR Chapter 4) \n      * No \u2013 for derivatives, use standardized approach for counterparty credit risk for derivative and long settlement transaction exposures (section 7.1.7 of CAR Chapter 7). For securities financing transactions, use the simple or comprehensive approach for counterparty credit risk for securities financing transaction (SFT) exposures (section 4.3.3 of CAR Chapter 4) \n\n  55. Category II SMSBs are also subject to capital requirements for credit value adjustment risk (CVA, see Chapter 8 of the CAR Guideline) to cover the risk of mark-to-market losses on the expected counterparty risk for each of the following types of exposures: \n\n     * Over the counter (OTC) instruments with counterparty credit risk (e.g. OTC derivatives)  Footnote  18  ; and \n     * Securities financing transactions (SFT), if OSFI has notified the institution that it has determined that the institution's CVA loss exposures arising from SFT transactions are material. \n  56. Chapter 8 of the CAR Guideline is not applicable for Category II SMSBs that do not have either of the two types of exposures in paragraph 55  Footnote  19  . \n\n#####  Chart 10 \u2013 Application of the CAR Guideline for CVA for Category II\nSMSBs\n\nText Description - Chart 10\n\nStart: Does institution have exposure to OTC derivatives?\n\n  * No \n    * No CVA capital charge for OTC derivatives \n  * Yes \n    * Has institution received OSFI approval for IMM and IRR VaR model for bonds? \n      * Yes - Use any of the approaches in Chapter 8 for CVA capital charge for OTC derivatives \n      * No - Use standardized approach for CVA capital charge in Chapter 8 for OTC derivatives \n\nHas OSFI designated institution as having material CVA exposures from STFs?\n\n  * No \n    * No CVA capital charge for SFT exposures \n  * Yes - Has institution received OSFI approval for IMM or IRR VaR model for bonds? \n    * Yes - Use any of the approaches in Chapter 8 for CVA capital charge for SFTs \n    * No - Use standardized approach for CVA capital charge in Chapter 8 for SFTs \n\n####  5.1.4 Market Risk and Trading Book Exposures\n\n  57. Category II SMSBs will be informed by OSFI if the market risk framework is applicable to their institution. These institutions should use one of the approaches detailed in Chapter 9 of the CAR Guideline to calculate RWA for market risk, in consultation with OSFI. \n\n  58. All other Category II SMSBs, for whom the market risk framework is not applicable, should include any trading book exposures in the calculation of RWA using the approaches detailed in other chapters of the CAR Guideline  Footnote  20  . For these institutions, Chapter 9 of the CAR Guideline is not applicable. \n\n#####  Chart 11 \u2013 Application of the CAR Guideline for Market Risk for\nCategory II SMSBs\n\nText Description - Chart 11\n\nStart: Has OSFI informed the institution that they must apply the market risk\nframework?\n\n  * Yes - Use one of the approaches in Chapter 9 to calculate RWA for market risk (in consultation with OSFI) \n  * No - No market risk capital charge (Chapter 9 is not applicable) and capital charge for any trading book exposures should be calculated using approaches in other CAR chapters (see Annex 2) \n\n###  5.2 Leverage Requirements\n\n  59. The LR Guideline outlines the leverage requirements for Category II SMSBs, including minimum and authorized leverage ratios. Category II SMSBs are **not** subject to the leverage ratio buffer described in section IV of the LR Guideline. \n\n###  5.3 Liquidity Requirements\n\n  60. Chapter 1 of the LAR Guideline provides an overview of the liquidity adequacy requirements. Category II SMSBs are subject to all of the liquidity metrics detailed in section 1.3 of the LAR Guideline, with the following exceptions: \n\n     * Category II SMSBs are not subject to any requirements related to the Net Stable Funding Ratio (NSFR). \n     * Category II SMSBs are not subject to any requirements related to the Operating Cash Flow Statement (OCFS). \n     * Category II SMSBs are only subject to the intraday liquidity monitoring tools (LAR Chapter 7) if they are direct clearers. \n  61. OSFI generally considers the liquidity adequacy of subsidiaries of SMSBs in the context of the consolidated parent entity. Therefore, subsidiaries of Category II SMSBs may be exempted from the minimum liquidity requirements in the LAR Guideline, provided they meet the criteria in section 1.2 of Chapter 1 of the LAR Guideline. \n\n  62. All Category II SMSBs are subject to the requirements of the Liquidity Coverage Ratio (LCR), detailed in Chapter 2 of the LAR Guideline. \n\n  63. Category II SMSBs are not subject to the Net Stable Funding Ratio (NSFR) requirements. Therefore Chapter 3 of the LAR Guideline is not applicable to these institutions. \n\n  64. Chapter 4 of the LAR Guideline details the Net Cumulative Cash Flow (NCCF) metric and related requirements. Category II SMSBs should complete the Streamlined NCCF unless directed otherwise by OSFI. \n\n  65. The Operating Cash Flow Statement (OCFS) detailed in Chapter 5 of the LAR Guideline is not applicable to Category II SMSBs. \n\n  66. Chapter 6 of the LAR Guideline details several other liquidity monitoring tools applicable to Category II institutions to assess their liquidity adequacy. \n\n  67. Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category II SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx. \n\n##  VI. Category III SMSBs \u2013 Capital and Liquidity Requirements\n\n###  6.1 Risk-Based Capital Requirements\n\n  68. Category III SMSBs are subject to a Simplified Risk-Based Capital Ratio (SRBCR), as described in section 1.6.2 in Chapter 1 of the CAR Guideline. \n\n     * The minimum SRBCRs for Category III SMSBs are in CAR Chapter 1, section 1.6.2. \n     * Category III SMSBs are also subject to the capital conservation buffer detailed in section 1.7.1 of the CAR Guideline. \n     * The capital targets for Category III SMSBs are summarized in CAR Chapter 1, section 1.10. \n     * The countercyclical buffer (CAR Chapter 1, section 1.7.2) may also be applicable to Category III institutions  Footnote  21  . OSFI will inform SMSBs whenever the countercyclical buffer has been deployed in Canada, and must be applied to domestic exposures. Category III institutions must also apply the countercyclical buffer for any international exposures where the countercyclical buffer has been deployed by the local regulator. \n     * The D-SIB Surcharge and the Domestic Stability Buffer described in Chapter 1 of the CAR Guideline are not applicable to Category III SMSBs. \n     * Annex 1 of Chapter 1 of the CAR Guideline (Domestic Systemic Targets and Capital Targets) is not applicable to Category III SMSBs. \n  69. Sections 1.4 and 1.5 of Chapter 1 of the CAR Guideline (IRB approach) are also not applicable to Category III SMSBs. \n\n  70. Chapter 2 of the CAR Guideline defines the tiers of capital used in the calculation of the risk-based capital ratios, including the SRBCR, as well as required adjustments to each tier of capital. \n\n  71. Chapter 3 of the CAR Guideline details how to calculate operational risk capital. Category III SMSBs must use the Simplified Standardized Approach, therefore CAR Chapter 3, section 3.4 (Standardized Approach) is not applicable. \n\n  72. Chapters 4 to 9 of the CAR Guideline are generally not applicable to Category III SMSBs, as there are no Credit or Market RWA requirements for the SRBCR. However, chapters 1 to 3 of the CAR refer to certain sections of these other chapters, which Category III SMSBs may therefore need to review for certain exposures. \n\n###  6.2 Leverage Requirements\n\n  73. Since the measure of leverage is incorporated into the SRBCR, Category III SMSBs are not subject to a separate minimum Pillar 1 leverage requirement. Therefore, the LR Guideline is not applicable to these institutions. \n\n###  6.3 Liquidity Requirements\n\n  74. Category III SMSBs are only subject to the requirements related to the Operating Cash Flow Statement (OCFS), as detailed in Chapter 5 of the LAR Guideline. \n\n  75. Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category III SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx. \n\n  76. The rest of the metrics and returns described in Chapter 1 of the LAR Guideline are therefore not applicable to Category III SMSBs. As a result, the following chapters of the LAR Guideline are also not applicable to Category III SMSBs: \n     * Chapter 2 (Liquidity Coverage Ratio - LCR) \n     * Chapter 3 (Net Stable Funding Ratio - NSFR) \n     * Chapter 4 (Net Cumulative Cash Flow - NCCF) \n     * Chapter 6 (Liquidity Monitoring Tools) \n\n##  Annex 1 \u2013 Summary of SMSB Capital and Liquidity Requirements by Category\n\nAnnex 1a table -  Summary of SMSB Capital Requirements by Category  Requirements  |  OSFI Guideline Reference  |  Category I  |  Category II  |  Category III   \n---|---|---|---|---  \nRisk-based capital requirements  |  Risk-based Ratio(s) and Definition of Capital  CAR Chapters 1-2  |  CET1/Tier1/Total Capital Ratios  |  CET1/Tier1/Total Capital Ratios  |  Simplified Risk-Based Capital Ratios for CET1/Tier1/Total Capital   \nRisk-based capital requirements  |  Operational Risk Capital Methodology  CAR Chapter 3  |  Standardized Approach  Annex 1a table footnote  *  or Simplified Standardized Approach  |  Simplified Standardized Approach  |  Simplified Standardized Approach   \nRisk-based capital requirements  |  Credit Risk Capital Methodology  CAR Chapters 4-8  Annex 1a table footnote  **  |  Internal Ratings-Based (IRB)  Annex 1a table footnote  *  or Standardized Approach with simplified treatment available for certain asset classes  |  Standardized Approach with simplified treatment available for certain asset classes  |  n/a   \nRisk-based capital requirements  |  Market Risk Capital Methodology  Annex 1a table footnote  ***  CAR Chapter 9  |  Internal Models  Annex 1a table footnote  *  or Standardized Approach  |  Internal Models  Annex 1a table footnote  *  or Standardized Approach  |  n/a   \nLeverage Ratio (LR)  |  Leverage Requirement  |  Leverage Ratio  |  Leverage Ratio  |  No Leverage Ratio   \nAnnex 1a table footnotes\n\nAnnex 1a table footnote *\n\n     With OSFI approval (note: OSFI approval to use the Standardized Approach for Operational Risk is not required if Adjusted Gross Income is greater than $1.5 billion).  Return to Annex 1a table footnote  *  referrer \nAnnex 1a table footnote **\n\n     See Annex 2 for a summary of which CAR chapters are applicable to different types of exposures.  Return to Annex 1a table footnote  **  referrer \nAnnex 1a table footnote ***\n\n     OSFI will inform any SMSBs if the market risk requirements, as detailed in Chapter 9, apply to their institution.  Return to Annex 1a table footnote  ***  referrer   \n  \nAnnex 1b table -  Summary of SMSB Liquidity Requirements by Category  Requirements  |  OSFI Guideline Reference  |  Category I  |  Category II  |  Category III   \n---|---|---|---|---  \nLiquidity Coverage Ratio (LCR)  |  LAR Chapter 2  |  LCR  |  LCR  |  No LCR   \nCash Flow-Based Requirement  |  LAR Chapter 4 or 5  |  Comprehensive NCCF  |  Streamlined NCCF (unless directed otherwise by OSFI)  |  Operating Cash Flow Statement (OCFS)   \nNet Stable Funding Ratio (NSFR)  |  LAR Chapter 3  |  Only for institutions with significant wholesale funding reliance  Annex 1b table footnote  *  |  No NSFR  |  No NSFR   \nIntraday Liquidity Requirements  |  LAR Chapter 7  |  Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category I, II and III SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx.  |  Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category I, II and III SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx.  |  Chapter 7 of the LAR Guideline (Intraday Liquidity Monitoring Tools) covers intraday liquidity monitoring tools applicable to Category I, II and III SMSBs. However, they are only subject to the regulatory reporting requirements outlined in Chapter 7 if they are direct clearers of Lynx.   \nAnnex 1b table footnotes\n\nAnnex 1b table footnote *\n\n     \u201cSignificant wholesale funding reliance\u201d is defined as funding 40% or more of total on-balance sheet assets with wholesale funding sources as detailed in Chapter 3, Annex 1 of the LAR Guideline.  Return to Annex 1b table footnote  *  referrer   \n  \n##  Annex 2 \u2013 Application of Credit and Market Risk CAR Chapters by Type of\nExposure\n\nAnnex 2 table - Application of Credit and Market Risk CAR Chapters by Type of Exposure  Type of Exposure  |  Credit Risk  |  Counterparty Credit Risk (CCR)  |  Credit Value Adjustment (CVA)  |  Market Risk   \n---|---|---|---|---  \nCategory I Institutions Approved for IRB  |  All other Category I and II Institutions   \n\"Tranched\" Securitization Exposures that meet Risk Transference Criteria  |  Chapter 6  |  Chapter 6  |  n/a  |  n/a  |  n/a   \nBilateral OTC Derivatives (including long settlement transactions)  |  Chapter 4 or 5, to determine the RW applicable to CCR EAD  |  Chapter 4 to determine the RW applicable to CCR EAD  |  Chapter 7 to determine CCR EAD  |  Chapter 8  |  Chapter 9 (only for Market Risk Banks  Annex 2 table footnote  *  )   \nCentrally Cleared Derivatives  |  Chapter 4 or 5, to determine the RW applicable to CCR EAD  |  Chapter 4 to determine the RW applicable to CCR EAD  |  Chapter 7 to determine CCR EAD  |  n/a  |  Chapter 9 (only for Market Risk Banks  Annex 2 table footnote  *  )   \nSecurities Financing Transactions (SFT)  |  Chapter 4 or 5, to determine the RW applicable to CCR EAD  |  Chapter 4 to determine the RW applicable to CCR EAD  |  Chapter 4 or Chapter 7 to determine CCR EAD  |  Chapter 8  Annex 2 table footnote  ***  |  Chapter 9 (only for Market Risk Banks  Annex 2 table footnote  *  )   \nAll other Banking Book Exposures  |  Chapter 4 or 5, depending on exposure  |  Chapter 4  |  n/a  |  n/a  |  n/a   \nAll other Trading Book Exposures  |  Chapter 4 or 5, depending on exposure (only for non-Market Risk Banks  Annex 2 table footnote  **  )  |  Chapter 4 (only for non-Market Risk Banks  Annex 2 table footnote  **  )  |  n/a  |  n/a  |  Chapter 9 (only for Market Risk Banks  Annex 2 table footnote  *  )   \nAnnex 2 table footnotes\n\nAnnex 2 table footnote *\n\n     \u201cMarket Risk Banks\u201d refers to institutions that have been informed by OSFI that they must apply the market risk framework.  Return to Annex 2 table footnote  *  referrer \nAnnex 2 table footnote **\n\n     \u201cNon-Market Risk Banks\u201d refers to institutions that have not been informed by OSFI that they must apply the market risk framework.  Return to Annex 2 table footnote  **  referrer \nAnnex 2 table footnote ***\n\n     CVA requirements are only applicable for SFTs if OSFI has notified the institution that it has determined that its CVA loss exposures arising from SFT transactions are material.  Return to Annex 2 table footnote  ***  referrer   \n  \nDate modified:\n\n     2024-11-21 \n\n",
                "url": "https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/small-medium-sized-deposit-taking-institutions-smsbs-capital-liquidity-requirements-guideline-2025"
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            "url": "https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/small-medium-sized-deposit-taking-institutions-smsbs-capital-liquidity-requirements-guideline-2025"
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                    "source": "https://www.fca.org.uk/publications/corporate-documents/regulatory-initiatives-grid/interim-update"
                },
                "page_content": "Skip to main content  Skip to search box\n\n  1. [ Home ](/)\n  2. [ Publications ](/publications)\n  3. [ Regulatory Initiatives Grid ](/publications/corporate-documents/regulatory-initiatives-grid)\n  4. Regulatory Initiatives Grid - Interim update \n\n#  Regulatory Initiatives Grid - Interim update\n\nFirst published:  15/10/2024  Last updated:  15/10/2024\n\n[ Print Page ](/publications/corporate-documents/regulatory-initiatives-\ngrid/interim-update/printable/print \"Print Page\")\n\n[ Linkedin  ](https://www.linkedin.com/sharing/share-\noffsite?mini=true&url=https%3A//www.fca.org.uk/publications/corporate-\ndocuments/regulatory-initiatives-grid/interim-\nupdate&title=Regulatory%20Initiatives%20Grid%20-%20Interim%20update&summary=&source=FCA\n\"Publish this post to LinkedIn\")\n\n[ Twitter\n](https://twitter.com/share?url=https%3A//www.fca.org.uk/publications/corporate-\ndocuments/regulatory-initiatives-grid/interim-\nupdate&text=Regulatory%20Initiatives%20Grid%20-%20Interim%20update&summary=&source=FCA\n\"Share this on Twitter\")\n\n[ ](/cdn-cgi/l/email-\nprotection#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\n\"Share with Email\")\n\nShare page\n\nPublication of the eighth edition of the Grid was postponed due to the general\nelection. Due to the replanning required because of the change of government,\nthe Financial Services Regulatory Initiatives Forum (the Forum) will not be\nable to provide a complete grid this year.\n\nHowever, the Forum recognises that the Grid is a valuable tool for industry\nand stakeholders and is therefore providing an interim update.\n\nThis update covers known regulatory initiatives impacting firms from October\n2024 to March 2025. It is intended to support impacted firms and stakeholders\nin their planning.\n\nPlease note that not all items from the previous Grid are included in this\ninterim update. This is either due to uncertainty about timing or because they\nfall outside the covered period. Although we have included the most accurate\ninformation available, timings are subject to change.\n\nThe Forum is made up of representatives of: Bank of England (BoE), Competition\nand Markets Authority (CMA), Financial Conduct Authority (FCA), Financial\nReporting Council (FRC), HM Treasury (HMT) (Observer member), Information\nCommissioner\u2019s Office (ICO), Payment Systems Regulator (PSR), Prudential\nRegulation Authority (PRA), and The Pensions Regulator (TPR).\n\n[ Download Regulatory Initiatives Grid - Interim update (XLSX)\n](/publication/corporate/regulatory-initiatives-grid-interim-update.xlsx\n\"regulatory-initiatives-grid-interim-update.xlsx\")\n\nAll initiatives  Quarter 4 2024  Quarter 1 2025\n\n**Please note:**\n\nThis view allows users to see known regulatory initiatives impacting firms for\nthe whole period between October 2024 and March 2025. To focus on a specific\nperiod, choose these from the selection above.\n\nTo search key words (by sector, authority or quarter) use the search bar above\nthe table.\n\nExpand the number of individual entries visible by using the available drop-\ndown options next to \u2018Show\u2019.\n\nInitiatives that impact on a number of sectors within financial services have\nbeen captured under \u2018Multi-sector\u2019.\n\nInitiatives that have more than one publication planned within a given period\nwill be identified by an asterisk (*). For example, \u2018Q4 2024*\u2019 indicates there\nwill be separate publications in multiple months of the fourth quarter of\n2024.\n\nThere are instances where more than one publication is planned for a single\ninitiative across the two quarters covered in this update. Where this applies,\naffected initiatives will be labelled as \u2018Q4 2024 and Q1 2025\u2019 under the\nrelevant publication quarter.\n\n\ufeffSector  |  Sub-category  |  Lead Authority  |  Initiative or Publication name  |  Description of initiative  |  Publication Quarter  |  Was this initiative included in the previous Grid published in November 2023?  |  Has the timing of this initiative changed since the previous Grid published in November 2023?   \n---|---|---|---|---|---|---|---  \nMulti-sector  |  Cross-cutting / Omnibus  |  BoE/FCA/PRA  |  Transforming data collection (TDC)  |  Building on the learning from the joint transformation programme, the Bank and FCA are now planning several projects over the next 18 months to improve data collections. They contribute to five outcomes: (1) data collections meet and are proportionate to regulators\u2019 needs; (2) effective and efficient internal processes for creating data collections; (3) efficient processes and support for meeting regulatory obligations; (4) clear and consistent data definitions; and (5) modern systems to underpin data collections.The Bank and FCA are undertaking a range of specific workstreams to achieve these outcomes. The workstreams have been motivated by the recommendations from industry on how to improve data reporting.The new capabilities and insights will, in general, be applied to new data collections and during the introduction of new collection processes, or future reviews of existing collections. This will allow us to deploy the new capabilities built through TDC iteratively.The Bank will be publishing an Incident, Outsourcing and Third-Party Reporting (IOREP) consultation in Q4 2024.  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  PRA/FCA  |  Diversity & Inclusion in Financial Services  |  Following the joint Discussion Paper (DP21/1) published in July 2021, the regulators (PRA, FCA) published their separate Consultation Papers on 25 September 2023, with policy proposals that aim to support progress on improving diversity and inclusion across the financial sector and, through the FCA\u2019s consultation, tackle non-financial misconduct (NFM). The FCA intends to publish a Policy Statement on 'Tackling Non-Financial Misconduct in the Financial Sector' around year-end 2024, to be followed by FCA and PRA Policy Statements on the remaining D&I proposals in 2025.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  HMT/FCA  |  ESG ratings regulation  |  Industry participants are increasingly reliant on third-party ESG ratings, as they integrate ESG considerations into their activities. With an aim of ensuring these products are delivered in a fair, effective, and transparent way. Treasury consulted in 2023 on bringing ESG ratings providers into the FCA\u2019s regulatory perimeter, and confirmed this year they would be looking to introduce legislation to that effect in 2025. Treasury will publish their consultation response by the end of 2024. As set out in our Feedback Statement (FS22/4), the FCA supports regulatory oversight of these providers and an approach informed by IOSCO's recommendations on ESG data and ratings. The FCA has also initiated an industry-led voluntary Code of Conduct to support good outcomes for both ESG ratings and data products.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Operational Resilience  |  PRA/BoE/FCA  |  Oversight of Critical Third Parties (CTPs).Final Rules for CTPs, Two Supervisory Statements, Policy Statement and the approach to oversight of CTP publication.  |  The Bank, PRA and FCA published a joint Consultation Paper (CP) in December 2023. The CP set out the regulatory proposals relating to Critical Third Parties using the powers granted to the supervisory authorities' in FSMA 2023. The CP set out proposals of how regulators could assess and strengthen the resilience of services provided by CTPs to firms and FMIs (Financial Markets infrastructure), thereby reducing the risk of systemic disruption. Following responses to the CP, the regulators will publish: \n\n  1. The regulators' final rules for critical third parties (CTPs), which are set out in the following rule instruments: Bank of England Rulebook: Critical Third Parties Instrument 2024; Bank of England Rulebook: Critical Third Parties Emergency Provisions Instrument 2024; PRA Rulebook: Critical Third Parties Instrument 2024; and FCA Handbook: Critical Third Parties Instrument 2024. \n  2. FCA Statutory Instrument related to Critical Third Parties enforcement, which was consulted on separately in \u201cQuarterly Consultation Paper (QCP) on Critical Third Parties \u2013 Statement of Policy relating to Disciplinary Measures\u201d. \n  3. Supervisory Statement (SS): Operational resilience: Critical third parties to the UK financial sector (CTP SS). \n  4. Supervisory Statement (SS) : Reports by skilled persons: Critical Third Parties\u2019 (CTP s166 SS). \n  5. Policy Statement (PS) Operational resilience: Critical third parties to the UK financial sector. \n  6. The Regulators\u2019 approach to the oversight of Critical Third Parties setting out how the regulators intend to use the oversight powers granted to us by legislation \n\n|  Q4 2024*  |  Yes  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Employment guidance  |  New guidance about how to comply with data protection law when keeping records about your workers and to promote good practice.  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Review of firms' treatment of customers in vulnerable circumstances  |  We are assessing firms\u2019 approaches to the treatment of customers in vulnerable circumstances. We want to explore how firms are meeting expectations of our 2021 Guidance for firms on the fair treatment of vulnerable customers and understand how this maps to the Consumer Duty outcomes and requirements.  |  Q1 2025  |  Yes  |  Yes   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  FRC  |  Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code  |  FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship.  |  Q4 2024 & Q1 2025  |  Yes  |  No   \nMulti-sector  |  Financial Resilience  |  BoE  |  System-Wide Exploratory Scenario Exercise (SWES): Final report  |  The System-Wide Exploratory Scenario exercise will investigate the behaviours of banks and non-bank financial institutions in stress, and how these can amplify shocks in markets and potentially bring about risks to UK financial stability. The Bank is working closely with the FCA and TPR on this.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Conduct  |  FCA  |  External Redress Guidance  |  Review of rules and guidance to firms when identifying harm and conducting firm led redress exercises. We are planning to publish a CP on proposed rules and guidance relating to expectations of firms identifying and conducting firm led redress exercises. This will cover the idenitfication and reporting of harm, guidance on rectifying harm and proactive redress exercises.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Guidance on Cloud Computing  |  This guidance will provide an update to our 2012 guidance on cloud computing. We expect this guidance update to also influence privacy best practice in light of other domestic and international regulatory activity on the cloud domain and to be of interest to financial services firms.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  BoE/PRA  |  (1) The Bank of England\u2019s approach to enforcement \u2013 Policy Statement(2) The Bank of England\u2019s approach to enforcement: statements of policy and procedure November 2024  |  The Bank and the PRA consulted earlier in 2024 (28 March to 28 June 2024) on the approaches to using its enforcement powers in relation to critical third parties, securitisation, wholesale cash distribution and digital settlement assets. Each proposes using its existing approach to enforcement, insofar as possible, in relation to relevant areas. The Bank will publish a Policy Statement, setting out its feedback on the responses to the consultation, and an updated version of its approach to enforcement policy and procedure.  |  Q4 2024*  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Technical Actuarial StandardsConsultation: Revision of TAS 300 (funding code)  |  The FRC regularly review the Technical Actuarial Standards (TAS) and other actuarial standards to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective.Revised TAS 100 and TAS 400 have now been published and are effective from July 2023. Revised TAS 300 and TAS 310 (Pensions) have now been published and are effective from April 2024 and Sept 2024 respectively. The consultation on TAS 200 closed in May 2024.  |  Q1 2025  |  Yes  |  No   \nMulti-sector  |  Operational resilience  |  PRA/BoE/FCA  |  Incident and Outsourcing and Third Party Reporting: Consultation Paper  |  The purpose of this policy would be to introduce clarity regarding the information firms should submit when operational incidents occur. It will also collect certain information on firms\u2019 outsourcing and third party arrangements in order to manage the risks they may present to the PRA/FCA\u2019s objectives, including resilience, concentration and competition risks.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Periodic Review of Financial Reporting Standards 102  |  UK and Ireland accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost effective financial reporting from entities within their scope. The second periodic review commenced in March 2021. A Financial Reporting Exposure Draft (FRED) was published in Dec 2022 and the final amendments to the Standard was published in March 2024 with an effective date of 1 January 2026 for most provisions. Staff Factsheets (additional guidance to help understanding around the changes to FRS 102).  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Data Protection Assurance Toolkit  |  This toolkit will help financial services firms to assess their own compliance with some of the key requirements under data protection law. It covers a range of areas that we look at when we assess an organisation\u2019s data protection compliance using our audit toolkits to conduct both consensual and compulsory audits.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Annual Review of Financial Reporting Standards 101  |  Financial Reporting Standards (FRS) 101, the reduced disclosure framework, is reviewed annually to ensure it remains up-to-date and appropriately considers updates to IFRS accounting standards.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Guidance on the Going Concern Basis of Accounting and Related Reporting  |  The FRC will review the existing Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk (2016). The consultation on the exposure draft (\"Guidance on the Going Concern Basis of Accounting and Related Reporting\") was published in August and will close in October 2024.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Revision of ISA (UK) 250  |  ISA (UK) 250 deals with the auditor\u2019s responsibilities in respect of law and regulation. The proposals consulted on will help to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances where auditors should report such breaches, and other significant matters, to the relevant regulators.This will enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Revision of ISA (UK) 700 series: Consultation  |  The ISA (UK) 700 series relate to the auditor reporting standards. Further stakeholder outreach is being carried out on proposed changes to the standards, which are designed to better meet investor and other stakeholder information needs, as well as de-cluttering and simplifying requirements.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  FRC XBRL Taxonomy Suite  |  The XBRL Taxonomy Suite is reviewed annually to ensure it remains up-to-date with reporting standards and fit for purpose for preparers and developers.2025 XBRL Taxonomy Suite and feedback statement.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  PRA  |  Updating Supervisory Statement 3/19 on the management of climate-related risks - Consultation Paper  |  Updating 3/19 to consolidate public feedback since 2019 on the management of climate related risks and to bring the expectations into closer alignment with international standards.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Review of FCA requirements following the introduction of the Consumer DutyFeedback Statement  |  We have published a Call for Input seeking views on whether, where, and how, under the Consumer Duty, we can simplify our requirements on firms while ensuring we continue to support and protect consumers. We want to facilitate innovation and flexibility, reducing costs for firms, driving effective competition and supporting our Secondary International Competitiveness and Growth Objective.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Conduct  |  FCA  |  Review of Debt Advice Rules (CONC 8) Consultation Paper  |  Review our debt advice rules to ensure they set the right framework for good quality debt advice.  |  Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  Leverage Ratio: Review of thethresholds for application of the requirement - Consultation Paper  |  The Leverage Ratio \u2013 Capital Requirements and Buffers Part requires firms with more than \u00a350bn retail deposits or \u00a310bn non-UK assets to meet a minimum leverage ratio of 3.25% plus buffers at all times. As announced on 10 September, the PRA is reviewing these thresholds. If this review identifies a need for changes, the PRA expects to publish a consultation paper in Q1 2025.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Conduct  |  FCA  |  Evaluation of the persistent debt intervention  |  An impact evaluation of the effect of the persistent debt intervention that followed the Credit Card Market Study. This came into effect in September 2018.  |  Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Financial Resilience  |  PRA/HMT  |  Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards)  |  Final version of the reporting taxonomy for the technical implementation of Basel 3.1.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement  |  Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025.  |  Q4 2024 & Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Competition, innovation and other  |  PRA  |  Review of the FSCS deposit protection limit  |  The PRA is required to complete a review of the Financial Services Compensation Scheme deposit protection limit by December 2025. The PRA expects to publish a consultation paper in connection with this review in Q1 2025.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Financial Resilience  |  BoE  |  2024 desk-based stress testFinancial Stability Report  |  To support the FPC\u2019s and PRA's monitoring and assessment of the resilience of the UK banking system to potential downside risks, the Bank will run a desk-based stress test exercise in 2024. The outcome of the desk-based test will be used to inform the FPC\u2019s judgements about the ability of the banking system to support the economy through stress and support the PRA\u2019s ongoing supervisory work. The aggregate results will be communicated publicly. The Bank will not publish results at the level of individual banks.  |  Q4 2024  |  No  |  No   \nBanking, credit and lending  |  Cross-cutting/omnibus  |  BoE  |  Remuneration Review CP  |  Following the removal of the bonus cap (October 2023), and amendments that enhance proportionality for small firms (December 2023), the PRA (jointly with the FCA) is continuing to review the remuneration regime which is a combination of EU and domestic policies. In line with their primary and secondary objectives, the PRA and FCA will look to amend elements of the regime to make them more effective and proportionate. The potential adjustments will maintain the regime\u2019s overall structure and objectives which is based on the internationally-agreed Financial Stability Board Principles. As part of this work, the PRA and FCA will review these rules to assess if they are operating effectively and delivering their intended impact.  |  Q4 2024  |  No  |  No   \nBanking, credit and lending  |  Financial Resilience  |  PRA  |  Streamlining the Pillar 2A capital framework and the capital communications process - Policy Statement  |  Further to the Consultation Paper (CP9/24) published in Sep 2024, the PRA will issue a policy statement on streamlining firm-specific capital communications in Q1 2025, followed by a policy statement on retiring the refined methodology to Pillar 2A and a policy statement on retiring the refined methodology to Pillar 2A in Q2 2025.  |  Q1 2025  |  No  |  N/A   \nBanking, credit and lending  |  Financial Resilience  |  PRA  |  Bank Resolution (Recapitalisation) Bill ImplementationConsultation Paper  |  PRA depositor protection rule changes to implement legislative changes made under the Bank Resolution (Recapitalisation) Bill. We expect the Bill to introduce a new resolution tool utilising FSCS funding which will require consequential changes to the depositor protection rulebook to facilitate this.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  Banking Disclosure / Implementation of disclosure templates  |  PRA Implementation of Basel disclosure templates.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Financial Resilience  |  BoE/HMT/PRA  |  Basel 3.1 final policy statement (implementation of the remaining Basel 3 banking standards)  |  Final rules for UK implementation of the final Basel III banking standards (also known as Basel 3.1). This initiative follows the publication of two near-final policy statements in December 2023 and September 2024 as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q1 2025  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  BoE/HMT/PRA  |  Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards)  |  Final version of the reporting taxonomy for the technical implementation of Basel 3.1.  |  Q1 2025  |  No  |  No   \nPensions and Retirement Income  |  N/A  |  FCA  |  Regulatory framework for pensions dashboards operators - tied to the introduction of a new regulated activity by TreasuryPolicy Statement  |  In March 2024, Treasury introduced a new regulated activity to bring Pensions Dashboard Service operators within the FCA perimeter, and subject to FCA rules.  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  TPR  |  DB scheme funding  |  TPR consultation on regulatory framework for DB scheme funding and associated approach. Regulations have been laid, so that schemes with effective dates from September will need to submit a statement of strategy to TPR. TPR laid Code in Parliament on 29 July 2024 and is expected to come into force in November 2024. Q4 2024 Covenant guidance published and full response to statement of strategy consultation (interim response and templates published in September 2024).  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  FCA/HMT  |  Advice Guidance Boundary Review  |  The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to consumers in relation to their pension.We are aiming for an FCA consultation paper (without rules) on targeted support in pensions in Winter 2024. We will also be exploring wider changes to the existing pensions regime.  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  FRC  |  Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1  |  Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose.  |  Q4 2024 & Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  FCA  |  Regulation of the commercial insurance marketConsultation Paper  |  Consulting on rules and guidance focused on ensuring an appropriate balance between consumer protection and competitiveness in light of certain characteristics of the commercial insurance market, including the London market.  |  Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Life Insurance StressTest 2025: Scenario Calibrations, finalised instructions, guidelines and templates for firms. This publication will launch the exercise.  |  Major life insurers participate in regular stress testing prescribed by the PRA and the next test will be in 2025. The objectives of the life insurance stress test are to: (1) assess sector and individual firm resilience to severe but plausible events; (2) strengthen market understanding and discipline through individual firm publication; and, (3) improve insight into risk management vulnerabilities.In 2025, the PRA will publish individual firm results. This will help inform the PRA, as well as other stakeholders, about sector and individual firm resilience, and the vulnerabilities to which firms are exposed in the scenarios we set out.The PRA has been engaging with the industry and disclosure users over the past 18 months on both scenario design and disclosure for the 2025 exercise. The PRA published an \u201cApproach to LIST 2025\u201d alongside methodological guidance for the firms on 10 July 2024.  |  Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Dynamic General Insurance Stress Test 2025 \u2013 Industry Workshop  |  The PRA intends to run a dynamic general insurance stress test (DyGIST) in 2025. The objectives of the exercise will be to: (1) assess the industry\u2019s solvency and liquidity resilience to a specific adverse scenario; (2) assess the effectiveness of insurers\u2019 risk management and management actions following an adverse scenario; and (3) inform the Prudential Regulation Authority's (PRA) supervisory response following a market-wide adverse scenario.The dynamic nature of the 2025 exercise represents a significant change from previous exercises and will involve simulating a sequential set of adverse events over a short period of time. Consequently, the PRA has engaged with the industry including trade bodies. We provided more details of this exercise (including participation, design, and timelines) in a statement published on 15 July 2024.Results of this exercise will be disclosed at an aggregate industry level.  |  Q4 2024  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Review of Solvency II: Reporting and disclosure Phase 3 - Liquidity reporting requirementsConsultation Paper  |  The PRA is improving its regulation and supervision of insurers\u2019 liquidity risks. Its current initiative is developing proposals to introduce new reporting requirements for insurance firms with the most material exposures to liquidity risk. This will enable us to more effectively supervise insurers\u2019 liquidity risk by providing timely, consistent and accurate information.  |  Q4 2024  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  FCA  |  Pure Protection Market Study  |  The FCA intends to launch a market study into how pure protection insurance products are distributed following concerns that competition is not working well in the market. The study will be launched later in 2024/25.  |  Q1 2025  |  No  |  NA   \nInsurance and reinsurance  |  N/A  |  BoE/PRA  |  Increasing ease of exit: Solvent exit planning for insurers - Policy Statement  |  Greater preparedness by insurers for solvent exit supports an orderly cessation of PRA-regulated activities and reduces the risk of market disruption from disorderly or protracted exits. A solvent exit results in improved outcomes for policyholders and supports effective competition by allowing new entrants in and non-viable firms out.  |  Q4 2024  |  Yes  |  Yes   \nInsurance and reinsurance  |  |  PRA  |  FSCS General Insurance Limit Review - Discussion Paper  |  Discussion Paper on changing the level of FSCS protection for general insurance products and amending the definition of small business. The PRA is considering the responses and its next steps. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact.  |  Q1 2025  |  No  |  No   \nWholesale Financial Markets  |  N/A  |  PRA/FCA  |  PRA/FCA consultation on margin requirements for non-centrally cleared OTC derivatives (equity options)  |  In Policy Statements PS18/23 and PS23/19, the PRA and FCA extended the temporary exemption for single-stock equity options and index options from the UK bilateral margin requirements until 4 January 2026. The PRA and FCA also set out their intention to assess the best permanent framework for the UK. The PRA and FCA intend to consult and provide the final framework before the current temporary exemption ends.  |  Q1 2025  |  No  |  No   \nWholesale Financial Markets  |  Cross-cutting/omnibus  |  BoE  |  Consultation on Fundamental rules for FMIs  |  Consultation on rules and a supervisory statement, establishing Fundamental Rules for FMIs (CCPs, CSDs, recognised payments systems operators and specified service providers). These are a set of high level requirements on FMIs covering the full range of the regulatory framework, comparable to those already in place for PRA firms. They are designed to help make our regulatory approach as transparent as possible and to set out to the industry the fundamental principles that underpin the rulebook and what we require of firms. They will underpin the existing regulatory framework for FMIs and so help firms anticipate how we will assess their compliance with more specific rules.  |  Q4 2024  |  No  |  No   \nInvestment Management  |  N/A  |  FCA  |  Payment optionality for investment research for pooled vehiclesConsultation Paper  |  Allowing funds to take advantage of the new payment option for investment research that applies to MiFID managers for segregated accounts.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Capital deduction for redress: personal investment firmsPolicy Statement  |  The FCA has consulted on policy proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Review of the prudential regime for Personal Investment FirmsConsultation Paper  |  Reviewing the appropriateness of the prudential requirements for personal investment firms - potentially leading to including capital and liquidity thresholds and risk management requirements.  |  Q1 2025  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Review of the definition of regulatory capital used in MIFIDPRUConsultation Paper  |  MIFIDPRU, the prudential sourcebook for solo-regulated investment firms, defines regulatory capital through a number of cross-references to a 'frozen in time' version of the UK Capital Requirements Regulation. We intend to remove these references, bringing the definition into MIFIDPRU while amending it where necessary to be more applicable to investment firms.  |  Q1 2025  |  Yes  |  Yes   \nRetail Investments  |  N/A  |  FCA  |  Investment Advice Assessment Tool  |  External publication of a tool currently used internally to assess investment advice, other than defined benefit or Retirement Income.  |  Q4 2024  |  No  |  No   \nPayments and cryptoassets  |  |  BoE  |  Supervisory approach to wholesale cash (published)Enforcement Policy Statement  |  The Bank outlines how it will use new powers to ensure wholesale cash distribution remains effective, resilient and sustainable into the future.  |  Q4 2024  |  Yes  |  No   \nPayments and cryptoassets  |  N/A  |  FCA  |  Consultation on FCA guidance changes reflecting Treasury's legislation on risk based approach to paymentsConsultation and Finalised Guidance  |  The FCA will revise the guidance and consult on proposed changes further to Treasury's amendment of the PSRs 2017 allowing firms to delay payments if suspicion of fraud or dishonesty.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  BoE  |  CCP Resolution - The Bank of England\u2019s approach to determining what commercially reasonable payments would be made in the event of the Bank exercising tear-up powers in the resolution of a central counterparty (CCP)Summary of consultation responses and final Statement of Policy  |  Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank the power to make tear-up instruments in the resolution of a CCP. Schedule 11 requires the Bank to publish by end 2024 a statement of policy as to how it would determine what commercially reasonable payments would be made should the Bank use its tear up power in the resolution of a CCP. The Bank has published a consultation on how it would determine a commercially reasonable payment for a torn-up contract.The Bank may also consult on further proposed CCP resolution policy in due course.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  BoE  |  CCP Resolution \u2013 The Bank of England\u2019s power to direct a CCP to address impediments to resolvabilitySummary of consultation responses and final Statement of Policy  |  Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank power to direct a CCP to take measures to address impediments to the effective exercise of the stabilisation powers.The Bank has published a consultation on the process it would follow to direct a CCP to address impediments to resolvability and intends to publish a final Statement of Policy in December 2024.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  PSR  |  Market review of card scheme and processing fees  |  The aim of the market review is to understand if the supply of scheme and processing services are working well, having regard to our competition, innovation and protection of service-users objectives.  |  Q1 2025  |  Yes  |  Yes   \nPayments and cryptoassets  |  N/A  |  PSR  |  Market review of cross-border interchange fees  |  A market review to understand the rationale for the five-fold increase in cross-border interchange fees (that affects certain card transactions between the UK and the EEA, where the cardholder is not present) since the UK left the EU and whether they are an indication that the market is not working well.  |  Q4 2024  |  Yes  |  Yes   \nWholesale Financial Markets  |  N/A  |  HMT/FCA/PRA  |  Wholesale Markets ReviewPublication of the Policy Statement and final rules on the consultation CP23/32 on \"Improving transparency for bond and derivatives markets\"  |  The Financial Services and Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. FSMA 2023 is a key milestone in delivering the commitments set out in March 2022 in the consultation response to the Wholesale Markets Review (WMR), the review of wholesale markets Treasury and the FCA conducted in 2021.The FCA published the policy statement on improving equity markets (PS 23/4) in May 2023, and the guidance on the trading venue perimeter (PS23/11) in July 2023. The FCA published the framework for a UK consolidated tape, including on payment to data providers, in December 2023 and April 2024 (CP 23/33 and Handbook Notice 117). The FCA published consultations on changes to the commodity derivatives regime (CP23/27) and the transparency regime for bonds and derivatives (CP23/32) in December 2023.  |  Q4 2024*  |  No  |  No   \nWholesale Financial Markets  |  N/A  |  HMT/FCA  |  Prospectus Regime ReformTwo CPs on further Public Offers and Admissions to Trading Regulation (POATR) rules including consequential changes relating to public offer platforms and additional proposals for admissions to regulated markets, including for non-equity securities, following CP24/12 and CP24/13 published on 26 July 2024.  |  The Government consulted in 2021 and laid a SI in Q1 2024 on reforms to make the UK\u2019s prospectus regime simpler, more agile, and more effective; this was a recommendation of the Lord Hill's UK Listings Review. These reforms will be delivered through a statutory instrument (SI) which sets the framework for a new Prospectus Regime, replacing the Prospectus Regulation inherited from the EU. The FCA will write detailed rules to accompany the framework set out by this SI, which will also address certain recommendations from the Secondary Capital Raising Review.  |  Q1 2025*  |  Yes  |  Yes   \nInsurance and reinsurance  |  N/A  |  PRA  |  Solvency II remainderPolicy Statement  |  This is the final PRA publication needed to implement the conclusions of the Solvency II Review, as set out in CP5/24 (and originally in CP12/23), and to finalise PRA rules and other policy materials that will replace Solvency II assimilated law which forms part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.This Policy Statement proposes the restatement into PRA policy material of those parts of the Solvency II regime which have not already been subject to consultation as part of the Solvency II Review. It sets out how the PRA proposes to restate these Solvency II requirements from assimilated law into the PRA Rulebook and other policy material such as Supervisory Statements (SSs) or Statements of Policy (SoPs) ('PRA policy material').  |  Q4 2024  |  Yes  |  Yes   \nRetail Investments  |  N/A  |  HMT/FCA  |  The Packaged Retail and Insurance-Based Investment Products (PRIIPs) Regulation / Consumer Composite Investments (CCIs)Consultation Paper  |  Repeal and replace assimilated law, The Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation, with a new UK retail disclosure regime, the Consumer Composite Investments (CCIs) regime, that works effectively with the UK\u2019s dynamic capital markets and fosters informed retail investor participation in those markets.  |  Q4 2024  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  HMT/PRA  |  Repeal and replace in the PRA Rulebook the remainder of the Capital Requirements Regulation (CRR) - Remainder  |  Transferring the remaining firm-facing Capital Requirements Regulation (CRR) requirements into the PRA Rulebook and other policy materials, as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q4 2024  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  HMT/BoE/PRA  |  UK Capital Requirements Regulation (CRR) Total loss-absorbing capacity (TLAC) transfer  |  Transfer of TLAC provisions from UK CRR under FSMA 2023 and revision of BoE\u2019s MREL Statement of Policy (SoP). This initiative forms part of the programme to replace assimilated law under the Smarter Regulatory Framework (SRF). Revocation of TLAC provisions in UK CRR using FSMA 2023 powers and restatement (with modifications) and other changes in a revised and expanded version of BoE\u2019s MREL Statement of Policy (SoP), as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q4 2024  |  Yes  |  No   \nWholesale Financial Markets  |  N/A  |  HMT/FCA  |  MiFIR related to Transaction Reporting - Discussion Paper  |  The repeal and replacement, where appropriate, of assimilated law related to transaction reporting to the FCA. The FCA intends to publish a Discussion Paper on the UK's transaction reporting regime in Q4 2024.  |  Q4 2024  |  No  |  No   \nWholesale Financial Markets  |  Cross-cutting/omnibus  |  BoE  |  Publication of the Bank's approach to financial market infrastructure supervision  |  Publication of supervisory approach document that sets out how the Bank carries out its role in respect of supervision of Financial Market Infrastructure. This document will aid accountability by describing what we seek to achieve and how we intend to achieve it. It will also communicate to regulated FMIs what we expect of them, and what they can expect from us in the course of supervision. It sits alongside our requirements and expectations as published in our policy publications as well as the rules, standards and codes of practice that FMIs are subject to.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Proposed Revised Enforcement Guide  |  The FCA has consulted on a revised Enforcement Guide. As we set out in September 2024, we will publish further information in Q4 2024, including case studies, as we continue to engage stakeholders on these proposals. We aim to reach a decision, in light of that further engagement, on these proposals in Q1 2025.  |  Q4 2024  |  No  |  No   \nWholesale Financial Markets  |  N/A  |  FCA  |  \u200b\u200bA revision of our market cleanliness statistic methodology \u200b  |  Since 2008, the FCA (then FSA) includes the Market Cleanliness Statistic (MCS) in its annual report as an indicator of the level of information leakages and potential insider trading in UK equity markets. Our review proposes a new Market Comparison test and introduces intraday data to the calculation of the statistic.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA/HMT  |  Advice Guidance Boundary Review  |  The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to retail consumers in relation to their savings and investments.We will publish an Update with a timeline this Quarter.  |  Q4 2024  |  Yes  |  Yes   \n  \n**Please note:**\n\nThis view allows users to see known regulatory initiatives impacting firms\nbetween October 2024 and December 2024 only. To focus on any other period,\nchoose these from the selection above.\n\nTo search key words (by sector, authority or quarter) use the search bar above\nthe table.\n\nExpand the number of individual entries visible by using the available drop-\ndown options next to \u2018Show\u2019.\n\nInitiatives that impact on a number of sectors within financial services have\nbeen captured under \u2018Multi-sector\u2019.\n\nInitiatives that have more than one publication planned within a given period\nwill be identified by an asterisk (*). For example, \u2018Q4 2024*\u2019 indicates there\nwill be separate publications in multiple months of the fourth quarter of\n2024.\n\nThere are instances where more than one publication is planned for a single\ninitiative across the two quarters covered in this update. Where this applies,\naffected initiatives will be labelled as \u2018Q4 2024 and Q1 2025\u2019 under the\nrelevant publication quarter.\n\n\ufeffSector  |  Sub-category  |  Lead Authority  |  Initiative or Publication name  |  Description of initiative  |  Publication Quarter  |  Was this initiative included in the previous Grid published in November 2023?  |  Has the timing of this initiative changed since the previous Grid published in November 2023?   \n---|---|---|---|---|---|---|---  \nMulti-sector  |  Cross-cutting / Omnibus  |  BoE/FCA/PRA  |  Transforming data collection (TDC)  |  Building on the learning from the joint transformation programme, the Bank and FCA are now planning several projects over the next 18 months to improve data collections. They contribute to five outcomes: (1) data collections meet and are proportionate to regulators\u2019 needs; (2) effective and efficient internal processes for creating data collections; (3) efficient processes and support for meeting regulatory obligations; (4) clear and consistent data definitions; and (5) modern systems to underpin data collections.The Bank and FCA are undertaking a range of specific workstreams to achieve these outcomes. The workstreams have been motivated by the recommendations from industry on how to improve data reporting.The new capabilities and insights will, in general, be applied to new data collections and during the introduction of new collection processes, or future reviews of existing collections. This will allow us to deploy the new capabilities built through TDC iteratively.The Bank will be publishing an Incident, Outsourcing and Third-Party Reporting (IOREP) consultation in Q4 2024.  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  PRA/FCA  |  Diversity & Inclusion in Financial Services  |  Following the joint Discussion Paper (DP21/1) published in July 2021, the regulators (PRA, FCA) published their separate Consultation Papers on 25 September 2023, with policy proposals that aim to support progress on improving diversity and inclusion across the financial sector and, through the FCA\u2019s consultation, tackle non-financial misconduct (NFM). The FCA intends to publish a Policy Statement on 'Tackling Non-Financial Misconduct in the Financial Sector' around year-end 2024, to be followed by FCA and PRA Policy Statements on the remaining D&I proposals in 2025.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  HMT/FCA  |  ESG ratings regulation  |  Industry participants are increasingly reliant on third-party ESG ratings, as they integrate ESG considerations into their activities. With an aim of ensuring these products are delivered in a fair, effective, and transparent way. Treasury consulted in 2023 on bringing ESG ratings providers into the FCA\u2019s regulatory perimeter, and confirmed this year they would be looking to introduce legislation to that effect in 2025. Treasury will publish their consultation response by the end of 2024. As set out in our Feedback Statement (FS22/4), the FCA supports regulatory oversight of these providers and an approach informed by IOSCO's recommendations on ESG data and ratings. The FCA has also initiated an industry-led voluntary Code of Conduct to support good outcomes for both ESG ratings and data products.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Operational Resilience  |  PRA/BoE/FCA  |  Oversight of Critical Third Parties (CTPs).Final Rules for CTPs, Two Supervisory Statements, Policy Statement and the approach to oversight of CTP publication.  |  The Bank, PRA and FCA published a joint Consultation Paper (CP) in December 2023. The CP set out the regulatory proposals relating to Critical Third Parties using the powers granted to the supervisory authorities' in FSMA 2023. The CP set out proposals of how regulators could assess and strengthen the resilience of services provided by CTPs to firms and FMIs (Financial Markets infrastructure), thereby reducing the risk of systemic disruption. Following responses to the CP, the regulators will publish: \n\n  1. The regulators' final rules for critical third parties (CTPs), which are set out in the following rule instruments: Bank of England Rulebook: Critical Third Parties Instrument 2024; Bank of England Rulebook: Critical Third Parties Emergency Provisions Instrument 2024; PRA Rulebook: Critical Third Parties Instrument 2024; and FCA Handbook: Critical Third Parties Instrument 2024. \n  2. FCA Statutory Instrument related to Critical Third Parties enforcement, which was consulted on separately in \u201cQuarterly Consultation Paper (QCP) on Critical Third Parties \u2013 Statement of Policy relating to Disciplinary Measures\u201d. \n  3. Supervisory Statement (SS): Operational resilience: Critical third parties to the UK financial sector (CTP SS). \n  4. Supervisory Statement (SS) : Reports by skilled persons: Critical Third Parties\u2019 (CTP s166 SS). \n  5. Policy Statement (PS) Operational resilience: Critical third parties to the UK financial sector. \n  6. The Regulators\u2019 approach to the oversight of Critical Third Parties setting out how the regulators intend to use the oversight powers granted to us by legislation \n\n|  Q4 2024*  |  Yes  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Employment guidance  |  New guidance about how to comply with data protection law when keeping records about your workers and to promote good practice.  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  FRC  |  Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code  |  FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship.  |  Q4 2024 & Q1 2025  |  Yes  |  No   \nMulti-sector  |  Financial Resilience  |  BoE  |  System-Wide Exploratory Scenario Exercise (SWES): Final report  |  The System-Wide Exploratory Scenario exercise will investigate the behaviours of banks and non-bank financial institutions in stress, and how these can amplify shocks in markets and potentially bring about risks to UK financial stability. The Bank is working closely with the FCA and TPR on this.  |  Q4 2024  |  Yes  |  Yes   \nMulti-sector  |  Cross-cutting/omnibus  |  BoE/PRA  |  (1) The Bank of England\u2019s approach to enforcement \u2013 Policy Statement(2) The Bank of England\u2019s approach to enforcement: statements of policy and procedure November 2024  |  The Bank and the PRA consulted earlier in 2024 (28 March to 28 June 2024) on the approaches to using its enforcement powers in relation to critical third parties, securitisation, wholesale cash distribution and digital settlement assets. Each proposes using its existing approach to enforcement, insofar as possible, in relation to relevant areas. The Bank will publish a Policy Statement, setting out its feedback on the responses to the consultation, and an updated version of its approach to enforcement policy and procedure.  |  Q4 2024*  |  No  |  No   \nMulti-sector  |  Operational resilience  |  PRA/BoE/FCA  |  Incident and Outsourcing and Third Party Reporting: Consultation Paper  |  The purpose of this policy would be to introduce clarity regarding the information firms should submit when operational incidents occur. It will also collect certain information on firms\u2019 outsourcing and third party arrangements in order to manage the risks they may present to the PRA/FCA\u2019s objectives, including resilience, concentration and competition risks.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Periodic Review of Financial Reporting Standards 102  |  UK and Ireland accounting standards are subject to periodic reviews, at least every five years, to ensure they remain up-to-date and continue to require high-quality and cost effective financial reporting from entities within their scope. The second periodic review commenced in March 2021. A Financial Reporting Exposure Draft (FRED) was published in Dec 2022 and the final amendments to the Standard was published in March 2024 with an effective date of 1 January 2026 for most provisions. Staff Factsheets (additional guidance to help understanding around the changes to FRS 102).  |  Q4 2024  |  Yes  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Data Protection Assurance Toolkit  |  This toolkit will help financial services firms to assess their own compliance with some of the key requirements under data protection law. It covers a range of areas that we look at when we assess an organisation\u2019s data protection compliance using our audit toolkits to conduct both consensual and compulsory audits.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Annual Review of Financial Reporting Standards 101  |  Financial Reporting Standards (FRS) 101, the reduced disclosure framework, is reviewed annually to ensure it remains up-to-date and appropriately considers updates to IFRS accounting standards.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Revision of ISA (UK) 250  |  ISA (UK) 250 deals with the auditor\u2019s responsibilities in respect of law and regulation. The proposals consulted on will help to strengthen auditor requirements to detect and report material misstatements from non-compliance with laws and regulations, and to clarify instances where auditors should report such breaches, and other significant matters, to the relevant regulators.This will enhance the useability and informativeness of the audit and provide greater assurance to users of financial statements that potential material misstatements have been properly assessed by the auditor.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  FRC XBRL Taxonomy Suite  |  The XBRL Taxonomy Suite is reviewed annually to ensure it remains up-to-date with reporting standards and fit for purpose for preparers and developers.2025 XBRL Taxonomy Suite and feedback statement.  |  Q4 2024  |  No  |  No   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement  |  Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025.  |  Q4 2024 & Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Financial Resilience  |  BoE  |  2024 desk-based stress testFinancial Stability Report  |  To support the FPC\u2019s and PRA's monitoring and assessment of the resilience of the UK banking system to potential downside risks, the Bank will run a desk-based stress test exercise in 2024. The outcome of the desk-based test will be used to inform the FPC\u2019s judgements about the ability of the banking system to support the economy through stress and support the PRA\u2019s ongoing supervisory work. The aggregate results will be communicated publicly. The Bank will not publish results at the level of individual banks.  |  Q4 2024  |  No  |  No   \nBanking, credit and lending  |  Cross-cutting/omnibus  |  BoE  |  Remuneration Review CP  |  Following the removal of the bonus cap (October 2023), and amendments that enhance proportionality for small firms (December 2023), the PRA (jointly with the FCA) is continuing to review the remuneration regime which is a combination of EU and domestic policies. In line with their primary and secondary objectives, the PRA and FCA will look to amend elements of the regime to make them more effective and proportionate. The potential adjustments will maintain the regime\u2019s overall structure and objectives which is based on the internationally-agreed Financial Stability Board Principles. As part of this work, the PRA and FCA will review these rules to assess if they are operating effectively and delivering their intended impact.  |  Q4 2024  |  No  |  No   \nPensions and Retirement Income  |  N/A  |  FCA  |  Regulatory framework for pensions dashboards operators - tied to the introduction of a new regulated activity by TreasuryPolicy Statement  |  In March 2024, Treasury introduced a new regulated activity to bring Pensions Dashboard Service operators within the FCA perimeter, and subject to FCA rules.  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  TPR  |  DB scheme funding  |  TPR consultation on regulatory framework for DB scheme funding and associated approach. Regulations have been laid, so that schemes with effective dates from September will need to submit a statement of strategy to TPR. TPR laid Code in Parliament on 29 July 2024 and is expected to come into force in November 2024. Q4 2024 Covenant guidance published and full response to statement of strategy consultation (interim response and templates published in September 2024).  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  FCA/HMT  |  Advice Guidance Boundary Review  |  The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to consumers in relation to their pension.We are aiming for an FCA consultation paper (without rules) on targeted support in pensions in Winter 2024. We will also be exploring wider changes to the existing pensions regime.  |  Q4 2024  |  Yes  |  Yes   \nPensions and Retirement Income  |  N/A  |  FRC  |  Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1  |  Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose.  |  Q4 2024 & Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Dynamic General Insurance Stress Test 2025 \u2013 Industry Workshop  |  The PRA intends to run a dynamic general insurance stress test (DyGIST) in 2025. The objectives of the exercise will be to: (1) assess the industry\u2019s solvency and liquidity resilience to a specific adverse scenario; (2) assess the effectiveness of insurers\u2019 risk management and management actions following an adverse scenario; and (3) inform the Prudential Regulation Authority's (PRA) supervisory response following a market-wide adverse scenario.The dynamic nature of the 2025 exercise represents a significant change from previous exercises and will involve simulating a sequential set of adverse events over a short period of time. Consequently, the PRA has engaged with the industry including trade bodies. We provided more details of this exercise (including participation, design, and timelines) in a statement published on 15 July 2024.Results of this exercise will be disclosed at an aggregate industry level.  |  Q4 2024  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Review of Solvency II: Reporting and disclosure Phase 3 - Liquidity reporting requirementsConsultation Paper  |  The PRA is improving its regulation and supervision of insurers\u2019 liquidity risks. Its current initiative is developing proposals to introduce new reporting requirements for insurance firms with the most material exposures to liquidity risk. This will enable us to more effectively supervise insurers\u2019 liquidity risk by providing timely, consistent and accurate information.  |  Q4 2024  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  BoE/PRA  |  Increasing ease of exit: Solvent exit planning for insurers - Policy Statement  |  Greater preparedness by insurers for solvent exit supports an orderly cessation of PRA-regulated activities and reduces the risk of market disruption from disorderly or protracted exits. A solvent exit results in improved outcomes for policyholders and supports effective competition by allowing new entrants in and non-viable firms out.  |  Q4 2024  |  Yes  |  Yes   \nWholesale Financial Markets  |  Cross-cutting/omnibus  |  BoE  |  Consultation on Fundamental rules for FMIs  |  Consultation on rules and a supervisory statement, establishing Fundamental Rules for FMIs (CCPs, CSDs, recognised payments systems operators and specified service providers). These are a set of high level requirements on FMIs covering the full range of the regulatory framework, comparable to those already in place for PRA firms. They are designed to help make our regulatory approach as transparent as possible and to set out to the industry the fundamental principles that underpin the rulebook and what we require of firms. They will underpin the existing regulatory framework for FMIs and so help firms anticipate how we will assess their compliance with more specific rules.  |  Q4 2024  |  No  |  No   \nInvestment Management  |  N/A  |  FCA  |  Payment optionality for investment research for pooled vehiclesConsultation Paper  |  Allowing funds to take advantage of the new payment option for investment research that applies to MiFID managers for segregated accounts.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Capital deduction for redress: personal investment firmsPolicy Statement  |  The FCA has consulted on policy proposals to require personal investment firms to set aside capital for potential redress liabilities at an early stage.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Investment Advice Assessment Tool  |  External publication of a tool currently used internally to assess investment advice, other than defined benefit or Retirement Income.  |  Q4 2024  |  No  |  No   \nPayments and cryptoassets  |  |  BoE  |  Supervisory approach to wholesale cash (published)Enforcement Policy Statement  |  The Bank outlines how it will use new powers to ensure wholesale cash distribution remains effective, resilient and sustainable into the future.  |  Q4 2024  |  Yes  |  No   \nPayments and cryptoassets  |  N/A  |  FCA  |  Consultation on FCA guidance changes reflecting Treasury's legislation on risk based approach to paymentsConsultation and Finalised Guidance  |  The FCA will revise the guidance and consult on proposed changes further to Treasury's amendment of the PSRs 2017 allowing firms to delay payments if suspicion of fraud or dishonesty.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  BoE  |  CCP Resolution - The Bank of England\u2019s approach to determining what commercially reasonable payments would be made in the event of the Bank exercising tear-up powers in the resolution of a central counterparty (CCP)Summary of consultation responses and final Statement of Policy  |  Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank the power to make tear-up instruments in the resolution of a CCP. Schedule 11 requires the Bank to publish by end 2024 a statement of policy as to how it would determine what commercially reasonable payments would be made should the Bank use its tear up power in the resolution of a CCP. The Bank has published a consultation on how it would determine a commercially reasonable payment for a torn-up contract.The Bank may also consult on further proposed CCP resolution policy in due course.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  BoE  |  CCP Resolution \u2013 The Bank of England\u2019s power to direct a CCP to address impediments to resolvabilitySummary of consultation responses and final Statement of Policy  |  Schedule 11 to the Financial Services and Markets Act 2023 gives The Bank power to direct a CCP to take measures to address impediments to the effective exercise of the stabilisation powers.The Bank has published a consultation on the process it would follow to direct a CCP to address impediments to resolvability and intends to publish a final Statement of Policy in December 2024.  |  Q4 2024*  |  No  |  No   \nPayments and cryptoassets  |  N/A  |  PSR  |  Market review of cross-border interchange fees  |  A market review to understand the rationale for the five-fold increase in cross-border interchange fees (that affects certain card transactions between the UK and the EEA, where the cardholder is not present) since the UK left the EU and whether they are an indication that the market is not working well.  |  Q4 2024  |  Yes  |  Yes   \nWholesale Financial Markets  |  N/A  |  HMT/FCA/PRA  |  Wholesale Markets ReviewPublication of the Policy Statement and final rules on the consultation CP23/32 on \"Improving transparency for bond and derivatives markets\"  |  The Financial Services and Markets Act 2023 (FSMA 2023) received Royal Assent on 29 June 2023. FSMA 2023 is a key milestone in delivering the commitments set out in March 2022 in the consultation response to the Wholesale Markets Review (WMR), the review of wholesale markets Treasury and the FCA conducted in 2021.The FCA published the policy statement on improving equity markets (PS 23/4) in May 2023, and the guidance on the trading venue perimeter (PS23/11) in July 2023. The FCA published the framework for a UK consolidated tape, including on payment to data providers, in December 2023 and April 2024 (CP 23/33 and Handbook Notice 117). The FCA published consultations on changes to the commodity derivatives regime (CP23/27) and the transparency regime for bonds and derivatives (CP23/32) in December 2023.  |  Q4 2024*  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Solvency II remainderPolicy Statement  |  This is the final PRA publication needed to implement the conclusions of the Solvency II Review, as set out in CP5/24 (and originally in CP12/23), and to finalise PRA rules and other policy materials that will replace Solvency II assimilated law which forms part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.This Policy Statement proposes the restatement into PRA policy material of those parts of the Solvency II regime which have not already been subject to consultation as part of the Solvency II Review. It sets out how the PRA proposes to restate these Solvency II requirements from assimilated law into the PRA Rulebook and other policy material such as Supervisory Statements (SSs) or Statements of Policy (SoPs) ('PRA policy material').  |  Q4 2024  |  Yes  |  Yes   \nRetail Investments  |  N/A  |  HMT/FCA  |  The Packaged Retail and Insurance-Based Investment Products (PRIIPs) Regulation / Consumer Composite Investments (CCIs)Consultation Paper  |  Repeal and replace assimilated law, The Packaged Retail and Insurance-Based Investment Products (PRIIPS) Regulation, with a new UK retail disclosure regime, the Consumer Composite Investments (CCIs) regime, that works effectively with the UK\u2019s dynamic capital markets and fosters informed retail investor participation in those markets.  |  Q4 2024  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  HMT/PRA  |  Repeal and replace in the PRA Rulebook the remainder of the Capital Requirements Regulation (CRR) - Remainder  |  Transferring the remaining firm-facing Capital Requirements Regulation (CRR) requirements into the PRA Rulebook and other policy materials, as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q4 2024  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  HMT/BoE/PRA  |  UK Capital Requirements Regulation (CRR) Total loss-absorbing capacity (TLAC) transfer  |  Transfer of TLAC provisions from UK CRR under FSMA 2023 and revision of BoE\u2019s MREL Statement of Policy (SoP). This initiative forms part of the programme to replace assimilated law under the Smarter Regulatory Framework (SRF). Revocation of TLAC provisions in UK CRR using FSMA 2023 powers and restatement (with modifications) and other changes in a revised and expanded version of BoE\u2019s MREL Statement of Policy (SoP), as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q4 2024  |  Yes  |  No   \nWholesale Financial Markets  |  N/A  |  HMT/FCA  |  MiFIR related to Transaction Reporting - Discussion Paper  |  The repeal and replacement, where appropriate, of assimilated law related to transaction reporting to the FCA. The FCA intends to publish a Discussion Paper on the UK's transaction reporting regime in Q4 2024.  |  Q4 2024  |  No  |  No   \nWholesale Financial Markets  |  Cross-cutting/omnibus  |  BoE  |  Publication of the Bank's approach to financial market infrastructure supervision  |  Publication of supervisory approach document that sets out how the Bank carries out its role in respect of supervision of Financial Market Infrastructure. This document will aid accountability by describing what we seek to achieve and how we intend to achieve it. It will also communicate to regulated FMIs what we expect of them, and what they can expect from us in the course of supervision. It sits alongside our requirements and expectations as published in our policy publications as well as the rules, standards and codes of practice that FMIs are subject to.  |  Q4 2024  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Proposed Revised Enforcement Guide  |  The FCA has consulted on a revised Enforcement Guide. As we set out in September 2024, we will publish further information in Q4 2024, including case studies, as we continue to engage stakeholders on these proposals. We aim to reach a decision, in light of that further engagement, on these proposals in Q1 2025.  |  Q4 2024  |  No  |  No   \nWholesale Financial Markets  |  N/A  |  FCA  |  \u200b\u200bA revision of our market cleanliness statistic methodology \u200b  |  Since 2008, the FCA (then FSA) includes the Market Cleanliness Statistic (MCS) in its annual report as an indicator of the level of information leakages and potential insider trading in UK equity markets. Our review proposes a new Market Comparison test and introduces intraday data to the calculation of the statistic.  |  Q4 2024  |  No  |  No   \nRetail Investments  |  N/A  |  FCA/HMT  |  Advice Guidance Boundary Review  |  The FCA and Treasury are jointly carrying out a holistic review of the boundary between financial advice and guidance. As part of this, the FCA is exploring what support needs to be provided to retail consumers in relation to their savings and investments.We will publish an Update with a timeline this Quarter.  |  Q4 2024  |  Yes  |  Yes   \n  \n**Please note:**\n\nThis view allows users to see known regulatory initiatives impacting firms\nbetween January 2025 and March 2025 only. To focus on any other period, choose\nthese from the selection above.\n\nTo search key words (by sector, authority or quarter) use the search bar above\nthe table.\n\nExpand the number of individual entries visible by using the available drop-\ndown options next to \u2018Show\u2019.\n\nInitiatives that impact on a number of sectors within financial services have\nbeen captured under \u2018Multi-sector\u2019.\n\nInitiatives that have more than one publication planned within a given period\nwill be identified by an asterisk (*). For example, \u2018Q1 2025*\u2019 indicates there\nwill be separate publications in multiple months of the fourth quarter of\n2024.\n\nThere are instances where more than one publication is planned for a single\ninitiative across the two quarters covered in this update. Where this applies,\naffected initiatives will be labelled as \u2018Q4 2024 and Q1 2025\u2019 under the\nrelevant publication quarter.\n\n\ufeffSector  |  Sub-category  |  Lead Authority  |  Initiative or Publication name  |  Description of initiative  |  Publication Quarter  |  Was this initiative included in the previous Grid published in November 2023?  |  Has the timing of this initiative changed since the previous Grid published in November 2023?   \n---|---|---|---|---|---|---|---  \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Review of firms' treatment of customers in vulnerable circumstances  |  We are assessing firms\u2019 approaches to the treatment of customers in vulnerable circumstances. We want to explore how firms are meeting expectations of our 2021 Guidance for firms on the fair treatment of vulnerable customers and understand how this maps to the Consumer Duty outcomes and requirements.  |  Q1 2025  |  Yes  |  Yes   \nMulti-sector  |  Environmental Social and Governance (ESG)  |  FRC  |  Stewardship review and Code consultation:Consultation: UK Stewardship CodeRevised UK Stewardship Code  |  FRC will review the UK Stewardship Code and engage with other relevant regulators with responsibility for the regulatory framework for stewardship.  |  Q4 2024 & Q1 2025  |  Yes  |  No   \nMulti-sector  |  Conduct  |  FCA  |  External Redress Guidance  |  Review of rules and guidance to firms when identifying harm and conducting firm led redress exercises. We are planning to publish a CP on proposed rules and guidance relating to expectations of firms identifying and conducting firm led redress exercises. This will cover the idenitfication and reporting of harm, guidance on rectifying harm and proactive redress exercises.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Conduct  |  ICO  |  Guidance on Cloud Computing  |  This guidance will provide an update to our 2012 guidance on cloud computing. We expect this guidance update to also influence privacy best practice in light of other domestic and international regulatory activity on the cloud domain and to be of interest to financial services firms.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Technical Actuarial StandardsConsultation: Revision of TAS 300 (funding code)  |  The FRC regularly review the Technical Actuarial Standards (TAS) and other actuarial standards to ensure they continue to support the delivery of high-quality technical actuarial work and satisfy the Reliability Objective.Revised TAS 100 and TAS 400 have now been published and are effective from July 2023. Revised TAS 300 and TAS 310 (Pensions) have now been published and are effective from April 2024 and Sept 2024 respectively. The consultation on TAS 200 closed in May 2024.  |  Q1 2025  |  Yes  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Guidance on the Going Concern Basis of Accounting and Related Reporting  |  The FRC will review the existing Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risk (2016). The consultation on the exposure draft (\"Guidance on the Going Concern Basis of Accounting and Related Reporting\") was published in August and will close in October 2024.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Financial Resilience  |  FRC  |  Revision of ISA (UK) 700 series: Consultation  |  The ISA (UK) 700 series relate to the auditor reporting standards. Further stakeholder outreach is being carried out on proposed changes to the standards, which are designed to better meet investor and other stakeholder information needs, as well as de-cluttering and simplifying requirements.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  PRA  |  Updating Supervisory Statement 3/19 on the management of climate-related risks - Consultation Paper  |  Updating 3/19 to consolidate public feedback since 2019 on the management of climate related risks and to bring the expectations into closer alignment with international standards.  |  Q1 2025  |  No  |  No   \nMulti-sector  |  Cross-cutting/omnibus  |  FCA  |  Review of FCA requirements following the introduction of the Consumer DutyFeedback Statement  |  We have published a Call for Input seeking views on whether, where, and how, under the Consumer Duty, we can simplify our requirements on firms while ensuring we continue to support and protect consumers. We want to facilitate innovation and flexibility, reducing costs for firms, driving effective competition and supporting our Secondary International Competitiveness and Growth Objective.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Conduct  |  FCA  |  Review of Debt Advice Rules (CONC 8) Consultation Paper  |  Review our debt advice rules to ensure they set the right framework for good quality debt advice.  |  Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  Leverage Ratio: Review of thethresholds for application of the requirement - Consultation Paper  |  The Leverage Ratio \u2013 Capital Requirements and Buffers Part requires firms with more than \u00a350bn retail deposits or \u00a310bn non-UK assets to meet a minimum leverage ratio of 3.25% plus buffers at all times. As announced on 10 September, the PRA is reviewing these thresholds. If this review identifies a need for changes, the PRA expects to publish a consultation paper in Q1 2025.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Conduct  |  FCA  |  Evaluation of the persistent debt intervention  |  An impact evaluation of the effect of the persistent debt intervention that followed the Credit Card Market Study. This came into effect in September 2018.  |  Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Financial Resilience  |  PRA/HMT  |  Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards)  |  Final version of the reporting taxonomy for the technical implementation of Basel 3.1.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  A strong and simple prudential framework for non-systemic banks and building societies - Capital requirements for Small Domestic Deposit Takers (previously 'Simpler-regime Firms')Policy Statement  |  Developing policy to simplify prudential regulation for non-systemic and domestic banks and building societies in the UK, while maintaining resilience. Includes working with the FCA on corresponding changes to their Handbook where needed. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact. Final policy on arrangements for the Interim Capital Regime will be published in Q4 2024 and along with the Basel 3.1 Final Policy Statement in Q1 2025.  |  Q4 2024 & Q1 2025  |  Yes  |  Yes   \nBanking, credit and lending  |  Competition, innovation and other  |  PRA  |  Review of the FSCS deposit protection limit  |  The PRA is required to complete a review of the Financial Services Compensation Scheme deposit protection limit by December 2025. The PRA expects to publish a consultation paper in connection with this review in Q1 2025.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Financial Resilience  |  PRA  |  Streamlining the Pillar 2A capital framework and the capital communications process - Policy Statement  |  Further to the Consultation Paper (CP9/24) published in Sep 2024, the PRA will issue a policy statement on streamlining firm-specific capital communications in Q1 2025, followed by a policy statement on retiring the refined methodology to Pillar 2A and a policy statement on retiring the refined methodology to Pillar 2A in Q2 2025.  |  Q1 2025  |  No  |  N/A   \nBanking, credit and lending  |  Financial Resilience  |  PRA  |  Bank Resolution (Recapitalisation) Bill ImplementationConsultation Paper  |  PRA depositor protection rule changes to implement legislative changes made under the Bank Resolution (Recapitalisation) Bill. We expect the Bill to introduce a new resolution tool utilising FSCS funding which will require consequential changes to the depositor protection rulebook to facilitate this.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Banking, credit and lending  |  PRA  |  Banking Disclosure / Implementation of disclosure templates  |  PRA Implementation of Basel disclosure templates.  |  Q1 2025  |  No  |  No   \nBanking, credit and lending  |  Financial Resilience  |  BoE/HMT/PRA  |  Basel 3.1 final policy statement (implementation of the remaining Basel 3 banking standards)  |  Final rules for UK implementation of the final Basel III banking standards (also known as Basel 3.1). This initiative follows the publication of two near-final policy statements in December 2023 and September 2024 as part of the Treasury\u2019s repeal and replacement of assimilated law under FSMA 2023.  |  Q1 2025  |  Yes  |  No   \nBanking, credit and lending  |  Financial Resilience  |  BoE/HMT/PRA  |  Final reporting taxonomy for Basel 3.1 (implementation of the remaining Basel 3 banking standards)  |  Final version of the reporting taxonomy for the technical implementation of Basel 3.1.  |  Q1 2025  |  No  |  No   \nPensions and Retirement Income  |  N/A  |  FRC  |  Actuarial Standard Technical Memorandum 1Consultation: Revision of AS TM1Feedback statement: Revision of AS TM1  |  Actuarial Standard Technical Memorandum 1 (AS TM1) specifies the assumptions and methods to be used in illustrations of money purchase/defined contribution pensions. AS TM1 and the appropriateness of the assumptions set out within are reviewed annually to ensure they remain fit for purpose.  |  Q4 2024 & Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  FCA  |  Regulation of the commercial insurance marketConsultation Paper  |  Consulting on rules and guidance focused on ensuring an appropriate balance between consumer protection and competitiveness in light of certain characteristics of the commercial insurance market, including the London market.  |  Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  PRA  |  Life Insurance StressTest 2025: Scenario Calibrations, finalised instructions, guidelines and templates for firms. This publication will launch the exercise.  |  Major life insurers participate in regular stress testing prescribed by the PRA and the next test will be in 2025. The objectives of the life insurance stress test are to: (1) assess sector and individual firm resilience to severe but plausible events; (2) strengthen market understanding and discipline through individual firm publication; and, (3) improve insight into risk management vulnerabilities.In 2025, the PRA will publish individual firm results. This will help inform the PRA, as well as other stakeholders, about sector and individual firm resilience, and the vulnerabilities to which firms are exposed in the scenarios we set out.The PRA has been engaging with the industry and disclosure users over the past 18 months on both scenario design and disclosure for the 2025 exercise. The PRA published an \u201cApproach to LIST 2025\u201d alongside methodological guidance for the firms on 10 July 2024.  |  Q1 2025  |  No  |  No   \nInsurance and reinsurance  |  N/A  |  FCA  |  Pure Protection Market Study  |  The FCA intends to launch a market study into how pure protection insurance products are distributed following concerns that competition is not working well in the market. The study will be launched later in 2024/25.  |  Q1 2025  |  No  |  NA   \nInsurance and reinsurance  |  |  PRA  |  FSCS General Insurance Limit Review - Discussion Paper  |  Discussion Paper on changing the level of FSCS protection for general insurance products and amending the definition of small business. The PRA is considering the responses and its next steps. As part of this work, the PRA will review these rules to assess if they are operating effectively and delivering their intended impact.  |  Q1 2025  |  No  |  No   \nWholesale Financial Markets  |  N/A  |  PRA/FCA  |  PRA/FCA consultation on margin requirements for non-centrally cleared OTC derivatives (equity options)  |  In Policy Statements PS18/23 and PS23/19, the PRA and FCA extended the temporary exemption for single-stock equity options and index options from the UK bilateral margin requirements until 4 January 2026. The PRA and FCA also set out their intention to assess the best permanent framework for the UK. The PRA and FCA intend to consult and provide the final framework before the current temporary exemption ends.  |  Q1 2025  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Review of the prudential regime for Personal Investment FirmsConsultation Paper  |  Reviewing the appropriateness of the prudential requirements for personal investment firms - potentially leading to including capital and liquidity thresholds and risk management requirements.  |  Q1 2025  |  No  |  No   \nRetail Investments  |  N/A  |  FCA  |  Review of the definition of regulatory capital used in MIFIDPRUConsultation Paper  |  MIFIDPRU, the prudential sourcebook for solo-regulated investment firms, defines regulatory capital through a number of cross-references to a 'frozen in time' version of the UK Capital Requirements Regulation. We intend to remove these references, bringing the definition into MIFIDPRU while amending it where necessary to be more applicable to investment firms.  |  Q1 2025  |  Yes  |  Yes   \nPayments and cryptoassets  |  N/A  |  PSR  |  Market review of card scheme and processing fees  |  The aim of the market review is to understand if the supply of scheme and processing services are working well, having regard to our competition, innovation and protection of service-users objectives.  |  Q1 2025  |  Yes  |  Yes   \nWholesale Financial Markets  |  N/A  |  HMT/FCA  |  Prospectus Regime ReformTwo CPs on further Public Offers and Admissions to Trading Regulation (POATR) rules including consequential changes relating to public offer platforms and additional proposals for admissions to regulated markets, including for non-equity securities, following CP24/12 and CP24/13 published on 26 July 2024.  |  The Government consulted in 2021 and laid a SI in Q1 2024 on reforms to make the UK\u2019s prospectus regime simpler, more agile, and more effective; this was a recommendation of the Lord Hill's UK Listings Review. These reforms will be delivered through a statutory instrument (SI) which sets the framework for a new Prospectus Regime, replacing the Prospectus Regulation inherited from the EU. The FCA will write detailed rules to accompany the framework set out by this SI, which will also address certain recommendations from the Secondary Capital Raising Review.  |  Q1 2025*  |  Yes  |  Yes   \n  \n  * [ Accessibility ](/accessibility)\n  * [ Complain about us ](/about/how-we-operate/complain-about-regulators)\n  * [ Copyright notice ](/legal)\n  * [ Corporate responsibility ](/about/how-we-operate/corporate-responsibility)\n  * [ Cymraeg ](/about/cymraeg)\n  * [ Freedom of information ](/freedom-information)\n  * [ Modern Slavery and Human Trafficking Statement ](/about/how-we-operate/corporate-responsibility#section-modern-slavery-and-human-trafficking-statement)\n  * [ Privacy ](/privacy)\n  * [ Sitemap ](/sitemap)\n  * [ Translated languages ](/translated-pages)\n\n##  Social\n\n  * [ LinkedIn  ](https://www.linkedin.com/company/financial-conduct-authority \"Publish this post to LinkedIn\")\n  * [ RSS Feed  ](/news/rss.xml \"Subscribe to our RSS feed\")\n  * [ Twitter  ](https://twitter.com/thefca \"Share this on Twitter\")\n\n##  Registers and Systems  Registers and Systems\n\n  * [ My FCA ](/firms/my-fca)\n  * [ Financial Services Register ](/firms/financial-services-register)\n  * [ FCA Handbook ](/about/how-we-regulate/handbook)\n  * [ Connect ](/firms/connect)\n  * [ RegData ](/firms/regdata)\n  * [ Online Invoicing System ](/firms/fees/online-invoices)\n\n##  Careers  Careers\n\n  * [ Careers home ](/careers)\n  * [ Early careers ](/careers/early-careers)\n  * [ Experienced professionals ](/careers/experienced-professionals)\n\n##  Contact  Contact\n\nFCA Head Office\n\n12 Endeavour Square\n\nLondon E20 1JN\n\n[ Contact us ](/contact)\n\n[ Plain Language Commission Gold Award  ](https://www.clearest.co.uk/gold-\nstandard \"Plain Language Commission. Clear English Gold Standard Award logo\")\n\nCopyright \u00a9 2025 FCA. All rights reserved.\n\nBack to top\n\nCompany no. 01920623\n\n",
                "url": "https://www.fca.org.uk/publications/corporate-documents/regulatory-initiatives-grid/interim-update"
            },
            "reason": "This is a UK government website (fca.org.uk) providing regulatory initiatives, indicating high reliability.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' risk regulatory compliance",
            "summary": "This is a UK government website (fca.org.uk) providing regulatory initiatives, indicating high reliability.",
            "url": "https://www.fca.org.uk/publications/corporate-documents/regulatory-initiatives-grid/interim-update"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "7897afc2-1926-473d-bf5d-4c818983cd82",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.asahi-kasei.com/sustainability/basic_information/sasb/"
                },
                "page_content": "[ TOP ](/) [ Sustainability ](/sustainability/) [ Basic Information on Our\nSustainability Website ](/sustainability/basic_information/) **SASB Content\nIndex**\n\n#  SASB Content Index\n\nThis is an index of disclosed information in accordance with the ESG\ninformation disclosure framework \u201cSASB Standards\u201d issued by the U.S.\nSustainability Accounting Standards Board (SASB).  \n(The table below refers to the criteria for the Chemicals industry in the\nResource Transformation sector, and shows the location of the relevant\ninformation.)\n\nTopic  |  Accounting Metric  |  Unit of Measure  |  Code  |  Disclosure and Website Link   \n---|---|---|---|---  \nGreenhouse  \nGas Emissions  |  Gross global Scope 1 emissions, percentage covered under emissions-limiting regulations  |  Metric tons (t)   \nCO  2  -e,  \nPercentage (%)  |  RT-CH-110a.1  | \n\n  * [ Climate Change > Reducing GHG Emissions > Scope 1 and 2 GHG emissions (Japan and Overseas) ](/sustainability/environment/climate_change/#anc-05)\n  * [ ESG Data (Environment) ](/sustainability/esg_data/)\n\n  \nDiscussion of long and short-term strategy or plan to manage Scope 1 emissions, emissions reduction targets, and an analysis of performance against those targets  |  n/a  |  RT-CH-110a.2  | \n\n  * [ Climate Change > Asahi Kasei Group's Carbon Neutrality Policy ](/sustainability/environment/climate_change/#anc-01)\n\n  \nAir Quality  |  Air emissions of the following pollutants: (1) NO  x  (excluding N  2  O), (2) SO  x  , (3) volatile organic compounds (VOCs), and (4) hazardous air pollutants (HAPs)  |  Metric tons (t)  |  RT-CH-120a.1  | \n\n  * [ (1), (2) Pollution Prevention and Resource Circulation > Air pollution, ](/sustainability/environment/resources/#anc-05) [ Environmental Management, ](/sustainability/environment/management/) [ ESG Data (Environment) ](/sustainability/esg_data/)\n  * [ (3) Pollution Prevention and Resource Circulation > Reducing emissions of chemical substances, ](/sustainability/environment/resources/#anc-04) [ Environmental Management, ](/sustainability/environment/management/) [ ESG Data (Environment) ](/sustainability/esg_data/)\n  * [ (4) ESG Data (Environment) ](/sustainability/esg_data/#anc-23)\n\n  \nEnergy Management  |  (1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable and (4) total self-generated energy  |  Gigajoules (GJ),   \nPercentage (%)  |  RT-CH-130a.1  | \n\n  * [ (1) Environmental Management ](/sustainability/environment/management/)   \n(2) -\n\n  * [ (3)Climate Change > Efforts to Reduce CO  2  Emissions > Renewable energy ](/sustainability/environment/climate_change/#anc-07)   \n(4) -\n\n  \nWater Management  |  (1) Total water withdrawn, (2) total water consumed, percentage of each in regions with high or extremely high baseline water stress  |  Thousand cubic   \nmeters (m  3  ),  \nPercentage (%)  |  RT-CH-140a.1  | \n\n[ (1) Water Resource Preservation > Reducing water use,\n](/sustainability/environment/water_use/#anc-02) [ ESG Data (Environment)\n](/sustainability/esg_data/)  \n(2) -\n\n  \nNumber of incidents of non-compliance associated with water quality permits, standards, and regulations  |  Number  |  RT-CH-140a.2  | \n\n  * [ Water Resource Preservation > Prevention of water pollution ](/sustainability/environment/water_use/#anc-03)\n\n  \nDescription of water management risks and discussion of strategies and practices to mitigate those risks  |  n/a  |  RT-CH-140a.3  |  \\-   \nHazardous Waste Management  |  Amount of hazardous waste generated, percentage recycled  |  Metric tons (t),   \nPercentage (%)  |  RT-CH-150a.1  | \n\n  * [ Pollution Prevention and Resource Circulation > Reduction of Industrial Waste and Promotion of Recycling ](/sustainability/environment/resources/#anc-02)\n\n  \nCommunity Relations  |  Discussion of engagement processes to manage risks and opportunities associated with community interests  |  n/a  |  RT-CH-210a.1  | \n\n  * [ Social Activities > Local communities > Dialog and interaction ](/sustainability/social/community/#anc-04)\n\n  \nWorkforce Health & Safety  |  (1) Total recordable incident rate (TRIR) and (2) fatality rate for (a) direct employees and (b) contract employees  |  Rate  |  RT-CH-320a.1  | \n\n  * [ Health & Productivity Management and Occupational Health & Safety > Occupational Health and Safety > Workplace Accidents ](/sustainability/social/workplace/#anc-06)\n\n  \nDescription of efforts to assess, monitor, and reduce exposure of employees and contract workers to long-term (chronic) health risks  |  n/a  |  RT-CH-320a.2  | \n\n  * [ Health & Productivity Management and Occupational Health & Safety > Health & Productivity Management > Health Management Goals ](/sustainability/social/workplace/?target=anc-14#tab-02)\n\n  \nProduct Design for Use phase Efficiency  |  Revenue from products designed for use-phase resource efficiency  |  Reporting currency  |  RT-CH-410a.1  |  \\-   \nSafety & Environmental  \nStewardship of Chemicals  |  (1) Percentage of products that contain Globally Harmonized System of Classification and Labeling of Chemicals (GHS) Category 1 and 2 Health and Environmental Hazardous Substances, (2) percentage of such products that have undergone a hazard assessment  |  Percentage (%) by revenue, Percentage (%)  |  RT-CH-410b.1  | \n\n  * (1) [ Quality Assurance ](/sustainability/social/quality/)   \n(2) -\n\n  \nDiscussion of strategy to (1) manage chemicals of concern and (2) develop alternatives with reduced human and/or environmental impact  |  n/a  |  RT-CH-410b.2  | \n\n  * [ Quality Assurance > Product safety initiatives, ](/sustainability/social/quality/#anc-03) [ Chemical substance management ](/sustainability/social/quality/#anc-04)\n  * [ Pollution Prevention and Resource Circulation > Reducing emissions of chemical substances ](/sustainability/environment/resources/#anc-04)\n\n  \nGenetically Modified  \nOrganisms  |  Percentage of products by revenue that contain genetically modified organisms (GMOs)  |  Percentage (%) by revenue  |  RT-CH-410c.1  |  \\-   \nManagement of the Legal & Regulatory Environment  |  Discussion of corporate positions related to government regulations and/or policy proposals that address environmental and social factors affecting the industry  |  n/a  |  RT-CH-530a.1  | \n\n  * [ Environmental Management > Policy ](/sustainability/environment/management/#anc-01)\n  * [ Climate Change > Asahi Kasei Group's Carbon Neutrality Policy ](/sustainability/environment/climate_change/#anc-01)\n\n  \nOperational Safety, Emergency Preparedness & Response  |  Process Safety Incidents Count (PSIC), Process Safety Total Incident Rate (PSTIR), and Process Safety Incident Severity Rate (PSISR)  |  Number, Rate  |  RT-CH-540a.1  | \n\n  * [ Process Safety > Process safety management ](/sustainability/social/safety/#anc-03)\n\n  \nNumber of transport incidents  |  Number  |  RT-CH-540a.2  | \n\n  * [ Process Safety > Transportation and Distribution Safety ](/sustainability/social/safety/#anc-08)\n\n  \n  \nPage top\n\n[ ](/)\n\n  * [ Terms and Conditions ](/legal/)\n  * [ Data Protection ](/privacy/)\n  * [ Site Map ](/sitemap/)\n\n  * [ ](https://www.youtube.com/c/AsahiKaseiOfficial)\n  * [ ](https://www.linkedin.com/company/asahi-kasei/)\n\nCopyright \u00a9 Asahi Kasei Corporation. All rights reserved.\n\n",
                "url": "https://www.asahi-kasei.com/sustainability/basic_information/sasb/"
            },
            "reason": "This is the official sustainability page of Asahi Kasei, a large corporation. Information on this page is likely to be reliable as it reflects the company's official stance and reporting on sustainability matters.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' environmental impact carbon footprint",
            "summary": "This is the official sustainability page of Asahi Kasei, a large corporation.",
            "url": "https://www.asahi-kasei.com/sustainability/basic_information/sasb/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "791fc7c2-3d6d-4c72-8d26-12688ae8d7ff",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations"
                },
                "page_content": "JavaScript is not currently enabled in your browser. You must enable\nJavaScript and reload this page to run it correctly.\n\n__ For a better view on Central Bank of The Bahamas, [ Update Your Browser.\n](https://support.microsoft.com/en-us/help/17621/internet-explorer-downloads\n\"Update Your Browser\")\n\n__\n\n##  GUIDELINES\n\n  * [ Home ](https://www.centralbankbahamas.com \"Home\")\n  * [ Core Functions ](javascript:; \"Core Functions\")\n  * [ Bank Supervision ](https://www.centralbankbahamas.com/bank-supervision-department \"Bank Supervision\")\n  * [ Guidelines ](https://www.centralbankbahamas.com/bank-supervision/guidelines \"Guidelines\")\n  * Financial Industry Regulations \n\n  * __ Email \n\n#  Financial Industry Regulations\n\n[ __ ](javascript:void\\(0\\))\n\n|  Document Title  |  Date Issued  |  Latest Date Amended  |  Applicability   \n---|---|---|---|---  \nAll  |  Public  |  Restricted   \nBanks  |  Trust  |  Banks  |  Trust   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2022-08-24-14-05-54-The-Bahamas-Capital-Regulations-2022.pdf \"The Bahamas Capital Regulations 2022\") |  [ The Bahamas Capital Regulations, 2022 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/the-bahamas-capital-regulations-2022?N=N \"The Bahamas Capital Regulations, 2022\") |  2022-08-24  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2022-03-12-18-36-01-ExO-March-12-2022.pdf \"International Obligations \\(Economic and Ancillary Measures\\) \\(United States of America\\) \\(Unilateral Sanctions\\) Directions, 2022\") |  [ International Obligations (Economic and Ancillary Measures) (United States of America) (Unilateral Sanctions) Directions, 2022 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/international-obligations-economic-and-ancillary-measures-united-states-of-america-unilateral-sanctions-directions-2022?N=N \"International Obligations \\(Economic and Ancillary Measures\\) \\(United States of America\\) \\(Unilateral Sanctions\\) Directions, 2022\") |  2022-03-14  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2020-02-05-06-42-50-Attorney-Generals-Directive-2019.pdf \"Attorney Generals Directive 2019\") |  [ Attorney General's Directive 2019 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/attorney-general-s-directive-2019?N=N \"Attorney General's Directive 2019\") |  2019-10-15  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-11-19-Banks-and-Trust-Companies-Administrative-Monetary-Penalties-Regulations-2016.pdf \"Banks and Trust Companies Administrative Monetary Penalties Regulations 2016\") |  [ Banks and Trust Companies (Administrative Monetary Penalties) Regulations, 2016 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/banks-and-trust-companies-administrative-monetary-penalties-regulations-2016?N=N \"Banks and Trust Companies \\(Administrative Monetary Penalties\\) Regulations, 2016\") |  2016-06-21  |  N/A  |  X  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-15-35-Financial-Transactions-Reporting-Act-Amendment-to-First-Schedule-Order-2015.pdf \"Financial Transactions Reporting Act Amendment to First Schedule Order 2015\") |  [ Financial Transactions Reporting Act (Amendment to First Schedule) Order, 2015 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/financial-transactions-reporting-act-amendment-to-first-schedule-order-2015?N=N \"Financial Transactions Reporting Act \\(Amendment to First Schedule\\) Order, 2015\") |  2016-05-09  |  N/A  |  X  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-17-07-Bahamas-Co-Operative-Credit-Unions-Regulations-2015.pdf \"Bahamas Co-Operative Credit Unions Regulations 2015\") |  [ Bahamas Co-Operative Credit Unions Regulations 2015 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/bahamas-co-operative-credit-unions-regulations-2015?N=N \"Bahamas Co-Operative Credit Unions Regulations 2015\") |  2015-12-04  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-26-40-Business-Licence-Amendment-Act-2015.pdf \"Business Licence Amendment Act 2015\") |  [ Business Licence (Amendment) Act, 2015 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/business-licence-amendment-act-2015?N=N \"Business Licence \\(Amendment\\) Act, 2015\") |  2015-08-07  |  N/A  |  X  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-37-13-Bahamas-Co-Operative-Credit-Unions-Act-2015.pdf \"Bahamas Co-Operative Credit Unions Act 2015\") |  [ Bahamas Co-operative Credit Unions Act, 2015 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/bahamas-co-operative-credit-unions-act-2015?N=N \"Bahamas Co-operative Credit Unions Act, 2015\") |  2015-08-07  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-30-26-Co-operative-Socities-Amendment-Act-2015.pdf \"Co-operative Socities Amendment Act 2015\") |  [ Co-operatives Socities (Amendment) Act, 2015 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/co-operatives-socities-amendment-act-2015?N=N \"Co-operatives Socities \\(Amendment\\) Act, 2015\") |  2015-07-08  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-39-24-International-Obligations-Economic-and-Ancillary-Measures-Libya-Order-2014.pdf \"International Obligations Economic and Ancillary Measures Libya Order 2014\") |  [ International Obligations (Economic and Ancillary Measures) (Libya) Order, 2014 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/international-obligations-economic-and-ancillary-measures-libya-order-2014?N=N \"International Obligations \\(Economic and Ancillary Measures\\) \\(Libya\\) Order, 2014\") |  2015-05-08  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-51-21-Revised-PTC-Regulations-2012.pdf \"Revised PTC Regulations 2012\") |  [ Banks and Trust Companies (Private Trust Companies) (Amendment) Regulations, 2012 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/banks-and-trust-companies-private-trust-companies-amendment-regulations-2012?N=N \"Banks and Trust Companies \\(Private Trust Companies\\) \\(Amendment\\) Regulations, 2012\") |  2012-12-24  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-56-13-Liquidity-Risk-Management-Regulations.pdf \"Liquidity Risk Management Regulations\") |  [ Banks and Trust Companies (Liquidity Risk Management) Regulations, 2012 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/banks-and-trust-companies-liquidity-risk-management-regulations-2012?N=N \"Banks and Trust Companies \\(Liquidity Risk Management\\) Regulations, 2012\") |  2012-03-28  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-54-14-Large-Exposures-Regulations-Consolidated.pdf \"Large Exposures Regulations Consolidated\") [ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-09-54-17-Large-Exposures-Regulations-Amendment.pdf \"Large Exposures Regulations Amendment\") |  [ Banks and Trust Companies (Large Exposures) (Amendment) Regulations, 2012 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/banks-and-trust-companies-large-exposures-amendment-regulations-2012?N=N \"Banks and Trust Companies \\(Large Exposures\\) \\(Amendment\\) Regulations, 2012\") |  2012-03-02  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-10-01-14-Business-Licence-Act-2010-and-Business-Licence-Amendment-Act-20111.pdf \"Business Licence Act 2010 and Business Licence Amendment Act 20111\") [ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-10-01-16-Business-Licence-Act-2010-and-Business-Licence-Amendment-Act-2011.pdf \"Business Licence Act 2010 and Business Licence Amendment Act 2011\") |  [ Business Licence Act, 2010 and Business Licence (Amendment) Act, 2011 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/business-licence-act-2010-and-business-licence-amendment-act-2011?N=N \"Business Licence Act, 2010 and Business Licence \\(Amendment\\) Act, 2011\") |  2011-10-10  |  N/A  |  |  |  |  |   \n[ __ ](https://www.centralbankbahamas.com/viewPDF/documents/2019-06-26-10-15-45-International-Obligations-Libya.pdf \"International Obligations Libya\") |  [ International Obligations (Economic and Ancillary Measures)(Libya) Order, 2011 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations/international-obligations-economic-and-ancillary-measures-libya-order-2011?N=N \"International Obligations \\(Economic and Ancillary Measures\\)\\(Libya\\) Order, 2011\") |  2011-05-18  |  2011-06-07  |  X  |  |  |  |   \n  \n* * *\n\nPage 1 of 2\n\n  * [ 1 ](javascript:void\\(0\\);)\n  * [ 2 ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations?page=2)\n  * [ \u00bb ](https://www.centralbankbahamas.com/bank-supervision/financial-industry-regulations?page=2)\n\n[ ](https://www.centralbankbahamas.com \"Central Bank of The Bahamas\")\n\n####  Mailing List\n\nTo receive email updates, subscribe below:\n\n####  Mailing Address\n\nCentral Bank of The Bahamas  \nP.O. 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                    "source": "https://report.lufthansagroup.com/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/e1-climate-change/metrics-and-targets/"
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                "page_content": "  * [ Combined management report ](/2024/annual-report/en/combined-management-report/)\n    * [ Combined non-financial declaration ](/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/)\n      * [ E1 \u2013 Climate change ](/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/e1-climate-change/)\n        * [ Metrics and targets ](/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/e1-climate-change/metrics-and-targets/)\n\n#  Metrics and targets\n\n#####  E1-4 \u2013 Targets related to climate change mitigation and adaptation\n\n######  Scientifically proven carbon reduction targets underpin climate\nprotection ambitions\n\nThe Lufthansa Group has set itself ambitious climate change mitigation\ntargets. The SBTi validation in 2022 made the Lufthansa Group the first\nairline group in Europe and the second worldwide with a scientifically\nverified CO\u2082 reduction target in line with the goals of the Paris Climate\nAgreement of 2015. In terms of the SBTi criteria the Lufthansa Group has set\nitself a target of reducing its carbon intensity, i.e. its CO\u2082 emissions in\ngrammes of CO  2  per revenue tonne-kilometre (passenger and freight) \u2013 by\n30.6 % from 2019 to 2030. The Lufthansa Group aligns its targets for reducing\nGHG emissions through the SBTi target with the political goal of limiting\nglobal warming to well below two degrees as set out in the Paris Agreement.\n\nThe Lufthansa Group\u2019s SBTi target is supplemented by a net-zero target for\n2050 and a net-emissions target of -50% for 2030 compared with 2019 to help\nlimit global warming to only 1.5\u00b0C as set out by the IPCC. The Lufthansa Group\nused 2019 as its base year because that was the last operating year unaffected\nby the coronavirus crisis in terms of emissions when the targets were set. The\ntargets for reducing carbon emissions also account for future developments,\nsuch as the growth in the number of flights based on the current company-wide\ngrowth scenarios. In addition, the Company has set a target for ground\noperations in Germany, Austria and Switzerland to source electricity\nexclusively from renewable energies. The Lufthansa Group has consolidated its\ncarbon emissions reductions. The validated SBTi target for aircraft operations\ncovers Scope 1 as well as Scope 3, Category 3. The targets defined for climate\nchange mitigation with regard to ground operations cover market-based Scope 2\nemissions.\n\nThe Lufthansa Group\u2019s mitigation pathway incorporates business development and\nforecasts the mitigation amounts of individual measures. It defines the key\nlevers by which the Lufthansa Group will decarbonise aircraft operations and\nachieve its targets. Numerous investments and partnerships support the\npathway, driving emissions reductions in the short to medium term and\nadvancing the development of the technologies needed over the long term.\n\n######  Management of SBTi targets is embedded within the Company\n\nThe Corporate Responsibility department, in close collaboration with the\nrelevant business areas and specialist departments, develops the strategy and\ndesigns the reduction targets for the Lufthansa Group\u2019s airlines. The\nExecutive Board has ultimate oversight of the climate change mitigation and\nenvironmental strategy, as well as the organisation, management and\nimplementation of these targets. The Group\u2019s ESG reporting team coordinates\nthe targets to ensure consistency with the GHG inventory.\n\n######  The contribution of individual decarbonisation levers has been\nquantified\n\nThe Lufthansa Group has identified a number of decarbonisation levers, which\nare described within its four-pillar strategy and the measures taken. The\nLufthansa Group quantifies the following contributions of its individual\ndecarbonisation levers to achieving the SBTi target in 2030:\n\n  * Fleet renewal reduces GHG emissions per revenue tonne-kilometre (RTK) by a projected 15% based on current framework conditions such as the supply reliability of aircraft manufacturers \n  * Operational efficiency measures reduce GHG emissions per RTK by a projected 3.8% based on current framework conditions such as the networked utilisation of European airspace \n  * The use of SAF additionally reduces GHG emissions per RTK by a projected 3.4% based on current framework conditions such as the availability and economic viability of SAF. \n\nTo achieve its net climate change mitigation targets, the Lufthansa Group\nrelies not only on decarbonisation measures but also on compensation\ninitiatives, such as supporting certified climate change mitigation projects.\n\n######  Progress on target achievement measured annually\n\nOverall, the combined reduction in carbon emissions per RTK compared with the\nbase year 2019 (SBTi KPI) across all measures amounted to 3.8% in the\nreporting year.\n\nThe main influencing factors were delays in the delivery of modern aircraft,\nwhich prevented the planned fleet renewal from being implemented as originally\nscheduled. Additionally, current geopolitical situations, such as Russia\u2019s war\nof aggression against Ukraine and the Middle East crisis, have required\nflights to detour around large-scale airspace restrictions, leading to\nincreased fuel consumption on the affected routes in recent years.\n\nThe Lufthansa Group is continuously working on modernising its fleet,\nincreasing the use of sustainable aviation fuels (SAF) and implementing\nfurther efficiency measures. The Lufthansa Group is also expanding its\nservices and offerings for more sustainable flight options, enabling further\nreductions in carbon emissions.\n\n######  The handling of other gases with an impact on climate remains\nunresolved\n\nThe Lufthansa Group has not yet defined targets for other climate-relevant\nnon-CO  2  gases. It is currently conducting research to develop a uniform\nstandard for converting these into CO  2  equivalents (CO  2  eq) or another\nappropriate metric. Once established, the Lufthansa Group will define and set\ntargets. To date, neither researchers nor legislators have made a clear\ndetermination regarding the parameters to be used or the time period over\nwhich the effects are to be considered.\n\n######  Energy-related targets for ground mobility have been adopted\n\nIn addition to the certified climate change mitigation targets for aircraft\noperations, the Lufthansa Group also aims to become carbon-neutral in ground\nmobility in the DACH region by 2030. However, it does not follow a defined\nsector-specific pathway, and these targets are not verified as compatible with\nthe target of 1.5 degrees.\n\n#####  E1-5 - Energy consumption and mix\n\nThe Lufthansa Group records and analyses its global energy consumption\nannually. The energy consumption figures are of high significance for the\nLufthansa Group, serving both as the basis for calculating its carbon\nfootprint and for verifying the effectiveness of implemented energy reduction\nmeasures, and because the Lufthansa Group operates in sectors classified as\nclimate-intensive. These climate-intensive sectors include both passenger and\nfreight air transport as well as activities of Lufthansa Technik in the\nMaintenance, Repair and Overhaul (MRO) segment. An overview of the ESRS\nsectors is provided in [ ESRS 2 General disclosures - Strategy, business model\nand value chain. ](/2024/annual-report/en/combined-management-report/combined-\nnon-financial-declaration/esrs2-general-disclosures/strategy/#headline-158650)\n\nThe following table provides a detailed overview of the energy sources and\ntheir consumption across all the business areas of the Company:\n\n**T057** |  **ESRS E1-5 | AR34 Energy consumption and mix in 2024**  \n---|---  \n|  |   \n|  |   \n(1) Fuel consumption from crude oil and petroleum products  |  MWh  |  109,875,298   \n(2) Fuel consumption from natural gas  |  MWh  |  122,282   \n(3) Fuel consumption from other fossil sources  |  MWh  |  0   \n(4) Consumption from purchased or acquired electricity, heat, steam and cooling from fossil sources  |  MWh  |  213,602   \n**(5) Total fossil energy consumption** |  **MWh** |  **110,211,182**  \n**Percentage of fossil sources in total energy consumption** |  **%** |  **99.6%**  \n**(6) Consumption from nuclear sources** |  **MWh** |  **0**  \n**Percentage of consumption from nuclear sources in total energy consumption** |  **%** |  **0.0%**  \n(7) Fuel consumption from renewable sources, including biomass (also industrial and municipal waste of biological origin, biogas, hydrogen from renewable sources, etc.)  |  MWh  |  247,319   \n(8) **** Consumption from purchased or acquired electricity, heat, steam and cooling from renewable sources  |  MWh  |  220,819   \n**(9) Total renewable energy consumption** |  **MWh** |  **468,137**  \n**Percentage of renewable sources in total energy consumption** |  **%** |  **0.4%**  \n**Total energy consumption** |  **MWh** |  **110,679,319**  \n|  |   \n  \nIn addition to the absolute energy consumption figures, the Lufthansa Group\nhas, for the first time this reporting year, calculated the energy intensity\nfor the climate-intensive sectors. This amounted to 2.7 KWh per euro of\nrevenue for 2024.\n\nA detailed description of the calculation methodologies for energy use and\nenergy intensity can be found under [ Calculation methods in 2024 -\nEnvironment. ](/2024/annual-report/en/combined-management-report/combined-non-\nfinancial-declaration/e5-resource-use-and-circular-economy/metrics-and-\ntargets-2/#table_159021)\n\n#####  E1-6 - Gross Scopes 1, 2, 3 and Total GHG emissions\n\n######  The carbon footprint in accordance with the GHG Protocol is determined\nannually\n\nThe Lufthansa Group calculates its carbon footprint each year. The carbon\nfootprint of the Lufthansa Group represents the total of all carbon dioxide\nand other GHG emissions generated by its operations as defined by the\ninternationally recognised GHG Protocol standards \u2013 including significant\nemissions from the supply chain. To establish the greatest possible level of\ntransparency and comparability, the Lufthansa Group\u2019s carbon footprint is\nverified annually by an independent external audit organisation and detailed\ninformation is provided, including by means of the Group\u2019s participation in\nthe recognised CDP rating scheme. However, because ESRS has been applied for\nthe first time, there are some isolated changes in the data collection and\ncalculation methodology. A detailed description of these changes, as well as\ntheir impact on the carbon footprint, is provided under [ Calculation methods\nin 2024 - Environment. ](/2024/annual-report/en/combined-management-\nreport/combined-non-financial-declaration/e5-resource-use-and-circular-\neconomy/metrics-and-targets-2/#table_159021)\n\nThe carbon emissions for 2024 are presented in the following table.\n\n**T058** |  **ESRS E1-6 | AR48 GHG** **emissions** **in 2024**  \n---|---  \n|  |  |  Retrospective  |  Milestones and target years   \n|  |  Base year   \n(2019)  |  2023  |  2024  |  Change in %  |  2025  |  2030  |  Annual % of target/   \nBase year  \n|  |  |  |  |  |  |  |   \n**Scope 1** **GHG** **emissions** |  |  |  |  |  |  |  |   \nGross Scope 1 GHG emissions  |  in 1,000 tonnes CO  2  e  |  33,349  |  26,822  |  29,159  |  9%  |  n/a  |  see E1-4 targets  |  n/a   \nPercentage of Scope 1 emissions from regulated  \nemissions trading systems  |  %  |  26%  |  32%  |  33%  |  3%  |  n/a  |  n/a  |  n/a   \n**Scope 2** **GHG** **emissions** |  |  |  |  |  |  |  |   \nGross location-based Scope 2  \nGHG emissions  |  in 1,000 tonnes CO  2  e  |  260  |  161  |  124  |  -23%  |  n/a  |  n/a  |  n/a   \nGross market-based Scope 2  \nGHG emissions  |  in 1,000 tonnes CO  2  e  |  200  |  91  |  49  |  -46%  |  n/a  |  see E1-4 targets  |  n/a   \n**Significant Scope 3**  \n**GHG** **emissions** |  |  |  |  |  |  |  |   \nTotal indirect (Scope 3)  \ngross GHG emissions  |  in 1,000 tonnes CO  2  e  |  10,589  |  10,063  |  13,734  |  36%  |  n/a  |  n/a  |  n/a   \n(1) Purchased goods and  \nservices  |  in 1,000 tonnes CO  2  e  |  12  |  9  |  3,326  |  36,856%  |  n/a  |  n/a  |  n/a   \n(2) Assets  |  in 1,000 tonnes CO  2  e  |  806  |  369  |  301  |  -18%  |  n/a  |  n/a  |  n/a   \n(3) Activities related to fuels and energy (not in Scope 1 or Scope 2)  |  in 1,000 tonnes CO  2  e  |  7,893  |  5,995  |  6,313  |  5%  |  n/a  |  see E1-4 targets  |  n/a   \n(4) Upstream transport and distribution  |  in 1,000 tonnes CO  2  e  |  1,441  |  1,123  |  1,821  |  62%  |  n/a  |  n/a  |  n/a   \n(5) Waste generated in operations  |  in 1,000 tonnes CO  2  e  |  271  |  3  |  12  |  300%  |  n/a  |  n/a  |  n/a   \n(6) Business travel  |  in 1,000 tonnes CO  2  e  |  63  |  41  |  46  |  12%  |  n/a  |  n/a  |  n/a   \n(7) Commuting own workforce  |  in 1,000 tonnes CO  2  e  |  38  |  55  |  58  |  5%  |  n/a  |  n/a  |  n/a   \n(8) Upstream leased  \nassets  |  in 1,000 tonnes CO  2  e  |  n/a  |  1  |  0  |  -100%  |  n/a  |  n/a  |  n/a   \n(9) Downstream transport  |  in 1,000 tonnes CO  2  e  |  n/a  |  1  |  1  |  0%  |  n/a  |  n/a  |  n/a   \n(10) Processing of sold products  |  in 1,000 tonnes CO  2  e  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a   \n(11) Use of sold products  |  in 1,000 tonnes CO  2  e  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a   \n(12) End-of-life treatment of products  |  in 1,000 tonnes CO  2  e  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a   \n(13) Downstream leased  \nassets  |  in 1,000 tonnes CO  2  e  |  65  |  502  |  631  |  26%  |  n/a  |  n/a  |  n/a   \n(14) Franchises  |  in 1,000 tonnes CO  2  e  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a  |  n/a   \n(15) Capital expenditure  |  in 1,000 tonnes CO  2  e  |  not available  |  1,964  |  1,225  |  -38%  |  n/a  |  n/a  |  n/a   \n**Total GHG emissions** |  |  |  |  |  |  |  |   \nTotal GHG emissions  \n(location-based)  |  in 1,000 tonnes CO  2  e  |  44,198  |  37,046  |  43,017  |  16%  |  n/a  |  see E1-4 targets  |  14%  1  )   \nTotal GHG emissions  \n(market-based)  |  in 1,000 tonnes CO  2  e  |  44,138  |  36,976  |  42,942  |  16%  |  n/a  |  see E1-4 targets  |  14%  1  )   \n|  |  |  |  |  |  |  |   \n1)  Relates to Scope 1 and Scope 3, Category 3 and is variable depending on\nthe assumed RTK growth until 2030.  \n  \nFor Scope 3 Category 1 and Category 5, there are significant deviations\ncompared with the previous year. These are due to an expanded data collection\nmethodology. Further details can be found under [ Calculation methods in 2024\n- Environment. ](/2024/annual-report/en/combined-management-report/combined-\nnon-financial-declaration/e5-resource-use-and-circular-economy/metrics-and-\ntargets-2/#table_159021)\n\nIn addition to the GHG emissions from fossil fuel sources, the Lufthansa Group\nalso calculates the emissions resulting from the combustion of biogenic energy\nsources, particularly SAF. For 2024, these amount to 63,741 t CO2e in Scope 1.\nThere were no biogenic emissions in Scope 2 or Scope 3.\n\nSimilar to energy intensity, this is the first year that the Lufthansa Group\nis reporting on carbon intensity. The amount of carbon dioxide equivalents\nemitted per million euros of net revenue is detailed in the following table.\n\n**T059** |  **ESRS E1-6 | 54 GHG intensity by net revenue in 2024**  \n---|---  \n|  |  2023  |  2024  |  Change in %   \n|  |  |  |   \nGHG emissions intensity by net revenue (location-based)  |  t CO  2  e/EUR m  |  n/a  |  1,145  |  n/a   \nGHG emissions intensity by net revenue (market-based)  |  t CO  2  e/EUR m  |  n/a  |  1,143  |  n/a   \n|  |  |  |   \n  \n#####  E1-7 \u2013 GHG removals and GHG mitigation projects financed through carbon\ncredits\n\n######  The Lufthansa Group incorporates carbon offset contributions to\nachieve its voluntary climate change mitigation target\n\nBeyond the reduction defined by the SBTi targets, the Lufthansa Group aims to\nmeet its self-imposed goal \u2013 to halve its net carbon emissions by 2030\ncompared with 2019. This includes voluntary carbon offsets. These offsets\ncontribute significantly to the climate change mitigation target. The carbon\noffset contributions flow into a portfolio of climate change mitigation\nprojects, which includes initiatives in various countries around the world,\nsuch as Germany, Austria and Switzerland. Currently, the Lufthansa Group is\nsupported in this endeavour by the organisations myclimate, Climate Austria,\nSQUAKE and ClimatePartner. The project portfolio includes modern, technology-\nbased projects such as CarbonCure\u2019s sustainable concrete (which captures\ncarbon and stores it longterm in concrete) and Biochar (carbon removal through\nplant-based biomass). In doing so, the Lufthansa Group fosters the development\nof the carbon offset market towards new technologies and offerings that\ndeliver long-term carbon sequestration. This standard is recommended by the\nGerman Environment Agency. Passengers contribute through offerings for more\nsustainable flying, such as the Green Fares flight tariff offered by the\nLufthansa Group\u2019s airlines Lufthansa Airlines, Austrian Airlines, Brussels\nAirlines, SWISS, Edelweiss, Discover Airlines and Air Dolomiti. In addition to\nthe voluntary offsetting activities described in this report, the Lufthansa\nGroup also participates in CORSIA as a mandatory offsetting scheme in the\naviation sector. In the long term, the Lufthansa Group aims to become carbon\nneutral by 2050 through measures such as these.\n\nReducing emissions through measures such as fleet modernisation, improvements\nin operational efficiency and the use of SAF is associated with high costs. As\na sector that is difficult to decarbonise, aviation will be reliant on the use\nof carbon certificates in the long term.\n\nBy using carbon credits, the Lufthansa Group ensures that measures which help\nto prevent the generation of GHG in the first place, such as fleet\nmodernisation, are not hindered. Investments in operational measures are\nprioritised over carbon credits as a reduction measure. However, based on the\ncurrent state-of-the-art, further reduction measures beyond those already\nimplemented are not economically viable for the Lufthansa Group at this time.\nFor this reason, carbon credits are indispensable as a means of carbon\noffsetting. In addition, customers purchase and finance carbon credits. This\nmeans no investment funds become permanently tied up that could otherwise be\nallocated to other reduction measures.\n\nAll current projects in the Lufthansa Group climate change mitigation\nportfolio are certified to a high standard. Over 90% of these projects are\nverified against the Gold Standard, which is recommended by the German\nEnvironment Agency. In addition, two technology-based projects (CarbonCure\u2019s\nsustainable concrete and biochar) are certified under the Puro Earth Standard\nand the Verified Carbon Standard (VCS). Projects by Climate Austria are\ncertified in accordance with local Austrian standards and national\nenvironmental funding regulations. Another local project within Europe is\ncertified under the MoorFutures Standard.\n\nThe amount of retired carbon certificates, as well as the planned amount of\ncarbon certificates to be retired in the future, is listed in the following\ntable. The total amount of carbon credits planned for retirement is\nexclusively based on contracts concluded with carbon credit providers.\nHowever, deviations between the planned values and the actual values may occur\nfor 2025. A detailed description of the calculation methodologies can be found\nunder [ Calculation methods in 2024 - Environment. ](/2024/annual-\nreport/en/combined-management-report/combined-non-financial-\ndeclaration/e5-resource-use-and-circular-economy/metrics-and-\ntargets-2/#table_159021)\n\n**T060** |  **ESRS E1-7 | 59a & b Carbon certificates retired in reporting year 2024 **  \n---|---  \n|  |   \n|  |   \nTotal  |  t CO  2  e  |  606,007   \nPercentage of reduction projects  |  t CO  2  e  |  545,580   \nPercentage of removal projects  |  t CO  2  e  |  60,427   \nOf which on a technological basis  |  %  |  5%   \nOf which on a biogenic basis  |  %  |  95%   \n**Percentage by primary standards used** |  |   \nPercentage Plan Vivo  |  %  |  6%   \nPercentage Gold Standard  |  %  |  90%   \nPercentage MoorFutures  |  %  |  1%   \nPercentage Puro Earth Standard  |  %  |  1%   \n**Carbon certificates to be retired in future reporting years** |  |   \nCarbon certificates to be retired in future based on the volume sold by the Lufthansa Group in 2024  |  t CO  2  e  |  657,235   \n|  |   \n  \nBased on the absolute amounts of retired carbon certificates presented in the\nabove table, 10% relate to removal projects and 90% to reduction projects. 3%\nof the retired certificates relate to projects carried out in Europe.\nMoreover, the Lufthansa Group has not retired any carbon certificates that\nfall under Article 6 of the Paris Climate Agreement.\n\n#####  E1-9 \u2013 Anticipated financial effects from material physical and\ntransition risks and potential climate-related opportunities\n\nThe Lufthansa Group is making use of the option available under ESRS 1\nParagraph 137 to omit the disclosures required under ESRS E1-9 in the first\nyear of preparation of its consolidated non-financial statement.\n\n[ Back  Impact, risk and opportunity management  ](/2024/annual-\nreport/en/combined-management-report/combined-non-financial-\ndeclaration/e1-climate-change/impact-risk-and-opportunity-management-1/) [\nNext  E2 - Pollution  ](/2024/annual-report/en/combined-management-\nreport/combined-non-financial-declaration/e2-pollution/)\n\n##  REPORTING COCKPIT\n\nFind content relevant to you by entering a search term or selecting a topic.\nOr select a topic:\n\n##\n\n  * [ Lufthansa Group ](https://www.lufthansagroup.com/en/home.html)\n    * [ Company ](https://www.lufthansagroup.com/en/company.html)\n    * [ Responsibility ](https://www.lufthansagroup.com/en/responsibility.html)\n    * [ Investor Relations ](https://investor-relations.lufthansagroup.com/de.html)\n    * [ Jobs & Careers ](https://lufthansagroup.careers/en)\n    * [ Supply Chain Management ](https://www.lufthansagroup.com/en/suppliers.html)\n  * [ Current ](https://newsroom.lufthansagroup.com/en)\n    * [ Newsroom ](https://newsroom.lufthansagroup.com/en)\n    * [ Media Lounge ](https://medialounge.lufthansagroup.com/en)\n    * [ Policy brief ](https://politikbrief.lufthansagroup.com/en)\n  * [ Service ](https://www.lufthansagroup.com/en/service.html)\n    * [ Contact ](https://www.lufthansagroup.com/en/service/contact.html)\n    * [ Imprint ](https://www.lufthansagroup.com/en/service/imprint.html)\n    * [ Disclaimer ](https://investor-relations.lufthansagroup.com/en/service/disclaimer.html)\n    * [ Privacy ](https://www.lufthansagroup.com/en/service/privacy.html)\n  * [ German ](/2024/annual-report/de/)\n  *     * [ Twitter  ](https://www.twitter.com/LufthansaNews/)\n\n  *   * [ Key figures  ](/2024/annual-report/en/key-figures/)\n  * [ Download  ](/2024/annual-report/en/downloads/)\n\n",
                "url": "https://report.lufthansagroup.com/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/e1-climate-change/metrics-and-targets/"
            },
            "reason": "This is an official annual report from Lufthansa Group, a major airline. The information presented is likely to be reliable as it is part of their official reporting on climate change metrics and targets.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' environmental impact carbon footprint",
            "summary": "This is an official annual report from Lufthansa Group, a major airline.",
            "url": "https://report.lufthansagroup.com/2024/annual-report/en/combined-management-report/combined-non-financial-declaration/e1-climate-change/metrics-and-targets/"
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                    "source": "https://www.resourcepanel.org/reports/resource-efficiency-and-climate-change"
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                "page_content": "Skip to main content\n\n#  Resource Efficiency and Climate Change\n\nMaterial Efficiency Strategies for a Low-Carbon Future\n\nReport  Videos  Infographics  Resources  Key facts  See also\n\nThis report conducts a rigorous assessment of the contribution of material\nefficiency to GHG abatement strategies. More concretely, it assesses the\nreduction potential of GHG emissions from material efficiency strategies\napplied in residential buildings and light duty vehicles, and reviews policies\nthat address these strategies. It shows that increasing material efficiency is\na key opportunity to achieve the aspirations of the Paris Agreement.\n\n[ # Resource Efficiency ](/reports?field_themes_tid%5B329%5D=329)\n\n[ # Life Cycle Analysis ](/reports?field_themes_tid%5B322%5D=322)\n\n[ # Climate Change ](/reports?field_themes_tid%5B346%5D=346)\n\n##  The report\n\nShare this page\n\n  * Share on Facebook \n  * Share on LinkedIn \n  * Share on Twitter \n  * Share on Weibo \n  * [ Share by Email ](/cdn-cgi/l/email-protection#be81cdcbdcd4dbddca83ebd0dbce98dcd1dac783d6cacacecd849191c9c9c990ccdbcdd1cbccdddbcedfd0dbd290d1ccd991ccdbced1cccacd91ccdbcdd1cbccdddb93dbd8d8d7ddd7dbd0ddc793dfd0da93ddd2d7d3dfcadb93ddd6dfd0d9db)\n\n######  [ ](/file/1966/download?token=dNgPqfZE)\n\n[ **\u200bRESOURCE EFFICIENCY AND CLIMATE CHANGE Material Efficiency Strategies for\na Low-Carbon Future** ](/file/1966/download?token=dNgPqfZE)\n\n**A report of the International Resource Panel published in 2020.**\n\n######  Download the Full Report: [ EN ](/file/1966/download?token=dNgPqfZE)\n\n######  Download the Appendixes: [ Model description ](/file/1973/download?token=FssD9tmp) | [ Information on policies ](/file/1970/download?token=0BIGIAky)\n\n######  Download the Summary for Policymakers: [ EN ](/file/1417/download?token=PYLVVusr) | [ AR ](/file/1931/download?token=Bg4rdNzB) | [ CN ](/file/1779/download?token=oej8GDk2) | [ FR ](/file/1832/download?token=KSHKZ46O) | [ JP ](/file/2124/download?token=tH4THpxq) | [ RU ](/file/1499/download?token=NJu7yLmX) | [ SP ](/file/1848/download?token=V4UEjLA9)\n\n######  Download the Factsheet: [ EN ](/file/1418/download?token=bwLKUzar) | [ AR ](/file/1420/download?token=Lqf6ABJN) | [ CH ](/file/1425/download?token=yQpBncWj) | [ FR ](/file/1423/download?token=lSGei8UD) | [ JP ](/file/1770/download?token=IM_Dh1X2) | [ RU ](/file/1422/download?token=byFkXSOX) | [ SP ](/file/1419/download?token=sF3Z8wcQ)\n\n######  Download the Implications for Business Leaders: [ EN\n](/file/2091/download?token=SgwAKOEH)\n\n* * *\n\nThis report was developed by the IRP in response to a request by leaders of\nthe Group of 7 nations in the context of efforts to promote resource\nefficiency as a core element of sustainable development. It conducts a\nrigorous assessment of the contribution of material efficiency to GHG\nabatement strategies. More concretely, it assesses the reduction potential of\nGHG emissions from material efficiency strategies applied in residential\nbuildings and light duty vehicles, and reviews policies that address these\nstrategies.\n\nAccording to the Panel, GHG emissions from the material cycle of residential\nbuildings in the G7 and China could be reduced by at least 80% in 2050 through\nmore intensive use of homes, design with less materials, improved recycling of\nconstruction materials, and other strategies.\n\nSignificant reductions of GHG emissions could also be achieved in the\nproduction, use and disposal of cars. IRP modelling shows that GHG emissions\nfrom the material cycle of passenger cars in 2050 could be reduced by up to\n70% in G7 countries and 60% in China and India through ride-sharing, car-\nsharing, and a shift towards trip-appropriate smaller cars, among others.\n\nIncreasing material efficiency is a key opportunity to achieve the aspirations\nof the Paris Agreement. Materials are vital to modern society, but their\nproduction is an important source of greenhouse gases. Emissions from material\nproduction are now comparable to those from agriculture, forestry, and land\nuse change combined, yet they have received much less attention from the\nclimate policy community. As shown by IRP estimates, it is time to look beyond\nenergy efficiency to reduce global carbon footprint.\n\n**Recommended citation:** IRP (2020). Resource Efficiency and Climate Change:\nMaterial Efficiency Strategies for a Low-Carbon Future. Hertwich, E., Lifset,\nR., Pauliuk, S., Heeren, N. A report of the International Resource Panel.\nUnited Nations Environment Programme, Nairobi, Kenya.\n\n* * *\n\n######  Report launch webinar\n\n######  Presentation slides ( [ **Download the full presentation deck**\n](/sites/default/files/documents/document/media/resource_efficiency_and_climate_change_presentation_slides_main_report_implications_for_business_leaders_0.pdf)\n)  \n\n##  **Videos**\n\n[ ](https://www.youtube.com/embed/qQAX21c3tGs)\n\n[ ](https://www.youtube.com/embed/llzFoPEXIyc)\n\n[ ](https://www.youtube.com/embed/pc4CxXjLTbA)\n\n[ ](https://www.youtube.com/embed/LQ8Gv0YF2LI)\n\n##  **Infographics**\n\n[ ](/sites/default/files/images/reports/resources-\ninfographics/recc_infographics_v2.png)\n\n##  **Additional resources**\n\n[ Resource Efficiency and Climate Change Errata Note  1 page  |  pdf, 76.72 KB  ](/file/2231/download?node=867)\n\n[ Resource Efficiency and Climate Change full report  173 pages  |  pdf, 6.77 MB  ](/file/1966/download?node=867)\n\nDid you know?\n\nEmissions from the production of materials as a share of global GHGs increased\nfrom 15% in 1995 to 23% in 2015.\n\nShare this page\n\n  * Share on Facebook \n  * Share on LinkedIn \n  * Share on Twitter \n  * Share on Weibo \n  * [ Share by Email ](/cdn-cgi/l/email-protection#39064a4c5b535c5a4d046c575c491f5b565d4004514d4d494a0316164e4e4e174b5c4a564c4b5a5c4958575c5517564b5e164b5c49564b4d4a164b5c4a564c4b5a5c145c5f5f505a505c575a401458575d145a555054584d5c145a5158575e5c)\n\nDid you know?\n\nMaterial efficiency strategies can reduce emissions from materials and\noperational energy in housing by 40% in 2050 in G7 countries and up to 70% in\nIndia and China.\n\nShare this page\n\n  * Share on Facebook \n  * Share on LinkedIn \n  * Share on Twitter \n  * Share on Weibo \n  * [ Share by Email ](/cdn-cgi/l/email-protection#013e7274636b6462753c546f647127636e65783c69757571723b2e2e7676762f7364726e7473626471606f646d2f6e73662e7364716e7375722e7364726e747362642c646767686268646f62782c606f652c626d686c6075642c6269606f6664)\n\nDid you know?\n\nMaterial efficiency strategies can reduce emissions from materials and\noperational energy in cars by 30-40% in 2050 in G7 countries, India and China.\n\nShare this page\n\n  * Share on Facebook \n  * Share on LinkedIn \n  * Share on Twitter \n  * Share on Weibo \n  * [ Share by Email ](/cdn-cgi/l/email-protection#4e713d3b2c242b2d3a731b202b3e682c212a3773263a3a3e3d746161393939603c2b3d213b3c2d2b3e2f202b2260213c29613c2b3e213c3a3d613c2b3d213b3c2d2b632b2828272d272b202d37632f202a632d2227232f3a2b632d262f20292b)\n\n##  **News**\n\n[ Resource Efficiency and Climate Change Full Report Launch at UNFCCC Race to\nZero Dialogues  13 November 2020  Emissions from the production of materials\nlike metals, minerals, woods and plastics more than doubled in 1995 - 2015,\naccounting for almost 25% of all greenhouse gas (GHG) emissions worldwide.\nThis is equivalent to the total GHG emissions from agriculture, forestry, and\nland use change combined. Yet, material efficiency receives far less attention\nin climate discussions. The International Resource Panel (IRP) Report,\nResource Efficiency and Climate Change: Material Efficiency Strategies for a\nLow-Carbon Future \u2013 to be released on 18 November 2020 at the Race to Zero\nevent - is the first comprehensive scientific analysis of potential GHG\nemission savings from material efficiency. For this, it zooms into two carbon-\nintensive sectors: residential buildings and passenger vehicles. 80% of\nemissions from the production of materials are linked to the construction and\nmanufacturing sectors, in particularly our homes and cars. Applying material\nefficiency strategies can reduce GHG emissions from the life-cycle of\nconstruction, operation, and deconstruction of homes by an average of 40% in\nseven major developed countries - Canada, France, Germany, Italy, Japan, the\nUnited Kingdom and the United States (G7 countries) and by 70% in China and\nIndia. It can also reduce GHG emissions from the manufacturing, operations and\nend-of-life  ](/news-events/resource-efficiency-and-climate-change-full-\nreport-launch-unfccc-race-zero-dialogues)\n\n[ IRP presents new work on resource efficiency and climate change at the COP25\nin Madrid  12 December 2019  This week, the International Resource Panel (IRP)\npresented new work on the connections between resources and climate at the\nCOP25 in Madrid. The IRP Summary for Policymakers \u201c Resource Efficiency and\nClimate Change: Material Efficiency Strategies for a Low-Carbon Future\u201d was\nofficially launched on 11 December 2019 at an event hosted by the Ministry for\nthe Environment, Land and Sea Protection of Italy. Co-chair Izabella Teixeira\nand lead author Edgar Hertwich presented the results of this work at five side\nevents. These included the Low Emissions Solutions Conference Dinner; a high-\nlevel side-event of the Emissions Gap Report hosted by UNEP and UNFCCC; a side\nevent on scaling-up climate action through the circular economy and nature-\nbased solutions hosted by the European Commission; the official launch event;\nand a side event on enhancing resource efficiency and reducing material\nfootprint to meet climate commitments, hosted by the One Planet Network, IRP\nand UNFCCC. Key messages were well received by multiple stakeholders,\nincluding the First Vice-President of European Commission, Ministers of\nEnvironment from Chile, Finland, Italy, and Norway, among others. At the event\nentitled \u201cEnhancing resource efficiency and reducing material footprint to\nmeet climate commitments\u201d Inger Andersen, Executive Director of UNEP and Achim\nSteiner  ](/news-events/irp-presents-new-work-resource-efficiency-and-climate-\nchange-cop25-madrid)\n\n[ See all events ](/news-events)\n\n##  **Events**\n\n[ 18  Nov  2020  Report launch  Resource Efficiency and Climate Change Full\nReport Launch  ](/news-events/resource-efficiency-and-climate-change-full-\nreport-launch)\n\n[ See all events ](/news-events)\n\n##  Related **content**\n\n[ Related journal articles  Journal of Industrial Ecology - Special Issue:\nMaterial Efficiency for Climate Change Mitigation\n](https://onlinelibrary.wiley.com/toc/15309290/2021/25/2)\n\n[ Related online magazine article  World Circular Economy Forum Plus Climate\ne-Magazine: The benefits of a circular economy for effective climate action\nand society (A joint article from the IRP and SYSTEMIQ)\n](https://www.wcefplusclimate.com/emagazine/dive-deeper/benefits)\n\n##  **Other reports**\n\n[ Financing the responsible supply of energy transition minerals for\nSustainable Development  The finance sector can play a critical role in\npromoting responsible mining, particularly in the context of the rising demand\nfor energy transition minerals such as lithium, cobalt, and rare earth\nelements. These minerals are essential for the global shift to sustainable\nenergy systems, and the massive investments required, from exploration and\nextraction to processing and refining, present a unique opportunity to drive\ntransformative change.  ](/reports/financing-responsible-supply-energy-\ntransition-minerals-sustainable-development)\n\n[ Intentionally Designing Sustainable Consumption and Production Policies and\nPractices to Reduce Inequalities  This think piece identifies certain issues\nthat are often \u201cinconvenient\u201d to discuss. It suggests several transformations\nto how we produce and consume natural resources that the international\ncommunity must make to address inequalities.  ](/reports/intentionally-\ndesigning-SCP)\n\n[ Global Resources Outlook 2024  IRP\u2019s flagship report \u2013 The Global Resources\nOutlook 2024 \u2013 is out now! The pathway towards sustainability is increasingly\nsteep and narrow, and the window of opportunity is closing. The science is\nclear: The key question is no longer whether a transformation towards global\nsustainable resource consumption and production is necessary, but how to make\nit happen now. Addressing this reality, based on evolving concepts of a just\ntransition, is an essential part of any credible and justifiable way forward.\n](/reports/global-resources-outlook-2024)\n\n[ Resource Efficiency and Climate Change: Material Efficiency Strategies for a\nLow-Carbon Future (RECC)  In its global report \u201cResource Efficiency and\nClimate Change: Material Efficiency Strategies for a Low-Carbon Future (RECC)\u201d\nthe IRP conducted a rigorous assessment of the contribution of material\nefficiency to Greenhouse Gas (GHG) abatement strategies.\n](/reports/technical-guidelines-resource-efficiency-andclimate-change-\nconstruction-sector)\n\n[ Upcoming Work  Learn more about what the International Resource Panel is\ncurrently working on.  ](/reports/upcoming-work)\n\n[ Enabling the energy transition  IRP Co-Chairs Janez Poto\u010dnik and Izabella\nTeixeira give their perspectives on achieving decoupling while enabling the\nenergy transition.  ](/reports/enabling-energy-transition)\n\n[ Trends and Outlook of Natural Resource Use in West Asia  This report aims to\nprovide policy makers in West Asia with insights on the trends and outlook for\nnatural resource use and environmental impacts in the region. The report marks\nthe first attempt of translating at regional level the methodology underlying\nthe \u2018Global Resources Outlook 2019\u2019 (GRO 2019), to amplify the regional\nperspectives from the insights of the global projections.  ](/reports/trends-\nand-outlook-natural-resource-use-west-asia)\n\n[ Human Migration and Natural Resources  The science is crystal clear that\nhumanity currently faces triple planetary crises: climate change, pollution,\nand biodiversity loss. One of the main issues of concern in relation to\nresponses to these planetary crises is understanding how society will respond\nand change. The management of human mobility in the context of changes in\nnatural resources is critical.  ](/reports/human-migration-and-natural-\nresources)\n\n[ Opinion Piece: We Need a Global Discussion on Natural Resource Management\nIn August 2022, the IRP submitted a Co-Chair Think Piece \u2018We Need A Global\nDiscussion On Natural Resource Management\u2019 to the United Nations Secretary\nGeneral established High-Level Advisory Board on Effective Multilateralism\npublic consultation.  ](/reports/opinion-piece-we-need-global-discussion-\nnatural-resource-management)\n\n[ Making Climate Targets Achievable  To the world\u2019s efforts to address climate\nchange, IRP Co-Chairs Janez Poto\u010dnik and Izabella Teixeira add an\nindispensable missing piece: resource efficiency strategies to reduce and\nimprove the use of natural resources.  ](/reports/making-climate-targets-\nachievable)\n\n[ Urban Agriculture\u2019s Potential to Advance Multiple Sustainability Goals  This\nThink Piece evaluates to what extent, and in which conditions, urban\nagriculture can enhance the sustainability of urban-rural food systems and\npromote a circular economy in cities.  ](/reports/urban-agricultures-\npotential-advance-multiple-sustainability-goals)\n\n[ Policy Options to Eliminate Additional Marine Plastic Litter  The think\npiece provides policy options to reduce marine plastic litter and achieve the\nOsaka Blue Ocean Vision, which voluntarily commits G20 countries to \u201creduce\nadditional pollution by marine plastic litter to zero by 2050 through a\ncomprehensive life-cycle approach\u201d.  ](/reports/policy-options-eliminate-\nadditional-marine-plastic-litter)\n\n[ A Global Manual on Economy Wide Material Flow Accounting  This Manual builds\nupon the existing experiences of compiling economy-wide material flow accounts\nin Europe and provides global guidance on compile material flow accounts which\ncan be used by national statistical systems around the world.\n](/reports/global-manual-economy-wide-material-flow-accounting)\n\n[ Governing Coastal Resources  The report draws together an evidence base that\ndemonstrates beyond question the need for enhanced governance coordination\nbetween terrestrial activities and marine resources.  ](/reports/governing-\ncoastal-resources)\n\n[ Building Biodiversity  To the world\u2019s efforts to restore and regenerate\nnature, IRP Co-Chairs Janez Poto\u010dnik and Izabella Teixeira add the single-\nbiggest missing piece: natural resource management.  ](/reports/building-\nbiodiversity)\n\n[ Catalysing Science-Based Policy Action on Sustainable Consumption and\nProduction  This report from the International Resource Panel and the One\nPlanet network explains the \u2018Value-Chain Approach\u2019 methodology and shares\nfindings from its application to three critical sectors: food, construction\nand textiles.  ](/reports/catalysing-science-based-policy-action-sustainable-\nconsumption-and-production)\n\n[ Sustainable Trade in Resources  This report looks at trade flows of material\nresources and their environmental impacts. It also demonstrates how both\nmultilateral trade rules and regional trade agreements can be used proactively\nto advance the circular and greener economy and minimize the environmental\nimpacts associated with resource extraction.  ](/reports/sustainable-trade-\nresources)\n\n[ Building Resilient Societies after the Covid-19 Pandemic  This document\nprovides policy recommendations extracted from IRP research over the past 10\nyears to drive a resource smart recovery from the COVID-19 pandemic,\ngenerating socio-economic value while safeguarding the environment.\n](/reports/building-resilient-societies-after-covid-19-pandemic)\n\n[ Natural Resource Use in the Group of 20: Status, trends, and solutions\nDissemination materials from the International Resource Panel\n](/reports/natural-resource-use-group-20)\n\n[ Land Restoration for Achieving the Sustainable Development Goals  Land\nrestoration has tremendous potential to help the world limit climate change\nand achieve its aims for sustainable development. In its latest study, the\nInternational Resource Panel finds positive spin-offs to support all 17\nSustainable Development Goals agreed to by the world\u2019s nations as part of the\n2030 Agenda for Sustainable Development.  ](/reports/land-restoration-\nachieving-sustainable-development-goals)\n\n[ Global Resources Outlook 2019  Through a combination of resource efficiency,\nclimate mitigation, carbon removal, and biodiversity protection policies, this\nreport finds that it is feasible and possible to grow economies, increase\nwell-being and remain within planetary boundaries.  ](/reports/global-\nresources-outlook-2019)\n\n[ Mineral Resource Governance in the 21st Century  The mining sector, if\ncarefully managed, presents enormous opportunities for advancing sustainable\ndevelopment particularly in low-income countries, the International Resource\nPanel says in its latest report. The full report, Summary for Policymakers,\nand factsheets are now available for download.  ](/reports/mineral-resource-\ngovernance-21st-century)\n\n[ Re-defining Value \u2013 The Manufacturing Revolution  Re-thinking how we\nmanufacture industrial products and deal with them at the end of their useful\nlife could provide breakthrough environmental, social and economic benefits.\nAdopting value-retention processes is a win-win situation for governments,\nindustry and customers. Governments would have less waste to deal with,\ngenerate green jobs, and stimulate economic growth; industry could lower\nproduction costs, avoid resource constraints on business growth, and open new\nmarkets; and customers could benefit from lower prices for refurbished\nproducts.  ](/reports/re-defining-value-manufacturing-revolution)\n\n[ Resource Efficiency for Sustainable Development  A think piece from the\nInternational Resource Panel.  ](/reports/resource-efficiency-sustainable-\ndevelopment)\n\n[ The Weight of Cities  We have a once-in-a-lifetime opportunity to shift\nfuture urbanization on to a more environmentally sustainable and socially just\npath. The Weight of Cities suggests a new approach to focus on low-carbon,\nresource-efficient, inclusive cities.  ](/reports/weight-cities)\n\n[ Assessing Global Resource Use  Better and more efficient production and use\nof natural resources can be one of the most cost-efficient and effective ways\nto reduce impacts on the environment (including pollution) and advance human\nwell-being.  ](/reports/assessing-global-resource-use)\n\n[ Green Technology Choices  What happens when low-carbon electricity supply\ntechnologies are deployed alongside energy efficiency technologies? The\nInternational Resource Panel's assessment looks at the impacts and benefits\nfor people and the environment.  ](/reports/green-technology-choices)\n\n[ Resource Efficiency  This report analyzes four paths that countries could\ntake over the next three decades, ranging from business as usual to a scenario\nwhere countries adopt both ambitious climate policies and improve resource\nefficiency. It finds that smarter use of resources can add $2 trillion\nannually to the global economy.  ](/reports/resource-efficiency)\n\n[ Global Material Flows and Resource Productivity (with database link)\nGrowing concern about assuring affordable, equitable and environmentally\nsustainable access to natural resources is well founded. In this report we\nshow global natural resource use trends and propose indicators for evidence-\nbased policy formulation.  ](/reports/global-material-flows-and-resource-\nproductivity-database-link)\n\n[ Unlocking the Sustainable Potential of Land Resources:  Land resources are\none of nature\u2019s most precious gifts. They feed us and help our societies and\neconomies to thrive. This report examines how to better evaluate and use the\npotential of land on the way to achieving land degradation neutrality.\n](/reports/unlocking-sustainable-potential-land-resources)\n\n[ Decoupling 2  This report explores technological possibilities and\nopportunities for both developing and developed countries to accelerate\ndecoupling and reap the environmental and economic benefits of increased\nresource productivity.  ](/reports/decoupling-2)\n\n[ Food Systems and Natural Resources  Food systems depend on natural\nresources. But population growth, and dietary changes due to growing wealth,\nare creating pressures on those resources. Transforming our food systems is\nrequired if we are to meet future demands.  ](/reports/food-systems-and-\nnatural-resources)\n\n[ Options for Decoupling Economic Growth from Water Use and Water Pollution\nTo head off a looming water crisis, meet demand, and sustain growth and human\nwellbeing, decoupling water from economic growth is essential. The report\nshows a package of policy and practical responses to aid aspirations for water\nsustainability.  ](/reports/options-decoupling-economic-growth-water-use-and-\nwater-pollution)\n\n[ 10 Key Messages on Climate Change  This note draws on the findings of the\nUnited Nations\u2019 expert panel on natural resources \u2013 the International Resource\nPanel (IRP) \u2013 to highlight some key policy-relevant messages on how\nsustainable management of natural resources can contribute to global efforts\nto combat climate change.  ](/reports/10-key-messages-climate-change)\n\n[ Green Energy Choices: the Benefits, Risks and Trade-Offs of Low-Carbon\nTechnologies for Electricity Production  Low-carbon electricity generation\ncould help meet demand while reducing climate change effects. But new\ntechnologies could create new environmental problems. This report aids\ninformed decision-making about energy technologies, infrastructure and optimal\nmix.  ](/reports/green-energy-choices-benefits-risks-and-trade-offs-low-\ncarbon-technologies-electricity)\n\n[ International Trade in Resources  International trade is indispensable for\ncountries to meet demand for resources not available, accessible or affordable\ndomestically. This report looks at implications of rapidly rising trade flows\nfor global resource and environmental efficiency.  ](/reports/international-\ntrade-resources)\n\n[ Policy Coherence of the Sustainable Development Goals  This paper highlights\nthe impact that pressures on the limited resource base may have on\ncomprehensively fulfilling the aspirational and ambitious SDGs. It brings\nforth the need for an understanding of the nexus between components of the\nnatural resource system and the natural and socio-economic ecosystems to\nidentify the environment-development trade-offs envisaged in the\nimplementation of the post-2015 global sustainable development agenda.\n](/reports/policy-coherence-sustainable-development-goals)\n\n[ Building Natural Capital: How REDD+ Can Support a Green Economy  This\nreport, on the status and future potential of REDD+, describes the benefits of\nforests and other ecosystems as a way of demonstrating that forests have\nmultiple values beyond carbon sequestration and are a foundation for\nsustainable societies.  ](/reports/building-natural-capital-how-redd-can-\nsupport-green-economy)\n\n[ Managing and Conserving the Natural Resource Base for Sustained Economic and\nSocial Development  This think piece presents the International Resource\nPanel's reflection on the establishment of Sustainable Development Goals aimed\nat decoupling economic growth from escalating resource use and environmental\ndegradation.  ](/reports/managing-and-conserving-natural-resource-base-\nsustained-economic-and-social-development)\n\n[ Assessing Global Land Use  This report examines the impacts of global trends\n- population growth, urbanization, changes in diets and consumption behaviours\n- on global land use, considering biodiversity, the supply of food, fibre and\nfuel, and resource security.  ](/reports/assessing-global-land-use)\n\n[ Environmental Risks and Challenges of Anthropogenic Metals Flows and Cycles\nMetal production is responsible for 7-8% of global energy use as well severe\nenvironmental impacts. Recycling would decrease both, but even if recycling\nincreased, rising global demand for many metals would remain a huge\nenvironmental challenge.  ](/reports/environmental-risks-and-challenges-\nanthropogenic-metals-flows-and-cycles)\n\n[ Metal Recycling  A global move to a Product-Centric approach, in which\nrecycling targets specific components of a product and devises ways to\nseparate and recover them, is essential. This report addresses the challenges\nof recycling increasingly complex products.  ](/reports/metal-recycling)\n\n[ City-Level Decoupling  Most resource consumption takes place in cities. How\na city is designed shapes how its inhabitants use transport, energy and water,\nand dispose of waste. The challenge is to build vibrant cities with reduced\nresource use and environmental impacts.  ](/reports/city-level-decoupling)\n\n[ Measuring Water Use in a Green Economy  How do we meet the water, energy,\nland and material needs of up to 9 billion people, while keeping climate\nchange, biodiversity loss and health threats within planetary boundaries?\n](/reports/measuring-water-use-green-economy)\n\n[ Responsible Resource Management for a Sustainable World  This report brings\ntogether highlights of five previous reports to enable policy-makers and\nbusiness leaders to begin decoupling economic activity from resource use to\nallow the global economy to operate within the limits of the Earth\u2019s\nresources.  ](/reports/responsible-resource-management-sustainable-world)\n\n[ Recycling Rates of Metals  Recycling rates of metals are far lower than\npotential for reuse. Less than one-third of 60 studied have a recycling rate\nabove 50 per cent, though many are crucial to clean technologies such as\nbatteries for hybrid cars or magnets in wind turbines.  ](/reports/recycling-\nrates-metals)\n\n[ Decoupling Natural Resource Use and Environmental Impacts from Economic\nGrowth  We are using unsustainable amounts of the Earth\u2019s natural resources.\nWe need to improve the rate of resource productivity (\u201cdoing more with less\u201d)\nfaster than the economic growth rate. This is the notion behind \u201cdecoupling\u201d.\n](/reports/decoupling-natural-resource-use-and-environmental-impacts-economic-\ngrowth)\n\n[ Metal Stocks in Society  A key question that relates to the very broad and\nintensive use of metals is whether society needs to be concerned about long-\nterm supplies of any or many of them. To examine this question, this reports\nreviews 54 studies on the topic.  ](/reports/metal-stocks-society)\n\n[ Assessing the Environmental Impacts of Consumption and Production  This\nreport gives a scientific assessment of which global environmental problems\npresent the biggest challenges, and weighs up the impacts of various economic\nactivities to identify priorities for change.  ](/reports/assessing-\nenvironmental-impacts-consumption-and-production)\n\n[ Assessing Biofuels  This report provides a robust assessment of key problems\nof production and use of biomass for energy purposes and options for more\nefficient and sustainable production and use of biomass.\n](/reports/assessing-biofuels)\n\n",
                "url": "https://www.resourcepanel.org/reports/resource-efficiency-and-climate-change"
            },
            "reason": "This is a report from the International Resource Panel, a science-policy interface that provides independent assessments and expert advice on the sustainable use of natural resources. The information is likely to be highly reliable due to the panel's mandate and expertise.",
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            "summary": "This is a report from the International Resource Panel, a science-policy interface that provides independent assessments and expert advice on the sustainable use of natural resources.",
            "url": "https://www.resourcepanel.org/reports/resource-efficiency-and-climate-change"
        },
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                    "source": "https://www.onetrust.com/blog/corporate-carbon-footprint-guide/"
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                "page_content": "Skip to main content\n\n[ ](/index/)\n\nSolutions\n\n  * Solutions \n\n    * [ Consent & Preferences  Streamline consent and preference management for consumer transparency  ](/content/onetrust/us/en/solutions/consent-and-preferences)\n\n    * [ Third-Party Management  Automate third-party management from intake and risk assessment to mitigation and reporting  ](/content/onetrust/us/en/solutions/third-party-management)\n\n  *     * [ Privacy Automation  Enable responsible use throughout the data lifecycle  ](/content/onetrust/us/en/solutions/privacy-automation)\n\n    * [ Tech Risk & Compliance  Scale your resources and optimize your risk and compliance lifecycle  ](/content/onetrust/us/en/solutions/tech-risk-and-compliance)\n\n  *     * [ Data & AI Governance  Govern your data and AI while accelerating innovation  ](/content/onetrust/us/en/solutions/data-and-ai-governance)\n\n  * Featured Products \n\n    * [ AI Governance  ](/content/onetrust/us/en/products/ai-governance)\n\n    * [ Data Discovery & Classification  ](/content/onetrust/us/en/products/data-discovery)\n\n    * [ Third-Party Risk Management  ](/content/onetrust/us/en/products/third-party-risk-management)\n\n[ View all products ](/content/onetrust/us/en/products)\n\n  * Regulatory Solutions \n\n    * [ GDPR  ](/content/onetrust/us/en/solutions/gdpr-compliance)\n\n    * [ DORA  ](/content/onetrust/us/en/solutions/digital-operational-resilience-act-dora-compliance)\n\n    * [ EU AI Act  ](/content/onetrust/us/en/solutions/eu-ai-act-compliance)\n\n[ View all regulatory solutions ](/content/onetrust/language-\nmasters/en/solutions#regulations)\n\nPlatform\n\n  * OneTrust Platform \n\n    * [ Platform Overview  Build and demonstrate trust, measure and manage risk, and go beyond compliance  ](/content/onetrust/us/en/platform)\n\n  *     * [ Pricing  Explore our scalable packages designed to help you collect, govern, and use your data with complete visibility and control  ](/content/onetrust/us/en/pricing)\n\n  *     * [ Integrations  Our extensive set of integrations makes it easy to add data management to your workflows  ](/content/onetrust/us/en/integrations)\n\nResources\n\n  * Self-Service Resources \n\n    * [ Demo Videos  ](/content/onetrust/us/en/resources/onetrust-demos)\n\n    * [ Resource Library  ](/content/onetrust/us/en/resources)\n\n    * [ Customer Stories  ](/content/onetrust/us/en/customers)\n\n    * [ Blog  ](/content/onetrust/us/en/blog)\n\n  * Training & Events \n\n    * [ Training & Certifications  ](/content/onetrust/us/en/certifications)\n\n    * [ TrustWeek  ](/content/onetrust/us/en/trustweek)\n\n    * [ Connect Workshops  ](https://privacyconnect.com/)\n\n  * Support \n\n    * [ Support & Services  ](/content/onetrust/us/en/services)\n\n    * [ Partners  ](/content/onetrust/us/en/partners)\n\n    * [ MyOneTrust Help Center  ](https://my.onetrust.com/s/topiccatalog)\n\nCompany\n\n  * Company \n\n    * [ About Us  ](/content/onetrust/us/en/about-us)\n\n    * [ Trust Center  ](/content/onetrust/us/en/trust)\n\n    * [ Careers  ](/content/onetrust/us/en/careers)\n\n    * [ Newsroom  ](/content/onetrust/us/en/news)\n\n    * [ Contact Us  ](/content/onetrust/us/en/forms/contact-us)\n\n  * Newsroom \n\n[ Get the latest news, announcements, views, and more\n](/content/onetrust/us/en/news)\n\n[ __ Request demo  __ ](/forms/demo/)\n\n[ __ Contact sales  __ ](/forms/get-started/)\n\n__\n\n* * *\n\nOn-demand webinar coming soon...\n\n##  Blog\n\n#  The corporate carbon footprint: a quick guide\n\nA company\u2019s Corporate Carbon Footprint (CCF), is the total amount of GHG\nemissions that are directly or indirectly caused by a company\u2019s activities.\n\n* * *\n\n###  Table of Contents\n\n  * What\u2019s a Corporate Carbon Footprint? \n  * What\u2019s included in a CCF? \n  * Why should companies measure their CCF? \n  * How do you calculate a Corporate Carbon Footprint? \n  * Advance your ethical compliance \n\nA growing number of companies are pursuing ambitious carbon reduction targets\nto achieve carbon neutrality. In fact, [ more than one-third\n](https://zerotracker.net/insights/pr-net-zero-stocktake-2022) of the world\u2019s\nlargest publicly traded companies, now have net-zero targets. But a systematic\nreduction of greenhouse gas (GHG) emissions is only possible if emission\nintensive hotspots can be identified and quantified. The Corporate Carbon\nFootprint offers a proven methodology for companies to pinpoint emission\nhotspots and reduction opportunities. This guide will cover what a Corporate\nCarbon Footprint is, how to calculate it, and the value it can provide to your\nbusiness.\n\n**Download[ The Guide for Setting Corporate Climate Goals\n](https://www.onetrust.com/resources/setting-corporate-climate-goals-guide/)\nto learn more. **\n\n##  What\u2019s a Corporate Carbon Footprint?\u200d\n\nA company\u2019s carbon footprint, also known as Corporate Carbon Footprint (CCF),\nis the total amount of [ GHG emissions ](https://www.onetrust.com/blog/what-\nare-scope-1-2-3-emissions/) that are directly or indirectly caused by a\ncompany\u2019s activities. Calculating the CCF is usually the first step toward\ncarbon neutrality, because it provides clarity on your emissions hotspots.\nWithout visibility on where those hotspots are and how your business\nactivities are contributing, it\u2019s difficult to define realistic climate goals\nand reduction strategies.\n\n##  What\u2019s included in a CCF?\u200d\n\nA Corporate Carbon Footprint covers all direct and indirect emissions related\nto a company\u2019s activities. This means that emissions across the entire value\nchain are included. For example, manufacturing companies will include all\nemissions from sourcing, logistics, use of sold products, and end-of-life\ndisposal.\n\nA CCF is usually calculated for a specific period, such as a calendar year.\nAfter that, any changes to the CCF are tracked by reporting periods (e.g.,\nannually, quarterly, etc.).\n\n##  Why should companies measure their carbon footprint? What are the\nbenefits?\n\nA CCF calculation can serve various purposes. It creates the transparency\nneeded to discover your optimal emissions reduction opportunities. It also\nhelps you identify the most relevant climate risks and opportunities for your\nbusiness.\n\nMeasuring and tracking your carbon footprint also signals to stakeholders\n(investors, customers, employees, etc.) that you are serious about owning your\nresponsibility for environmental impact. And, as regulators and investors\nincreasingly focus on fighting climate change, demonstrating carbon\naccountability will be critical to long-term business survival. As a case in\npoint, banks and investors representing over [ $130 trillion in assets\n](https://www.bcg.com/publications/2022/companies-climate-change-strategies)\nare rapidly moving that capital toward decarbonization of the global economy.\n\n##  How do you calculate a Corporate Carbon Footprint?\n\nWhen measuring the carbon footprint of a business, one of the first steps is\nto define the scope of consideration. For a CCF calculation, this is largely\ndefined by standards such as the [ GHG Protocol\n](https://ghgprotocol.org/standards) or [ ISO 14064\n](https://www.iso.org/standard/66453.html) .\n\nThe basis for calculating a CCF is the data on your business activities.\nAlmost every action and decision made by a company can contribute to carbon\nemissions, so the more comprehensive and exact this data is, the more accurate\nyour CCF will be. Keep in mind that getting to net-zero is a journey, so the\nmost important thing you can do is take the first step. You can increase the\naccuracy over time as you learn more.\n\n###  Collecting data for your CCF\n\nData from company-controlled activities is typically well-documented and easy\nto retrieve. This can include things such as energy consumption (electrical,\nnatural gas, etc.) or business travel. By coupling this activity data with the\nappropriate emission factors, you can estimate the GHG emissions for each\nactivity.\n\nSome data may be more difficult to obtain, such as production or service\nactivities performed by your suppliers. Employee commuter traffic and energy\nconsumption of your products during the usage phase can also fall into this\ncategory. Companies are often unaware that indirect emissions from activities\nlike these should also be included in the CCF. Even though these emissions\nhappen outside a company\u2019s direct influence, they are occurring because of\ndecisions made by the company. These activities can represent a significant\npart of the company\u2019s emissions.\n\n###  Alternative methods for estimating indirect emissions\n\nWhile the most accurate method for capturing indirect emissions is to request\nconsumption data directly from employees, suppliers, and service providers, it\nisn\u2019t always feasible. There are various databases that can help you fill the\ngap with estimated GHG emissions from common business activities based on\nwidely available data. Examples include Scope 3 resources and databases\nprovided by the [ GHG Protocol ](https://ghgprotocol.org/life-cycle-databases)\n, [ US EPA ](https://www.epa.gov/climateleadership/scope-3-inventory-guidance)\n, and [ Impact Institute ](https://www.impactinstitute.com/products/global-\nimpact-database/gid-scope-3-emissions-data/) . Combining data from these\nresources with key figures from your business, such as the number of\nemployees, materials purchased, sales volume, etc. can help you evaluate your\nindirect emissions. The accuracy of your CCF will vary depending on the method\nused. Purely cost-based approaches tend to be imprecise because they rely on\nsector-wide averages averages and cost data is usually not available for use\nof sold products and end-of-life disposal. By using purchased material\nquantities (as opposed to the cost) as the basis for calculating carbon\nemissions, you can improve the accuracy of your carbon footprint.\n\n###  How to address product-related GHG emissions\n\nOnce you have calculated your CCF and put reduction strategies in place, you\ncan increase the depth of analysis with a Product Carbon Footprint (PCF). A\nPCF measures your product-related emissions and can leverage the data\ncollection and analyses already established with your CCF.\n\n##  How can businesses reduce their carbon emissions?\n\nAfter completing your CCF analysis and identifying all the emissions generated\nby your company, you can start looking for reduction opportunities. Because\nthe CCF looks at all emission sources, it provides a great starting point for\ndefining and implementing carbon reduction strategies. Every company\u2019s\napproach to reducing and offsetting its business carbon footprint will look\ndifferent, but a few common ways include:\n\n  * Terminating contracts with GHG-intensive suppliers in favor of others with a lower CCF. \n  * Reducing resource consumption in production processes. \n  * Introducing energy efficiency measures. \n  * Considering the frequency and necessity of business travel. \n  * Invest in [ high-quality carbon offset projects ](https://www.onetrust.com/blog/carbon-offsets-101-guide-for-going-climate-neutral/) . \n\nOne thing to note is that many standards, including the [ Science Based\nTargets initiative (SBTi) ](https://www.onetrust.com/blog/science-based-\ntargets-initiative-sbti-net-zero-standard/) , require you to reduce emissions\nfirst before offsetting residual emissions.\n\n##  Advance your ethical compliance\n\nEffective ethical management is crucial in today\u2019s business environment. The\nOneTrust Ethics Program Management solution provides your organization with\nthe tools necessary to enhance ethical practices and compliance. Our platform\nhelps manage and train on ethical policies, ensuring your business operates\nwith integrity and transparency. Equip your organization with the means to\nhandle ethical dilemmas effectively and maintain trust with all stakeholders.\n\n** **\n\n**Learn more about our[ Ethics Program Management solution\n](https://www.onetrust.com/platform/ethics-program-management/) today. **\n\n* * *\n\n#  You may also like\n\nWebinar\n\n####  Ethics Program Management\n\n###  From reactive to proactive: Transforming your ethics & compliance program\n\n###\n\nJoin this webinar to hear experts explore actionable strategies employed by\nEthics & Compliance programs to drive a more ethical culture.\n\n####  September 12, 2024\n\n[ Learn more  __ ](/resources/from-reactive-to-proactive-transforming-your-\nethics-and-compliance-program-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Drive employee engagement with Ethics Program Management\n\n###\n\nIn this tech talk, we will walk you through the customer's employee journey\nutilizing our Ethics Program Management suite of tools.\n\n####  May 21, 2024\n\n[ Learn more  __ ](/resources/drive-employee-engagement-with-ethics-program-\nmanagement-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  EthicsConnect: Risk - It\u2019s not just for breakfast anymore\n\n###\n\nJoin us for a deep dive into embedding privacy by design into the fabric of\nyour business to promote the responsible use of data.\n\n####  April 25, 2024\n\n[ Learn more  __ ](/resources/ethicsconnect-risk-its-not-just-for-breakfast-\nanymore-webinar/)\n\neBook\n\n####  Ethics Program Management\n\n###  Business messaging apps: A guide to corporate compliance\n\n###\n\nHow can your business use third-party messaging apps while staying compliant?\nDive into key usage considerations based on the DOJ\u2019s 2023 guidance.\n\n####  February 13, 2024\n\n[ Learn more  __ ](/resources/business-messaging-apps-a-guide-to-corporate-\ncompliance-ebook/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Third-party applications and ephemeral apps\n\n###\n\nLearn practical advice on how to navigate the risks of ephemeral apps and\nemployee privacy in BYOD world.\n\n####  December 05, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-third-party-applications-\nand-ephemeral-apps-webinar/)\n\nWebinar\n\n####  Speak-Up Program Management\n\n###  Navigating the EU Whistleblower Protection Directive: New rules, new\nrisks\n\n###\n\nJoin our expert-led webinar where we explore the EU Whistleblower Protection\nDirective and practical steps towards compliance.\n\n####  November 02, 2023\n\n[ Learn more  __ ](/resources/navigating-the-eu-whistleblower-protection-\ndirective-new-rules-new-risks-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Risk assessments\n\n###\n\nJoin our risk assessments experts as we discuss best practices, program\ntemplates, and how provide an assessment that provides the best value for your\norganization.\n\n####  October 25, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-risk-assessments-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Investigations\n\n###\n\nJoin our live webinar and learn how to conduct comprehensive ethics\ninvestigations that are trustworthy and efficient.\n\n####  September 07, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-investigations-webinar/)\n\nWebinar\n\n####  Third-Party Due Diligence\n\n###  Driving excellence in third-party risk management: An in-depth look at\ndifferent due diligence approaches\n\n###\n\nJoin our in-depth webinar and learn how to define third-party due dilligence\nlevels and when to apply them during your vendor management lifecycle.\n\n####  July 20, 2023\n\n[ Learn more  __ ](/resources/driving-excellence-in-third-party-risk-\nmanagement-an-in-depth-look-at-different-due-diligence-approaches-webinar/)\n\neBook\n\n####  Third-Party Due Diligence\n\n###  The global regulations driving third-party due diligence\n\n###\n\nDownload our eBook learn how to start building a robust third-party due\ndilligence (TPDD) strategy that protects your brand and minimizes risk.\n\n####  May 30, 2023\n\n[ Learn more  __ ](/resources/the-global-regulations-driving-third-party-due-\ndiligence-ebook/)\n\nChecklist\n\n####  Ethics Program Management\n\n###  Policy on development and administration of policies template\n\n###\n\nGet a head start on your ethics program and create a policy on development and\nadministration of policies with our customizable template.\n\n####  May 10, 2023\n\n[ Learn more  __ ](/resources/policy-on-development-and-administration-of-\npolicies-template-checklist/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  Unpacking the global third-party due diligence regulatory landscape\n\n###\n\nLearn how a strategic plan for compliance can help companies eliminate human\nrights and environmental violations and avoid costly consequences.\n\n####  March 06, 2023\n\n[ Learn more  __ ](/resources/unpacking-the-global-third-party-due-diligence-\nregulatory-landscape-webinar/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  The number one metric for effective compliance programs: Continuous\nimprovement\n\n###\n\nJoin our webinar to learn how to develop and/or maintain a High-Quality E&C\nProgram and what role data analytics play in improving your compliance\nprogram.\n\n####  November 27, 2022\n\n[ Learn more  __ ](/resources/the-number-one-metric-for-effective-compliance-\nprogram-continuous-improvement-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Live demo: Conflicts of interest management webinar\n\n###\n\nLearn how to develop a holistic disclosure program, how to make it part of\nyour risk assessment, and how to use it to meet regulatory obligations.\n\n####  November 01, 2022\n\n[ Learn more  __ ](/resources/live-demo-conflicts-of-interest-management-\nwebinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Local vs. central intake and case management: What the EU Whistleblower\nDirective requires\n\n###\n\nOne of the challenges to come out of the EU Whistleblower Protection Directive\nis how companies should adopt local vs. centralized case management.\n\n####  July 06, 2022\n\n[ Learn more  __ ](/resources/local-vs-central-intake-requirements-webinar/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  GDPR and the EU Whistleblower Protection Directive webinar\n\n###\n\nJoin this webinar to learn how to review your whistleblowing processes to\ncomply with the EU Whistleblower Protection Directive, the GDPR and others.\n\n####  July 06, 2022\n\n[ Learn more  __ ](/resources/gdpr-and-eu-whistleblower-protection-directive-\nwebinar/)\n\n* * *\n\n* * *\n\n###  Top Searches\n\n  * [ Trust Center  ](/trust/)\n  * [ Consent & Preferences  ](/solutions/consent-and-preferences/)\n  * [ Third-Party Management  ](/solutions/third-party-management/)\n  * [ AI Governance  ](/products/ai-governance/)\n\n###  Resources\n\n  * [ From reactive to resilient: Building and scaling a modern enterprise risk program  ](/resources/from-reactive-to-resilient-building-and-scaling-a-modern-enterprise-risk-program-webinar/)\n  * [ EU AI Act Conformity Assessment: A step-by-step guide  ](/resources/eu-ai-act-conformity-assessment-a-step-by-step-guide-white-paper/)\n  * [ EU AI Act Conformity Assessment: A step-by-step guide  ](/resources/eu-ai-act-conformity-assessment-a-step-by-step-guide-infographic/)\n\n###  Platform\n\n  * [ Platform  ](/platform/)\n  * [ Pricing and Packaging  ](/pricing/)\n  * [ OneTrust Integrations: The Future of Privacy Management  ](/integrations/)\n\n###  Company\n\n  * [ About Us  ](/about-us/)\n  * [ OneTrust Global Offices  ](/about-us/all-locations/)\n  * [ Careers  ](/careers/)\n  * [ Newsroom  ](/news/)\n  * [ Legal and Compliance Information  ](/about-us/legal/)\n\n###  Latest News\n\n  * [ OneTrust unveils the future of privacy in the age of AI  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Where possible, we also let you\nmanage your preferences about how much information you choose to share with\nus, or our partners.\n\n\u00a9 { {CURRENT_DATE}} OneTrust, LLC. All Rights Reserved.\n\nOn-demand webinar coming soon...\n\n###  Our policies\n\n  * [ Privacy Overview  ](/privacy/)\n  * [ Privacy Notice  ](/privacy-notice/)\n  * [ Cookie Notice  ](/cookie-policy/)\n  * [ Trust Center  ](/trust/)\n\n###  Your rights\n\n  * [ Exercise Your Rights  ](https://privacyportal-cdn.onetrust.com/dsarwebform/37bcc497-a196-48f1-a08b-e897b5a77859/08a01c64-41fd-4b4e-9d42-cde44371a422.html)\n  * [ Manage Your Communication Preferences  ](/privacy/preferences/)\n\n",
                "url": "https://www.onetrust.com/blog/corporate-carbon-footprint-guide/"
            },
            "reason": "This is a blog post from OneTrust, a company that provides privacy, security, and governance technology. While it is a commercial site, the information provided in a guide format is likely to be reasonably reliable, though potentially with a slight bias towards promoting their services.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' environmental impact carbon footprint",
            "summary": "This is a blog post from OneTrust, a company that provides privacy, security, and governance technology.",
            "url": "https://www.onetrust.com/blog/corporate-carbon-footprint-guide/"
        },
        {
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                    "source": "https://www.sgi.gov.sa/about-sgi/sgi-targets/reduce-carbon-emissions/"
                },
                "page_content": "#  SGI target: reduce carbon emissions by 278 mtpa by 2030\n\nA mission to accelerate Saudi Arabia\u2019s green energy transition and mitigate\nthe impacts of climate change.\n\n  * [ SAUDI & MIDDLE EAST GREEN INITIATIVES ](/)\n  * [ About SGI ](/about-sgi/)\n  * Reducing emissions \n\n##  Paving the way to net zero emissions by 2060\n\n######  Saudi Arabia is taking a multidimensional approach to emissions\nreduction.\n\nThe Kingdom has committed to have 50% of its power generated from renewable\nsources by 2030. Beyond a domestic energy mix transformation, SGI is steering\na range of ambitious initiatives that will reduce emissions. These include\ninvesting in new energy sources, improving energy efficiency, and developing a\ncarbon capture and storage program.\n\nTogether, these initiatives will help Saudi Arabia meet its climate goals and\nensure a sustainable future.\n\n###  Reducing emissions is essential in the fight against climate change\n\n#####  Efforts across the Kingdom are already having a positive impact.\n\n  * 6.2 GW \n\nRenewable energy capacity connected to the grid\n\n  * 44.2 GW \n\nRenewable energy capacity under development\n\n  * 7 million \n\nHomes could be powered by renewables under development\n\n  * 100-130 GW \n\nRenewable energy capacity to be tendered by 2030\n\n##  Saudi Arabia takes a whole-of-society approach to reach its emissions\nreduction goals.\n\n####  Action 1\n\n###  Implementing the CCE framework\n\nAccelerating broad implementation of the Circular Carbon Economy National\nProgram to reduce, reuse, recycle and remove CO  2  emissions.\n\n####  Action 2\n\n###  Investing in renewable energy\n\nChanging the Kingdom\u2019s current energy mix towards a more sustainable one,\nconsisting of 50% renewable energy.\n\n####  Action 3\n\n###  Spearheading a new sustainable energy source\n\nBecoming the world\u2019s leading producer and exporter of clean hydrogen.\n\n####  Action 4\n\n###  Increasing energy efficiency\n\nEnhancing Saudi Arabia\u2019s Energy Efficiency Program (SEEP).\n\n####  Action 5\n\n###  Transforming waste management\n\nUndertaking an ambitious waste management transformation project in Riyadh.\n\n} }\n\n##  Saudi Arabia\u2019s journey to net zero\n\n#####  Green Hydrogen Project\n\n(under development)\n\n######  Oxagon, NEOM, Tabuk Province\n\nBy 2026 will have the capacity to produce 250,000 tons of green hydrogen\nannually\n\n#####  Sudair Solar PV Project\n\n######  Sudair, Riyadh Province\n\n  * Connected: 1,500 MW \n  * Under Construction: N/A \n  * Under Development: N/A \n\n#####  Sakaka Solar PV project\n\n######  Sakaka City, Al Jouf Province\n\n  * Connected: 300 MW \n  * Under Construction: N/A \n  * Under Development: N/A \n\n#####  Dumat Al Jandal Wind Project\n\n######  Dumat Al-Jandal, Al-Jouf Province\n\n  * Connected: 400 MW \n  * Under Construction: N/A \n  * Under Development: N/A \n\n#####  Aramco Research Center\n\n######  KAUST (Thuwal, Makkah Province)\n\nWill spur innovation for the Circular Carbon Economy\n\n#####  Layla Solar PV Project\n\n######  Layla, Riyadh Province\n\n  * Connected: N/A \n  * Under Construction: 91 MW \n  * Under Development: N/A \n\n#####  AlUla solar energy hubs\n\n(under development)\n\n######  AlUla, Medina Province\n\n500MW+ generation capacity\n\n#####  Rabigh Solar PV Project\n\n######  Rabigh Industrial City, Makkah\n\n  * Connected: 300 MW \n  * Under Construction: N/A \n  * Under Development: 300 MW \n\n#####  Jeddah Solar PV Project\n\n######  Jeddah Industrial City, Western Province\n\n  * Connected: 300 MW \n  * Under Construction: N/A \n  * Under Development: N/A \n\n#####  Ar Rass Solar PV Project\n\n######  Ar Rass, Al Qassim Province\n\n  * Connected: 700 MW \n  * Under Construction: 2,000 MW \n  * Under Development: N/A \n\n#####  Saad Solar PV Project\n\n######  Sa'ad, Riyadh Province\n\n  * Connected: N/A \n  * Under Construction: 300 MW (Plant 1) and 1,125 MW (Plant 2) \n  * Under Development: N/A \n\n#####  Shuaibah Solar PV Project\n\n######  Al Shuaibah, Makkah Province\n\n  * Connected: 600 MW \n  * Under Construction: 2,060 MW \n  * Under Development: N/A \n\n#####  Al Ghat Wind Project\n\n######  Al Ghat, Riyadh Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 600 MW \n\n#####  Wa\u2019ad Al Shamal Wind Project\n\n######  Waad Al Shamal, Northern Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 500 MW \n\n#####  Al Henakiyah Solar PV project\n\n######  Al Henakiyah, Al Madinah Province\n\n  * Connected: N/A \n  * Under Construction: 1,100 MW \n  * Under Development: 400 MW \n\n#####  Tubarjal Solar PV project\n\n######  Tabarjal, Al-Jawf Province\n\n  * Connected: N/A \n  * Under Construction: 400 MW \n  * Under Development: N/A \n\n#####  Wadi Al Dawaser Solar PV\n\n######  Wadi al-Dawasir, Riyadh Province\n\n  * Connected: N/A \n  * Under Construction: 112 MW \n  * Under Development: N/A \n\n#####  Al Kahfah Solar PV Park\n\n######  Al Kahafah, Eastern Province\n\n  * Connected: N/A \n  * Under Construction: 1,425 MW \n  * Under Development: N/A \n\n#####  Al Sadawi Solar PV Project\n\n######  As Sadawi, Eastern Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 2,000 MW \n\n#####  Al Masa'a Solar PV Project\n\n######  \u1e24a'il Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 1,000 MW \n\n#####  Muwayh Solar PV Project\n\n######  Al Muwayh, Makkah Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 2,000 MW \n\n#####  Al Khushaybi Solar PV Project\n\n######  Al Khushaybi, Qassim Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 1,500 MW \n\n#####  Haden Solar PV Project\n\n######  Ateef, Makkah Province\n\n  * Connected: N/A \n  * Under Construction: N/A \n  * Under Development: 2,000 MW \n\n#####  Carbon Capture and Storage (CCS) hub JV\n\n(under development)\n\n######  Jubail Industrial City, Eastern Province\n\nObjective to capture 9 mtpa of CO  2  starting in 2027 and 44 mtpa by 2035.\n\n2030\n\n######  278  mtpa  CO  2  e  emissions reduced\n\n2060\n\n######  KSA  Net zero\n\n  * __ Wind Project \n  * __ Solar PV project \n  * __ green hydrogen facility \n  * __ carbon capture \n\n###  One emissions reduction target, many contributing initiatives\n\nAmbitious initiatives are being implemented across Saudi Arabia to combat the\nimpacts of climate change and create a cleaner, greener future for all. These\ninclude implementing comprehensive energy efficiency programs, making\nsignificant investments in clean hydrogen and renewable energy sources, and\ndeveloping cutting-edge carbon capture technology.\n\n[ __ Explore Saudi\u2019s initiatives to reduce emissions  __ ](/sgi-initiatives/)\n\n####  Discover SGI\u2019s other targets\n\n####  Greening Saudi\n\n[ Learn more  ](/about-sgi/sgi-targets/greening-saudi/plant-10-billion-trees/)\n\n####  Protecting land and sea\n\n[ Learn more  ](/about-sgi/sgi-targets/protecting-land-and-sea/protecting-\nsaudi-arabia-s-land-and-sea/)\n\n####  Follow our journey towards a green future\n\n  * [ Announcements ](/knowledge-hub/?type=Announcements)\n\n  * [ SGI Day ](/knowledge-hub/?topic=SGIDay)\n\n####  SGI DAY 2025: PROMOTING A CULTURE OF ENVIRONMENTAL STEWARDSHIP\n\nMarch 27, 2025  [ Read More ](/knowledge-hub/sgi-day-2025-promoting-a-culture-\nof-environmental-stewardship/)\n\n  * [ Video ](/knowledge-hub/?type=Video)\n  * [ Highlights ](/knowledge-hub/?type=Highlights)\n\n  * [ Events ](/knowledge-hub/?topic=Events)\n  * [ SGI Forum ](/knowledge-hub/?topic=SGIForum)\n\n####  The fourth edition of Saudi Green Initiative Forum welcomed 1,500+\ndelegates to 20+ sessions, delivered progress on all targets\n\nDecember 05, 2024  [ Read More ](/knowledge-hub/the-fourth-edition-of-saudi-\ngreen-initiative-forum-welcomed-1-500plus-delegates-to-20plus-sessions-\ndelivered-progress-on-all-targets/)\n\n  * [ Announcements ](/knowledge-hub/?type=Announcements)\n  * [ Highlights ](/knowledge-hub/?type=Highlights)\n\n  * [ Events ](/knowledge-hub/?topic=Events)\n  * [ SGI Forum ](/knowledge-hub/?topic=SGIForum)\n  * [ Greening Saudi ](/knowledge-hub/?topic=GreeningSaudi)\n  * [ Marine protection ](/knowledge-hub/?topic=Marineprotection)\n  * [ Land protection ](/knowledge-hub/?topic=Landprotection)\n  * [ Emissions Reduction ](/knowledge-hub/?topic=EmissionsReduction)\n\n####  Saudi Arabia advances climate action at the 2024 SGI Forum\n\nDecember 03, 2024  [ Read More ](/knowledge-hub/saudi-arabia-advances-climate-\naction-at-the-2024-sgi-forum/)\n\n[ __ View all news  __ ](/knowledge-hub/)\n\n####  Stay up to date with the latest from SGI and MGI\n\nAre you interested in the action being taken to achieve SGI\u2019s and MGI\u2019s goals?\nStay updated on new initiatives and innovations as they happen. Sign up to our\nnewsletter to have the latest updates delivered directly to your inbox.\n\n  * [ Get In Touch ](/contact-us)\n  * [ Privacy Policy ](/privacy-policy/)\n  * [ Terms of Use ](/terms-of-use/)\n\n\u00a9 2024 Saudi Green Initiatives\n\n  * [ ](https://twitter.com/gi_saudi)\n  * [ ](https://www.linkedin.com/company/saudi-green-initiative)\n  * [ ](https://www.facebook.com/SaudiGreenInitiative)\n  * [ ](https://www.instagram.com/gi_saudi)\n  * [ ](https://www.youtube.com/@gi_saudi/streams)\n\nWe use cookies to ensure that we give you the best experience on our website.\nIf you click \u201cAccept Cookies\u201d, or continue browsing, you consent to their use.\nTo learn more about how we collect and use cookies, please read our Cookies\nPolicy\n\n",
                "url": "https://www.sgi.gov.sa/about-sgi/sgi-targets/reduce-carbon-emissions/"
            },
            "reason": "This is information from the official website of the Saudi Geological Survey (SGI) regarding their targets to reduce carbon emissions. As a government agency, the information is likely to be reliable.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' environmental impact carbon footprint",
            "summary": "This is information from the official website of the Saudi Geological Survey (SGI) regarding their targets to reduce carbon emissions.",
            "url": "https://www.sgi.gov.sa/about-sgi/sgi-targets/reduce-carbon-emissions/"
        },
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                    "source": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
                },
                "page_content": "Skip to main content\n\nCONTINUE TO SITE \u279e\n\n#  Climate risks are accelerating. Here\u2019s what Duke, PG&E and 16 other\nutilities expect to pay.\n\nUtility Dive took a closer look at how climate risks are threatening utilities\n\u2014 and how much it\u2019s going to cost to mitigate them.\n\nNovember 18, 2020  \u2022  By [ Utility Dive Team\n](https://www.utilitydive.com/editors/)\n\nEditor\u2019s Note: This article is part of a [ series\n](https://www.utilitydive.com/news/calculating-the-costs-of-climate-change-in-\nthe-energy-waste-sectors/588895/) on the way the utility and waste and\nrecycling industries are accounting for climate change.\n\nThe risks and liabilities from climate change-related events have taken center\nstage for financial institutions and investors in the energy space. Such risks\nand liabilities are also not far from mind for electric utilities, but how do\nthese companies weigh the impact and mitigation costs of their generation,\ndistribution and transmission activities?\n\nThe [ Fourth National Climate Assessment\n](https://www.utilitydive.com/news/federal-climate-report-us-energy-\ntransportation-sectors-not-prepared-for/542928/) , published in 2018,\nidentified energy infrastructure as being especially vulnerable to the impacts\nof climate change, which is in part stoked by emissions in the sector.\nScientists from 13 federal agencies under the Trump administration warned the\neconomic impacts of climate change on some industrial sectors could outmatch\nthe annual gross domestic product of many U.S. states.\n\nThe electric industry has acknowledged the physical risks accelerated by\nclimate change, such as sea level rise, worsening storms and wildfires, and\ndrought. Insight into their estimates on the cost of impact and mitigation of\nthose physical risks could help build the picture of how seriously utilities\nare considering these threats, according to Ateli Iyalla, managing director of\nCDP's North America region.\n\nCDP, formerly the Carbon Disclosure Project, has issued voluntary\nquestionnaires on the reporting of emissions and climate impacts for cities\nand companies around the world since the early 2000s. Utility Dive has\noutlined the responses of 18 utilities regarding physical threats in an\ninteractive list below. Participation from utilities in North America\ncontinues to grow, although major players in the space, such as NextEra\nEnergy, have not responded to the questionnaire.\n\nUtilities respond to the CDP with a varied level of granularity. The highest\nranked utilities in 2019 \u2014 Pinnacle West, NRG Energy and Dominion Energy \u2014\ngranted a lot of visibility into their planning through the granular amount of\ndata in their filings, according to Iyalla. But even the ones that respond\nwithout fully answering the purposefully open-ended questions are considered\nto be valuable because their answers establish \u201cthat benchmark and baseline\u201d\nfrom which utilities can improve their filings, Iyalla said.\n\nUtility Dive grouped and analyzed the latest available CDP filings from 18\nutilities throughout the U.S. to compare the various levels of detail that\nutilities are offering, specifically regarding the physical risks posed by\nclimate change. Of the utilities included in this group, nearly all had at\nleast one physical risk identified that would impact the utility in the short\nterm or mid term. Details on the costs related to these issues and other\nanalyses for mitigating the solution were reported unevenly, but the CDP\nemphasizes that the filing in itself is a huge step for companies.\n\n\u201cThe most nefarious risk is the one you can\u2019t see, so if you can\u2019t \u2026 see these\nrisks, you definitely cannot manage them,\u201d Iyalla said. \u201cJust because a\ncompany is reporting more risks than others doesn\u2019t mean it\u2019s facing more\nrisks than others,\u201d \u2026 but rather that it is associated with \u201ctheir level of\nawareness.\u201d\n\nThe CDP disclosure framework has been around longer than others, but there are\nseveral avenues through which companies are increasing visibility into their\nclimate plans, including through the Task Force on Climate-Related Financial\nDisclosures (TCFD), according to John Hodges, vice-president of Business for\nSocial Responsibility. Like the CDP, however, Hodges noted that not all\ncompanies are filing disclosures yet through TCFD \u2014 created in 2015 by the\nFinancial Stability Board.\n\n\u201cThis is really gone past an inflection point where it\u2019s not a question of\n\u2018if.\u2019 It\u2019s a question of \u2018when\u2019 these companies will start making the proper\nstrategy\u2026 investment, so forth,\u201d Hodges said.\n\nCDP asks utilities whether they have identified \u201cinherent\u201d climate-related\nrisks with \u201csubstantive\u201d analysis.\n\n\u201cUtilities will no doubt have a unique perspective given that they are the\nones investing billions to protect their assets \u2014 from redesigning their\nelectrical networks, to elevating their equipment, to building floodwalls \u2013\nfrom extreme events to ensure their customers don\u2019t lose power,\u201d Kelly Levin,\na senior associate with World Resources Institute\u2019s (WRI) global climate\nprogram, said in an email.\n\nGet utility news like this in your inbox daily. Subscribe to Utility Dive.\n\nTemperatures globally have [ risen 1.1 degree Celsius\n](https://public.wmo.int/en/media/press-release/wmo-confirms-2019-second-\nhottest-year-record) from pre-industrial temperatures, and are expected to\nrise as much as 3.2 degrees Celsius by the end of the century despite the\nimplementation of existing climate pledges, according to WRI and [ UN\nEnvironment Programme 2019 Emissions Gap report\n](https://www.unenvironment.org/news-and-stories/press-release/cut-global-\nemissions-76-percent-every-year-next-decade-meet-15degc) , making more\naggressive climate commitments from utilities important.\n\nAccording to the investor-owned utility association Edison Electric Institute,\nall of its members have plans to reduce at least 80% of their emissions by\n2050.\n\n\u201cIt will be critical that utilities conduct a comprehensive assessment of\nrisks, including drivers of those risks, as well as evaluate their assessment\nmethods for risks,\u201d Levin said.\n\nThe manner in which utilities are estimating the mitigation and impact costs\nof specific carbon risks varies greatly, but many utilities are identifying\nsimilar physical and transitional risks as part of their CDP responses.\n\n\u201cWhy are companies doing this?\u201d Hodges said, positing the acknowledgement of\nclimate risks is \u201cvery much driven by investors.\u201d\n\n\u201cMost large asset management firms now have what they would call\n[environmental, social and corporate governance] ESG investment professionals,\nwho are scrutinizing their investments from an ESG perspective, and some of\nthem may have focus or specialization around the industry as well,\u201d Hodges\nsaid.\n\n####  Some risks, like wildfires and rising sea levels, are concentrated in\ncertain regions\n\nBelow is a US map, divided into five regions, with utilities covering each\nregion that have submitted recent CDP filings. By selecting a risk, you can\nsee the utilities with that risk and the regions that they cover. To read more\nabout a utility, click on it in the list.\n\nSelect a risk to see which utilities have them:\n\nSelect a risk to see which utilities have them:\n\nWest\n\n  * Los Angeles Department of Water and Power \n  * Pacific Gas & Electric \n  * Sacramento Municipal Utility District \n  * Sempra Energy \n\nMidwest\n\n  * Ameren \n  * DTE Energy \n  * Exelon \n  * WEC Energy Group \n  * Xcel Energy \n\nNortheast\n\n  * Avangrid \n  * Liberty Utilities \n  * National Grid \n\nSouthwest\n\n  * NRG Energy \n  * Pinnacle West \n\nSoutheast\n\n  * Dominion Energy \n  * Duke Energy \n  * Entergy \n  * Southern Company \n\nClassification of regions are from National Geographic\n\n##  Los Angeles Department of Water and Power\n\nWest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nWildfires  |  $350 million  |  $93.78 million  |  20-30 years   \nRising mean temperatures  |  $390,000* - $1 million  |  $0  |  20-30 years   \nOther risks  |  |  |   \nChanging customer behavior  |  $0 - $25.65 million  |  $22.16 million  |  5-20 years   \n  \n* Rounded up to the nearest 10,000 \n\nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=883024&locale=en&organization_name=Los+Angeles+Department+of+Water+and+Power&organization_number=57396&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F91174&survey_id=68887525)\n\n  * LADWP could face losses of up to $350 million if its equipment or operations cause a wildfire. The utility\u2019s mitigation measures take into account vegetation management and designing transmission lines to withstand wind conditions, for example. \n  * Rising temperatures could lead to decreasing thermal efficiencies, meaning that more fuel will be required to generate the same amount of power. LADWP\u2019s estimated cost of impact is based on the price of additional emissions that will be required to make up for that. The utility addresses this risk by incorporating decreasing thermal efficiencies in its load forecast. \n  * Energy efficiency, distributed solar and other distributed energy resources could reduce energy sales and thereby, revenues, posing a market-related climate risk, according to the utility. These measures will also lower costs. \n  * LADWP is aiming to increase distributed solar installation by 4,000 GWh over the next decade. It has a combined budget of roughly $22.2 million for its community solar and utility built solar efforts. \n\nLADWP is aiming to supply 55% renewable energy by 2025, 80% by 2038 and 100%\nby 2045. As part of that transition, the municipal utility announced plans\nlast year to shift away from coal generation at its Intermountain Power\nProject, to natural gas and by 2045, hydrogen. The facility will have the\nability to run on a 30% hydrogen fuel mix on its first day of operation,\nbefore scaling up to 100%.\n\n##  Pacific Gas & Electric\n\nWest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nIncreased severity of heat waves  |  $150 million - $300 million  |  $46 million  |  0-1 year   \nFloods/cyclones  |  $0 - $125 million  |  $205 million  |  10-25 years   \nChanges in precipitation  |  N/A  |  $151.2 million  |  10-25 years   \nRising sea levels  |  N/A  |  $50,000  |  10-25 years   \nWildfires  |  N/A  |  $11.7 billion  |  10-25 years   \nOther risks  |  |  |   \nRenewable portfolio standard regulations  |  $0 - $25 million  |  $2.3 billion  |  0-1 year   \nUncertainty around GHG regulations  |  $0 - $3.65 million  |  $55 million  |  0-1 year   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=853096&locale=en&organization_name=PG%26E+Corporation&organization_number=14678&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F89542&survey_id=68887525)\n\n  * More severe heatwaves could increase load as well as lead to possible equipment failure, putting stress on the transmission system. A heatwave in July 2006 cost PG&E an estimated $150 million to $300 million, related to the increased price of electricity and infrastructure repairs. The utility addresses this risk through demand response programs, which cost around $46 million in 2019. \n  * PG&E is anticipating worsening storms in the area. In 2019, PG&E recorded $205 million in its catastrophic emergency management account due to storms that damaged electric and gas distributed facilities and electric generation facilities, among other impacts. \n  * Changes in precipitation can impact PG&E\u2019s hydroelectric system \u2014 the largest in the nation. PG&E spent $151 million annually to operate and maintain hydro during California\u2019s drought between 2011 through 2014. \n  * PG&E is conducting a deep dive research project to understand the impacts of inland and coastal flooding, which includes sea level rise, with a budget of $50,000. Preparing for sea level rise could include elevating and replacing equipment; completely moving and rebuilding a substation would cost $100 million at a minimum, according to the utility. \n  * The financial impact of wildfire risk \u201cis unknown but could be substantial,\u201d according to PG&E, due to California\u2019s law of inverse condemnation, which holds utilities liable for the damages caused by fires sparked by their equipment even if they are not found to be negligent. This year, the utility paid out [ $25.5 billion to resolve fire liabilities ](https://www.utilitydive.com/news/pge-exits-bankruptcy-but-long-term-wildfire-risk-could-put-it-back-in-th/581017/) from before 2018, which pushed it into Chapter 11 bankruptcy. PG&E plans to spend $11.7 billion on its wildfire mitigation plan from 2019 through 2022. \n\nPG&E filed for Chapter 11 bankruptcy in early 2019 after facing liabilities\nfrom wildfires caused by its power lines, and paid out $25.5 billion to\nresolve those liabilities and emerge from bankruptcy earlier this year. The\nutility is assessing potential scenarios to meet California\u2019s policy goal of\nachieving 100% renewables or zero-carbon electricity by 2045.\n\n##  Sacramento Municipal Utility District\n\nWest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nChange in precipitation  |  $16.8 million  |  $64 million  |  1-5 years   \nWildfires  |  $5.12 million  |  $7.2 million  |  0-1 year   \nOther risks  |  |  |   \nCurrent regulation  |  $28.45 million  |  $1.5 million  |  0-1 year   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=888695&locale=en&organization_name=SMUD&organization_number=33870&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F107973&survey_id=68887525)\n\n  * Shifts in hydrological cycles could affect the capacity of hydroelectric generation. According to SMUD, one inch of precipitation leads to 35,000 MWh of generation, meaning that a projected 23% decrease in yearly precipitation could lead to a drop of a little over 149,005 MWh, resulting in a $16.8 million loss for the utility. \n  * In 2014 and 2015, SMUD spent roughly $5.1 million responding to the King Fire in El Dorado County, California, which the utility uses as a proxy for the cost of future risks. The utility also spent $7.2 million on wildfire mitigation in 2019, which included roughly $5.8 million on wildfire insurance, as well as a mix of grounding projects, inspecting transmission lines, and other strategies. \n  * The $28.4 million in costs associated with current regulation is an \u201coverestimate\u201d based on the California Air Resources Board\u2019s November greenhouse gas allowance auction, with a price floor of $16.8 per metric ton. However, it doesn\u2019t take into the account the free allowances that SMUD has as well as efforts to reduce emissions. The utility spends between $1.5 million and $2 million on programs to quantify and reduce emissions. \n\nThis July, SMUD passed [ a climate emergency declaration\n](https://www.utilitydive.com/news/smud-aims-for-carbon-neutrality-by-2030-in-\nnew-climate-emergency-declaratio/581883/) that set the municipal utility on\nthe path to delivering carbon-neutral electricity by 2030 \u2014 15 years ahead of\nCalifornia\u2019s goal of supplying 100% electricity from zero-carbon and renewable\nresources by 2045. This is a particularly aggressive timeline, given that most\nutilities that have committed to being carbon-free or net-zero emissions are\naiming to do so around 2045 and 2050.\n\n##  Sempra Energy\n\nWest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nRising sea levels  |  N/A  |  N/A  |  6-10 years   \nWildfire risk  |  N/A  |  $2 billion  |  0-1 year   \nWildfire risk (decreased access to capital)  |  N/A  |  N/A  |  0-1 year   \nOther risks  |  |  |   \nRenewables portfolio standard regulations  |  N/A  |  N/A  |  0-1 year   \nChanging customer behavior (DERs)  |  N/A  |  N/A  |  0-1 year   \nFederal and state air pollution regulations  |  N/A  |  N/A  |  0-1 year   \nChanging customer behavior (departing load)  |  N/A  |  N/A  |  0-1 year   \nSubstitution of existing products and services with lower emissions options  |  N/A  |  N/A  |  6-10 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=856812&locale=en&organization_name=Pinnacle+West+Capital+Corporation&organization_number=14783&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F89551&survey_id=68887525)\n\n  * Sempra Energy\u2019s analysis covers all its subsidiaries, which include San Diego Gas & Electric (SDG&E), Southern California Gas Company (SoCalGas), Oncor Electric Delivery Company, Infraestructura Energetica Nova and Sempra LNG. \n  * Since 2007, SDG&E has invested roughly $2 billion in wildfire mitigation measures in its service territories. Wildfire risk could also lead to downgrades of Sempra Energy\u2019s credit ratings. In September, for instance, S&P Global Ratings revised its outlook on SDG&E from stable to negative due to wildfire activity, which could make it more expensive for Sempra and its subsidiaries to borrow money, raise capital and issue debt securities. Sempra also lists its wildfire-related investments as a mitigation measure against the risk of changing precipitation patterns, which could both affect its power generation facilities in the southwest and increase the risk of regional wildfires. \n  * SDG&E expects that two aspects of changing customer behavior \u2014 shifting to rooftop solar due to utility bill increases, and switching to other load-serving entities \u2014 could impact it in the future. The city of San Diego, for instance, is considering implementing a community choice aggregator, which would leave SDG&E procuring resources for less than half of its bundled load, posing as a market-related climate risk for the utility. \n  * \u201c[A] substantial reduction or the elimination of natural gas as an energy source in California could have a material adverse effect on SDG&E\u2019s, SoCalGas\u2019 and Sempra Energy\u2019s cash flows, financial condition and results of operations,\u201d Sempra noted. \n\nCalifornia\u2019s Senate Bill 100, which was signed in 2018, laid out a goal for\nthe stat to achieve 60% renewable energy by 2030 and 100% renewable or zero-\ncarbon energy by 2045. In 2019, SDG&E delivered 45% of power from renewable\nsources.\n\n##  NRG Energy\n\nSouthwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nIncreased severity and frequency of extreme weather events  |  $40 million  |  $0  |  0-1 year   \nOther risks  |  |  |   \nEmerging regulations/carbon pricing  |  $200,000  |  $0  |  0-1 year   \nChanging customer behavior  |  N/A  |  $0  |  1-3 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=856273&locale=en&organization_name=NRG+Energy+Inc&organization_number=13562&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F89981&survey_id=68887525)\n\n  * NRG Energy uses Hurricane Harvey from 2017 as an illustrative example to show the potential financial impacts of extreme weather. The financial impact includes $20 million cost to its operations business from damage to the Cottonwood Generating Facility and $20 million \u201cin lost revenue to the retail business due to transmission disruptions.\u201d \n  * For extreme weather and other risks, NRG says, \u201cthe cost of management is integrated into operational costs, not an additional cost.\u201d \n  * For emerging regulations, NRG considers a carbon price and says, \u201cthe potential financial impact figure is based on the expense of hiring an additional full time employee to manage the carbon trading program.\u201d \n  * Regarding potential changes in customer behavior, NRG says, \u201cby using less of what we sell, this could impact our profitability.\u201d But it has no financial impact figure, saying that such information is \u201cnot available due to competitive information.\u201d \n\nNRG Energy said in October it has \u201cpartnered with developers to offtake more\nthan 1.9 GW of new solar, with more on the horizon,\u201d to meet its customers\u2019\n\u201cgrowing preference for renewable energy.\u201d The company further said, \u201cthat\nexpanding competitive energy markets and improving access to retail energy\nchoice is an important way to meet sustainability goals,\u201d adding that it has\n\u201calso advocated for the adoption of a Forward Clean Energy Market as a way to\nachieve clean energy outcomes in a way that\u2019s efficient and inclusive.\u201d The\ncompany last year said it expects to reduce emissions 50% below 2014 levels by\n2025 and achieve net zero emissions by 2050.\n\n##  Pinnacle West\n\nSouthwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nWater scarcity, drought  |  $4 million - $6 million  |  $1.4 million  |  1-5 years   \nWildfires  |  $1 million - $2 million  |  $17 million  |  0-1 year   \nOther risks  |  |  |   \nEmerging regulations  |  $1.2 billion  |  $500,000  |  1-5 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=856812&locale=en&organization_name=Pinnacle+West+Capital+Corporation&organization_number=14783&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F89551&survey_id=68887525)\n\n  * Changes in precipitation or prolonged droughts could require Pinnacle West\u2019s principal subsidiary, Arizona Public Service, to drill deeper wells at its Sundance and Yucca power plants, at a cost of $2 million to $3 million each. The utility has a Water Resource Department \u2014 with a $1.4 million annual budget \u2014 that oversees water supplies. \n  * Drought could also create a higher risk of wildfires in APS\u2019 service territory, and the utility is looking at investing into technologies that would help it detect and prevent wildfires \u2014 such a potential capital project could require investments of up to $2 million. The utility also incurs an approximate yearly cost of $17 million for its forestry business unit, which focuses on hardening assets and managing rights-of-way. \n  * A carbon tax \u2014 that Pinnacle calls \u201cone of the most likely but unpredictable outcomes\u201d \u2014 could cost APS $1.2 billion, an estimate based on the cost of carbon dioxide in California\u2019s cap-and-trade market and the utility\u2019s projected carbon emissions between 2019 through 2032. APS estimates that it spends $500,000 a year tied to \u201cmonitoring the regulatory landscape,\u201d half of which goes to personnel costs. \n\nEarly this year, [ APS announced plans\n](https://www.utilitydive.com/news/arizona-public-service-sets-100-clean-\nenergy-target-but-doesnt-rule-out/570870/) to deliver 45% renewables by 2030\nand 100% carbon-free energy by 2050, as well as ending its coal-fired\ngeneration by 2031. That plan would require it to retire two units of the Four\nCorners coal plant as well as the Cholla Power Plant \u2014 which it plans to\nshutter by 2025 \u2014 a move that Sierra Club estimates could save customers\naround $500 million if the plants are replaced with solar-plus-storage\nprojects.\n\n##  Ameren\n\nMidwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFlooding/precipitation changes  |  $3.2 billion  |  $3.2 billion  |  0-5 years   \nOther risks  |  |  |   \nLoss from decreased load  |  $740 million  |  $740 million  |  5-10 years   \nTransitioning to low-emissions technology  |  $1.2 billion  |  $1.2 billion  |  0-5 years   \n  \nSource: [ 2020 CDP filings ](https://www.ameren.com/-/media/corporate-\nsite/files/environment/ccr-rule/2020/cdp-climate-change-\nquestionnaire.pdf?la=en&hash=863564F572D71647F9DE321F644192BBB294B344)\n\n  * Ameren finds that changes in precipitation, including potential floods or droughts, are considered a short-term, low-magnitude risk. Flooding or an unexpected drought could harm plant operations by limiting the water supply and endanger distribution operations. \n  * The utility\u2019s mitigation response is a plan to invest $3.2 billion in transmission upgrades over the next five years to ensure it can maintain reliability on its system. It also anticipates a loss of load due to changes in customer behavior, including greater energy efficiency and greater use of distributed energy resources. \n  * Its estimated costs of transitioning to low-emissions tech are likely to rise as its $1.2 billion estimate covers just its wind investment costs, and the utility has since upped its renewable energy goals. Ameren in September announced it would spend $4.5 billion over the next decade to add 3.1 GW of new wind and solar to its system. \n\nAmeren announced plans to increase its emissions reductions this year, aiming\nfor net-zero carbon emissions by mid-century. Much of its plan seems to be\ndriven by investor and customer preferences, rather than regulatory pressure,\n[ according to the utility and other stakeholders\n](https://www.utilitydive.com/news/ameren-pledges-net-zero-carbon-\nby-2050-31-gw-new-renewables-by-2030-keep/586013/) .\n\nAs part of its plan, the utility would add 5.4 GW of renewable energy by 2040,\nthough its plan also keeps coal-fired plants online into the 2040s. Advocates\nin the state hope securitization legislation could change its coal plant\nretirement plans.\n\n##  DTE Energy\n\nMidwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nIce storms, severe thunderstorms, tornadoes  |  $5 billion  |  N/A  |  0-5 years   \nRising temperatures  |  N/A  |  N/A  |  0-5 years   \nChanges in precipitation  |  N/A  |  N/A  |  0-5 years   \nOther risks  |  |  |   \nTransitioning to low-emissions technology  |  $3.8 billion  |  N/A  |  0-5 years   \nEnvironmental regulations  |  N/A  |  N/A  |  5-15 years   \nVolatility of natural gas prices  |  N/A  |  N/A  |  5-15 years   \nNegative or incorrect perception of company\u2019s climate action  |  N/A  |  N/A  |  0-5 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=852802&locale=en&organization_name=DTE+Energy+Company&organization_number=5021&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F95778&survey_id=68887525)\n\n  * Ice storms, severe thunderstorms and tornadoes present medium-magnitude, short-term risks to DTE Energy, especially if some of the largest damages cannot be recovered through the rate base. The utility is investing $5 billion over the next five years in distribution infrastructure to improve resiliency, though the utility isn\u2019t yet able to say how much long-term storm patterns may change its normal annual storm planning. \n  * DTE considers the transition to low-emissions technology a high-magnitude, short-term risk that will see the utility investing almost $4 billion over the next five years in natural gas and renewable energy. \n  * To mitigate the impacts of price volatility, the utility\u2019s home state of Michigan has a Power Supply Cost Recovery mechanism that allows DTE to recover fuel costs, including unexpected changes in fuel prices. Investing in wind and solar energy is another way the utility says it mitigates the risk of natural gas\u2019s price volatility. \n  * Warmer weather conditions may reduce the need for heating in the winter, but could increase peak demand in the summer. The utility considers this risk medium-magnitude. \n  * A potential change in Great Lakes water levels due to precipitation changes could negatively impact power plant facilities\u2019 operations, specifically their cooling requirements. It could also impact the supply chain as the Great Lakes are a major transport corridor for raw materials. \n\nDTE is [ aiming to achieve net-zero carbon emissions\n](https://www.utilitydive.com/news/dte-pledges-carbon-free-power-\nby-2050-banking-on-small-reactors-carbon-cap/563819/) by 2050, and reduce\nemissions 80% below 2005 levels by 2040. Michigan, where the utility\nexclusively operates, is [ under an executive order to achieve net-zero\nemissions ](https://www.utilitydive.com/news/michigan-vows-to-go-carbon-\nneutral-by-2050-increase-oversight-of-utility-r/585781/) by 2050, and the\ngovernor\u2019s plan includes a provision that will give the state\u2019s environmental\nregulators greater oversight over the utility\u2019s integrated resource plan.\n\nDTE [ filed an updated resource plan with regulators\n](https://www.utilitydive.com/news/dte-updates-resource-plan-blasted-by-\ncritics-for-favoring-coal-and-gas-over/574740/) this year after regulators [\nfound its initial plan \u201cfundamentally flawed\u201d\n](https://www.utilitydive.com/news/michigan-finds-fundamental-flaws-in-dtes-\nresource-plan-directs-utility/572714/) and directed the utility to reexamine\nits plan with a more realistic look at wind and solar options.\n\n##  Exelon\n\nMidwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFloods/cyclones  |  $1 million - $31 million  |  $500 million  |  0-2 years   \nOther risks  |  |  |   \nFailure to implement a carbon price in a way that values nuclear  |  $1.14 billion  |  N/A  |  2-6 years   \nNegative stakeholder perception  |  $450 million - $500 million  |  $65,000  |  2-6 years   \nTransitioning to lower emissions technology  |  N/A  |  N/A  |  2-6 years   \n  \nSource: [ 2020 CDP filings\n](https://www.exeloncorp.com/sustainability/Documents/Exelon_Investor_CDP.pdf)\n\n  * Exelon says extreme weather could stress its transmission and distribution systems, communications system and technology leading to increased maintenance and capital costs and limiting its ability to meet peak demand. It could also affect the availability of generation and \u201cthe ability to source or send power to where it is sold.\u201d \n  * The cost of impact for extreme weather reflects the range of increased storm costs from 2018 to 2019, with Exelon utilities Pepco, Delmarva Power and Light and Atlantic City Electric on the low end of the range and Commonwealth Edison on the high end. \n  * The $500 million mitigation cost is for an initiative in parts of Washington, DC, to reduce storm damage from overhead lines by putting select feeders underground. More broadly, Exelon says it invested $5.5 billion across its regulated utilities in 2019 and plans to invest about $26 billion in its utilities from 2020 through 2023, including actions to address the physical risks from climate change and support storm recovery. \n  * Exelon says the failure to enact a carbon price could lead to \u201cdecreased asset value or asset useful life leading to write-offs, asset impairment or early retirement of existing assets.\u201d The company supports both comprehensive federal GHG legislation and state clean energy initiatives. \n  * Exelon says that challenges in communicating the success of its GHG reduction impacts pose a risk to its reputation. Acknowledging that the \u201ceconomic value of reputation is difficult to quantify with precision, Exelon nevertheless says that if 1% of its $45-50 billion in market value could be attributed to climate change-related reputation, the potential financial impact could range from $450 million to $500 million. \n\nWith over [ 19.6 GW of nuclear capacity\n](https://www.exeloncorp.com/locations/Documents/Exelon_fact_Nuclear.pdf) and\nover [ 2 GW of wind and solar ](https://www.exeloncorp.com/company/our-\ngeneration-fleet) , Exelon claims to be \u201cthe largest generator of zero-carbon\nelectricity in the nation.\u201d However, Exelon says that due to various factors,\nincluding low wholesale power prices and the absence of federal or state\npolicies that value the clean attributes of nuclear power, it has closed some\nof its nuclear plants. Additional plants could be at risk for early retirement\nif programs in New York and Illinois that do reward the zero emission\nattributes of nuclear \u201cdo not operate as expected over their full terms.\u201d The\ncompany has [ pushed for alternatives\n](https://www.utilitydive.com/news/exelon-pseg-urge-new-jersey-to-adopt-frr-\nalternative-to-pjm-as-retail-pro/578380/) to current wholesale market\nconstructs to better achieve state clean energy policies. The company does not\nhave an external emissions reduction goal, but notes that due to its \u201calready\nvery clean fleet, Exelon is not always perceived as achieving marginal\nreductions; Exelon\u2019s fleet\u2019s carbon intensity is already 90% lower than the\nindustry average.\u201d It further notes that through the combined efforts of all\nits companies, it \u201creduced, displaced or avoided nearly 100 million metric\ntons of U.S. electric sector emission each year from 2005 to 2020.\u201d\n\n##  WEC Energy Group\n\nMidwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFloods/cyclones  |  N/A  |  $0  |  1-3 years   \nOther risks  |  |  |   \nVarying weather reducing demand for heating/cooling services  |  N/A  |  $0  |  1-3 years   \nLess demand for equipment due to increased energy efficiency  |  N/A  |  $0  |  1-3 years   \nEPA\u2019s Affordable Clean Energy (ACE) Rule  |  N/A  |  $0  |  3-6 years   \nNo guarantees on cost recovery related to ACE rule  |  N/A  |  $0  |  3-6 years   \nTransitioning to low-emission technologies  |  N/A  |  $0  |  3-6 years   \nFuture GHG regulations  |  N/A  |  $0  |  3-6 years   \nDecrease in electricity demand due to shift to customer-owned generation  |  N/A  |  $0  |  1-3 years   \n  \nSource: [ 2020 CDP filings\n](https://www.wecenergygroup.com/csr/cdp2020-climate-change.pdf)\n\n  * WEC did not provide potential financial impact figures for any of the eight risks it listed in its 2020 CDP report. For the extreme weather risk, it said that \u201cany of the described events could lead to substantial financial losses.\u201d For all the risks listed, it said, \u201ca quantitative estimate of the inherent financial impacts of the risk is not currently available.\u201d \n  * WEC similarly did not provide information on the cost of mitigation. For extreme weather, it said, \u201cWe assess and adjust for weather-related risks in our daily operations in order to improve reliability and resilience, safety, and customer satisfaction. We have not calculated the cost of management.\u201d \n  * Although it singles out EPA\u2019s Affordable Clean Energy rule as a potential risk, it said, \u201cthe rule is not expected to result in significant additional compliance costs, including capital expenditures, but may impact how we operate our existing fossil-fueled power plants and biomass facility.\u201d \n  * In terms of its response to extreme weather risks, WEC subsidiary Wisconsin Public Service is engaged in a multi-year system modernization and reliability project \u201cfocused on modernizing parts of its electricity distribution system by burying or upgrading lines.\u201d At the same time, subsidiary We Energies \u201cis upgrading its infrastructure and plans to rebuild hundreds of miles of electric distribution lines and replace thousands of poles and transformers.\u201d \n\nIn 2019, WEC Energy Group exceeded its 2030 goal of reducing carbon dioxide\nemissions 40% below 2005 levels. The company is now aiming to reduce CO2\nemissions from its electricity generation 70% below 2005 levels by 2030 and\nhave a net carbon neutral electric generation fleet by 2050. Early retirement\nof more than 1,800 MW of coal power helped WEC achieve its 2030 target early,\nthe company said in August. In addition, it plans to invest $900 million over\nthe next four years on more renewables to help achieve its emission reduction\ngoals.\n\n##  Xcel Energy\n\nMidwest\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nCyclones, floods, extreme weather  |  $0 - $40 million  |  $13.5 million  |  Unknown   \nChanges in precipitation  |  $0 - $5.5 million  |  $16.2 million  |  Unknown   \nOther risks  |  |  |   \nLoss from decreased load  |  $0 - $90 million  |  $5 million  |  Current   \nCarbon pricing  |  $95 million  |  $1.1 billion  |  5+ years   \n  \nSource: [ 2019 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=66216852&discloser_id=831609&locale=en&organization_name=Xcel+Energy+Inc.&organization_number=20839&program=Investor&project_year=2019&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2019%2F9hz110bc%2F55837&survey_id=65670419)\n\n  * A single severe weather event such as a windy thunderstorm, cyclone or hail, would at a maximum cost Xcel $40 million, the company estimates, if restoration costs were not fully recoverable from its rate base. The utility\u2019s assets located on the Great Plains are especially susceptible to this kind of weather event, which represents a medium-magnitude risk. \n  * Mitigating the risk of such weather events comes through water management and infrastructure upgrades, among other things, and utilities are able to get rate recovery from storm damages based on evidence that the company acted in \u201cgood preventative faith.\u201d \n  * Droughts and water shortages also present risks to the utility\u2019s power plants that rely on water for cooling purposes as part of their operations. Though its Midwest territory is fairly humid, the utility\u2019s assets stretch down to the more arid West and Southwest, where water scarcity is becoming a greater concern. \n  * Alternative energy suppliers and residential-sited resources also present risks to the utility\u2019s load, along with energy efficiency, all of which are behavioral responses to rising climate concerns. Cost of managing this risk is calculated based on the manpower used to implement demand-side management and energy efficiency programs. \n\nXcel became the first major multi-state utility to commit to 100% carbon-free\nenergy by mid-century at the end of 2018. In January of this year, it decided\nto [ shutter one of its coal-fired plants a decade early\n](https://www.utilitydive.com/news/xcel-energy-plans-shutter-tolk-coal-\nplant-2032/570456/) , in part because of water scarcity concerns. The utility\nhas since said it doesn\u2019t expect water constraints to lead to the early\nretirement of any of its other plants, but Xcel is considered one of the\nhighest-risk utilities when it comes to water shortages, [ according to a\nJanuary Moody\u2019s report ](https://www.utilitydive.com/news/ameren-xcel-\ndominion-duke-among-most-at-risk-from-changing-climate-mood/570789/) . During\nthe company\u2019s Q4 earnings call, CEO Ben Fowke said [ seasonal operations of\nsome of its coal plants ](https://www.utilitydive.com/news/xcel-sees-\nopportunities-across-our-system-to-change-coal-operations-ceo/571522/) could\nalso help the utility mitigate some of its risks in more arid regions.\n\n##  Dominion Energy\n\nSoutheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nChanges in temperature, weather patterns  |  $917.8 million  |  $917.8 million  |  15-25 years   \nFloods/cyclones  |  $1.46 billion  |  $1.42 billion  |  15-25 years   \nOther risks  |  |  |   \nPolicy changes  |  $5.8 billion - $10.37 billion  |  $10.37 billion  |  Current   \n  \nSource: [ 2019 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=66216852&discloser_id=822528&locale=en&organization_name=Dominion+Energy&organization_number=4832&program=Investor&project_year=2019&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F2019%2F9hz110bc%2F45901&survey_id=65670419)\n\n  * Dominion Energy said extreme weather events could put all of its generation at risk, including solar and wind. A change in sea levels or sea temperatures would particularly impact utility operations along coastlines, such as the Cove Point LNG Terminal in Maryland. \n  * The utility calculated the cost for the first phase of its Grid Transformation Plan, filed in 2018, by adding the approximate capital investment for the plan for 2019-2021 ($816.3 million) and the proposed operations and maintenance expenses ($101.5 million), totaling $917.8 million. \n  * The utility plans to bury 4,000 miles of distribution lines by 2028, as part of a four-part Strategic Underground Program, that will cost $1.417 billion. The initiative will increase the ability of its distribution system in Virginia to withstand hurricanes and other extreme weather events. \n\nDominion responded with a slew of long-term planning models to represent\npolicy changes in Virginia, which would guide utility decarbonization efforts.\nThe company had established goals to add offshore wind off the coast of the\nstate and to increase renewable generation.\n\nDominion committed to adding 3 GW of renewable energy online or under\ndevelopment in Virginia within the next four years.\n\nDominion spun off some gas assets this summer, and canceled a major\nconstruction project it was leading with Duke Energy: the Atlantic Coast\nPipeline.\n\n##  Duke Energy\n\nSoutheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFloods/cyclones  |  $11 billion  |  $11.6 billion  |  0-5 years   \nWater scarcity, drought  |  $14.6 million  |  $3.1 billion  |  5-11 years   \nOther risks  |  |  |   \nCO2 emissions regulations  |  $2.74 billion  |  $4.6 billion  |  5-11 years   \nCarbon pricing regulations  |  $465 million - $4.65 billion  |  $4.6 billion  |  5-11 years   \nReduction in available capital  |  $617 million  |  $4.6 billion  |  0-5 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=856622&locale=en&organization_name=Duke+Energy+Corporation&organization_number=5052&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F93042&survey_id=68887525)\n\n  * Duke Energy calculates the possibility of flooding and cyclones as a high-magnitude short-term risk. The total impact over the next decade was determined as up to ten times the damage caused by Hurricane Michael and Florence. \n  * Duke\u2019s inhouse Drought Mitigation Team monitors water levels and implements changes at impacted nuclear and coal-fired power plants to reduce drought-related risks. The cost of impact is calculated based on the idea that a nuclear plant, like the McGuire facility in North Carolina, might lose power for a week, and necessitate greater output from gas plants. \n  * Duke represents the cost of managing many climate-related risks as the capital cost of new resources for planned investments, which was lowered between the 2019 and 2020 CDP disclosure from $5.1 billion to $4.6 billion. \n\nDuke announced a [ net-zero by 2050 goal in the fall of 2019\n](https://www.utilitydive.com/news/lng-natural-gas-critical-for-duke-energy-\nutility-aims-renewables-100-carbon-free-power/563128/) , spurred by a number\nof stakeholders, including environmental organizations. Several substantial\nlong-term shareowners asked Duke in 2019 to set a net-zero by 2050 carbon\nemissions target and to publish transition plans.\n\nDuke announced plans to [ triple its renewable energy output by 2030\n](https://www.utilitydive.com/news/duke-vows-to-double-renewables-capacity-\nreach-net-zero-methane-emissions-b/586791/) and to retire 862 MW of coal by\n2024. Duke\u2019s gas operations are expected to reach net-zero methane emissions\nby 2030 by replacing pipelines and increasing the monitoring of\ninfrastructure.\n\n##  Entergy\n\nSoutheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFloods/cyclones  |  N/A  |  $450 million  |  0-3 years   \nRising sea levels  |  N/A  |  N/A  |  0-3 years   \nChanges in precipitation patterns  |  N/A  |  N/A  |  0-3 years   \nOther risks  |  |  |   \nCarbon pricing mechanisms  |  N/A  |  N/A  |  10-30 years   \nEmissions reporting  |  N/A  |  $150,000  |  10-30 years   \nEmerging regulations  |  N/A  |  N/A  |  10-30 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=863552&locale=en&organization_name=Entergy+Corporation&organization_number=5653&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F93245&survey_id=68887525)\n\n  * Entergy\u2019s average proactive hardening costs annually are $450 million, investing in transmission hardening and elevating substations to mitigate flooding, preparing drills and business continuity practices for the 25 GW of generation it owns or leases. The utility also prioritizes investments in distribution assets by zones of aging or decay to restore, replace or treat equipment. \n  * Water availability is necessary to operations and revenues, and Entergy reduces the likelihood of the risks of changes to precipitation patterns through facility hardening, property insurance, water resource planning and other initiatives to build greater resilience for its operating companies and other assets, including its hydroelectric facilities. \n  * Entergy doesn\u2019t include in its direct costs the investments made in restoration projects for Louisiana\u2019s barrier islands and coastal wetlands, to promote greater resiliency in their service territory. Entergy\u2019s service area is susceptible to storm impacts \u201cpotentially made worse\u201d by rising sea levels and the loss of coastal wetlands. \n  * 2020 was Entergy\u2019s first CDP disclosure and did not provide financial impact figures or explanations for the full risks identified. \n\nIn 2019, Entergy set a commitment to reduce carbon emissions 50% below levels\nin 2000 by 2030. The company made voluntary greenhouse gas reports for over a\ndecade and continues to invest in emissions verification annually.\n\nThe company says it has reduced carbon dioxide emissions by 41% compared to\n2000 so far. The utility plans to continue retiring older, less efficient\nresources and add about 1 GW of solar generation and over 6 GW of combined\ncycle gas turbine generation.\n\n##  Southern Company\n\nSoutheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nCarbon pricing mechanisms  |  $1.76 billion  |  $6.4 billion  |  10-30 years   \nCustomers shift to distributed resources  |  $366 million  |  $425 million  |  10-30 years   \nCustomers prioritize energy efficiency  |  $4 billion  |  $6 million  |  2-10 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=854912&locale=en&organization_name=The+Southern+Company&organization_number=18951&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F87585&survey_id=68887525)\n\n  * Southern is wary of regulatory lag for rate adjustments if its subsidiaries, including Southern Company Gas, are required to invest in conservation measures which could result in reduced sales. \n  * The company does not identify the costs of any acute physical risks tied to climate change in its latest filing, while recognizing weather related impacts on its generation, transmission and distribution systems, and is investing in smart grid technologies and energy storage systems to mitigate impacts. In 2019, its gas business addressed record low temperatures in its northern Illinois distribution area by planning proactive service appointment scheduling ahead of the storm. \n  * While Southern doesn\u2019t disclose estimates for mitigation and recovery from extreme weather events, it conducts trainings for several programs to prepare employees for hurricane recovery, or to respond to tornadoes and ice storms. \n  * Southern assumes that if all existing residential homes served by the utility reduce energy use with the best technologies available, total revenue for the company would be about $3 billion, as opposed to $7 billion (the scenario under which energy efficiency is not implemented widely). The difference is what Southern has deemed as the high-level estimate impact of energy efficiency: $4 billion. \n\nThe company committed to transitioning to net zero emissions by 2050.\n\nSouthern\u2019s regulated utilities work in states with different incentives for\nclimate transitions, and has developed some clean energy resources in spite of\nnot having a state-based mandate for it, as in Georgia.\n\n##  Avangrid\n\nNortheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nIncreased severity, frequency of extreme weather events  |  $40 million  |  $40 million  |  0-1 year   \nChanges in precipitation patterns, variability in weather patterns  |  $12 million  |  N/A  |  1-5 years   \nOther risks  |  |  |   \nPotential regulation to support coal and nuclear plants  |  $3 million  |  $1 million  |  0-1 year   \nDecreased revenues due to reduced production capacity  |  N/A  |  $0  |  0-1 year   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=854545&locale=en&organization_name=Avangrid+Inc&organization_number=63724&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F94207&survey_id=68887525)\n\n  * Avangrid is looking at a mix of regulatory, physical and market-based risks, related to climate change, but says the \u201cactual financial impact is unpredictable.\u201d Weather events can have a significant impact but much depends on which facilities are affected. The costs to restore service and repair damaged facilities, obtain replacement power and access available financing sources, may not be recoverable from customers \u201cand could adversely affect our cash flows, results of operations and financial position,\u201d it says in its 2020 CDP filing. \n  * The utility sees climate risks in the energy markets, in the form of potential decreased revenues that would accompany any policy changes that support coal or nuclear plants. \u201cThis potential change in the energy market to support uneconomical facilities may distort the market prices,\u201d the utility said. \n  * Avangrid owns 7.4 GW of wind and solar, of which approximately 30% of the electricity generated is sold into wholesale markets. The utility says a $1/MWh decrease in the wholesale prices in the markets where Avangrid Renewables participates could have a negative impact on earnings of approximately $3 million in 2020. The company\u2019s strategy calls for increasing long-term contracts with commercial and industrial customers and reducing merchant exposure. \n\nIn October, Avangrid [ made a cash offer for PNM Resources\n](https://www.utilitydive.com/news/avangrid-pnm-resources-announce-83b-merger-\nto-create-one-of-biggest-cle/587450/) in a merger it says will create \u201cone of\nthe biggest clean energy companies\u201d in the United States. Avangrid Networks\ncurrently includes eight electric and natural gas utilities, serving 3.3\nmillion customers in New York and New England.\n\nAvangrid owns 1,900 MW of renewable energy and has a pipeline of 1,400 MW of\nrenewables assets in New Mexico and Texas. PNM Resources owns approximately\n2.8 GW of generation capacity and provides electricity in New Mexico and\nTexas. The merger with PNM could [ lead to the development of more renewables\n](https://www.utilitydive.com/news/avangrid-pnm-merger-can-advance-new-mexico-\nuntapped-renewable-energy/587602/) in New Mexico, say experts.\n\nAvangrid says it is \u201ccontinuously evaluating the regulatory risks and\nregulatory uncertainty presented by climate change,\u201d as such concerns \u201ccould\npotentially lead to additional rules and regulations that impact how we\noperate our business.\u201d The utility points to New York, where regulators\u2019\nReforming the Energy Vision proceeding has for years been reimagining the\nstate\u2019s energy system.\n\nWhile the end result of the REV process \u201cremains unclear,\u201d Avangrid said in\nits 2020 CDP filing, the proceeding \u201ccould alter the utility model in New York\nin a manner that could create material adverse impacts on our businesses and\noperations in New York.\u201d\n\nAvangrid has pledged to be [ carbon neutral by 2035\n](https://www.avangrid.com/wps/portal/avangrid/sustainability/environment/CarbonFootprints)\n.\n\n##  Liberty Utilities  (owned by Algonquin Power & Utilities)\n\nNortheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nIncreased likelihood and severity of wildfires  |  N/A  |  $0  |  0-1 year   \nIncreased severity, frequency of extreme weather events  |  N/A  |  $0  |  1-5 years   \nOther risks  |  |  |   \nDecreased revenues due to reduced production capacity  |  N/A  |  $0  |  1-5 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=855180&locale=en&organization_name=Algonquin+Power+%26+Utilities+Corporation&organization_number=524&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F96668&survey_id=68887525)\n\n  * Liberty Utilities sees the potential for high financial impacts from physical climate risks, but its 2020 CDP filing says \u201cwe currently do not have a financial impact figure assessed.\u201d \n  * Related to wildfires, Liberty sees the potential for increased insurance premiums and reduced availability of insurance on assets in \u2018high risk\u2019 locations. In addition, increased air temperatures could result in decreased efficiencies over time of both generation and transmission facilities. Extreme weather events create a risk of asset damage, and the increased frequency and severity of weather events \u201cincreases the likelihood that the duration of power outages and fuel supply disruptions could increase.\u201d \n  * Liberty also sees a risk that climate change impacts the output of its renewable generation facilities. Expected returns from both solar and wind assets \u201care based off current weather patterns,\u201d which climate change can modify. \n\nAlgonquin Power & Utilities describes itself as \u201ca growing renewable energy\nand utility company with assets across North America,\u201d operating through\nsubsidiaries Liberty Power and Liberty Utilities to deliver electricity and\ngas to customers in the United States and Canada. The company delivers\nelectricity to 267,000 customers and owns related generation assets in\nCalifornia, New Hampshire, Missouri, Kansas, Oklahoma and Arkansas.\n\nAlgonquin has a portfolio of long-term contracted wind, solar and\nhydroelectric generating facilities representing [ over 2 GW of installed\ncapacity ](http://investors.algonquinpower.com/file/Index?KeyFile=405452305)\nand more than 1.6 GW of incremental renewable energy capacity under\nconstruction. The company wants to reach [ 75% renewable generation capacity\nby 2023. ](http://algonquinpower.com/docs/APUC-Sustainability-Report-2020.pdf)\n\nThe utility has been taking steps to reduce its carbon footprint and add more\nemissions-free resources. Last year, it developed a [ storage program\n](https://www.utilitydive.com/news/designing-liberty-utilities-new-hampshire-\nresidential-storage-program/548940/) for utility-owned behind-the-meter\ncapacity in its New Hampshire territory. And this summer, Liberty dropped\nplans to construct the [ proposed Granite Bridge natural gas pipeline\n](https://www.nhpr.org/post/liberty-utilities-drops-plans-major-gas-pipeline-\nnh#stream/0) after concluding it could meet demand with existing\ninfrastructure.\n\n##  National Grid\n\nNortheast\n\nRisk calculated  |  Cost of impact  |  Cost of mitigation  |  Time frame   \n---|---|---|---  \nPhysical risks  |  |  |   \nFlood risk mitigation  |  $2.2 million - $111 million  |  $250 million  |  20-30 years   \nChanges in precipitation and extreme variability in weather patterns  |  N/A  |  $65,000  |  10-20 years   \nSevere weather impact on network resilience  |  N/A  |  $0  |  20-30 years   \nOther risks  |  |  |   \nMissing SF6 regulatory targets  |  $14.8 million  |  $1.55 million  |  10-20 years   \nIncreased legislation or a ban on the use of SF6  |  $19.46 million  |  $1.55 million  |  10-20 years   \nCarbon tax introduction  |  $124 million - $248 million  |  $288 million  |  0-10 years   \nExceeding the Massachusetts methane emissions cap (gas operations)  |  $3 million  |  $136 million  |  0-10 years   \n  \nSource: [ 2020 CDP filings\n](https://www.cdp.net/en/formatted_responses/responses?campaign_id=70692136&discloser_id=855754&locale=en&organization_name=National+Grid+PLC&organization_number=12832&program=Investor&project_year=2020&redirect=https%3A%2F%2Fcdp.credit360.com%2Fsurveys%2F6sc15v4h%2F90325&survey_id=68887525)\n\n  * Headquartered in London, National Grid reports CDP risk and mitigation measures in Great British Pounds. These estimates have been converted to U.S. dollars using a conversion rate of \u00a31 to $1.30. \n  * National Grid expects its largest climate mitigation cost will be to address increased severity and frequency of extreme weather events such as cyclones and floods. The utility says there is a risk it may either fail to mitigate adequately or to deal with the consequences of flooding, which could include loss of supply in both its gas and electricity networks leading to disruption to large numbers of energy users. Flood mitigation is primarily associated with its U.K. service territory. \n  * In Massachusetts, the utility sees a significant gap between the fines associated with exceeding methane leak targets on its gas network and the cost to prevent leaks from occurring. The utility has a plan to remove or replace leak prone pipes and in 2019 removed 65 miles from service in Massachusetts. \n\nNational Grid is based in the in U.K. but serves more than 20 million\ncustomers in New York, Rhode Island and Massachusetts. The utility is [ aiming\nfor net zero greenhouse gas emissions by 2050\n](https://www.utilitydive.com/news/with-hydrogen-as-lynchpin-strategy-\nnational-grid-joins-other-utilities-i/586386/) and recently said it supports\noverhauling the Northeast\u2019s wholesale electricity market design, transmission\nplanning process and the governance of its grid operator to advance\ndecarbonization efforts.\n\nThe utility\u2019s Net Zero by 2050 plan involves cutting emissions from the fuels\nand electricity it provides 20% by 2030. The utility is targeting 80% cuts to\nemissions from direct operations and power purchases by 2030.\n\n####  Methodology\n\nWhen selecting utilities to track, the Utility Dive team divided the United\nStates into five regions, per the approach taken by [ the National Geographic\n](https://www.nationalgeographic.org/maps/united-states-regions/) . We focused\non utilities within each region that had voluntarily made filings to the CDP\nin 2019 and 2020.\n\nSome utilities, such as Consolidated Edison, made their disclosure private and\nwe were not granted access by the company to view the filing. In addition,\nutility filings from 2020 might still reflect older data. For example,\nSacramento Municipal Utility District filed in 2020 using data from 2018.\n\nUtility estimates have been rounded to the 1,000s in the map or to the second\ndecimal place in instances where we show figures as amounts in \u201cbillions\u201d or\n\u201cmillions.\u201d\n\nWe tallied all of the risks related to climate change that utilities\nidentified through their CDP filings, taking note of the acute and chronic\nphysical risks, such as the impacts of extreme weather, as well as\ntransitional, marketing, reputation and other climate-related risks the\ncompanies identified.\n\nWhile we focused on information related to climate risks and impacts, CDP\nfilings encompass information about a broader array of risks. If a utility\ndoes not have estimates for a particular risk, it does not represent the\neffort or accuracy of its broader filing, which the CDP grades in an annual\nreport ranking global companies.\n\nRelated content\n\n####  [ Wildfires pushed PG&E into bankruptcy. Should other utilities be\nworried? ](https://www.utilitydive.com/news/wildfires-pushed-pge-into-\nbankruptcy-should-other-utilities-be-worried/588435/)\n\nBy Kavya Balaraman \u2022 Nov. 19, 2020\n\n####  [ Why capital markets are continuing to finance utilities facing rising\nflood and other climate change impacts ](https://www.utilitydive.com/news/why-\ncapital-markets-are-continuing-to-finance-utilities-facing-rising-\nflood/589171/)\n\nBy Iulia Gheorghiu \u2022 Nov. 20, 2020\n\n####  [ Ballot billions: Behind the efforts to fund and finance climate action\n](https://www.utilitydive.com/news/election-2020-ballots-climate-\naction/588067/)\n\nBy Kristin Musulin, Chris Teale and Cailin Crowe \u2022 Oct. 30, 2020\n\n####  [ Utilities don\u2019t see stranded assets as a top risk. Should they?\n](https://www.utilitydive.com/news/utilities-dont-see-stranded-assets-as-a-\ntop-risk-should-they/572246/)\n\nBy Catherine Morehouse \u2022 Feb. 14, 2020\n\nCredits\n\nDesign & development\n\n[ Nami Sumida ](https://industrydive.design/about/nami/)\n\nIllustration\n\n[ Danielle Ternes ](https://industrydive.design/about/danielle/)\n\n  * [ ](https://www.linkedin.com/shareArticle?mini=true&url=https%3A//www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/&title=Climate%20risks%20are%20accelerating.%20Here%27s%20what%20Duke%2C%20PG%26E%20and%2016%20other%20utilities%20expect%20to%20pay. \"Post\")\n  * [ ](https://www.facebook.com/sharer/sharer.php?u=https%3A//www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/ \"Share\")\n  * [ 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                "url": "https://www.utilitydive.com/news/climate-risks-accelerating-heres-what-costs-duke-pge-and-16-other-utilities-expect/588860/"
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                    "source": "https://www.tokaicarbon.co.jp/en/sustanability/climate-change.html"
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                "page_content": "  * [ TOP ](/en/)\n  * [ Sustainability ](/en/sustanability/)\n  * Climate change \n\n##  Climate change\n\n###  Basic ideas\n\nTokai Carbon Group recognizes that addressing climate change is an important\nmanagement issue. In November 2021, by resolution of the Board of the\nDirectors, the Group expressed its support the Task Force on Climate-related\nFinancial Disclosure (TCFD).  \nWe will take appropriate measures toward achieving a low-carbon and carbon-\nneutral society by understanding the impact of climate change on our business\nbased on TCFD recommendations.\n\n###  Initiatives\n\n####  Information disclosure in line with TCFD recommendations\n\nTraditionally, we have implemented measures such as flood-control measures for\nhigh-priority offices, diversifying risks in main businesses by establishing\nmultiple bases, and incorporating natural disasters into business continuity\nplans (BCPs). In order to better understand the risks and opportunities of\nclimate change for the Group, we made the initial calculation of business\nimpact through scenario analysis, which is a requirement of the TCFD\nrecommendations, in December 2020, and reviewed the calculation in May 2023.  \nThe TCFD recommendations call for disclosure of governance, strategy, risk\nmanagement, targets, and indicators related to climate change. In line with\nthe TCFD recommendations, we are analyzing the impact of climate change on our\nbusiness and taking measures to address it.\n\n####  \u00e2\u0096 Governance\n\nAt Tokai Carbon, the Board of Directors controls the climate change risk\nwithin the Company-wide risk management system. Under the umbrella of Board of\nDirectors, the Risk Management and Compliance Committee conducts assessments\nof material risks affecting the Company, including climate change risk, and\nreports the findings to the Board of Directors. In addition, following the\npolicies made by Board of Directors, Carbon Neutral Committee led by the\nPresident, formulates policies for low-carbon/carbon-neutral and reports\nquarterly to Board of Director safter discussing the CO2 emission reduction\ntargets and plans to achieve. We continue to monitor the progress under the\nsupervision of the Board of Directors and focus on achieving targets by\nplanning and executing measures according to the progress.\n\n####  \u00e2\u0096 Risk management\n\nTo mitigate the risk of losses in business operations, each department\nimplements daily risk management in accordance with rules and policies related\nto accounting and financial, business partner, export, environmental and\ndisaster prevention, quality, information security, and investment management.\nIn addition, the Risk Management and Compliance Committee meets in principle\nevery quarter to discuss important matters related to risk and compliance.\nBased on the results of these discussions, the Committee provides advice to\nrelevant parties and reports to the Board of Directors and other management\nbodies in an effort to identify risks and improve risk management. Climate\nchange risk was identified by the Risk Management and Compliance Committee as\none of the material risk for the company. Following the policies made by Board\nof Directors, Carbon Neutral Committee led by the President, formulates\npolicies for low-carbon/carbon-neutral and reports quarterly to Board of\nDirectors after discussing the CO2 emission reduction targets and plans to\nachieve.\n\n####  \u00e2\u0096 Analysis of strategy, risks, and opportunities\n\nTo analyze the impact of climate change on our business (risks and\nopportunities), we selected 1.5\u00e2\u0084\u0083 and 4\u00e2\u0084\u0083 scenarios* as climate change\nscenarios and conducted scenario analyses with the time axis set to 2030 and\n2050.\n\n*1.5\u00e2\u0084\u0083 scenario: A control scenario in which the necessary measures are taken to limit the temperature rise to 1.5\u00e2\u0084\u0083 above pre-industrial levels.   \n4\u00e2\u0084\u0083 scenario: A scenario in which the average temperature rises by 4\u00e2\u0084\u0083 above\npre-industrial levels. This is a business as usual scenario where economic\nmeasures and additional measures against climate change are not taken.\n\n####  \u00e3\u0080\u0087Scenario analysis process\n\n(1) Decide the scope of analysis  \n(2) Identify risks and opportunities from climate change  \n(3) Specify key risks and opportunities (key drivers)  \n(4) Calculate the financial impact of material risks and opportunities\nspecified  \n(5) Formulate response policies and concrete strategies\n\n####  \u00e3\u0080\u0087Set scenario\n\nScroll horizontally to view the whole table\n\nScenario category  |  Scenario summary  |  Reference scenario   \n---|---|---  \n1.5\u00e2\u0084\u0083 scenario  |  A control scenario in which the necessary measures are taken to limit the temperature rise to 1.5\u00e2\u0084\u0083 above pre-industrial levels.  |  \u00e3\u0083\u00bbNet Zero Emissions by 2050 Scenario(IEA, WEO2022)  \u00e3\u0083\u00bbSustainable Development Scenario(IEA, ETP2020)  \u00e3\u0083\u00bbBeyond 2\u00e2\u0084\u0083 Scenario(IEA, ETP2017)  \u00e3\u0083\u00bbRCP 2.6/4.5 (IPCC, AR5)   \n4\u00e2\u0084\u0083 Scenario  |  A Scenario in which the average temperature rises by 4\u00e2\u0084\u0083 above pre-industrial levels. This is a business as usual scenario where economic measures and additional measures against climate change are not taken.  |  \u00e3\u0083\u00bbRCP 8.5 (IPCC, AR5)  \u00e3\u0083\u00bbStated Policies Scenario(IEA, WEO2022)   \n  \n####  \u00e3\u0080\u0087Scenario analysis targets\n\nScroll horizontally to view the whole table\n\nTarget businesses  |  Four major businesses (Graphite Electrodes, Carbon Black, Fine Carbon, and Smelting and Lining) accounting for approximately 90% of Tokai Carbon's sales as of 2022   \n---|---  \nTimeline  |  2030 and 2050 *2040 if there is no reference data for 2050   \n  \n####  \u00e3\u0080\u0087Results of scenario analysis\n\n4\u00e2\u0084\u0083 scenario: High physical risk, relatively low transition risk  \n1.5\u00e2\u0084\u0083 scenario: High transition risk, relatively low physical risk\n\n4\u00e2\u0084\u0083\n\nScroll horizontally to view the whole table\n\nBusiness  |  Factors  |  Opportunities/risks  |  Envisioned financial impact on the Company  |  Strategy & response   \n---|---|---|---|---  \nCommon to all four businesses  |  Production stoppages and supply chain disruptions due to increased typhoons, flooding, and torrential rains  |  Physical risk  |  Our BCP measures have limited the risk of serious impact on operations, but our businesses may be affected if an unexpected event occurs in the future.  |  Implementation and periodic review of BCP measures from a medium- to long-term perspective   \n  \n1.5\u00e2\u0084\u0083\n\nScroll horizontally to view the whole table\n\nBusiness  |  Factors  |  Opportunities/risks  |  Envisioned financial impact on the Company  |  Strategy & response   \n---|---|---|---|---  \nCommon to all four businesses  |  Increased burden due to expanded introduction of carbon pricing  |  Transition risk  |  Most of the raw materials used in our businesses are derived from fossil fuels, and if we include not only the CO2 emissions from the combustion of fossil fuels and the use of electricity, which are energy sources, but also the CO2 emissions emitted in the production process, the burden of introducing carbon pricing is enormous.  |  Reduction of CO2 emissions, through fuel conversion, use of renewable energy, CO2 capture, product recycling, etc.   \nCommon to all four businesses  |  Compulsory use of renewable energy (use is unavoidable)  |  Transition risk  |  Electricity accounts for a high percentage of the energy used in the production processes of our businesses. Purchasing electricity generated from renewable energy sources will lead to increased operating costs.  |  \u00e3\u0083\u00bbReduction of CO2 emission coefficient due to the spread of renewable energy in society   \n\u00e3\u0083\u00bbConsider the efficient procurement of renewable energy  \nCommon to all four businesses  |  \u00e3\u0083\u00bbDissemination of technologies that do not use fossil fuel-derived raw materials   \n\u00e3\u0083\u00bbIncreasing demand for low-carbon products, changing consumer attitudes toward fossil fuel-derived materials  |  Transition risk  |  \u00e3\u0083\u00bbDecrease in sales due to increased pressure to use alternative materials for products that use fossil fuel-derived raw materials. In addition, R&D expenses for product development using alternative raw materials increased.  |  \u00e3\u0083\u00bbIn the CB business, promote development of technologies for use of raw materials other than fossil fuel-derived, reuse of used tires, and recovery and reuse of energy. We aim to increase the added value of products by reducing CO2 emissions during product manufacturing, and to minimize risk factors by reducing the burden of carbon pricing.   \nElectrodes  |  Increasing advantages of electric furnaces  |  Opportunities  |  Increased demand for graphite electrodes  |  \u00e3\u0083\u00bbPursuing the production of even higher quality graphite electrodes   \n\u00e3\u0083\u00bbStable supply in response to increased demand  \n  \n####  Carbon-neutral initiatives\n\nIn May 2021, we launched a Carbon Neutral Project led by the President. This\nwas to propel the group\u00e2\u0080\u0099s efforts for low-carbon/carbon neutral. In January\n2022, the project was re-formulated as Carbon Neutral Committee to become a\nhigh level command tower of carbon neutral efforts of the entire organization.\nThe committee will monitor the progress under the supervision of the Board of\nDirectors and focus on achieving targets by planning and executing measures\naccording to the progress.  \n[ \u00e2\u0086\u0092Carbon neutral initiatives\n](https://www.tokaicarbon.co.jp/en/sustanability/carbon_neutral.html)\n\n####  \u00e2\u0096 Indicators and targets\n\nTokai Carbon Group target to reduce CO2 emissions by 25% (VS 2018) before 2030\nand achieve carbon-neutral in 2050.\n\n* Scope of the targets: Scope 1 and Scope 2 \n\n####  Membership in external organizations\n\n####  \u00e3\u0080\u0090Japan Chemical Industry Association (JCIA)\u00e3\u0080\u0091\n\nWe participate in the activities of the Association as the member of the JCIA.\nThe purpose of the JCIA is to conduct surveys and research for production,\ndistribution, consumption and other aspects and on various issues related to\ntechnology, labor, the environment, safety, etc., related to the chemical\nindustry. It also conducts planning and promotion of various countermeasures\nfor the sound development of the chemical industry and to contribute to the\nprosperity of Japan\u00e2\u0080\u0099s economy and daily life. Above all, the Association\nparticipates in the Carbon neutral action plan (formally, Low carbon society\nimplementation plan) sponsored by the Japan Business Federation, and has\npublished a target of a 32% reduction in CO2 emissions by FY2030, with a view\nto achieving carbon neutrality by FY2050. Tokai Carbon, as a member of the\nAssociation shall promote the reduction of CO2 emissions and energy\nconservation towards achieving this goal.  \n[ (Japan Chemical Industry Association (JCIA) website\nhttps://www2.nikkakyo.org/english) ](https://www2.nikkakyo.org/english)\n\n####  \u00e3\u0080\u0090Japan Carbon Association\u00e3\u0080\u0091\n\nJapan Carbon Association is an organization of carbon products manufacturers\nto further develop the carbon products and the industries. President of Tokai\nCarbon has been appointed as a chairman of this association. In March 2022, as\na response to climate change, the association announced its \u00e2\u0080\u009cPolicy on\nCarbon Association Initiatives to Achieve Carbon Neutral by 2050\u00e2\u0080\u009d, to\nclarify its aim to achieve carbon neutral by 2050 through energy conservation,\nfuel conversion, power conversion and use of energy sources that are not\ndependent on fossil fuels. President of Tokai Carbon has taken the roll to\nlead this initiatives as the chairman of the association.  \nAs we had announced our commitment to achieve carbon neutral by 2050 prior to\nthe association, we will work on reducing CO2 emissions as an industry-wide\neffort based on the association policy.  \n[ (Japan Carbon Association website\u00e3\u0080\u0080https://tansokyoukai.org/)\n](https://tansokyoukai.org/)\n\n###  Performance\n\n####  Environmental data\n\nEnergy consumption\n\n|  Unit  |  2018  |  2019  |  2020  |  2021  |  2022  |  2023   \n---|---|---|---|---|---|---|---  \nNon-renewable energy  \nconsumption  |  Electricity  |  MWH  |  1,169,635  |  999,935  |  855,232  |  845,256  |  938,079  |  799,244   \nsteam  |  MWH  |  2,251  |  4,004  |  5,358  |  1,045  |  546  |  571   \nFuels  |  MWH  |  925,532  |  998,431  |  1,122,098  |  1,020,462  |  1,239,842  |  1,350,829   \nTotal  |  MWH  |  2,097,418  |  2,002,370  |  1,982,688  |  18,666,762  |  2,178,467  |  2,150,643   \nRenewable energy  \nconsumption  |  Electricity  |  MWH  |  3  |  3  |  3  |  180,090  |  203,747  |  240,265   \nTotal energy consumption  |  MWH  |  2,097,421  |  2,002,373  |  1,982,691  |  2,046,852  |  2,382,215  |  2,390,908   \n  \n[Boundary]  \nEmissions from all the consolidated production bases, head office, branches,\nand laboratories, are calculated.\n\n[Period covered]\n\nJapan  |  Overseas   \n---|---  \n2018-2020:April to March(Tokai Konetsu Kogyo: January to December)  \n2021: January to December  |  January to December   \n  \nGHG emissions(Scope1\u00e3\u0080\u0081Scope2\u00ef\u00bc\u0089(consolidated)\n\n|  2018  |  2019  |  2020  |  2021  |  2022  |  2023   \n---|---|---|---|---|---|---  \nCO2 emissions  \n\u00ef\u00bc\u0088thousand tCO2e\u00ef\u00bc\u0089  |  3,056  |  2,687  |  2,232  |  2,409  |  2,408  |  2,219   \nScope1\u00ef\u00bc\u0088thousand tCO2e\u00ef\u00bc\u0089  |  2,430  |  2,164  |  1,825  |  2,070  |  2,018  |  1,900   \nScope2\u00ef\u00bc\u0088thousand tCO2e\u00ef\u00bc\u0089  |  626  |  523  |  406  |  339  |  391  |  318   \n  \nCalculation of Scope 1 and Scope 2 GHG emissions\n\n[Scope of coverage]\n\nCO2  |  All the consolidated production sites, head office, branches, and laboratories (Tokai Carbon (Dalian) Co., Ltd., Tokai Carbon (Suzhou) Co., Ltd., Shanghai Tokai Konetsu Co., Ltd., Tokai Konetsu (Suzhou) Co., Ltd., and Tokai Carbon Europe Ltd. Italia Branch were added in 2022)   \n---|---  \nCH4\u00e3\u0080\u0081N2O  |  Starting in 2022, major production sites that account for approximately 98% of consolidated CO2 emissions have been added to the scope of the calculation   \n  \n[Period covered]\n\n|  Japan  |  Overseas   \n---|---|---  \nCO2  |  Energy sources  |  Until 2020: April to March   \n(Tokai Konetsu Kogyo: January to December)  \n2021 and after: January to December  |  January to December   \nNon-energy sources  |  January to December  |  January to December   \nCH4\u00e3\u0080\u0081N2O  |  \\-  |  January to December (*calculation period from 2022)   \n  \n[Calculation Method]\n\nCO2 equivalent emissions are calculated using the global warming potentials of\nCO2, CH4, and N2O gases. HFCs, PFCs, SF6, and NF  3  are excluded from\ncalculations because these emissions are negligible.\n\nScope 1: Direct GHG emissions from corporate activities, including energy-\nderived GHG emissions and non-energy-derived GHG emissions (emissions from\nindustrial processes) are calculated. In principle, GHG emissions from non-\nenergy sources are calculated from the amount of raw and auxiliary materials\nused and the balance of products and waste.\n\nScope 2:\n\n  * Indirect CO2 emissions associated with use of energy in corporate activities \n  * The market-based method in the GHG Protocol is used. For emissions in Japan, the emission coefficient by electricity utility under the Act on Promotion of Global Warming Countermeasures applies. For overseas emissions, emission coefficients published by electricity utilities are used, although the latest emission coefficients published by IEA or national and regional authorities are used for emissions from some plants. \n\nCO2 emissions\u00ef\u00bc\u0088Scope3\u00ef\u00bc\u0089 Unit : thousand tCO2e\n\n|  2019  |  2020  |  2021  |  2022  |  2023   \n---|---|---|---|---|---  \nScope3  |  3,322  |  1,619  |  1,599  |  1,805  |  1,659   \nCategory1\u00e3\u0080\u0080Purchased goods and services  |  469  |  189  |  341  |  1,343  |  1,188   \nCategory2 Capital goods  |  20  |  23  |  22  |  51  |  99   \nCategory3 Fuel-and energy-related activities not included in Scope1 or Scope2  |  N/A  |  N/A  |  N/A  |  82  |  74   \nCategory4 Upstream transport and delivery  |  5  |  5  |  6  |  6  |  7   \nCategory5 Waste generated in operations  |  0.5  |  0.4  |  0.7  |  0.5  |  0.6   \nCategory6 Business travel  |  N/A  |  N/A  |  N/A  |  0.4  |  0.5   \nCategory7 Employee commuting  |  0.4  |  0.4  |  0.4  |  0.4  |  0.4   \nCategory8 Upstream leased assets  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \nCategory9 Downstream transportation and delivery  |  N/A  |  N/A  |  N/A  |  N/A  |  0.7   \nCategory10 Processing of sold products  |  N/A  |  N/A  |  N/A  |  N/A  |  0.9   \nCategory11 Use of sold products  |  2,827  |  1,402  |  1,228  |  321  |  288   \nCategory12 End-of-life treatment of sold products  |  \\-  |  \\-  |  \\-  |  \\-  |  \\-   \nCategory13 Downstream Leased Assets  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \nCategory14 Franchises  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \nCategory15 Investments  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \n  \nScope 3 calculation method\n\n[Boundary]\n\n  * The reporting boundary from 2019 to 2021 is Tokai Carbon Co., Ltd. That for Categories 1, 2, 3, 11 and 12 is Tokai Carbon Co., Ltd. and its consolidated subsidiaries. \n  * However, Categories 9, 10, 11 and 12 cover only some businesses and products. \n\n[Period of tabulation]\n\nCategory 1\u00e2\u0080\u00933, 5\u00e2\u0080\u009315: January\u00e2\u0080\u0093December\n\nCategory 4: April\u00e2\u0080\u0093March of the following year\n\n[Calculation method]\n\n  * References used in calculation of Scope 3 include \u00e2\u0080\u009cBasic Guidelines on Accounting for Greenhouse Gas Emissions Throughout the Supply Chain Ver 2.5\u00e2\u0080\u009d and \u00e2\u0080\u009cThe Emissions Unit Database for Accounting of Greenhouse Gas Emissions, etc., by Organizations Throughout the Supply Chain (Ver. 3.3)\u00e2\u0080\u009d from the Ministry of the Environment and the Ministry of Economy, Trade and Industry; emission coefficients by electrical utility published by the Ministry of the Environment; and emissions factor specified in LCI Database IDEA v3.3. \n  * Category 1: Through 2021, calculated as total value of procurement of major raw materials multiplied by emission factor. From 2022, it is calculated for the top 80% or more of the value of purchased raw materials and auxiliary materials by multiplying the annual purchase for each target item by the emission factor. \n  * Category 2: Calculated by multiplying the purchase value of capital goods by emission factor. \n  * Category 3: Calculated by multiplying the amount of energy totaled in Scope 1 and 2 by emission factor. \n  * Category 4: Calculated by multiplying the fuel consumption and transport ton-kilometers by emission factor. \n  * Category 5: Calculated by multiplying type-specific amount of waste disposal and recycling by emission factor. \n  * Category 6: Calculated by means-of-transportation-specific value of transportation expenses by emission intensity, and adding the number of accommodation stays multiplied by the emission factor of the accommodation facilities. \n  * Category 7: Calculated by multiplying the number of employees by number of business days and by emission factor. \n  * Category 9: The scope of this report is the Fine Carbon Division. Calculations were made by multiplying the transportation ton-kilometers by the emissions intensity for the logistics of products sold by the Fine Carbon Division to the final consumer. \n  * Category 10: The scope of this report is the Fine Carbon Division. Calculated by multiplying the sales volume of intermediate products from the Fine Carbon Division by the emissions intensity per processed amount. \n  * Category 11: The scope of reporting through 2021 is the Graphite Electrode Division. Calculated by multiplying products\u00e2\u0080\u0099 energy consumption and sales volume by emission factor, and adding the CO2 generated from the products themselves during use. The scope from 2022 is the Graphite Electrode Division and the S&L Division. CO2 generated from the products themselves during use is calculated. \n  * Category 12: The scope of reporting is the Graphite Electrode Division. \n\nTOP\n\n  * [ Company  ](/en/company/)\n    * [ Welcome toTokai Carbon. ](/en/first/)\n    * [ The Tokai Carbon Business Model ](/en/company/summary/)\n    * [ CEO\u00e2\u0080\u0099s Greeting ](/en/company/message.html)\n    * [ Philosophy ](/en/company/philosophy.html)\n    * [ Overview ](/en/company/profile.html)\n    * [ Management ](/en/company/officer.html)\n    * [ Location ](/en/company/office.html)\n    * [ History ](/en/company/history.html)\n    * [ Organization ](/en/company/organization.html)\n\n  * [ Business  ](/en/products/)\n    * [ Graphite Electrodes ](/en/products/graphite/)\n    * [ Carbon black ](/en/products/carbon_b/)\n    * [ Fine Carbon ](/en/products/fine_carbon)\n    * [ Smelting and Lining ](/en/products/cobex/)\n    * [ Industrial Furnaces and Related Products ](/en/products/furnace/)\n    * [ Friction Materials ](/en/products/friction/)\n    * [ Anode Materials ](/en/products/nem/)\n    * [ Research & Development ](/en/products/research/)\n\n  * [ IR  ](/en/ir/)\n    * [ Financial Highlights ](/en/ir/highlight.html)\n    * [ Stock price chart ](/en/ir/chart.html)\n    * [ Mid-term management plans ](/en/ir/plan.html)\n    * [ IR Event ](/en/ir/event.html)\n    * [ IR Documents ](/en/ir/library)\n    * [ Stock Information ](/en/ir/information.html)\n    * [ Rating\u00e3\u0083\u00bbBonds ](/en/ir/corporate_bond.html)\n    * [ Shareholders meeting ](/en/ir/shareholders-meeting.html)\n    * [ FAQ ](/en/ir/support.html)\n\n  * [ Sustainability  ](/en/sustanability/)\n    * [ Message ](/en/sustanability/message.html)\n    * [ Basic idea, Target ](/en/sustanability/csr_management.html#anchor01)\n    * [ Establishing a strong business platform ](/en/sustanability/#anchor01)\n    * [ Harmony with the global environment ](/en/sustanability/#anchor02)\n    * [ Governance ](/en/sustanability/#anchor03)\n    * [ Supply chain management ](/en/sustanability/#anchor04)\n    * [ Sustainability related materials ](/en/sustanability/#anchor05)\n\n  * [ News  ](/en/news/) [ Recruit  ](/recruitment/) [ Inquiry  ](/en/inquiry/)\n\n[ Site Policy  ](/en/sitepolicy/) [ Privacy Policy  ](/en/privacy/)\n\n[ Site Policy ](/en/sitepolicy/) [ Privacy Policy ](/en/privacy/)\n\n\u00e3\u0080\u0092107-8636 Aoyama Building, 1-2-3 Kita Aoyama, Minato-ku, Tokyo\u00e3\u0080\u0080  \nTel\u00ef\u00bc\u009a03-3746-5100\n\nCopyright\u00c2\u00a9 Tokai Carbon Co., Ltd. All rights reserved.\n\n",
                "url": "https://www.tokaicarbon.co.jp/en/sustanability/climate-change.html"
            },
            "reason": "This is the official sustainability page of Tokai Carbon, a company specializing in carbon products. Information on this page is likely to be reliable as it reflects the company's official stance and reporting on sustainability matters.",
            "reliability_score": 1.0,
            "search_query": "company 'N/A' environmental impact carbon footprint",
            "summary": "This is the official sustainability page of Tokai Carbon, a company specializing in carbon products.",
            "url": "https://www.tokaicarbon.co.jp/en/sustanability/climate-change.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "eaa12cbe-cb13-4af2-b256-98015ae1ce8e",
                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://www.axiscapital.com/bermuda/who-we-are/corporate-citizenship/environment"
                },
                "page_content": "##  Protecting Our Planet\n\nClimate-related risks are among the most serious issues facing the world\ntoday. We believe that (re)insurers have an important role to play in\nmitigating climate risk and supporting the transition to a low-carbon economy.\n\nOur business\n\nOur business  Our operations  Our voice<\n\n  * Our business \n  * Our operations \n  * Our voice \n\n###  **Our Business**\n\n##  Supporting the transition to a  low carbon economy\n\nWe strive to help our customers tackle climate-related risks and\nopportunities. For example, as global specialists in renewable energy\ninsurance, we're actively supporting the transition to a low carbon economy\nand promoting the increased adoption of alternative energies.\n\nWe are proud to provide insurance products that cover the entire lifecycle of\nrenewable energy and energy transition projects, as well as to share our\nexpertise with customers and the wider industry. Effective April 1, 2024, AXIS\nstarted underwriting through AXIS Energy Transition Syndicate 2050 (\u201cS.2050\u201d),\nwhich offers a single access point to specialist insurance solutions for\ncross-class risks over the lifecycle of projects and activities associated\nwith replacing or displacing fossil fuels through lower-carbon alternatives\nand supporting energy resilience during the transition phase. In addition, we\nactively consider both climate-related risks and opportunities in our business\nacross a range of areas.\n\n[ Find out more about AXIS Renewables ](/bermuda/insurance/global-energy-\nresilience/renewable-energy)\n\nPlay Video\n\nWatch our S.2050 video\n\n####  **One of the world's biggest challenges**\n\n__\n\n##  Investing in the future\n\nOur support for the climate transition goes beyond our own products. AXIS is\nalso focused on providing capital in order to promote a sustainable future.\nWhile financial considerations are paramount, AXIS seeks to support building a\nmore sustainable future by providing capital for eco-friendly programs. AXIS\nhas committed $45 million to investments primarily focused on clean energy,\ninfrastructure, and the energy transition. In addition, AXIS integrates ESG\nconsiderations, including environmental factors, into its investment due\ndiligence process. In accordance with our ESG Investment Policy Statement,\nAXIS integrates ESG metrics, including compliance with AXIS' Fossil Fuel\nPolicy, into its investment evaluation as part of AXIS' manager scorecard\nprocess.\n\n[ Read our ESG Investment Policy Statement ](/docs/default-source/about-\naxis/axis-capital-esg-investment-policy-statement.pdf)\n\n##  Limiting fossil fuels\n\nRecognizing that the thermal coal and oil sands industries are particularly\ncarbon intense and contribute to climate change, we developed and implemented\na Fossil Fuel Policy limiting our exposure to these industries. We're\ncommitted to phasing out thermal coal business from our insurance,\nfacultative reinsurance and investment portfolios by 2030 in OECD countries\nand the EU, and by 2040 globally. We're also significantly limiting business\nrelated to oil sands and the Arctic National Wildlife Refuge. All risks and\ninvestments are evaluated against our Fossil Fuel policy. Read our policy\nbelow.\n\n[ Read our Fossil Fuel Policy ](/bermuda/who-we-are/corporate-\ncitizenship/fossil-fuel-policy)\n\n###  **Our Operations**\n\n##  Greenhouse gas emissions\n\nWe\u2019ve committed to a science-based aligned target of 50% absolute reduction of\nScope 1 and 2 greenhouse gas (GHG) emissions across our global operations by\n2030, using a 2019 baseline. By actively tracking our GHG emissions, we can\nuse the data to ensure we\u2019re on target and assess where we need to make\nchanges to mitigate our carbon footprint.\n\n####  Overall  \u2217\n\n|  2019 MT CO  2  e  |  2020 MT CO  2  e  |  2021 MT CO  2  e  |  2022 MT CO  2  e  |  2023 MT CO  2  e   \n---|---|---|---|---|---  \nScope 1 Emissions  |  270  |  283  |  232  |  132  |  69   \nScope 2 Emissions  |  4,043  |  2,383  |  2,109  |  2,033  |  1,851   \nScope 3 Emissions  |  5,315  |  1,400  |  908  |  2,621  |  3,210   \nBusiness Travel  |  5,227  |  1,183  |  678  |  2,433  |  3,012   \nDownstream Leased Assets  |  88  |  217  |  231  |  188  |  197   \nTotal GHG Emissions  |  **9,627** |  **4,066** |  **3,249** |  **4,786** |  **5,130**  \nEmissions Intensity  \nMT CO  2  e / Revenue (Millions)  |  **1.86** |  **0.84** |  **0.61** |  **0.93** |  **0.91**  \n  \n\u2217  As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3\nnumbers were restated to remove Scope 1 emissions from fugitive refrigerants\nand Scope 3 emissions from employee commuting and waste due to immateriality\nas well as updated UK facility emissions. Click [ here ](/docs/default-\nsource/default-document-\nlibrary/previous_2019-2021_ghg_website_tables.pdf?sfvrsn=e5fbcf81_2) for\nbreakdown of previously stated numbers.\n\n####  2023 Additional Metrics\n\n|  Asia-Pacific  |  European Union  |  North America  (U.S., Canada, Bermuda)  |  United Kingdom  |  Total GHG Emissions   \n---|---|---|---|---|---  \nScope 1 Emissions  |  \\-  |  10  |  40  |  18  |  69   \nScope 2 Emissions  |  18  |  32  |  1,449  |  352  |  1,851   \nScope 3 Emissions  |  27  |  182  |  2,293  |  708  |  3,210   \nBusiness Travel  |  27  |  182  |  2,159  |  644  |  3,012   \nDownstream Leased Assets  |  n/a  |  n/a  |  134  |  64  |  197   \nTotal Emissions  |  **45** |  **224** |  **3,783** |  **1,079** |  **5,130**  \nTotal Energy Use  \u2217  (MWh)  |  **47** |  **296** |  **4,683** |  **1,234** |  **6,259**  \nTotal Electricity Use  \u2217  (MWh)  |  **47** |  **238** |  **3,588** |  **1,132** |  **5,004**  \n  \n\u2217  In 2023, AXIS had zero renewable consumption, 100% of AXIS energy and\nelectricity consumption was from non-renewable sources with 77% of consumed\nenergy from the grid.\n\n\u2217\u2217  \u201c-\u201c indicates true zero; n/a indicates not applicable or not specified.\n\n####  2022 Additional Metrics\n\n|  Asia-Pacific  |  European Union  |  North America  (U.S., Canada, Bermuda)  |  United Kingdom  |  Total GHG Emissions   \n---|---|---|---|---|---  \nScope 1 Emissions  |  \\-  |  40  |  69  |  23  |  132   \nScope 2 Emissions  |  14  |  33  |  1,633  |  353  |  2,033   \nScope 3 Emissions  |  57  |  160  |  1,926  |  478  |  2,621   \nBusiness Travel  |  57  |  160  |  1,801  |  415  |  2,433   \nDownstream Leased Assets  |  n/a  |  n/a  |  125  |  63  |  188   \nTotal 2022 GHG Emissions (MT CO  2  e)  |  **71** |  **233** |  **3,628** |  **853** |  **4,786**  \nTotal Energy Use  \u2217  (MWh)  |  **37** |  **447** |  **4,965** |  **1,301** |  **6,751**  \nTotal Electricity Use  \u2217  (MWh)  |  **37** |  **228** |  **3,940** |  **1,176** |  **5,381**  \n  \n\u2217  As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3\nnumbers were restated to remove Scope 1 emissions from fugitive refrigerants\nand Scope 3 emissions from employee commuting and waste due to immateriality\nas well as updated UK facility emissions. Click [ here ](/docs/default-\nsource/default-document-\nlibrary/previous_2019-2021_ghg_website_tables.pdf?sfvrsn=e5fbcf81_2) for\nbreakdown of previously stated numbers.\n\n\u2217\u2217  In 2022, AXIS had zero renewable consumption. 100% of AXIS energy and\nelectricity consumption was from non-renewable sources with 80% of consumed\nenergy from the grid.\n\n\u2217\u2217\u2217  \"-\" indicates true zero; n/a indicated not applicable or not specified.\n\n####  2021 Additional Metrics\n\n|  Asia-Pacific  |  European Union  |  North America  (U.S., Canada, Bermuda)  |  United Kingdom  |  Unspecified  |  Total GHG Emissions   \n---|---|---|---|---|---|---  \nScope 1 Emissions  |  \\-  |  47  |  153  |  32  |  \\-  |  232   \nScope 2 Emissions  |  15  |  60  |  1,723  |  311  |  \\-  |  2,109   \nScope 3 Emissions  |  7  |  36  |  647  |  150  |  69  |  908   \nBusiness Travel  |  7  |  36  |  505  |  61  |  69  |  678   \nDownstream Leased Assets  |  n/a  |  n/a  |  142  |  89  |  n/a  |  231   \nTotal 2021 GHG Emissions (MT CO  2  e)  |  **22** |  **143** |  **2,523** |  **493** |  **69** |  **3,249**  \n  \n\u2217  As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3\nnumbers were restated to remove Scope 1 emissions from fugitive refrigerants\nand Scope 3 emissions from employee commuting and waste due to immateriality\nas well as updated UK facility emissions. Click [ here ](/docs/default-\nsource/default-document-\nlibrary/previous_2019-2021_ghg_website_tables.pdf?sfvrsn=e5fbcf81_2) for\nbreakdown of previously stated numbers.\n\n\u2217\u2217\u2217  \"-\" indicates true zero; n/a indicated not applicable or not specified.\n\n####  2020 Additional Metrics\n\n|  Asia-Pacific  |  European Union  |  Middle East  |  North America  (U.S., Canada, Bermuda)  |  United Kingdom  |  Unspecified  |  Total GHG Emissions   \n---|---|---|---|---|---|---|---  \nScope 1 Emissions  |  \\-  |  42  |  \\-  |  219  |  22  |  \\-  |  283   \nScope 2 Emissions  |  15  |  57  |  1  |  2,049  |  262  |  \\-  |  2,383   \nScope 3 Emissions  |  20  |  75  |  \\-  |  743  |  227  |  118  |  1,183   \nBusiness Travel  |  20  |  75  |  \\-  |  879  |  308  |  118  |  1,400   \nDownstream Leased Assets  |  n/a  |  n/a  |  n/a  |  137  |  81  |  n/a  |  217   \nTotal 2020 GHG Emissions (MT CO  2  e)  |  **35** |  **174** |  **1** |  **3,147** |  **592** |  **118** |  **4,066**  \n  \n\u2217  As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3\nnumbers were restated to remove Scope 1 emissions from fugitive refrigerants\nand Scope 3 emissions from employee commuting and waste due to immateriality\nas well as updated UK facility emissions. Click [ here ](/docs/default-\nsource/default-document-\nlibrary/previous_2019-2021_ghg_website_tables.pdf?sfvrsn=e5fbcf81_2) for\nbreakdown of previously stated numbers.\n\n\u2217\u2217  \"-\" indicates true zero; n/a indicated not applicable or not specified.\n\n####  2019 Additional Metrics\n\n|  Asia-Pacific  |  European Union  |  Middle East  |  North America  (U.S., Canada, Bermuda)  |  United Kingdom  |  Unspecified  |  Total GHG Emissions   \n---|---|---|---|---|---|---|---  \nScope 1 Emissions  |  \\-  |  51  |  \\-  |  174  |  45  |  \\-  |  270   \nScope 2 Emissions  |  23  |  110  |  1  |  3,289  |  620  |  \\-  |  4,043   \nScope 3 Emissions  |  180  |  799  |  \\-  |  2,980  |  1,081  |  275  |  5,315   \nBusiness Travel  |  180  |  799  |  \\-  |  2,980  |  994  |  275  |  5,227   \nDownstream Leased Assets  |  n/a  |  n/a  |  n/a  |  n/a  |  88  |  n/a  |  88   \nTotal 2019 GHG Emissions (MT CO  2  e)  |  **203** |  **959** |  **1** |  **6,443** |  **1,746** |  **275** |  **9,627**  \n  \n\u2217  As disclosed in the FY 2022 AXIS TCFD report, 2019-2021 Scope 1, 2 and 3\nnumbers were restated to remove Scope 1 emissions from fugitive refrigerants\nand Scope 3 emissions from employee commuting and waste due to immateriality\nas well as updated UK facility emissions. Click [ here ](/docs/default-\nsource/default-document-\nlibrary/previous_2019-2021_ghg_website_tables.pdf?sfvrsn=e5fbcf81_2) for\nbreakdown of previously stated numbers.\n\n\u2217\u2217  \"-\" indicates true zero; n/a indicated not applicable or not specified.\n\n  * Overall \n  * 2023 Additional Metrics \n  * 2022 Additional Metrics \n  * 2021 Additional Metrics \n  * 2020 Additional Metrics \n  * 2019 Additional Metrics \n\n###  **Our Voice**\n\n##  Industry initiatives\n\nWe are committed to using our voice to advocate on climate issues and are\nproud and active participants in relevant initiatives.\n\nMember of the IDF, a partnership between the United Nations, the World Bank\nand members of the insurance industry.\n\nMember of the Geneva Association, the international think tank of the\ninsurance industry.\n\nPartnership with the University of Illinois Gies College of Business to\nsupport students interested in the (re)insurance industry and faculty members\nwho address a variety of topics, including climate.\n\n##  Climate research reports\n\nAXIS has a longstanding commitment to promote research and education in areas\nrelevant to the insurance industry and provide a platform to address areas\nlike climate risk.\n\n[ See more ](/bermuda/tools/climate-risk-reports-with-air-worldwide-and-\nbrookings-experts)\n\n###  **Announcements & Updates **\n\n##  Related articles\n\n####  **AXIS published climate research report \u201cNavigating Risk in the Energy\nTransition\"**\n\nAXIS Report: How Risks Including Climate Change, Economic Uncertainty, and\nInvestor Hesitancy Around Tech Innovation are Impacting the Energy Transition\n\n[ **Read more** ](https://axiscapital.foleon.com/thought-\nleadership/navigatingrisk/)\n\n####  **AXIS receives Inside P &C Honors award for ESG Initiative of the Year\n**\n\nAXIS receives Inside P&C Honors award for ESG Initiative of the Year for our\nGreenhouse Gas Reduction Goals\n\n[ **Read more** ](/bermuda/who-we-are/awards)\n\n####  **AXIS Signs Armed Forces Covenant in the UK**\n\nAXIS has become a signatory to the Armed Forces Covenant, which aims to ensure\nmembers of the UK armed forces community have access to products, services and\nemployment opportunities equal to any other citizen in the UK\n\n[ **Read more** ](https://investor.axiscapital.com/press-releases/news-\ndetails/2023/AXIS-Signs-Armed-Forces-Covenant-in-the-\nUK-2023-hIkfskHqN-/default.aspx)\n\n###  Find out more about Corporate Citizenship\n\n[ Find out more ](/bermuda/who-we-are/corporate-citizenship)\n\n###  **Connect With Us**\n\n##  See how we can help you and your customers  navigate and manage risk in an\nuncertain world\n\n[ Contact Us ](/bermuda/contact-us)\n\n[ Broker Resources ](/bermuda/tools/broker-resource-center)\n\n* * *\n\n[ ](https://www.linkedin.com/company/axis-capital/) [\n](https://twitter.com/AXIS_Capital)\n\n\u00a9 2025 AXIS Capital. All right reserved.\n\nProduct information on this website is for descriptive purposes only and does\nnot provide a complete summary of coverage, and is intended for use by\nlicensed insurance producers. It is not an offer to sell, or a solicitation to\nbuy, any insurance product for a particular insured. Policy terms, conditions\nor exclusions may vary. Coverage may not be available in all jurisdictions and\nis subject to underwriting. Consult the applicable insurance policy for\nspecific terms, conditions, limits, limitations, and exclusions. No insurance\nproduct is offered or will be sold in any jurisdiction in which such offer or\nsolicitation would be unlawful. Coverage is underwritten by one or more\nsubsidiaries of AXIS Capital Holdings Limited.\n\nentire site\n\n  * entire site \n  * insurance \n  * reinsurance \n\nSolutions\n\nmore results\n\nPeople\n\nmore results\n\nResources\n\nmore results\n\nNews & More\n\nmore results\n\n(0) results\n\nPlease try another search term our browse our  insurance  and  reinsurance\nsolutions.\n\n#  Meet the team\n\n[ __ ]() [ __ ]()\n\nScan code with your smartphone camera\n\nTap to add to your contacts\n\n[ Download .VCF Contact Card  ]()\n\n[ __ ]() [ __ ]()\n\nScan code with your smartphone camera\n\nTap to add to your contacts\n\n[ Download .VCF Contact Card  ]()\n\n[ ]()\n\nBundle\n\nAxis Financial Information\n\n[ ]() [ ]() [ Email  ]()\n\n[ ]() [ AXIS Capital Q1 2018 Financial Report ]() [ 2017 Annual Report ]() [\nAXIS Capital to Acquire Novae Webcast ]()\n\n",
                "url": "https://www.axiscapital.com/bermuda/who-we-are/corporate-citizenship/environment"
            },
            "reason": "This is a corporate citizenship/environmental page from Axis Capital. While it presents the company's perspective, it's likely to be factual in its reporting of their own initiatives and environmental impact, although it may present a biased view. The reliability is moderate due to potential for self-promotion.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' climate risk energy usage",
            "summary": "Axis Capital's corporate citizenship/environmental page.",
            "url": "https://www.axiscapital.com/bermuda/who-we-are/corporate-citizenship/environment"
        },
        {
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                    "source": "https://citiesclimatefinance.org/financial-instruments/cases/energy_efficient_mortgages_action_plan_eemap_green_mortgages_in_the_european_union_to_incentivise_energy_efficient_homes"
                },
                "page_content": "[ back to Library ](https://citiesclimatefinance.org/financial-\ninstruments#case-studies)\n\n#####  Description\n\nAn energy efficiency revolution needed to rapidly reduce the 40% of Europe\u2019s\ncarbon emissions that come from its buildings \u2013 a staggering 97% of which are\ninefficient.[1] Estimates show that Europe will miss its climate targets\nunless it renovates at least 23,000 homes every day until 2050.[2] In June\n2018, 37 major European banks launched EeMAP as a new energy efficiency\nmortgage pilot scheme. Some of Europe\u2019s largest banks are participating in the\npilot, including BNP Paribas, ING Bank, Nordea Bank and Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. The\nbanks and financial institutions involved in the scheme represent a combined\nlending power of over \u20ac3 trillion/USD 3.2 TN, equal to around 20% of the EU\u2019s\nGDP.[3] They are motivated to support the scheme as lower utility costs and\ntheir ability to hold their value better over time mean green homes are\nincreasingly recognised as less risky investments for both borrowers and\nlenders. Additionally, there is rapidly growing investor demand for green\nmortgage-backed bonds, helping make the business case for lenders to provide\nmore attractive mortgages to those opting for greener homes.\n\n#####  Location\n\nEU states\n\n#####  Region\n\nWestern Europe\n\n#####  Instrument\n\n[ Asset-based securities (ABS) or securitization\n](https://citiesclimatefinance.org/financial-instruments/instruments/asset-\nbased_securities_abs_or_securitization)\n\n#####  Instrument category\n\nAggregation models\n\n#####  Secondary instruments\n\nN/A\n\n[ ](https://citiesclimatefinance.org/financial-instruments/instruments/)\n\n#####  Project size (range)\n\n> USD 200M\n\n#####  Project size (details)\n\nUSD 3.19TN\n\n#####  Implementer\n\nA consortium led by the European Mortgage Federation \u2013 European Covered Bond\nCouncil (EMF-ECBC)\n\n#####  Year of financial closure\n\n2018\n\n#####  Client\n\nHouseholds and commercial borrowers\n\n#####  Primary financer\n\n37 major European banks including BNP Paribas, ING Bank, Nordea Bank and\nSoci\u00e9t\u00e9 G\u00e9n\u00e9rale.\n\n#####  Other co-financers\n\nN/A\n\n#####  Other contributors\n\nCa\u2019Foscari University of Venice, RICS, European Regional Network of Green\nBuilding Councils, E.ON, SAFE Goethe University Frankfurt.\n\n#####  Other transaction participants\n\nParticipating households applying for an energy efficiency mortgage under the\nscheme\n\n#####  Barriers addressed\n\nReduced cost for private household energy efficiency investments: The EU has\nincreased the amount of public funds available for energy efficiency, but the\nEuropean Commission has indicated that there is a need to boost private energy\ninvestments \u2013 the EeMAP (Energy efficient Mortgages Action Plan) initiative is\nintended to deliver a concrete, market-led finance solution to help bridge the\ngap. Investments in building performance improvements can help to free-up\ndisposable income for borrowers through lower utility bills and can enhance\nproperty value. As a result, they can reduce credit risk, so they are a win-\nwin for lenders, investors, consumers and climate.\n\n#####  Financing structure\n\nHomebuyers across the EU are offered better borrowing rates on mortgages to\npurchase more energy-efficient homes or commit to implementing energy-saving\nwork within properties. Banks providing lower interest rates for mortgages\nthat meet the scheme\u2019s energy efficiency criteria, which are: 1\\. For new\nbuilds: These meet national \u2018nearly zero-energy building\u2019 standards, as\nrequired by EU climate regulations; OR they are 20% better than national\nstandards if nearly zero energy standards are not already in place. For\nrenovations: A 30% reduction in energy demand is achieved, with a new \u2018Energy\nPerformance Certificate\u2019 issued after the renovation works.\n\n#####  Suitability for cities in low-and-middle income countries (detail)\n\nYes. This pilot scheme is implemented in the EU with lending from large\ncommercial banks. This scheme could be implemented in LMIC, which has a highly\ncapitalised financial market and a developed energy efficiency services\nsector.\n\n#####  Weblinks\n\n[ World Green Business Council (n.d) Regional Networks & Projects\n](https://www.worldgbc.org/green-mortgages)\n\n[ World Green Business Council (2017) CREATING AN ENERGY EFFICIENT MORTGAGE\nFOR EUROPE A Review of Building Performance Indicators that Impact Mortgage\nCredit Risk ](https://www.worldgbc.org/news-media/creating-energy-efficient-\nmortgage-europe-review-building-performance-indicators-impact)\n\n[ World Green Business Council. (2018) Major European banks launch new green\nmortgage scheme ](https://www.worldgbc.org/news-media/major-european-banks-\nlaunch-new-green-mortgage-scheme<p><p class='w600'>)\n\n#####  References\n\n[ [1] Buildings Performance Institute Europe. (2017) 97% Of Buildings In the\nEU Need To Be Upgraded ]( https://bpie.eu/wp-content/uploads/2017/12/State-of-\nthe-building-stock-briefing_Dic6.pdf)\n\n[ [2] University of Cambridge, Corporate Leaders Group. (2018) Renovation\nRoadmap: Making Europe\u2019s homes fit for the 21st century\n](https://www.corporateleadersgroup.com/reports-evidence-and-\ninsights/publications/publications-pdfs/renovation-roadmap-making-europes-\nhomes-fit.pdf)\n\n[ [3] World Green Business Council. (n.d) Regional Networks & Projects\n](https://www.worldgbc.org/green-mortgages)\n\n[ [4] World Green Business Council. (2018) Major European banks launch new\ngreen mortgage scheme ](https://www.worldgbc.org/news-media/major-european-\nbanks-launch-new-green-mortgage-scheme)\n\n##  Want to suggest new case studies?\n\nThe Alliance is actively looking for new case studies in its financial\ninstruments case studies repository. Please complete the form to suggest\nadditional case studies.\n\n[ Fill out the form ](https://forms.office.com/r/pYHfeyAEf9)\n\n[ ](https://citiesclimatefinance.org)\n\n###  FOLLOW US\n\n[ ](https://twitter.com/cityclimfin) [\n](https://www.linkedin.com/company/citiesclimfinleadershipalliance)\n\n###  CONTACT\n\n[ AllianceSecretariat@cpiglobal.org\n](mailto:AllianceSecretariat@cpiglobal.org)\n\n\u00a9 Climate Policy Initiative .  \n[ Privacy Policy and Terms of Use\n](https://www.climatepolicyinitiative.org/privacy/)  \n  \n  \nDesigned by [ ](//cafe.art.br)\n\nWe use cookies to give you the best possible experience on our website. By\nusing our website, you accept our [ privacy policy\n](https://citiesclimatefinance.org/privacy-policy) .\n\n",
                "url": "https://citiesclimatefinance.org/financial-instruments/cases/energy_efficient_mortgages_action_plan_eemap_green_mortgages_in_the_european_union_to_incentivise_energy_efficient_homes"
            },
            "reason": "This page discusses energy-efficient mortgages in the EU, providing a case study on incentivizing energy-efficient homes. It appears to be a reliable source of information on climate finance and sustainable building practices.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page discusses energy-efficient mortgages in the EU, providing a case study on incentivizing energy-efficient homes.",
            "url": "https://citiesclimatefinance.org/financial-instruments/cases/energy_efficient_mortgages_action_plan_eemap_green_mortgages_in_the_european_union_to_incentivise_energy_efficient_homes"
        },
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                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://www.fwb.org/DocumentCenter/View/3054/Residential-Energy-Performance"
                },
                "page_content": "\n\n",
                "url": "https://www.fwb.org/DocumentCenter/View/3054/Residential-Energy-Performance"
            },
            "reason": "This document provides information on residential energy performance. It is likely a reliable source of information on energy efficiency in residential buildings.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This document provides information on residential energy performance.",
            "url": "https://www.fwb.org/DocumentCenter/View/3054/Residential-Energy-Performance"
        },
        {
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                    "source": "https://www.intgas.com/energy-efficiency_program/commercial-energy-efficiency/"
                },
                "page_content": "Scroll Top\n\n[ ](https://www.intgas.com/ \"Home\")\n\n__ __\n\n[ Login ](https://customer.intgas.com/login)\n\n#  Commercial Energy Efficiency\n\n[ Home  ](https://www.intgas.com/) [ Intermountain Gas Energy Efficiency\nProgram  ](https://www.intgas.com/energy-efficiency_program/) Commercial\nEnergy Efficiency\n\n**Installing high-efficiency natural gas appliances in your business is a\nsmart investment that will save you money. Energy-efficient equipment makes\nyour energy dollars go farther. In addition to saving more by using efficient\nequipment, Intermountain Gas offers rebates to keep even more money in your\npocket. Who doesn\u2019t like that?**\n\n###  Heating Incentives\n\nEligible Appliance  |  Efficiency Rating  |  Rebate   \n---|---|---  \nCondensing Unit Heater  |  90% AFUE or Greater Efficiency  |  $1,500   \nBoiler Reset Control  |  N/A  |  $350   \nHigh-Efficiency Condensing Boiler  |  90% or Greater Thermal Efficiency and \u2265300 kBTUh  |  $4.50/kBTUh   \n  \n###  Kitchen Equipment Incentives\n\nEligible Appliance  |  Efficiency Rating  |  Rebate   \n---|---|---  \nFryer  |  ENERGY STAR\u00ae Certified  |  $800   \nSteamer  |  ENERGY STAR\u00ae Certified (\u226538% cooking eff/\u22642,038 BTU/hr/pan Idle Rate)  |  $1,100   \nGriddle  |  ENERGY STAR\u00ae Certified (\u226538% cooking eff/\u22642,650 BTU/hr/pan Idle Rate)  |  $200   \n  \n#####  [ **ENERGY STAR\u00ae Commercial Food Service Product Finder**\n](https://www.energystar.gov/products/commercial_food_service_equipment)\n\n**Contact Information:**\n\n**Dane Jacobsen**\n\nCommercial Energy Efficiency Analyst III\n\nEmail: **[ [email protected]  ](/cdn-cgi/l/email-\nprotection#5135303f347f3b30323e3322343f11383f253630227f323e3c) **\n\nPhone: **[ 208-985-4040 ](tel:12089854040) **\n\n**Intermountain Gas Energy Efficiency Program**\n\nEmail: **[ [email protected]  ](/cdn-cgi/l/email-\nprotection#d1a2b0a7b4b4bfb4a3b6a891b8bfa5b6b0a2ffb2bebc) **\n\nPhone: **[ 208-377-6840 ](tel:12083776840) ** \u2013 Treasure Valley\n\n**[ 800-548-3679 ](tel:18005483679) ** , Opt. 4 \u2013 all other areas\n\n**You can apply for rebates directly from your customer account. Log in here\nto get started!**\n\n[ Online Commercial Energy Efficiency Rebate Applications _\uf109_\n](https://customer.intgas.com/login \"Online Commercial Energy Efficiency\nRebate Applications\")\n\n[ Download Commercial Energy Efficiency Heating Incentive Rebate Application\n_\uf1c1_ ](/wp-content/uploads/PDFs/energy_efficiency/rebate_forms/2021/Commercial-\nHeating-Incentive-Application112021.pdf \"Download Commercial Energy Efficiency\nHeating Incentive Rebate Application\")\n\n[ Download Commercial Energy Efficiency Kitchen Equipment Rebate Application\n_\uf1c1_ ](/wp-content/uploads/PDFs/energy_efficiency/rebate_forms/2021/Commercial-\nKitchen-Incentives-Application112021.pdf \"Download Commercial Energy\nEfficiency Kitchen Equipment Rebate Application\")\n\n[ ](https://customer.intgas.com/login)\n\n####  Checklist of Common Energy-Saving Measures\n\nCourtesy of ENERGY STAR\u00ae\n\n######  Operations and Maintenance  __\n\nConduct a nighttime audit to find out what appliances are on afterhours that\nshould be turned off.\n\n\u2705 Improve operations and maintenance practices by regularly checking and\nmaintaining equipment to ensure that it\u2019s functioning efficiently\n\n\u2705 Optimize start-up time, power-down time, and equipment\n\n\u2705 Revise janitorial practices to reduce the hours that lights are turned on\neach day. Consider switching to day-cleaning, which takes place while\noccupants are in the building and has shown to also reduce complaints\n\n\u2705 Review and emphasize the financial and environmental results of a\npreventative maintenance program for major systems and components\n\n\u2705 Set goals and a methodology to track and reward\n\n\u2705 Visually inspect insulation on all piping, ducting and equipment for damage\n(tears, compression, stains, etc.)\n\n\u2705 Ask your utility if they offer free or inexpensive energy\n\n\u2705 Retro or re-commission the building to make sure it\u2019s running the way it was\n\n\u2705 Consider energy audits to identify areas where building systems have become\ninefficient over time and bring them back to peak performance\n\n\u2705 Repair leaking faucets: A dripping hot water faucet can leak hundred of\ngallons per year\n\n\u2705 Swap out incandescent light bulbs with ENERGY STAR certified LEDs in your\nhousehold\n\n\u2705 Install occupancy sensors to automatically turn off lights when no one is\npresent and back on when people return. Storage rooms, back-of-house spaces,\nmeeting rooms, and other low-traffic areas are often good places to install\nthem. And don\u2019t forget \u2014 even good equipment can be installed incorrectly, so\ndon\u2019t install the sensor behind a coat rack, door, bookcase, etc. It must be\nable to \u201csee\u201d an approaching person\u2019s motion to turn on the light as they\nenter an unlit room\n\n\u2705 Examine the opportunity to switch from high-pressure sodium lamps to metal\nhalide lamps in parking lots and consider upgrading to LED lighting for\noutdoor signage\n\n######  Heating and Cooling  __\n\n#####  LOW-COST MEASURES\n\n\u2705 Set back the thermostat in the evenings and other times when the building\nisn\u2019t too warm or cold\n\n\u2705 Perform monthly maintenance of heating and cooling equipment to guarantee\nefficient operation throughout the year\n\n\u2705 Regularly change or clean HVAC filters every month during peak cooling or\nheating season. Dirty filters cost more to use, overwork the equipment, and\nresult in lower indoor air quality\n\n\u2705 Plug air leaks with weather stripping\n\n\u2705 Calibrate thermostats to ensure that their ambient temperature readings are\ncorrect, and adjust temperature set points for seasonal changes\n\n\u2705 Use shades and blinds to control direct sun through windows in both summer\nand winter to prevent or encourage heat gain\n\n  * During cooling season, block direct heat gain from the sun shining through glass on the east and especially west sides of the facility. Depending on your facility, options such as \u201csolar screens,\u201d \u201csolar films,\u201d awnings, and vegetation can help. Over time, trees can naturally shade the facility and help clean the air. Interior curtains or drapes can help, but it\u2019s best to prevent the summer heat from getting past the glass \n  * During heating season, with the sun low in the south, unobstructed southern windows can contribute solar heat gain during the day \n\n\u2705 Make sure that areas in front of vents are clear of furniture and paper. As\nmuch as 25 percent more energy is required to distribute air if your vents are\nblocked\n\n\u2705 Clean the evaporator and condenser coils on heat pumps and air-conditioners.\n\n\u2705 Repair leaks and adjust pressure in compressed air\n\n\u2705 Repair steam trap leaks; replace malfunctioning steam traps\n\n\u2705 Repair damaged insulation and replace missing insulation with thicknesses\ncalculated for the operating and ambient conditions of the mechanical system\n\n\u2705 Keep exterior doors closed while running your HVAC. It sounds simple, but it\nwill help avoid wasteful loss of heated or cooled air! If your building is\nequipped with revolving doors, encourage or require their use as opposed to\nswinging doors\n\n#####  RAPID PAYBACK MEASURES\n\n\u2705 Tune up your heating, ventilation, and air conditioning (HVAC) system with\nan annual maintenance contract. Even a new HVAC system, like a new car, will\ndecline in performance without regular maintenance. A contract automatically\nensures that your HVAC contractor will provide \u201cpre-season\u201d tune-ups before\neach cooling and heating season. Your chances of an emergency HVAC breakdown\nalso decrease with regular maintenance\n\n\u2705 Install variable frequency drives (VFDs)\n\n\u2705 Balance air and water\n\n\u2705 Install window films and add insulation or reflective roof coating to reduce\nenergy\n\n######  Occupant Behavior and Education  __\n\n#####  LOW-COST MEASURES\n\n\u2705 Create a mechanism for occupants or employees to share their suggestions\nwith you. Make sure you respond to comments and act on recommendations when\nfeasible. You may even offer a reward for the best energy-saving ideas\n\n\u2705 Educate staff members about the basic principles of energy management and\nempower them to establish their own departmental green teams. Check out the [\nENERGY STAR Green Team ](https://www.energystar.gov/buildings/tools-and-\nresources/bring-your-green-work-green-team-checklist) [ Checklist\n](https://www.energystar.gov/buildings/tools-and-resources/bring-your-green-\nwork-green-team-checklist) for steps and considerations to take into account\nwhen establishing a green team\n\n\u2705 Share your energy efficiency goals. Transparency is the first step to\ngetting the people inside your building or space interested in what you\u2019re\ndoing\n\n\u2705 Display the past 6\u201312 months of energy use information in a high-traffic\narea or distribute it as part of a regular report. Seeing the data and any\ntrends in energy use can inspire occupants and employees to contribute to\ncontinued savings\n\n\u2705 Encourage actions that apply to most of your employees\u2019 workspaces, or that\ncan be practiced at work and at home, like turning off lights when not in use\nand activating computer power management features\n\n\u2705 Print and hang banners, posters, and signs with energy-saving messages in\nhigh-traffic areas in your space or in areas like lobbies, elevators,\nhallways, over water fountains, and in break rooms\n\n\u2705 Create door hangers, post-it note reminders, or light switch covers to help\noccupants or employees remember to take action. Some K-12 schools have started\nenergy patrols, in which students pass out \u201coops\u201d and \u201cwow\u201d stickers to\nencourage behavior change\n\n\u2705 Hold an energy fair, conduct an energy awareness event in the lobby, or\noffer building tours to give occupants a sneak peek at the inner workings of\nthe building\n\n\u2705 Host a brownbag, hold a webinar, or present about why it\u2019s important to save\nenergy at staff meetings, tenant meetings, or other get-togethers. You can\nalso integrate information about your energy program into your organization\u2019s\norientation training\n\n\u2705 Give incentives and recognition. Consider starting small with something like\na pizza party, ice cream social, bagel breakfast, or other food rewards for\nhitting goals or making progress. Depending on savings levels, you may also\nconsider awarding cash or prizes for great energy- saving ideas or to energy\nchampions\n\nUse this **[ Commercial Food Service Equipment Calculator\n](http://cfscalc.gastechnology.org/BuildRes) ** to see how much you can save\nby installing High Efficiency Natural Gas Cooking equipment in your business.\nWith the calculator, you are able to input your business\u2019s information and e\nstimate the savings in energy costs and energy consumption when you upgrade to\nhigh-efficiency equipment, and download a PDF summary of your customized\nproject. Don\u2019t forget your rebate from Intermountain Gas when you install\nENERGY STAR certified fryers, griddles and steamers.\n\n  * [ ](https://www.intgas.com/wp-content/uploads/PDFs/energy_efficiency/energy_star/igc_ee_food_service_example_Page_1.jpg)\n  * [ ](https://www.intgas.com/wp-content/uploads/PDFs/energy_efficiency/energy_star/igc_ee_food_service_example_Page_2.jpg)\n\n###  Frequently Asked Questions\n\n######  How long do I have to apply for my rebate?  __\n\nAs a general guideline, rebate applications must be submitted within 90 days\nof installation. Completion of large or complex projects may extend outside\nthis timeframe and may be handled on a case-by-case basis. Please contact IGC\nat [ 800-548-3679 ](tel:8005483679) , Opt. 4, with questions.\n\n######  Is my rebate a credit on my bill?  __\n\nYou will receive your rebate check in the mail.\n\n######  How long does it take to get my rebate?  __\n\nPlease allow for six to eight weeks for rebate processing.\n\n######  Do we have to install specific brands to qualify?  __\n\nNope! As long as it meets the minimum efficiency requirements it is eligible.\n\n######  Eligibility Requirements:\n\n  * Commercial customers of Intermountain Gas Company (IGC) served on its General Service (GS-1) rate schedule in the state of Idaho. \n  * Rebates apply only to the purchase and installation of new equipment, used equipment does not qualify. \n  * Customer must solely heat the property with natural gas provided by IGC to qualify for all space heating rebates. \n  * All equipment **must** be installed according to current code and approved by local or state inspection with the signed approved permit attached to the newly installed equipment. \n  * All equipment **must** be installed, and work completed by a licensed and bonded contractor. At its sole discretion, IGC may make eligible the work of other qualified contractors on a case-by-case basis. \n\n[ \uf1f1  \uf1f1  800-548-3679  ](tel:8005483679)\n\n[ \uf240  \uf240  Contact Us  ](https://www.intgas.com/contact-us/ \"Contact Us\")\n\n[ \uf200  \uf200  Survey  ](https://www.intgas.com/in-the-community/survey/ \"Survey\")\n\n[ \uf0c0  \uf0c0  Careers  ](https://www.intgas.com/in-the-community/careers/ \"Careers\")\n\n[ \uf502  \uf502  Sitemap  ](https://www.intgas.com/sitemap/ \"Sitemap\")\n\n[ \uf155  \uf155  Payment Options  ](https://www.intgas.com/customer-service/payment-\noptions/ \"Payment Options\")\n\n[ \uf40a  \uf40a  Online Account Services  ](https://www.intgas.com/customer-\nservice/online-account-services/ \"Online Account Services\")\n\n[ \ue91c  \ue91c  Customer Service  ](https://www.intgas.com/customer-service/ \"Customer\nService\")\n\n[ \\+  \\+  Start, Stop, or Transfer Service  ](https://www.intgas.com/customer-\nservice/start-stop-or-transfer-service/ \"Start, Stop, or Transfer Service\")\n\n####  Latest News\n\n[ Intermountain Gas Reminds Customers What to do if They Suspect a Gas Leak\n](https://www.intgas.com/intermountain-gas-reminds-customers-what-to-do-if-\nthey-suspect-a-gas-leak/)\n\nJanuary 9, 2025\n\n[ MDU Resources Announces Promotion of Travis Jacobson to Vice President of\nRegulatory Affairs ](https://www.intgas.com/mdu-resources-announces-promotion-\nof-travis-jacobson-to-vice-president-of-regulatory-affairs/)\n\nJanuary 9, 2025\n\n\u00a9 2024 MDU Resources Group, Inc.\n\n  * [ Legal Statement __ ](https://www.mdu.com/legal-statement/)\n\n[ __ ](https://www.youtube.com/channel/UCkUaGoePJyR4Xy9i3TEVWuw/) [ __\n](https://twitter.com/intgasco) [ __\n](https://www.instagram.com/intermountain_gas/) [ __\n](https://www.facebook.com/IntermountainGas) [ __\n](https://www.linkedin.com/company/intermountain-gas-company/)\n\nWe may use cookies and other similar technologies (together \u201ccookies\u201d) to\noffer you a better web browsing experience and analyze usage. These cookies\nwon\u2019t heat your home, but much like natural gas, they\u2019re a safe and reliable\nway to keep your experience flowing smoothly. They may capture identifiers\nsuch as internet protocol addresses and internet or other electronic network\nactivity information. By continuing to use this application, you consent to\nthe use of cookies in accordance with our [ Privacy Policy\n](https://www.mdu.com/privacy-policy) .  \nAccept All  Accept  Reject  Cookie settings\n\nPrivacy & Cookies Policy\n\n####  Privacy Overview\n\nThis website uses cookies to improve your experience while you navigate\nthrough the website. Out of these cookies, the cookies that are categorized as\nnecessary are stored on your browser as they are essential for the working of\nbasic functionalities of the website. We also use third-party cookies that\nhelp us analyze and understand how you use this website. These cookies will be\nstored in your browser only with your consent. 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                "url": "https://www.intgas.com/energy-efficiency_program/commercial-energy-efficiency/"
            },
            "reason": "This page describes a commercial energy efficiency program. While it promotes a specific company's services, the information on energy efficiency measures is generally reliable.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page describes a commercial energy efficiency program.",
            "url": "https://www.intgas.com/energy-efficiency_program/commercial-energy-efficiency/"
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            "content": {
                "metadata": {
                    "ext_id": "c6cdf7c7-6e8d-4c8b-88c6-d349b07b7f9c",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://apsc.arkansas.gov/programs-initiatives-activities/energy-efficiency/energy-efficiency-annual-reports/"
                },
                "page_content": "Skip to content\n\n[ ](https://apsc.arkansas.gov/)\n\n__ __\n\n##  Energy Efficiency Annual Reports\n\n[ Home ](https://apsc.arkansas.gov/) \u00bb  [ Programs, Initiatives, Activities\n](https://apsc.arkansas.gov/programs-initiatives-activities/) \u00bb  [ Energy\nEfficiency ](https://apsc.arkansas.gov/programs-initiatives-activities/energy-\nefficiency/) \u00bb  Energy Efficiency Annual Reports\n\n##  Energy Efficiency Annual Reports\n\n**Docket No. & Company Name ** |  **Year** |  **Annual Report** |  **Annual SARP Workbook**  \n---|---|---|---  \n07-075-TF Oklahoma Gas & Electric Company  |  2008  |  [ OG&E 2008.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2008-Annual-Report.pdf) |  N/A   \n07-075-TF Oklahoma Gas & Electric Company  |  2009  |  [ OG&E 2009.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2009-Annual-Report.pdf) |  N/A   \n07-075-TF Oklahoma Gas & Electric Company  |  2010  |  [ OG&E 2010.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2010-Annual-Report.pdf) |  [ OG&E 2010.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2010-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2011  |  [ OG&E 2011.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2011-Annual-Report.pdf) |  [ OG&E 2011.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=OG&E%202011.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2012  |  [ OG&E 2012.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2012-Annual-Report.pdf) |  [ OG&E 2012.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2011-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2013  |  [ OG&E 2013.pdf ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2013-Annual-Report.pdf) |  [ OG&E 2013.xls ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2012-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2014  |  [ OG&E 2014.pdf ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2014-Annual-Report.pdf) |  [ OG&E 2014.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2014-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2015  |  [ OG&E 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=OG&E%202015.pdf) |  [ OG&E 2015.xlsx ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2015-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2016  |  [ OG&E 2016.pdf ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2016-Annual-Report.pdf) |  [ OG&E 2016.xlsx ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2016-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2017  |  [ OG&E 2017.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2017-Annual-Report.pdf) |  [ OG&E 2017.xlsx ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2017-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2018  |  [ OG&E 2018.pdf ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2018-Annual-Report.pdf) |  [ OG&E 2018.xlsx ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2018-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2019  |  [ OG&E 2019.pdf ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2019-Annual-Report.pdf) |  [ OG&E 2019.xlsx ](http://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2019-Annual-Report.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2020  |  [ OG&E 2020.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-Annual-Report-2020.pdf) |  [ OG&E 2020.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-SARP-Workbook-2020.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2021  |  [ OG&E 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2021-Annual-Report.pdf) |  [ OG&E 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2021-SARP-Workbook.xlsx)  \n07-075-TF Oklahoma Gas & Electric Company  |  2022  |  [ OG&E 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2022-Annual-Report.pdf) |  [ OG&E 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-075-TF-OGE-2022-SARP-Workbook.xlsx)  \n07-076-TF The Empire District Electric Company  |  2008  |  [ Empire 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202008.pdf) |  N/A   \n---|---|---|---  \n07-076-TF The Empire District Electric Company  |  2009  |  [ Empire 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202009.pdf) |  N/A   \n07-076-TF The Empire District Electric Company  |  2010  |  [ Empire 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202010.pdf) |  [ Empire 2010.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202010.xls)  \n07-076-TF The Empire District Electric Company  |  2011  |  [ Empire 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202011.pdf) |  [ Empire 2011.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202011.xls)  \n07-076-TF The Empire District Electric Company  |  2012  |  [ Empire 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202012.pdf) |  [ Empire 2012.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202012.xls)  \n07-076-TF The Empire District Electric Company  |  2013  |  [ Empire 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202013.pdf) |  [ Empire 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202013.xls)  \n07-076-TF The Empire District Electric Company  |  2014  |  [ Empire 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202014.pdf) |  [ Empire 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202014.xls)  \n07-076-TF The Empire District Electric Company  |  2015  |  [ Empire 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202015.pdf) |  [ Empire 2015.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202015.xls)  \n07-076-TF The Empire District Electric Company  |  2016  |  [ Empire 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202016.pdf) \ufeff  |  [ Empire 2016.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202016.xlsx)  \n07-076-TF The Empire District Electric Company  |  2017  |  [ Empire 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202017.pdf) \ufeff  |  [ Empire 2017.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202017.xlsx)  \n07-076-TF The Empire District Electric Company  |  2018  |  [ Empire 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202018.pdf) |  [ Empire 2018.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202018.xlsx)  \n07-076-TF The Empire District Electric Company  |  2019  |  [ Empire 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202019.pdf) |  [ Empire 2019.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202019.xlsx) \ufeff   \n07-076-TF The Empire District Electric Company  |  2020  |  [ Empire 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202020.pdf) |  [ Empire 2020.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Empire%202020.xlsx)  \n07-076-TF The Empire District Electric Company  |  2021  |  [ Empire 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-076-TF-Empire-2021-Annual-Report.pdf) |  [ Empire 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-076-TF-Empire-2021-SARP-Workbook.xlsx)  \n07-076-TF The Empire District Electric Company  |  2022  |  [ Empire 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-076-TF-Empire-2022-Annual-Report.pdf) |  [ Empire 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-076-TF-Empire-2022-SARP-Workbook.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2008  |  [ AOG 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202008.pdf) |  N/A   \n---|---|---|---  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2009  |  [ AOG 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202009.pdf) |  N/A   \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2010  |  [ AOG 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202010.pdf) |  [ AOG 2010.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202010.xls)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2011  |  [ AOG 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202011.pdf) |  [ AOG 2011.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202011.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2012  |  [ AOG 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202012.pdf) |  [ AOG 2012.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202012.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2013  |  [ AOG 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202013.pdf) |  [ AOG 2013.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202013.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2014  |  [ AOG 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202014.pdf) |  [ AOG 2014.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202014.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2015  |  [ AOG 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202015.pdf) |  [ AOG 2015.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202015.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2016  |  [ AOG 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202016.pdf) |  [ AOG 2016.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202016.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2017  |  [ AOG 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202017.pdf) |  [ AOG 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202017.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2018  |  [ AOG 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202018.pdf) |  [ AOG 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202018.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2019  |  [ AOG 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202019.pdf) |  [ AOG 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202019.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2020  |  [ AOG 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202020.pdf) |  [ AOG 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AOG%202020.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2021  |  [ AOG 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-077-TF-AOG-2021-Annual-Report.pdf) |  [ AOG 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-077-TF-AOG-2021-SARP-Workbook.xlsx)  \n07-077-TF Arkansas Oklahoma Gas Corporation  |  2022  |  [ AOG 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-077-TF-AOG-2022-Annual-Report.pdf) |  [ AOG 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-077-TF-AOG-2022-SARP-Workbook.xlsx)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2008  |  [ SourceGas 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202008.pdf) |  N/A   \n---|---|---|---  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2009  |  [ SourceGas 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202009.pdf) |  N/A   \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2010  |  [ SourceGas 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202010.pdf) |  [ SourceGas 2010.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202010.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2011  |  [ SourceGas 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202011.pdf) |  [ SourceGas 2011.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202011.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2012  |  [ SourceGas 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202012.pdf) |  [ SourceGas 2012.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202012.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2013  |  [ SourceGas 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202013.pdf) |  [ SourceGas 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202013.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2014  |  [ SourceGas 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202014.pdf) |  [ SourceGas 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SourceGas%202014.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2015  |  [ BlackHills 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202015.pdf) |  [ BlackHills 2015.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202015.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2016  |  [ BlackHills 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202016.pdf) |  [ BlackHills 2016.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202016.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2017  |  [ BlackHills 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202017.pdf) |  [ BlackHills 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202017.xlsx)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2018  |  [ BlackHills 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202016.pdf) |  [ BlackHills 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202016.xls)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2019  |  [ BlackHills 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202019.pdf) |  [ BlackHills 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202019.xlsx)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2020  |  [ BlackHills 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202020.pdf) |  [ BlackHills 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=BlackHills%202020.xlsx)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2021  |  [ BHEA 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-078-TF-BHEA-2021-Annual-Report.pdf) |  [ BHEA 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-078-TF-BHEA-2021-SARP-Workbook.xlsx)  \n07-078-TF Black Hills Energy Arkansas, Inc.  |  2022  |  [ BHEA-2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-078-TF-BHEA-2022-Annual-Report.pdf) |  [ BHEA 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-078-TF-BHEA-2022-SARP-Workbook.xlsx)  \n07-079-TF Arkansas Weatherization Program  |  2008  |  [ AWP 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202008.pdf) |  N/A   \n---|---|---|---  \n07-079-TF Arkansas Weatherization Program  |  2009  |  [ AWP 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202009.pdf) |  N/A   \n07-079-TF Arkansas Weatherization Program  |  2010  |  [ AWP 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202010.pdf) |  N/A   \n07-079-TF Arkansas Weatherization Program  |  2011  |  [ AWP 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202011.pdf) |  [ AWP 2011.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202011.xlsx)  \n07-079-TF Arkansas Weatherization Program  |  2012  |  [ AWP 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202012.pdf) |  [ AWP 2012.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202012.xlsx)  \n07-079-TF Arkansas Weatherization Program  |  2013  |  [ AWP 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202013.pdf) |  [ AWP 2013.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202013.xlsx)  \n07-079-TF Arkansas Weatherization Program  |  2014  |  [ AWP 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202014.pdf) |  [ AWP 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202014.xls)  \n07-079-TF Arkansas Weatherization Program  |  2015  |  [ AWP 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202015.pdf) |  [ AWP 2015.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=AWP%202015.xls)  \n|  |  \ufeff  |  \ufeff   \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2008  |  [ CenterPoint 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202008.pdf) |  N/A   \n---|---|---|---  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2009  |  [ CenterPoint 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202009.pdf) |  N/A   \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2010  |  [ CenterPoint 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202010.pdf) |  [ CenterPoint 2010.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202010.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2011  |  [ CenterPoint 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202011.pdf) |  [ CenterPoint 2011.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202011.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2012  |  [ CenterPoint 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202012.pdf) |  [ CenterPoint 2012.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202012.xls)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2013  |  [ CenterPoint 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202013.pdf) |  [ CenterPoint 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202013.xls)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2014  |  [ CenterPoint 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202014.pdf) |  [ CenterPoint 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202014.xls)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2015  |  [ CenterPoint 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202015.pdf) |  [ CenterPoint 2015.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202015.xls)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2016  |  [ CenterPoint 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202016.pdf) |  [ CenterPoint 2016.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202016.xls)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2017  |  [ CenterPoint 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202017.pdf) |  [ CenterPoint 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202017.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2018  |  [ CenterPoint 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202018.pdf) |  [ CenterPoint 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202018.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2019  |  [ CenterPoint 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202019.pdf) |  [ CenterPoint 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202019.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2020  |  [ CenterPoint 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202020.pdf) |  [ CenterPoint 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=CenterPoint%202020.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2021  |  [ CEA 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-081-TF-CEA-2021-Annual-Report.pdf) |  [ CEA 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-081-TF-CEA-2021-SARP-Workbook.xlsx)  \n07-081-TF Summit Utilities Arkansas, Inc./CEA  |  2022  |  [ CEA 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-081-TF-CEA-2022-Annual-Report.pdf) |  [ CEA 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-081-TF-CEA-2022-SARP-Workbook.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2008  |  [ SWEPCO 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202008.pdf) |  N/A   \n---|---|---|---  \n07-082-TF Southwestern Electric Power Company  |  2009  |  [ SWEPCO 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202009.pdf) |  N/A   \n07-082-TF Southwestern Electric Power Company  |  2010  |  [ SWEPCO 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202010.pdf) |  [ SWEPCO 2010.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202010.xls)  \n07-082-TF Southwestern Electric Power Company  |  2011  |  [ SWEPCO 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202011.pdf) |  [ SWEPCO 2011.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202011.xls)  \n07-082-TF Southwestern Electric Power Company  |  2012  |  [ SWEPCO 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202012.pdf) |  [ SWEPCO 2012.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202012.xls)  \n07-082-TF Southwestern Electric Power Company  |  2013  |  [ SWEPCO 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202013.pdf) |  [ SWEPCO 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202013.xls)  \n07-082-TF Southwestern Electric Power Company  |  2014  |  [ SWEPCO 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202014.pdf) |  [ SWEPCO 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202014.xls)  \n07-082-TF Southwestern Electric Power Company  |  2015  |  [ SWEPCO 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202015.pdf) |  [ SWEPCO 2015.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202015.xls)  \n07-082-TF Southwestern Electric Power Company  |  2016  |  [ SWEPCO 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202016.pdf) |  [ SWEPCO 2016.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202016.xls)  \n07-082-TF Southwestern Electric Power Company  |  2017  |  [ SWEPCO 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202017.pdf) |  [ SWEPCO 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202017.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2018  |  [ SWEPCO 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202018.pdf) |  [ SWEPCO 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202018.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2019  |  [ SWEPCO 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202019.pdf) |  [ SWEPCO 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202019.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2020  |  [ SWEPCO 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202020.pdf) |  [ SWEPCO 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202020.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2020  |  [ SWEPCO 2020a.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202020.pdf) |  [ N/A ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=SWEPCO%202020.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2021  |  [ SWEPCO 2021-revised.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-082-TF-SWEPCO-2021-Annual-Report-revised.pdf) |  [ SWEPCO-2021 revised.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-082-TF-SWEPCO-2021-SARP-Workbook-revised.xlsx)  \n07-082-TF Southwestern Electric Power Company  |  2022  |  [ SWEPCO 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-082-TF-SWEPCO-2022-Annual-Report.pdf) |  [ SWEPCO 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-082-TF-SWEPCO-2022-SARP-Workbook-revised.xlsx)  \n07-083-TF Energy Efficiency Arkansas  |  2008  |  [ EEA 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202008.pdf) |  N/A   \n---|---|---|---  \n07-083-TF Energy Efficiency Arkansas  |  2009  |  [ EEA 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202009.pdf) |  N/A   \n07-083-TF Energy Efficiency Arkansas  |  2010  |  [ EEA 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202010.pdf) |  N/A   \n07-083-TF Energy Efficiency Arkansas  |  2011  |  [ EEA 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202011.pdf) |  [ EEA 2011.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202011.xls)  \n07-083-TF Energy Efficiency Arkansas  |  2012  |  [ EEA 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202012.pdf) |  N/A   \n07-083-TF Energy Efficiency Arkansas  |  2013  |  [ EEA 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202013.pdf) |  [ EEA 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202013.xls)  \n07-083-TF Energy Efficiency Arkansas  |  2014  |  N/A  |  N/A   \n07-083-TF Energy Efficiency Arkansas  |  2015  |  [ EEA 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202015.pdf) |  [ EEA 2015.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202015.xls)  \n07-083-TF Energy Efficiency Arkansas  |  2016  |  [ EEA 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202016.pdf) |  [ EEA 2016.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202016.xls)  \n07-083-TF Energy Efficiency Arkansas  |  2017  |  [ EEA 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202017.pdf) |  [ EEA 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202017.xlsx)  \n07-083-TF Energy Efficiency Arkansas  |  2018  |  [ EEA 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202018.pdf) |  [ EEA 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202018.xlsx)  \n07-083-TF Energy Efficiency Arkansas  |  2019  |  [ EEA 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202019.pdf) |  [ EEA 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202017.xlsx)  \n07-083-TF Energy Efficiency Arkansas  |  2020  |  [ EEA 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202020.pdf) |  [ EEA 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=EEA%202020.xlsx)  \n07-083-TF Energy Efficiency Arkansas  |  2021  |  N/A  |  N/A   \n07-085-TF Entergy Arkansas, LLC  |  2008  |  [ Entergy 2008.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202008.pdf) |  N/A   \n---|---|---|---  \n07-085-TF Entergy Arkansas, LLC  |  2009  |  [ Entergy 2009.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202009.pdf) |  N/A   \n07-085-TF Entergy Arkansas, LLC  |  2010  |  [ Entergy 2010.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202010.pdf) |  [ Entergy 2010.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202010.xls)  \n07-085-TF Entergy Arkansas, LLC  |  2011  |  [ Entergy 2011.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202011.pdf) |  [ Entergy 2011.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202011.xls)  \n07-085-TF Entergy Arkansas, LLC  |  2012  |  [ Entergy 2012.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202012.pdf) |  [ Entergy 2012.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202012.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2013  |  [ Entergy 2013.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202013.pdf) |  [ Entergy 2013.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202013.xls)  \n07-085-TF Entergy Arkansas, LLC  |  2014  |  [ Entergy 2014.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202014.pdf) |  [ Entergy 2014.xls ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202014.xls)  \n07-085-TF Entergy Arkansas, LLC  |  2015  |  [ Entergy 2015.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202015.pdf) |  [ Entergy 2015.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202015.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2016  |  [ Entergy 2016.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202016.pdf) |  [ Entergy 2016.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202016.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2017  |  [ Entergy 2017.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202017.pdf) |  [ Entergy 2017.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202017.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2018  |  [ Entergy 2018.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202018.pdf) |  [ Entergy 2018.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202018.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2019  |  [ Entergy 2019.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202019.pdf) |  [ Entergy 2019.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202019.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2020  |  [ Entergy 2020.pdf ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202020.pdf) |  [ Entergy 2020.xlsx ](https://apps.apsc.arkansas.gov/olsv2/viewdoc/eeinfo.asp?document=Entergy%202020.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2021  |  [ EAL 2021.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-085-TF-EAL-2021-Annual-Report.pdf) |  [ EAL 2021.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-085-TF-EAL-2021-SARP-Workbook.xlsx)  \n07-085-TF Entergy Arkansas, LLC  |  2022  |  [ EAL 2022.pdf ](https://apsc.arkansas.gov/wp-content/uploads/07-085-TF-EAL-2022-Annual-Report.pdf) |  [ EAL 2022.xlsx ](https://apsc.arkansas.gov/wp-content/uploads/07-085-TF-EAL-2022-SARP-Workbook.xlsx)  \n  \n##  Contact Us\n\nMailing Address :\n\nArkansas Public Service Commission  \nP.O. Box 400  \nLittle Rock, Arkansas 72201-0400\n\n**Toll Free:** (800) 482-1164\n\n**TDD:** (800) 682-2698\n\nPhysical Address:\n\nArkansas Public Service Commission  \n1000 Center Street  \nLittle Rock, Arkansas 72201-4314\n\n**Phone:** (501) 682-2051\n\n**Complaints Phone:** (501) 682-1718\n\nThe Arkansas Public Service Commission is open Monday \u2013 Friday, 8:00 a.m. \u2013\n4:30 p.m (Governor\u2019s Policy Directive No. 5)\n\n__ __\n\nCopyright \u00a9 2025 Arkansas Public Service Commission. All rights reserved.\n\n",
                "url": "https://apsc.arkansas.gov/programs-initiatives-activities/energy-efficiency/energy-efficiency-annual-reports/"
            },
            "reason": "This page provides access to energy efficiency annual reports from the Arkansas Public Service Commission. It is a reliable source of information on energy efficiency programs and their impact.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page provides access to energy efficiency annual reports from the Arkansas Public Service Commission.",
            "url": "https://apsc.arkansas.gov/programs-initiatives-activities/energy-efficiency/energy-efficiency-annual-reports/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "401328c7-8db0-4145-b500-b66d2758877e",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.nationalfuel.com/utility/about-the-rebate-program/"
                },
                "page_content": "Back\n\nPayment & Meter  Start or Stop Service  [ Gas Planning\n](https://www.nationalfuel.com/utility/gas-planning-process/) Convert to Gas\nNatural Gas Supplier  Efficiency Programs  [ Safety & Gas Emergencies\n](https://www.nationalfuel.com/utility/gas-safety/) Payment & Meter  Start or\nStop Service  Natural Gas Supplier  Energy Efficiency and Equipment  [ Gas\nPlanning Process ](https://www.nationalfuel.com/utility/gas-planning-process/)\n[ Safety & Gas Emergencies ](https://www.nationalfuel.com/utility/gas-safety/)\nPayment & Meter  Start or Stop Service  Convert to Natural Gas  Natural Gas\nSuppliers  [ Safety & Gas Emergencies\n](https://www.nationalfuel.com/utility/gas-safety/) Payment & Meter  Start or\nStop Service  Natural Gas Suppliers  Energy Efficiency and Equipment  [ Safety\n& Gas Emergencies ](https://www.nationalfuel.com/utility/gas-safety/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-ny-home/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-ny-home-biz/) [ Payment\nPlan Options ](https://www.nationalfuel.com/utility/payment-plan-options-ny-\nhome-business/) [ Understanding Your Bill\n](https://www.nationalfuel.com/utility/your-account-overview-ny-\nhome/understanding-your-bill-ny-home-biz/) [ Rights & Responsibilities\n](https://www.nationalfuel.com/utility/your-account-overview-ny-home/rights-\nand-responsibilities-ny-home/)\n\nPayment Assistance\n\n[ Program Overview ](https://www.nationalfuel.com/utility/payment-assistance-\nprograms/) [ HEAP Overview ](https://www.nationalfuel.com/utility/payment-\nassistance-programs/heap-overview/) [ HEAP How to Apply\n](https://www.nationalfuel.com/utility/payment-assistance-programs/how-to-\napply/) [ HEAP Locations ](https://www.nationalfuel.com/utility/payment-\nassistance-programs/heap-locations/) [ Neighbor for Neighbor\n](https://www.nationalfuel.com/utility/payment-assistance-programs/neighbor-\nfor-neighbor/) [ Special Protections\n](https://www.nationalfuel.com/utility/payment-assistance-programs/special-\nprotections/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Understanding\nShared Meters ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/understanding-shared-meters-ny-home-business/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-ny-home-business/meter-faqs-\nny-home-biz/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-ny-home/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-ny-home/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-with-line-installation/)\n\n[ Start Service with an Existing Line\n](https://www.nationalfuel.com/utility/start-service-with-an-existing-line-ny-\nhome/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-ny-\nhome-business/)\n\n[ Request Rental Billing History\n](https://www.nationalfuel.com/utility/request-rental-billing-history/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Gas Planning\n\n[ Gas Planning Process ](https://www.nationalfuel.com/utility/gas-planning-\nprocess/)\n\n[ Non-Pipe Alternatives ](https://www.nationalfuel.com/utility/gas-planning-\nprocess/non-pipe-alternatives/)\n\n####  Convert to Gas\n\n[ Convert to Gas Overview ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/)\n\n[ New Customer Conversion ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/new-customer-conversion-ny-home/)\n\n[ Existing Customer Conversion ](https://www.nationalfuel.com/utility/convert-\nto-natural-gas-ny-home/existing-customer-conversion-ny-home/)\n\n[ Conversion Checklist ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/conversion-checklist-ny-home/)\n\n[ Conversion FAQs ](https://www.nationalfuel.com/utility/convert-to-natural-\ngas-ny-home/conversion-faq-ny-home/)\n\n[ Conversion Calculator ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/conversion-calculator/)\n\n####  Natural Gas Supplier\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/choosing-a-\nsupplier-ny-home/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/choosing-a-supplier-ny-\nhome/supplier-faqs-ny-home-biz/)\n\n[ Consumer Protection ](https://www.nationalfuel.com/utility/consumer-\nprotection-ny-home-business/)\n\n[ Power to Choose ](https://documents.dps.ny.gov/PTC/home)\n\n[ Community Choice Aggregation\n](https://www.nationalfuel.com/utility/community-choice-aggregation/)\n\n####  Efficiency Programs\n\n[ About the Rebate Program ](https://www.nationalfuel.com/utility/about-the-\nrebate-program/)\n\n[ Get Your Rebates ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/get-your-rebates-ny-home/)\n\n[ Program for Contractors ](https://www.nationalfuel.com/utility/about-the-\nrebate-program/for-contractors-ny-home-biz/)\n\n[ Other Programs ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/other-programs-ny-home/)\n\n[ Affordable Multifamily Energy Efficiency Program\n](https://www.nationalfuel.com/utility/affordable-multifamily-energy-\nefficiency-program/)\n\n[ EmPower+ ](https://www.nationalfuel.com/utility/empower-liurp-ny-home/)\n\n[ FAQ ](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-program-faqs-ny-home-biz/)\n\n[ Contact Us ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/energy-efficiency-rebate-contact-us/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/account-\noverview-ny-business/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-ny-home-biz/) [ Payment\nPlan Options ](https://www.nationalfuel.com/utility/payment-plan-options-ny-\nhome-business/) [ Understanding Your Bill\n](https://www.nationalfuel.com/utility/your-account-overview-ny-\nhome/understanding-your-bill-ny-home-biz/) [ Rights & Responsibilities\n](https://www.nationalfuel.com/utility/rights-and-responsibilities-ny-\nbusiness/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Understanding\nShared Meters ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/understanding-shared-meters-ny-home-business/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-ny-home-business/meter-faqs-\nny-home-biz/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-ny-biz/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-ny-biz/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/service-line-installation-to-start-\nservice/)\n\n[ Start Service with an Existing Line\n](https://www.nationalfuel.com/utility/start-service-with-an-existing-line-ny-\nbiz/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-ny-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Natural Gas Supplier\n\n[ Choosing a Supplier ](https://www.nationalfuel.com/utility/choosing-a-\nsupplier-ny-business/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/choosing-a-supplier-ny-\nhome/supplier-faqs-ny-home-biz/)\n\n[ Consumer Protection Overview\n](https://www.nationalfuel.com/utility/consumer-protection-ny-home-business/)\n\n####  Energy Efficiency and Equipment\n\nEnergy Efficiency\n\n[ Natural Gas Benefits ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/) [ Financial Assistance Programs\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/financial-\nassistance-programs/)\n\nEnergy Efficiency Programs\n\n[ About the Program ](https://www.nationalfuel.com/utility/energy-efficiency-\nrebate-program/) [ Get Your Rebates\n](https://www.nationalfuel.com/utility/energy-efficiency-rebate-program/get-\nyour-rebates-ny-business/) [ Pre-Qualified Application\n](https://www.nationalfuel.com/utility/energy-efficiency-rebate-program/get-\nyour-rebates-ny-business/pre-qualified-application/) [ Performance-Based\nApplication ](https://www.nationalfuel.com/utility/energy-efficiency-rebate-\nprogram/get-your-rebates-ny-business/performance-based-application/) [ Program\nfor Contractors ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/for-contractors-ny-home-biz/) [ Affordable Multifamily Energy\nEfficiency Program ](https://www.nationalfuel.com/utility/affordable-\nmultifamily-energy-efficiency-program/) [ EmPower (LIURP)\n](https://www.nationalfuel.com/utility/empower-liurp-ny-home/) [ FAQ\n](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-program-faqs-ny-home-biz/) [ Contact Us\n](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-contact-us/)\n\nEquipment & Vehicles\n\n[ Natural Gas Equipment ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-equipment/) [ Natural Gas Vehicles\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/) [ How Natural Gas Vehicles Work\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/how-natural-gas-vehicles-work/) [ Natural Gas Fueling Stations\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/natural-gas-vehicles-fueling-stations/)\n\nEnergy Performance\n\n[ Energy Performance Reporting\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/energy-\nperformance-ny-biz/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-pa-home/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-pa-home-business/) [\nWeather Normalization Adjustment\n](https://www.nationalfuel.com/utility/weather-normalization-adjustment-pa-\nhome-biz/) [ Payment Plan Options\n](https://www.nationalfuel.com/utility/payment-plan-options-pa-home-business/)\n[ Understanding Your Bill\n](https://www.nationalfuel.com/utility/understanding-your-bill-pa-home-biz/)\n\nPayment Assistance\n\n[ Payment Assistance Programs ](https://www.nationalfuel.com/utility/your-\naccount-overview-pa-home/payment-assistance-programs-pa-home/) [ LIHEAP\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/liheap-pa-home/) [ LIHEAP Locations\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/liheap-locations/) [ Neighbor for Neighbor\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/neighbor-for-neighbor-pa-home/) [ 3rd Party\nNotification Enrollment Form ](https://www.nationalfuel.com/utility/third-\nparty-notification-program-application/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-pa-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-pa-home-business/frequently-\nasked-questions/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-pa-home/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-pa-home/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-pa-home/service-line-\ninstallation-to-start-service-pa-home/)\n\n[ Start Service with Existing Line\n](https://www.nationalfuel.com/utility/start-service-pa-home/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-pa-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Convert to Natural Gas\n\n[ Convert to Natural Gas Overview\n](https://www.nationalfuel.com/utility/convert-to-natural-gas-overview-pa-\nhome/)\n\n[ New Customer Conversion ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/new-customers-convert-to-natural-gas-pa-home/)\n\n[ Existing Customer Conversion ](https://www.nationalfuel.com/utility/convert-\nto-natural-gas-overview-pa-home/existing-customers-convert-to-natural-gas-pa-\nhome/)\n\n[ Calculate Your Savings ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/calculate-your-savings-pa-home/)\n\n[ Conversion FAQs ](https://www.nationalfuel.com/utility/convert-to-natural-\ngas-overview-pa-home/frequently-asked-questions-about-converting/)\n\n[ Conversion Application ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/conversion-application-pa-home/)\n\n####  Natural Gas Suppliers\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/supplier-overview-\npa-home/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/supplier-frequently-\nasked-questions/)\n\n[ Natural Gas Choice and Competition Act\n](https://www.nationalfuel.com/utility/natural-gas-choice-and-competition-act-\npa-home-pa-biz/)\n\n[ Eligible Customer List ](https://www.nationalfuel.com/utility/eligible-\ncustomer-list/)\n\n[ Price to Compare ](https://www.nationalfuel.com/utility/price-to-compare/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-pa-business/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-pa-home-business/) [\nWeather Normalization Adjustment\n](https://www.nationalfuel.com/utility/weather-normalization-adjustment-pa-\nhome-biz/) [ Payment Plan Options\n](https://www.nationalfuel.com/utility/payment-plan-options-pa-home-business/)\n[ Understanding Your Bill\n](https://www.nationalfuel.com/utility/understanding-your-bill-pa-home-biz/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-pa-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-pa-home-business/frequently-\nasked-questions/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-pa-biz/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-pa-biz/)\n\n[ Service Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-pa-biz/service-line-\ninstallation-to-start-service-pa-biz/)\n\n[ Start Service with Existing Line\n](https://www.nationalfuel.com/utility/start-service-pa-biz/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-pa-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Natural Gas Suppliers\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/supplier-overview-\npa-biz/)\n\n[ PUC Licensed Suppliers ](https://www.nationalfuel.com/utility/supplier-\noverview-pa-biz/puc-licensed-natural-gas-suppliers-pa-biz/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/supplier-frequently-\nasked-questions/)\n\n[ Natural Gas Choice and Competition Act\n](https://www.nationalfuel.com/utility/natural-gas-choice-and-competition-act-\npa-home-pa-biz/)\n\n[ Eligible Customer List ](https://www.nationalfuel.com/utility/eligible-\ncustomer-list/)\n\n####  Energy Efficiency and Equipment\n\n[ Benefits of Natural Gas ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/)\n\n[ Natural Gas Vehicles ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-vehicles-pa-biz/)\n\n[ How Natural Gas Vehicles Work\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/how-natural-gas-vehicles-work-pa-biz/)\n\n[ Natural Gas Fueling Stations\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles-pa-biz/natural-gas-vehicle-fueling-stations-pa-biz/)\n\n[ Natural Gas Equipment ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-equipment-pa-biz/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-ny-home/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-ny-home-biz/) [ Payment\nPlan Options ](https://www.nationalfuel.com/utility/payment-plan-options-ny-\nhome-business/) [ Understanding Your Bill\n](https://www.nationalfuel.com/utility/your-account-overview-ny-\nhome/understanding-your-bill-ny-home-biz/) [ Rights & Responsibilities\n](https://www.nationalfuel.com/utility/your-account-overview-ny-home/rights-\nand-responsibilities-ny-home/)\n\nPayment Assistance\n\n[ Program Overview ](https://www.nationalfuel.com/utility/payment-assistance-\nprograms/) [ HEAP Overview ](https://www.nationalfuel.com/utility/payment-\nassistance-programs/heap-overview/) [ HEAP How to Apply\n](https://www.nationalfuel.com/utility/payment-assistance-programs/how-to-\napply/) [ HEAP Locations ](https://www.nationalfuel.com/utility/payment-\nassistance-programs/heap-locations/) [ Neighbor for Neighbor\n](https://www.nationalfuel.com/utility/payment-assistance-programs/neighbor-\nfor-neighbor/) [ Special Protections\n](https://www.nationalfuel.com/utility/payment-assistance-programs/special-\nprotections/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Understanding\nShared Meters ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/understanding-shared-meters-ny-home-business/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-ny-home-business/meter-faqs-\nny-home-biz/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-ny-home/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-ny-home/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-with-line-installation/)\n\n[ Start Service with an Existing Line\n](https://www.nationalfuel.com/utility/start-service-with-an-existing-line-ny-\nhome/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-ny-\nhome-business/)\n\n[ Request Rental Billing History\n](https://www.nationalfuel.com/utility/request-rental-billing-history/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Gas Planning\n\n[ Gas Planning Process ](https://www.nationalfuel.com/utility/gas-planning-\nprocess/)\n\n[ Non-Pipe Alternatives ](https://www.nationalfuel.com/utility/gas-planning-\nprocess/non-pipe-alternatives/)\n\n####  Convert to Gas\n\n[ Convert to Gas Overview ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/)\n\n[ New Customer Conversion ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/new-customer-conversion-ny-home/)\n\n[ Existing Customer Conversion ](https://www.nationalfuel.com/utility/convert-\nto-natural-gas-ny-home/existing-customer-conversion-ny-home/)\n\n[ Conversion Checklist ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/conversion-checklist-ny-home/)\n\n[ Conversion FAQs ](https://www.nationalfuel.com/utility/convert-to-natural-\ngas-ny-home/conversion-faq-ny-home/)\n\n[ Conversion Calculator ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-ny-home/conversion-calculator/)\n\n####  Natural Gas Supplier\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/choosing-a-\nsupplier-ny-home/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/choosing-a-supplier-ny-\nhome/supplier-faqs-ny-home-biz/)\n\n[ Consumer Protection ](https://www.nationalfuel.com/utility/consumer-\nprotection-ny-home-business/)\n\n[ Power to Choose ](https://documents.dps.ny.gov/PTC/home)\n\n[ Community Choice Aggregation\n](https://www.nationalfuel.com/utility/community-choice-aggregation/)\n\n####  Efficiency Programs\n\n[ About the Rebate Program ](https://www.nationalfuel.com/utility/about-the-\nrebate-program/)\n\n[ Get Your Rebates ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/get-your-rebates-ny-home/)\n\n[ Program for Contractors ](https://www.nationalfuel.com/utility/about-the-\nrebate-program/for-contractors-ny-home-biz/)\n\n[ Other Programs ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/other-programs-ny-home/)\n\n[ Affordable Multifamily Energy Efficiency Program\n](https://www.nationalfuel.com/utility/affordable-multifamily-energy-\nefficiency-program/)\n\n[ EmPower+ ](https://www.nationalfuel.com/utility/empower-liurp-ny-home/)\n\n[ FAQ ](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-program-faqs-ny-home-biz/)\n\n[ Contact Us ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/energy-efficiency-rebate-contact-us/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/account-\noverview-ny-business/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-ny-home-biz/) [ Payment\nPlan Options ](https://www.nationalfuel.com/utility/payment-plan-options-ny-\nhome-business/) [ Understanding Your Bill\n](https://www.nationalfuel.com/utility/your-account-overview-ny-\nhome/understanding-your-bill-ny-home-biz/) [ Rights & Responsibilities\n](https://www.nationalfuel.com/utility/rights-and-responsibilities-ny-\nbusiness/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Understanding\nShared Meters ](https://www.nationalfuel.com/utility/your-meter-ny-home-\nbusiness/understanding-shared-meters-ny-home-business/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-ny-home-business/meter-faqs-\nny-home-biz/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-ny-biz/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-ny-biz/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/service-line-installation-to-start-\nservice/)\n\n[ Start Service with an Existing Line\n](https://www.nationalfuel.com/utility/start-service-with-an-existing-line-ny-\nbiz/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-ny-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Natural Gas Supplier\n\n[ Choosing a Supplier ](https://www.nationalfuel.com/utility/choosing-a-\nsupplier-ny-business/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/choosing-a-supplier-ny-\nhome/supplier-faqs-ny-home-biz/)\n\n[ Consumer Protection Overview\n](https://www.nationalfuel.com/utility/consumer-protection-ny-home-business/)\n\n####  Energy Efficiency and Equipment\n\nEnergy Efficiency\n\n[ Natural Gas Benefits ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/) [ Financial Assistance Programs\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/financial-\nassistance-programs/)\n\nEnergy Efficiency Programs\n\n[ About the Program ](https://www.nationalfuel.com/utility/energy-efficiency-\nrebate-program/) [ Get Your Rebates\n](https://www.nationalfuel.com/utility/energy-efficiency-rebate-program/get-\nyour-rebates-ny-business/) [ Pre-Qualified Application\n](https://www.nationalfuel.com/utility/energy-efficiency-rebate-program/get-\nyour-rebates-ny-business/pre-qualified-application/) [ Performance-Based\nApplication ](https://www.nationalfuel.com/utility/energy-efficiency-rebate-\nprogram/get-your-rebates-ny-business/performance-based-application/) [ Program\nfor Contractors ](https://www.nationalfuel.com/utility/about-the-rebate-\nprogram/for-contractors-ny-home-biz/) [ Affordable Multifamily Energy\nEfficiency Program ](https://www.nationalfuel.com/utility/affordable-\nmultifamily-energy-efficiency-program/) [ EmPower (LIURP)\n](https://www.nationalfuel.com/utility/empower-liurp-ny-home/) [ FAQ\n](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-program-faqs-ny-home-biz/) [ Contact Us\n](https://www.nationalfuel.com/utility/about-the-rebate-program/energy-\nefficiency-rebate-contact-us/)\n\nEquipment & Vehicles\n\n[ Natural Gas Equipment ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-equipment/) [ Natural Gas Vehicles\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/) [ How Natural Gas Vehicles Work\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/how-natural-gas-vehicles-work/) [ Natural Gas Fueling Stations\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/natural-gas-vehicles-fueling-stations/)\n\nEnergy Performance\n\n[ Energy Performance Reporting\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/energy-\nperformance-ny-biz/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-pa-home/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-pa-home-business/) [\nWeather Normalization Adjustment\n](https://www.nationalfuel.com/utility/weather-normalization-adjustment-pa-\nhome-biz/) [ Payment Plan Options\n](https://www.nationalfuel.com/utility/payment-plan-options-pa-home-business/)\n[ Understanding Your Bill\n](https://www.nationalfuel.com/utility/understanding-your-bill-pa-home-biz/)\n\nPayment Assistance\n\n[ Payment Assistance Programs ](https://www.nationalfuel.com/utility/your-\naccount-overview-pa-home/payment-assistance-programs-pa-home/) [ LIHEAP\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/liheap-pa-home/) [ LIHEAP Locations\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/liheap-locations/) [ Neighbor for Neighbor\n](https://www.nationalfuel.com/utility/your-account-overview-pa-home/payment-\nassistance-programs-pa-home/neighbor-for-neighbor-pa-home/) [ 3rd Party\nNotification Enrollment Form ](https://www.nationalfuel.com/utility/third-\nparty-notification-program-application/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-pa-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-pa-home-business/frequently-\nasked-questions/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-pa-home/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-pa-home/)\n\n[ Start Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-pa-home/service-line-\ninstallation-to-start-service-pa-home/)\n\n[ Start Service with Existing Line\n](https://www.nationalfuel.com/utility/start-service-pa-home/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-pa-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Convert to Natural Gas\n\n[ Convert to Natural Gas Overview\n](https://www.nationalfuel.com/utility/convert-to-natural-gas-overview-pa-\nhome/)\n\n[ New Customer Conversion ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/new-customers-convert-to-natural-gas-pa-home/)\n\n[ Existing Customer Conversion ](https://www.nationalfuel.com/utility/convert-\nto-natural-gas-overview-pa-home/existing-customers-convert-to-natural-gas-pa-\nhome/)\n\n[ Calculate Your Savings ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/calculate-your-savings-pa-home/)\n\n[ Conversion FAQs ](https://www.nationalfuel.com/utility/convert-to-natural-\ngas-overview-pa-home/frequently-asked-questions-about-converting/)\n\n[ Conversion Application ](https://www.nationalfuel.com/utility/convert-to-\nnatural-gas-overview-pa-home/conversion-application-pa-home/)\n\n####  Natural Gas Suppliers\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/supplier-overview-\npa-home/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/supplier-frequently-\nasked-questions/)\n\n[ Natural Gas Choice and Competition Act\n](https://www.nationalfuel.com/utility/natural-gas-choice-and-competition-act-\npa-home-pa-biz/)\n\n[ Eligible Customer List ](https://www.nationalfuel.com/utility/eligible-\ncustomer-list/)\n\n[ Price to Compare ](https://www.nationalfuel.com/utility/price-to-compare/)\n\n####  Payment & Meter\n\nAccount Overview\n\n[ Your Account Overview ](https://www.nationalfuel.com/utility/your-account-\noverview-pa-business/) [ Make a Payment\n](https://www.nationalfuel.com/utility/make-a-payment-pa-home-business/) [\nWeather Normalization Adjustment\n](https://www.nationalfuel.com/utility/weather-normalization-adjustment-pa-\nhome-biz/) [ Payment Plan Options\n](https://www.nationalfuel.com/utility/payment-plan-options-pa-home-business/)\n[ Understanding Your Bill\n](https://www.nationalfuel.com/utility/understanding-your-bill-pa-home-biz/)\n\nYour Meter\n\n[ Your Meter ](https://www.nationalfuel.com/utility/your-meter-pa-home-\nbusiness/) [ Submit Meter Reading\n](https://www.nationalfuel.com/utility/submit-meter-reading/) [ Meter FAQs\n](https://www.nationalfuel.com/utility/your-meter-pa-home-business/frequently-\nasked-questions/)\n\n####  Start or Stop Service\n\n[ Moving ](https://www.nationalfuel.com/utility/moving-pa-biz/)\n\n[ Stop Service ](https://www.nationalfuel.com/utility/stop-service-pa-biz/)\n\n[ Service Service with New Line Installation\n](https://www.nationalfuel.com/utility/start-service-pa-biz/service-line-\ninstallation-to-start-service-pa-biz/)\n\n[ Start Service with Existing Line\n](https://www.nationalfuel.com/utility/start-service-pa-biz/)\n\n[ Landlord Program ](https://www.nationalfuel.com/utility/landlord-program-pa-\nhome-business/)\n\n[ Excess Flow Valve Request ](https://www.nationalfuel.com/utility/excess-\nflow-valve-request/)\n\n####  Natural Gas Suppliers\n\n[ Supplier Overview ](https://www.nationalfuel.com/utility/supplier-overview-\npa-biz/)\n\n[ PUC Licensed Suppliers ](https://www.nationalfuel.com/utility/supplier-\noverview-pa-biz/puc-licensed-natural-gas-suppliers-pa-biz/)\n\n[ Supplier FAQ ](https://www.nationalfuel.com/utility/supplier-frequently-\nasked-questions/)\n\n[ Natural Gas Choice and Competition Act\n](https://www.nationalfuel.com/utility/natural-gas-choice-and-competition-act-\npa-home-pa-biz/)\n\n[ Eligible Customer List ](https://www.nationalfuel.com/utility/eligible-\ncustomer-list/)\n\n####  Energy Efficiency and Equipment\n\n[ Benefits of Natural Gas ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/)\n\n[ Natural Gas Vehicles ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-vehicles-pa-biz/)\n\n[ How Natural Gas Vehicles Work\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles/how-natural-gas-vehicles-work-pa-biz/)\n\n[ Natural Gas Fueling Stations\n](https://www.nationalfuel.com/utility/benefits-of-natural-gas/natural-gas-\nvehicles-pa-biz/natural-gas-vehicle-fueling-stations-pa-biz/)\n\n[ Natural Gas Equipment ](https://www.nationalfuel.com/utility/benefits-of-\nnatural-gas/natural-gas-equipment-pa-biz/)\n\n  * [ Make A Payment ](https://www.nationalfuel.com/utility/make-a-payment-ny-home-biz/)\n  * [ Make A Payment ](https://www.nationalfuel.com/utility/make-a-payment-pa-home-business/)\n\n  * [ Corporate Responsibility ](https://www.nationalfuel.com/corporate/our-guiding-principles/)\n  * [ Careers ](https://www.nationalfuel.com/corporate/careers/)\n  * [ Investor Relations ](https://investor.nationalfuelgas.com/)\n  * [ Contact Us ](https://www.nationalfuel.com/corporate/contact-us-directory/)\n\n[ ](https://www.nationalfuel.com/utility/ \"Home\")\n\n#  The Energy-Efficiency Rebate Program\n\n[ ](https://www.nationalfuel.com/utility/ \"Home\")\n\n#  The Energy-Efficiency Rebate Program\n\n##  My Utility Account\n\n[ Forgot Login?\n](https://www.invoicecloud.com/portal/\\(S\\(sqp2kazt25ymve0yxx2suloc\\)\\)/2/CustomerLostPassword.aspx?BillerGuid=89cb86f4-fadb-449e-88b3-26b00959ab4c&return=customerlogin.aspx%3fbillerguid%3d89cb86f4-fadb-449e-88b3-26b00959ab4c)\n\n[ Create Account ](https://www.invoicecloud.com/nfg/NationalFuelGas)\n\nor [ Pay Without Signing In ](https://www.nationalfuel.com/utility/make-a-\npayment-ny-home-biz/)\n\n##  Have a Gas Emergency?\n\nCall [ 1-800-444-3130 ](tel:1-800-444-3130)\n\n24 Hours a Day\n\n##  811 Call Before You Dig\n\nCall [ 8-1-1 ](tel:811) before you dig to have your utility lines marked for\nfree.\n\n[ Learn more ](https://www.nationalfuel.com/safety/call-8-1-1-before-you-dig/)\n\nNational Fuel\u2019s energy-efficiency rebate program offers residential customers\nin Western New York several money-saving rebates for replacing specified\nappliances with new, energy-efficient models.\n\nBy combining rebates with projected annual savings for using more energy-\nefficient equipment, new, high-efficiency appliances can quickly pay for\nthemselves.\n\nWhen you take advantage of the energy-efficiency rebate program, you get\nrebates for having a contractor install high-efficiency equipment for your\nhome. These rebates even include gas clothes dryers! Taking advantage of this\naffordable, efficient, secure and abundant resource really adds up\u2014year after\nyear.\n\nFor more information on National Fuel\u2019s energy efficiency programs, please\nvisit [ FuelingTomorrowToday.com ](http://www.fuelingtomorrowtoday.com) .\n\n## [ Complete Your Residential Rebate Application  Online Form\n](https://frontdoor.portal.poweredbyefi.org/initiative/national%20fuel)\n\n##  Save Energy and Money\n\nGet rebates on select natural gas appliances.  1\n\n###  Space Heating\n\nAppliance  |  Minimum Efficiency Level  |  Rebate Amount   \n---|---|---  \nHot Air Furnace with ECM plus 14.3 SEER2 Heat Pump  6  |  95% AFUE  |  $2,000   \nHot Air Furnace with ECM  3  |  95% AFUE  |  $400   \nHot Water Boiler  |  90% AFUE  |  $500   \nHot Air Furnace w/ECM and Water Heating  |  95% AFUE  |  $600   \nHot Water Boiler and Water Heating (Combi Boiler)  |  90% AFUE  |  $700   \nFurnace Tune Up  4  |  N/A  |  $125   \nBoiler Tune Up  4  |  N/A  |  $125   \n  \n###  Water Heating\n\nAppliance  |  Minimum Efficiency Level  |  Rebate Amount   \n---|---|---  \nStorage Tank Water Heater  \n(55 gallons or less)  |  0.64 UEF  5  |  $100   \nTankless Water Heater  |  0.87 UEF  |  $200   \n  \n###  Other Appliances\n\nAppliance  |  Minimum Efficiency Level  |  Rebate Amount   \n---|---|---  \nClothes Dryer  |  Energy Star\u00ae Rated  |  $50   \nSmart Thermostat  |  N/A  |  $200   \nBoiler Reset Controls  |  N/A  |  $250   \n  \n1  Installed between January 1 and December 31, 2025  \n2  Annual Fuel Utilization Efficiency  \n3  Electronically Commutated Motor  \n4  One tune-up service per furnace/boiler per year  \n5  Uniform Energy Factor  \n6  In order to qualify for the enhanced furnace rebate, the furnace w/ ECM\nmust be installed with a heat pump with a SEER2 of at least 14.3 & be AHRI\ncertified. A furnace installed with a traditional air conditioning system will\nqualify for $400 furnace w/ ECM rebate.\n\n[ ](https://www.nationalfuel.com/utility/)\n\n  * [ Privacy Policy ](https://www.nationalfuel.com/corporate/web-privacy-policy/)\n  * [ Terms and Conditions ](https://www.nationalfuel.com/corporate/terms-and-conditions/)\n  * [ Nondiscrimination Statement ](https://www.nationalfuel.com/corporate/nondiscrimination-statement/)\n  * [ Disclosures Regarding Forward-Looking Statements ](https://www.nationalfuel.com/corporate/disclosures-regarding-forward-looking-statements/)\n\n[ Employee/Retiree Portal ](https://www.nationalfuel.com/corporate/employee-\nretiree-resources/)\n\n[ ](https://www.facebook.com/NationalFuel/) [\n](https://www.linkedin.com/company/national-fuel-gas-company/) [\n](https://twitter.com/natfuelgas/)\n\n\u00a9 2025 National Fuel Gas Company\n\n#  Where are you located?\n\nNew York  Pennsylvania\n\n#  For your home or business?\n\nMy Home  My Business\n\n#  Where are you located?\n\n#  Is this for your home or business?\n\nNY Home  NY Business\n\nPA Home  PA Business\n\n",
                "url": "https://www.nationalfuel.com/utility/about-the-rebate-program/"
            },
            "reason": "This page describes a rebate program offered by a utility company. While it promotes the company's services, the information on energy efficiency rebates is generally reliable.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page describes a rebate program offered by a utility company.",
            "url": "https://www.nationalfuel.com/utility/about-the-rebate-program/"
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                    "source": "https://www.energystar.gov/rebate-finder?page_number=0"
                },
                "page_content": "#  ENERGY STAR  \nRebate Finder\n\n[ Full Site \u00bb  ](/productfinder/)\n\nFind rebates and special offers near you on ENERGY STAR certified products.\nProducts that earn the ENERGY STAR label meet strict energy-efficiency\nspecifications set  by the U.S. EPA helping you save energy and money while\nprotecting the environment.\n\nThe links below will take you to Web sites external to the energystar.gov\ndomain. [ ](//www.energystar.gov/exit_disclaimer)\n\nFilter Your Results\n\n1719  Rebates and Special Offers Found\n\n  * Incentives offered by  Federal Government \n  * Air-Source Heat Pump - Single Package \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $2,000\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/air_source_heat_pumps)\n\nFederal Government offers tax credit on the purchase and installation of\nselect air-source heat pump - single package. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Air-Source Heat Pump - Split Systems \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $2,000\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/air_source_heat_pumps)\n\nFederal Government offers tax credit on the purchase and installation of\nselect air-source heat pump - split systems. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Boilers \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/gas_propane_oil_hot_water_boiler)\n\nFederal Government offers tax credit on the purchase and installation of\nselect boilers. Offer valid 01/01/2023 through 12/31/2032. Other restrictions\nmay apply; please visit the website for additional details.\n\n  * Central Air Conditioning - Single Package \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/central_air_conditioning)\n\nFederal Government offers tax credit on the purchase and installation of\nselect central air conditioning. Offer valid 01/01/2023 through 12/31/2032.\nOther restrictions may apply; please visit the website for additional details.\n\n  * Ductless Heat Pump (mini & multi split) Systems \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/central_air_conditioning)\n\nFederal Government offers tax credit on the purchase and installation of\nselect mini or multi split heat pump. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Ductless Heat Pump (mini & multi split) Systems \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $2,000\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/air_source_heat_pumps)\n\nFederal Government offers tax credit on the purchase and installation of\nselect mini or multi split heat pump. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Furnaces \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/natural_gas_propane_oil_furnace)\n\nFederal Government offers tax credit on the purchase and installation of\nselect furnaces. Offer valid 01/01/2023 through 12/31/2032. Other restrictions\nmay apply; please visit the website for additional details.\n\n  * Gas Storage Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/tax_credits_homeowners/water_heaters_natural_gas_oil_propane)\n\nFederal Government offers tax credit on the purchase and installation of\nselect gas storage water heaters greater than 55 gallons. Offer valid\n01/01/2023 through 12/31/2032. Other restrictions may apply; please visit the\nwebsite for additional details.\n\n  * Gas Storage Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/tax_credits_homeowners/water_heaters_natural_gas_oil_propane)\n\nFederal Government offers tax credit on the purchase and installation of\nselect gas storage water heaters 55 gallons or less. Offer valid 01/01/2023\nthrough 12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Geothermal Heat Pumps \n\n01/01/2023 \\- 12/31/2034\n\n30% of cost\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/geothermal_heat_pumps)\n\nFederal Government offers tax credit on the purchase and installation of\nselect geothermal heat pumps. Offer valid 01/01/2023 through 12/31/2034. Other\nrestrictions may apply; please visit the website for additional details.\n\n  * Heat Pump Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $2,000\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/water_heaters_non_solar)\n\nFederal Government offers tax credit on the purchase and installation of\nselect heat pump water heaters greater than 55 gallons. Offer valid 01/01/2023\nthrough 12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Heat Pump Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $2,000\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/water_heaters_non_solar)\n\nFederal Government offers tax credit on the purchase and installation of\nselect heat pump water heaters 55 gallons or less. Offer valid 01/01/2023\nthrough 12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Sealing and Insulation Products \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $1,200\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/insulation)\n\nFederal Government offers tax credit on the purchase and installation of\nselect sealing and insulation products. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Solar Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/solar_energy_systems)\n\nFederal Government offers tax credit on the purchase and installation of\nselect solar water heaters. Offer valid 01/01/2023 through 12/31/2032. Other\nrestrictions may apply; please visit the website for additional details.\n\n  * Tankless Gas Water Heaters \n\n01/01/2023 \\- 12/31/2032\n\n30% of cost up to $600\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/tax_credits_homeowners/water_heaters_natural_gas_oil_propane)\n\nFederal Government offers tax credit on the purchase and installation of\nselect tankless gas water heaters. Offer valid 01/01/2023 through 12/31/2032.\nOther restrictions may apply; please visit the website for additional details.\n\n  * Windows, Doors, and Skylights \n\n01/01/2023 \\- 12/31/2032\n\nUp to $600 for windows and $250 for doors\n\nTax Credit\n\nFederal Government | N/A \n\n[ Visit website to learn more\n](https://www.energystar.gov/about/federal_tax_credits/windows_skylights)\n\nFederal Government offers tax credit on the purchase and installation of\nselect windows, doors, and skylights. Offer valid 01/01/2023 through\n12/31/2032. Other restrictions may apply; please visit the website for\nadditional details.\n\n  * Incentives offered by  Ameren Illinois \n  * Boilers \n\n01/01/2022 \\- 12/31/2025  \n\nCommercial\n\n$1000 - $7750\n\nMail-in Rebate\n\nAmeren Illinois | 866.838.6918 \n\n[ Visit website to learn more  ](http://AmerenIllinoisSavings.com)\n\nAmeren Illinois offers rebates on the purchase and installation of select\nboilers. Offer valid 01/01/2022 through 12/31/2025. Other restrictions may\napply; please visit the website for additional details.\n\n  * Clothes Dryers \n\n01/01/2024 \\- 12/31/2025\n\n$ 50\n\nOnline Rebate\n\nAmeren Illinois | 866.838.6918 \n\n[ Visit website to learn more  ](http://www.amerenillinoissavings.com)\n\nAmeren Illinois offers rebates on the purchase and installation of select\nclothes dryers. Offer valid 01/01/2024 through 12/31/2025. Other restrictions\nmay apply; please visit the website for additional details.\n\n  * Clothes Dryers \n\n01/01/2024 \\- 12/31/2025  \n\nCommercial\n\n$ 400\n\nMail-in Rebate\n\nAmeren Illinois | 866.838.6918 \n\n[ Visit website to learn more  ](http://AmerenIllinoisSavings.com)\n\nAmeren Illinois offers rebates on the purchase and installation of select\nclothes dryers. Offer valid 01/01/2024 through 12/31/2025. Other restrictions\nmay apply; please visit the website for additional details.\n\n  * Clothes Dryers \n\n01/01/2024 \\- 12/31/2025\n\n$ 50\n\nMail-in Rebate\n\nAmeren Illinois | 877-475-4270 \n\n[ Visit website to learn more  ](http://www.amerenillinoissavings.com)\n\nAmeren Illinois offers rebates on the purchase and installation of select\nclothes dryers. Offer valid 01/01/2024 through 12/31/2025. Other restrictions\nmay apply; please visit the website for additional details.\n\nShow More Results\n\n###  Follow us\n\n  * [ RSS  ](https://www.energystar.gov/cms/tasks/feed/?feedID=0D8F0200-188B-36F7-214FA4E76194E8AF \"Subscribe via RSS\")\n  * [ Facebook  ](http://www.facebook.com/energystar \"ENERGY STAR on Facebook\")\n  * [ Twitter  ](http://www.twitter.com/energystar \"ENERGY STAR on Twitter\")\n  * [ YouTube  ](http://www.youtube.com/epaenergystar \"ENERGY STAR on YouTube\")\n  * [ Our Blog  ](https://blog.epa.gov/energystar/ \"ENERGY STAR Blog\")\n\n  * [ About ENERGY STAR ](https://www.energystar.gov/about?s=footer&s=footer)\n  * [ Contact ](https://www.energystar.gov/about/contact_us)\n  * [ Privacy ](https://www.energystar.gov/privacy_and_security_notice)\n\n",
                "url": "https://www.energystar.gov/rebate-finder?page_number=0"
            },
            "reason": "This page is part of the Energy Star website, which is a reliable source of information on energy-efficient products and rebates.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page is part of the Energy Star website, which is a reliable source of information on energy-efficient products and rebates.",
            "url": "https://www.energystar.gov/rebate-finder?page_number=0"
        },
        {
            "content": {
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                    "source": "https://programs.dsireusa.org/system/program/detail/4488"
                },
                "page_content": "#  {{ program.name }}\n\n##  {{ msgWrapperText }}\n\n##  Program Overview\n\n  * {{ field.label }}: \n\n[ {{ field.getValue() }} ]({{ field.getValue\\(\\) }})\n\n##  Incentives\n\nThis program has {{ parameterSets.length }} Incentives\n\n  * {{ field.label }}: \n\n{{ field.getValue() }}\n\n##  Summary\n\n##  Authorities\n\n  * Name: \n\n  * Associated File: \n\n  * Date Enacted: \n\n{{ authority.enactedDateDisplay }}\n\n  * Effective Date: \n\n{{ authority.effectiveDateDisplay }}\n\n  * Expiration Date: \n\n{{ authority.expiredDateDisplay }}\n\n##  Contact\n\n  * [ {{ contact.contact.firstName+' '+contact.contact.lastName }} ]({{ contact.contact.websiteUrl }}) {{ contact.contact.firstName+' '+contact.contact.lastName }} \n\n  * Organization: \n\n{{ contact.contact.organizationName }}\n\n  * Address: \n\n{{ contact.contact.address }}  \n{{ contact.contact.city }}, {{ contact.contact.stateObject.abbreviation }} {{\ncontact.contact.zip }}\n\n  * Phone: \n\n{{ contact.contact.phone }}\n\n  * E-Mail: \n\n[ {{ contact.contact.email }} ](mailto:{{ contact.contact.email }})\n\n##  Share\n\n[ ]({{ subscribeToProgramUrl }})\n\n##  Memos\n\nLoading...\n\n  * by \n\n  * Loading memos... \n  * No memos \n  * Load More \n\n#  DSIRE works with EnergySage to help you go solar with confidence:\n\n  * Compare quotes from  vetted installers \n  * Get free, expert advice  (no phone calls required) \n  * Maximize savings with  incentives and financing \n\n  *   * \n\n##  About DSIRE  \u00ae\n\nDSIRE is the most comprehensive source of information on incentives and\npolicies that support renewables and energy efficiency in the United States.\nEstablished in 1995, DSIRE is operated by the N.C. Clean Energy Technology\nCenter at N.C. State University and receives support from [ EnergySage\n](https://www.energysage.com/?rc=dsire) .\n\n##  Follow NC Clean Energy Technology Center\n\n  * [ ](https://www.facebook.com/NCCleanTech \"Facebook\")\n  * [ ](http://instagram.com/nccleantech \"Instagram\")\n  * [ ](https://www.linkedin.com/company/nc-clean-energy-technology-center \"LinkedIn\")\n  * [ \ud835\udd4f  ](https://x.com/nccleantech \"X\")\n  * [ ](https://www.youtube.com/user/TheNCSolarCenter \"Youtube\")\n\n",
                "url": "https://programs.dsireusa.org/system/program/detail/4488"
            },
            "reason": "This page from the Database of State Incentives for Renewables & Efficiency (DSIRE) provides detailed information on energy efficiency programs. DSIRE is a reliable source of information on renewable energy and energy efficiency incentives.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page from the Database of State Incentives for Renewables & Efficiency (DSIRE) provides detailed information on energy efficiency programs.",
            "url": "https://programs.dsireusa.org/system/program/detail/4488"
        },
        {
            "content": {
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                    "resource_type": "webpage",
                    "source": "https://publicstaff.nc.gov/public-staff-divisions/energy-division/electric-section"
                },
                "page_content": "Skip to main content\n\nElectric matters are handled primarily by engineers in the Electric Section,\nwhich represents the public in regulated electric utility matters brought\nbefore the Utilities Commission. These matters encompass the following areas:\nrates and tariffs; energy efficiency program approval and performance;\nrenewable energy; generation plant siting; transmission line siting; power\nplant operations; fuel procurement; electric resellers; quality of service;\nand mergers and acquisitions.\n\nThe regulated electric utilities in North Carolina are: Duke Energy Carolinas,\nDuke Energy Progress, Dominion Energy North Carolina, New River Light and\nPower, and Western Carolina University.\n\nElectric Membership Cooperatives and Municipal Electric Providers are not\nregulated by the Commission. For issues with electric membership cooperatives,\ncontact the [ North Carolina Electric Membership Corporation\n](https://www.ncelectriccooperatives.com/) at 919-872-0800 or 800-662-8835 or\nthe [ North Carolina Rural Electrification Authority ](https://rea.nc.gov/) at\n919-814-4696. For issues with municipal electric providers, contact [\nElectriCities of North Carolina ](https://www.electricities.com/) at\n919-760-6353.\n\nIf you have a complaint regarding your electric service, please contact the\nPublic Staff\u2019s Consumer Services Division at 919-733-9277 or Toll-Free at\n866-380-9816. You can also email [ Consumer.Services@psncuc.gov\n](mailto:Consumer.Services@psncuc.gov) .\n\nThe Electric Section can be reached at 919-733-2267 or [ EnergyInfo@psncuc.gov\n](mailto:EnergyInfo@psncuc.gov) .\n\n##  Electric Utility Rate Schedules including Service Regulations and Line\nExtension Plans\n\n  * [ Duke Energy ](https://www.duke-energy.com/rates) To switch between the rate schedules for Duke Energy Carolinas and Duke Energy Progress, select the state location marker at the top of the website. \n  * [ Dominion Energy North Carolina ](https://www.dominionenergy.com/north-carolina-electric/rates-and-tariffs) . \n\n##  Bill Comparison for North Carolina's Electric Utilities\n\nThe three largest investor-owned electric utilities in North Carolina are Duke\nEnergy Progress, Duke Energy Carolina's, and Dominion Energy North Carolina.\nThese companies provide electric service to customers in assigned service\nterritories according to rates (or tariffs) approved by the North Carolina\nUtilities Commission. These rates include various components that comprise the\ntotal bill such as customer charge, demand charge, energy charge, fuel charge,\nrenewable energy charge, and energy efficiency charge.\n\nBelow are examples of total bills (excluding sales tax) for various customer\nclasses at various levels of demand and energy use. These examples serve only\nas representative bills  1  . Other tariffs are available for the customer to\ntake advantage of special time-of-use rates offered by each company.\n\nPlease note that Renewable Energy Portfolio Standard (REPS) is now called\nClean Energy Portfolio Standard (CEPS).\n\n  *   *   * \n\nTab/Accordion Items\n\n###\n\n###  Duke Energy Progress\n\n######  Applicable as of April 1, 2025\n\nCustomer Class  |  Rate Schedule  |  Demand (kW)  |  Energy (kWh)  |  Summer Bill  |  Winter Bill   \n---|---|---|---|---|---  \nResidential  |  RES   \nSingle-Phase  |  n/a  |  300  |  $58.47  |  $58.47   \nn/a  |  500  |  $87.10  |  $87.10   \nn/a  |  1,000  |  $158.67  |  $156.67   \nn/a  |  1,500  |  $230.25  |  $223.25   \nn/a  |  2,000  |  $301.82  |  $289.82   \nCommercial  |  SGS   \nSingle-Phase  \nCommercial or Governmental  |  5  |  360  |  $79.81   \n10  |  720  |  $129.04   \n25  |  1,800  |  $256.38   \nIndustrial  |  MGS   \nThree-Phase  \nIndustrial or Public Authority  |  50  |  18,000  |  $1,916.94   \n100  |  36,000  |  $3,738.38   \n500  |  72,000  |  $9,553.26   \nIndustrial  |  LGS   \nIndustrial or Public Authority  |  1,250  |  450,000  |  $48,118.50   \n1,500  |  540,000  |  $57,688.90   \n5,000  |  1,800,000  |  $191,674.50   \n10,000  |  3,600,000  |  $378,082.50   \n25,000  |  9,000,000  |  $922,306.50   \n50,000  |  21,000,000  |  $2,009,526.50   \n  \n####  Details for Rate Schedules RES & SGS\n\nIndividual Rate Element  |  Residential RES  |  Commercial SGS   \n---|---|---  \n|  Summer Bill  |  Winter Bill  |   \nBasic Customer Charge per month  |  $14.00  |  $14.00  |  $22.00   \nDemand Charge per kW  |  $0.00  |  $0.00  |  $0.00   \nBase Energy Charge per kWh for Schedule RES  |  |  |   \nFor the first 800 kWh  |  $0.12119  |  $0.12119  |   \nFor all additional kWh  |  $0.12119  |  $0.11119  |   \nBase Energy Charge per kWh for Schedule SGS  |  |  |   \nFor the first 750 kWh  |  |  |  $0.12664   \nFor the next 1,250 kWh  |  |  |  $0.10723   \nFor all additional kWh  |  |  |  $0.10193   \nThree-Phase Service Adder per month (excluded for single-phase service)  |  $9.00  |  $9.00  |  $9.00   \nStorm Securitization Charge per kWh  |  $0.00246  |  $0.00246  |  $0.00215   \nClean Energy & Energy Efficiency Portfolio Standard (CEPS) Charge per month  |  $1.52  |  $1.52  |  $8.32   \nCustomer Affordability Rider (CAR)  |  \\-  |  \\-  |  $0.25   \n|  |  |   \nSummary of Rider Adjustments (per kWh)  |  |  |   \nFuel Adjustment Charge  |  $0.00620  |  $0.00620  |  $0.00316   \nDemand Side Management and Energy Efficiency Charge  |  $0.00767  |  $0.00767  |  $0.00274   \nRegulatory Asset and Liability (RAL-2) Rider  |  $0.00000  |  $0.00000  |  $0.00000   \nExcess Deferred Income Tax Charge  |  -$0.00249  |  -$0.00249  |  -$0.00259   \nJoint Agency Asset Rider Charge  |  $0.00538  |  $0.00538  |  $0.00439   \nCompetitive Procurement of Renewable Energy Charge  |  $0.00006  |  $0.00006  |  $0.00026   \nCustomer Affordability Rider (CAR)  |  $0.00034  |  $0.00034  |  \\-   \nResidential Decoupling Mechanism Rider (RDM)  |  $0.00232  |  $0.00232  |  \\-   \nEarning Sharing Mechanism Rider (ESM)  |  $0.00000  |  $0.00000  |  $0.00000   \nPerformance Incentive Mechanism Rider (PIM)  |  $0.00002  |  $0.00002  |  $0.00002   \nTOTAL for Summary of Rider Adjustments  |  $0.01950  |  $0.01950  |  $0.00798   \n  \n###\n\n###  Duke Energy Carolinas\n\n######  Applicable as of April 1, 2025\n\nCustomer Class  |  Rate Schedule  |  Demand (kW)  |  Energy (kWh)  |  Bill   \n---|---|---|---|---  \nResidential  |  RS (NC)  |  n/a  |  300  |  $51.28   \nn/a  |  500  |  $75.30   \nn/a  |  1,000  |  $135.35   \nn/a  |  1,500  |  $195.40   \nn/a  |  2,000  |  $255.46   \nCommercial  |  SGS (NC)  |  5  |  360  |  $77.45   \n10  |  720  |  $126.71   \n25  |  1,800  |  $515.10   \n50  |  18,000  |  $1,699.18   \nCommercial  |  LGS (NC)  |  100  |  36,000  |  $3,221.20   \n500  |  72,000  |  $8,312.55   \n1,250  |  550,000  |  $45,461.18   \nIndustrial  |  I (NC)  |  1,500  |  540,000  |  $48,657.35   \n5,000  |  1,800,000  |  $161,970.60   \n10,000  |  3,600,000  |  $323,846.68   \n25,000  |  9,000,000  |  $809,474.90   \n50,000  |  21,000,000  |  $1,824,877.28   \n  \n####  Details for Rate Schedules RS & SGS\n\nIndividual Rate Element  |  Residential RS  |  Commercial SGS   \n---|---|---  \nBasic Customer Charge per month  |  $14.00  |  $21.00   \nDemand Charge per kW for the first 30 kW  |  $0.00  |  $0.00   \nDemand Charge per kW for all over 30 kW  |  $0.00  |  $5.70   \nBase Energy Charge per kWh for Schedule RS  |  $0.118504  |   \nBase Energy Charge per kWh for Schedule SGS  |  |   \nFor the first 3,000 kWh  |  |  $0.134189   \nFor the next 6,000 kWh  |  |  $0.073804   \nFor all over 9,000 kWh  |  |  $0.063073   \nClean Energy & Energy Efficiency Portfolio Standard (CEPS) Charge per month  |  $1.25  |  $6.87   \nStorm Securitization Charge per kWh  |  $0.000474  |  $0.000144   \nCustomer Affordability Rider (CAR) Charge per month  |  \\-  |  $0.33   \n|  |   \nSummary of Rider Adjustments (per kWh)  |  |   \nFuel Cost Adjustment Charge  |  $0.001779  |  $0.003551   \nDemand Side Management and Energy Efficiency  |  $0.004933  |  $0.002963   \nExisting DSM Program Costs Adjsutments Rider  |  -$0.000027  |  -$0.000027   \nBulk Power Marketing Charge (BPM)  |  -$0.000167  |  -$0.000167   \nCompetitive Procurement of Renewable Energy (CPRE)  |  $0.000063  |  $0.000034   \nExcess Deferred Income Tax (EDIT-4)  |  -$0.005081  |  -$0.003033   \nNuclear Production Tax Credits Rider (NPTC)  |  -$0.000834  |  -$0.000834   \nCustomer Affordability Rider (CAR)  |  $0.000459  |  \\-   \nResidential Decoupling Mechanism Rider (RDM)  |  $0.000000  |  \\-   \nEarning Sharing Mechanism Rider (ESM)  |  $0.000000  |  $0.000000   \nPerformance Incentive Mechanism Rider (PIM)  |  $0.000000  |  $0.000000   \nTOTAL for Summary of Rider Adjustments  |  $0.001125  |  $0.002487   \n  \n###\n\n###  Dominion Energy North Carolina\n\n######  Applicable as of April 1, 2025\n\nCustomer Class  |  Rate Schedule  |  Demand (kW)  |  Energy (kWh)  |  Summer Bill  |  Winter Bill   \n---|---|---|---|---|---  \nResidential  |  Schedule 1  |  n/a  |  300  |  $51.20  |  $46.28   \nn/a  |  500  |  $74.69  |  $66.49   \nn/a  |  1,000  |  $133.41  |  $117.00   \nn/a  |  1,500  |  $192.14  |  $167.52   \nn/a  |  2,000  |  $250.86  |  $218.04   \nCommercial  |  Schedule 5  |  5  |  360  |  $69.91  |  $66.70   \n10  |  720  |  $108.12  |  $101.71   \n25  |  1,800  |  $221.94  |  $205.91   \n50  |  18,000  |  $1,703.21  |  $1,544.57   \n100  |  36,000  |  $3,274.07  |  $2,957.52   \nIndustrial  |  Schedule 6P  |  500  |  72,000  |  $11,694.11   \n1,250  |  450,000  |  $39,209.11   \n1,500  |  540,000  |  $47,018.08   \n5,000  |  1,800,000  |  $153,498.61   \n10,000  |  3,600,000  |  $306,832.94   \n25,000  |  9,000,000  |  $766,835.93   \n50,000  |  21,000,000  |  $1,645,646.53   \n  \n####  Detail for Rate Schedules 1 & 5\n\nIndividual Rate Element  |  Residential Schedule 1  |  Commercial Schedule 5   \n---|---|---  \n|  Summer Bill  |  Winter Bill  |  Summer Bill  |  Winter Bill   \nBasic Customer Charge per month  |  $14.40  |  $14.40  |  $22.97  |  $22.97   \nDemand Charge per kW for the first 100 kW  |  $0.00  |  $0.00  |  $0.00  |  $0.00   \nDemand Charge per kW for all over 100 kW  |  $0.00  |  $0.00  |  $4.11  |  $4.11   \nBase Energy Charge per kWh for Schedule 1  |  $0.121533  |  $0.105123  |  |   \nBase Energy Charge per kWh for Schedule 5  |  |  |  |   \nFor the first 800 kWh  |  |  |  $0.110172  |  $0.101258   \nFor the next 2,200 kWh, add 200 kWh for each kW of demand over 10 through 30 kW and add 100kWh for each kW of demand over 30 kW  |  |  |  $0.109334  |  $0.100431   \nAdditional kWh  |  |  |  $0.084338  |  $0.075615   \nFuel Adjustment Charge per kWh  |  -$0.007362  |  -$0.007362  |  -$0.007355  |  -$0.007355   \nDemand Side Management and Energy Efficiency Charge per kWh  |  $0.001583  |  $0.001583  |  $0.001655  |  $0.001655   \nClean Energy & Energy Efficiency Portfolio Standard (CEPS) Charge per month  |  $1.57  |  $1.57  |  $8.72  |  $8.72   \n  \nNote 1: Billing under non-residential schedules may vary because of contract\ndemand, demand relative to other months, minimum or maximum demand provisions,\nand energy usage during on-peak versus off-peak periods. Billing under these\nschedules may also be subject to minimum monthly charges, additional charges\nfor three-phase service and additional charges due to a power factor less than\n0.85.\n\nNote 2: The Bill Comparison tables are updated annually following the\nadjustment to each utility\u2019s annual cost riders.\n\nNote 3: To calculate a bill, all Individual Rate Elements should be added to\nthe bill total.\n\nNote 4: Renewable Energy Portfolio Standard (REPS) is now called Clean Energy\nPortfolio Standard (CEPS)\n\nOn This Page Jump Links\n\nOff\n\n##  Street Address\n\nNorth Carolina Utilities Commission\n\nPublic Staff\n\n430 North Salisbury Street\n\nRaleigh, NC 27603\n\n##  Contact Us\n\nYou can reach Consumer Services\n\nToll-Free at 866-380-9816\n\nFor all others, please call 919-880-1837\n\n##  Mailing Address\n\nNorth Carolina Utilities Commission\n\nPublic Staff\n\n4326 Mail Service Center\n\nRaleigh, NC 27699-4300\n\n[ Hosted on Digital Commons ](https://it.nc.gov/services/digital-services)\n\n",
                "url": "https://publicstaff.nc.gov/public-staff-divisions/energy-division/electric-section"
            },
            "reason": "This page provides information about the electric section of the North Carolina Public Staff. It is a reliable source of information on energy regulation and policy in North Carolina.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page provides information about the electric section of the North Carolina Public Staff.",
            "url": "https://publicstaff.nc.gov/public-staff-divisions/energy-division/electric-section"
        },
        {
            "content": {
                "metadata": {
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                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.energystar.gov/productfinder/product/certified-windows/results"
                },
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                "url": "https://www.energystar.gov/productfinder/product/certified-windows/results"
            },
            "reason": "This page is part of the Energy Star website, which is a reliable source of information on energy-efficient products. It provides a list of certified windows that meet Energy Star standards.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page is part of the Energy Star website, which is a reliable source of information on energy-efficient products.",
            "url": "https://www.energystar.gov/productfinder/product/certified-windows/results"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1345994e-c74e-4751-9999-5079553fe9a2",
                    "origin": "public",
                    "resource_location": "web",
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(PDF) \n  * **[ 4Q FY24 ](/files/file/BPU/Compilation%20Reports/Statewide%20Report%20FY24%20FINAL%20-%20EXCEL%20v2.xlsx) ** (Excel) / **[ 4Q FY24 ](/files/file/BPU/Compilation%20Reports/Statewide%20Report%20FY24%20FINAL%20-%20EXCEL%20v2.pdf) ** (PDF) **_(revised 01.30.25)_ **\n\n** _Utility Quarterly Reports_ **  \n\n  * **Atlantic City Electric |  ACE **\n    * 1Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20ACE%20Q1%202023%20Annual%20Report.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20ACE%20PY3%20Q1%202023%20Reporting%20Tables.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/ACE%20-%20PY3%20Q2%202024%20Annual%20Report%20-%20EO20090621%20-%202-29-2024%20-%20Corrected%20%20Refiled%20-%206-10-2024.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/ACE%20PY3%20Q2%20Reporting%20Tables%20-%202-29-2024%20Final.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/ACE%20-%20PY3%20Q3%20Annual%20Report%20-%20EO20090621%20-%205-29-2024%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/ACE%20PY3%20Q3%20Reporting%20Tables%20-%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/ACE%20-%20PY24Q4%20Annual%20Report%20-%20EO20090621%20-%2008-29-2024%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/ACE%20PY3%20Q4%20Reporting%20Tables%20Final%20Version.xlsx)\n\n  * **Elizabethtown Gas |  ETG **\n    * 1Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20ETG%20Quarterly%20Report%20Executive%20Summary%20PY24%20Q1.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20ETG%20Quarterly%20Report%20Tables%20PY24%20Q1.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/ETG%20-%20NJ%20Quarterly%20Report%20-%20Executive%20Summary%20PY23-24%20Q2%20-%20Final.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/ETG%20-%20NJ%20Quarterly%20Report%20Tables%20PY23-24%20Q2%20-%20Final.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/ETG%20-%20Quarterly%20Report%20-%20Executive%20Summary%20PY24%20Q3%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/ETG%20-%20Quarterly%20Report%20Tables%20PY24%20Q3%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](https://njcepfiles.s3.amazonaws.com/ETG+-+NJ+Quarterly+Report+-+Executive+Summary+PY23-24+Q4+-+FINAL+Version.pdf) , [ Appendix ](https://njcepfiles.s3.amazonaws.com/ETG+-+NJ+Quarterly+Report+Tables+PY23-24+Q4+-+FINAL+Version.xlsx)\n\n  * **Jersey Central Power and Light |  JCPL **\n    * 1Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20JCPL%20PY24Q1%20Report%20Executive%20Summary.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20JCPL%20Report%20Tables%20PY24%20Q1.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/JCPL%20-%20NJ%20PY24Q2%20Report%20-%20Executive%20Summary%20PY24Q2-%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/JCPL%20PY24%20NJ%20EE%20Quarterly%20Report%20Tables%20w_%20calc%20tab%20Final%20Version.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/JCPL%20PY24Q3%20Report%20-%20Executive%20Summary%20PY24Q3%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/JCPL%20PY24%20Q3%20EE%20Quarterly%20Report%20Tables%20w_%20calc%20tab%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/JCPL%20PY24Q4%20Report%20-%20Executive%20Summary%20PY24Q4-Revised%20Final%209_23_24.pdf) , [ Appendix ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/JCPL%20PY24%20Q4%20EE%20Quarterly%20Report%20Tables%20w_%20calc%20tab%20v2%20Final.xlsx)\n\n  * **New Jersey Natural Gas |  NJNG **\n    * 1Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20NJNG%20Quarterly%20Report%20Executive%20Summary%202024%20Q1%20-%2011_30_23.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20NJNG%20Quarterly%20Reporting%20Tables-Gas%202024%20Q1%20-%2011_30_23.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/NJNG%20-%20NJ%20Quarterly%20Report%20Executive%20Summary%20December%202023%20-%202_29_24%20FINAL%20VERSION.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/NJNG%20-%20NJ%20Quarterly%20Reporting%20Tables-Gas%20December%202023%20Final%20Version.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/NJNG%20Quarterly%20Report%20Executive%20Summary%20PY24%20Q3%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/NJNG%20Quarterly%20Reporting%20Tables%20-%20Gas%20-%20PY24%20Q3%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/NJNG%20Quarterly%20Report%20Executive%20Summary%20June%202024%20-%209_6_24%20Final%20Version.pdf) , [ Appendix ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/NJNG%20Quarterly%20Reporting%20Tables-Gas%20June%202024%20-%209_6_24%20Final.xlsx)\n\n  * **Public Service Electric and Gas |  PSEG **\n    * 1Q FY24: [ Report ](https://njcepfiles.s3.amazonaws.com/Final+Version+PSEG+PY24+Q1+-+CEF-EE+Report.pdf) , [ Appendix ](https://njcepfiles.s3.amazonaws.com/Final+Version+PSEG+NJ+EE+Quarterly+Report+Table+PY24+Q1.xlsx)\n    * 2Q FY24: [ Report ](https://njcepfiles.s3.amazonaws.com/PSEG+-+PY24+Q2+CEF-EE+Report+Final+Version.pdf) , [ Appendix ](https://njcepfiles.s3.amazonaws.com/PSEG+EE+Quarterly+Report+Table+PY24+Q2+Final+Version.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/PSEG%20-%20CEF-EE%20BPU%20Quarterly%20Report%20PY24%20Q3%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/PSEG%20EE%20Quarterly%20Report%20Table%20PY24%20Q3-%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](https://njcepfiles.s3.amazonaws.com/PSEG+PY24+Q4+Quarterly+Report+Final+Version.pdf) , [ Appendix ](https://njcepfiles.s3.amazonaws.com/PSEG+EE+Quarterly+Report+Table+PY24+Q4+Final+Version.xlsx)\n\n  * **Rockland Electric Company |  RECO **\n    * 1Q FY23: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20RECO%20Quarterly%20Report%20PY24%20Q1.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20RECO%20Quarterly%20Report%20Tables%20PY24%20Q1.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/RECO%20-%20NJ%20Quarterly%20Report%20-%20PY3%20Q2%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/RECO%20EE%20Quarterly%20Report%20Tables%20PY3%20Q2_2%2029%2024%20FINAL.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/RECO%20-%20NJ%20Quarterly%20Report%20-%20PY3%20Q3%20REVISED_7%208%2024%20Final%20Version.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/RECO%20EE%20Quarterly%20Report%20Tables%20PY3%20Q3%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/RECO%20-%20NJ%20Quarterly%20Report%20-%20PY3%20Q4_8%2029%2024%20Final%20Version.pdf) , [ Appendix ](/files/file/Utilities/Quarterly%20Reports/4Q%20FY24/RECO%20-%20NJ%20Quarterly%20Report%20Tables%20PY3%20Q4_8%2029%2024%20Final%20Version.xlsx)\n\n  * **South Jersey Gas |  SJG **\n    * 1Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20SJG%20Quarterly%20Report%20Executive%20Summary%20PY24%20Q1.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/1Q%20FY24/Final%20Version%20SJG%20Quarterly%20Report%20Tables%20PY24%20Q1.xlsx)\n    * 2Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/2Q%20FY24/SJG%20-%20NJ%20Quarterly%20Report%20-%20Executive%20Summary%20PY23-24%20Q2%20-%20Revised%20-%20Final.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/2Q%20FY24/SJG%20-%20Quarterly%20Report%20Tables%20PY24%20Q2%20-%20Final%20Version.xlsx)\n    * 3Q FY24: [ Report ](/files/file/UTILITY%20REPORTING/3Q%20FY24/SJG%20-%20NJ%20Quarterly%20Report%20-%20Executive%20Summary%20PY23-24%20Q3%20-%20Revised%20-%20FINAL.pdf) , [ Appendix ](/files/file/UTILITY%20REPORTING/3Q%20FY24/SJG%20-%20Quarterly%20Report%20Tables%20PY23-24%20Q3%20Final%20Version.xlsx)\n    * 4Q FY24: [ Report ](https://njcepfiles.s3.amazonaws.com/SJG+-+NJ+Quarterly+Report+-+Executive+Summary+PY23-24+Q4+-+FINAL+Version.pdf) , [ Appendix ](https://njcepfiles.s3.amazonaws.com/SJG+-+NJ+Quarterly+Report+Tables+PY23-24+Q4+-+FINAL+Version.xlsx)\n\n> NJCEP Progress Towards Goals & Quarterly Reports  \n---  \n|  [ Fourth Quarter FY18 Report ](/files/file/FINAL%20REPORT%20-%204QFY18.pdf)  \n|  [ Jun 2018 ](/files/file/Library/PTG%20June%202018%20-%20FY18%20v3.pdf)  \n|  [ May 2018\n](/files/file/Library/Financial_Energy_Saving_Reports/PTG%20May%202018%20-%20FY18%20-%20V2.pptx)  \n|  [ Apr 2018 ](/files/file/Library/PTG/PTG%20April%202018%20-%20FY18.pdf)  \n|  [ Mar 2018\n](/files/file/Library/PTG/PTG%20March%202018%20-%20FY18%20-%20with%20Comfort%20Partners.pdf)  \n|  [ Feb 2018\n](/files/file/Library/PTG%20February%202018%20-%20FY18%20-%20Final.pdf)  \n|  [ Jan 2018\n](/files/file/Committee%20Meeting%20Postings/ee/2018/FY18%20PTG%20January%202018%20-%20Final.pdf)  \n|  [ Second Quarter FY18 Report\n](/files/file/Library/Financial_Energy_Saving_Reports/BPURpt_NJCEP_2QFY18_Final.pdf)  \n|  [ Dec 2017 ](/files/file/PTG%20December%202017%20-%20FY18%20Final%20v2.pdf)  \n|  [ Nov 2017\n](/files/file/Library/Financial_Energy_Saving_Reports/PTG%20November%202017%20-%20FY18.pdf)  \n|  [ Oct 2017 ](/files/file/PTG%20October%202017%20-%20FY18.pdf)  \n|  [ Sep 2017\n](/files/file/Library/Financial_Energy_Saving_Reports/PTG%20September%202017%20-%20FY18.pdf)  \n|  [ Aug 2017\n](/files/file/Library/Financial_Energy_Saving_Reports/PTG%20August%202017%20-%20FY18.pdf)  \n|  [ Jul 2017\n](/files/file/Library/Financial_Energy_Saving_Reports/PTG%20July%202017.pdf)  \nNJCEP Cumulative Results  \n|  \\------  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nNJCEP Financial and Energy Savings Report  \n---  \n|  [ 4th Quarter Fiscal Year 2017\n](/files/file/Library/Financial_Energy_Saving_Reports/BPURpt_NJCEP_4QFY17_FINAL.pdf)  \nNJCEP Cumulative Results  \n|  \\------  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nNJCEP Financial and Energy Savings Report  \n---  \n|  [ 4th Quarter Fiscal Year 2016\n](/files/file/Library/Financial_Energy_Saving_Reports/BPURpt_NJCEP_4QFY16_FINAL.pdf)  \nNJCEP Cumulative Results  \n|  \\------  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nNJCEP Financial and Energy Savings Report  \n---  \n|  [ 4Q FY2015 ](/files/file/Library/BPURpt_NJCEP_4QFY2015_FINAL.pdf)  \nNJCEP Cumulative Results  \n|  [ Results 2001-through fiscal year 2015\n](/files/file/2001-FY2015%20Program%20Results%20-Final%20FY2015.xls)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nNJCEP Goals - Progress to Date  \n---  \n|  [ 2nd Quarter FY15 Report\n](/files/file/NJCEP%20PTG%20Month%20Report%20-%202QFY15_FINAL.pdf)  \nNJCEP Cumulative Results  \n|  [ Results 2001-through fiscal year 2014\n](/files/file/Library/2001-FY2014%20Program%20Results%20-Final%20FY2014_WebSite.xls)  \nNJCEP Financial and Energy Savings Reports  \n|  [ 1st Quarter Results\n](/files/file/NJCEP%20PTG%20Month%20Report%20-%20SEP2014.pdf) (fiscal year\n2015)  \n|  [ 4Q Fiscal Year 2014\n](/files/file/Library/BPURpt_NJCEP_4QFY2014_FINAL\\(1\\).pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  [ Jan 2014 ](/files/file/Library/Jan14FA.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ Dec 2013\n](/files/file/Library/NJCEP%20PTG%20Month%20Report%20-%20DEC2013\\(1\\).pdf)  \n|  [ Nov 2013\n](/files/file/Library/NJCEP%20PTG%20Month%20Report%20-%20NOV2013.pdf)  \nNJCEP Cumulative Results  \n|  [ 2001-2013 Results\n](/files/file/Library/2001-2012\\(18Mth\\)%20Program%20results%20-%20Final%2006172014.xls)  \nNJCEP Financial and Energy Savings Reports  \n|  [ 2Q 2013 Report ](/files/file/Library/BPURpt_2012-2013_FINAL.pdf)  \n  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  [ Dec 2013 ](/files/file/Dec13FA.pdf)  \n|  [ Nov 2013 ](/files/file/Nov%20FA14.PDF)  \n|  [ Oct 2013 ](/files/file/Library/Oct%2013%20FA.pdf)  \n|  [ Sep 2013 ](/files/file/Library/Sep%20FA.PDF)  \n|  [ Aug 2013 ](/files/file/Library/Aug%20FA\\(1\\).pdf)  \n|  [ Jul 2013 ](/files/file/Library/July%20FA\\(1\\).pdf)  \n|  [ Jun 2013 ](/files/file/Library/June%20FA.PDF)  \n|  [ May 2013 ](/files/file/Library/May%20FA.pdf)  \n|  [ Apr 2013 ](/files/file/April%20FA.PDF)  \n|  [ Mar 2013 ](/files/file/FA%20report%20Mar%202013.pdf)  \n|  [ Feb 2013 ](/files/file/Library/FA%20report%20Feb%202013.PDF)  \n|  [ Jan 2013 ](/files/file/Library/FA%20report%20Jan%202013.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ Dec 2012\n](/files/file/Library/Financial_Energy_Saving_Reports/4Q12%20NJCEP%20Report%20-%20Dec%202012.pdf)  \nNJCEP Cumulative Results  \n|  [ 2001-2012 Results ](/files/file/2001-2012%20Program%20Results.xls)  \n|  [ 2001-2013 Results (18 month version)\n](/files/file/Library/2001-2012\\(18Mth\\)%20Program%20results%20-%20Final%2006172014.xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 4Q 2012 Report\n](/files/file/Library/Financial_Energy_Saving_Reports/4Q12%20NJCEP%20Report%20-%20Dec%202012.pdf)  \n  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  [ Dec 2012\n](/files/file/Library/Financial_Energy_Saving_Reports/FA%20report%20Dec%202012.pdf)  \n|  [ Nov 2012\n](/files/file/Library/Financial_Energy_Saving_Reports/FA%20report%20Nov%202012.pdf)  \n|  [ Oct 2012\n](/files/file/Library/Financial_Energy_Saving_Reports/FA%20report%20Oct%202012.pdf)  \n|  [ Sep 2012\n](/files/file/Library/Financial_Energy_Saving_Reports/FA%20report%20Sep%202012.pdf)  \n|  [ Aug 2012 ](/files/file/Library/Aug%20FA.pdf)  \n|  [ Jul 2012 ](/files/file/Library/July%20FA.pdf)  \n|  [ Jun 2012 ](/files/file/June%20FA%20report.pdf)  \n|  [ May 2012 ](/files/file/Library/May%202012%20FA%20Report.pdf)  \n|  [ Apr 2012 ](/files/file/Library/April%20FA.pdf)  \n|  [ Mar 2012 ](/files/file/Library/March%20FA.pdf)  \n|  [ Feb 2012 ](/files/file/Library/Feb%20FA.pdf)  \n|  [ Jan 2012 ](/files/file/Library/Fiscal%20Jan%202012.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ 2011 ](/files/file/Library/BPURpt4Q11_NJCEP_FINAL_UPDATED_20120312.pdf)  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2011 Report\n](/files/file/Library/BPURpt4Q11_NJCEP_FINAL_UPDATED_20120312.pdf)  \nHistorical ARRA Reports  \n|  [ 2011 Report\n](/files/file/Library/ARRA%20Spending%20as%20of%20123111%20-%20By%20Program%20v3%20-%20Values%20Only.xls)  \nTreasury Fiscal Reports  \n|  [ Dec 2011 ](/files/file/Library/Dec%202011%20Fiscal.pdf)  \n|  [ Oct 2011 ](/files/file/Library/Oct%202011%20FA%20report.pdf)  \n|  [ Sep 2011 ](/files/file/Library/sept%20fiscal.pdf)  \n|  [ Aug 2011 ](/files/file/Library/august%20fiscal.pdf)  \n|  [ Jul ](/files/file/Library/0584_001.pdf) [ 2001\n](/files/file/Library/0584_001.pdf)  \n|  [ Jun 2011 ](/files/file/Library/0576_001.pdf)  \n|  [ May 2011 ](/files/file/Library/May%202011%20Fiscal%20Report.pdf)  \n|  [ Apr 2011 ](/files/file/Library/April%202011%20Fiscal%20Report.pdf)  \n|  [ Mar 2011 ](/files/file/Library/March%202011%20FA%20report.pdf)  \n|  [ Feb 2011 ](/files/file/Library/0073_001.pdf)  \n|  [ Jan 2011 ](/files/file/Library/Jan%20Fiscal%20Agent%20Report.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ December 2010 ](/files/file/Library/NJCEP%20PTG_Dec%202010.pdf)  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2010 Report ](/files/file/Library/BPURpt4Q10_NJCEP_FINAL_20110608.pdf)  \nHistorical ARRA Reports  \n|  [ 2010 Report ](/files/file/Library/BPURpt4Q10_ARRA_FINAL_20110607.pdf)  \nTreasury Fiscal Reports  \n|  [ Dec 2010 ](/files/file/Library/Dec%20Fiscal%20Report.pdf)  \n|  [ Nov 2010\n](/files/file/Library/November%202010%20NJCEP%20Fiscal%20Report.pdf)  \n|  [ Oct 2010\n](/files/file/Library/October%202010%20NJCEP%20Fiscal%20Report.pdf)  \n|  [ Sep 2010 ](/files/file/Library/Sept%202010%20CEP%20Fiscal%20Report.pdf)  \n|  [ Aug 2010 ](/files/file/Library/Aug%202010%20CEP%20Fiscal%20Report.pdf)  \n|  [ Jul 2010 ](/files/file/Library/NJCEP%20July%202010%20Fiscal%20Report.pdf)  \n|  [ Jun 2010 ](/files/file/Library/NJCEP%20June%202010%20Fiscal%20Report.pdf)  \n|  [ May 2010 ](/files/file/Library/May%202010%20NJCEP%20Fiscal%20Report.pdf)  \n|  [ Apr 2010\n](/files/file/Library/April%202010%20CEP%20Financial%20Report.pdf)  \n|  [ Mar 2010\n](/files/file/Library/March%202010%20CEP%20Financial%20Report.pdf)  \n|  [ Feb 2010 ](/files/file/Library/NJCEP%20Feb%202010%20Fiscal%20Report.pdf)  \n|  [ Jan 2010 ](/files/file/Library/NJCEP%20Jan%202010%20Fiscal%20Report.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ Nov 2009\n](/files/file/Library/NJCEP%20PTG%20Monthly%20Report%20-%20Novemeber_Update_2_17.pdf)  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2009 Report ](/files/file/Library/NJCEP%204Q%202009%20Report.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  [ Dec 2009 ](/files/file/Library/Dec%202009%20CEP%20Fiscal%20Report.pdf)  \n|  [ Nov 2009 ](/files/file/Library/Nov%202009%20CEP%20Fiscal%20Report.pdf)  \n|  [ Oct 2009 ](/files/file/Library/Oct%202009%20NJCEP%20Fiscal%20Report.pdf)  \n|  [ Sep 2009\n](/files/file/Library/Sept%202009%20NJCEP%20Financial%20Report.pdf)  \n|  [ Aug 2009\n](/files/file/Library/August%202009%20NJCEP%20Financial%20Report.pdf)  \n|  [ Jul 2009 ](/files/file/Library/July%202009%20NJCEP%20Report.pdf)  \n|  [ Jun 2009 ](/files/file/Library/June%202009%20NJCEP%20Expenses.pdf)  \n|  [ May 2009 ](/files/file/Library/May%202009%20NJCEP%20Expenses.pdf)  \n|  [ Apr 2009 ](/files/file/Library/April%202009%20CEP%20Fiscal%20Report.pdf)  \n|  [ Mar 2009 ](/files/file/Library/March%202009%20Monthly%20Report.pdf)  \n|  [ Feb 2009 ](/files/file/Library/February%202009%20Monthly%20Report.pdf)  \n|  [ Jan 2009\n](/files/file/Library/January%202009%20Clean%20Energy%20Program%20Report.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  [ Dec 2008\n](/files/file/Library/NJCEP%20Monthly%20Report%20-%20Dec\\(1\\).pdf)  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2008 Report ](/files/file/Library/NJCEP4Q08RPT.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  [ Dec 2008 ](/files/file/December%202008%20CEP%20Report.pdf)  \n|  [ Nov 2008 ](/files/file/Library/November%202008%20CEP%20Report.pdf)  \n|  [ Oct 2008 ](/files/file/Library/October%202008%20CEP%20Report.pdf)  \n|  [ Sept 2008\n](/files/file/Library/September%202008%20CEP%20Monthly%20Report.pdf)  \n|  [ Aug 2008 ](/files/file/Library/August%202008%20Fiscal%20Report.pdf)  \n|  [ Jul 2008 ](/files/file/July%20Cost%20Report.pdf)  \n|  [ Jun 2008 ](/files/file/June%20Cost%20Report.pdf)  \n|  [ May 2008 ](/files/file/May%202008%20Clean%20Energy%20Cost%20Report.pdf)  \n|  [ Apr 2008 ](/files/file/April%202008%20Fiscal%20Report.pdf)  \n|  [ Mar 2008 ](/files/file/March%202008%20Fiscal%20Report.pdf)  \n|  [ Feb 2008 ](/files/file/Feb%202008%20Fiscal%20Report.pdf)  \n|  [ Jan 2008 ](/files/file/jan%20report.pdf)  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2007 Report\n](/files/file/Library/BPURpt4Q07Master%20Rev%20081908%20Final.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2006 Report ](/files/file/BPURpt4Q06Final.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2005 Report ](/files/file/QuarterlyReport2005.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2004 Report ](/files/file/BPURpt4Q04_1.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2003 Report ](/files/file/QuarterlyReport2003.pdf)  \nHistorical ARRA Reports  \n|  N/A  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2002 Report ](/files/file/QuarterlyReport2002.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \nNJCEP Goals - Progress to Date  \n---  \n|  N/A  \nResults Reporting  \n|  [ 2001-2011 Program Results\n](/files/file/Library/2001-2011%20Program%20results\\(2\\).xls)  \nHistorical NJCEP Financial/Energy Savings Reports  \n|  [ 2001 Report ](/files/file/QuarterlyReport2001.pdf)  \nHistorical ARRA Reports  \n|  ARRA reports are available for 2010 and 2011 only.  \nTreasury Fiscal Reports  \n|  N/A  \n  \n###  Program Details\n\n  * [ Find a Program ](https://cepfindaprogram.com/)\n  * [ Clean Energy Learning Center ](https://njcelc.com/)\n  * [ Solar Customer FAQs ](https://www.njcleanenergy.com/renewable-energy/programs/susi-program/adi-program/FAQs)\n\n  \n\n###  Learning Center\n\n[ ](https://njcelc.com/)\n\n  \n\n###  Energy Master Plan\n\n[ ](http://nj.gov/emp)\n\n  \n\n###  Join Our Listserv\n\n[ 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                "url": "https://njcleanenergy.com/main/public-reports-and-library/financial-reports/clean-energy-program-financial-reports"
            },
            "reason": "This page provides access to financial reports for the New Jersey Clean Energy Program. It is a reliable source of information on the program's funding and performance.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page provides access to financial reports for the New Jersey Clean Energy Program.",
            "url": "https://njcleanenergy.com/main/public-reports-and-library/financial-reports/clean-energy-program-financial-reports"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "79cbf76d-cc22-448a-9956-73e42f22e5b3",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-efficiency-investment-fund/participating-contractors/"
                },
                "page_content": "  * [ ](/)\n  * Divisions \n    * [ Office of the Secretary ](/office-of-the-secretary/)\n    * [ Div. of Climate, Coastal and Energy ](/climate-coastal-energy/)\n    * [ Div. of Air Quality ](/air/)\n    * [ Div. of Water ](/water/)\n    * [ Div. of Waste and Hazardous Substances ](/waste-hazardous/)\n    * [ Div. of Fish and Wildlife ](/fish-wildlife/)\n    * [ Div. of Parks and Recreation ](/parks/)\n    * [ Div. of Watershed Stewardship ](/watershed-stewardship/)\n  * About DNREC \n    * [ DNREC Divisions ](https://dnrec.delaware.gov/divisions/)\n    * [ Earth Day 2025 ](https://dnrec.delaware.gov/earth-day/)\n    * [ Boards and Councils ](https://dnrec.delaware.gov/boards-councils-committees/)\n    * [ Vision and Mission ](https://dnrec.delaware.gov/mission/)\n    * [ Delaware Coastal Cleanup ](https://dnrec.delaware.gov/coastal-cleanup/)\n    * [ Environmental Justice at DNREC ](https://dnrec.delaware.gov/environmental-justice/)\n    * [ Civil Rights and DNREC ](https://dnrec.delaware.gov/environmental-justice/title-vi-dnrec/)\n    * [ Work for DNREC! ](https://dnrec.delaware.gov/work-here/)\n    * [ Internships with DNREC ](https://dnrec.delaware.gov/internships/)\n    * [ Environmental Finance ](https://dnrec.delaware.gov/environmental-finance/)\n    * [ Natural Resources Police ](https://dnrec.delaware.gov/natural-resources-police/)\n    * [ Topics of Interest ](https://dnrec.delaware.gov/topics-of-interest/)\n    * [ Open Data ](https://dnrec.delaware.gov/dnrec-open-data/)\n    * [ Online Apps ](https://dnrec.delaware.gov/online-applications/)\n    * [ E-Mail Lists ](https://dnrec.delaware.gov/dnrec-e-mail-lists/)\n    * [ Volunteer with Us ](https://dnrec.delaware.gov/volunteer-with-dnrec/)\n    * [ Coastal Zone Act ](/coastal-zone-act/)\n  * Admin. 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](https://dnrec.delaware.gov/climate-coastal-energy/contacts/)\n  * [ I Am a \u2026 __ ](.menuTwo)\n    * [ I Am a Business Owner ](https://dnrec.delaware.gov/climate-coastal-energy/business-owner/)\n    * [ I Am a Resident of Delaware ](https://dnrec.delaware.gov/climate-coastal-energy/resident/)\n    * [ I Am in Local Government ](https://dnrec.delaware.gov/climate-coastal-energy/local-government/)\n  * [ [ Climate Action Plan __ ](.menuFive) ](http://#)\n    * [ Delaware\u2019s Climate Action Plan ](https://dnrec.delaware.gov/climate-plan/)\n    * [ Climate Change Basics ](https://dnrec.delaware.gov/climate-plan/basics/)\n    * [ Delaware Emissions ](https://dnrec.delaware.gov/climate-plan/emissions/)\n    * [ Minimizing Emissions ](https://dnrec.delaware.gov/climate-plan/minimizing-emissions/)\n    * [ Delaware Impacts ](https://dnrec.delaware.gov/climate-plan/impacts/)\n    * [ Minimizing Impacts ](https://dnrec.delaware.gov/climate-plan/minimizing-impacts/)\n    * [ Actions You Can Take ](https://dnrec.delaware.gov/climate-plan/your-actions/)\n    * [ Workforce Development ](https://dnrec.delaware.gov/climate-coastal-energy/climate-and-sustainability/workforce-development/)\n  * [ State Energy Office __ ](.menuNine)\n    * [ DNREC State Energy Office ](https://dnrec.delaware.gov/climate-coastal-energy/energy-office/)\n    * [ Governor\u2019s Energy Advisory Council ](https://dnrec.delaware.gov/climate-coastal-energy/energy-office/advisory-council/)\n    * [ Delaware Energy Hub ](https://energyhub.delaware.gov)\n    * [ Energy Security and Emergency Planning ](https://dnrec.delaware.gov/climate-coastal-energy/energy-office/energy-secuity/)\n  * [ [ Renewable Energy __ ](.menuOne) ](http://#)\n    * [ Renewable Energy ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/)\n    * [ Renewable Energy Taskforce ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/renewable-energy-taskforce/)\n    * [ Green Energy Program ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/assistance/)\n    * [ Offshore Wind ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/offshore-wind/)\n    * [ Renewable Energy Portfolio Standards ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/portfolio-standards/)\n  * [ [ Energy Efficiency __ ](.menuSix) ](http://#)\n    * [ Energy Efficiency ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/)\n    * [ Delaware Energy Efficiency Advisory Council ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-efficiency-advisory-council/)\n    * [ Energy Efficiency Investment Fund ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-efficiency-investment-fund/)\n    * [ Cool Switch Low-Impact Refrigerant Program ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/cool-switch/)\n    * [ Building Energy Codes ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/building-energy-codes/)\n  * [ [ Transportation __ ](.menuThree) ](http://#)\n    * [ Clean Fuel and Transportation Initiatives ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/)\n    * [ The Delaware Clean Vehicle Rebate Program ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/vehicle-rebates/)\n    * [ Electric Vehicle Charging Equipment Rebates ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/ev-charging-equipment-rebates/)\n    * [ Workplace Charging ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/workplace-charging/)\n    * [ Alternative Fueling Stations ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/alternative-fuel-stations/)\n    * [ Delaware Clean Cities Coalition ](https://dnrec.delaware.gov/climate-coastal-energy/clean-transportation/delaware-clean-cities-coalition/)\n  * [ [ Communities __ ](.menuFour) ](http://#)\n    * [ Sustainable Communities ](https://dnrec.delaware.gov/climate-coastal-energy/sustainable-communities/)\n    * [ Sustainable Planning ](https://dnrec.delaware.gov/climate-coastal-energy/sustainable-communities/sustainable-planning/)\n    * [ Green Infrastructure Basics ](https://dnrec.delaware.gov/climate-coastal-energy/sustainable-communities/green-infrastructure/)\n    * [ Weatherization Assistance ](https://dnrec.delaware.gov/climate-coastal-energy/sustainable-communities/weatherization/)\n    * [ Low- to Moderate-Income Solar Pilot Program ](https://dnrec.delaware.gov/climate-coastal-energy/renewable/lmi-solar-pilot-program/)\n  * [ [ Coastal Programs __ ](.menuSeven) ](http://#)\n    * [ Coastal Management Program ](https://dnrec.delaware.gov/coastal-programs/coastal-management/)\n    * [ Delaware National Estuarine Research Reserve ](https://dnrec.delaware.gov/coastal-programs/research-reserve/)\n    * [ Science and Monitoring ](https://dnrec.delaware.gov/coastal-programs/coastal-science/)\n    * [ Conservation and Stewardship ](https://dnrec.delaware.gov/coastal-programs/conservation-stewardship/)\n    * [ Planning and Training ](https://dnrec.delaware.gov/coastal-programs/planning-training/)\n    * [ Education and Outreach ](https://dnrec.delaware.gov/coastal-programs/education-outreach/)\n  * [ Coastal Zone Act __ ](.menuEight)\n    * [ Coastal Zone Act Program ](https://dnrec.delaware.gov/coastal-zone-act/)\n    * [ Coastal Zone Map ](https://dnrec.maps.arcgis.com/apps/webappviewer/index.html?id=2bed4349f5594e13bcb215dab5dc7290)\n    * [ Application Materials ](https://dnrec.delaware.gov/coastal-zone-act/application-materials/)\n    * [ Coastal Zone Industrial Control Board ](https://dnrec.delaware.gov/coastal-zone-act/industrial-control-board/)\n    * [ History of the Act ](https://dnrec.delaware.gov/coastal-zone-act/history/)\n\nThis page lists contractors who are available and qualified to develop and\ncomplete projects funded under the [ Delaware Energy Efficiency Investment\nFund ](https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-\nefficiency-investment-fund/) (EEIF).\n\n**[ Participating Contractor Webinar ](https://youtu.be/kUeH4kYpdpk) **  \nThe EEIF program held, and recorded, a webinar for participating contractors.  \n\nTo be considered as a participating contractor, firms must [ complete an\napplication ](https://documents.dnrec.delaware.gov/energy/eeif/EEIF-\nContractor-Application.pdf) listing their areas of expertise and documenting\ntheir Delaware and professional licensing and insurance. Applications must be\nsubmitted to [ DCCE.EnergyRebates@NV5.com ](mailto:DCCE.EnergyRebates@NV5.com)\nfor approval.\n\nThe listings below include the services offered by each participating\ncontractor, the areas of the state they serve and any designation they hold as\na small business or a minority-owned, woman-owned or veteran-owned business\nfrom the Delaware Office of Supplier Diversity.\n\nCompany  |  Contact  |  Region(s) Served  |  Designation   \n---|---|---|---  \n[ 1st Green Home ](https://www.1stgreenhome.com/home)  \n(Lighting, Energy Assessments)  |  James Park, President   \n[ info@1stgreenhome.com ](mailto:info@1stgreenhome.com)  \n443-216-9169  |  Statewide  |  Small Business, Minority Owned   \n[ Air Doctorx Inc ](https://www.airdoctorx.com)  \n(HVAC, Other)  |  Mark Sabean, Owner   \n[ mark@airdoctorx.com ](mailto:mark@airdoctorx.com)  \n302-492-1333  |  Statewide  |  Small Business   \n[ Ameresco ](https://www.ameresco.com)  \n(Lighting, HVAC, Energy Assessments, Retrofit/Tune-up, CHP)  |  Shelley Cohen   \n[ scohen@ameresco.com ](mailto:scohen@ameresco.com)  \n202-650-6251  |  Statewide  |  N/A   \n[ American Energy Corporation ](https://www.aec.us)  \n(Energy Assessments, Lighting, HVAC, Refrigeration)  |  Matthew Stewart, CEO   \n[ matt.stewart@aec.us ](mailto:matt.stewart@aec.us)  \n443-309-3105  |  New Castle County  |  N/A   \n[ Atlantic Refrigeration ](https://www.atlanticrefrigeration.com)  \n(HVAC, Food Service, Refrigeration)  |  Jamie Nickerson   \n[ jamie@atlanticrefrigeration.com ](mailto:jamie@atlanticrefrigeration.com)  \n302-856-9300  |  Sussex County, Southern Kent County  |  Small Business   \n[ ATR Electrical Services ](https://www.ATRelectricDE.com)  \n(Lighting)  |  Tammy Mellen   \n[ tammy@ATRelectricDE.com ](mailto:tammy@ATRelectricDE.com)  \n302-378-3708  |  Statewide  |  Small Business   \n[ Bausum & Duckett Electric ](https://bdelec.net)  \n(Lighting, Energy Assessments)  |  John Dorsey, Owner   \n[ johnd@bdelec.net ](mailto:johnd@bdelec.net)  \n443-497-4277  |  Kent County, Sussex County  |  Small Business   \n[ CoolSys Energy Solutions ](https://coolsys.com)  \n(Energy Assessments, Lighting, HVAC, Food Service, Refrigeration)  |  Lisa Ann Rosenstock   \n[ larosenstock@coolsys.com ](mailto:larosenstock@coolsys.com)  \n480-255-4477  |  Statewide  |  N/A   \n[ Denney Electric Supply \u2013 North ](https://www.denneyelectricsupply.com)  \n(Lighting)  |  Meghan Schwalm   \n[ mschwalm@denneyelectricsupply.com\n](mailto:mschwalm@denneyelectricsupply.com)  \n215-588-6339  |  New Castle County  |  N/A   \n[ Denney Electric Supply \u2013 South ](https://www.denneyelectric.net)  \n(Lighting)  |  Rod Gowen   \n[ rgowen@denneyelectric.net ](mailto:rgowen@denneyelectric.net)  \n302-934-8885  |  Kent County, Sussex County  |  Small Business   \n[ Diamond Electric ](https://diamondstateengineering.com)  \n(Lighting, HVAC, Food Service, Energy Assessments, Retrocommissioning / Tune-Ups, CHP, Other)  |  Thomas J. Hartley   \n[ thartley@diamondelectric.org ](mailto:thartley@diamondelectric.org)  \n302-697-3296  |  Statewide  |  Small Business   \n[ Diamond Mechanical ](https://diamondmechanical.net)  \n(Lighting, HVAC, Refrigeration, Energy Assessments, Retrocommissioning / Tune-Ups, CHP, Other)  |  Gary Fowler   \n[ gfowler@diamondmechanical.net ](mailto:gfowler@diamondmechanical.net)  \n302-697-7694  |  Statewide  |  N/A   \n[ Envirotemp LLC ](https://envirotemp.net)  \n(HVAC)  |  Mike Hindt, President   \n[ office@envirotemp.net ](mailto:office@envirotemp.net)  \n302-653-4073  |  Statewide  |  Small Business   \n[ Evolution ](https://evolutionsg.com)  \n(HVAC)  |  Robert Holdsworth, VP Engineering   \n[ rholdsworth@evolutionsg.com ](mailto:rholdsworth@evolutionsg.com)  \n877-280-4655  |  Statewide  |  Small Business   \n[ Fletcher Plumbing, Heating, & AC ](https://fletcherplumbingheatcool.com)  \n(HVAC, Plumbing)  |  Brian Fletcher, Owner   \n[ fletchershvac@yahoo.com ](mailto:fletchershvac@yahoo.com)  \n302-653-6277  |  Statewide  |  Small Business   \n[ HBS Energy Solution Inc. ](https://hbsenergysolution.com/)  \n(Lighting)  |  Shin Kim, President   \n[ hbsenergysolution@gmail.com ](mailto:hbsenergysolution@gmail.com)  \n443-864-5193  |  Statewide  |  Small Business, Minority Owned   \n[ Hentkowski, Inc. ](https://hentkowski.com)  \n(HVAC)  |  John Hentkowski, Jr, Sales   \n[ jj@hentkowski.com ](mailto:jj@hentkowski.com)  \n302-998-2257  |  New Castle County, Northern Kent County  |  Small Business   \n[ Hyett Refrigeration, Inc. ](https://www.hyettrefrigeration.com)  \n(HVAC, Refrigeration)  |  Ernie Hyett, President   \n[ info@hyettrefrigeration.com ](mailto:info@hyettrefrigeration.com)  \n302-684-4600  |  Sussex County  |  Small Business   \n[ Industrial Energy Services, Inc. (IES) ](https://iesnational.com)  \n(Lighting)  |  Sam Strickland, VP Sales   \n[ sstrickland@iesnational.com ](mailto:sstrickland@iesnational.com) |  Statewide  |  Small Business   \n[ LOWatts ](https://lowatts.com)  \n(Lighting)  |  Larry Savage   \n[ Info@lowatts.com ](mailto:Info@lowatts.com)  \n215-559-9191  |  Statewide  |  Small Business, Minority Owned   \n[ Masten Electric ](https://www.facebook.com/Mastenelectricinc)  \n(Lighting)  |  William Masten, Sonya Arrowood   \n[ office@mastenelectric.net ](mailto:office@mastenelectric.net)  \n302-653-4300  |  Statewide  |  Small Business   \n[ Modern Controls ](https://www.moderncontrols.com)  \n(HVAC, Refrigeration, Retrocommissioning/Building Tune-Ups)  |  Corey Ferguson   \n[ cferguson@moderncontrols.com ](mailto:cferguson@moderncontrols.com)  \n302-584-5146  |  Statewide  |  N/A   \n[ McIntyre Electric ](https://www.mcintyreselectric.com)  \n(Lighting, Refrigeration)  |  John McIntyre   \n[ mcelectric@comcast.net ](mailto:mcelectric@comcast.net)  \n410-546-1810  |  Sussex County  |  Small Business   \n[ National HVAC Services ](https://www.national-hvac.com)  \n(Lighting, HVAC, Refrigeration, Energy Assessment, Retrocommissioning/Building Tune-up, CHP, Energy Monitoring)  |  Jesse Hunter   \n[ jhunter@nationalhvacservice.com ](mailto:jhunter@nationalhvacservice.com)  \n302-629-9400  |  Statewide  |  N/A   \n[ Odle & Sons LLC ](https://odleandsons.com)  \n(Lighting, Electrical Enhancements)  |  Matt Odle   \n[ matt@odleandsons.com ](mailto:matt@odleandsons.com)  \n302-437-5509  |  New Castle County  |  Small Business   \n[ Pennoni ](https://www.pennoni.com)  \n(Energy Assesments, Retrocommisioning/Building Tune-ups, Property Condition Assessments, Engineering Design)  |  Liz McCormick   \n[ lmccormick@pennoni.com ](mailto:lmccormick@pennoni.com)  \n215-516-7194  |  Statewide  |  N/A   \n[ Pink Electrical Services ](https://www.pinkelectrical.com)  \n(Lighting, HVAC)  |  Joe Collison, Owner   \n[ kathy@pinkelectrical.com ](mailto:kathy@pinkelectrical.com)  \n302-363-0438  |  Statewide  |  Small Business   \n[ Seiberlich Trane ](https://www.seiberlich.com)  \n(Lighting, HVAC, Refrigeration, Energy Assessments, Retrocommissioning / Tune-Ups, CHP, Other)  |  Rob Seiberlich, President   \n[ contact@seiberlich.com ](mailto:contact@seiberlich.com)  \n302-395-0200  |  Statewide  |  Small Business   \n[ Spectrum Energy ](https://spectrumenergyllc.com)  \n(Lighting, HVAC, Refrigeration, Energy Assessments, Other)  |  Chet Knaup   \n[ info@spectrumenergyllc.com ](mailto:info@spectrumenergyllc.com)  \n443-832-4373  |  Statewide  |  N/A   \n[ Superior Electric ](https://www.superiorelectric.biz/)  \n(Lighting, Retrocommisioning/Bldg Tune-Ups)  |  Jamie Biscoe, Sr Project Manager   \n[ jamie@SuperiorElectric.biz ](mailto:jamie@SuperiorElectric.biz)  \n302-658-5949  |  Statewide  |  Small Business   \n[ ZeroDraft ](https://zerodraftmd.com)  \n(Energy Assessments, Lighting)  |  Kurt Pfund, Principal   \n[ info@zerodraftmd.com ](mailto:info@zerodraftmd.com)  \n410-321-5936  |  New Castle County  |  Small Business   \n  \nRelated Topics:  [ climate ](https://dnrec.delaware.gov/tag/climate/) , [\ncontractors ](https://dnrec.delaware.gov/tag/contractors/) , [ eeif\n](https://dnrec.delaware.gov/tag/eeif/) , [ efficiency\n](https://dnrec.delaware.gov/tag/efficiency/) , [ energy\n](https://dnrec.delaware.gov/tag/energy/) , [ funding\n](https://dnrec.delaware.gov/tag/funding/) , [ grants\n](https://dnrec.delaware.gov/tag/grants/)\n\n  \n\n  \n\n  \n\n[ ](/)  \n\n  * [ Office of the Secretary ](https://dnrec.delaware.gov/office-of-the-secretary/)\n  * [ Division of Air Quality ](https://dnrec.delaware.gov/air/)\n  * [ Division of Waste and Hazardous Substances ](https://dnrec.delaware.gov/waste-hazardous/)\n\n  * [ Division of Water ](/water/)\n  * [ Division of Climate, Coastal and Energy ](https://dnrec.delaware.gov/climate-coastal-energy/)\n  * [ Division of Fish and Wildlife ](https://dnrec.delaware.gov/fish-wildlife/)\n\n  * [ Division of Parks and Recreation ](/parks/)\n  * [ Division of Watershed Stewardship ](/watershed-stewardship/)\n\n  \n\n* * *\n\n[ __ ](https://www.facebook.com/DelawareDNREC/) [ __\n](https://www.instagram.com/delawarednrec/) [ __\n](https://www.youtube.com/user/DelawareDNREC) [ __\n](https://www.linkedin.com/company/delawarednrec) [ __\n](https://twitter.com/DelawareDNREC)\n\n  * [ DNREC Newsroom ](https://dnrec.delaware.gov/newsroom/)\n  * [ Public Meetings ](https://dnrec.delaware.gov/public-meeting-calendars/)\n  * [ Public Notices ](https://dnrec.delaware.gov/dnrec-public-notices/)\n  * [ DNREC Regulations ](https://dnrec.delaware.gov/dnrec-regulations/)\n\n  * [ Environmental Justice ](https://dnrec.delaware.gov/environmental-justice/)\n  * [ Non-Discrimination Notice ](https://dnrec.delaware.gov/environmental-justice/title-vi-dnrec/)\n  * [ DNREC Open Data ](https://dnrec.delaware.gov/dnrec-open-data/)\n  * [ FOIA Requests ](https://dnrec.delaware.gov/foia/)\n\n  * [ DNREC Divisions ](https://dnrec.delaware.gov/divisions/)\n  * [ About DNREC ](https://dnrec.delaware.gov/mission/)\n  * [ Work for DNREC! ](https://dnrec.delaware.gov/work-here/)\n  * [ Contact Us ](https://dnrec.delaware.gov/contacts/)\n\n\\+\n\n#  Delaware's Government\n\n* * *\n\n[ Delaware's Governor ](http://governor.delaware.gov)  \n[ State Agencies ](http://delaware.gov/topics/agencylist_alpha)  \n[ Elected Officials ](http://delaware.gov/topics/yourgovernment)  \n[ General Assembly ](http://legis.delaware.gov/)  \n[ Delaware Courts ](http://courts.delaware.gov/)  \n[ State Employees ](https://dhr.delaware.gov/personnel/employee-\nresources.shtml)  \n[ Cities & Towns ](http://delaware.gov/topics/municipalities)  \n[ Delaware State Code ](http://delcode.delaware.gov/)  \n[ State Regulations ](http://regulations.delaware.gov/)  \n[ Business First Steps ](http://firststeps.delaware.gov/)\n\n[ Phone Directory ](http://delaware.gov/phonedirectory/)  \n[ Locations Directory ](http://delaware.gov/locationsdirectory/)  \n[ Public Meetings ](https://publicmeetings.delaware.gov/)  \n[ Voting & Elections ](http://elections.delaware.gov)  \n[ Transparency ](http://delaware.gov/topics/transparency)  \n[ Health Insurance ](http://www.choosehealthde.com/)  \n[ Tax Center ](http://delaware.gov/topics/TaxCenter)  \n[ Personal Income Tax ](http://revenue.delaware.gov/pit_onlinefiling.shtml)  \n[ Privacy Policy ](http://delaware.gov/help/privacy)  \n[ Weather & Travel ](http://delaware.gov/topics/weatherpage)\n\n[ Contact Us ](http://delaware.gov/help/degov-contact.shtml)  \n[ Corporations ](http://corp.delaware.gov/)  \n[ Franchise Tax ](http://corp.delaware.gov/paytaxes.shtml)  \n[ Gross Receipts Tax ](https://grossreceiptstax.delaware.gov/grtpublic/)  \n[ Withholding Tax\n](https://dorweb.revenue.delaware.gov/EDIOnline/EDIOnline.dll)  \n[ Delaware Topics ](http://delaware.gov/topics/)  \n[ Help Center ](http://delaware.gov/help/)  \n[ Mobile Apps ](http://delaware.gov/topics/apps)  \n[ E-mail / Text Alerts ](http://delaware.gov/topics/subscribeemail)  \n[ Social Media ](https://delaware.gov/topics/socialmedia)\n\n* * *\n\n[ __ ](https://www.facebook.com/delaware.gov)\n\n[ __ ](https://twitter.com/delaware_gov/)\n\n[ __ ](http://www.flickr.com/groups/delaware_gov/)\n\n[ __ ](https://www.youtube.com/user/DelawareGovernment)\n\n[ __ ](https://www.instagram.com/delaware_gov/)\n\n  \n\nMake Text Size Smaler  __ Reset Text Size  __ Make Text Size Bigger  __\n\n  \n  \n\nBuilt by the [ Government Information Center ](http://gic.delaware.gov)  \n\u00a9MMXXV [ Delaware.gov ](http://delaware.gov)\n\n\\-\n\n",
                "url": "https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-efficiency-investment-fund/participating-contractors/"
            },
            "reason": "This page lists participating contractors in Delaware's Energy Efficiency Investment Fund. It is a reliable source of information for residents looking for qualified contractors for energy efficiency projects.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page lists participating contractors in Delaware's Energy Efficiency Investment Fund.",
            "url": "https://dnrec.delaware.gov/climate-coastal-energy/efficiency/energy-efficiency-investment-fund/participating-contractors/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "99a7e47e-2114-48d6-906f-c4e0a9c72308",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.energy.gov/lpo/portfolio-projects"
                },
                "page_content": "Skip to main content\n\n**Official websites use .gov**  \nA **.gov** website belongs to an official government organization in the\nUnited States.\n\n**Secure .gov websites use HTTPS**  \nA **lock** (  ) or **https://** means you\u2019ve safely connected to the .gov\nwebsite. Share sensitive information only on official, secure websites.\n\n#  PORTFOLIO PROJECTS\n\n_** NOTE: Loan Amounts on this page represent the approximate amount of the\napproved loan at closing (or, for active conditional commitments, at time of\nconditional commitment announcement), including principal and any capitalized\ninterest. For conditional commitments, loan amounts are subject to the\napplicant reaching critical milestones and subject to the completion of\ncertain technical, legal, and financial conditions that must be satisfied\nbefore DOE enters into definitive financing documents and funds the loan. Note\nthat in making an obligation of use of loan authority, DOE does not include\ncapitalized interest in those amounts. For fully repaid loans, information is\nup-to-date as of the date of loan repayment. DOE ceases monitoring projects\nupon full repayment._\n\n**INACTIVE CONDITIONAL COMMITMENTS**\n\nThe following projects were made inactive after the Department of Energy\noffered a conditional commitment for a loan or loan guarantee:\n\n  * Alcoa \n  * American Battery Solutions \n  * Cape Wind \n  * Eagle Rock \n  * Lake Charles Methanol \n\n**DISCONTINUED PROJECTS**\n\nThe following discontinued projects received proceeds of a loan or a loan\nguarantee from the Department of Energy, but are considered discontinued by\nLPO for one of several reasons, including (among others) termination of the\nloan or loan guarantee, borrower bankruptcy protection filing, or sale (or\nanticipated sale) of the guaranteed note. Projects considered discontinued by\nLPO are not included in our reports regarding MWs produced, greenhouse gases\navoided, annual gasoline displaced, or jobs created.\n\n  * Abound Solar \n  * Alamosa \n  * Crescent Dunes \n  * Fisker \n  * Solyndra \n  * Stephentown Spindle \n  * VPG \n\n**PROJECTS THAT CLOSED ON LOANS BUT RECEIVED NO DISBURSEMENT**\n\nThe following projects closed on a loan or loan guarantee from the Department\nof Energy, but never received proceeds from a loan or loan guarantee.\n\n  * 1366 Technologies, Inc. \n  * AES Energy Storage Westover, LLC \n  * POET Project Liberty, LLC \n  * ProSun Project Company, LLC (Project AMP) \n  * SoloPower, Inc. \n\nFollow Us\n\n[ __ Link to Facebook  ](https://www.facebook.com/energy) [ __ Link to\nInstagram  ](https://www.instagram.com/energy) [ __ Link to Linkedin\n](https://www.linkedin.com/company/u-s--department-of-energy) [ __ Link to\nYoutube  ](https://www.youtube.com/user/USdepartmentofenergy) [ __ Link to X\n](https://twitter.com/energy) [ __ Link to Flickr\n](https://www.flickr.com/photos/departmentofenergy/)\n\nSubscribe To Our Newsletter\n\n",
                "url": "https://www.energy.gov/lpo/portfolio-projects"
            },
            "reason": "This page from the U.S. Department of Energy provides information on loan program office portfolio projects. It is a reliable source of information on government-funded energy projects.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page from the U.S. Department of Energy provides information on loan program office portfolio projects.",
            "url": "https://www.energy.gov/lpo/portfolio-projects"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "74eaf3b0-7fc3-44c1-a027-e000a5acb5d3",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.nyc.gov/site/buildings/property-or-business-owner/energy-grades.page"
                },
                "page_content": "[ ](http://www1.nyc.gov) Buildings  [ 311 ](/311/index.page) [ Search all\nNYC.gov websites ](/home/search/index.page)\n\nMenu\n\n[ ](/site/buildings/index.page)\n\n[ Text-Size ](http://www1.nyc.gov/home/text-size.page)\n\nSearch\n\n[ Working on Your Project ](/site/buildings/property-or-business-\nowner/working-on-your-project.page) [ Resolving Issues\n](/site/buildings/property-or-business-owner/resolving-issues.page) [ Info for\nProperty Owners ](/site/buildings/property-or-business-owner/info-for-\nproperty-owners.page) [ Info for Business Owners ](/site/buildings/property-\nor-business-owner/info-for-business-owners.page)\n\n  * [ Maintaining Your Property ](/site/buildings/property-or-business-owner/property-maintenance.page)\n  * [ TPP Info for Owners ](/site/buildings/property-or-business-owner/tpp-info-for-owners.page)\n  * [ NYC Loft Board for Owners ](/site/buildings/property-or-business-owner/nyc-loft-board-for-owners.page)\n  * [ Energy Grades ](/site/buildings/property-or-business-owner/energy-grades.page)\n\nShare\n\nPrint\n\n#  Energy Grades\n\n[ Local Law 33 of 2018 ](/assets/buildings/local_laws/ll33of2018.pdf) amended\nthe Administrative Code of the City of New York in relation to energy\nefficiency scores and grades for buildings required to benchmark their energy\nand water consumption. These energy efficiency scores and grades for these\nbuildings are assigned and disclosed in accordance with the new section\n\u00a728-309.12 annually, based on benchmarking reporting consistent with Federal\nenergy efficiency standards.\n\nAn energy efficiency score is the Energy Star Rating that a building earns\nusing the United States Environmental Protection Agency online benchmarking\ntool, Energy Star Portfolio Manager, to compare building energy performance to\nsimilar buildings in similar climates. As per [ Local Law 95 of 2019\n](/assets/buildings/local_laws/ll95of2019.pdf) grades based on Energy Star\nenergy efficiency scores will be assigned as follows:\n\n**A** \u2013 score is equal to or greater than 85\n\n**B** \u2013 score is equal to or greater than 70 but less than 85\n\n**C** \u2013 score is equal to or greater than 55 but less than 70\n\n**D** \u2013 score is less than 55\n\n**F** \u2013 for buildings that didn\u2019t submit required benchmarking information\n\n**N** \u2013 for buildings exempted from benchmarking or not covered by the Energy\nStar program.\n\nThe energy label includes both a letter grade and the energy efficiency score\nof the building. Please reference the following document for more information\n[ Local Law 33 as amended by LL95 of 2019 Steps to Compliance\n](/assets/buildings/pdf/ll33_compliance_steps.pdf) .\n\n##  Additional Information\n\n  * For more details and to start the benchmarking process, please reference the [ Local Law 33 as amended by LL95 of 2019 Steps to Compliance ](/assets/buildings/pdf/ll33_compliance_steps.pdf) , [ LL33 - Frequently Asked Questions ](/assets/buildings/pdf/ll33_faqs.pdf) , and visit the [ Compliance Instructions ](/site/buildings/codes/compliance-instructions.page) page. \n\n  * The status of a violation can be found online by using the Department\u2019s [ Building Information System (BIS) ](http://a810-bisweb.nyc.gov/bisweb/bispi00.jsp) at any time. To follow up by email, please send inquiries to **sustainability@buildings.nyc.gov** with the BBL, BIN, address and violation number for the building. \n\n  * If you believe a violation was issued in error, you may submit a [ Benchmarking Violation Challenge Form ](/assets/buildings/pdf/benchmarking_challenge_form.pdf) . This form **must** be sent to the Department within 30 days of the violation postmark. Email the form to **sustainability@buildings.nyc.gov** . \n\n  * To follow up on a challenge, please call the email **sustainability@buildings.nyc.gov** . \n\n##  Additional Resources\n\n  * [ NYC Mayor's Office of Sustainability ](https://climate.cityofnewyork.us/)\n\n  * [ Energy Star Portfolio Manager ](https://portfoliomanager.energystar.gov/pm/login.html)\n\n  * [ DOF Benchmarking Website ](http://www1.nyc.gov/site/finance/taxes/property-reports/nyc-energy-benchmarking-report.page)\n\n[ Directory of City Agencies ](/nyc-resources/agencies.page) [ Contact NYC\nGovernment ](/home/contact-us.page) [ City Employees\n](https://a127-ess.nyc.gov) [ Notify NYC\n](https://a858-nycnotify.nyc.gov/notifynyc/) [ CityStore\n](https://a856-citystore.nyc.gov/) [ Stay Connected ](/connect/social-\nmedia.page) [ NYC Mobile Apps ](/connect/mobile-applications.page) [ Maps\n](/nyc-resources/nyc-maps.page) [ Resident Toolkit ](/nyc-resources/resident-\ntoolkit.page)\n\nNYC\n\nCity of New York. 2025 All Rights Reserved,\n\nNYC is a trademark and service mark of the City of New York\n\n[ Privacy Policy. ](/home/privacy-policy.page \"Privacy Ploicy \") [ Terms of\nUse. ](/home/terms-of-use.page \"Terms of Use\") [ ](https://www.nyc.gov/nyc-\nresources/website-accessibility-statement.page)\n\n",
                "url": "https://www.nyc.gov/site/buildings/property-or-business-owner/energy-grades.page"
            },
            "reason": "This page from the New York City Department of Buildings provides information on energy grades for buildings. It is a reliable source of information on energy efficiency regulations in New York City.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page from the New York City Department of Buildings provides information on energy grades for buildings.",
            "url": "https://www.nyc.gov/site/buildings/property-or-business-owner/energy-grades.page"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "0c8e3890-d5cc-4e9e-ae25-3739d2e09930",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.efficiencymaine.com/at-home/water-heating-solutions/heat-pump-water-heaters/"
                },
                "page_content": "  * [ 866-376-2463 ](tel:8663762463)\n  * [ Contact ](/about/contact/)\n  * [ ](https://www.facebook.com/EfficiencyMaine/)\n  * Search \n\n[ ](https://www.efficiencymaine.com/ \"Efficiency Maine\") Search  Menu\n\n  * [ At Home ](https://www.efficiencymaine.com/at-home/)\n    * Solutions \n      * [ Appliances ](https://www.efficiencymaine.com/appliance-solutions/)\n      * [ Batteries ](https://www.efficiencymaine.com/batteries/)\n      * [ Electric Vehicles ](https://www.efficiencymaine.com/electric-vehicles/)\n      * [ Heating and Cooling ](https://www.efficiencymaine.com/heating-solutions/)\n      * [ Insulation ](https://www.efficiencymaine.com/home-insulation/)\n      * [ Lighting ](https://www.efficiencymaine.com/at-home/lighting-solutions/)\n      * [ Renewables ](https://www.efficiencymaine.com/renewable-energy/)\n      * [ Water Heating ](https://www.efficiencymaine.com/at-home/water-heating-solutions/)\n    * [ Incentives ](/)\n      * [ 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They\u2019re popular\nbecause they produce lots of hot water, help dehumidify, and can save more\nthan $500 per year in electricity.*\n\n[ PAY AS LITTLE AS $399 ](/at-home/heat-pump-water-heater-program/)\n\nHeat pump water heaters work like air conditioners, but rather than moving\nheat from the room to the outdoors, they move heat from the room into the\nwater tank.\n\nHeat pump water heaters are sometimes called \u201chybrids\u201d because in addition to\na heat pump, they have traditional electric resistance heating elements for\ntimes when demand exceeds what the heat pump can produce.\n\n##  Financial Example\n\n|  Traditional Electric  \nWater Heater  |  Heat Pump   \nWater Heater  |  Savings   \n---|---|---|---  \nWarranty  |  6 years  |  10 years  |   \nCapacity  |  40 gallons  |  50 gallons  |   \nRetail Price  |  $434  |  $1,399  |   \nInstant Discount  |  n/a  |  -$950  |   \nCost Before Tax Credit  |  $434  |  $449  |   \nFederal Tax Credit (30%)  |  $0  |  -$135  |   \nFinal Purchase Cost  |  $434  |  $314  |  $120   \nAnnual Electricity Cost ($/year)*  |  $792  |  $214  |  $578   \n  \n##  Benefits\n\n  1. They produce lots of hot water. \n  2. They can save more than $5,000 over the life of the unit compared to traditional electric water heaters.* \n  3. They typically have 10+ year warranties. \n  4. They help dehumidify. \n\n* Compared to a traditional electric water heater as shown on [ Efficiency Maine\u2019s Compare Water Heating Costs ](/at-home/water-heating-cost-comparison/) calculator as of 1/30/2025. Your cost and savings may vary. \n\n##  Take Action\n\n  * If your electric water heater is more than ten years old, replace it now while incentives are available. Don\u2019t wait for it to break. \n  * Install a heat pump water heater yourself or use our online tool to find a [ participating installer ](/at-home/vendor-locator/) . \n\n##  Things to Consider\n\n  1. Because of their noise and cooling effect, heat pump water heaters are better suited to basements than living spaces. \n  2. They complement, but do not replace, dehumidifiers because they operate based on hot water demand not humidity levels. \n  3. Condensate from the heat pump water heater must be drained, usually to a sink, drain, sump pump pit, etc. \n  4. For optimum efficiency, install units in 10\u2019 x 10\u2019 or larger rooms with temperatures above 35\u00b0F. \n  5. Recommended clearances from walls and ceilings should be followed to ensure adequate air circulation and access. \n  6. Insulate the first few feet of incoming and outgoing pipe to minimize heat loss. \n  7. Air filters should be rinsed regularly. \n\n####  Water Heating\n\n  * [ About Heat Pump Water Heaters ](https://www.efficiencymaine.com/at-home/water-heating-solutions/heat-pump-water-heaters/)\n  * [ Incentives ](https://www.efficiencymaine.com/at-home/heat-pump-water-heater-program/)\n  * [ Savings Calculator ](https://www.efficiencymaine.com/at-home/water-heating-cost-comparison/)\n  * [ Find an Installer ](https://www.efficiencymaine.com/at-home/vendor-locator/)\n  * [ Best Prices in Maine ](https://www.efficiencymaine.com/docs/EM-HPWH-Instant-Rebate-Locations.pdf)\n  * [ $950 Mail-In Rebate Claim Form ](https://www.efficiencymaine.com/docs/HPWH_Rebate.pdf#page=2)\n  * [ User Tips ](https://www.efficiencymaine.com/docs/EM_HPWH_User_Tips.pdf)\n  * [ Frequently Asked Questions ](https://www.efficiencymaine.com/docs/Heat_Pump_Water_Heater_FAQs_Brochure.pdf)\n  * [ Guide to Water Heating ](https://www.efficiencymaine.com/docs/EM-Guide-to-Water-Heating.pdf#2)\n  * [ Plumber Testimonials ](https://www.efficiencymaine.com/docs/EM-HPWH-Plumber-Testimonials.pdf)\n\n####  Learn More\n\n  * [ At Home ](https://www.efficiencymaine.com/at-home/)\n  * [ At Work ](https://www.efficiencymaine.com/at-work/)\n  * [ Resources ](https://www.efficiencymaine.com/energyinformation/resources-for-homeowners/)\n\n####  Efficiency Maine\n\n  * [ Sitemap ](https://www.efficiencymaine.com/sitemap/)\n  * [ Privacy Policy ](https://www.efficiencymaine.com/efficiency-maine-trust-privacy-policy/)\n  * [ Careers ](https://www.efficiencymaine.com/careers/)\n  * [ About ](https://www.efficiencymaine.com/about/)\n\n####  Connect\n\n  * [ 866-376-2463 ](tel:8663762463)\n  * [ INFO@EFFICIENCYMAINE.COM ](mailto:info@efficiencymaine.com)\n  * [ MAILING ADDRESS ](https://www.efficiencymaine.com/about/contact/)\n\n####  SUBSCRIBE TO EFFICIENCY MAINE EMAILS\n\nClick to choose which notifications to receive via email.\n\n[ Subscribe ](/about/newsletter-signup/)\n\n\u00a92025 EFFICIENCY MAINE\n\n",
                "url": "https://www.efficiencymaine.com/at-home/water-heating-solutions/heat-pump-water-heaters/"
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            "reason": "This page from Efficiency Maine provides information on heat pump water heaters. It is a reliable source of information on energy-efficient water heating solutions.",
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            "search_query": "company 'N/A' energy efficiency",
            "summary": "This page from Efficiency Maine provides information on heat pump water heaters.",
            "url": "https://www.efficiencymaine.com/at-home/water-heating-solutions/heat-pump-water-heaters/"
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                    "source": "https://dart.deloitte.com/USDART/home/publications/deloitte/heads-up/2024/csrd-esrs-double-materiality-assessment"
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                "page_content": "[ Home ](../../../../../)\n\n[ Publications ](/USDART/home/publications)\n\n[ Other Publications ](/USDART/home/publications/deloitte)\n\n[ Heads Up Newsletter ](/USDART/home/publications/deloitte/heads-up)\n\n[ 2024 ](/USDART/home/publications/deloitte/heads-up/2024)\n\n[ Unpacking the Double Materiality Assessment Under the E.U. Corporate\nSustainability Reporting Directive (June 27, 2024)\n](/USDART/home/publications/deloitte/heads-up/2024/csrd-esrs-double-\nmateriality-assessment)\n\n[ Previous Section ](/USDART/home/publications/deloitte/heads-up/2024/fasb-\ndisaggregation-of-income-statement-expenses-dise) [ Next Section\n](/USDART/home/publications/deloitte/heads-up/2024/aicpa-draft-accounting-\nvaluation-guide)\n\n...\n\n[ 2024  ](/USDART/home/publications/deloitte/heads-up/2024)\n\n#  Unpacking the Double Materiality Assessment Under the E.U. Corporate\nSustainability Reporting Directive (June 27, 2024)\n\nHeads Up | Volume 31, Issue 12 \n\nJune 27, 2024\n\n[ View the PDF\n](/USDART/object/e872bb9d-6030-435a-93ce-b79d04a42efc/resource/2_692966.pdf)\n\nOn July 31, 2023, the European Commission adopted a delegated regulation on\nthe [ European Sustainability Reporting Standards ](https://eur-\nlex.europa.eu/legal-content/EN/TXT/?uri=OJ:L_202302772) (ESRS or \u201cthe\nstandards\u201d), which detail the requirements for companies within the scope of\nthe [ E.U. Corporate Sustainability Reporting Directive (EU) 2022/2464\n](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022L2464)\n(CSRD or \u201cthe directive\u201d).  1\n\nThe CSRD and ESRS introduce a \u201cdouble materiality\u201d concept that consists of\nimpact materiality and financial materiality; assessing double materiality is\na critical step in entities\u2019 determination of the disclosures required for\nsustainability reporting. To assess materiality under the CSRD, entities\nidentify information about material impacts, risks, and opportunities (IROs)\nrelated to their business activities and relevant sustainability matters. This\npublication discusses possible approaches to performing a double materiality\nassessment under the CSRD and various factors that entities may want to\nconsider.  2  For further information, see Deloitte\u2019s August 17, 2023 (updated\nFebruary 23, 2024), [ Heads Up  ](/USDART/home/publications/deloitte/heads-\nup/2023/csrd-corporate-sustainability-reporting-directive-faqs) on the\napplication of the CSRD to companies based in the United States.\n\nThe CSRD explains that entities should disclose information that is material\nfrom either an impact perspective or a financial perspective, or from both\nperspectives. The directive establishes the \u201cdouble materiality\u201d terminology\nto describe this concept, and the ESRS expand and clarify the approach and\nrequired disclosures.\n\nSustainability matters that are material from an impact or financial\nperspective, or both, have associated material IROs. [ ESRS 1 ](https://eur-\nlex.europa.eu/legal-content/EN/TXT/HTML/?uri=OJ:L_202302772#d1e169-1-1)\ndescribes these terms as follows:\n\n  * Impacts  \u2014 \u201c[P]ositive and negative sustainability-related impacts that are connected with the undertaking\u2019s business, as identified through an  impact materiality  assessment\u201d (paragraph 14(a)). \n  * Risks and opportunities  \u2014 An \u201cundertaking\u2019s sustainability-related financial risks and opportunities, including those deriving from dependencies on natural, human and social resources, as identified through a  financial materiality  assessment\u201d (paragraph 14(b)). \n\nThere are four general steps that an entity may consider when developing its\ndouble materiality assessment process and related internal controls. While the\nESRS include certain elements that are required within the double materiality\nassessment, the guidance does not prescribe exactly how the assessment should\nbe conducted. Therefore, judgment is required to design a process that (1) is\nin compliance with the standards and (2) reflects the entity\u2019s specific facts\nand circumstances. Furthermore, an entity should consider how its double\nmateriality assessment process may be affected by both the [ IG 1: Materiality\nAssessment Implementation Guidance\n](https://www.efrag.org/Assets/Download?assetUrl=/sites/webpublishing/SiteAssets/IG+1+Materiality+Assessment_final.pdf)\nand forthcoming implementation guidance related to the ESRS.  3\n\nAn entity may consider the following steps in its double materiality\nassessment process:\n\n  * Step 1  \u2014 Identify business activities, including those in the value chain.  4 \n  * Step 2  \u2014 Identify IROs. \n  * Step 3  \u2014 Determine which IROs are material. \n  * Step 4  \u2014 Conclude and prepare documentation. \n\nAn entity may find it helpful to first identify the nature and extent of its\nbusiness activities and operations, including those in its value chain,\nrelated to sustainability matters. The scope of this analysis should align\nwith the ESRS reporting level at which the entity has determined it should\nreport (e.g., subsidiary level or parent company level). To capture all of an\nentity\u2019s activities that may be related to a sustainability topic (including\nactivities of the entity\u2019s value chain partners), the entity may consider the\nfollowing factors:\n\n  * Information included on the entity\u2019s Web site or other external materials. \n  * The entity\u2019s legal and regulatory environment. \n  * Media reports and publications about the entity and its industry. \n  * Peer reports and sector-specific benchmarks. \n  * Publications on sustainability trends and scientific findings. \n\nBy using the information gathered, the entity can identify its own business\nactivities \u2014 including upstream and downstream value chain activities and the\nrelated dependencies, resources, business relationships, geographical\nfootprint, and affected stakeholders.\n\nUpon completion of step 1, entities should have an inventory of all activities\nto be included in the double materiality assessment.\n\nThe process of identifying IROs may be challenging, and it is likely to\ninvolve activities such as those discussed below.\n\nSoliciting balanced and meaningful feedback from both internal and external\nstakeholders is a critical part of the double materiality assessment. While\nengagement with affected stakeholders or their representatives is central to\nthe process of identifying IROs, the method of engagement can vary with\nrespect to both the timing and manner of engagement. For instance, an entity\nmay obtain information from external stakeholders before assessing double\nmateriality to guide its identification of IROs or it may obtain information\nafter the assessment to corroborate the results, or both. With regard to the\nmanner of engagement, the entity may obtain feedback in different ways,\nincluding through proxy conversations, surveys, or interviews.\n\nWhile included in step 2 for illustrative purposes, engagement with affected\nstakeholders should not be a one-time activity but rather a part of an\nentity\u2019s ongoing due diligence process.\n\nESRS 1, AR  5  16, provides a list of sustainability matters that may be\nrelevant in the context of an entity\u2019s business activities and value chain.\nHowever, while the list of topics in AR 16 provides the starting point for\nthis analysis, sector-specific and entity-specific matters must also be\nconsidered. Additional considerations that may inform this part of the process\ncould include (1) matters reported by the entity\u2019s peers or competitors, (2)\nmatters raised by financial analysts, (3) relevant regulations or sector\nstandards (e.g., Sustainability Accounting Standards Board [SASB], Global\nReporting Initiative [GRI]), (4) matters that are prevalent in the industry,\n(5) previously or voluntarily reported information, or (6) other matters\nidentified in the entity\u2019s ongoing due diligence process.\n\nExample 1\n\nEntity Z is a distributor of furniture and uses its fleet of diesel-engine\ntrucks to deliver inventory to retailers. In addition to assessing the list of\nmatters in ESRS 1, AR 16, Z determines whether there are any sector-specific\nor entity-specific matters that are not included in the list. As one example,\nZ evaluates the regulations that it is subject to and identifies vehicle\nmaintenance standards and driving standards as potentially relevant matters\nbecause they are related to the well-being of both the employee drivers and\nother drivers on the roadways.\n\nNote that the discussion in this example is for illustrative purposes only and\ntherefore is limited to specific items and does not contemplate all\npotentially relevant matters.\n\nOnce an entity has identified all (1) the \u201ctopics, sub-topics and sub-sub-\ntopics (collectively \u2018  sustainability matters  \u2019)\u201d from the list in ESRS 1,\nAR 16, and (2) the sector-specific and entity-specific sustainability matters\nthat it believes  could  be relevant as described in the previous section, it\ndetermines which of those matters  are  relevant and refines the list to\ninclude only such matters. To do so, the entity may consider the following\nquestions about each sustainability matter:\n\n  * Is the matter regulated, or is disclosure of the matter required by a regulatory body? \n  * Is disclosure of the matter required by relevant industry SASB standards or GRI sector standards? \n  * Was the matter identified in a previous double materiality assessment? \n  * Has the matter been identified in any research conducted (by ESG analysts, peers, etc.)? \n  * Is the matter related to the entity\u2019s (1) business activities or relationships or (2) value chain dependencies or resources, or is it in the financial, regulatory, geopolitical, or regulatory environments in which the entity operates? \n\nNote that an entity is required to consider the list of sustainability matters\nin ESRS 1, AR 16, as well as sector-specific and entity-specific matters, and\nto then identify the material IROs. We expect that, in practice, this will be\nan iterative process. Therefore, in step 2, an entity may identify the\nsustainability matters that are relevant to its business and value chain and\nmay later determine whether the specific sustainability matter is material on\nthe basis of the materiality determination of the associated IROs identified\n(see [ step 3 ](/USDART/home/publications/deloitte/heads-up/2024/csrd-esrs-\ndouble-materiality-assessment#SL903858300-692954) ). In addition, an entity\nmay identify IROs that prompt it to revisit its preliminary conclusions\nregarding the relevance of particular sustainability matters.\n\nExample 2\n\nEntity Z assesses the \"topics,\" \u201csub-topics,\u201d and \u201csub-sub-topics\u201d listed in\nESRS 1, AR 16, as well as sector-specific and entity-specific matters, and\nnarrows down the list to include only relevant matters. As part of that\ndetermination, Z considers that its fleet of vehicles has diesel engines that\nemit pollutants into the air and concludes that these emissions are an\ninherent consequence of its core business. Entity Z notes that other\ndistributors in similar industries provide air pollution metrics and,\ntherefore, believes that its stakeholders and sustainability statement users\nwould expect it to provide the same type of information. Therefore, Z\ndetermines that the subtopic \u201cPollution of air\u201d is relevant.\n\nIn addition, the subtopic \u201dPollution of water\u201d may also be relevant since\ntrucking can cause water pollution via runoff from roadways (i.e., if rain\nwashes harmful pollutants into bodies of water). While Z does not transport\ntoxic chemicals that could pollute the roadways, its trucking activities can\ncause other types of pollutants (oil, grease, fluid leakage), and therefore Z\ndetermines that \u201dPollution of water\u201d is a relevant subtopic.\n\nAs part of this step, Z also eliminates matters that are clearly  not\nrelevant. For example, Z determines that the subtopic \u201cCommunities\u2019 civil and\npolitical rights\u201d in ESRS 1, AR 16, is not relevant because its business is\nnot associated with or involved in any community\u2018s \u201cfreedom of expression\u201d or\n\u201cfreedom of assembly,\u201d nor does it have any \u201cimpact on human rights\ndefenders.\u201d\n\nNote that the discussion in this example is for illustrative purposes only and\ntherefore is limited to specific items and does not contemplate all\npotentially relevant matters.\n\nAfter identifying the relevant sustainability matters, an entity should\nanalyze such matters to determine the associated IROs. Input from\nstakeholders, qualitative information, and information from other sources\nshould be evaluated. An entity may seek to identify all sustainability IROs\nfirst and then refine the list to include only material IROs in a later step\n(see [ step 3 ](/USDART/home/publications/deloitte/heads-up/2024/csrd-esrs-\ndouble-materiality-assessment#SL903858300-692954) ).\n\nESRS 1, Section 3.4, describes impacts as \u201cactual or potential, positive or\nnegative  impacts  on people or the environment.\u201d The specific impacts\nassociated with each sustainability matter are disaggregated and defined in\nthis step. For example, if an entity identifies \u201csubstances of concern\u201d as a\nrelevant subtopic (see ESRS 1, AR 16), it would then identify each individual\nsubstance of concern and obtain information about each instance, such as the\nlocation, the associated business activity, the quantity produced or procured,\nand the environmental impact.\n\nIn terms of financial risks and opportunities, ESRS 1, paragraph 49, notes\nthat a \u201csustainability matter is material from a financial perspective if it\ntriggers or could reasonably be expected to trigger material  financial\neffects  on the undertaking.\u201d Specifically, a matter may be material from a\nfinancial perspective if it materially affects or is expected to materially\naffect an \u201cundertaking\u2019s development, financial position, financial\nperformance, cash flows, access to finance or cost of capital.\u201d An entity\nshould consider events and circumstances that may give rise to a financial\neffect, either currently or in the future.\n\nESRS 1, paragraph 38, states that \u201c  [i]mpact materiality  and  financial\nmateriality  assessments are inter-related\u201d and requires an entity to consider\nthe \u201cinterdependencies between these two dimensions.\u201d Thus, in addition to\nidentifying sustainability matters that generate a financial risk or\nopportunity directly, the entity must also consider whether its sustainability\nimpacts have an indirect financial effect. As stated in paragraph 91 of\nEFRAG\u2019s  IG 1: Materiality Assessment Implementation Guidance  , \u201dmost impacts\ngive rise to financial risks and opportunities.\u201d\n\nAn entity may consider the following factors when identifying risks and\nopportunities related to each sustainability impact:\n\n  * Whether there are expected operational changes. \n  * Its ability to meet strategic goals. \n  * Its ability to adhere to regulations. \n  * The reputational effects of its environmental or social impacts. \n  * Decreased operating expenses resulting from investments in energy-efficient technologies. \n  * Increased capital expenditures associated with facility upgrades or modifications. \n  * New access to capital with more favorable terms and lower interest rates. \n  * Modifications made to assets because of changing weather patterns such as increased flood risks. \n  * Accelerated decommissioning of assets as a result of commitments or loss of financial viability. \n  * Incurrence of costs associated with stranded assets and associated redundancies. \n  * Increased training costs to upskill workforce for new products or services. \n  * A reduction in revenues linked to certain products or services. \n  * Increased insurance premiums or legal liabilities as a result of noncompliance with regulations, settlements, fines, or legal fees. \n\nExample 3\n\nEntity Z considers all the impacts associated with air pollution that could\nresult from its trucking activities and compiles a list specifying (1) each\ntype of gas pollutant associated with each vehicle type in its fleet and (2)\nthe nature of the environmental or social harm, or both, that each pollutant\nmay cause (i.e., impacts). Entity Z also identifies sources of financial\nrisks; it (1) determines which of the jurisdictions in which it operates\nimposes fines for exceeding emissions limits and (2) considers that\nreputational damage related to its pollutant emissions could result in a shift\nin consumer demand for furniture delivered by trucks with diesel engines\n(financial risks).\n\nSimilarly, Z takes inventory of all its IROs related to water pollution.\n\nNote that the discussion in this example is for illustrative purposes only and\ndoes not provide an exhaustive list of matters and IROs. In addition to the\ntopical standard \u201cPollution\u201d in ESRS E2, air pollution related to greenhouse\ngases is also covered in the ESRS E1 topical standard \u201cClimate change,\u201d which\nZ evaluates separately.\n\nUpon completion of step 2, entities should have identified the IROs that need\nto be assessed for materiality.\n\nIn this step, an entity assesses the materiality of each IRO identified in\nstep 2. To do so, the entity may choose to use stakeholder input, qualitative\ninformation, and information from its ongoing due diligence to develop IRO\nscoring criteria. IRO scoring is an approach that management may use to assign\nstandardized ratings to each IRO for each of the prescribed criteria on the\nbasis of the specific characteristics of each IRO. Although an entity will\nneed to apply judgment when developing the scoring criteria, it is also\nrequired to apply the appropriate thresholds under ESRS 1. A leading practice\nis to ensure consistent scoring of IROs, which in turn provides a sound\nfoundation for the entity\u2019s internal control framework. Furthermore, a\nsystematic and consistently applied rating approach supports consistent\nexecution of the steps, conclusions, and related documentation needed to\nprepare for obtaining assurance for both compliance and the double materiality\nassessment process.\n\nThe indicators and thresholds used in a materiality assessment under ESRS 1\nmay consist of quantitative information, qualitative information, or both. The\ntable below shows the criteria that ESRS 1 prescribes, depending on the type\nof IRO.\n\n6\n\nESRS 1, paragraph 45, specifies that \u201c[i]n the case of a potential negative\nhuman rights impact, the severity of the impact takes precedence over its\nlikelihood.\u201d\n\nAs indicated in ESRS 1, AR 10, the \u201cseverity\u201d of an IRO depends on its\n\u201cscale,\u201d \u201cscope,\u201d and \u201cirremediable character.\u201d ESRS 1, AR 11, states that\n\u201c[a]ny of the three characteristics . . . can make a negative impact severe.\u201d\nWhen evaluating each IRO, an entity may want to consider factors such as the\nfollowing, as shown in the table above:\n\n  * Scale  \u2014 How intense the negative or positive impacts are or potentially would be for people or the environment (e.g., substantial, major, moderate, minimal). \n  * Scope  \u2014 How widespread or broad the negative or positive impacts are or potentially would be (e.g., high, moderate, low).  7 \n  * Irremediable character  \u2014 How difficult it would be to remediate or reverse any actual damage (e.g., impossible, challenging, moderately difficult, easy). \n  * Likelihood  \u2014 How probable it is that the potential impact will occur or that the risk or opportunity will materialize (e.g., almost certain, likely, possible, unlikely). \n  * Magnitude  \u2014 How significant the financial effect would be if this risk or opportunity were to materialize (e.g., above or below the threshold). \n\nThe scoring of each criterion should be aggregated on the basis of the\napproach and thresholds determined by the entity.\n\nExample 4\n\nEntity Z assesses each of the impacts and risks identified in step 2 in\naccordance with the relevant criteria outlined above and considers the\ninformation gathered about each IRO, including input and feedback from\nstakeholders. In its analysis, Z determines that the potential impacts of air\npollutants are material on the basis of the nature of the harm (scale), the\nquantity emitted (scope), and the irremediable character of the damage. Entity\nZ also aggregates the potential regulatory fines from all jurisdictions. While\nit assesses the likelihood of being subject to fines as moderate (likely), Z\ndetermines that the magnitude of such fines would be low (below the\nthreshold); therefore, it concludes that the total financial risk related to\nfines is not material to users of the general-purpose financial statements and\ndoes not need to be disclosed. However, Z determines that there are material\nfinancial risks related to reduced consumer demand resulting from potential\nreputational damage associated with the air pollution.\n\nIn addition, Z assesses the severity and likelihood of the impacts related to\nwater pollution caused by its trucking activities. Since Z does not transport\nchemicals, the only sources of pollutants are minor leaks from the trucks\u2019\nengines, which are mitigated by regular inspection and maintenance to help\nprevent the leakage of harmful chemicals. Entity Z concludes that both the\nscale and likelihood of the IROs associated with water pollution are low\n(minimal and unlikely, respectively) in the short, medium, and long-term. On\nthe basis of its materiality assessment, Z determines that IROs related to\nwater pollution are not material.\n\nNote that the discussion in this example is for illustrative purposes only and\ndoes not contemplate all IROs or factors that would be considered in the\nscoring of the IROs.\n\nAssurance Note\n\nTo facilitate compliance with ESRS 2 IRO-1 and IRO-2 and for assurance\npurposes, entities should maintain documentation of management\u2019s decisions and\noutcomes for each IRO as part of their detailed documentation of the\nmateriality assessment. For example, entities should describe how thresholds\nwere determined and where management used judgment in applying the thresholds.\n\nUpon completion of step 3, entities should have identified the IROs that are\nmaterial.\n\nAfter an entity has evaluated each IRO and reached a preliminarily conclusion\nabout whether it is material in relation to the thresholds defined by\nmanagement, the entity may want to reengage external stakeholders to\ncorroborate the double materiality assessment and gather additional\nstakeholder feedback.\n\nTo prepare its sustainability disclosures, an entity may find it helpful to\nmap material IROs to related ESRS disclosure requirements and data points\nwithin the relevant topical standard to determine the information to be\ndisclosed. If industry- and entity-specific IROs are determined to be\nmaterial, entity-specific disclosures  8  must be provided to enable users to\nunderstand IROs.\n\nAssurance Note\n\nFAQ 12 of EFRAG\u2019s  IG 1: Materiality Assessment Implementation Guidance  notes\nthat \u201cit is reasonable to expect a certain level of documentation to be needed\nfor internal purposes\u201d and to \u201chelp assurance providers to perform their\nwork.\u201d Entities should consider and anticipate the information that assurance\nproviders will need to render assurance reports. In addition, information\nabout the double materiality assessment process, including management\u2019s use of\nthresholds, is required to be disclosed in accordance with ESRS 2 IRO-1 and\nIRO-2. Therefore, a key step in obtaining assurance over an entity\u2019s CSRD\ncompliance is to capture management\u2019s judgments and conclusions in writing\nthroughout the double materiality process. The documentation should also\nprovide evidence of the entity\u2019s ongoing due diligence activities to ensure\nthat all material IROs that exist during the reporting period are identified,\neven if not reflected in the initial assessment. Entities should maintain\nrecords of management\u2019s decisions and outcomes for each IRO as part of their\ndetailed documentation of the materiality assessment. For example, entities\nshould describe how thresholds were determined and applied.\n\nAt the end of this step, the entity will have a completed double materiality\nassessment that identifies all material IROs and records the documentation of\nthe double materiality assessment process.\n\nEntities with reporting obligations under ESRS may also have reporting\nobligations with the SEC. In March 2024, the SEC issued a [ final rule\n](https://www.sec.gov/files/rules/final/2024/33-11275.pdf) 9  regarding\nclimate matters that has been stayed pending judicial review. While it is\nuncertain whether the rule will be issued as written, modified, or not issued\nat all, entities should prepare to comply with the new rule as well as with\nexisting SEC rules regarding MD&A, legal proceedings, and risk factors (which\nmay capture other material sustainability matters beyond climate). As a\nresult, SEC registrants may need to include disclosures about material\nsustainability matters. In doing so, registrants must apply the definition of\n\u201cmaterial\u201d established in U.S. Supreme Court rulings, which states that \u201ca\nmatter is material if there is a substantial likelihood that a reasonable\ninvestor would consider it important when determining whether to buy or sell\nsecurities or how to vote or such a reasonable investor would view omission of\nthe disclosure as having significantly altered the total mix of information\nmade available.\u201d\n\nWhile the guidance on financial materiality in ESRS and in the SEC\u2019s\ndefinition of materiality are different, many of the underlying concepts are\ngenerally similar and, in many cases, overlapping. However, the double\nmateriality approach under ESRS further requires companies to disclose matters\nthat may be material from an impact perspective. For example, if a U.S.\nmultinational registrant provides a consolidated sustainability report in\naccordance with ESRS at the enterprise level to satisfy the requirements of\nits E.U. subsidiaries in the scope of the CSRD, the reporting entity for both\nthe CSRD/ESRS report and its SEC filing will be the same. In such a case, the\nmore prescriptive requirements for identifying material matters under ESRS may\nlead a registrant to reassess the matters to be disclosed for SEC reporting\npurposes, except for matters that are only deemed to be material from an\nimpact perspective. We believe, however, that matters that are preliminarily\ndetermined to only be material from an impact perspective under ESRS could\npotentially lead to financial risks that may have a material impact on a\nregistrant\u2019s future operations, such as through legal liabilities or\nreputational harm.\n\nBecause of the number of ESG topics covered by ESRS and the related ESRS\ndisclosure requirements and datapoints, we believe that U.S. companies may\nevaluate the population of sustainability matters in their double materiality\nassessment at a more granular level than has previously been applied in\npractice. In addition, as a result of the ongoing sustainability due diligence\nprocess required by the ESRS, which informs the materiality assessment\nprocess, registrants may identify more activities that may be considered for\nSEC disclosure purposes than are currently addressed as sustainability matters\nin SEC registrants\u2019 disclosures. Companies should further implement the\nappropriate processes and controls for collecting sufficient information to\nconduct a thorough materiality assessment and document both quantitative and\nqualitative considerations. Such matters may include (1) their conclusions\nregarding which matters must be disclosed under each regulation and (2) their\nrationale and support for any differences in the matters disclosed under\ndifferent regulations (e.g., matters may be material for disclosure in\nCSRD/ESRS reports but not for disclosure in SEC reports).\n\nOn May 2, 2024, EFRAG and the International Sustainability Standards Board\n(ISSB) jointly published [ interoperability guidance\n](https://www.ifrs.org/content/dam/ifrs/supporting-implementation/issb-\nstandards/esrs-issb-standards-interoperability-guidance.pdf) . According to\nthe press release, the guidance is intended to \u201creduce complexity,\nfragmentation and duplication for companies applying both the ISSB Standards\nand ESRS.\u201d The guidance states:\n\nThe financial materiality assessment in ESRS 1 corresponds to the\nidentification of information that is material for primary users of general\npurpose financial reports in making decisions relating to providing resources\nto the entity (see paragraph 48 of ESRS 1 and paragraph 18 of IFRS S1). The\ndefinition of information that is considered material for users of general\npurpose financial reports is therefore aligned between the two sets of\nstandards.\n\nThis alignment means that in assessing whether a particular disclosure is\nconsidered material in applying ISSB Standards, that assessment is aligned\nwith the assessment of whether that disclosure is financially material in\naccordance with ESRS, and conversely.\n\nAlthough EFRAG and the ISSB noted that their guidance is aligned in terms of\nfinancial materiality, the double materiality approach under ESRS requires\ncompanies to disclose additional matters that may be material from an impact\nperspective. In addition, ESRS require companies to evaluate sustainability\nmatters that are incremental to those currently covered in IFRS S1 and S2.\nLastly, the interoperability guidance must be considered in conjunction with\nthe ESRS and ISSB standards, and entities will need to comply with all the\nrequirements of both standards to claim they are reporting in accordance with\neither one.\n\n|  Eric Knachel  Audit & Assurance  Partner  Deloitte & Touche LLP  +1 203 761 3625  [ eknachel@deloitte.com ](mailto:eknachel@deloitte.com) |  |  Doug Rand  Audit & Assurance  Managing Director  Deloitte & Touche LLP  +1 202 220 2754  [ dorand@deloitte.com ](mailto:dorand@deloitte.com)  \n---|---|---|---  \n|  Sara Raquel Macferran  Audit & Assurance  Senior Manager  Deloitte & Touche LLP  +1 813 769 6174  [ smacferran@deloitte.com ](mailto:smacferran@deloitte.com) |  |  Ragan Powell  Audit & Assurance  Senior Manager  Deloitte & Touche LLP  +1 469 417 2356  [ rpowell@deloitte.com ](mailto:rpowell@deloitte.com)  \n  \n1\n\n\u201cDirective (EU) 2022/2464 of the European Parliament and of the Council.\u201d\n\n2\n\nFor additional considerations, see the European Financial Reporting Advisory\nGroup (EFRAG) publication [ IG 1: Materiality Assessment Implementation\nGuidance\n](https://www.efrag.org/Assets/Download?assetUrl=/sites/webpublishing/SiteAssets/IG+1+Materiality+Assessment_final.pdf)\n, which discusses one possible approach to performing the double materiality\nassessment and includes examples of IROs arising from sustainability matters.\n\n3\n\nSee the Web sites of [ EFRAG ](https://www.efrag.org/) and the [ European\nCommission ](https://commission.europa.eu/index_en) for information on the\nadditional guidance that is expected to be released.\n\n4\n\nESRS Annex II defines value chain, in part, as \u201cthe full range of activities,\nresources and relationships related to the undertaking\u2019s business model and\nthe external environment in which it operates.\u201d For further information, see\nthe EFRAG publication [ IG 2: Value Chain Implementation Guidance\n](https://www.efrag.org/Assets/Download?assetUrl=/sites/webpublishing/SiteAssets/EFRAG+IG+2+Value+Chain_final.pdf)\n.\n\n5\n\n\u201cAR\u201d refers to the \u201cApplication Requirements\u201d section in ESRS 1, Appendix A.\n\n6\n\nESRS 1, paragraph 45, specifies that \u201c[i]n the case of a potential negative\nhuman rights impact, the severity of the impact takes precedence over its\nlikelihood.\u201d\n\n7\n\nAs noted in ESRS 1, AR 10, \u201d[i]n the case of environmental impacts, the scope\nmay be understood as the extent of environmental damage or a geographical\nperimeter. In the case of impacts on people, the scope may be understood as\nthe number of people adversely affected.\u201d\n\n8\n\nSee ESRS 1, AR 1 through AR 5, for information about the application\nrequirements for entity-specific disclosures.\n\n9\n\nSEC Final Rule Release No. 33-11275,  The Enhancement and Standardization of\nClimate-Related Disclosures for Investors  .\n\nHeads Up  is prepared by members of Deloitte's National Office as developments\nwarrant. This publication contains general information only and Deloitte is\nnot, by means of this publication, rendering accounting, business, financial,\ninvestment, legal, tax, or other professional advice or services. This\npublication is not a substitute for such professional advice or services, nor\nshould it be used as a basis for any decision or action that may affect your\nbusiness. Before making any decision or taking any action that may affect your\nbusiness, you should consult a qualified professional advisor. Deloitte shall\nnot be responsible for any loss sustained by any person who relies on this\npublication.\n\nThe services described herein are illustrative in nature and are intended to\ndemonstrate our experience and capabilities in these areas; however, due to\nindependence restrictions that may apply to audit clients (including\naffiliates) of Deloitte & Touche LLP, we may be unable to provide certain\nservices based on individual facts and circumstances.\n\nDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK\nprivate company limited by guarantee (\u201cDTTL\u201d), its network of member firms,\nand their related entities. DTTL and each of its member firms are legally\nseparate and independent entities. DTTL (also referred to as \u201cDeloitte\nGlobal\u201d) does not provide services to clients. In the United States, Deloitte\nrefers to one or more of the US member firms of DTTL, their related entities\nthat operate using the \u201cDeloitte\u201d name in the United States and their\nrespective affiliates. Certain services may not be available to attest clients\nunder the rules and regulations of public accounting. Please see [\nwww.deloitte.com/us/about ](https://www2.deloitte.com/us/en/pages/about-\ndeloitte/articles/about-deloitte.html) to learn more about our global network\nof member firms. Copyright \u00a9 2025 Deloitte Development LLC. 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                "page_content": "#  SASB: The industry specific, financially material, and decision-useful\nstandards for ESG reporting\n\nBy [ InspIR Group ](https://inspirgroup.com/en/author/inspiradmin/ \"Posts by InspIR Group\") 06/16/2021  [ Insights: Investor Relations Best Practices & More ](https://inspirgroup.com/en/insights/) , [ Perspectives | Investor Relations Strategy & More ](https://inspirgroup.com/en/articles/)\n\n  * [ __ No Comments ](https://inspirgroup.com/en/sasb-the-industry-specific-financially-material-and-decision-useful-standards-for-esg-reporting/#respond)\n  * __ 0 \n  * __ 0 \n\n__ __ __\n\n###  **SASB: The industry specific, financially material, and decision-useful\nstandards for ESG reporting**\n\nAs vaccines are rolled out and hopes of fully emerging from the global\npandemic brighten, the impact of what we went through is bringing about\npermanent change to the way business is conducted. The new US President and\nSEC leadership he appointed have already made their voices heard. While\nCovid-19 put the \u201cS\u201d front and center last year, climate risk is at the top of\nthe political and regulatory agenda in 2021. At the same time, companies and\ntheir investors are looking beyond net-zero declarations and communicating the\npaths they\u2019ll take to achieve climate related targets and the milestones by\nwhich their progress can be measured.\n\nFor investors and other capital market participants, the lack of reliable and\ncomparable data from public companies prevent meaningful evaluation of ESG\nrisks and opportunities.\n\nThe 2020 [ E&Y CCaSS survey ](https://www.ey.com/en_gl/news/2020/07/esg-\ndisclosures-take-center-stage-as-investors-raise-stakes-to-assess-company-\nperformance#:~:text=The%20number%20of%20investors%20that,%25%20from%2020%25%20in%202018.)\nwe referenced in Part II of this series showed that 46% of investors \u2013 for\nwhom \u201cnonfinancial performance has played a pivotal role in their investment\ndecision-making\u201d \u2013 view the disconnect between ESG reporting and mainstream\nfinancial information as their top challenge. Another 37% said a lack of\nmateriality in disclosures was the key problem. In other words, most investors\nneed more ESG information that\u2019s both financially material and disclosed in a\ndecision-useful way. With the mission to bridge the gap between ESG and\nfinancial information, the Sustainability Accounting Standards Board (SASB)\nwas established.\n\nIn this, the third and final part of our ESG series about SASB, we provide a\nbrief overview of the organization\u2019s reporting standards, the research process\nit uses to develop them, and provide real-world examples of how SASB Standards\nare implemented by public companies in their periodic reporting.\n\n_Note: the recent merger of SASB and IIRC to form the Value Reporting\nFoundation does not impact how a practitioner views or applies the SASB\nStandards._\n\n**What do SASB Standards consist of?**\n\nSASB Standards were launched in late 2018, and in only a few years have\nreceived the endorsement of 226 institutional investors representing $72\ntrillion in AUM. Among them, Larry Fink, chair and CEO of BlackRock, the\nworld\u2019s largest institutional investor, has been a prominent and outspoken\nproponent of integrating ESG factors into investment decisions. Corporate\nadoption of the standards has been equally impressive, with 778 unique\nreporters globally, including 253 unique reporters in the first four months of\n2021.\n\nEvery SASB Standard contains the following:\n\n  * _Disclosure topics_ \u2013 the industry-specific topics most likely to constitute information that is material to a reporting company\u2019s operating results and financial condition, and a brief description of how management, or mismanagement, of each topic can affect value creation. \n  * _Accounting metrics_ \u2013 A set of accounting metrics to measure ESG performance in relation to each disclosure topic as well as discussion and analysis of this performance in a way that\u2019s similar to information found in the MD&A of quarterly or annual reports filed with the SEC. \n  * _Technical protocols_ \u2013 Each accounting metric is accompanied by a technical protocol that provides guidance on definitions, scope, implementation, compilation, and presentation, all of which are intended to constitute suitable criteria for third-party assurance of the ESG information reported. \n  * _Activity metrics_ \u2013 A set of metrics that quantify the scale of a company\u2019s business and intended for use in conjunction with accounting metrics to normalize ESG data and facilitate comparisons between companies. \n\n_Examples of ESG disclosure topics and accounting metrics under SASB_\n\nFigure 1: An environmental topic and related metrics in the SASB Standard\napplicable to the Software and IT Services industry\n\nTOPIC  |  ACCOUNTING METRIC  |  CATEGORY  |  UNIT OF MEASURE  |  CODE   \n---|---|---|---|---  \nEnvironmental Footprint of Hardware Infrastructure  |  (1) Total energy consumed, (2) percentage grid electricity, (3) percentage renewable  |  Quantitative  |  Gigajoules (GJ), Percentage (%)  |  TC-SI-130a.1   \n(1) Total water withdrawn, (2) total water consumed, percentage of each in regions with High or Extremely High Baseline Water Stress  |  Quantitative  |  Thousand cubic meters (m3), Percentage (%)  |  TC-SI-130a.2   \nDiscussion of the integration of environmental considerations into strategic planning for data center needs  |  Discussion and Analysis  |  n/a  |  TC-SI-130a.3   \n  \nFigure 2: Part of the implementation-friendly technical protocol accompanying\nanother material disclosure topic, Diversity & Inclusion, for the Software &\nIT Services industry\n\n|  FEMALE  |  MALE  |  N/A*   \n---|---|---|---  \nManagement  |  |  |   \nTechnical Staff  |  |  |   \nAll Other Employees  |  |  |   \n|  ASIAN  |  BLACK OR AFRICAN AMERICAN  |  HISPANIC OR LATINO  |  WHITE  |  OTHER ^  |  N/A*   \n---|---|---|---|---|---|---  \nManagement  |  |  |  |  |  |   \nTechnical Staff  |  |  |  |  |  |   \nAll Other Employees  |  |  |  |  |  |   \n  \n######  ^ Other includes the classifications: Native American or Alaska\nNative, Native Hawaiian or Pacific Islander, and \u201cTwo or More Races\u201d  \n* N/A = not available or not disclosed \n\nSeparately, SASB also provides:\n\n  * Supporting rationale for all aspects of a reporting standard, a history of any changes and revisions to the standard, and; \n  * Application guidance that lists: \n    * Conditions that must be followed for disclosures to conform with standards applicable to an industry; \n    * Protocols to deal with any omissions of, or modifications to, a topic or metric in the standard, and; \n    * Directions for reporting governance, internal controls, and assurance. \n\n_A note on SICS, SASB\u2019s industry classification system_\n\nIndustry classification systems typically use sources of revenue as the basis\nfor classifying companies as operating within certain sectors. In order to\nappropriately group companies in accordance with their industry\u2019s specific\nsustainability-related risks and opportunities, including factors such as\nresource intensity, SASB created the [ Sustainable Industry Classification\nSystem (SICS) ](https://sasb.org/find-your-industry/) . However, some\ncompanies, such as conglomerates, may want to look at SASB Standards beyond\ntheir primary industry classification, if they believe significant\nsustainability risks and opportunities lie outside it.\n\n**How SASB arrives at reporting standards**\n\nFigure 3: SASB\u2019s process to set reporting standards\n\nThe three-step process that SASB employs to identity ESG topics that are\nfinancially material to an industry, and therefore useful to decisions made by\ninvestors and other stakeholders, is instructive.\n\n_Surfacing Issues:_ SASB staff members scour the universe of public\ninformation sources, including relevant reporting, industry publications, and\nnotices of legal action, for potential ESG topics that fall under five\nSustainability Dimensions: (1) the environment; (2) human capital; (3) social\ncapital; (4) business model and innovation; and (5) leadership and governance.\n\n_Materiality Assessment:_ SASB analysts gather evidence on each topic\u2019s impact\non the operating performance and/or financial condition of the average company\nin the industry. Topics are mapped to specific impacts on revenue, operating\ncosts, asset valuations, liabilities, and/or financing costs, among other\nfinancial performance areas.\n\nFigure 4: Mapping ESG topics to impact on financial drivers\n\n_Characterizing the nature of financial impact:_ Valuation analysis, such as\nDCF modeling, covers a 5-year horizon to assess the probability and magnitude\nof a potential financial impact for the top and bottom deciles of performance\nrelated to sustainability factors.\n\nFigure 5: An illustrative example of assessing material impact of ESG topics\non valuation, which informs standard setting as well as demonstrates investor\napplication\n\nOnce a topic is identified and defined through SASB\u2019s three-step methodology,\nit is vetted, verified and validated.\n\n_Vetting:_ Materiality assessments of defined topics are presented to Industry\nWorking Groups consisting of issuers, corporate experts, investors, and market\nintermediaries. A 75% approval threshold is needed to be considered for\nprovisional inclusion in a SASB Standard.\n\nFigure 6: Feedback on likely materiality of proposed disclosure topics\n(percentage of respondents by interest group who think suggested topics are\nlikely to constitute material information)\n\n_Verification:_ SASB then verifies if the topics are being covered in\nregulatory filings, such as 10-Ks and 20-Fs, and the quality of such\ndisclosures.\n\n_Validation:_ As and when sufficient data becomes available, back-testing is\nconducted to validate an ESG topic. A committee on metrics quality determines\nwhat will capture company performance in the topic and if it will meaningfully\nsupport financial analysis.\n\n**Implementing SASB reporting standards**\n\nSASB provides guidance on deciding the means of reporting financially material\ninformation, in its implementation [ guide ](https://sasb.org/implementation-\nprimer/) . As we have discussed in Part II of this series, investors\u2019 main ask\nis that the information be presented in a decision-useful manner. The chart\nbelow provides a breakdown of sources of SASB reporting by public companies in\n2020.\n\nFigure 7: SASB reporting, by disclosure source\n\nMost SASB disclosure, like ESG disclosure in general, is made outside\nregulatory filings. It is common, as we see with the Adobe example in Figure\n8, to report SASB topics and metrics alongside topics defined by reporting\nframeworks like GRI, the focus of which is not so much on investors alone but\nmultiple stakeholders. However, a select few, like Etsy (Figure 9), have taken\nthe additional step of including SASB disclosures in filings, such as 10-Ks.\n\nFigure 8: Extract from Adobe [ reporting\n](https://www.adobe.com/content/dam/cc/en/corporate-responsibility/pdfs/Adobe-\nCSR-Report-FY2019.pdf) that blends SASB and GRI disclosures\n\nFigure 9: Extract of SASB information from Etsy\u2019s 10-K filing with the SEC\n\nDeciding whether to report using SASB Standards involves many considerations.\nFulfilling current and pending regulatory disclosure requirements under GAAP\nand IFRS standards are essential, of course. Consider, though, that SASB\u2019s\nindustry-specific standards and metrics increasingly have extensive investor-\nbacking and find support with other market participants, such as bank\nanalysts. Currently, the European Commission recognizes SASB Standards as a\nsuitable framework for complying with [ NFR Directive disclosure obligations\n](https://finance.ec.europa.eu/capital-markets-union-and-financial-\nmarkets/company-reporting-and-auditing/company-reporting/corporate-\nsustainability-reporting_en) . Additionally, most \u201ctrillion-dollar\u201d exchanges\naround the world endorse these standards for ESG reporting.\n\n**Employing SASB metrics within today\u2019s ESG reporting frameworks**\n\nESG reporting frameworks, such as TCFD and GRI, provide principles-based\nguidance on what sustainability topics should be covered and how the ESG\ninformation should be prepared and structured. These frameworks are often\naimed at satisfying the information requirements of multiple stakeholders. On\nthe other hand, SASB Standards define and require more specific, detailed, and\nreplicable reporting requirements for what should be disclosed under each\nsustainability topic across reporting periods, including individual metrics\nthat measure and gauge the impact of a company\u2019s ESG performance on its\noperating results and financial condition. Accordingly, we often see SASB\nStandards substantially enhancing the decision-usefulness of framework-based\ndisclosures by companies that incorporate them. To that end, SASB provides a\npractical [ perspective ](https://sasb.org/about/sasb-and-other-esg-\nframeworks/) on using its standards when reporting through existing\nframeworks.\n\nIt\u2019s also important to note that SASB metrics are already in use by more than\n200 non-business entities, such as WHO, CDP, EPA, OSHA, and industry\norganizations such as ICAO, IPIECA, EPRI and GRESB. As such, these metrics are\nconsistent with the corporate transparency initiatives of these organizations\nand help companies avoid many of the costs associated with complying with\nthem.\n\n**Connecting SASB metrics to company strategy**\n\nThe adage \u201cyou can\u2019t manage what you can\u2019t measure\u201d is worth repeating. SASB\ntopics, with metrics and links to value drivers, can help measure performance\non financially material topics. In addition to investors and other\nstakeholders, companies themselves can use the metrics as inputs in managerial\naccounting to coalesce around common organizational goals and to coordinate\nefforts toward reaching them. This clarity of purpose enables a company to\ncommunicate expectations, motivate unit managers, and identify inefficient\nuses of resources to improve operational efficiency more effectively. Adopting\nSASB Standards also allows a company to effectively differentiate itself from\ncompetitors, helping attract more investors, customers and other stakeholders\nimportant to its long-term success.\n\n**Let\u2019s get started!**\n\nA good place to start, if you\u2019re a public company, is to find out what SICS\nindustry classification you belong to ( [ click here ](https://sasb.org/find-\nyour-industry/) ). Additionally, review the [ list of SASB reporters\n](https://sasb.org/company-use/sasb-reporters/) to learn which companies in\nyour industry are currently using these standards for ESG reporting and how\nthey are employing them. Of note, SASB conveniently hyperlinks reports that\ncontain SASB disclosures so you can examine the reporting in detail.\n\nInspIR Group, in partnership with [ Third Economy\n](https://www.thirdeconomy.com/) , help clients effectively adopt and\nintegrate SASB Standards to report ESG performance in a way that\u2019s useful to\ninvestors and other market participants. As a starting point, we perform peer\nbenchmarking and undertake a bespoke materiality assessment, using SASB\nStandards as a foundation. Our implementation advisory services include\nintegrating sustainability more fundamentally into existing processes and\npractices related to governance and strategic planning, risk and performance\nmanagement, as well as investor relations.\n\nArticle by InspIR consultant Sudarshan \u201cSudi\u201d Setlur, a SASB-credentialed\nsustainability analyst and expert in using data and analytics to optimize\ninvestor relations and corporate governance programs, and by InspIR Group.\n\n_The InspIR Group can help you understand effective ESG reporting and how it\ncan be integrated into investor relations to compete for capital more\neffectively. 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                    "source": "https://www.schaeffler-sustainability-report.com/2023/data-and-other-information/eu-taxonomy-reporting"
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                "page_content": "##  EU Taxonomy reporting\n\nPart of NFR  Articles 3 and 9 of the Taxonomy Regulation (EU) 2020/852\n(Taxonomy) require Schaeffler AG to disclose turnover, capital expenditure\n(CapEx), and operating expenditure (OpEx) related to environmentally\nsustainable economic activities for the Schaeffler Group. To enable comparison\nof companies, the Taxonomy Regulation prescribes a classification system for\nenvironmentally sustainable activities. Based on the system, the company\u2019s\ninternal economic activities are classified according to their environmental\nsustainability  . The classification system is broken down into six\nenvironmental objectives:\n\n  * Climate change mitigation \n  * Climate change adaptation \n  * Transition to a  circular economy \n  * Pollution prevention and control \n  * Protection and restoration of biodiversity and ecosystems \n  * Sustainable use and protection of water and marine resources \n\nEconomic activities that have the potential to contribute to one of the\nenvironmental objectives are referred to as taxonomy-eligible. Those taxonomy-\neligible activities that are actually environmentally sustainable are referred\nto as taxonomy-aligned. Taxonomy alignment requires fulfillment of the\nfollowing three criteria sets:\n\n  1. Substantial contribution to one of the six environmental objectives \n  2. No significant harm to the other five environmental objectives (Do no significant harm, DNSH) \n  3. Compliance with minimum social and governance requirements (minimum safeguards) \n\nFor the 2023 reporting year, taxonomy eligibility and alignment are to be\nreported for the first two environmental objectives and, for the first time,\ntaxonomy eligibility for the other four environmental objectives. The\nSchaeffler Group refrains from voluntarily reporting on the taxonomy alignment\nof new economic activities in all six environmental objectives.  Part of NFR\n\n###  General assumptions\n\nPart of NFR  As part of the  EU Taxonomy  implementation process, materiality\nthresholds were defined to consider individual economic activities. These were\ndefined in such a way that they have no material influence on the reporting.\n\nTo prevent different economic activities from being counted twice, a gradual\nprocess with the corresponding control procedures was developed. In addition\nto taxonomy eligibility and substantial contribution, specific DNSH criteria\nwere also assessed on an economic activity level by experts. The criteria\noutlined in Appendixes A, B, C, and D relating to Annex I of the Delegated\nRegulation (EU) 2021/2139 as well as the requirements for minimum safeguards\nwere assessed centrally.  Part of NFR\n\n###  DNSH assessment\n\nPart of NFR  The Schaeffler Group fulfills the DNSH criteria of the appendixes\nfor all taxonomy-relevant activities. As prescribed by Appendix A, a robust\nclimate risk and vulnerability assessment was conducted for all relevant\nlocations, during which specific climate risks could be ruled out. All the\nrelevant climate risks were then assessed in detail and addressed as part of\nthe risk management for each of these locations. Based on the criteria\naddressed in the  EMAS  certification, internal guidelines, and the measures\nundertaken to minimize risk, all the relevant locations were evaluated for the\npotential risk of environmental degradation related to water scarcity and\ncompromised water quality as outlined in Appendix B. The results do not reveal\nsignificant harm as specified in Appendix B. The taxonomy-relevant activities\nfulfill the requirements outlined in Appendix C, thus there is no significant\nharm as specified in Appendix C. For Appendix D, it has been determined that\nnone of the relevant locations are situated in or near biodiversity-sensitive\nareas, with local regulations being verified as part of the existing  EMAS\nvalidation. A limit of 500 meters was defined for this purpose. The other DNSH\ncriteria were assessed on the basis of the economic activity.  Part of NFR\n\n###  Assessment of minimum safeguards\n\nPart of NFR  The assessment of minimum safeguards focused on human rights,\nanti-corruption, fair competition, and taxation with reference to the\nrecommendations made by the Platform on Sustainable Finance, and examined the\nrelevant elements of the value chain, including direct and indirect suppliers,\nown operations, customers, and other business partners.\n\nThe Schaeffler Group is guided by the six-step due diligence process\nrecommended by the  OECD  Guidelines for Multinational Enterprises, which are\nalso in line with the UN Guiding Principles on Business and Human Rights. The\nsix steps include:\n\n  1. Embed responsible business conduct (RBC) into policies and management systems \n  2. Identify and assess actual and potential adverse impacts associated with the enterprise\u2019s operations, products, or services \n  3. Cease, prevent, and mitigate adverse impacts \n  4. Track implementation and results \n  5. Communicate how impacts are addressed \n  6. Provide for or cooperate in remediation when appropriate \n\nThese six steps are covered by the  compliance management systems  in\naccordance with  IDW AsS 980  .\n\nThe requirements for minimum safeguards are communicated both internally and\nto all business partners, including direct and indirect suppliers, by way of\npublicly available documents such as the Schaeffler  Code of Conduct  and the\nSchaeffler Group Corporate  Supplier Code of Conduct  . Additional measures\nthat build on these requirements such as risk analyses and preventive and\ncontrol measures are carried out regularly. Potential violations in any of the\nareas can be reported through the Schaeffler Group\u2019s whistleblowing system.\n\nThe Board of Managing Directors of Schaeffler AG has also introduced a Tax\ncompliance management system  (Tax  CMS  ) based on loss prevention and risk\ncontrol, which is designed to ensure compliance with tax requirements\nthroughout the company and conforms with the Schaeffler Group\u2019s governance\nmodel. In 2020, an independent auditing company confirmed the appropriateness\nand implementation of the Tax  CMS  of Schaeffler AG and its domestic\ncompanies, the majority of whose interests are held directly or indirectly by\nSchaeffler AG. The audit was carried out in accordance with the  IDW AsS 980\nstandard for auditing  compliance management systems  as well as the IDW\nPractice Statement 1/2016: \u201cDesign of and Assurance Engagements Relating to\nTax  compliance management systems  in Accordance with IDW PS 980\u201d. An audit\nof the effectiveness of the Tax  CMS  was launched in accordance with  IDW AsS\n980  in the reporting year, with results expected in 2024.\n\nThe Schaeffler Group did not have any convictions in any of these four areas\nin the reporting year, which indicates that the existing management systems\nare effective.\n\nThe assessment of the DNSH and minimum safeguards requirements outside Europe\ndoes not differ from the assessment within Europe.  Part of NFR\n\n[ More information on the topic of human rights.\n](/2023/social/responsibility-in-society-and-the-supply-chain)  \n[ More information on the topic of compliance, including anti-corruption and\nfair competition. ](/2023/governance/business-integrity)\n\n###  Economic activity assessment\n\nPart of NFR  The Schaeffler Group\u2019s cross-divisional, interdisciplinary\nproject team identified several relevant economic activities. According to the\nSchaeffler Group, these are largely connected to the objective of climate\nchange mitigation, which is why the assessment was conducted with a particular\nfocus on this environmental objective, even if these economic activities are\nalso associated with other environmental objectives.\n\nThe assessment of the Schaeffler Group\u2019s business activities revealed that\nonly wind and hydrogen activities are relevant. Due to these new economic\nactivities, areas of the  Automotive Technologies  and  Automotive Aftermarket\ndivisions as well as the rail, two-wheeler, and aerospace sector clusters are\nconsidered for taxonomy reporting for the first time.\n\nThe Schaeffler Group is doing its part to expand the use of renewable energies\nby manufacturing components for wind power. All wind business is therefore\ntaxonomy-eligible for all three key performance indicators (KPIs) under **3.1\nManufacture of renewable** **energy technologies** and also fulfills the\nsubstantial contribution criteria as well as the DNSH criteria for  circular\neconomy  , which also makes it taxonomy-aligned.\n\nRelated to economic activity **3.2 Manufacture of equipment for the production\nand use of hydrogen** , the Schaeffler Group pursues two different business\nactivities: stack solutions and services for electrolyzers to produce hydrogen\nas well as components for fuel cell vehicles, i.e., for use of hydrogen. The\nSchaeffler Group has refrained from disclosing a CapEx plan and therefore from\nreporting under 3.2.\n\nThe economic activity **3.18 Manufacture of automotive and mobility\ncomponents** includes both automotive and two-wheeler activities. The\ndescription of the economic activity from which taxonomy eligibility is\nderived is interpreted in such a way that the technical evaluation criteria\nare also to be applied to it. The activities identified as taxonomy-eligible\ntake into account the components contained in the list provided in the\nDelegated Regulation (EU) 2023/2485 from June 27, 2023. This also encompasses\nchassis parts used exclusively in electric vehicles as well as parts for\nemission-free two-wheelers. These activities also fulfill the specific DNSH\ncriteria for circularity and pollution prevention and control.\n\nThe description of the economic activity **3.19 Manufacture of rail**\n**rolling stock constituents** is also interpreted in such a way that the\ntechnical evaluation criteria are to be applied to taxonomy eligibility. All\nnon-diesel rail activities (including bimode vehicles) fulfill the specific\nDNSH criteria for circularity and pollution prevention and control and are\ntherefore taxonomy-eligible.\n\nThe Schaeffler Group also produces components that fulfill the criteria for\ntaxonomy eligibility in the economic activity **3.21 Manufacturing of\naircraft** .\n\nMaterial CapEx was also identified in the company\u2019s internal infrastructure in\nconnection with the vehicle fleet, buildings, renewable energies, and IT.\n\nIn accordance with the taxonomy regulation, additions to the vehicle fleet\nwere evaluated as CapEx associated with economic activity **6.5 Transport by\nmotorbikes, passenger cars, and light commercial vehicles** . It was possible\nto evaluate the substantial contribution criteria, but due to data\navailability, not all the requirements outlined in DNSH could be evaluated. As\na result, only taxonomy eligibility can be reported.\n\nReal estate-related investments in the reporting year mainly fall into **7.2\nRenovation of existing buildings** and **7.7 Acquisition and ownership of\nbuildings** . CapEx associated with 7.7 almost exclusively relates to the\nconstruction of new buildings for the company\u2019s own use and real estate-\nrelated leases. The taxonomy alignment of each individual construction project\nwith a CapEx above EUR 250,000 was assessed by comparing the building features\nto the technical evaluation criteria cited in sector 7. Due to the scope of\nsubstantial contribution criteria and specific DNSH criteria, only a part of\nthese activities is classified as taxonomy-aligned.\n\nInvestments in energy efficiency measures for lighting and for ventilation and\nair conditioning systems were allocated to the economic activity **7.3\nInstallation, maintenance and repair of energy efficiency equipment** .\nTaxonomy alignment is only verified for these inside Europe, as the technical\nevaluation criteria are based on European regulations.\n\nTo expand use of renewable energies, investments were made in photovoltaic\nprojects, which are to be classified under economic activity **7.6\nInstallation, maintenance and repair of renewable energy technologies** .\nThese investments are entirely taxonomy-\u00adaligned.\n\nBecause the amount of OpEx spent on the economic activities described in the\nDelegated Regulation (EU) 2022/1214 \u2013 in this case, the maintenance of\ncombined heat and power plants \u2013 is insignificant, reporting according to\nAppendix XII of the Delegated Regulation (EU) 2021/2178 does not apply.\n\n###  2023 Taxonomy key indicators  \nin percentage\n\n|  Taxonomy-  \naligned  |  Taxonomy-    \neligible but  \nnot aligned  |  Taxonomy-    \neligible  |  Taxonomy-    \nnon-  \neligible  \n---|---|---|---|---  \nTurnover  |  3.8  |  5.7  |  9.5  |  90.5   \nCapEx  |  12.9  |  24.6  |  37.5  |  62.5   \nOpEx  |  2.3  |  17.2  |  19.6  |  80.4   \n  \nThe share of the Schaeffler Group\u2019s taxonomy-eligible **turnover** is 9.5 %\nand falls within both Automotive divisions (  ATECH  & AAM  ), as well as the\nIndustrial  division\u2019s wind, rail, aerospace, and two-wheeler sector clusters.\nTaxonomy-eligible turnover can be allocated to the economic activities **3.1\nManufacture of renewable energy technologies** , **3.18 Manufacture of\nautomotive and mobility components** , **3.19 Manufacture of rail rolling\nstock constituents** , and **3.21 Manufacturing of aircraft** . Material\ndifferences to the prior year are the result of the new economic activities\nassociated with the environmental objective climate change mitigation.\nCalculation is based on allocating turnover to relevant customers. The share\nof the Schaeffler Group\u2019s taxonomy-aligned turnover is 3.8 %. The deviation\nfrom taxonomy eligibility is due to the fact that taxonomy alignment does not\nneed to be reported for the new economic activities in the first reporting\nyear. For the company\u2019s wind business, the drop in the turnover KPI compared\nto the prior year is the result of the weak market environment, especially in\nChina. The basis for these relative disclosures is the key figure revenue from\nthe Group\u2019s consolidated statement of income for the 2023 reporting year. All\nof the Schaeffler Group\u2019s turnover are income from contracts with customers.\n\nThe share of the Schaeffler Group\u2019s taxonomy-eligible **CapEx** is 37.5 % and\nincludes investment associated with the core business activities automotive,\nwind, rail, aerospace, and two-wheelers as well as investments in the areas of\nreal estate, renewable energies, vehicle fleet, and IT. Material differences\nto the prior year are the result of the new economic activities. Deviations\nfrom the prior year are the result of increased investment in renewable energy\nlocally (economic activity 7.6) as well as more construction of new buildings\nand fewer renovations. The prior year also saw higher investment in the\neconomic activity **8.1 Data processing, hosting, and related activities** ,\nwhich was immaterial in 2023, and a single investment under economic activity\n**4.1 Electricity generations using solar photovoltaic technology** . The\nshare of the Schaeffler Group\u2019s taxonomy-aligned CapEx is 12.9 %. This\ndifference is the result of the fact that the technical evaluation criteria\nwere not fully met for the vehicle fleet and buildings and is due to the fact\nthat taxonomy alignment does not need to be reported for the new economic\nactivities in the first reporting year. CapEx KPIs are calculated on the basis\nof evaluation of individual investments by experts. The basis for the relative\ndisclosures is the sum of the key figures \u201cadditions to intangible assets\u201d,\n\u201cadditions to rights of use from leases\u201d, and \u201cadditions to property, plant\nand equipment\u201d as of December 31, 2023, applying the definition from the  EU\nTaxonomy  Regulation. The total scope of taxonomy-aligned CapEx is the result\nof additions associated with property, plant and equipment, none of which fall\nwithin CapEx category B or are the result of company mergers.\n\nThe share of taxonomy-eligible **OpEx** is 19.6 % and is associated with\nautomotive, wind, rail, aerospace, and two-wheeler activities. Material\ndifferences to the prior year are the result of the new economic activities.\nThe share of the Schaeffler Group\u2019s taxonomy-aligned OpEx is 2.3 %. The\ndeviation from taxonomy eligibility is due to the fact that taxonomy alignment\ndoes not need to be reported for the new economic activities in the first\nreporting year. OpEx KPIs are calculated on the basis of evaluation of\nindividual projects by experts as well as an allocation model for projects\ndirectly associated with taxonomy-relevant turnover based on turnover KPIs.\nThe reduction in taxonomy-aligned OpEx KPIs compared to the prior year is also\nthe result of the allocation model and the drop in wind business. The basis\nfor these relative disclosures, applying the definition from the  EU Taxonomy\nRegulation, is the \u201cresearch and development costs\u201d from the Group\u2019s\nconsolidated statement of income for the 2023 reporting year plus the\nmaintenance costs associated with the Schaeffler Group\u2019s production plants,\nincluding the costs associated with daily maintenance of property, plant and\nequipment, less the non-relevant costs contained therein.\n\nThe scope of taxonomy-aligned OpEx under economic activity 3.1 is EUR 16\nmillion in research and development expenses and EUR 11 million of expenditure\nfor maintenance and repair. None of the taxonomy-aligned OpEx falls under the\ncategories of building renovation measures, short-term lease, or any other\ndirect expenditure relating to the day-to-day servicing of assessts of\nproperty, plant and equipment, or is connected to CapEx plans.\n\n###  Quantitative breakdown of the CapEx numerator  \nin \u20ac millions\n\n|  **CCM** ** 1)  **  \n**3.1** |  CCM    \n7.6  |  CCM    \n7.7  |  **Total**  \n---|---|---|---|---  \nAdditions to property, plant and equipment  2)  |  28  |  10  |  91  |  129   \n**CapEx taxonomy-aligned, total** |  **28** |  **10** |  **91** |  **129**  \nOf which resulting from business combination  |  \u2013  |  \u2013  |  \u2013  |  \u2013   \nOf which expenses incurred in conjunction with taxonomy-aligned economic activities  |  28  |  10  |  91  |  129   \nOf which expenses incurred within the framework of a CapEx plan  2)  |  \u2013  |  \u2013  |  \u2013  |  \u2013   \n  \n  1. **CCM** Climate change mitigation \n  2. None of the taxonomy-aligned CapEx is associated with intangible assets, investment properties, or capitalized right-of-use assets. \n\nPart of NFR\n\n###  Part of NFR  Turnover\n\n|  |  |  |  |  |  |  |  **Substantial contribution criteria** |  |  **DNSH criteria (\u201cNo significant harm\u201d)** |  |  **Category**  \n---|---|---|---|---|---|---|---|---|---|---|---|---  \n**Economic activities** |  |  **Code** |  |  **Turnover**   \n**in \u20ac millions** |  |  **Proportion of turnover**   \n**Year N** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **Minimum safe-guards** |  |  **Proportion of**   \n**taxonomy-aligned (A.1.) or taxonomy-eligible (A.2.) turnover, year N-1** |  |  **Enabling**   \n**activities** |  |  **Transi-**   \n**tional**  \n**activities**  \n**A. Taxonomy-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nA.1. Environmentally sustainable activities (taxonomy-aligned)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nManufacture of renewable  \nenergy technologies  |  |  CCM 3.1  |  |  624  |  |  3.8 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  4.9 %  |  |  E  |  |   \nTurnover of environmentally sustainable activities (taxonomy-aligned) (A.1)  |  |  |  |  624  |  |  3.8 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  4.9 %  |  |  |  |   \nOf which enabling  |  |  |  |  624  |  |  3.8 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  4.9 %  |  |  E  |  |   \nOf which transitional  |  |  |  |  0  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  0.0 %  |  |  |  |  T   \nA.2  Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)  |  |  |  |  |  |  |  |  |  |   \nManufacture of automotive and  \nmobility components  |  |  CCM 3.18  |  |  430  |  |  2.6 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nManufacture of rail rolling stock  \nconstituents  |  |  CCM 3.19  |  |  239  |  |  1.5 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \n  \nManufacturing of aircraft  |  |  CCM 3.21  |  |  257  |  |  1.6 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nTurnover of taxonomy-eligible but not environmentally sustainable activities  \n(not taxonomy-aligned activities) (A.2)  |  |  |  |  926  |  |  5.7 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nA. Turnover of taxonomy-eligible activities (A1+A2)  |  |  |  |  1,551  |  |  9.5 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  4.9 %  |  |  |  |   \n**B. Taxonomy-non-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nTurnover of Taxonomy-non-eligible activities  |  |  |  |  14,762  |  |  90.5 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Total** |  |  |  |  **16,313** |  |  100 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n  1. **CCM** Climate change mitigation \n  2. **CCA** Climate change adaptation \n  3. **WTR** Water and marine resources \n  4. **PPC** Pollution prevention and control \n  5. **CE** Circular economy \n  6. **BIO** Biodiversity and ecosystems \n\n**Y** Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant\nenvironmental objective  \n**N** No, taxonomy-eligible but not taxonomy-aligned activity with the\nrelevant environmental objective  \n**E** Enabling activity  \n**T** Transitional activity  \n**N/EL** Taxonomy-non-eligible activity for the relevant objective  \n**EL** Taxonomy-eligible activity for the relevant objective  Part of NFR\n\n###  Part of NFR  CapEx\n\n|  |  |  |  |  |  |  |  **Substantial contribution criteria** |  |  **DNSH criteria (\u201cNo significant harm\u201d)** |  |  **Category**  \n---|---|---|---|---|---|---|---|---|---|---|---|---  \n**Economic activities** |  |  **Code** |  |  **CapEx**   \n**in \u20ac millions** |  |  **Proportion of CapEx**   \n**Year N** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **Minimum safe-guards** |  |  **Proportion of**   \n**taxonomy-aligned (A.1.) or taxonomy-eligible (A.2.) CapEx, year N-1** |  |  **Enabling**   \n**activities** |  |  **Transi-tional**   \n**activities**  \n**A. Taxonomy-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nA.1. CapEx of environmentally sustainable activities (taxonomy-aligned)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nManufacture of renewable energy technologies (CapEx A)  |  |  CCM 3.1  |  |  28  |  |  2.8 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  2.6 %  |  |  E  |  |   \nInstallation, maintenance and repair  \nof energy efficiency equipment (CapEx C)  |  |  CCM 7.3  |  |  1  |  |  0.1 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  n. a.  |  |  E  |  |   \nInstallation, maintenance and repair  \nof renewable energy technologies (CapEx C)  |  |  CCM 7.6  |  |  10  |  |  1.0 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  0.7 %  |  |  E  |  |   \nAcquisition and ownership of buildings (CapEx A)  |  |  CCM 7.7  |  |  91  |  |  9.0 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  7.5 %  7)  |  |  |  |   \nCapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)  |  |  |  |  130  |  |  12.9 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  10.8 %  |  |  |  |   \nOf which enabling  |  |  |  |  39  |  |  3.9 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  3.3 %  |  |  E  |  |   \nOf which transitional  |  |  |  |  0  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  0.0 %  |  |  |  |  T   \nA.2. Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)  |  |  |  |  |  |  |  |  |  |  |  |   \nManufacture of automotive and  \nmobility components (CapEx A)  |  |  CCM 3.18  |  |  114  |  |  11.4 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nManufacture of rail rolling stock  \nconstituents (CapEx A)  |  |  CCM 3.19  |  |  8  |  |  0.8 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nManufacturing of aircraft (CapEx A)  |  |  CCM 3.21  |  |  11  |  |  1.1 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nTransport by motorbikes, passenger cars and light commercial vehicles (CapEx A)  |  |  CCM 6.5  |  |  34  |  |  3.4 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  2.3 %  |  |  |  |   \nRenovation of existing buildings (CapEx A)  |  |  CCM 7.2/ CE 3.2  |  |  12  |  |  1.2 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  3.6 %  |  |  |  |   \nInstallation, maintenance and repair of energy efficiency equipment (CapEx C)  |  |  CCM 7.3  |  |  5  |  |  0.5 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nAcquisition and ownership of buildings (CapEx A)  |  |  CCM 7.7  |  |  63  |  |  6.3 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  10.1 %  |  |  |  |   \nCapEx of taxonomy-eligible but not  \nenvironmentally sustainable activities  \n(not taxonomy-aligned activities) (A.2)  |  |  |  |  248  |  |  24.6 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  16.0 %  |  |  |  |   \nA.  CapEx of taxonomy-eligible activities (A1+A2)  |  |  |  |  377  |  |  37.5 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  26.8 %  |  |  |  |   \n**B. Taxonomy-non-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nCapEx of Taxonomy-non-eligible activities  |  |  |  |  629  |  |  62.5 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Total** |  |  |  |  **1,006** |  |  100 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n  1. **CCM** Climate change mitigation \n  2. **CCA** Climate change adaptation \n  3. **WTR** Water and marine resources \n  4. **PPC** Pollution prevention and control \n  5. **CE** Circular economy \n  6. **BIO** Biodiversity and ecosystems \n  7. Adjusted by 1.3 % due to revaluation. As assets under construction result in additions to property construction phase over several years, the valuation must be carried out several times, which must be carried out several times, which can lead to changes in prior estimates. \n\n**Y** Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant\nenvironmental objective  \n**N** No, taxonomy-eligible but not taxonomy-aligned activity with the\nrelevant environmental objective  \n**E** Enabling activity  \n**T** Transitional activity  \n**N/EL** Taxonomy-non-eligible activity for the relevant objective  \n**EL** Taxonomy-eligible activity for the relevant objective  Part of NFR\n\n###  Part of NFR  OpEx\n\n|  |  |  |  |  |  |  |  **Substantial contribution criteria** |  |  **DNSH criteria (\u201cNo significant harm\u201d)** |  |  **Category**  \n---|---|---|---|---|---|---|---|---|---|---|---|---  \n**Economic activities** |  |  **Code** |  |  **OpEx**   \n**in \u20ac millions** |  |  **Proportion of OpEx**   \n**Year N** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **CCM** ** 1)  ** |  |  **CCA** ** 2)  ** |  |  **WTR** ** 3)  ** |  |  **PPC** ** 4)  ** |  |  **CE** ** 5)  ** |  |  **BIO** ** 6)  ** |  |  **Minimum safe-guards** |  |  **Proportion of**   \n**taxonomy-aligned (A.1.) or taxonomy-eligible (A.2.) OpEx, year N-1** |  |  **Enabling**   \n**activities** |  |  **Transi-tional**   \n**activities**  \n**A. Taxonomy-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nA.1. Environmentally sustainable activities (taxonomy-aligned)  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nManufacture of renewable  \nenergy technologies (OpEx A)  |  |  CCM 3.1  |  |  27  |  |  2.3 %  |  |  Y  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  3.0 %  |  |  E  |  |   \nOpEx of environmentally sustainable activities (taxonomy-aligned) (A.1)  |  |  |  |  27  |  |  2.3 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  3.0 %  |  |  |  |   \nOf which enabling  |  |  |  |  27  |  |  2.3 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  Y  |  |  3.0 %  |  |  E  |  |   \nOf which transitional  |  |  |  |  0  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  0.0 %  |  |  |  |  T   \nA.2. Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nManufacture of automotive and  \nmobility components (OpEx A)  |  |  CCM 3.18  |  |  179  |  |  15.6 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nManufacture of rail rolling stock constituents (OpEx A)  |  |  CCM 3.19  |  |  10  |  |  0.9 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nManufacture of aircraft (OpEx A)  |  |  CCM 3.21  |  |  9  |  |  0.8 %  |  |  EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  N/EL  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nOpEx of taxonomy-eligible but not  \nenvironmentally sustainable activities  \n(not taxonomy-aligned activities) (A.2)  |  |  |  |  197  |  |  17.2 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  n. a.  |  |  |  |   \nA. OpEx of taxonomy-eligible activities (A1+A2)  |  |  |  |  224  |  |  19.6 %  |  |  100 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  0.0 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  3.0 %  |  |  |  |   \n**B. Taxonomy-non-eligible activities** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \nOpEx of taxonomy-non-eligible activities  |  |  |  |  920  |  |  80.4 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n**Total** |  |  |  |  **1,144** |  |  100 %  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |   \n  \n  1. **CCM** Climate change mitigation \n  2. **CCA** Climate change adaptation \n  3. **WTR** Water and marine resources \n  4. **PPC** Pollution prevention and control \n  5. **CE** Circular economy \n  6. **BIO** Biodiversity and ecosystems \n\n**Y** Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant\nenvironmental objective  \n**N** No, taxonomy-eligible but taxonomy-aligned activity with the relevant\nenvironmental objective  \n**E** Enabling activity  \n**T** Transitional activity  \n**N/EL** Taxonomy-non-eligible activity for the relevant objective  \n**EL** Taxonomy-eligible activity for the relevant objective  Part of NFR\n\n###  Part of NFR  Reporting the scope of taxonomy eligibility and alignment in\naccordance with environmental objective  \nin percentage\n\n|  Proportion of turnover/total turnover  |  Proportion of CapEx/total CapEx  |  Proportion of OpEx/total OpEx   \n---|---|---|---  \n|  **Aligned per**  \n**objective** |  **Eligible per**   \n**objective** |  **Aligned per objective** |  **Eligible per objective** |  **Aligned per objective** |  **Eligible per objective**  \nCCM  |  3.8  |  9.5  |  12.9  |  37.5  |  2.3  |  19.6   \nCCA  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0   \nWTR  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0   \nCE  |  0.0  |  0.0  |  0.0  |  1.2  |  0.0  |  0.0   \nPPC  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0   \nBIO  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0  |  0.0   \n  \n**CCM** Climate change mitigation  \n**CCA** Climate change adaptation  \n**WTR** Water and marine resources  \n**CE** Circular economy  \n**PPC** Pollution prevention and control  \n**BIO** Biodiversity and ecosystems  Part of NFR\n\n[ Previous page  About the report  ](/2023/data-and-other-information/about-\nthe-report)\n\n[ Next page  Key figures on sustainability  ](/2023/data-and-other-\ninformation/key-figures-on-sustainability)\n\nRelated links\n\n[ Green products ](/2023/environment/green-products)\n\n  * [ Downloads  ](/2023/service-links/downloads)\n  * ####  Share \n\n    * [ Twitter  ](http://twitter.com/share?url=https%3A%2F%2Fwww.schaeffler-sustainability-report.com%2F2023%2Fdata-and-other-information%2Feu-taxonomy-reporting)\n    * [ Facebook  ](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.schaeffler-sustainability-report.com%2F2023%2Fdata-and-other-information%2Feu-taxonomy-reporting)\n    * [ LinkedIn  ](http://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.schaeffler-sustainability-report.com%2F2023%2Fdata-and-other-information%2Feu-taxonomy-reporting)\n\nSchaeffler Group\n\n  * [ Corporate Website ](https://www.schaeffler.com/en/)\n  * [ Sustainability at Schaeffler ](https://www.schaeffler.com/en/group/sustainability/)\n  * [ Annual Report 2023 (PDF) ](https://www.schaeffler.com/remotemedien/media/_shared_media_rwd/08_investor_relations/reports/2023_ar/2023_schaeffler_annual_report_en_1zsxf4.pdf)\n  * [ Schaeffler tomorrow ](https://schaeffler-tomorrow.de/en)\n\nService links\n\n  * [ Downloads ](/2023/service-links/downloads)\n  * [ GRI index ](/2023/data-and-other-information/gri-index)\n  * [ NFR index ](/2023/data-and-other-information/nfr-index)\n\nDo you have any questions?\n\nPlease contact us and we will get in touch with you as soon as possible.\n\n[ Contact us ](https://www.schaeffler.com/en/investor-relations/ir-contact/)\n\n\u00a9 Schaeffler AG  | [ Glossary ](/2023/glossary) [ Imprint ](/2023/imprint) [ Cookie Policy ](/2023/cookie-policy) [ Privacy ](/2023/privacy) [ Terms of Use ](/2023/terms-of-use)\n\n[ ](https://www.linkedin.com/company/schaeffler) [\n](https://www.facebook.com/schaefflergroup) [\n](https://www.instagram.com/schaefflergroup/) [\n](https://www.twitter.com/schaefflergroup) [\n](https://www.youtube.com/Schaeffler)\n\nzum Seitenanfang\n\n",
                "url": "https://www.schaeffler-sustainability-report.com/2023/data-and-other-information/eu-taxonomy-reporting"
            },
            "reason": "This is part of Schaeffler's sustainability report, specifically addressing EU taxonomy reporting. As a direct disclosure from the company, it is a reliable source of information on their approach to materiality and sustainability.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' materiality assessment",
            "summary": "Schaeffler's sustainability report section on EU taxonomy reporting.",
            "url": "https://www.schaeffler-sustainability-report.com/2023/data-and-other-information/eu-taxonomy-reporting"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "87378fa9-4962-4dfe-ba93-d5929ffad812",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.brembogroup.com/en/sustainability/materiality"
                },
                "page_content": "0001-01-01T00:00:00Z  Pages  notset  notset  notset  notset\n\n#\n\nM  a  t  e  r  i  a  l  i  t  y\n\nA  n  a  l  y  s  i  s\n\n\u200b  P  r  o  c  e  s  s\n\nThe aspects involved in measuring the capacity to create sustainable value\n\n[ ]() [ ]()\n\n[ ]() [ ]()\n\nAs every year, the Brembo Group has updated its **materiality analysis** \u2014 the\ntool used **to identify its material sustainability topics** \u2014 and therefore\naligned the content of its Disclosure of Non-Financial Information,\ninstrumental to providing an overview of the Company\u2019s operations,\nperformance, results and, above all, future strategies and targets. These\ntopics are also material aspects for Brembo\u2019s stakeholders and are identified\nand constantly updated, including with its stakeholders\u2019 direct engagement.\n\nIn 2022, in advance of the requirements imposed by the new European Directive\n2022/2464 (the Corporate Sustainability Reporting Directive), Brembo began the\n**double materiality process** , also integrating an **\"outside-in\"\nperspective** **(financial materiality) into its \"inside-out\" impact\nassessment process (impact materiality) according to the** [ **GRI Universal\nStandards** ](https://www.globalreporting.org/standards/) **2021** . Whereas\nthe \"inside-out\" approach identifies the impacts generated, actually or\npotentially, by the organisation and its value chain on the outside world, the\n\"outside-in\" perspective looks at the risks and opportunities that may\ninfluence the Group's creation of value, strategy, operating and financial\nperformance and positioning in the short, medium or long term.\n\nFor 2023, the assessment of the \"outside-in\" perspective (financial\nmateriality) was conducted on the basis of the **European Sustainability\nReporting Standards (ESRSs)** made available by the EFRAG, i.e. the reporting\nstandard that is to be used by companies subject to the Corporate\nSustainability Reporting Directive. This assessment is thus to be regarded as\nfully voluntary and not subject to assurance by the third-party entity that\ncertifies this Disclosure of Non-Financial Information according to the ISAE\n3000 Revised standard.\n\n[\n](https://brem-p-001.sitecorecontenthub.cloud/api/public/content/b189f4f60df841ba81dc2c00dde9c34b?v=f6b82b47)\n\nA description is provided below in the interest of a better understanding of\nthese topics:\n\nGreenhouse gas emissions\n\n__\n\nThe consumption of fossil fuels and electricity in its buildings and\nfacilities, the combustion of fuel for the company fleet and the use of\nmaterials during production contribute to climate change caused by greenhouse\ngas emissions (Scope 1 and 2). In addition, the transport of company products\nby third parties, as well as the purchase **** of services, materials and\nfinished products from suppliers, including their transport, entail greenhouse\ngas emissions caused by such suppliers during their production activities\n(Scope 3). Aware of these impacts, the Brembo Group is committed to pursuing\nthe **ambitious goal of achieving net zero emissions by 2040** , supported by\na defined roadmap designed to gradually reduce Scope 1, 2 and 3 greenhouse gas\nemissions. Brembo\u2019s  \ncommitment to reducing greenhouse gas emissions also extends to end users\nthrough the **use of innovative technologies in its products** , which make it\npossible to limit the weight of brake systems and therefore to reduce GHG\nemissions.\n\nPolluting emissions\n\n__\n\nThe processes of extracting raw materials and manufacturing and painting brake\ncomponents generate polluting emissions such as carbon monoxide (CO), nitrogen\noxides (NOx), particulate matter (PM) and sulphur oxides (SOx), which may\ncause harm to the environment and human health. Thanks to the **Environment\nand Energy Management System** , Brembo has introduced **requirements common\nto all the Group\u2019s plants** aimed at **containing emissions** well below the\nemission limits imposed by the legislation of the Countries in which it\noperates. In addition, thanks to the use of particular materials and\ninnovative technical solutions, Brembo\u2019s products permit a reduction of the\npolluting emissions caused by brake wear and tear during use.\n\nEnergy efficiency\n\n__\n\nInefficient production processes not only use more energy to achieve the same\nresult in production, but also contribute to reducing overall energy\navailability. This phenomenon accelerates fossil fuel consumption, exhausts\nenergy resources more rapidly and increases greenhouse gas emissions. The\nenvironmental consequences of such inefficiency may be significant, resulting\nin higher energy costs and in economic penalisation for the Company. Faced\nwith these challenges, Brembo is actively committed to seeking **constant\nreduction of direct and indirect energy consumption.** Through **investments**\naimed at the adoption of the **best available technologies in terms of energy\nefficiency** , the Group aims to achieve the goals of its Sustainability Plan.\n\nProtection of water resources\n\n__\n\nExcessive consumption of water in water-stressed areas threatens the regional\nhydrological balance and results in scarcity of water resources. Intensive\nindustry \u2014 often inefficient \u2013 contributes to a reduction in water\navailability and degradation of water quality, with an impact on the\nenvironment and on the access to potable water. Aware of the importance of\npreserving this fundamental resource, as part of its Environment and Energy\nManagement System Brembo has implemented a **Water Management procedure that\nimposes requirements and restrictions on all the Group\u2019s plants for\nsustainable use and protection against pollution** . The Group has also set\nitself the **goal of reaching 100% monitoring of flows** (withdrawal,\ndischarge and significant internal use) **by 2025** at each of its sites in\norder to implement improvement actions.\n\nWaste management\n\n__\n\nInadequate waste management by the Group could result in soil pollution, harm\nto natural resources and threats to biodiversity. In addition, a lack of\nattention to waste recycling/recovery and the consequent sending of waste to\ndumps could contribute to soil consumption. Brembo Group is dedicated to\n**efficient waste management** , avoiding generating negative impacts on the\nenvironment and actively seeking to **reuse and develop waste materials** .\nThe Group has set itself the goal of increasing the percentage of waste to be\nrecycled.\n\nProtection of biodiversity\n\n__\n\nThe extraction of primary raw materials may contribute to deforestation and\nenvironmental pollution. In addition, the surface extension of extraction\nsites, as well as the presence of buildings and plants, entail soil\nconsumption, which may result in biodiversity loss. With regard to its plants,\nBrembo has identified a need to act in a way that contributes to **maintaining\nand protecting biodiversity near its assets** . The first step involved an\nanalysis to define and apply a **biodiversity screening methodology to the\ngeographical areas in which its manufacturing plants are located.** The second\nstep will be defining any **improvement, prevention and mitigation actions.**\n\nEvinronmentally sustainable product\n\n__\n\nThe design, production and use of products aimed at reducing environmental\nimpact throughout their life cycle involves minimising the use of natural\nresources, limiting greenhouse gas emissions and reducing waste generation.\nThis entails the adoption of **recyclable materials, the optimisation of\nproduction processes to reduce energy and greenhouse gas emissions and the\npromotion of ethical, socially responsible practices.** The sustainability of\nsuch products is also manifest in their durability and ease of disposal or\nrecycling at the end of their useful lives. Within the framework of this\nphilosophy, Brembo integrates environmental performances into its products,\ndeveloping **braking systems with low particulate and CO2 emissions** , while\nalso enhancing the durability and recyclability of materials. Brembo\u2019s\ncommitment to reinforcing the development of innovative products, featuring\nenvironmentally sustainable, circular designs, translates concretely into\n**promoting sustainable mobility through the reduction of polluting emissions\nthanks to its advanced braking systems and the Group\u2019s commitment to\nsubjecting all its products to a Life Cycle Assessment (LCA).**\n\nDiversity, equity and inclusion\n\n__\n\nBrembo firmly believes that people must have equal access to work, facilities,\nservices and programmes, solely on the basis of their knowledge,\nqualifications, expertise, performance and motivations, regardless of other\npersonal conditions. In recognition of this responsibility, Brembo adopts an\nactive, concrete policy in these areas, reflected in its **Policy on Non\nDiscrimination and Diversity, as well as in the Brembo Charter on Diversity,\nEquity and Inclusion** . In particular, the Group is committed to promoting\nthese aspects along the **three main axes (gender, generation and cultural\nbackground)** through concrete projects that contribute to the wellbeing of\nthe Group\u2019s people.\n\nProtection of human rights\n\n__\n\nThe **protection of human rights** requires policies and practices against\nexploitation and discrimination, both internally and throughout the value\nchain. Brembo, which is committed to respecting the rights of its workers,\nalso extends this commitment to its suppliers, requiring that they abide by\nits Sustainable Procurement Policy in all Countries in which it operates. The\nGroup pays **attention to the direct purchase of minerals from conflict\nzones** , asking its suppliers to declare the origin of Conflict Minerals in\nsupplies intended for the Group. Moreover, the Group conducts audits to ensure\nrespect for human rights among its suppliers.\n\nWorkers\u2019 health and safety\n\n__\n\nEmployment in the automotive industry exposes workers to potential risks and\npermanent harm due to the lack of adequate safety measures. This risk also\nextends to workers upstream and downstream the value chain, increasing the\nprobability of serious physical injuries associated with work activities. In\nresponse to this problem, the Group has implemented an **ISO 45001 management\nsystem at all its plants** , in addition to promoting a **culture of safety\nthrough its \u201cI Am Safety\u201d campaign in Italy and China** . Throughout its\nsupply chain, Brembo\u2019s sustainability policy, included in its Sustainable\nProcurement Policy, sets specific requirements to ensure protection of health\nand safety in suppliers\u2019 workplaces.\n\nWellbeing of personnel\n\n__\n\nIf the Group were not to ensure compliance with minimum wage and employee\nwelfare, this would result in deterioration of the working conditions and\nwell-being of its employees, entailing an increase in personnel turnover.\nFailure to monitor practices throughout the value chain could encourage\nincorrect behaviour, thus causing damages to third-party workers. In response\nto these challenges, the Group has intensified its **vigilance over the job\nmarket, focusing on pay for critical roles and reinforcing its methods of\nmonitoring outgoing personnel and voluntary resignations** . In addition, it\nactively **promotes employee health** , not only through initiatives relating\nto the workplace, but also through programmes providing information on healthy\nlifestyles and courses on proper nutrition, such as the Brembo Wellness\nprogramme.\n\nTraining and development of personnel\n\n__\n\nThe implementation of policies and investments in employee training not only\nensures the development of the Group\u2019s resources, but also contributes\nsignificantly to **increasing the innovative skills required to respond\npromptly to the demands of the business** . Within this framework, Brembo\nadopts a specific procedure for effectively managing **training and\ndevelopment** offerings, designed to be increasingly **global and inclusive**\n, from the annual survey and analysis of training needs to attentive\nmonitoring of quality indicators for the training provided.\n\nData protection and it security\n\n__\n\nThe implementation and application of digital security systems are absolutely\nessential to preventing the risk of data breaches and cyberattacks, which\ncould have severe consequences, including privacy breaches and the loss of\nsensitive customer data. In order for the Group to manage such threats\neffectively, it is fundamental to adopt policies and advanced technologies\nthat take a proactive approach to protecting digital data. The Brembo Group\nhas thus set up a **Privacy Supervisory Committee** , and has introduced the\nposition of **Data Protection Officer and of specific Privacy Officers for\neach area of the company.** These professionals operate in strict compliance\nwith personal data protection legislation, following specific procedures to\nhandle issues, obligations, new processing and reporting, while ensuring\nmaximum security and regulatory compliance.\n\nProduct safety\n\n__\n\nProduct safety is a fundamental priority for ensuring that the design,\nmanufacture and marketing of products adhere to strict safety standards. This\ncommitment entails the implementation of robust **quality control processes\nduring production, active risk management and compliance with applicable\nlegislation, in order to prevent accidents or damages** arising from the use\nof products by consumers. This approach is crucial to preserving the company\u2019s\nreputation, protecting consumers and complying with applicable safety\nlegislation. Following a preventive and proactive approach, Brembo is\ncommitted to applying the voluntary **technical standards that national and\ninternational standards bodies have developed** to ensure the **production of\nexcellent products, while guaranteeing safety, quality and certain\nperformance.** In addition, through the use of innovative technologies, Brembo\nseeks to improve the performance of its braking systems, while continuing to\noffer its end users the utmost reliability and safety.\n\nProtection and development of local communities\n\n__\n\nThe presence of manufacturing plants and extraction sites disfigures the\nlandscape, with adverse impacts, in visual and other terms, for local\ncommunities. The company\u2019s commitment to the well-being of local communities\ntranslates into active management to protect the interests and health of\npeople in the affected areas. At the same time, companies contribute to\neconomic and social development, **promoting job opportunities, developing\nlocal skills and taking an active part in community initiatives.** Responsible\nrelationship management is essential to consolidating trust and ensuring a\npositive impact. Brembo Group\u2019s global presence offers a significant\nopportunity to improve **external positive impacts through the transfer of\ninvestments, technology and skills** . The Group actively promotes the\n**growth of local ancillary industry** , supporting infrastructure, jobs and\ntraining programmes and recognising the importance of fostering intellectual\ncapital in its districts. It also makes its know how available, reinforcing\nits commitment to social responsibility and sustainable development in the\nsurrounding communities.\n\nSustainable supply chain\n\n__\n\nResponsible, sustainable management of the supply chain focuses on an ethical,\ntransparent approach respectful of human rights, social fairness and the\nenvironment. The **Brembo Group asks all suppliers** operating in Countries in\nwhich it is present with its plants **to comply with the Sustainable\nProcurement Policy** . This Policy concerns key issues, including r **espect\nfor human rights, environmental protection, workplace safety, and prevention\nof corruption** . In addition, verification programmes, audits, monitoring,\ntraining sessions and corrective measures are also implemented in cooperation\nwith suppliers to ensure a sustainable supply chain aligned with high ethical\nstandards and corporate responsibility.\n\nBusiness ethics and integrity\n\n__\n\nNon-compliance with business best practices, such as unfair competition and a\nlack of reliable tax risk governance, control and management systems can cause\ndamage to the economy and result in violation of laws and regulations.\nInsufficient supervision of company ethics and integrity could foster\nphenomena of corruption in tenders and supply contracts for both companies and\nindividuals. Brembo has implemented various tools, including the\n**Organisational, Management and Control Model (according to Legislative\nDecree No. 231/2001), the Anti-bribery Code of Conduct, the Supervisory\nBoard** and an entities\u2019 administrative and criminal liability compliance\nprogramme in accordance with applicable local legislation of Countries where\nit operates through subsidiaries.\n\nMaterial topics identified by Brembo  |  Areas of Legislative Decree (IT) 254/2016  |  Impacts  |  Reference GRI Standards  |  Boundary limitations  |  Boundary limitations   \n---|---|---|---|---|---  \nEnvironmentally sustainable product  |  Social  |  Primary raw material saving through the use of recycled and recyclable materials  |  *  |  |   \nEnergy efficiency  |  Environmental  |  Reduction of energy availability due to non-efficient production processes  |  302: Energy (2016)  |  |   \nProtection of water resources  |  Environmental  |  Water scarcity, in particular in water-stressed areas, due to water consumption in the production process  |  303: Water and Effluents (2018)  |  Suppliers  |  Reporting partially extended to suppliers   \nTraining and development of personnel  |  Social  |  Development of skills and know-how through ad hoc training activities  |  401: Employment (2016)   \n  \n404: Training and Education (2016)  |  |   \nWellbeing of personnel  |  Social  |  Failure to ensure workers\u2019 wellbeing due to the absence of dedicated company initiatives  |  *  |  |   \nProduct safety  |  Social  |  Product reliability and safety  |  416: Customer Health and Safety (2016)  |  Customers  |   \nWorkers\u2019 health and safety  |  Social  |  Workers\u2019 accidents and occupational diseases due to non-suitable working conditions  |  403: Occupational Health and Safety (2018)  |  Workers who are not employees   \nContractors  |  Reporting partially extended to contractors   \nGreenhouse gas emissions  |  Environmental  |  Climate change caused by greenhouse gas emissions  |  305: Emissions (2016)  |  Suppliers  |  Reporting partially extended to suppliers   \n|  |  Reduction of greenhouse gas and polluting emissions generated by final users through the development of innovative technologies  |  305: Emissions (2016)  |  Suppliers  |  Reporting partially extended to suppliers   \nProtection of biodiversity  |  Environmental  |  Soil occupation and loss of biodiversity  |  304: Biodiversity (2016)  |  |   \nPolluting emissions  |  Environmental  |  Damage to the environment and human health due to polluting emissions in the air  |  305: Emissions (2016)  |  |   \n|  |  Reduction of greenhouse gas and polluting emissions generated by final users through the development of innovative technologies  |  305: Emissions (2016)  |  |   \nProtection and development of local communities  |  Social  |  Impacts on the social and economic growth of the local areas and communities  |  201: Economic Performance (2016)  |  |   \nSustainable supply chain  |  Social  |  Transparency and involvement of the supply chain in sustainable practices through monitoring and training programmes  |  204: Procurement Practices (2016)  |  |   \n|  |  |  308: Supplier Environmental Assessment (2016)  |  |   \n|  |  |  414: Supplier Social Assessment (2016)  |  |   \nProtection of human rights  |  Social  |  Human rights violations  |  202: Market Presence (2016)  |  |   \nProduct safety  |  Social  |  Damage to consumers due to the absence of product quality and safety checks  |  416: Customer Health and Safety (2016)  |  Customers  |   \n|  |  Increased safety of the end user through the implementation of innovative technologies in products  |  *  |  |   \nWaste management  |  Environmental  |  Soil occupation and pollution due to non-virtuous waste management  |  306: Waste (2020)  |  |   \nDiversity, equity and inclusion  |  Social  |  Non-compliance with equal opportunities legislation in the workplace  |  405: Diversity and Equal Opportunity (2016)  |  |   \n|  |  |  406: Non-discrimination (2016)  |  |   \nData protection and IT security  |  Social  |  Privacy violation and loss of sensitive data  |  418: Customer Privacy (2016)  |  Customers  |   \nBusiness ethics and integrity  |  Social  |  Damage to the economic system due to unfair business practices  |  201: Economic Performance (2016)  |  |   \n|  |  |  205: Anti-corruption (2016)  |  |   \n|  |  |  206: Anti-competitive behaviour (2016)  |  |   \n|  |  |  415: Public Policy (2016)  |  |   \n(*) As regards the topic in question (not directly linked to an aspect covered\nby GRI Standards), Brembo reports the management approach adopted and the\nrelative indicators in the document.  \n  \n[ ](https://www.brembo.com/en/contactus)\n\nBrembo N.V.\n\nVia Stezzano, 87\n\n24126 - 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                "url": "https://www.brembogroup.com/en/sustainability/materiality"
            },
            "reason": "This page is from Brembo's official website, detailing their approach to sustainability and materiality. It's a direct source of information about their sustainability efforts and materiality assessment process.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' materiality assessment",
            "summary": "Brembo's official page detailing their approach to sustainability and materiality.",
            "url": "https://www.brembogroup.com/en/sustainability/materiality"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "d8d90bbd-9add-420b-a944-0875dc60fba9",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://corporate.abercrombie.com/sustainability/policies-resources/sustainability-accounting-standards-board-sasb/"
                },
                "page_content": "Skip to content\n\n#  Sustainability Accounting Standards Board (SASB)\n\nThe Sustainability Accounting Standards Board (SASB), now part of the IFRS\nFoundation, set standards that help companies disclose relevant sustainability\ninformation for investor use. Outlined below are relevant indicators from the\nApparel, Accessories & Footwear Standard for FY23, unless otherwise noted in\nthe table or our website.  (1)\n\n**Topic**\n\n**Metric**\n\n**Category**\n\n**Unit of Measure**\n\n**Code**\n\n**Data**\n\n**Reference**\n\nActivity Metric\n\nNumber of (1) Tier 1 suppliers and (2) suppliers beyond Tier 1\n\nQuantitative\n\nNumber\n\nCG-AA-000.A\n\n  1. 249 \n  2. 146 \n\n[ Social Impact \u2013 Supplier Assessments\n](https://corporate.abercrombie.com/sustainability/social-impact/supplier-\nassessments/)\n\nManagement of Chemicals in Products\n\nDiscussion of processes to maintain compliance with restricted substances\nregulations\n\nDiscussion and Analysis\n\nN/A\n\nCG-AA-250a.1\n\nNot applicable\n\n[ Substance Restrictions\n](https://corporate.abercrombie.com/sustainability/environmental-\nimpact/abercrombie-fitch-substance-restrictions-2022/)\n\nManagement of Chemicals in Products\n\nDiscussion of processes to assess and manage risks and/or hazards associated\nwith chemicals in products\n\nDiscussion and Analysis\n\nN/A\n\nCG-AA-250a.2\n\nNot applicable\n\n[ Substance Restrictions\n](https://corporate.abercrombie.com/sustainability/environmental-\nimpact/abercrombie-fitch-substance-restrictions-2022/)\n\nEnvironmental Impacts in the Supply Chain\n\nPercentage of (1) Tier 1 supplier facilities and (2) supplier facilities\nbeyond Tier 1 in compliance with wastewater discharge permits and/or\ncontractual agreement\n\nQuantitative\n\nPercentage (%)\n\nCG-AA-430a.1\n\n  1. In 2023, a total of 118 facilities completed ZDHC wastewater testing with 97% compliance.* This includes 100% of our denim washhouses and garment dyehouses and 71% of fabric mills by production volume. \n\n_*Compliance refers to test results that meet ZDHC Heavy Metals Wastewater\nParameters and Limits, Table 2 and Conventional Parameters and Anon for\nWastewater, Table 3 according to ZDHC Wastewater Guidelines Version 2.1_\n\n[ Water ](https://corporate.abercrombie.com/sustainability/environmental-\nimpact/water/)\n\nEnvironmental Impacts in the Supply Chain\n\nPercentage of (1) Tier 1 supplier facilities and (2) supplier facilities\nbeyond Tier 1 that have completed the Sustainable Apparel Coalition\u2019s Higg\nFacility Environmental Module (Higg FEM) assessment or an equivalent\nenvironmental data assessment\n\nQuantitative\n\nPercentage (%)\n\nCG-AA-430a.2\n\n  1. In FY2023, 571 facilities including Tier 1 \u2013 cut and sew, Tier 2 \u2013 laundry, print & embroidery and trim and Tier 3 \u2013 fabric mill, completed the Higg FEM assessment. \n  2. Aggregated percentage of facilities who completed FEM self-assessment = 90% \n  3. Aggregated percentage of facilities who completed FEM verification = 75% \n\n[ Social Impact \u2013 Supplier Assessments\n](https://corporate.abercrombie.com/sustainability/social-impact/supplier-\nassessments/)\n\nLabor Conditions in the Supply Chain\n\nPercentage of (1) Tier 1 supplier facilities and (2) supplier facilities\nbeyond Tier 1 that have been audited to a labor code of conduct, (3)\npercentage of total audits conducted by a third-party auditor\n\nQuantitative\n\nPercentage (%)\n\nCG-AA-430b.1\n\n(1) 100%\n\n(2) 90%\n\n(3) 100%\n\n[ Social Impact \u2013 Supplier Assessments\n](https://corporate.abercrombie.com/sustainability/social-impact/supplier-\nassessments/)\n\nLabor Conditions in the Supply Chain\n\nPriority non-conformance rate and associated corrective action rate for\nsuppliers\u2019 labor code of conduct audits\n\nQuantitative\n\nRate\n\nCG-AA-430b.2\n\nSee our Supplier Metrics page for audit highlights\n\n[ Factory Audit Details\n](https://corporate.abercrombie.com/sustainability/social-impact/factory-\naudit-details/)\n\nLabor Conditions in the Supply Chain\n\nDescription of the greatest (1) labor and (2) environmental, health, and\nsafety risks in the supply chain\n\nDiscussion and Analysis\n\nN/A\n\nCG-AA-430b.3\n\nNot applicable\n\n[ Vendor Code of Conduct\n](https://corporate.abercrombie.com/sustainability/policies-resources/vendor-\ncode-of-conduct/)\n\nRaw Materials Sourcing\n\n(1) List of priority raw materials; for each priority raw material: (2)\nenvironmental or social factor(s) most likely to threaten sourcing, (3)\ndiscussion on business risks or opportunities associated with environmental or\nsocial factors and (4) management strategy for addressing business risks and\nopportunities\n\nDiscussion and Analysis\n\nN/A\n\nCG-AA-440a.3\n\nNot applicable\n\n[ Product Sustainability \u2013 Materials\n](https://corporate.abercrombie.com/sustainability/product-\nsustainability/materials/)\n\nRaw Materials Sourcing\n\n(1) Amount of priority raw materials purchased, by material, and (2) amount of\neach priority raw material that is certified to third-party environmental or\nsocial standard, by standard\n\nQuantitative\n\nMetric tons (t)\n\nCG-AA-440a.4\n\nSee data table below\n\n[ Product Sustainability \u2013 Materials\n](https://corporate.abercrombie.com/sustainability/product-\nsustainability/materials/)\n\n**Metric**\n\n****Raw Material** **\n\n****Data** **\n\n****Year** **\n\n(1) Amount of priority raw materials purchased, by material\n\nTotal Cotton\n\nTotal Polyester (Fill)\n\nTotal Polyester (Fabric)\n\n31,943 metric tons\n\n3,238,194 units\n\n93,034,647 units\n\nCY2023\n\nFY2023\n\nFY2023\n\n(2) Amount of each priority raw material that is certified to third-party\nenvironmental or social standard, by standard\n\nBetter Cotton Initiative (BCI)\n\nRecycled Polyester (Fill)\n\nRecycled Polyester (Fabric)\n\n9,239 metric tons\n\n3,065,027 units\n\n4,202,580 units\n\nCY2023\n\nFY2023\n\nFY2023\n\n(1)  _The inclusion of information contained in this disclosure should not be\nconstrued as a characterization regarding the materiality or financial impact\nof that information to current or prospective investors in, or other\nstakeholders of, Abercrombie & Fitch Co. When we refer to \u201cmateriality\u201d and\nour \u201cmateriality assessment\u201d, we are referring to the identification of\nmaterial issues for purposes of guiding our ESG (Environmental, Social and\nGovernance) strategies, goals, and programs, and we are not using the\ndefinition of materiality for purposes of our financial statements or other\nfilings with the U.S. Securities and Exchange Commission (SEC). _\n\n**Follow Abercrombie & Fitch Co **\n\n  * [ Instagram  ](https://www.instagram.com/lifeatanf/)\n  * [ LinkedIn  ](https://www.linkedin.com/company/abercrombie-&-fitch/)\n  * [ TikTok  ](https://www.tiktok.com/@abercrombie?lang=en)\n\n* * *\n\n##  **FOLLOW ALONG OUR JOURNEY...**\n\nSee the latest news and events on Instagram and connect with us on LinkedIn...\n\n  * [ Instagram  ](https://www.instagram.com/lifeatanf)\n  * [ LinkedIn  ](https://www.linkedin.com/company/abercrombie-&-fitch/)\n\n[ Website Terms Of Use\n](https://www.abercrombie.com/shop/CustomerService?textKey=HELP_SITEUSE&catalogId=10901&langId=-1&pageName=site-\nuse&storeId=10051) _|_ [ Privacy Notice\n](https://corporate.abercrombie.com/privacy-notice/) _|_ \u00a92025 - Abercrombie &\nFitch Co _|_ All Right Reserved\n\n",
                "url": "https://corporate.abercrombie.com/sustainability/policies-resources/sustainability-accounting-standards-board-sasb/"
            },
            "reason": "This page from Abercrombie & Fitch Co.'s corporate website discusses their use of SASB standards for sustainability reporting. It is a reliable source for understanding their approach to materiality within the SASB framework.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' materiality assessment",
            "summary": "Abercrombie & Fitch Co.'s page on their use of SASB standards for sustainability reporting.",
            "url": "https://corporate.abercrombie.com/sustainability/policies-resources/sustainability-accounting-standards-board-sasb/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "f291ae6a-b1fc-4d31-9a90-d65855fa0c6f",
                    "origin": "public",
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                    "resource_type": "webpage",
                    "source": "https://www.onetrust.com/blog/ultimate-guide-to-eu-csrd-esg-regulation-for-businesses/"
                },
                "page_content": "Skip to main content\n\n[ ](/index/)\n\nSolutions\n\n  * Solutions \n\n    * [ Consent & Preferences  Streamline consent and preference management for consumer transparency  ](/content/onetrust/us/en/solutions/consent-and-preferences)\n\n    * [ Third-Party Management  Automate third-party management from intake and risk assessment to mitigation and reporting  ](/content/onetrust/us/en/solutions/third-party-management)\n\n  *     * [ Privacy Automation  Enable responsible use throughout the data lifecycle  ](/content/onetrust/us/en/solutions/privacy-automation)\n\n    * [ Tech Risk & Compliance  Scale your resources and optimize your risk and compliance lifecycle  ](/content/onetrust/us/en/solutions/tech-risk-and-compliance)\n\n  *     * [ Data & AI Governance  Govern your data and AI while accelerating innovation  ](/content/onetrust/us/en/solutions/data-and-ai-governance)\n\n  * Featured Products \n\n    * [ AI Governance  ](/content/onetrust/us/en/products/ai-governance)\n\n    * [ Data Discovery & Classification  ](/content/onetrust/us/en/products/data-discovery)\n\n    * [ Third-Party Risk Management  ](/content/onetrust/us/en/products/third-party-risk-management)\n\n[ View all products ](/content/onetrust/us/en/products)\n\n  * Regulatory Solutions \n\n    * [ GDPR  ](/content/onetrust/us/en/solutions/gdpr-compliance)\n\n    * [ DORA  ](/content/onetrust/us/en/solutions/digital-operational-resilience-act-dora-compliance)\n\n    * [ EU AI Act  ](/content/onetrust/us/en/solutions/eu-ai-act-compliance)\n\n[ View all regulatory solutions ](/content/onetrust/language-\nmasters/en/solutions#regulations)\n\nPlatform\n\n  * OneTrust Platform \n\n    * [ Platform Overview  Build and demonstrate trust, measure and manage risk, and go beyond compliance  ](/content/onetrust/us/en/platform)\n\n  *     * [ Pricing  Explore our scalable packages designed to help you collect, govern, and use your data with complete visibility and control  ](/content/onetrust/us/en/pricing)\n\n  *     * [ Integrations  Our extensive set of integrations makes it easy to add data management to your workflows  ](/content/onetrust/us/en/integrations)\n\nResources\n\n  * Self-Service Resources \n\n    * [ Demo Videos  ](/content/onetrust/us/en/resources/onetrust-demos)\n\n    * [ Resource Library  ](/content/onetrust/us/en/resources)\n\n    * [ Customer Stories  ](/content/onetrust/us/en/customers)\n\n    * [ Blog  ](/content/onetrust/us/en/blog)\n\n  * Training & Events \n\n    * [ Training & Certifications  ](/content/onetrust/us/en/certifications)\n\n    * [ TrustWeek  ](/content/onetrust/us/en/trustweek)\n\n    * [ Connect Workshops  ](https://privacyconnect.com/)\n\n  * Support \n\n    * [ Support & Services  ](/content/onetrust/us/en/services)\n\n    * [ Partners  ](/content/onetrust/us/en/partners)\n\n    * [ MyOneTrust Help Center  ](https://my.onetrust.com/s/topiccatalog)\n\nCompany\n\n  * Company \n\n    * [ About Us  ](/content/onetrust/us/en/about-us)\n\n    * [ Trust Center  ](/content/onetrust/us/en/trust)\n\n    * [ Careers  ](/content/onetrust/us/en/careers)\n\n    * [ Newsroom  ](/content/onetrust/us/en/news)\n\n    * [ Contact Us  ](/content/onetrust/us/en/forms/contact-us)\n\n  * Newsroom \n\n[ Get the latest news, announcements, views, and more\n](/content/onetrust/us/en/news)\n\n[ __ Request demo  __ ](/forms/demo/)\n\n[ __ Contact sales  __ ](/forms/get-started/)\n\n__\n\n* * *\n\nOn-demand webinar coming soon...\n\n##  Blog\n\n#  Ultimate guide to the EU CSRD ESG regulation for businesses\n\nHow to prepare your organization for the Corporate Sustainability Reporting\nDirective (CSRD)\n\n* * *\n\n###  Table of contents\n\n  * What is the CSRD ESG regulation? \n  * Is the EU CSRD mandatory? \n  * When do companies have to start reporting? \n  * Why was the CSRD adopted? \n  * How does the CSRD relate? \n  * How can companies comply with the EU CSRD? \n  * Which ESG reporting framework or standard applies? \n  * How many people/hours will it take to support? \n  * What will it cost to prepare ESG reports? \n  * How should I set up my team? \n  * What are the benefits of EU CSRD reporting? \n  * What are the consequences of not complying? \n  * What steps can business take now to get ready? \n  * Strengthen your ethical framework \n\nMost large businesses today publish ESG sustainability reports. But one of the\nchallenges with voluntary ESG reporting is lack of consistency in the\ninformation shared. Businesses can choose which ESG reporting framework to use\nand what to disclose (or not). This makes it difficult for investors and other\nstakeholders to compare apples to apples when it comes to ESG risks and\nimpacts.\n\nAnd policymakers are taking note. Several countries have passed or proposed\nnew regulations to improve corporate transparency and accountability around\nthese risks and impacts. In 2022, the US announced new climate disclosure\nrules for [ companies ](https://www.onetrust.com/blog/forthcoming-sec-esg-\ndisclosures-climate-change/) and investment advisors. It also unveiled a new [\nfederal ESG disclosure rule ](https://www.onetrust.com/blog/us-climate-risk-\nrule-could-affect-more-than-5700-federal-suppliers/) as part of its plan to\nbecome net zero by 2050. [ Germany passed a due diligence law\n](https://www.onetrust.com/blog/german-corporate-due-diligence-act/) that\nrequires companies to divulge ESG risks and impacts in their supply chain, and\nthe [ Dutch Parliament ](https://corporatejustice.org/news/dutch-parliament-\nintroduces-corporate-accountability-bill/) introduced consultation on a\nsimilar bill. More recently, the European Parliament approved one of the most\nimportant new ESG disclosure rules to date: the Corporate Sustainability\nReporting Directive (CSRD). Companies that are affected by the EU CSRD ESG\nregulation will need to provide detailed reports on their operations, as well\nas their environmental, social, and governance (ESG) impacts.  \n\n**_Download the eBook:[ Ultimate guide to the EU CSRD\n](https://www.onetrust.com/resources/eu-csrd-ultimate-guide-ebook/) _ **\n\n##  What is the Corporate Sustainability Reporting Directive ESG regulation?\n\nThe EU [ Corporate Sustainability Reporting Directive (CSRD)\n](https://www.onetrust.com/blog/eu-csrd-corporate-sustainability-reporting-\ndirective/) is a policy requiring large companies and public-interest entities\noperating in the EU to disclose information on their ESG performance annually.\nThe European Council approved the CSRD on November 28, and it was published in\nthe Official Journal of the European Union (OJEU) on [ Dec 16, 2022\n](https://www.iasplus.com/en/news/2022/12/csrd-oj) . It will enter into force\n20 days after publication, and member states then have 18 months to integrate\nthe new rules into their national laws as an ESG regulation.\n\nThe purpose of the EU CSRD is to improve transparency and accountability\naround corporate ESG performance. This will help investors and other\nstakeholders have a better understanding of how these companies are addressing\nESG issues, so they can make more informed decisions. The CSRD also seeks to\naccelerate integration of ESG considerations into corporate business practices\nto support the transition to a more sustainable, inclusive economy.  \n\nThe CSRD replaces the Non-Financial Reporting Directive (NFRD), expanding the\nnumber of companies that will have to comply by nearly four times (from nearly\n12,000 to 50,000). In-scope companies will need to prepare a non-financial\nstatement that discloses information on their policies, risks, impacts, and\noutcomes relating to [ ESG issue ](https://www.onetrust.com/blog/esg-101-what-\nare-esg-topics/) s. The statement must be audited by an independent third-\nparty and included in the company\u2019s annual financial report.  \n\n##  Is the EU CSRD mandatory? Which companies are affected?\n\nThe CSRD is mandatory for in-scope companies, which include the following:\n\n  * Listed companies \n  * Large companies that meet two of these criteria: More than 250 employees, net turnover of more than EUR 40 million, or total assets exceeding EUR 20 million. \n  * Non-EU companies with at least one subsidiary in the EU and a net turnover of more than EUR 150 million. \n\n##  When do companies have to start reporting for the CSRD?\n\nCompanies meeting the criteria will need to start reporting:\n\n  * Jan 2025 for companies already subject to the NFRD (based on 2024 fiscal year data). \n  * Jan 2026 for all other companies (based on 2025 fiscal year data). \n  * Jan 2027 for listed small and medium enterprises that request an extension (based on 2026 fiscal year data). \n\n##  Why was the CSRD adopted?\n\nThe CSRD is part of the European Green Deal, a set of policies and initiatives\nfocused on shifting the EU to a more sustainable, responsible, and digital\neconomy. To help fund the Green Deal, the EU launched the [ Action Plan for\nFinancing Sustainable Growth ](https://www.unpri.org/sustainable-financial-\nsystem/explaining-the-eu-action-plan-for-financing-sustainable-\ngrowth/3000.article) that outlines reforms in three areas:\n\n  * Moving capital flows toward sustainable investment.   \n\n  * Mainstreaming sustainability into risk management. \n  * Fostering transparency and long-termism in economic activity \n\nThe CSRD is a key supporting element of this plan. By requiring companies to\ndisclose finance-grade information on their ESG performance in their annual\nreports, it will improve the transparency, credibility, and comparability of\nthis data. This will help investors and other stakeholders make informed\ndecisions about the companies they engage with, funneling more capital toward\nsustainable businesses and investments. It also facilitates greater corporate\naccountability by encouraging companies to integrate ESG considerations into\ntheir business practices.  \n\n\u201cThe new rules will make businesses more accountable for their impact on\nsociety and will guide them towards an economy that benefits people and the\nenvironment. Data about the environmental and societal footprint would be\npublicly available to anyone interested in this footprint.\u201d  \n[ Jozef S\u00edkela ](https://www.consilium.europa.eu/en/press/press-\nreleases/2022/11/28/council-gives-final-green-light-to-corporate-\nsustainability-reporting-directive/) , Czech Republic Minister for Industry\nand Trade  \n\n##  How does the CSRD relate to the European Green Deal, EU taxonomy, and\nSFDR?  \n\nThe CSRD, EU Taxonomy, and Sustainable Finance Disclosure Regulation (SFDR)\nare all key policies supporting the European Green Deal and EU Action Plan for\nFinancing Sustainable Growth. They aim to improve private sector transparency\nand accountability around ESG impacts and risks to promote sustainable\neconomic growth and investment in the EU.\n\n###  NFRD and CSRD\n\nThe CSRD and NFRD focus on the transparency of companies. The NFRD (Directive\n2014/95/EU) has been in force since 2018, and it applies to companies with\nover 500 employees. Companies affected by the NFRD must disclose information\non:\n\n  * Environmental matters \n  * Social responsibility and the treatment of employees \n  * Respect for human rights \n  * Anti-corruption and bribery \n  * Diversity on company boards (age, gender, etc.) \n\nDesigned to overcome some noted [ shortcomings in the NFRD\n](https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_1806) , the\nCSRD expands and replaces it. The CSRD is expected to be in force for\ncompanies already subject to the NFRD by 2025 (reporting based on 2024 data)\nand 2026 for all other companies (reporting based on 2025 data). It adds the\nfollowing requirements:\n\n  * Clarification of double materiality to identify \u201coutside-in\u201d (ESG impacts on business) and \u201cinside-out\u201d (business impacts on people and planet) \n  * More detailed reporting aligned with the EU Taxonomy and European Sustainability Reporting Standards (ESRS) \n  * Integrating ESG disclosures into financial and management reporting \n  * External audit of reported information \n  * Digitally tag reported information so it can be fed into a central database   \n\n###  EU Taxonomy\n\nThe [ EU Taxonomy ](/content/onetrust/us/en/blog/the-eu-council-clears-eu-\ntaxonomy-rules/) is a classification system that defines what economic\nactivities can be considered environmentally sustainable. It was initially\nestablished to provide a common language and set of criteria for assessing the\nsustainability of investments under the SFDR. To qualify as being sustainable,\nan activity must contribute to at least one of the following six environmental\nobjectives and not significantly harm the other objectives:\n\n  * Climate change mitigation   \n\n  * Climate change adaptation \n  * Sustainable use and protection of water and marine resources \n  * Transition to a circular economy \n  * Pollution prevention and control \n  * The protection and restoration of biodiversity and ecosystems \n\nCompanies are also required to disclose their alignment with the EU Taxonomy\nunder the CSRD.\n\n###  SFDR  \n\nThe SFDR ESG regulation focuses on the transparency of financial market\nparticipants, including banks, insurance companies, asset managers, and\npension funds. It requires these organizations to disclose information about\ntheir ESG policies, risks, impacts and performance at both an entity (company)\nand product level. Financial firms with investment funds must also disclose\nwhat percentage of their products are in line with the EU taxonomy. And, for\nproducts that don\u2019t meet the criteria, these companies must provide an\nexplanation for why not. By requiring the EU Taxonomy as a reference, the SFDR\naims to encourage financial market participants to consider the ESG impacts of\nthe products and services they offer and to grow the financing of sustainable\neconomic activities.\n\n##  How can companies comply with the EU CSRD? What are the ESG disclosure\nrequirements?\n\nTo comply with the CSRD, companies must prepare a non-financial statement that\nincludes information on their [ ESG\n](/content/onetrust/us/en/blog/esg-101-what-are-esg-topics/) policies, risks,\nand results. The specific content will vary depending on the size and nature\nof the company but could include policies and performance details around:\n\n  * Environmental issues such as GHG emissions, energy consumption, waste management, and the use of natural resources \n  * [ Social ](https://www.onetrust.com/blog/esg-101-what-does-social-in-esg-mean/) [ ](https://www.onetrust.com/blog/esg-101-what-does-social-in-esg-mean/) [ issues ](https://www.onetrust.com/blog/esg-101-what-does-social-in-esg-mean/) such as employment practices, working conditions, diversity, health and safety, supply chain management, and community engagement \n  * Governance structures and practices such as board composition and diversity, executive compensation, and risk management \n\nCompanies will need to follow a \u201ccomply or explain\u201d approach, meaning they\nmust disclose the requested ESG information or provide an explanation of why\nthey are not able to do so. In either case, the statement must be approved by\nthe board of directors and included in the annual financial report. It must\nalso be audited by an independent third party to ensure accuracy and\ncredibility.  \n\n##  Which ESG reporting framework or standard applies to the CSRD? What are\nthe ESRS?  \n\nTo comply with the CSRD, companies will be required to use the [ European\nReporting Sustainability Reporting Standards\n](/content/onetrust/us/en/blog/efrag-eu-sustainability-reporting-standards/)\n(ESRS) to prepare their ESG disclosure information. The ESRS have taken\nexisting ESG reporting frameworks and standards such as [ CDP\n](/content/onetrust/us/en/blog/what-is-cdp-carbon-disclosure-project/) , [ GRI\n](/content/onetrust/us/en/blog/global-reporting-initiative-gri-reporting/) , [\nSASB ](/content/onetrust/us/en/blog/understanding-sasb-standards-sasb-\nmateriality-map/) , and others into account as part of the development\nprocess. Like many of these frameworks, the [ ESRS will include both general\nand sector-specific standards.\n](https://corpgov.law.harvard.edu/2022/08/23/eu-corporate-sustainability-\nreporting-directive-what-do-companies-need-to-know/) The first set of ESRS\nreporting standards is expected to be adopted by [ June 30, 2023\n](https://www.efrag.org/lab6#subtitle1) , and the EU will release [ ESRS\nsector-specific standards\n](https://www.efrag.org/Activities/2205170712504435/ESRS-Sector-Standards) by\nJune 30, 2024. The ESRS reporting standards will enable companies to align\ntheir non-financial statements with the requirements of the CSRD. This will\ngive stakeholders a better understanding of how these companies are addressing\nnon-financial issues, so they can make more informed decisions. It will also\nhelp the EU advance its sustainability goals.  \n\n##  How many people/hours will it take to support ESG disclosure reporting for\nthe CSRD?  \n\nThe number of resources/hours it takes will depend on several factors. These\ninclude the size and complexity of the business, the availability and quality\nof data, and the ESRS reporting requirements. Small to medium enterprises with\nsimple business operations may be able to support CSRD ESG disclosure\nreporting with one person or a small team. Large companies will typically need\na bigger team with a range of different skills and responsibilities to support\nthe process. Depending on the situation, preparing a comprehensive, compliant\nESG report can take anywhere from a few days to months. Allow enough\npreparation time to ensure your report meets CSRD requirements and provides a\nclear and accurate picture of your company\u2019s ESG performance.  \n\n##  What will it cost to prepare ESG reports for the Corporate Sustainability\nReporting Directive?\n\nInsights from a [ study conducted by the European Council\n](https://www.ceps.eu/wp-content/uploads/2021/04/EV0220277ENN.en_.pdf) on the\naverage costs required to support ESG disclosure reporting for NFRD may be\nhelpful for planning purposes:\n\n  * Average total administrative costs were EUR 200 million in the first year and EUR 140 million for following years \n  * Average recurring administrative costs to provide NFRD non-financial statements are EUR 82,000 per year, of which about 40% can be attributed to legal costs \n  * Large companies pay an estimated EUR 100,000 for assurance services on average, while smaller companies pay between EUR 28,000 and 42,000 on average \n\n**Average total administrative costs by sector (EUR million)**\n\nSource: [ European Council ](https://www.ceps.eu/wp-\ncontent/uploads/2021/04/EV0220277ENN.en_.pdf) ** _[\n](https://www.onetrust.com/resources/esg-management-essentials-ebook/) _ **  \n\nThese costs include activities such as the following, which many companies\n(70%) rely on external service providers to perform:\n\n  * Purchasing/developing IT systems, tools, and processes to collect and analyze the data \n  * Performing the materiality assessment \n  * Measuring and calculating GHG emissions \n  * Providing legal advice for compliance \n  * Training staff \n  * Finalizing the ESG disclosure report (editorial support, design, translation, etc.) \n\n##  How should I set up my team to support CSRD ESG reporting? What is the\nbest team structure?\n\nSupporting ESG disclosure requirements for CSRD compliance requires a range of\nskills. Be sure that your team has the right expertise to address the\nresponsibilities. Key areas to focus on include:\n\n  * **Program management:** Manage ESG program and stakeholders. \n  * **IT:** Identify and implement [ ESG reporting software ](/content/onetrust/us/en/blog/4-things-to-look-for-in-esg-software/) and tools to help streamline the data collection and reporting process. \n  * **Data collection:** Identify the relevant data sources and collect the data from internal and external operations and databases. \n  * **Data analysis:** Use statistical tools to interpret data and identify ESG risks, opportunities, impacts, and trends according to ESG calculation standards and methodologies. \n  * **Reporting:** Apply writing and editing skills to prepare and present the ESG data in a clear, consistent manner aligned with the CSRD requirements. \n\nTo support these activities, your team will need to have access to resources\nsuch as databases and analysis software and may require training and support\non ESG reporting guidelines and standards. Since ESG reporting typically\ninvolves working with a range of internal and external stakeholders, strong\ncommunication and collaboration skills are also essential. It\u2019s also important\nto determine which tasks will be addressed with internal staff versus external\nservice providers as part of your strategy.\n\n##  What are the benefits of EU CSRD reporting?\n\nCompliance with the EU Corporate Sustainability Reporting Directive will\ndepend on having a [ strong ESG program\n](/content/onetrust/us/en/resources/esg-management-essentials-ebook/) . This\ncan bring several potential benefits to companies including:\n\n  * I **mproved transparency and trust:** By disclosing detailed information about their ESG performance, companies are demonstrating commitment to transparency, which helps build trust with stakeholders. This can be particularly important in the modern business environment where investors, customers, partners, employees, and others are increasingly demanding sustainable, ethical corporate behavior. \n  * **Decreased costs:** Having a strong ESG program can contribute to decreased expenses across the board. Examples include lower costs in operations (energy, water, materials, waste), HR (productivity, hiring), avoiding non-compliance penalties, easier access to capital, etc. \n  * **Stronger competitive advantage:** Companies that comply with the CSRD may have a competitive advantage over those that do not. Investors are more likely to invest in companies that disclose their ESG performance. Partners and customers are increasingly looking for responsible companies to do business with. And employees want to work for, and stay with, companies that are committed to building positive impact for people and the planet. \n  * **Better risk management:** Preparing the CSRD ESG disclosure will help companies identify and manage potential risks and opportunities. For example, a company that discloses information about its carbon emissions may be able to identify opportunities to reduce those emissions, mitigate the associated risks, and lower costs. \n\n##  What are the consequences of not complying with the CSRD? Will there be\npenalties or sanctions?\n\nThe specific penalties and sanctions for CSRD non-compliance will depend on\nhow EU member states enact the CSRD ESG regulation. However, understanding how\nmember states implemented the NFDR can help provide some headlights. According\nto insights from [ Accountancy Europe ](https://www.accountancyeurope.eu/wp-\ncontent/uploads/NFR-Publication-3-May-revision.pdf) , [ EFRAG\n](https://www.efrag.org/Assets/Download?assetUrl=%2Fsites%2Fwebpublishing%2FSiteAssets%2FEFRAG%2520PTF-\nNFRS_A6_FINAL.pdf) , and [ The CPA Journal\n](https://www.cpajournal.com/2018/07/25/mandatory-nonfinancial-reporting-in-\nthe-eu/) on NFRD implementation by member states:\n\n  * 27 countries include some form of penalty in the case of non-compliance. \n  * **Fines:** Depending on the country, fines may be assessed on individual responsible persons or entities. Fines can range from EUR 50 to 1,500 (Portugal) up to the highest of the following (Germany): EUR 10 million or 5% of the total annual turnover of the company, or twice the amount of profits gained or losses avoided because of the breach. \n  * **Imprisonment:** Prison sentences can range from six months (Ireland) to six years (Iceland). \n\nBeyond legal sanctions, additional consequences of not complying with the CSRD\ncould include reputational damage, loss of stakeholder confidence, and legal\naction from non-governmental entities.\n\n##  What steps can business take now to get ready for the EU CSRD?\n\nHere are six quick steps that companies can take now to get ready for the\nCSRD.\n\n  1. Familiarize your team with the CSRD ESG disclosure requirements and mandatory ESRS reporting standards. For an excellent source of training, register for our upcoming CSRD Masterclass series (starts in February). \n  2. Identify which parts of the business are covered by the CSRD and what ESG information needs to be disclosed. Communicate with and gather input from key stakeholders as part of this. \n  3. Update policies and processes as needed to address expanded CSRD scope (e.g., double materiality assessment, third-party assurance, etc.) \n  4. Select and onboard [ ESG reporting software ](/content/onetrust/us/en/blog/4-things-to-look-for-in-esg-software/) to help streamline the data collection and reporting process. \n  5. Collect and analyze ESG data from your operations, including third-party suppliers and business partners. Ensure that is complete and accurate. \n  6. Prepare your ESG disclosure non-financial statement aligned with the CSRD requirements. \n\nPreparing for the CSRD also provides an opportunity for companies to build a\nstrong ESG program that can lead to many benefits such as improved brand\nimage, reduced risk, and positive financial valuation and growth. For\npractical guidance on how to get started, download the [ ESG Program Checklist\n](/content/onetrust/us/en/resources/esg-program-checklist/) .\n\n##  Strengthen your ethical framework\n\nIn a world where ethical considerations are becoming paramount in business\noperations, it\u2019s essential to have a robust ethics program. OneTrust\u2019s Ethics\n& Compliance solution offers a comprehensive suite of tools designed to\nenhance transparency, accountability, and corporate integrity. Our platform\nfacilitates easier management of ethical policies, training programs, and\ncompliance reporting, ensuring that your organization upholds its commitment\nto ethical standards.\n\n**Discover how the OneTrust Ethics & Compliance solution can transform your\norganization\u2019s approach to ethics and compliance. Learn more and get started\nby visiting our [ Ethics & Compliance page\n](/content/onetrust/us/en/platform/ethics-program-management/ \"OneTrust Ethics\n& Compliance Program Management\") . **\n\n* * *\n\n#  You may also like\n\nWebinar\n\n####  Ethics Program Management\n\n###  From reactive to proactive: Transforming your ethics & compliance program\n\n###\n\nJoin this webinar to hear experts explore actionable strategies employed by\nEthics & Compliance programs to drive a more ethical culture.\n\n####  September 12, 2024\n\n[ Learn more  __ ](/resources/from-reactive-to-proactive-transforming-your-\nethics-and-compliance-program-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Drive employee engagement with Ethics Program Management\n\n###\n\nIn this tech talk, we will walk you through the customer's employee journey\nutilizing our Ethics Program Management suite of tools.\n\n####  May 21, 2024\n\n[ Learn more  __ ](/resources/drive-employee-engagement-with-ethics-program-\nmanagement-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  EthicsConnect: Risk - It\u2019s not just for breakfast anymore\n\n###\n\nJoin us for a deep dive into embedding privacy by design into the fabric of\nyour business to promote the responsible use of data.\n\n####  April 25, 2024\n\n[ Learn more  __ ](/resources/ethicsconnect-risk-its-not-just-for-breakfast-\nanymore-webinar/)\n\neBook\n\n####  Ethics Program Management\n\n###  Business messaging apps: A guide to corporate compliance\n\n###\n\nHow can your business use third-party messaging apps while staying compliant?\nDive into key usage considerations based on the DOJ\u2019s 2023 guidance.\n\n####  February 13, 2024\n\n[ Learn more  __ ](/resources/business-messaging-apps-a-guide-to-corporate-\ncompliance-ebook/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Third-party applications and ephemeral apps\n\n###\n\nLearn practical advice on how to navigate the risks of ephemeral apps and\nemployee privacy in BYOD world.\n\n####  December 05, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-third-party-applications-\nand-ephemeral-apps-webinar/)\n\nWebinar\n\n####  Speak-Up Program Management\n\n###  Navigating the EU Whistleblower Protection Directive: New rules, new\nrisks\n\n###\n\nJoin our expert-led webinar where we explore the EU Whistleblower Protection\nDirective and practical steps towards compliance.\n\n####  November 02, 2023\n\n[ Learn more  __ ](/resources/navigating-the-eu-whistleblower-protection-\ndirective-new-rules-new-risks-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Risk assessments\n\n###\n\nJoin our risk assessments experts as we discuss best practices, program\ntemplates, and how provide an assessment that provides the best value for your\norganization.\n\n####  October 25, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-risk-assessments-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Ethics Exchange: Investigations\n\n###\n\nJoin our live webinar and learn how to conduct comprehensive ethics\ninvestigations that are trustworthy and efficient.\n\n####  September 07, 2023\n\n[ Learn more  __ ](/resources/ethics-exchange-topic-investigations-webinar/)\n\nWebinar\n\n####  Third-Party Due Diligence\n\n###  Driving excellence in third-party risk management: An in-depth look at\ndifferent due diligence approaches\n\n###\n\nJoin our in-depth webinar and learn how to define third-party due dilligence\nlevels and when to apply them during your vendor management lifecycle.\n\n####  July 20, 2023\n\n[ Learn more  __ ](/resources/driving-excellence-in-third-party-risk-\nmanagement-an-in-depth-look-at-different-due-diligence-approaches-webinar/)\n\neBook\n\n####  Third-Party Due Diligence\n\n###  The global regulations driving third-party due diligence\n\n###\n\nDownload our eBook learn how to start building a robust third-party due\ndilligence (TPDD) strategy that protects your brand and minimizes risk.\n\n####  May 30, 2023\n\n[ Learn more  __ ](/resources/the-global-regulations-driving-third-party-due-\ndiligence-ebook/)\n\nChecklist\n\n####  Ethics Program Management\n\n###  Policy on development and administration of policies template\n\n###\n\nGet a head start on your ethics program and create a policy on development and\nadministration of policies with our customizable template.\n\n####  May 10, 2023\n\n[ Learn more  __ ](/resources/policy-on-development-and-administration-of-\npolicies-template-checklist/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  Unpacking the global third-party due diligence regulatory landscape\n\n###\n\nLearn how a strategic plan for compliance can help companies eliminate human\nrights and environmental violations and avoid costly consequences.\n\n####  March 06, 2023\n\n[ Learn more  __ ](/resources/unpacking-the-global-third-party-due-diligence-\nregulatory-landscape-webinar/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  The number one metric for effective compliance programs: Continuous\nimprovement\n\n###\n\nJoin our webinar to learn how to develop and/or maintain a High-Quality E&C\nProgram and what role data analytics play in improving your compliance\nprogram.\n\n####  November 27, 2022\n\n[ Learn more  __ ](/resources/the-number-one-metric-for-effective-compliance-\nprogram-continuous-improvement-webinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Live demo: Conflicts of interest management webinar\n\n###\n\nLearn how to develop a holistic disclosure program, how to make it part of\nyour risk assessment, and how to use it to meet regulatory obligations.\n\n####  November 01, 2022\n\n[ Learn more  __ ](/resources/live-demo-conflicts-of-interest-management-\nwebinar/)\n\nWebinar\n\n####  Ethics Program Management\n\n###  Local vs. central intake and case management: What the EU Whistleblower\nDirective requires\n\n###\n\nOne of the challenges to come out of the EU Whistleblower Protection Directive\nis how companies should adopt local vs. centralized case management.\n\n####  July 06, 2022\n\n[ Learn more  __ ](/resources/local-vs-central-intake-requirements-webinar/)\n\nWebinar\n\n####  Ethics & Compliance\n\n###  GDPR and the EU Whistleblower Protection Directive webinar\n\n###\n\nJoin this webinar to learn how to review your whistleblowing processes to\ncomply with the EU Whistleblower Protection Directive, the GDPR and others.\n\n####  July 06, 2022\n\n[ Learn more  __ ](/resources/gdpr-and-eu-whistleblower-protection-directive-\nwebinar/)\n\n* * *\n\n* * *\n\n###  Top Searches\n\n  * [ Trust Center  ](/trust/)\n  * [ Consent & Preferences  ](/solutions/consent-and-preferences/)\n  * [ Third-Party Management  ](/solutions/third-party-management/)\n  * [ AI Governance  ](/products/ai-governance/)\n\n###  Resources\n\n  * [ From reactive to resilient: Building and scaling a modern enterprise risk program  ](/resources/from-reactive-to-resilient-building-and-scaling-a-modern-enterprise-risk-program-webinar/)\n  * [ EU AI Act Conformity Assessment: A step-by-step guide  ](/resources/eu-ai-act-conformity-assessment-a-step-by-step-guide-white-paper/)\n  * [ EU AI Act Conformity Assessment: A step-by-step guide  ](/resources/eu-ai-act-conformity-assessment-a-step-by-step-guide-infographic/)\n\n###  Platform\n\n  * [ Platform  ](/platform/)\n  * [ Pricing and Packaging  ](/pricing/)\n  * [ OneTrust Integrations: The Future of Privacy Management  ](/integrations/)\n\n###  Company\n\n  * [ About Us  ](/about-us/)\n  * [ OneTrust Global Offices  ](/about-us/all-locations/)\n  * [ Careers  ](/careers/)\n  * [ Newsroom  ](/news/)\n  * [ Legal and Compliance Information  ](/about-us/legal/)\n\n###  Latest News\n\n  * [ OneTrust unveils the future of privacy in the age of AI  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Where possible, we also let you\nmanage your preferences about how much information you choose to share with\nus, or our partners.\n\n\u00a9 { {CURRENT_DATE}} OneTrust, LLC. All Rights Reserved.\n\nOn-demand webinar coming soon...\n\n###  Our policies\n\n  * [ Privacy Overview  ](/privacy/)\n  * [ Privacy Notice  ](/privacy-notice/)\n  * [ Cookie Notice  ](/cookie-policy/)\n  * [ Trust Center  ](/trust/)\n\n###  Your rights\n\n  * [ Exercise Your Rights  ](https://privacyportal-cdn.onetrust.com/dsarwebform/37bcc497-a196-48f1-a08b-e897b5a77859/08a01c64-41fd-4b4e-9d42-cde44371a422.html)\n  * [ Manage Your Communication Preferences  ](/privacy/preferences/)\n\n",
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                "page_content": "Loading content\n\n#\n\n##  Executive Management Team\n\n[ Meet Our Team\n](https://newsroom.bankofamerica.com/content/newsroom/executive-bios.html)\n\n##  Board of Directors\n\nView Bio\n\n###  **Brian T. Moynihan**\n\nChair of the Board and  \nChief Executive Officer,  \nBank of America Corporation\n\n  \nView Bio\n\nSame page link Brian T. Moynihan Dialog\n\n##  Brian T. Moynihan\n\n**Chair of the Board and  \nChief Executive Officer,  \nBank of America Corporation **\n\nAge: 65  Director since: January 2010\n\nCommittee membership:  Attends meetings of all of the Board committees\n\nAs our Chief Executive Officer, Mr. Moynihan leads a team of more than 200,000\nemployees focused on driving Responsible Growth for our teammates, clients,\ncommunities, and shareholders.\n\nUnder his leadership, the company provides core financial services to three\nclient groups through our eight lines of business. This has delivered record\nearnings and significant capital return to shareholders. Mr. Moynihan has\ndemonstrated leadership qualities, management capability, knowledge of our\nbusiness and industry, and a long-term strategic perspective. In addition, he\nhas many years of international and domestic financial services experience,\nincluding wholesale and retail businesses.\n\n###  Professional highlights:\n\n  * Appointed Chair of the Board of Directors of Bank of America Corporation in October 2014 and President and Chief Executive Officer in January 2010. Prior to becoming Chief Executive Officer, Mr. Moynihan led each of the company\u2019s operating units \n  * Member (and prior Chair) of the Board of Directors of Bank Policy Institute (Chair of the Global Regulatory Policy Committee) \n  * Member (and prior Chair) of Financial Services Forum \u2022 Chair of the Supervisory Board of The Clearing House Association L.L.C. \n  * Member of Business Roundtable \n  * Member (and prior Chairman) of the World Economic Forum\u2019s International Business Council (Chair of Stakeholder Capitalism Metrics Initiative) \n  * Past Chair of the Board of The U.S. Council on Competitiveness \n  * Chair of the Sustainable Markets Initiative \n\n###  Other leadership experience and service:\n\n  * Chancellor (Chair) and current member of Board of Fellows of Brown University \n  * Member of Advisory Council of Smithsonian\u2019s National Museum of African American History and Culture \n  * Member of Charlotte Executive Leadership Council \n  * Chair of Massachusetts Competitive Partnership \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Lionel L. Nowell III**\n\nLead Independent Director,  \nBank of America Corporation  \n  \nFormer Senior Vice President and Treasurer, PepsiCo, Inc.\n\n  \nView Bio\n\nSame page link Lionel L. Nowell III Dialog\n\n##  Lionel L. Nowell III\n\n**Lead Independent Director,  \nBank of America Corporation  \n  \nFormer Senior Vice President and Treasurer, PepsiCo, Inc. (Pepsi) **\n\nAge: 70  Director since: January 2013\n\nCommittee membership:  Attends meetings of all of the Board committees\n\nMr. Nowell is an active board leader with a deep range of corporate audit,\nfinancial expertise, risk management, operational, and strategic planning\nexperience.\n\nDuring his more than 30-year career with multinational consumer products\nconglomerates, he oversaw the worldwide corporate treasury functions,\nincluding debt and investment activities, capital markets strategies, and\nforeign exchange as Senior Vice President and Treasurer of Pepsi, finance\nfunctions as Chief Financial Officer of Pepsi Bottling Group, and held\nresponsibilities for strategy and business development as a Senior Vice\nPresident at RJR Nabisco. Mr. Nowell brings a robust corporate governance and\nboard leadership perspective through his current and prior service on public\ncompany boards across varying industries and through his ongoing dialogue with\ninstitutional shareholders as our Board\u2019s Lead Independent Director. In 2022,\nMr. Nowell was named \u201cIndependent Director of the Year\u201d by Corporate Board\nMember\n\n###  Professional highlights:\n\n  * Served as Senior Vice President and Treasurer of Pepsi, a leading global food, snack, and beverage company, from 2001 to May 2009; and as Chief Financial Officer of The Pepsi Bottling Group and Controller of Pepsi \n  * Served as Senior Vice President, Strategy and Business Development at RJR Nabisco, Inc., from 1998 to 1999 \n  * Held various senior financial roles at the Pillsbury division of Diageo plc, including Chief Financial Officer of its Pillsbury North America, Pillsbury Foodservice, and H\u00e4agen-Dazs divisions; and also served as Controller and Vice President of Internal Audit of the Pillsbury Company \n  * As our Board\u2019s Lead Independent Director, Mr. Nowell has an extensive set of responsibilities that brings him into frequent communications with our primary regulators, institutional shareholders, other stakeholders, and our employees and customers. \n  * Member of the Board of Directors of Ecolab Inc., Chair of its Audit Committee and member of its Finance Committee \n  * Member of the Board of Directors of Textron Inc. and Chair of its Audit Committee \n  * Served as a member of the Board of Directors of American Electric Power Company, Inc., from July 2004 to April 2020; Chair of its Audit Committee and as a member of its Directors and Corporate Governance, Policy, Executive, and Finance Committees \n  * Served as Lead Director of the Board of Directors of Reynolds American, Inc., from January 2017 to July 2017; and as a Board member, from September 2007 to July 2017 \n\n###  Other leadership experience and service:\n\n  * Former member of the Dean\u2019s Advisory Council at The Ohio State University Max M. Fisher College of Business \n\n###  Other U.S.-listed company boards:\n\n  * Ecolab Inc. \n  * Textron Inc. \n  * American Electric Power Company, Inc. _(past five years)_\n\nView Bio\n\n###  **Sharon L. Allen**\n\nFormer Chairman,  \nDeloitte LLP\n\n  \nView Bio\n\nSame page link Sharon L. Allen Dialog\n\n##  Sharon L. Allen\n\n**Former Chairman,  \nDeloitte LLP (Deloitte) **\n\nAge: 73  Director since: August 2012\n\nCommittee membership:  Audit Committee (chair) / Corporate Governance\nCommittee\n\nMs. Allen is an experienced director who brings deep auditing and consulting\nservices, financial reporting, and corporate governance experience to our\nBoard.\n\nAs a corporate leader, Ms. Allen has broad experience leading and working with\nlarge, complex businesses and brings an international perspective on risk\nmanagement and strategic planning. During her nearly 40-year career with\nDeloitte, the largest professional services organization in the U.S. and\nmember firm of Deloitte Touche Tohmatsu Limited (DTTL), she became the first\nwoman elected to serve as Chairman of the Board and also served as a member of\nDTTL\u2019s Global Board of Directors, the chair of its Global Risk Committee, and\nthe U.S. representative of its Global Governance Committee. During her tenure\nat Deloitte, Ms. Allen oversaw relationships with major multinational\ncorporations and provided oversight and guidance to management.\n\n###  Professional highlights:\n\n  * Served as Chairman of Deloitte, a firm that provides audit, consulting, financial advisory, risk management, and tax services, as the U.S. member firm of DTTL, from 2003 to 2011 \n  * Employed at Deloitte for nearly 40 years in various leadership roles, including Partner and Regional Managing Partner; and responsible for audit and consulting services for a number of Fortune 500 and large private companies \n  * Former member of the Global Board of Directors, Chair of the Global Risk Committee, and U.S. Representative on the Global Governance Committee of DTTL, from 2003 to 2011 \n  * Member of the Board of Directors of Albertsons Companies, Inc. and its Audit & Risk Committee, and Chair of its Governance, Compliance and ESG Committee \n  * Former member of the Board of Directors of First Solar, Inc., Chair of its Audit Committee and a member of its Technology Committee \n\n###  Other leadership experience and service:\n\n  * Former Director and Chair of the National Board of Directors of the YMCA of the USA, a leading nonprofit organization for youth development, healthy living, and social responsibility \n  * Former Vice Chair of the Board of Trustees of the Autry National Center, the governing body of the Autry Museum of the American West \n  * Appointed by President George W. Bush to the President\u2019s Export Council, which advised the President on export enhancement \n\n###  Other U.S.-listed company boards:\n\n  * Albertsons Companies, Inc. \n  * First Solar, Inc. _(past five years)_\n\nView Bio\n\n###  **Jos\u00e9 (Joe) E. Almeida**\n\nFormer Chairman, President,  \nand Chief Executive Officer,  \nBaxter International Inc.\n\n  \nView Bio\n\nSame page link Jos\u00e9 (Joe) E. Almeida Dialog\n\n##  Jos\u00e9 (Joe) E. Almeida\n\n**Former Chairman, President,  \nand Chief Executive Officer,  \nBaxter International Inc. (Baxter) **\n\nAge: 62  Director since: September 2022\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMr. Almeida is a former chief executive officer and public company director\nwith experience leading large, global companies subject to regulatory\noversight. His service as a board member for global companies in a variety of\nindustries also brings additional perspective to our Board.\n\nAs former Chairman, President, and Chief Executive Officer of Baxter, Mr.\nAlmeida led the company through a period of transformation driven by\ninnovation, operational excellence, and strategic execution. Prior to joining\nBaxter, Mr. Almeida served as Chairman, President and Chief Executive Officer\nand on the Board of Directors of Covidien and served in leadership roles at\nTyco Healthcare (Covidien\u2019s predecessor), Wilson Greatbatch Technologies Inc.,\nAmerican Home Products\u2019 Acufex Microsurgical division, and Johnson & Johnson\u2019s\nProfessional Products division. He began his career as a management consultant\nat Andersen Consulting (Accenture) and previously served on the Boards of\nDirectors of Walgreens Boots Alliance, Inc., Analog Devices, Inc., EMC\nCorporation, and State Street Corporation.\n\n###  Professional highlights:\n\n  * Former Chairman of the Board, President and CEO of Baxter, a global medtech leader, from 2016 to February 2025. Began serving as an executive officer of Baxter in October 2015 \n  * Served as Senior Advisor with The Carlyle Group, a multinational private equity, alternative asset management and financial services corporation, from May 2015 to October 2015 \n  * Served as Chairman, President and Chief Executive Officer and as President and Chief Executive Officer of Covidien, a global healthcare products company, from March 2012 through January 2015 and from July 2011 to March 2012, respectively, prior to the acquisition of Covidien by Medtronic plc \n  * Prior to becoming Covidien\u2019s President and Chief Executive officer, served in several leadership roles at Covidien, including President of its Worldwide Medical Devices business; also served as President of International and Vice President of Global Manufacturing for Covidien\u2019s predecessor, Tyco Healthcare \n  * Served on the Boards of Directors of: Baxter; Walgreens Boots Alliance, Inc., including on its Compensation Committee; State Street Corporation, including on its Executive Compensation Committee; Analog Devices, Inc.; and EMC Corporation \n  * Served on the Board of Trustees of Partners in Health \n\n###  Other leadership experience and service:\n\n  * Serves on the Board of Trustees of Northwestern University \n\n###  Other U.S.-listed company boards:\n\n  * Baxter _(past five years)_\n  * Walgreens Boots Alliance, Inc. _(past five years)_\n\nView Bio\n\n###  **Pierre J. P. de Weck**\n\nFormer Chairman and  \nGlobal Head of Private Wealth  \nManagement, Deutsche Bank AG\n\n  \nView Bio\n\nSame page link Pierre J. P. de Weck Dialog\n\n##  Pierre J. P. de Weck\n\n**Former Chairman and  \nGlobal Head of Private Wealth  \nManagement, Deutsche Bank AG **\n\nAge: 74  Director since: July 2013\n\nCommittee membership:  Compensation and Human Capital Committee / Enterprise\nRisk Committee\n\nMr. de Weck is a Swiss national based in Europe with deep knowledge of the\nglobal financial services industry.\n\nAs a senior executive with a tenure of more than three decades in global\nfinancial services, including as a member of the Group Executive Committee and\nGlobal Head of Private Wealth Management of Deutsche Bank AG in London, and as\nChief Executive Officer of North America, Chief Executive Officer of Europe,\nand a member of the Group Executive Board at UBS AG, and as Chief Executive\nOfficer of UBS Capital, Mr. de Weck has extensive experience in risk\nmanagement, including credit risk management. He brings valuable international\nperspective to our company\u2019s business activities, including to our European\nsubsidiaries through his service on the Boards of Directors of Merrill Lynch\nInternational (MLI), our U.K. broker-dealer subsidiary, and BofA Securities\nEurope S.A. (BofASE), our French broker-dealer subsidiary.\n\n###  Professional highlights:\n\n  * Served as the Chairman and Global Head of Private Wealth Management and as a member of the Group Executive Committee of Deutsche Bank AG, from 2002 to May 2012 \n  * Served on the Management Board of UBS, from 1994 to 2001; as Head of Institutional Banking, from 1994 to 1997; as Chief Credit Officer and Head of Private Equity, from 1998 to 1999; and as Head of Private Equity, from 2000 to 2001 \n  * Held various senior management positions at Union Bank of Switzerland, a predecessor firm of UBS, from 1985 to 1994 \n  * Chair of the Board of Directors of MLI (and previously chair of the MLI Board\u2019s Risk Committee); and Chair of the Board of Directors of BofASE \n  * Member of the Board of Directors of 360 ONE WAM Limited, a company listed on the National Stock Exchange of India and the BSE \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Arnold W. Donald**\n\nFormer President and  \nChief Executive Officer,  \nCarnival Corporation and  \nCarnival plc  \n  \nIncoming Lead  \nIndependent Director,  \nSalesforce, Inc.\n\n  \nView Bio\n\nSame page link Arnold W. Donald Dialog\n\n##  Arnold W. Donald\n\n**Former President and  \nChief Executive Officer,  \nCarnival Corporation and  \nCarnival plc (Carnival)  \n  \nIncoming Lead  \nIndependent Director,  \nSalesforce, Inc. (Salesforce) **\n\nAge: 70  Director since: January 2013\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMr. Donald has more than three decades of strategic planning, global\noperations, and risk management experience in regulated, consumer, retail, and\ndistribution businesses.\n\nHe brings expertise in business transformation through his service as\nPresident and Chief Executive Officer of Carnival, one of the world\u2019s largest\nleisure travel companies with operations worldwide, his leadership roles with\nglobal responsibilities at Monsanto, and his experience as a public company\ndirector. Through his leadership of nonprofit organizations, including The\nExecutive Leadership Council and the Juvenile Diabetes Research Foundation\nInternational, Mr. Donald also brings focus and perspective on our work to\npromote talent, inclusion, and opportunity for our employees and the\ncommunities we serve.\n\n###  Professional highlights:\n\n  * Served as President, Chief Executive Officer, and Chief Climate Officer of Carnival, a cruise and vacation company, from July 2013 to November 2022; began serving on Carnival\u2019s Board of Directors in 2001 \n  * Served as President and Chief Executive Officer, from November 2010 to June 2012 of The Executive Leadership Council, a nonprofit organization providing a professional network and business forum to African-American executives at major U.S. companies \n  * Served as President and Chief Executive Officer of the Juvenile Diabetes Research Foundation International, from January 2006 to February 2008 \n  * Served as Chairman and Chief Executive Officer of Merisant, from 2000 to 2003, a privately held global manufacturer of tabletop sweeteners, and remained as Chairman until 2005 \n  * Joined Monsanto in 1977 and held several senior leadership positions with global responsibilities, including President of its Agricultural Group and President of its Nutrition and Consumer Sector, over a more than 20-year tenure \n  * Member of the Board of Directors of GE Vernova, Chair of its Compensation and Human Capital Committee and member of its Nominating and Governance Committee \n  * Member of the Board of Directors of MP Materials Corp. and its Compensation Committee \n  * Incoming Lead Independent Director of Salesforce, Inc., member of its Audit & Finance and Nominating & Corporate Governance Committees \n  * Served as a member of the Board of Directors of Carnival and its Executive Committee \n\n###  Other leadership experience and service:\n\n  * Appointed by President Clinton and re-appointed by President George W. Bush to the President\u2019s Export Council \n\n###  Other U.S.-listed company boards:\n\n  * GE Vernova \n  * MP Materials Corp. \n  * Salesforce, Inc. \n  * Carnival _(past five years)_\n\nView Bio\n\n###  **Linda P. Hudson**\n\nFormer President and  \nChief Executive Officer,  \nBAE Systems, Inc.\n\n  \nView Bio\n\nSame page link Linda P. Hudson Dialog\n\n##  Linda P. Hudson\n\n**Former President and  \nChief Executive Officer,  \nBAE Systems, Inc. (BAE) **\n\nAge: 74  Director since: August 2012\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMs. Hudson has extensive executive leadership experience, with a focus on risk\nmanagement.\n\nShe brings international perspective, geopolitical insights, and broad\nknowledge in strategic planning, technology, global operations, and risk\nmanagement to our Board through a career in the defense, aerospace, and\nsecurity industries that spanned more than 40 years. As the former President\nand Chief Executive Officer of BAE and the first woman to lead a major\nnational security corporation, Ms. Hudson oversaw a global, highly regulated,\nand complex U.S.-based defense, aerospace, and security company, wholly owned\nby London-based BAE Systems plc (BAE Systems), where she also served as an\nexecutive director. Through her leadership positions, including with General\nDynamics Corporation and its Armament and Technical Products division, Ms.\nHudson also brings focus and perspective to the Board\u2019s oversight of\ntechnology and related risks, including cybersecurity risks.\n\n###  Professional highlights:\n\n  * Served as Chairman and Chief Executive Officer of The Cardea Group, LLC, a management consulting business, from May 2014 to January 2020 \n  * Served as CEO Emeritus of BAE, a U.S.-based subsidiary of BAE Systems, a global defense, aerospace, and security company headquartered in London, from February 2014 to May 2014, and as President and Chief Executive Officer of BAE, from October 2009 until January 2014 \n  * Served as President of BAE Systems\u2019 Land and Armaments operating group, the world\u2019s largest military vehicle and equipment business, from October 2006 to October 2009 \n  * Prior to joining BAE, served as Vice President of General Dynamics Corporation and President of its Armament and Technical Products division; held various positions in engineering, production operations, program management, and business development for defense and aerospace companies \n  * Served as a member of the Executive Committee and as an executive director of BAE Systems, from 2009 until January 2014; and as a member of the Board of Directors of BAE, from 2009 to April 2015 \n  * Member of the Board of Directors of Trane Technologies plc and its Human Resources and Compensation Committee and its Sustainability, Corporate Governance & Nominating Committee; and Chair of its Technology and Innovation Committee \n  * Served as a member of the Board of Directors of TPI Composites, Inc. and its Nominating and Corporate Governance Committee and Technology Committee \n\n###  Other leadership experience and service:\n\n  * Elected member to the National Academy of Engineering, one of the highest professional honors accorded an engineer \n  * Member of the Board of Directors of the University of Florida Foundation, Inc. and the advisory board of the University of Florida Engineering Leadership Institute \n  * Former member of the Charlotte Center Executive Board for the Wake Forest University School of Business \n  * Former member of the Board of Trustees of Discovery Place, a nonprofit education organization dedicated to inspiring exploration of the natural and social world \n  * Member of the Board of Directors of Shands Teaching Hospital and Clinics, Inc., the healthcare system affiliated with the University of Florida College of Medicine \n  * Member of the Board of Directors of University of Florida\u2019s Gator Boosters, Inc. \n\n###  Other U.S.-listed company boards:\n\n  * Trane Technologies plc (formerly Ingersoll-Rand plc) \n  * TPI Composites, Inc. _(past five years)_\n\nView Bio\n\n###  **Monica C. Lozano**\n\nFormer Chief Executive Officer,  \nCollege Futures Foundation  \n  \nFormer Chairman,  \nUS Hispanic Media Inc\n\n  \nView Bio\n\nSame page link Monica C. Lozano Dialog\n\n##  Monica C. Lozano\n\n**Former Chief Executive Officer,  \nCollege Futures Foundation  \n  \nFormer Chairman,  \nUS Hispanic Media Inc **\n\nAge: 68  Director since: April 2006\n\nCommittee membership:  Compensation and Human Capital Committee _(chair)_ /\nEnterprise Risk Committee\n\nMs. Lozano brings a broad range of leadership experience in the public and\nprivate sectors through her active participation in public service and her\nservice as chief executive officer and as a public company director. She also\nbrings a track record as a champion for talent, inclusion, and opportunity.\n\nAs Chief Executive Officer of College Futures Foundation, a charitable\nfoundation focused on increasing the rate of bachelor\u2019s degree completion\namong California student populations who are low-income and have had a\nhistorically low college success rate, she worked to increase the rate of\ncollege graduation and improve opportunity for low-income students and\nstudents of color in California. With 30 years at La Opini\u00f3n, the largest\nSpanish-language newspaper in the U.S., including as editor and publisher, as\nChairman and Chief Executive Officer of its parent company, ImpreMedia LLC,\nand as co-founder of the Aspen Institute Latinos and Society Program, Ms.\nLozano possesses deep insights into the issues that impact the Hispanic-Latino\ncommunity. As a director serving on the boards of large organizations with\ndiversified international operations, including Apple Inc. and Target\nCorporation, and previously The Walt Disney Company, Ms. Lozano has long-\nstanding experience overseeing matters ranging from corporate governance,\nhuman capital management, and executive compensation, to risk management and\nfinancial reporting. In addition, as a member of California\u2019s Task Force on\nJobs and Business Recovery, Ms. Lozano has valuable perspective on important\npublic policy, societal, and economic issues.\n\n###  Professional highlights:\n\n  * Served as Chief Executive Officer of College Futures Foundation, from December 2017 to July 2022 and a member of the Board of Directors, from December 2019 to July 2022 \n  * Served as Chair of the Board of Directors of U.S. Hispanic Media Inc., the parent company of ImpreMedia, a leading Hispanic news and information company, from June 2014 to January 2016 \n  * Served as Chairman of ImpreMedia, from July 2012 to January 2016; Chief Executive Officer, from May 2010 to May 2014; and Senior Vice President, from January 2004 to May 2010 \n  * Served as Publisher of La Opini\u00f3n, a subsidiary of ImpreMedia and the leading Spanish-language daily print and online newspaper in the U.S., from 2004 to May 2014; and Chief Executive Officer, from 2004 to July 2012 \n  * Strategic advisor to multiple media companies \n  * Member of the Board of Directors of Apple Inc. and its Audit and Finance Committee \n  * Member of the Board of Directors of Target and its Governance & Sustainability Committee, Chair of its Compensation & Human Capital Management Committee, and former Lead Independent Director \n\n###  Other leadership experience and service:\n\n  * Member of California\u2019s Task Force on Jobs and Business Recovery \n  * Served as a member of President Obama\u2019s Council on Jobs and Competitiveness, from 2011 to 2012; and served on President Obama\u2019s Economic Recovery Advisory Board, from 2009 to 2011 \n  * Served on COMEXUS, a binational commission dedicated to strengthening ties between the two countries through business, education, and cultural collaboration \n  * Member of the Board of Directors of the Weingart Foundation \n  * Served as the Chair of the Board of Regents of the University of California; as a member of the Board of Trustees of The Rockefeller Foundation; as a member of the Board of Trustees of the University of Southern California; and as a member of the State of California Commission on the 21st Century Economy \n\n###  Other U.S.-listed company boards:\n\n  * Apple Inc. \n  * Target Corporation \n\nView Bio\n\n###  **Maria N. Martinez**\n\nFormer Executive Vice President and  \nChief Operating Officer,  \nCisco Systems, Inc.\n\n  \nView Bio\n\nSame page link Maria N. Martinez Dialog\n\n##  Maria N. Martinez\n\n**Former Executive Vice President and  \nChief Operating Officer,  \nCisco Systems, Inc. **\n\nAge: 67  Director since: January 2025\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMs. Martinez brings extensive technology, risk management, and strategic\nplanning experience for global businesses to our Board.\n\nMs. Martinez\u2019s experience at Cisco Systems, Salesforce, and Microsoft enables\nher to bring extensive technology knowledge to our Board. Her leadership roles\nprovide her with strategic planning, risk management, and executive leadership\nexperience. Her history of public company board experience gives her insight\ninto governance of large, complex, and regulated companies.\n\n###  Professional highlights:\n\n  * Served as Executive Vice President and Chief Operating Officer from 2021 to 2024, and as Executive Vice President and Chief Customer Experience Officer from 2018 until 2021 at Cisco Systems, Inc., a multinational digital communications technology company \n  * Served in a variety of senior executive roles at Salesforce, Inc. between 2010 and 2018, including: President, Global Customer Success and Latin America; President, Sales and Customer Success; Executive Vice President and Chief Growth Officer; and Executive Vice President, Customers for Life \n  * Managed the Global Services business for Microsoft Corporation, including professional services and customer support for all products during her tenure there from 2003 to 2007 \n  * Member of the Board of Directors of McKesson Corporation and its Compliance Committee and Chair of its Governance and Sustainability Committee \n  * Member of the Board of Directors of Tyson Foods, Inc. and its Governance and Nominating Committee and Strategy and Acquisitions Committee \n  * Served as a member of the Board of Directors of Cue Health Inc. and its Audit and Compensation Committees and Chair of its Nominating and Governance Committee \n\n###  Other leadership experience and service:\n\n  * Former member of the Board of Trustees of the Computer History Museum \n  * Former member of the Board of Trustees of Silicon Valley Education Foundation \n\n###  Other U.S.-listed company boards:\n\n  * McKesson Corporation \n  * Tyson Foods, Inc. \n  * Cue Health Inc. _(past five years)_\n\nView Bio\n\n###  **Denise L. Ramos**\n\nFormer Chief Executive Officer and President, ITT Inc.\n\n  \nView Bio\n\nSame page link Denise L. Ramos Dialog\n\n##  Denise L. Ramos\n\n**Former Chief Executive Officer and President, ITT Inc. (ITT)**\n\nAge: 68  Director since: July 2019\n\nCommittee membership:  Audit Committee / Compensation and Human Capital\nCommittee\n\nMs. Ramos is an experienced public company executive who brings global\nbusiness leadership, financial expertise, and strategic planning experience to\nour Board.\n\nMs. Ramos served as Chief Executive Officer of ITT, a diversified manufacturer\nof engineered components and customized technology solutions for the\ntransportation, industrial, and energy markets, focusing on innovation and\ntechnology. She was Chief Financial Officer at ITT, Furniture Brands\nInternational, and the U.S. KFC division of Yum! Brands, and served as the\ncorporate treasurer at Yum! Brands. Through her public company board service\non the Boards of Phillips 66 and RTX Corporation, Ms. Ramos brings board-level\ninsights into issues facing complex, regulated global public companies and\noversight experience in finance, audit, corporate governance, public policy,\nand sustainability.\n\n###  Professional highlights:\n\n  * Chief Executive Officer and President of ITT, a diversified manufacturer of critical components and customized technology solutions, from 2011 to 2019; and Senior Vice President and Chief Financial Officer of ITT, from 2007 to 2011 \n  * Served as Chief Financial Officer for Furniture Brands International, a former home furnishings company, from 2005 to 2007 \n  * Served in various roles at Yum! Brands Inc., an American fastfood company, from 2000 to 2005, including Chief Financial Officer of the U.S. Division of KFC Corporation and as Senior Vice President and Treasurer \n  * Began her career at Atlantic Richfield Company, where she spent more than 20 years in a number of finance positions \n  * Member of the Board of Directors of Phillips 66 and its Human Resources and Compensation Committee and Public Policy and Sustainability Committee \n  * Member of the Board of Directors of RTX Corporation and its Audit Committee and Governance and Public Policy Committee \n\n###  Other U.S.-listed company boards:\n\n  * Phillips 66 (through May 2025)  (1) \n  * RTX Corporation \n\n(1)  Ms. Ramos has announced her intent not to stand for reelection to the\nboard of Phillips 66 at its 2025 annual meeting of shareholders.\n\nView Bio\n\n###  **Clayton S. Rose**\n\nBaker Foundation Professor of Management Practice,  \nHarvard Business School\n\n  \nView Bio\n\nSame page link Clayton S. Rose Dialog\n\n##  Clayton S. Rose\n\n**Baker Foundation Professor of Management Practice,  \nHarvard Business School **\n\nAge: 66  Director since: October 2018\n\nCommittee membership:  Compensation and Human Capital Committee / Enterprise\nRisk Committee _(chair)_\n\nDr. Rose is an executive leader in academics and the private sector who brings\nrisk management experience, public policy and social thought leadership, broad\nglobal financial services industry knowledge, and strategic planning\nexperience to our Board.\n\nAs former President of Bowdoin College, Dr. Rose has a legacy of promoting\nintellectual engagement with a diverse set of ideas and issues; increasing\naccess and opportunity for students; enhancing programs for postgraduate\nsuccess; advancing inclusion; and addressing mental health challenges facing\nyouth. As a Harvard Business School faculty member, Dr. Rose has taught and\nwritten on issues of leadership, ethics, the financial crisis, and the role of\nbusiness in society. Dr. Rose spent the first 20 years of his career with\nJPMorgan Chase & Co. and its predecessor company, where he retired as Vice\nChairman after leading the global investment banking and equities businesses,\nas well as holding leadership roles in securities, derivatives, and corporate\nfinance in New York and London. Following retirement from JPMorgan Chase, Dr.\nRose received a master\u2019s degree and PhD with distinction in sociology from the\nUniversity of Pennsylvania. Dr. Rose also holds an MBA from the University of\nChicago. Dr. Rose has served on several financial institutions boards and\ncurrently serves as Chair of the Board of Trustees of the Howard Hughes\nMedical Institute, the U.S.\u2019s largest private supporter of academic biomedical\nresearch.\n\n###  Professional highlights:\n\n  * Baker Foundation Professor of Management Practice at Harvard usiness School \n  * Former President of Bowdoin College \u2022 Served as a professor at Harvard Business School prior to his appointment as President of Bowdoin College \n  * Served as Vice Chairman, headed two lines of business\u2013Global Investment Banking and Global Equities\u2013and was a member of JPMorgan Chase\u2019s senior management team during his approximately 20-year tenure at JPMorgan Chase \n  * Served as a member of the Boards of Directors of XL Group, plc, Federal Home Loan Mortgage Corporation (Freddie Mac), and Mercantile Bankshares Corp. \n\n###  Other leadership experience and service:\n\n  * Trustee and Chair of the Board of Trustees for Howard Hughes Medical Institute and formerly Chair of the Audit and Compensation Committee \n  * Member of the Board of Directors of Pew Charitable Trusts \n  * Served on the company\u2019s Board of Directors, from 2013 to 2015 \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Michael D. White**\n\nFormer Chairman, President  \nand Chief Executive Officer,  \nDIRECTV\n\n  \nView Bio\n\nSame page link Michael D. White Dialog\n\n##  Michael D. White\n\n**Former Chairman, President  \nand Chief Executive Officer,  \nDIRECTV **\n\nAge: 73  Director since: June 2016\n\nCommittee membership:  Audit Committee / Corporate Governance Committee\n_(chair)_\n\nMr. White is a seasoned executive and public company director with experience\nleading the global operations and strategic direction of complex and highly\nregulated multinational consumer retail and distribution businesses.\n\nHe possesses executive and board leadership experience and provides broad\nranging operational and strategic insights, an international perspective, and\nfinancial expertise to our Board. Mr. White was President, Chief Executive\nOfficer, and Chairman of the Board of Directors of DIRECTV, where he oversaw\nthe operations and strategic direction of the company in the U.S. and in Latin\nAmerica. Prior to joining DIRECTV, he served as the Chief Executive Officer of\nPepsiCo International, Frito-Lay\u2019s Europe, Africa, and Middle East division,\nand Snack Ventures Europe, PepsiCo\u2019s partnership with General Mills\nInternational. He also served as Chief Financial Officer of PepsiCo., Inc.,\nPepsi-Cola Company worldwide, and Frito-Lay International. Mr. White began his\ncareer as a management consultant at Bain & Company and Arthur Andersen & Co.\n\n###  Professional highlights:\n\n  * Served as Chairman, President, and Chief Executive Officer of DIRECTV, a leading provider of digital television entertainment services, from January 2010 to August 2015; and as a Director of the company, from November 2009 until August 2015 \n  * Chief Executive Officer of PepsiCo International, from February 2003 until November 2009; and served as Vice Chairman and director of PepsiCo, from March 2006 to November 2009, after holding positions of increasing importance with PepsiCo since 1990 \n  * Served as Senior Vice President at Avon Products, Inc. \n  * Served as a Management Consultant at Bain & Company and Arthur Andersen & Co. \n  * Served as Lead Director of the Board of Directors of Kimberly- Clark Corporation; and Chair of its Executive Committee \n  * Served as a member of the Board of Directors of Whirlpool Corporation; Chair of its Audit Committee; and a member of its Corporate Governance and Nominating Committee \n\n###  Other leadership experience and service:\n\n  \n\n  * Vice Chair of The Partnership to End Addiction \n\n###  Other U.S.-listed company boards:\n\n  * Kimberly-Clark Corporation _(past five years)_\n  * Whirlpool Corporation _(past five years)_\n\nView Bio\n\n###  **Thomas D. Woods**\n\nFormer Vice Chairman and  \nSenior Executive Vice  \nPresident, Canadian Imperial  \nBank of Commerce\n\n  \nView Bio\n\nSame page link Thomas D. Woods Dialog\n\n##  Thomas D. Woods\n\n**Former Vice Chairman and  \nSenior Executive Vice  \nPresident, Canadian Imperial  \nBank of Commerce (CIBC) **\n\nAge: 72  Director since: April 2016\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nMr. Woods is a veteran financial services executive with experience in risk\nmanagement, corporate strategy, finance, and the corporate and investment\nbanking businesses.\n\nMr. Woods is a veteran financial services executive with experience in risk\nmanagement, corporate strategy, finance, and the corporate and investment\nbanking businesses.\n\n###  Professional highlights:\n\n  * Served as Vice Chairman and Senior Executive Vice President of CIBC, a leading Canada-based global financial institution, from July 2013 until his retirement in December 2014 \n  * Served as Senior Executive Vice President and Chief Risk Officer of CIBC, from 2008 to July 2013; and Senior Executive Vice President and Chief Financial Officer of CIBC, from 2000 to 2008 \n  * Began his career at CIBC in 1977 through Wood Gundy, a predecessor firm; served in various senior leadership positions, including as Controller of CIBC; as Chief Financial Officer of CIBC World Markets (CIBC\u2019s investment banking division); and as the Head of CIBC\u2019s Canadian Corporate Banking division \n  * Served as Chair of the Board of Directors of Hydro One Limited, an electricity transmission and distribution company serving the Canadian province of Ontario, and publicly traded and listed on the Toronto Stock Exchange, from August 2018 to July 2019 \n  * Member of the Board of Directors of MLI; Chair of its Risk Committee; and member of its Governance Committee \n  * Member of the Board of Directors of BofASE \n\n###  Other leadership experience and service:\n\n  * Chair of Board of Directors of Institute of Corporate Directors (Institut des Administrateurs de Soci\u00e9t\u00e9s) \n  * On the advisory committee of Cordiant Capital Inc., a global infrastructure and real assets manager \n  * Member of the University of Toronto College of Electors and of the Boards of Directors of Catholic Health Sponsors of Ontario and St. Michael\u2019s Hospital Foundation \n  * Former member of the Board of Directors of Alberta Investment Management Corporation, a Canadian institutional investment fund manager from 2015 to 2024; of the Board of Directors of Jarislowsky Fraser Limited, a global investment management firm, from 2016 to 2018; of the Boards of Directors of DBRS Limited and DBRS, Inc., an international credit rating agency, from 2015 to 2016; and of the Board of Directors of TMX Group Inc., a Canada-based financial services company, from 2012 to 2014 \n\n###  Other U.S.-listed company boards:\n\n  * N/A \n\nView Bio\n\n###  **Maria T. Zuber**\n\nPresidential Advisor for  \nScience  \nand Technology Policy  \nand E.A. Griswold Professor of  \nGeophysics,  \nMassachusetts Institute of Technology\n\n  \nView Bio\n\nSame page link Maria T. Zuber Dialog\n\n##  Maria T. Zuber\n\n**Presidential Advisor for  \nScience  \nand Technology Policy  \nand E.A. Griswold Professor of  \nGeophysics,  \nMassachusetts Institute of Technology (MIT) **\n\nAge: 66  Director since: December 2017\n\nCommittee membership:  Corporate Governance Committee / Enterprise Risk\nCommittee\n\nDr. Zuber is a distinguished research scientist and academic leader who brings\na breadth of risk management, technology, geopolitical insights, and strategic\nplanning thought leadership to our Board.\n\nDr. Zuber is the first woman to lead a science department at MIT and the first\nwoman to lead a NASA planetary mission. While serving as Vice President for\nResearch at MIT, Dr. Zuber oversaw multiple interdisciplinary research\nlaboratories and centers focusing on cancer research, energy and environmental\nsolutions initiatives, plasma science and fusion, electronics, nanotechnology,\nand radio science and technology. She also led the development of MIT\u2019s\ninitial Climate Action Plan, and is responsible for intellectual property,\nresearch integrity and compliance, and research relationships with the federal\ngovernment. Dr. Zuber has held leadership roles on 10 space exploratory\nmissions with NASA. She also served on the National Science Board under\nPresident Obama and President Trump and was Co-Chair of President Biden\u2019s\nCouncil of Advisors on Science and Technology.\n\n###  Professional highlights:\n\n  * Presidential Advisor for Science and Technology Policy at MIT, a leading research institution, since 2023, where she tracks trends and seizes opportunities to inform and advance state and federal science and technology policy and provides strategic direction to campus labs, centers, and initiatives connected to defense or national security and represents MIT with external stakeholders \n  * Served as Vice President for Research at MIT, from 2013 to 2024, where she oversaw MIT Lincoln Laboratory and more than a dozen interdisciplinary research laboratories and centers and led the development of MIT\u2019s initial Climate Action Plan \n  * Served as a Professor at MIT since 1995, and was Head of the Earth, Atmospheric, and Planetary Sciences Department, from 2003 to 2011 \n  * Served in a number of positions at NASA, including as a Geophysicist, from 1986 to 1992, a Senior Research Scientist, from 1993 to 2010; and as Principal Investigator of the Gravity Recovery and Interior Laboratory (GRAIL) mission, from 2008 to 2017, which was designed to create the most accurate gravitational map of the moon to date and give scientists insight into the moon\u2019s internal structure, composition, and evolution; and held leadership roles associated with scientific experiments or instrumentation on 10 NASA missions \n  * Member of the Board of Directors of Textron Inc. and Chair of its Nominating and Corporate Governance Committee \n\n###  Other leadership experience and service:\n\n  * Appointed by President Biden in 2021 as Co-Chair of the President\u2019s Council of Advisors on Science and Technology \n  * Appointed by President Obama in 2013 and reappointed by President Trump in 2018 to the National Science Board, a 25-member panel that serves as the governing board of the National Science Foundation and as advisors to the President and Congress on policy matters relating to science and engineering; and served as Board Chair, from 2016 to 2018 \n  * Co-Chair of the National Academies of Science, Engineering and Medicine\u2019s National Science, Technology, and Security Roundtable \n  * Chair of NASA\u2019s Mars Sample Return Mission Standing Review Board \n  * Board of Trustees of Brown University \n\n###  Other U.S.-listed company boards:\n\n  * Textron Inc. \n\nThis website uses cookies to ensure you get the best experience on our\nwebsite.  \n[ View our privacy policy.\n](https://newsroom.bankofamerica.com/content/newsroom/home/cookie-policy.html)\n\n  * [ Email Alerts ](/events-and-presentations/email-alerts)\n  * [ Contacts ](/shareholder-information/contact)\n  * [ RSS News Feed ](https://newsroom.bankofamerica.com/content/newsroom/press-releases.html/rss)\n  * [ Terms of use ](/terms-of-use)\n\n##  Footer Information\n\n  * [ Sign in ](https://www.bankofamerica.com/online-banking/sign-in/)\n  * [ Contact us ](https://www.bankofamerica.com/contactus/contactus.go)\n  * [ Location finder ](https://locators.bankofamerica.com/)\n  * [ Help ](https://www.bankofamerica.com/help/overview.go)\n\n  * ##  [ Our company ](https://about.bankofamerica.com/en/our-company)\n\n    * [ Responsible growth ](https://about.bankofamerica.com/en/our-company/responsible-growth)\n    * [ Business practices ](https://about.bankofamerica.com/en/our-company/business-practices)\n    * [ What we offer ](https://about.bankofamerica.com/en/our-company/what-we-offer)\n    * [ Modern Slavery Act Statement ](https://about.bankofamerica.com/content/dam/about/pdfs/Modern-Slavery-Act.pdf)\n  * ##  [ Making an impact ](https://about.bankofamerica.com/en/making-an-impact)\n\n    * [ Local impact ](https://about.bankofamerica.com/en/our-company/local-presence)\n    * [ Sustainable finance ](https://about.bankofamerica.com/en/making-an-impact/sustainable-finance)\n    * [ Supporting economic opportunity ](https://about.bankofamerica.com/en/making-an-impact/racial-equality-economic-opportunity)\n    * [ Environmental sustainability ](https://about.bankofamerica.com/en/making-an-impact/environmental-sustainability)\n    * [ Find resources ](https://about.bankofamerica.com/en/making-an-impact/find-resources)\n  * ##  [ Working here ](https://about.bankofamerica.com/en/working-here)\n\n    * [ Explore Careers ](https://careers.bankofamerica.com/en-us)\n  * ##  [ Investors ](https://investor.bankofamerica.com)\n\n    * [ Profile ](/profile)\n    * [ Quarterly Earnings ](/quarterly-earnings)\n    * [ Events & Presentations ](/events-and-presentations)\n    * [ Regulatory & Other Filings ](/regulatory-and-other-filings)\n    * [ Fixed Income ](/fixed-income)\n    * [ Shareholder Info ](/shareholder-information)\n    * [ Annual Reports & Proxy ](/annual-reports-and-proxy-statements)\n    * [ Governance ](/corporate-governance)\n  * ##  [ Newsroom ](https://newsroom.bankofamerica.com/?cm_re=EBZ-Corp_SocialResponsibility-_-Enterprise-_-EI38LT0004_AboutSite_Newsroom)\n\n    * [ Press releases ](https://newsroom.bankofamerica.com/press-releases)\n    * [ Executive biographies ](https://newsroom.bankofamerica.com/biographies?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT000B_About_Us_Biography)\n    * [ Journalist resources ](https://newsroom.bankofamerica.com/journalistresources?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT0007_About_Us_Journalist)\n    * [ Awards & recognition ](https://newsroom.bankofamerica.com/awards?cm_re=EBZ-Corp_SocialResponsibility-_-About_Us-_-EI38LT0008_About_Us_Awards)\n\n[ ](https://about.bankofamerica.com/en)\n\n**Investing in securities involves risks, and there is always the potential of\nlosing money when you invest in securities.**\n\n  \n\nThis material does not take into account your particular investment\nobjectives, financial situations or needs and is not intended as a\nrecommendation, offer or solicitation for the purchase or sale of any\nsecurity, financial instrument, or strategy. 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                    "source": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20210729_diversity_equity_incl_corpgov"
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                "page_content": "Skip to main content\n\n**July 29, 2021**\n\n**To: The Chief Executive Officers or the Equivalents of New York State\nRegulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions** *****\n\n**Re: Diversity, Equity and Inclusion and Corporate Governance**\n\nAs Superintendent of the New York State Department of Financial Services, I\nhave regularly and consistently emphasized the value of diverse perspectives\nin the decision making and problem-solving process. There is clear data\nshowing that diverse teams perform better, are more innovative and more\neffectively manage risk. Since becoming Superintendent, I have made the\ndiversity of my leadership team a top priority, and deepened our commitment to\ndiversity, equity and inclusion (DEI) by establishing the agency\u2019s first\nemployee affinity groups, along with a new Statewide Office of Financial\nInclusion and Empowerment headed by Tremaine Wright, to meet the needs of low-\nand middle-income New Yorkers across the state. In addition, in the fall of\n2019, the New York State Council on Women and Girls created the [ Committee\nfor the Advancement of Women in Leadership in Financial Services\n](/reports_and_publications/press_releases/pr1910162) , which I co-chair,\nfocused on improving the representation and advancement of women, including\nwomen of color in financial services.\n\nAs Regulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions move through the 21st century, many challenges and opportunities\nlie ahead. Already there are several forces at work impacting financial\nservices institutions, including the prevalence of digital technology,\nincreasing customer demands and expectations, and decreasing brand loyalty.\nWithout the ability to innovate and address these challenges, and those that\nare yet to come, the risks posed to the safety and soundness of the industry\nhave the potential to be highly disruptive. Regulators and industry groups are\nincreasingly taking steps to develop ideas to address these challenges,\nincluding: New York Bankers Association\u2018s (NYBA\u2019s) Virtual Speaker Series,\nwhich featured a panel discussion on Diversity, Equity and Inclusion  1  , and\nthe Conference of State Bank Supervisors (CSBS) 2021 CSBS Community Bank Case\nStudy Competition, which brought together fifty-three student teams from\nthirty-nine colleges and universities and partnered them with local community\nbanks to examine how those institutions have fared through the COVID-19\npandemic and what they are doing with regard to diversity and inclusion.  2\n\nDFS has broad statutory authority to ensure the stability of New York\u2019s\nRegulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions to protect the public interest, the interests of depositors,\ncreditors and consumers, and to promote the growth of the industry and to\nrequest special reports. Under Banking Law \u00a737(3) the Superintendent may\nrequire any banking organization to make special reports to her at such times\nas she may prescribe.\n\nThe COVID-19 pandemic challenged individuals, institutions, and communities\nacross the world in unprecedented ways, consistently reminding us of the\ncosts, both human and financial, of failing to address systemic risks.\nConvergent crises -- the pandemic, associated economic downturn, racial\nunrest, and climate change -- have brought about broad changes in our everyday\nlives, our economy, and our society. The phrase \u201cnew normal\u201d has woven its way\ninto the modern lexicon, as government and business leaders prepare to adapt\nto life after the pandemic. To operate in this \u201cnew normal\u201d, institutions must\ndevelop innovative solutions to address complex and evolving risks and\nidentify new avenues of growth. Corporate governance, including capable\nleadership teams which reflect a diversity of skills, experience, and\nperspectives, is even more important during periods of great change. With\ngreat change comes great opportunity, and DFS stands ready to unite the public\nand private sectors to work together to reimagine, rebuild and renew.\n\nWe commend the actions already taken and the commitments that have been made\nby many Regulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions  3  to increase the representation of people of color, women and\nother underrepresented groups on their boards, in their management, and in\ntheir workforce generally. We also praise the efforts of trade groups and\norganizations like CSBS, the American Bankers Association (ABA)3 and the NYBA\n4  .\n\nWhile the public statements from Regulated Banking Institutions and Regulated\nNon-Depository Financial Institutions in support of DEI initiatives are\nsignificant and necessary, it is time to act on those words and make good on\ngood intentions to begin to achieve real change. This industry letter is aimed\nat supporting existing DEI efforts while outlining DFS\u2019s expectation that New\nYork-regulated financial institutions make the diversity of their leadership a\nbusiness priority and a fundamental component of their corporate governance.\n\n##  Diversity as a Business Priority\n\nDiversity is good for an institution\u2019s bottom line, and the data shows it.\n\n**Increased Profitability**\n\nA 2020 McKinsey report tracking the trajectories of hundreds of companies\nsince 2014 detailed the impacts of diversity on profitability. Companies in\nthe top quartile for gender diversity within their executive teams were 25%\nmore likely to achieve above average profitability than those in the fourth\nquartile, an increase of 10% from 2014.  5  The case for ethnic and racial\ndiversity is equally compelling, with companies in the top quartile for ethnic\nand cultural diversity outperforming those in the fourth by 36%, an increase\nfrom 33% in 2017.  6  Further, the higher the representation of women and\npeople of color, the higher the likelihood of outperformance.  7  A Wall\nStreet Journal analysis of S&P 500 companies based on diversity and inclusion\nperformance, including the share of women in leadership roles, the presence of\ndiversity and inclusion programs, and board demographics, found that the\nhighest ranking companies achieved a higher operating profit margin relative\nto their lower performing counterparts.  8  According to a McKinsey analysis\nof 366 public companies across varied industries and countries, including the\nUnited States, companies in the top quartile for racial and ethnic diversity\nare 35% more likely to have financial returns above their national industry\nmedians.  9\n\n**Broader Customer Base**\n\nEffective DEI programs can improve overall results for an organization, and\ncentral to enhancing performance is the ability to better connect with a more\ndiverse customer base.  10  As the population becomes more diverse, banks and\nfinancial services firms stand to benefit from having a workforce that better\nreflects the communities they serve. The Census Bureau projects that between\n2016 and 2060, the percentage of non-Hispanic white Americans will decrease by\n19 million people, from 61% of the population down to 44.3%. In that same time\nspan the population of Black, Asian and Hispanic Americans is projected to\nincrease from 13.3% to 15%, 5.7% to 9.1% and 17.8% to 27.5%, respectively.  11\nWith regard to gender diversity, it is estimated that financial services firms\nare missing out on at least $700 billion in revenue opportunities each year by\nnot fully meeting the needs of women customers.  12  This is significant,\nconsidering that two-thirds of global household spending is controlled by\nwomen, 40% of global wealth is now held by women and 40% of entrepreneurs\nacross the globe are women.  13  These numbers are expected to increase in the\ncoming years, representing a significant growth opportunity.\n\n**More Innovation**\n\nMany challenges and opportunities to innovate await the banking and financial\nservices industries, particularly in the wake of COVID-19 which may ultimately\nlead to permanent shifts in customer expectations. As companies move through\nthe twenty first century the ability to innovate will be a key to growth and\nsuccess. When companies establish inclusive business cultures and policies,\nthey are more likely to report increases in creativity, innovation and\nopenness and better assessments of consumer interests and demands.  14  .\nCompanies that adapt and innovate enjoy a distinct advantage over their\ncompetitors, with research showing that over a three year period, companies\nwith greater management diversity earned 38% more on their revenues, on\naverage, from innovative products and services than their less diverse\ncompetitors. A 2018 Boston Consulting Group study of employees at more than\n1,700 companies in eight countries identified a \u201cstrong and statistically\nsignificant correlation between the diversity of management teams and overall\ninnovation.\u201d  15  That same analysis also found that companies that reported\nabove average diversity on their management teams also reported innovation\nrevenue that was 19 % higher than companies with below average leadership\ndiversity.  16  Diverse backgrounds and experiences lead to different\nviewpoints and opinions on complex issues, thereby leading to a plurality of\nsolutions. This type of innovative and creative environment will better\nposition banks and financial services firms to address the challenges ahead\nand continue to grow and strengthen their operations.\n\n**Better Risk Management**\n\nCredit, market, and liquidity risks constitute some of the biggest risks for\nbanking and other financial service providers  17  . Overexposure in a\ncategory that is prone to large losses, lack of liquidity or overly aggressive\ncapital market sales and trading has significant potential negative\nconsequences for an institution, its clients, and the consumer. To that point,\nstudies have shown that diverse teams process information more carefully, are\nmore likely to remain objective and consistently reexamine facts, encourage\ngreater scrutiny of the actions of others and become more aware of entrenched\nways of thinking which may otherwise lead to errors in the decision making\nprocess.  18  Additionally, research has shown that gender diverse corporate\nboards are more likely to make efficient investments and avoid risky\noverinvestments.  19  Further, female board representation has been found to\nlead to better investment policies, acquisition decisions, and overall firm\nperformance, by balancing CEO overconfidence.  20  Overall, studies show that\nfemale board representation improves strategic decision making and improves\nthe overall performance of a firm.  21\n\n**Larger Talent Pool and More Satisfied Employees**\n\nDiverse work environments are likely to increase employee job satisfaction and\ncommitment to their employer, and are associated with reduced instances of\ninterpersonal aggression and discrimination.  22  Further, companies with\nhigher levels of gender diversity who also have HR policies and practices\nwhich focus on gender diversity are linked to lower levels of employee\nturnover.  23\n\nOne of the opportunities presented by the upheaval associated with the\nCOVID-19 pandemic has been the forced shift to remote work for considerable\nsegments of the workforce. This has prompted many organizations to rethink how\nthey view remote work, with 93% of companies surveyed by McKinsey saying that\nmore jobs can be performed remotely than these companies had estimated pre-\npandemic.  24  The increasing prevalence of remote work opportunities presents\ncompanies with the opportunity to reach a larger and more diverse talent pool,\nwith 70% of companies in that same survey reporting that they believed the\nshift to remote work will allow them to increase diversity in their hiring.\n25\n\n##  Diversity in the Financial Services Industry\n\nAvailable research on the diversity of boards and senior management in the\nfinancial services industry shows that despite the many admirable efforts\nundertaken and commitments made by the industry to this point, there is still\nmuch work to be done to increase diversity.\n\nThe Committee for Better Banks issued a report in March of 2021 which examined\nissues related to race in the workplace at some of the largest US retail\nbanks.  26  Their review found that minority employees are broadly\nunderrepresented in the finance/insurance industry generally, and are\noverrepresented in lower employment levels compared to their white peers.  27\nFurther, the report found that Black and Latino employees had a less than 25%\nchance of being promoted or hired for a senior management/executive position\ncompared to their white peers.  28\n\nIn 2019, the House Financial Services Committee conducted an analysis of bank\ndiversity data and found that among banks reporting demographic information,\nfemales made up less than one-third of their executive and senior level\nworkforce  29  despite representing 51% of the US population.  30  The report\nalso found that bank boards were 11% Black, 5% Latino and 3% Asian; in\ncontrast these groups comprise 13%, 18.5% and 6% of the US population,\nrespectively.  31\n\nFemale participation in the cryptocurrency community is very low. The\npercentage of women in the sector, including developers, investors, and\ninterested individuals, usually hovers between 4% and 6%. Data from 2020 shows\nthat Bitcoin community engagement by gender reached 86% male and 14% female,\nrepresenting a small upturn in female representation.  32  Of the 378 venture-\nbacked cryptocurrency and Blockchain companies founded around the world\nbetween 2012 and 2018, 92% had a founding team that was entirely male. By\ncomparison, 82% of all technology companies started in that period had all\nmale founders.  33  Additionally, a report from Forbes detailing the richest\npeople in cryptocurrency included 19 people, all of whom were white or East\nAsian men.  34\n\nA recent McKinsey report noted that as of 2018 the proportion of people of\ncolor in financial services drops 75% from entry-level positions to the\nC-suite. Specifically, Black, Hispanic, and Asian employees occupied 10%, 9%\nand 17% of entry level roles, but only 3%, 2% and 6% of C-suite positions,\nrespectively.  35  A 2018 study of 71 banks across 20 countries found that\nwhile women comprised an average of 52% of the banking industry\u2019s workforce,\nthey faced a \u201cdouble glass ceiling\u201d when moving up the organizational\nhierarchy; with the first ceiling falling at the middle management level and\nthe second manifesting at the executive level.  36  Of the banks surveyed,\nonly 38% of middle managers were female, and 16.5% of executive management was\nfemale.  37\n\n##  Investor and Government Actions\n\nIncreasingly, investors and governments are taking action to advance diversity\nin senior management and the board room.\n\nCongress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act\nof 2010 which required all covered agencies, including federal financial\nservices regulators, to create an Office of Minority and Women Inclusion\n(OMWI) which is responsible for all agency matters related to diversity in\nmanagement, employment and business activities.  38  Each OMWI was then\ndirected to develop standards to assess diversity policies and practices of\ntheir regulated entities and report to Congress annually on its own progress\non diversity and inclusion, along with the data it received from its regulated\nentities.  39\n\nIn 2015, the Office of the Comptroller of the Currency (OCC), Board of\nGovernors of the Federal Reserve System (Board), Federal Deposit Insurance\nCorporation (FDIC), National Credit Union Administration (NCUA), Consumer\nFinancial Protection Bureau (CFPB), and Securities and Exchange Commission\n(SEC) issued their final interagency policy statement which established joint\nstandards for assessing the diversity policies and practices of their\nregulated entities.  40  This action, which was required by the Dodd-Frank\nAct, provided a framework for regulated entities to create and strengthen\ntheir diversity policies and practices, including their organizational\ncommitment to diversity, workforce and employment practices, procurement,\nbusiness practices and transparency around organizational diversity and\ninclusion within their US operations.  41\n\nEarly last year, the House Committee on Financial Services held a hearing on\ndiversity and inclusion at America\u2019s largest banks  42  , including a review\nof a report issued by the Committee titled Diversity and Inclusion: Holding\nAmerica\u2019s Largest Banks Accountable.  43  During the hearing, the committee\nnoted the lack of board and senior management diversity and recommended that\nCongress consider taking legislative action to improve diversity and inclusion\nin banking institutions, including the disclosure of diversity data to\nregulators and the public and publicly disclosing their board diversity.  44\nCalifornia has enacted legislation requiring publicly held corporations whose\nprincipal offices are located in California to have at least one woman on\ntheir board by the end of 2019  45  , and at least one director who is\nracially, ethnically or otherwise diverse by the end of 2021.  46\n\nThe Biden Administration has made its commitment to diversity clear. Allison\nHerren Lee, as Acting SEC Chair, suggested that the agency should strengthen\nits guidance on board diversity and revisit disclosure requirements for public\ncompanies;  47  and it has been reported that SEC Chair Gary Gensler may be in\nfavor of corporate disclosures regarding boardroom diversity.  48\n\nOutside of the US, European nations including Belgium, France, Italy and\nNorway enacted statutory gender quotas with strict non-compliance penalties\nyears ago, aimed at increasing the representation of women in the senior\nleadership of their largest publicly held companies.  49< In 2020, Canada\nbegan requiring corporations governed by the Canada Business Corporations Act\nwith publicly-traded securities to disclose information to their shareholders\non the diversity of their boards and senior management teams.  50  The Central\nBank of Ireland articulated ways in which it could use its supervisory\nauthority to address diversity in the boardroom and in senior management,\nincluding assessing whether a firm is actively promoting diversity and\ninclusion throughout its organization and reviewing governance codes and\nrequirements to clearly community expectations regarding diversity policies.\n51\n\nGiven the business case for diversity, equity and inclusion, investors both at\nhome and abroad have begun to leverage their influence to promote DEI efforts.\n\nIn 2017, State Street Global Advisors announced that it will vote against the\nchair of a board\u2019s nominating and/or governance committee if a company fails\nto take action to increase the number of women on its board  52  and\nreaffirmed that commitment in 2020, again stating they are prepared to use\ntheir proxy voting authority to hold organizations accountable for meeting\ntheir expectations related to diversity, equity, and inclusion.  53\n\nSimilarly in 2017, BlackRock voted against board members at five companies who\nsat on nominating committees but failed to respond to investors\u2019 concerns\nsurrounding diversity.  54  In 2020, BlackRock again articulated that they\nwill use their voting power to help drive increased boardroom diversity.  55\nVanguard has announced it will advocate for increased diversity on boards, and\nwill review the progress companies make on increasing diversity on their\nboards through their voting activities; specifically noting that progress on\ndiversity will inform their voting calculation in the years to come.  56\n\nInternationally, Legal & General Investment Management (LGIM), the largest\nfund manager in the United Kingdom, informed S&P 500 companies in the US in\nlate 2020 that it expects their boardrooms to include at least one Black,\nAsian or other ethnic minority by January 2022 and will vote against the re-\nelection of board/nomination committee chairs who fail to meet this target.\n57  Moreover, Goldman Sachs announced in February of 2020 that the firm will\nonly underwrite the IPOs of private companies in the US and Europe who have at\nleast one diverse board member, with that target increasing to two diverse\nboard members by the end of 2021.  58\n\n##  DFS Expectations for New York Regulated Banking Institutions and Regulated\nNon-Depository Financial Institutions\n\nConsidering the reasons detailed in this industry letter, DFS expects\nRegulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions to make the diversity of their leadership a business priority and\nintegrate it into their corporate governance. Regulated Banking Institutions\nand Regulated Non-Depository Financial Institutions should also pay close\nattention to their talent pipeline of future diverse leaders, in addition to\nthe diversity of their affiliates. The greater the diversity an organization\nhas within its talent pipeline, the better positioned it will be to diversify\nits senior management and boards. All such regulated institutions should view\ndiversity like other strategic priorities, including communicating its\nimportance to all stakeholders, providing a plan for how it will be achieved\nand explaining that plan, setting measurable goals and tracking progress\ntoward those goals.\n\nDFS has reviewed and evaluated several regulatory approaches to advance DEI in\nthe banking and financial services industry, including imposing quotas and the\naggregation and disclosure of diversity data on a firm by firm basis. DFS has\nalso engaged in numerous informal conversations with financial institutions,\ntrade groups and DEI experts to ascertain the industry\u2019s commitment to\nincreasing its diversity, along with the challenges faced by financial\ninstitutions in their efforts to realize their commitments. I would like to\nacknowledge the contributions of the members of New York State\u2019s Committee for\nthe Advancement of Women in Leadership in Financial Services for their\ninsightful and valuable input through this process.\n\nAfter conducting in depth research and engaging in conversations with\nstakeholders, we have determined that the best way for DFS to support\nRegulated Banking Institutions and Regulated Non-Depository Financial\nInstitutions\u2019 DEI efforts is by collecting and publishing data related to the\ndiversity of corporate boards and management. In order to set goals and\nmeasure progress, data collection is key. Making this information public will\nallow firms to assess where they stand relative to their peers, and it is our\nhope, raise the bar for the entire industry. Transparency and accountability\nare driving forces for change.\n\nSuccessful diversity, equity and inclusion programs are a process of continual\nimprovement, not a destination where the correct number of boxes have been\nchecked. This requires commitment from every level of the organization to be\nsuccessful, starting at the top. Firms should aim to have a board and\nmanagement team that benefit from a wide diversity of skills, experiences, and\nperspectives, including those based on gender, race or ethnicity; not simply\naim to have one or two diverse board members. To be clear, one or two diverse\nboard members is better than none, but that is insufficient, particularly for\na large board, and is not the goal. DFS understands that not every institution\nis starting from the same place in terms of the diversity of their workforce\nand leadership. Each company should conduct a self-assessment on where it\nstands, where it wants to go, and develop a plan on how to get there, taking\ninto consideration its size and other relevant factors, with a focus on\nimprovement over time.\n\nTo start, DFS will be sending out a survey to collect data regarding the\ngender, racial and ethnic makeup of New York Regulated Banking Institutions\nand Regulated Non-Depository Financial Institution\u2019s boards or equivalent and\nmanagement as of December 31, 2019 and 2020, including information about board\ntenure and key board and senior management roles, from all Regulated Banking\nInstitutions with more than $100 million in assets, and all Regulated Non-\nDepository Financial Institutions with more than $100 million in gross revenue\nand from all entities authorized to engage in virtual currency business\nactivity, including virtual currency licensees (\u201cBitLicensees\u201d) and virtual\ncurrency trust companies.\n\nWe plan to collect this data over the late summer and publish the results on\nan aggregate basis in the first quarter of 2022, categorized by the type of\ninstitution and other relevant factors We strongly encourage companies to\npublicly disclose the composition and diversity of their boards and management\nas a constituent part of their DEI commitment to their stakeholders. DFS will\nconsider collecting and disclosing similar information in the future,\nincluding on a more granular basis, considering any other data collection and\ndisclosure requirements that may be imposed on the banking and financial\nservices industry.\n\n##  Conclusion\n\nFurther diversifying the leadership and workforce of the banking and financial\nservices industry is a business and corporate governance imperative which will\nstrengthen the industry, increase innovation, and provide resiliency. This\nprocess is one of continual evolution and improvement, not simply an exercise\nin box checking, and small changes now will lead to big improvements in the\nfuture. We applaud the companies who have already taken meaningful steps to\npromote diversity within their organization, and we look forward to supporting\nthose who are embarking on this work for the first time now. In response to\nfeedback from industry participants, DFS will organize a webinar focused on\nDEI best practices and addressing specific issues that companies have\nencountered in their diversity efforts.\n\nPlease direct questions regarding this industry letter to [ [email protected]\n](/cdn-cgi/l/email-protection#672506090c0e090023222e2703011449091e49000811) .\n\nSincerely,\n\nLinda A. Lacewell\n\nSuperintendent of Financial Services\n\n* * *\n\n[*]  This letter is addressed to New York State banking institutions,\nincluding New York chartered banks, credit unions and New York licensed\nbranches and agencies of foreign banking organizations (collectively\n\u201cRegulated Banking Institutions\u201d), as well as New York regulated mortgage\nbanks, mortgage servicers, mortgage brokers, money transmitters, check\ncashers, licensed lenders, sales finance companies, premium finance agencies,\nlimited purpose trust companies and virtual currency companies (collectively,\n\u201cRegulated Non-Depository Financial Institutions\u201d). We note that DFS has\nissued a similar [ letter ](/industry_guidance/circular_letters/cl2021_05) to\nall New York State domestic and foreign insurance companies dated March 16,\n2021.\n\n* * *\n\n**References:**\n\n[1]  New York Bankers Association, (2020), History in Real Time Virtual\nSpeaker Series, Retrieved from: [ NYBA.com\n](https://www.nyba.com/NYBA/Events/Major_Meetings_and_Conferences/VirtualSpeakerSeries.aspx?WebsiteKey=2605c623-d0d9-46ae-\nbb77-90782c2d9b4c)\n\n[2]  Conference of State Bank Supervisors, (March 2021), 53 Teams Enter CSBS\nCommunity Bank Case Study Competition, Retrieved from: [ CSBS.org\n](https://www.csbs.org/newsroom/53-teams-enter-csbs-community-bank-case-study-\ncompetition)\n\n[3]  American Bankers Association, (2021), Diversity, Equity & Inclusion,\nRetrieved from: [ Aba.com ](https://www.aba.com/banking-\ntopics/operations/diversity-equity-inclusion)\n\n[4]  New York Bankers Association, (October, 2019), Women in Leadership\nConference, Retrieved from: [ NYBA.com\n](https://www.nyba.com/NYBA/Events/Major_Meetings_and_Conferences/Women_Program.aspx?WebsiteKey=2605c623-d0d9-46ae-\nbb77-90782c2d9b4c)\n\n[5]  Dixon-Fyle, S, Dolan, K, Hunt, V, Prince, S, (May 2020), Diversity wins:\nHow inclusion matters, Retrieved from: [ McKinsey.com\n](https://www.mckinsey.com/featured-insights/diversity-and-\ninclusion/diversity-wins-how-inclusion-matters)\n\n[6]  [ Ibid ](https://www.mckinsey.com/featured-insights/diversity-and-\ninclusion/diversity-wins-how-inclusion-matters)\n\n[7]  Ibid\n\n[8]  Catalyst. (June 24, 2020). Why Diversity and Inclusion Matter: Financial\nPerformance (Appendix), Retrieved from: [ Catalyst.org\n](https://www.catalyst.org/research/why-diversity-and-inclusion-matter-\nfinancial-performance/)\n\n[9]  Hunt, V., Layton, D., and Prince, S. (January 2015), Why diversity\nmatters, Retrieved from: [ McKinsey.com ](https://www.mckinsey.com/business-\nfunctions/organization/our-insights/why-diversity-matters)\n\n[10]  Rogish A., Sandler, S., Shemluck, N., (July 2020), Diversifying the path\nto CEO in financial services, Retrieved from: Deloitte.com\n\n[11]  Vespa, J., et al. (Issued March 2018, Revised February 2020).\nDemographic Turning Points for the United States: Population Projections for\n2020 to 2060. United States Census Bureau, p. 7. Retrieved from: [ census.gov\n](https://www.census.gov/content/dam/Census/library/publications/2020/demo/p25-1144.pdf)\n\n[12]  Clempner, J., et al. (2019). Women in Financial Services 2020. Oliver\nWyman, p. 19. Retrieved from: [ oliverwyman.com\n](https://www.oliverwyman.com/content/dam/oliver-\nwyman/v2/publications/2019/November/Women-In-Financial-Services-2020.pdf)\n\n[13]  Ibid\n\n[14]  Catalyst. (June 24, 2020). Why Diversity and Inclusion Matter: Quick\nTake. Retrieved from: [ Catalyst.org ](https://www.catalyst.org/research/why-\ndiversity-and-inclusion-matter/)\n\n[15]  Lorenzo, R., et al. (January 23, 2018). How Diverse Leadership Teams\nBoost Innovation. BCG Henderson Institute. Retrieved from: [ Boston Consulting\nGroup Henderson Institute ](https://www.bcg.com/en-us/publications/2018/how-\ndiverse-leadership-teams-boost-innovation)\n\n[16]  Ibid\n\n[17]  Corporate Finance Institute, (2021), Major Risks for Banks, Retrieved\nfrom: [ Corporatefinanceinstute.com\n](https://corporatefinanceinstitute.com/resources/knowledge/finance/major-\nrisks-for-banks/)\n\n[18]  Rock, D., et al. (November 4, 2016). Why Diverse Teams Are Smarter.\nHarvard Business Review. Retrieved from: [ Harvard Business Review\n](https://hbr.org/2016/11/why-diverse-teams-are-smarter)\n\n[19]  Catalyst. (June 24, 2020). Why Diversity and Inclusion Matter: Quick\nTake. Retrieved from: [ Catalyst.org ](https://www.catalyst.org/research/why-\ndiversity-and-inclusion-matter/)\n\n[20]  Ibid\n\n[21]  Chen, J., Leung W., Song, W., Goergen, M., (September 2019), Research:\nWhen Women Are On Boards, Male CEOs Are Less Overconfident, Retrieved from: [\nHarvard Business Review ](https://hbr.org/2019/09/research-when-women-are-on-\nboards-male-ceos-are-less-overconfident)\n\n[22]  Catalyst. (June 24, 2020). Why Diversity and Inclusion Matter: Quick\nTake. Retrieved from: [ Catalyst.org ](https://www.catalyst.org/research/why-\ndiversity-and-inclusion-matter/)\n\n[23]  Ibid\n\n[24]  Thomas, R., et al. (2020). Women in the Workplace 2020. McKinsey &\nCompany and LeanIn.Org, p. 51. Retrieved from: [ McKinsey.com\n](https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-\nthe-workplace)\n\n[25]  Ibid\n\n[26]  Weiner, N., Munoz, H., (March 2021), Advancing Racial Justice for\nFrontline Bank Workers, Retrieved from: [ bankaccountability.org\n](https://cwa-union.org/news/releases/new-report-black-latino-workers-face-\ntough-odds-of-getting-higher-paid-positions)\n\n[27]  Ibid\n\n[28]  Robinson, A., (April 2021), The push to diversify banking from within\nthe industry, Retrieved from: [ ABC News\n](https://abcnews.go.com/Business/push-diversify-banking-\nindustry/story?id=76568426)\n\n[29]  United States House of Representatives Committee on Financial Services,\n(2020), Diversity and Inclusion: Holding America\u2019s Large Banks Accountable,\nRetrieved from: U.S. House of Representatives Committee on Financial Services\n\n[30]  United States Census Bureau. (2019). Quick Facts: United States.\nRetrieved from: [ census.gov\n](https://www.census.gov/quickfacts/fact/table/US/LFE046219)\n\n[31]  Ibid\n\n[32]  Coindance, (2020), Bitcoin Community Engagement by Gender, Retrieved\nfrom: [ Coindance ](https://coin.dance/stats/gender)\n\n[33]  Hao, K., (2018), The first rule of being a woman in crypto is you do not\ntalk about being a woman in crypto, Retrieved from: [ Quartz\n](https://qz.com/1262167/the-first-rule-of-being-a-woman-in-crypto-is-you-do-\nnot-talk-about-being-a-woman-in-crypto/)\n\n[34]  Dozier, R., (2019), Black Blockchain Meet-up Addresses Lack of Diversity\nin Crypto, Retrieved from: [ Breakermag ](https://www.forbes.com/richest-in-\ncryptocurrency/#b2f1b601d496)\n\n[35]  Diaz, A. et. Al., (September 2020), Racial Equity in Financial Services,\nRetrieved from: [ McKinsey.com\n](https://www.mckinsey.com/industries/financial-services/our-insights/racial-\nequity-in-financial-services)\n\n[36]  Manning, J., (July 2019), Achieving Diversity and Inclusion in the\nBanking Sector: A Work in Progress, Retrieved from: [ International Banker\n](https://internationalbanker.com/banking/achieving-diversity-and-inclusion-\nin-the-banking-sector-a-work-in-progress/)\n\n[37]  Ibid\n\n[38]  United States Congress (2010), Dodd-Frank Wall Street Reform and\nConsumer Protection Act, Retrieved from: [ Congress.gov\n](https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf)\n\n[39]  Federal Register, (2015), Final Interagency Policy Statement\nEstablishing Joint Standards for Assessing the Diversity Policies and\nPractices of Entities Regulated by the Agencies, Retrieved from: [ The Federal\nRegister\n](https://www.federalregister.gov/documents/2015/06/10/2015-14126/final-\ninteragency-policy-statement-establishing-joint-standards-for-assessing-the-\ndiversity-policies)\n\n[40]  Ibid\n\n[41]  Ibid\n\n[42]  Wright, M., (October 2020), Why diversity and inclusion matters to\nregulators, Retrieved from: [ Independent\n](https://independentbanker.org/2020/10/why-diversity-and-inclusion-matters-\nto-regulators/) Banker\n\n[43]  United States House of Representatives Committee on Financial Services,\n(2020), Diversity and Inclusion: Holding America\u2019s Large Banks Accountable,\nRetrieved from: U.S. House of Representatives Committee on Financial Services\n\n[44]  Ibid\n\n[45]  State of California. (2020). Women on Boards. Retrieved from: [\nsos.ca.gov ](https://www.sos.ca.gov/business-programs/women-boards/)\n\n[46]  Steele, A. (October 1, 2020). California Rolls Out Diversity Quotas for\nCorporate Boards. The Wall Street Journal. Retrieved from: [ The Wall Street\nJournal ](https://www.wsj.com/articles/california-rolls-out-diversity-quotas-\nfor-corporate-boards-11601507471)\n\n[47]  Reuters. (February 25, 2021). U.S. SEC should revisit disclosure\nrequirements on diversity \u2013 acting chair. Retrieved from: [ reuters.com\n](https://www.reuters.com/article/us-usa-sec-diversity/u-s-sec-should-revisit-\ndisclosure-requirements-on-diversity-acting-chair-idUKKBN2AP2T2)\n\n[48]  Sorkin, A., et al. (January 13, 2021). Potential Priorities for Wall\nStreet\u2019s Next Top Cop. Retrieved from: [ The New York Times DealBook\n](https://www.nytimes.com/2021/01/13/business/dealbook/gary-gensler-sec.html)\n\n[49]  Arndt, P., et al. (2019). Gender quotas in a European comparison: Tough\nsanctions most effective. DIW Weekly Report, pp. 339-41. Retrieved from: [\ndiw.de\n](https://www.diw.de/de/diw_01.c.678694.de/publikationen/weekly_reports/2019_38_1/gender_quotas_in_a_european_comparison__tough_sanctions_most_effective.html)\n\n[50]  Government of Canada. (2021). Diversity of boards of directors and\nsenior management. Retrieved from: [ ic.gc.ca\n](https://www.ic.gc.ca/eic/site/cd-dgc.nsf/eng/cs08316.html)\n\n[51]  Manning, J., (July 2019), Achieving Diversity and Inclusion in the\nBanking Sector: A Work in Progress, Retrieved from: [ International Banker\n](https://internationalbanker.com/banking/achieving-diversity-and-inclusion-\nin-the-banking-sector-a-work-in-progress/)\n\n[52]  State Street. (March 7, 2017). State Street Global Advisors Calls on\n3,500 Companies Representing More Than $30 Trillion in Market Capitalization\nto Increase Number of Women on Corporate Boards [Press Release]. Retrieved\nfrom: StateStreet.com\n\n[53]  Lacaille, R., (August 2020), Diversity Strategy, Goals & Disclosure: Our\nExpectations for Public Companies, Retrieved from: State Street Global\nAdvisors\n\n[54]  Hunnicutt, T. (July 13, 2017). BlackRock supports effort to boost number\nof women board members. Reuters. Retrieved from: [ Reuters\n](https://www.reuters.com/article/us-blackrock-women/blackrock-supports-\neffort-to-boost-number-of-women-board-members-idUSKBN19Z09C)\n\n[55]  BlackRock, (March 2020), BlackRock Releases 2020 Stewardship Priorities\nfor Engaging with Public Companies, Retrieved from: [ BlackRock\n](https://www.blackrock.com/corporate/newsroom/press-\nreleases/article/corporate-one/press-releases/stewardship-priorities)\n\n[56]  Vanguard Investments, (2019), Vanguard Investment Stewardship\nPerspectives, Board Diversity, Retrieved from [ Vanguard\n](https://about.vanguard.com/investment-stewardship/perspectives-and-\ncommentary/persp_board_diversity.pdf)\n\n[57]  Makortoff, K., (October 2020), Legal & General warns FTSE 100 firms over\nlack of ethnic diversity, Retrieved from: [ The Guardian\n](https://www.theguardian.com/business/2020/oct/05/legal-and-general-warns-\nftse-100-firms-lack-of-ethnic-diversity-bame-board-member-2022)\n\n[58]  Goldman Sachs. (February 4, 2020). Goldman Sachs\u2019 Commitment to Board\nDiversity. Retrieved from: [ goldmansachs.com\n](https://www.goldmansachs.com/our-commitments/diversity-and-inclusion/board-\ndiversity/)\n\nWho We Supervise\n\nInstitutions That We Supervise\n\nThe Department of Financial Services supervises many different types of\ninstitutions. Supervision by DFS may entail chartering, licensing,\nregistration requirements, examination, and more.\n\n[ Learn More ](/who_we_supervise)\n\nDepartment of Financial Services\n\n[ Department of Financial Services ](/ \"Home\")\n\n",
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                    "source": "https://www.wtwco.com/en-us/insights/2024/09/demystifying-the-csrd-unlocking-business-success-through-sustainability"
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                "page_content": "Skip to main content\n\n[ ](https://www.wtwco.com/en-us)\n\nWhat can we help you find?\n\nmain content, press tab to continue\n\nThe Corporate Sustainability Reporting Directive (CSRD) aims to enhance the\nconsistency, comparability, relevance and reliability of your sustainability\nreporting. However, you don\u2019t need to see the CSRD as a purely regulatory\nimperative. Your organization could use CSRD requirements as a strategic tool\nto unlock long-term business success through sustainability.\n\nIf you\u2019re required to meet CSRD (see  here  for details on which organizations\nare impacted), adopting a more strategic approach could deliver significant\ncompetitive edge. While both reporting-led and strategy-led approaches to CSRD\nrequire collaboration across business functions, choosing a strategic approach\nneed not involve any greater time commitment or financial costs compared to a\nreporting-led stance.\n\nThis insight, [ based on a webinar that also included facilities services\nbusiness OCS's experiences of responding to CSRD\n](https://event.on24.com/wcc/r/4573154/4C7FC55D5DDEE287EA893253BEA1E93C) ,\nexamines:\n\n  * Understanding the impact of CSRD \n  * Key principles of double materiality under CSRD \n  * Strategic and competitive advantage from CSRD \n  * Next steps on responding to CSRD \n\n###  Understanding the impact of CSRD\n\nCSRD extends to large undertakings and listed companies, including third-\ncountry (non-EU) undertakings with significant EU revenues. If your\norganization has an annual turnover of more \u20ac150 million in the EU, or meets\ntwo out of three requirements \u2013 \u20ac40 million in net operating profit, \u20ac20\nmillion in assets, 250 or more employees \u2013 you could be required to comply\nwith CSRD.\n\nCSRD mandates a comprehensive framework that requires you to report on a wide\narray of sustainability matters that cover environmental, social and\ngovernance (ESG) factors. It introduces 12 European Sustainability Reporting\nStandards (ESRS) that apply to all sectors and lists disclosure requirements\non potentially hundreds of data points. The table below illustrates the\ndisclosures across the 12 ESRS, breaking it down into required and optional\nrequirements.\n\n#####  The 12 European Sustainability Reporting Standards (ESRS)\n\nThis table outlines the 12 European Sustainability Reporting Standards (ESRS) and the disclosure requirements for each.  |  **Cross-cutting standards** |  **Topical standards \u2013 expanding on disclosure requirements mandated by ESRS 2**  \n---|---|---  \n|  Basic guiding principles  |  **Mandatory** disclosure requirements  |  **Subject to materiality assessment**  \n|  **Environment** |  **Social** |  **Governance**  \n|  **ESRS 1 - General requirements** |  **ESRS 2 - General disclosures** |  **ESRS E1 - Climate change** |  **ESRS E2 - Pollution** |  **ESRS E3 - Water and marine resources** |  **ESRS E4 -Biodiversity and ecosystems** |  **ESRS E5 - Resource use and circular economy** |  **ESRS S1 - Own workforce** |  **ESRS S2 - Workers in the value chain** |  **ESRS S3 - Affected communities** |  **ESRS S4 - Consumers and end users** |  **ESRS G1 - Business conduct**  \n**Disclosure requirements (DR)** |  N/A  |  16  |  12  |  7  |  6  |  8  |  7  |  19  |  7  |  7  |  7  |  8   \n**Data points (DP)** |  N/A  |  99  |  64  |  38  |  18  |  61  |  35  |  106  |  57  |  55  |  55  |  25   \n**Sub-data points (SDP)** |  N/A  |  89  |  111  |  5  |  32  |  67  |  38  |  90  |  45  |  44  |  41  |  41   \n**Required by other EU legislation** |  N/A  |  8  |  69  |  2  |  6  |  6  |  2  |  17  |  10  |  7  |  7  |  4   \n**Required** |  N/A  |  179  |  174  |  40  |  36  |  73  |  58  |  153  |  76  |  78  |  73  |  52   \n**Optional** |  N/A  |  25  |  13  |  10  |  20  |  63  |  22  |  62  |  33  |  28  |  30  |  22   \n  \nThe directive introduces a transformative approach to sustainability\nreporting, at the heart of which lies the concept of double materiality, which\nwe explore in detail below. The double materiality concept helps you consider\nboth your company's impact on the environment and society and the impact of\nsustainability issues on your company. This dual perspective takes a holistic\nview of a business\u2019 sustainability matters and specifically helps understand\nwhich of the disclosure requirements (outlined in the table above) your\norganization should report on.\n\nUnderstanding and implementing double materiality is crucial for you to not\nonly comply with the CSRD but also to enhance your strategic decision-making\nand stakeholder communication.\n\n###  Key principles of double materiality under CSRD\n\nCSRD outlines several key principles that govern how of double materiality is\napplied in sustainability reporting. The following principles aim to ensure\nthe reports you generate are not only comprehensive but also meaningful to the\nstakeholders reliant on them for decision-making:\n\n  1. **Materiality assessment**\n\nCSRD mandates you assess and report on both angles of ESG materiality,\nrecognizing your sustainability performance isn\u2019t only about how external\nfactors affect the business, but also about how the business itself affects\nthe world.\n\nImpact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your\noperations and practices impact the environment, your stakeholders, such as\nyour employees, providers, clients and society. Impact materiality includes\nyour business\u2019s direct and indirect actions, looking beyond your business\noperations to your value chain, key to including upstream and downstream\nactivities. These can contribute to impacts such as environmental degradation,\nsocial inequality and economic disruption.\n\nFinancial materiality, often referred to as \u2018outside-in\u2019 materiality, involves\nidentifying and assessing how external environmental, social and economic\nfactors can affect your business. This perspective is more closely aligned to\ntraditional risk management, where the focus is on the risks and opportunities\nposed by external factors to your financial health and operational stability.\n\nCSRD mandates you assess and report these impacts comprehensively, recognizing\nyour sustainability performance isn\u2019t only about how external factors affect\nthe business, but also about how the business itself affects the world.\n\nThis dual approach makes sure you consider the full spectrum of your\ninteractions with the environment and society, acknowledging that these\ninteractions can have significant consequences.\n\nMateriality is illustrated as the impact the world has on your business.\nDouble materiality is illustrated as the impact the world has on your business\nand the impact your business has on the world.\n\nThe concepts of materiality and double materiality\n\nThis graphic illustrates the concepts of materiality and double materiality.\nMateriality is illustrated as the impact the world has on your business.\nDouble materiality is illustrated as both the impact the world has on your\nbusiness and the impact your business has on the world.\n\n  2. **Comprehensive disclosure:** You aren\u2019t required to report on all possible disclosure requirements, but focus on those you identified as material through your double materiality assessment. This is specific to the 10 key Environment, Social and Governance Topical ESRSs identified in the CSRD. The exception is where the business notes ESRS E1-Climate Change as non-material it will have to separately explain why it has been deemed as non-material. This targeted approach is designed to ensure your reporting is relevant and focused on areas of significant impact, risk or opportunity (IROs). \n  3. **Accountability for all material impacts** : You must account for all material IROs, regardless of whether you\u2019ve taken or planned actions to address these impacts. This principle aims to ensure transparency and holds you accountable for your sustainability performance. It also encourages you to take proactive steps to mitigate potential negative impacts or enhance positive ones. \n  4. **Stakeholder inclusivity:** CSRD mandates that the way you disclose information takes into account the diversity of stakeholders, so serves the needs of a broad audience, including investors, customers, employees and the wider community. \n  5. **Dynamic and ongoing process** : The process of identifying material topics and reporting on them isn\u2019t static. You\u2019re expected to regularly review and update your materiality assessments and disclosures in response to evolving external conditions and internal strategies. This dynamic approach ensures sustainability reports remain relevant and reflect current conditions and challenges. \n\n###  Strategic and competitive advantage from CSRD\n\nBy requiring detailed disclosures on a wide range of sustainability issues,\nCSRD pushes you to integrate these considerations into your strategic business\nmodel and core planning.\n\nEngagement with internal business functions, initially during the double\nmateriality assessment process and then during the disclosure processes,\nallows key strategic stakeholders to consider the risks, opportunities as a\nresult of ESG factors.\n\nCSRD disclosure requirements compel you to recognize and manage both the risks\nand opportunities associated with your sustainability practices. This means\nthe strategic implications of the CSRD are profound, encouraging you to adopt\na long-term view on sustainability and understanding the interconnectedness of\nthis to your business strategy.\n\nCSRD can also provide a series of robust indicators supporting your ESG\nstewardship. As the directive mandates comprehensive and granular disclosures\nthat increase transparency, it could enhance trust among stakeholders,\nincluding investors, employees, customers and regulators. You can look to\nleverage this transparency to differentiate yourself in the marketplace,\nattract socially responsible investments, improve employee engagement and\nretention and enhance your corporate reputation.\n\nA further key potential competitive advantage through CSRD compliance is\nimproved financial performance. Reporting and actively managing sustainability\nissues transparently can lead to better risk management and open up new\nbusiness opportunities, particularly in sectors where sustainability is a\ncritical aspect of business operations. The phased implementation of CSRD\nmeanwhile, allows you to prepare and adapt your processes gradually, which may\nhelp mitigate the impact of transition while still capitalizing on early\ncompliance benefits.\n\n###  Next steps on responding to CSRD\n\nWhile the CSRD presents numerous opportunities, it also poses challenges, in\nparticular around data management and reporting, which you\u2019ll need to\novercome.\n\nCSRD requires you to report on a wide array of indicators and targets across\nenvironmental, social and governance factors in your different countries of\noperation. You may need to develop more sophisticated systems for data\ncollection, verification and management, which could lead to significant\ninitial costs and ongoing operational challenges.\n\nDouble materiality assessments offer a starting point for streamlining the\nprocess. This assessment helps identify the sustainability matters and the\nsubsequent data points your business must report or could report under.\nStakeholders across the business must then collect, verify and manage the data\nassociated with these requirements regularly.\n\nThe comprehensive nature of CSRD disclosures will also mean harmonizing your\nexisting reporting processes to accommodate the new standards. This can\ninvolve extensive internal training, developing new tools and potentially\nrestructuring teams.\n\nDespite the challenges, there are wide-ranging strategic benefits of robust\nsustainability reporting. Expect an enhanced understanding of the business and\nopportunities to connect different ESG initiatives in a more streamlined and\ntransparent manner. This could improve your market position and stakeholder\nrelations. These benefits could increase your access to capital, incentivizing\nthe business to overcome the hurdles and embrace the strategic possibilities\nthe CSRD represents.\n\nFor a smarter way to capitalize on the opportunities driven by climate, social\nand governance sustainability regulations, get in touch with our industry\nspecialists.\n\n####  Disclaimer\n\nWillis Towers Watson hopes you found the general information provided in this\npublication informative and helpful. The information contained herein is not\nintended to constitute legal or other professional advice and should not be\nrelied upon in lieu of consultation with your own legal advisors. 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                "url": "https://www.wtwco.com/en-us/insights/2024/09/demystifying-the-csrd-unlocking-business-success-through-sustainability"
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                    "source": "https://www.canada.ca/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-measuring-progress.html"
                },
                "page_content": "#  Measuring progress: Accessibility Strategy for the Public Service of Canada  \n\n**From:[ Treasury Board of Canada Secretariat ](/en/government.html) **\n\n  * [ 1\\. Employment ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-employment.html)\n  * [ 2\\. Built environment ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-built-environment.html)\n  * [ 3\\. Technology ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-technology.html)\n  * [ 4\\. Services ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-services.html)\n  * [ 5\\. Culture ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-culture.html)\n  * [ 6\\. Measuring progress ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-measuring-progress.html)\n\n##  Measuring progress\n\n[ Read the progress report ](/en/government/publicservice/wellness-inclusion-\ndiversity-public-service/diversity-inclusion-public-service/accessibility-\npublic-service/accessibility-strategy-public-service-toc/progress-report-\nimplementation-nothing-without-us-2019-20.html)\n\n**Jump to:**\n\n  * How we measure results \n  * Who is responsible \n  * Lived experiences \n\n##  How we measure results\n\nResults framework  Goal  |  Performance indicator  |  Baseline  |  Target  |  Date to achieve target  |  Data source   \n---|---|---|---|---|---  \n1\\. Improve recruitment, retention and promotion of persons with disabilities  |  Percentage of public servants who identify as persons with disabilities  |  5.3%  |  7%  |  2025  |  Annual Employment Equity Report   \nAnnual promotion rate of persons with disabilities (%)  |  4.1%  |  6%  |  2025  |  Annual Employment Equity Report   \nPercentage of employees with disabilities who state that accessibility or accommodation issues cause stress at work to a large or very large extent  |  20%  |  10%  |  2025  |  Annual Public Service Employee Survey   \n2\\. Enhance the accessibility of the built environment  |  Difference between the percentage of employees with disabilities and the percentage of employees without disabilities who rate the physical work environment as a source of stress  |  10 percentage points  |  5 percentage points  |  2025  |  Annual Public Service Employee Survey   \nPercentage of buildings assessed against new accessibility obligations (CSA Group 2018 and beyond)  |  n/a  |  n/a  |  n/a  |  To be developed   \nPercentage of buildings that meet or exceed new accessibility obligations  |  n/a  |  n/a  |  n/a  |  To be developed   \n3\\. Make information and communications technology usable by all  |  Percentage of clients and employees with disabilities who are satisfied with the accessibility of workplace information and communications technology  |  n/a  |  n/a  |  n/a  |  To be developed   \nPercentage of internal solutions that meet accessibility standards  |  n/a  |  60%  |  2021  |  To be developed   \n4\\. Equip public servants to design and deliver accessible programs and services  |  Difference between the percentage of clients with disabilities and the percentage of clients without disabilities who report being satisfied with the quality of Government of Canada service  |  n/a  |  n/a  |  n/a  |  To be developed   \n5\\. Build an accessibility-confident public service  |  Difference between the percentage of employees with disabilities and the percentage of employees without disabilities reporting being harassed in the last year  |  18 percentage points  |  9 percentage points  |  2025  |  Annual Public Service Employee Survey   \nPercentage of employees with disabilities who agree that they can initiate a formal recourse process without fear of reprisal  |  35%  |  60%  |  2025  |  Annual Public Service Employee Survey   \nDifference between the percentage of clients with disabilities and the percentage of clients without disabilities who disagree with the statement, \u201cI feel I would be supported by my department or agency if I proposed a new idea\u201d  |  16 percentage points  |  8 percentage points  |  2025  |  Annual Public Service Employee Survey   \n  \n##  Who is responsible\n\n###  Roles and responsibilities for government-wide actions\n\nGoal 1: Improve recruitment, retention and promotion of persons with disabilities  Key actions  |  Lead  |  Supports   \n---|---|---  \nThrough the Centralized Enabling Workplace Fund, develop a government-wide\napproach to address workplace adjustments by supporting initiatives such as an\nemployee passport that:\n\n  * documents needs \n  * facilitates conversations with managers and corporate services \n  * tracks actions \n  * \u201ctravels\u201d with employees when they change positions \n\n|  TBS  (  OPSA  )  |  SSC  ,  HC  ,  CSPS  , other departments   \nLaunch the Federal Internship Program for Canadians with Disabilities  |  PSC  |  n/a   \nHire 5,000 persons with disabilities by 2025  |  PSC  |  TBS (  OCHRO  )   \nReview the representation of persons with disabilities within occupational groups to identify gaps  |  TBS (OCHRO)  |  PSC   \nHold targeted recruitment processes to fill identified gaps  |  PSC  |  TBS (OCHRO)   \nDevelop tools and training for supervisors to enable them to create inclusive teams  |  CSPS  |  TBS (OCHRO), PSC   \nReview existing development programs to ensure that persons with disabilities are properly represented and supported at each stage, from entry to exit  |  PSC and TBS (OCHRO)  |  CSPS   \nDevelop long-term employment targets for persons with disabilities that account for work potential as defined in the 2017 Canadian Survey on Disability  |  TBS (OCHRO)  |  ESDC  (Labour)   \nGoal 2: Enhance the accessibility of the built environment  Key actions  |  Lead  |  Supports   \n---|---|---  \nConduct an accessibility assessment of a portion of government buildings and establish a process to determine the feasibility of accessible built environment adaptations, the cost implications and a mechanism for prioritizing actions  |  PSPC  |  n/a   \nPilot initiatives in consultation with persons with disabilities to improve accessibility  |  PSPC  |  n/a   \nUpdate policies, directives and guidance relative to the built environment  |  TBS (OCG (Office of the Comptroller General))  |  NRC (National Research Council)/PSPC   \nBased on the findings of the accessibility assessment, develop an action plan to address accessibility in the existing federal portfolio  |  PSPC  |  n/a   \nEnsure that future service contracts for managing large facilities include high standards for accessibility  |  PSPC  |  n/a   \nImprove the accessibility of the leased portfolio by developing new lease clauses that ensure compliance with the latest standards, and continue to work with the landlord community  |  PSPC  |  n/a   \nEnsure that the Government of Canada\u2019s workplace fit-up meets or exceeds accessibility requirements, in consultation with persons with disabilities  |  PSPC  |  n/a   \nLaunch a procurement tool to seek services from third-party stakeholders to conduct technical assessments of buildings\u2019 accessibility  |  PSPC  |  n/a   \nGoal 3: Make information and communications technology usable by all  Key actions  |  Lead  |  Supports   \n---|---|---  \nPromote and improve existing services for accessibility, accommodations and adaptive computer technology  |  SSC  |  n/a   \nBuild accessibility into government-wide policy and standards  |  TBS (OCIO (Office of the Chief Information Officer))  |  n/a   \nEmbed accessibility into the procurement of information and communications technology  |  SSC  |  PSPC, TBS (OCG and OCIO), all departments   \nProvide public servants with a new suite of accessible digital communication and collaboration tools  |  SSC  |  TBS (OCIO)   \nAdopt a Government of Canada standard for accessibility to information and communications technology that incorporates all the elements of the European Union EN 301-549 2018 standard, and provide guidance to departments on its application (for example, beginning with new systems and content)  |  TBS (OCIO)  |  n/a   \nEnable accessibility features on all devices provided by SSC  |  SSC  |  All departments   \nLead the development of a more streamlined and efficient process to procure and deploy adaptive technology and ensure that users have access to ongoing technical support  |  SSC  |  TBS (OPSA) and PSPC   \nDevelop a government-wide plan and governance to address accessibility in enterprise systems, workplace devices, adaptive technologies and legacy systems  |  TBS (OCIO)  |  n/a   \nDevelop a scorecard for accessibility of all IT systems against an established Government of Canada accessibility standard for information and communications technology  |  TBS (OCIO)  |  SSC   \nProvide resources for employees to generate accessible content with common tools (for example, Microsoft Office)  |  SSC  |  TBS (OCIO and OPSA)   \nAugment the capacity to assess and test the accessibility of enterprise-wide systems  |  SSC  |  TBS (OCIO and OPSA) and CSPS   \nGoal 4: Equip public servants to design and deliver accessible programs and services  Key actions  |  Lead  |  Supports   \n---|---|---  \nContinue to improve accessibility of client services at Employment and Social Development Canada  |  ESDC (Service Canada)  |  n/a   \nProvide guidance on how to apply an accessibility lens to the design and delivery of programs and services  |  ESDC (ODI)  |  WAGE  , CSPS, TBS (OPSA)   \nPilot engagement and feedback processes from clients with disabilities  |  ESDC (Service Canada)  |  n/a   \nPublish accessibility-related data as part of the TBS service inventory  |  TBS (OCIO)  |  n/a   \nDevelop an accessible platform for consulting with Canadians  |  TBS (OCIO)  |  n/a   \nProvide guidance to departments on how to review their programs and services for accessibility  |  TBS (OPSA)  |  ESDC (Service Canada)   \nGoal 5: Build an accessibility-confident public service  Key actions  |  Lead  |  Supports   \n---|---|---  \nDevelop an accessibility hub  |  TBS (OPSA)  |  n/a   \nEmbed accessibility into training  |  CSPS  |  n/a   \nContinue to embed accessibility into the design and delivery of the curriculum of the Canada School of Public Service and in all training and tools for all functional communities  |  CSPS  |  TBS (OPSA)   \nReview existing Treasury Board policies with an accessibility lens and embed accessibility into guidance provided by TBS policy centres  |  TBS (policy centres)  |  TBS (OPSA)   \nDevelop tools and training to focus on developing inclusive and accessible environments from the start rather than seeking accommodations after the fact  |  TBS (OPSA)  |  n/a   \nDevelop training and awareness-raising events through the Canada School of Public Service and the Federal Speakers\u2019 Bureau on Healthy Workplaces, among other venues, to combat myths and remove stigma regarding disability  |  CSPS  |  TBS (OCHRO, OPSA)   \nPromote self-identification and self-declaration of employees with disabilities in order to reduce the stigma regarding disability and to improve reporting on the state of persons with disabilities in the public service  |  TBS (OCHRO)  |  PSC   \nHelp small departments and agencies establish a common advisory committee of persons with disabilities  |  TBS (OPSA)  |  n/a   \nStrengthen networks of employees with disabilities  |  TBS (OCHRO)  |  n/a   \n  \n##  Lived Experiences\n\n###  Case study: LiveWorkPlay\n\nLiveWorkPlay is an Ottawa-based organization that promotes programs to\novercome barriers to employment for persons with intellectual disabilities\nthat has partnered with a number of federal departments and agencies.\n\nAs of March 2019, there were 76 people hired in 25 departments and agencies.\nDepartments and agencies have found that persons with intellectual\ndisabilities are an asset to their organization. For persons with intellectual\ndisabilities, employment has provided them with income and a sense of social\ninclusion.\n\n####  Case study: From roadblocks to opportunities, the path to meaningful\nemployment in the public service\n\n> \u201cAs a person with a physical disability, I did not consider the Government\n> of Canada as an option to pursue full-time, permanent employment. In fact,\n> several employment counsellors framed the idea as impossible. I was advised\n> to make use of my graduate degree in the non-profit sector instead, where I\n> would be best suited to part-time employment.\n>\n> \u201cI had been warned that full-time employment would result in the loss of my\n> disability support pension. I had also been warned of the challenges of the\n> hiring process and of the barriers to meaningful employment. The advice did\n> not focus on opportunities, only roadblocks.\n>\n> \u201cI remained unemployed for several months. I struggled with anxiety,\n> depression, and feelings of vulnerability while living below the poverty\n> line. I was losing hope.\n>\n> \u201cI finally found the courage to write to all of my connections from graduate\n> school, and one of my contacts acted as a direct link to a hiring manager\n> within the public service. I viewed the meeting as an opportunity to\n> connect. I discussed my academic and professional credentials in an\n> articulate format, [but] I did not view the hiring manager as a gatekeeper\n> to potential opportunities. I received an offer on a casual basis and\n> eventually, this may lead to a full-time position with the public service. I\n> am glad that I did not limit myself to the possibilities as outlined by the\n> \u2018experts.\u2019\n>\n> \u201cEven with a supportive manager and team, the roadblocks in terms of\n> accessing adjustments in the public service were significant.\n>\n> \u201cI needed to order adaptive software to read and write. Once approved, early\n> installations of the software failed because information technology (IT)\n> security blocked both programs. It took a solid month before my reading\n> software was functional and three months to access my writing program, both\n> essential tools for the job.\n>\n> \u201cImagine not having the tools needed to read and write at a new job? That\n> summarizes my first month of professional experience with the public\n> service. Even with the support of my manager and my team, the ordeal was\n> extraordinarily stressful. Now that I have the tools required for my job, I\n> am thriving in my workplace and happy to contribute my knowledge and\n> expertise while making a difference.\n>\n> \u201cI am impressed with the flexible working environment. My manager\n> understands that my wheelchair is not able to drive through severe weather\n> conditions. Usually there is a significant amount of self-advocacy that\n> comes with being an employee with a disability. Presently, this is not the\n> case. Such an attitudinal shift allows me to focus on my job. I have found a\n> place of belonging, free from discrimination and harassment due to my\n> disability, and where I have a manager who never underestimates my\n> abilities. Words cannot express the gratitude that I experience within my\n> current position every single day.\u201d\n>\n> Testimony of a public service of Canada employee with a disability\n\n  * [ Previous ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-culture.html)\n\nTable of contents\n\n  * [ Foreword ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-forword.html)\n  * [ Introduction ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-introduction.html)\n  * [ Goal 1: Employment ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-employment.html)\n  * [ Goal 2: Built environment ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-built-environment.html)\n  * [ Goal 3: Technology ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-technology.html)\n  * [ Goal 4: Services ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-services.html)\n  * [ Goal 5: Culture ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-culture.html)\n  * [ Conclusion ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-conclusion.html)\n  * [ Appendix A ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-glossary.html)\n  * [ Appendix B ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-measuring-progress.html)\n  * [ Appendix C ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-measuring-progress.html)\n  * [ Appendix D ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-where-departments-should-start.html)\n  * [ Appendix E ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-promising-practices.html)\n  * [ Appendix F ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-scan-other-jurisdictions.html)\n  * [ Appendix G ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/what-we-heard-first-survey-draft-public-service-accessibility-strategy.html)\n  * [ Appendix H ](/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/what-we-heard-second-survey-draft-public-service-accessibility-strategy.html)\n\n##  Page details\n\nDate modified:\n\n     2023-10-23 \n\n##  About this site\n\n  *[\n          TBS\n         ]: Treasury Board of Canada Secretariat\n  *[\n          OPSA\n         ]: Office of Public Service Accessibility\n  *[\n          SSC\n         ]: Shared Services Canada\n  *[\n          HC\n         ]: Health Canada\n  *[\n          CSPS\n         ]: Canada School of Public Service\n  *[\n          OCHRO\n         ]: Office of the Chief Human Resources Officer\n  *[\n          ESDC\n         ]: Employment and Social Development Canada\n  *[\n          WAGE\n         ]: Department for Women and Gender  Equality\n\n",
                "url": "https://www.canada.ca/en/government/publicservice/wellness-inclusion-diversity-public-service/diversity-inclusion-public-service/accessibility-public-service/accessibility-strategy-public-service-toc/accessibility-strategy-public-service-measuring-progress.html"
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                    "source": "https://www.fincen.gov/resources/statutes-regulations/guidance/guidance-determining-eligibility-exemption-currency"
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                "page_content": "Skip to main content\n\n#  Guidance on Determining Eligibility for Exemption from Currency Transaction\nReporting Requirements\n\nPDF\n\n[ FIN-2012-G003.pdf\n](https://www.fincen.gov/sites/default/files/guidance/FIN-2012-G003.pdf \"Open\nfile in new window\") 215.13 KB\n\nFIN-2012-G003\n\nIssued Date\n\nJune 11, 2012\n\nGuidance Subject\n\nGuidance on Determining Eligibility for Exemption from Currency Transaction\nReporting Requirements\n\nThis document revises the guidance originally published on August 31, 2009, to\nimplement the following changes:\n\n  * Relevant citations have been updated to reflect the final rule transferring FinCEN's regulations from 31 CFR \u00a7 103 to 31 C.F.R. Chapter X, effective March 1, 2011, and as published at 75 FR 65806; \n  * The portion of the guidance dealing with exemption eligibility for payroll customers has been amended in accordance with the final rule amending 31 C.F.R. \u00a7 1020.315, published at 77 FR 33638 on June 7, 2012. \n\nI. Background:\n\nThe Financial Crimes Enforcement Network (\"FinCEN\") is issuing this guidance\nto help banks  1  determine whether a customer is eligible for exemption from\ncurrency transaction reporting requirements.  2  This guidance provides\nexamples and answers to commonly asked questions regarding the final rules  3\nthat FinCEN issued in December, 2008 and June, 2012, which amended the\ncurrency transaction report (\"CTR\") exemption requirements (\"the final\nrules\").\n\nThe Bank Secrecy Act and its implementing regulations require financial\ninstitutions to file a CTR on any transaction in currency of more than\n$10,000.  4  The regulations in the Bank Secrecy Act also provide banks with\nthe ability to exempt certain customers from currency transaction reporting.\n5\n\nA. 2008 GAO Report\n\nIn 2008, the Government Accountability Office (\"GAO\") issued a report  6\nconcluding, among other things, that the information provided on CTRs provides\nunique and reliable information essential to a variety of efforts, including\nlaw enforcement investigations, regulatory and counter-terrorism matters. In\nthis same report, the GAO recommended several changes to the exemption\nrequirements, which FinCEN addressed in the final rules. The GAO also\nconcluded that additional web-based guidance was necessary to help banks\ndetermine eligibility for exemption, which FinCEN is addressing in this\nguidance document.\n\nB. The Final Rules - CTR Exemption Changes\n\nOverview of the requirements of the final rules:\n\nThe final rules, which went into effect on January 5, 2009 and June 7, 2012,\nmake the following substantive changes to the previous CTR exemption system:\n\n  * Elimination of designation and annual review for most Phase I customers.  7  Banks are no longer required to file a designation of exempt person (\"DOEP\") report for, or conduct an annual review of, customers who are other depository institutions operating in the United States, U.S. or State governments, or entities acting with governmental authority. The DOEP filing and annual review are still required for businesses listed on a major national stock exchange (\"listed businesses\"), non-listed businesses, and payroll customers. \n  * \"Frequently\" decreased to five reportable transactions. Banks may designate an otherwise eligible non-listed business customer or payroll customer  8  for exemption after the customer has within a year conducted five or more reportable transactions in currency (previously, eight or more reportable transactions were required). \n  * Waiting time for eligibility decreased . Banks may use a hybrid approach to designate an otherwise eligible customer for a Phase II exemption: The customer may be eligible for exemption after maintaining a transaction account for two months (previously twelve months were required); or, the customer may be eligible for exemption in less than two months if the bank conducts a risk-based analysis to form a reasonable belief that the customer has a legitimate business purpose for conducting frequent or regular large currency transactions. \n  * Biennial renewals eliminated . Banks are no longer required to file a biennial renewal or record and report a change of control for an exempt Phase II customer. \n\nThese final rules, along with the existing requirements established by\nprevious rulemakings, have simplified the exemption process by generally\nauthorizing a bank to treat a customer as exempt from currency transaction\nreporting under the following circumstances:\n\n|  Type of Customer  |  Transaction Frequency  |  Waiting Period  |  Ineligible Activity  |  File DOEP Report  |  Annual Review   \n---|---|---|---|---|---|---  \n  \n###  Phase I  \n  \n|  Banks operating in the U.S.  |  N/A  |  None  |  N/A  |  No  |  No   \n|  Federal, state, local, or inter-state governmental departments, agencies, or authorities  |  N/A  |  None  |  N/A  |  No  |  No   \n|  Entities listed on the major national stock exchanges  |  N/A  |  None  |  N/A  |  Yes  |  Yes   \n|  Subsidiaries (at least 51% owned) of entities listed on the major national stock exchanges  |  N/A  |  None  |  N/A  |  Yes  |  Yes   \n  \n###  Phase II  \n  \n|  Non-listed businesses  |  Five or more transactions per year  |  Two months;  or less after risk-based analysis  |  No more than 50% of gross revenues derived from ineligible activity  |  Yes  |  Yes   \n|  Payroll Customers  |  Five or more transactions per year  |  Two months; or less after risk-based analysis  |  N/A  |  Yes  |  Yes   \n  \nThe chart above indicates that for Phase I customers, a bank may immediately\ntreat as exempt any eligible entity without concern for the time it has been a\ncustomer of the bank or the number of reportable transactions it has\nconducted. Additionally, because the \"ineligible businesses\" provision applies\nonly to non-listed business exemptions, a Phase I customer may be treated as\nexempt regardless of their involvement in such activities. For all Phase I\ncustomers other than listed businesses and their subsidiaries, no DOEP or\nannual review is required.\n\nBefore treating a non-listed business or payroll customer as exempt, a bank\nmust first determine that the customer has conducted five or more transactions\nwithin the previous year, has been a customer of the bank for at least two\nmonths (or less time on a risk-assessed basis), and, in the case of non-listed\nbusinesses, derives no more than 50% of its gross revenues from any ineligible\nbusiness activity.  9\n\nBanks must file DOEP reports and conduct annual reviews for all Phase II\ncustomers (whether they are non-listed businesses or payroll customers), as\nwell as for listed businesses and their subsidiaries.\n\nThe final CTR exemption rules do not relieve banks of their separate\nobligation to conduct suspicious activity monitoring and reporting for both\nPhase I and Phase II exempt customers.  10\n\nII. Frequently asked questions:\n\nSince the publication of the final rules, FinCEN has received questions\nregarding various provisions. FinCEN is issuing answers to these questions to\nassist banks in understanding the scope and application of the final rules.\n\nA. Timing\n\n**Question:** When should a bank make a risked-based determination to exempt\nan otherwise eligible Phase II customer before they have been a customer for\ntwo months?\n\n**Answer:** The preamble to the 2008 final rule provides some examples of\ncriteria that may be appropriate when making such a risk-based decision. For\nexample, banks could consider the nature of the market the customer serves,\nthe type of services offered, the location of the business, and whether the\nbank had a past relationship with the customer. In light of such factors,\npossible examples of customers who may qualify for exemption prior to two\nmonths may include the following:\n\n  * Returning customers that reopen a previously maintained exempt transaction account with the bank; \n  * Customers whose exempt status has changed (for example, when a customer that was a publicly listed company privatizes and is otherwise eligible for Phase II exemption). \n\nThe above examples are not intended to be exhaustive, but rather\nrepresentative of the types of customer relationships where a risk-based\ndetermination to exempt prior to two months may be appropriate. Readers should\nnote that for each of the examples provided above, there is some factor\ncontributing to a bank's level of knowledge exceeding what is typical for a\nnew customer being considered for exemption. Such knowledge, or other\nmitigating factors, could assist the bank in forming a reasonable conclusion\nthat the risk of exempting the customer prior to two months was low.\n\nBanks are not required to use the risk-based approach. FinCEN originally\nproposed  11  removing any prescribed amount of time before a bank could\nconsider a Phase II customer for exemption, enabling a bank to make a risk-\nbased determination of when to exempt in all instances. Due to comments\nsubmitted in response to that proposal, however, FinCEN implemented a hybrid\napproach that allows banks to choose the flexibility of a risk-based approach\nor the simplicity of the two-month threshold.\n\nBanks should remember that even if using the two month approach, they are\nrequired at least annually to conduct a review of the customer to determine\ncontinued eligibility for exemption and to monitor for suspicious activity.\n\nB. Frequency\n\n**Question:** Using the risk-based approach, can a bank exempt a non-listed\nbusiness or payroll customer prior to the two month mark even if the customer\nhas conducted fewer than five transactions? **Answer:** No. The risk-based\napproach for determining when to exempt a Phase II customer gives latitude\nwith respect to the timeframe only (i.e., allowing for exemption of customers\nthat have been customers for less than two months). None of the other criteria\nnecessary for Phase II exemption can be adjusted as part of that risk-based\napproach, including the criteria to for a non-listed business or payroll\ncustomer to engage frequently in reportable transactions. Thus, before a bank\nmay exempt a non-listed business or payroll customer, that customer must have\nconducted at least five reportable transactions. FinCEN believes that without\nsuch a frequent large cash transaction volume, a bank could not reasonably\nexpect to have sufficient knowledge of its customer to justify the risk-based\napproach.\n\nC. Corporate structure and reorganization\n\n**Question:** What is the status of an exempt customer that previously was a\nlisted public company but has reorganized as a private company?\n\n**Answer:** If a Phase I customer no longer is a publicly-traded company, the\ncustomer is ineligible for a Phase I exemption. However, the bank could\nevaluate the customer for potential exemption as a non-listed business\ncustomer. If the bank's assessment indicates that the private company does not\nderive more than 50% of its gross revenues from ineligible lines of business,\n12  has conducted five or more reportable transactions in the previous year,\nand otherwise meets all of the exemption criteria, the bank may exempt the\ncompany as a non-listed business.\n\nBanks should note that a business's eligibility for exemption under the\n\"listed business\" provision may change over time, for example, as it makes an\ninitial public offering or is privatized. This is the primary reason that\nlisted businesses and their subsidiaries are the only Phase I exempt customers\nunder the 2008 final rule for which banks must continue to file DOEP reports\nand conduct annual reviews. As part of those requirements, banks should have\nprocedures for verifying whether a listed business remains eligible for\nexemption at least once per year. Annual reports, stock quotes from\nnewspapers, or other information, such as electronic media can be used to\ndocument the review.\n\n**Question:** Does the Phase I exemption available to certain subsidiaries of\nlisted businesses apply to franchises or other affiliated entities when the\nlisted company does not have a 51% or greater ownership stake in the\naffiliated entity?\n\n**Answer:** No. To be eligible for exemption, any affiliated entity must meet\nthe definition of \"subsidiary\" found at 31 C.F.R. \u00a7 1020.315(b)(5), which\nrequires that the listed business own at least 51% of the common stock or\nanalogous equity interest of the entity in question. For example, a privately-\nowned restaurant franchise operating under the corporate name of a listed fast\nfood company would not be eligible for Phase I exemption. A retail business\nlocation at least 51% owned by the same listed fast food company and operating\nunder the same corporate name as the franchise, however, would be eligible for\nPhase I exemption.\n\n**Question:** What is the exempt status of a Phase II customer who reorganizes\nhis business? For example, what is the recourse for an exempt customer with a\ndoing business as (\"DBA\") account who forms a limited liability corporation as\nhis business grows.\n\n**Answer:** Since the restructuring of a business may cause that business to\nbecome ineligible for exemption or otherwise make the original DOEP filing\ninaccurate or incomplete with respect to the newly restructured business,\nbanks should consider evidence of a business restructuring as part of their\nannual review or ongoing customer due diligence. Potential evidence of such\nrestructuring could include changes in the customer's management, business\npurpose, operations, customers, ownership, or account relationship with the\nbank. More specifically, changes to a customer's account relationship with the\nbank could include the issuance of a new taxpayer identification number,  13\nmodifications to the names on the account, changes in account activity, or the\naddition or removal of signors or controllers of an account.\n\nBanks should use a risk-based approach when determining which factors to\nconsider to ensure that a customer remains eligible for exemption and that the\noriginal DOEP filing continues to identify that customer accurately and\ncompletely. To the extent that such changes make the original DOEP filing\ninaccurate or incomplete with respect to the newly restructured business, a\nbank should reevaluate the business for exemption. In such cases, the bank may\nconsider using the risk-based approach for exempting the newly restructured\nbusiness prior to the two month waiting period. If the restructured business\nis eligible for exemption and the bank wishes to treat them as such, a new\nDOEP report must be filed with FinCEN.\n\nIn the example used in the question, an unincorporated business that\nincorporates would likely need reevaluation for the purposes of CTR exemption\neligibility.  14  Accordingly, after verifying that the newly restructured\nbusiness was eligible for exemption, a bank wishing to treat that customer as\nexempt would need to file a new DOEP report.\n\nD. Ineligible businesses\n\n**Question:** Does FinCEN consider a hospital or doctors office to be engaged\nin the practice of medicine and therefore ineligible for exemption as a non-\nlisted business?  15\n\n**Answer:** FinCEN interprets the term \"the practice of medicine\" broadly,\nrather than focusing on the technicalities of individual state laws governing\nthe licensing of medical practitioners. Accordingly, any entity that derives\nmore than 50% of its gross revenues by offering medical services is ineligible\nfor exemption as a non-listed business. This interpretation would likely\nexclude most privately-owned hospitals, doctors' offices, or other medical\npractices from being eligible for exemption as non-listed businesses.\n\nE. Customers no longer eligible for exemption\n\n**Question:** What should a bank do if, during its annual review of a listed\nbusiness or Phase II customer, it discovers that the customer no longer meets\nall the criteria for exemption?\n\n**Answer:** During the annual review of a Phase II exempt customer, a bank may\nconclude that a customer is no longer eligible for exemption (for example, if\nan exempt non-listed business customer conducted only four reportable currency\ntransactions during the year under review). At the time the customer's\nineligibility is discovered, the bank should document its determination of\nineligibility and cease to treat the customer as exempt.  16  The bank is not\nrequired to back file CTRs with respect to a designated Phase II customer that\nhad met the eligibility requirements in a preceding year, but was subsequently\nfound to be ineligible during the bank's timely completion of its annual\nreview.\n\nF. Suspicious activity of an exempt customer\n\n**Question:** Is a customer that has been the subject of a Suspicious Activity\nReport (\"SAR\") eligible for initial or continued exemption?\n\n**Answer:** A Bank is required to file a SAR, where appropriate, regarding the\nactivities of any of its exempt customers.  17  However, if an exempt person\nis involved in a transaction that has been reported in a SAR, the bank is not\nrequired to cease treating the person as exempt. The decision to exempt, or to\nretain or revoke a customer's exemption, should be made by the bank in\naccordance with its risk-based anti-money laundering policies, procedures, and\ncontrols.\n\nG. Completing the Designation of Exempt Person report\n\n**Question:** The DOEP report (FinCEN Form 110) and instructions were not\nupdated with the final rules to account for the various changes to the CTR\nexemption process. How should a bank complete the DOEP when exempting a new\ncustomer?\n\n**Answer:** The preamble to the 2008 final rule clarified that certain\nelements of the DOEP report should be disregarded by filers since they are no\nlonger applicable under the new exemption requirements. Because the final rule\nremoved several existing requirements but did not add any new requirements,\nthe DOEP report now contains a limited number of extraneous fields but remains\nfully sufficient to designate any eligible customer as an exempt person.\nAccordingly, filers should disregard references on the report as well as in\nthe instructions to biennial renewals and to types of Phase I customers that\nno longer require a DOEP filing.  18  FinCEN has disabled the unnecessary\nfields in the E-filing system as well as in the version of FinCEN Form 110\navailable on its website.\n\nH. Exemptible transaction accounts\n\n**Question:** The definition of a Phase II \"exempt person\" in 31 C.F.R. \u00a7\n1020.315(b)(6) and (7) includes the phrase \"only with respect to transactions\nconducted through its exemptible accounts.\" Does this mean that certain\ntransactions of Phase II exempt customers require the filing of a CTR?\n\n**Answer:** Yes. The scope of the exemption for non-listed businesses and\npayroll customers is limited by several criteria. While the final rules\nreduced those criteria with respect to the number of transactions and the\nwaiting period before a bank could treat those customers as exempt, they did\nnot alter the remaining criteria for Phase II customers, including the\nprovision that a Phase II customer is exempt \"to the extent of its domestic\noperations and only with respect to transactions conducted through its\nexemptible accounts.\"  19  For transactions conducted by the customer outside\nof the criteria for Phase II customers, the customers would not meet the\ndefinition of \"exempt person\" and could not be treated as exempt by the bank.\n\nFor example, a bank may have a convenience store as an exempt non-listed\nbusiness customer. This customer might regularly make deposits into its\ntransaction account exceeding $10,000 in currency, none of which would require\nthe bank to file a CTR. However, if the convenience store presents more than\n$10,000 in currency in exchange for a cashier's check, whether the bank is\nrequired to file a CTR will depend on whether the transaction was processed\n\"through [the] exemptible account.\" Specifically, the bank would not be\nrequired to file a CTR if the bank credited the customer's transaction account\nas a deposit and then debited the account to fund the cashier's check, or\notherwise processed the transaction in such a way that it resulted in a line\nitem entry into the customer's transaction account statement. The bank would\nbe required to file a CTR, however, if the currency was deposited into and the\ncashier's check was drawn upon the bank's general ledger account(s), or\notherwise did not result in a line item entry into the customer's transaction\naccount statement.\n\nBanks may generally use the test of whether a transaction results in a line\nitem entry into a Phase II exempt customer's transaction account statement to\ndetermine whether a transaction was \"conducted through [the] exemptible\naccount.\" For any reportable transaction not conducted through the exemptible\naccount, the customer would not meet the definition of \"exempt person\" only\nwith respect to that transaction and a CTR must be filed.\n\nI. Revoking an exemption\n\n**Question:** If a bank ceases to treat a customer as exempt, and begins or\nintends to begin filing CTRs on that customer for the next reportable\ntransaction, must the bank formally revoke the exemption by filing the DOEP\nreport and selecting the \"exemption revoked\" box?\n\n**Answer:** Banks have never been required to formally revoke an exemption\nusing the DOEP report. Generally, examiners or other users of BSA data would\nbe able to rely on a pattern of reporting to know that a customer is no longer\nbeing treated as exempt. For purposes of clarity or creating internal\ndocumentation, however, many banks voluntarily revoke exemptions using the\nDOEP report. For example, if during its annual review of an exempt non-listed\nbusiness customer a bank discovers that the customer conducted no reportable\ntransactions in the previous year, the bank could no longer treat that\ncustomer as exempt. If the exemption is not formally revoked using the DOEP\nreport and the customer continues the pattern of not conducting reportable\ntransactions, a law enforcement agent investigating the company would likely\nconclude incorrectly from the lack of CTR filings that the customer is still\nbeing treated as exempt. While revoking an exemption in such instances may\nbenefit both the filing bank and users of BSA data, banks may choose to do so\nentirely on a voluntary basis.\n\nQuestions or comments regarding the contents of this Guidance should be\naddressed to the FinCEN Regulatory Helpline at 800-949-2732.\n\n1  Pursuant to the Bank Secrecy Act, the term \"bank\" includes inter alia each\nagent, agency, branch, or office within the United States of any person doing\nbusiness as a commercial bank, a savings and loan association, a thrift\ninstitution, a credit union, or a foreign bank, 31 C.F.R. \u00a7 1010.100(d).\n\n2  FinCEN consulted with the staffs of the Board of Governors of the Federal\nReserve System, the Federal Deposit Insurance Corporation, the National Credit\nUnion Administration, and the Office of the Comptroller of the Currency prior\nto issuing this guidance.\n\n3  _See_ 73 FR 74010 and 77 FR 33638, respectively.\n\n4  31 CFR \u00a7 1010.310.\n\n5  31 C.F.R. \u00a7 1020.315.\n\n6  _See_ ''Bank Secrecy Act: Increased Use of Exemption Provisions Could\nReduce Currency Transaction Reporting While Maintaining Usefulness to Law\nEnforcement Efforts'' GAO-08-355 (GAO: Washington, D.C.: Feb. 21, 2008).\n\n7  Entities commonly known as \"Phase I\" are defined in 31 C.F.R. \u00a7\n1020.315(b)(1)-(b)(5).\n\n8  Entities commonly known as \"Phase II\" are defined in 31 C.F.R. \u00a7\n1020.315(b)(6) and (b)(7).\n\n9  For additional discussion of the \"50% rule\" relating to ineligible\nbusinesses, _see_ [\nhttps://www.fincen.gov/sites/default/files/shared/fin-2009-g001.pdf\n](/sites/default/files/shared/fin-2009-g001.pdf) .\n\n10  _See_ 31 CFR \u00a7 1020.320.\n\n11  _See_ 73 FR 22101.\n\n12  _See_ 31 CFR \u00a7 1020.315(e)(8).\n\n13  In some instances, such as the formation of a single member limited\nliability corporation or certain types of partnerships in some states, a\nchange in corporate structure may not result in the issuance of a new taxpayer\nidentification number.\n\n14  A bank should also consider potential customer identification program\nobligations under 31 CFR \u00a7 1020.220.\n\n15  The practice of medicine is one of several business activities that make a\ncustomer ineligible for exemption as a non-listed business. _see_ 31 CFR \u00a7\n1020.315(e)(8).\n\n16  In the event the customer meets the eligibility requirements in the\nfuture, the bank must file a new DOEP to begin treating the customer as\nexempt.\n\n17  31 CFR \u00a7 1020.320.\n\n18  _See_ 73 FR 74015, Section V.\n\n19  _See_ 73 FR 74015, Section V.\n\nFinancial Institution\n\nDepository Institutions\n\nLanguages\n\n[ ](https://www.facebook.com/fincentreasury) [\n](https://www.linkedin.com/company/fincen) [ ](https://twitter.com/FinCENnews)\n[ ](https://www.youtube.com/@fincentreasury)\n\n  \n[ USA.gov ](https://www.USA.gov) | [ Regulations.gov ](https://www.Regulations.gov) | [ Treasury.gov ](https://www.treasury.gov) | [ IRS.gov ](https://www.IRS.gov) | [ Freedom of Information Act (FOIA) ](/freedom-information-act-foia-and-guide-accessing-fincen-information) | [ NO FEAR Act ](https://home.treasury.gov/footer/no-fear-act) | [ Vote.gov ](https://vote.gov/) | [ Accessibility ](/accessibility) | [ Office of Equal Opportunity ](/about/office-equal-opportunity) | [ Privacy Policy ](/privacy-security) | [ Public Posting Notice of Finding of Discrimination ](https://home.treasury.gov/footer/no-fear-act) | [ Security and Vulnerability Disclosure Policies (VDP) ](/security-and-vulnerability-disclosure-policies) | [ Office of Inspector General ](https://oig.treasury.gov/)\n\n",
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                    "source": "https://www.international.gc.ca/world-monde/funding-financement/open_calls-appels_ouverts.aspx?lang=eng"
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                "page_content": "#  Funding opportunities for international assistance\n\n##  On this page\n\n  * Current and upcoming funding opportunities \n  * Closed funding opportunities \n  * Related links \n\n##  Current and upcoming funding opportunities\n\n[ Global Affairs Canada has multiple funding processes for international\nassistance ](https://www.international.gc.ca/world-monde/funding-\nfinancement/funding_processes-processus_financement.aspx?lang=eng) . They are\nopen to applicants that meet eligibility criteria. Consult each funding\nopportunity for more information.\n\nNote:\n\n  * The current and upcoming funding opportunities are based on the information available on the date of publication. They are subject to change. \n  * We will update this page regularly. [ Sign up to receive an email ](https://www.international.gc.ca/global-affairs-affaires-mondiales/news-nouvelles/email-subscribe-courriel-abonnement.aspx?lang=eng) when new funding opportunities for international development appear on this page. \n\nFunding opportunity  |  Status  |  Application closing date  |  Geographic focus  |  Organization eligibility   \n---|---|---|---|---  \n[ Apply for funding through an unsolicited proposal ](https://www.international.gc.ca/world-monde/funding-financement/apply_funding-demande_financement.aspx?lang=eng) |  Applications accepted on an ongoing basis   \n  \n*Process updated in February 2023  |  N/A  |  [ All ODA-eligible countries ](https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/daclist.htm) |  Non-governmental or private sector organizations   \n[ Innovative Finance Programs ](https://www.international.gc.ca/world-monde/funding-financement/innovative_finance-financement_innovateurs.aspx?lang=eng) |  Applications accepted on an ongoing basis for certain Programs  |  N/A  |  [ All ODA-eligible countries ](https://www.oecd.org/dac/financing-sustainable-development/development-finance-standards/daclist.htm) |  Various (see page for details)   \n[ Canada Fund for Local Initiatives ](https://www.international.gc.ca/world-monde/funding-financement/cfli-fcil/index.aspx?lang=eng) |  Varies according to country (see page for details)  |  Various  |  Various  |  Various   \nRequests for Proposals \u2013 Contract opportunities  |  (Visit [ CanadaBuys ](https://canadabuys.canada.ca/en?utm_source=canadabuys&utm_medium=ybanner&utm_campaign=ybanner20210305en1) )   \n  \n##  Closed funding opportunities\n\nFunding Opportunity  |  Application closing date  |  Status / Results   \n---|---|---  \n[ Call for concept notes \u2013 Health, education and women's and girls\u2019 rights and empowerment in Afghanistan ](/world-monde/funding-financement/empowerment-afghanistan-autonomisation.aspx?lang=eng) |  April 16, 2025  |  N/A   \n[ Skills development and Technical and vocational education and training (TVET) fund ](/world-monde/funding-financement/tvet_fund-eftp_fonds.aspx?lang=eng) |  March 6, 2025  |  N/A   \n[ Renewed Women\u2019s Voice and Leadership - Benin ](/world-monde/funding-financement/rwvl-benin-pvlfr.aspx?lang=eng) |  2025-03-05  |  N/A   \n[ Renewed Women\u2019s Voice and Leadership \u2013 Tanzania ](/world-monde/funding-financement/tanzania-women-leadership-femmes-tanzanie.aspx) |  2024-08-29  |  N/A   \n[ Scaling up Women and Youth's Participation in the Labour Force in Jordan ](https://www.international.gc.ca/world-monde/funding-financement/women-youth-work-femmes-enfants-travail.aspx?lang=eng) |  2024-09-12  |  N/A   \n[ Renewed Women\u2019s Voice and Leadership - Somalia ](/world-monde/funding-financement/somalia-women-leadership-femmes-somalie.aspx) |  2024-08-08  |  N/A   \n[ Renewed Women\u2019s Voice and Leadership - Senegal ](/world-monde/funding-financement/senegal-women-leadership-femmes.aspx) |  2024-08-01  |  N/A   \n[ Addressing the root causes of irregular migration through economic empowerment in Honduras ](https://www.international.gc.ca/world-monde/funding-financement/irregular-migration-honduras-migration-irreguliere.aspx?lang=eng) |  2024-04-24  |  N/A   \n[ Strengthening Civil Society and Democratic Spaces in the Indo-Pacific ](https://www.international.gc.ca/world-monde/funding-financement/democratic-indo-pacific_democratique-indo-pacifique.aspx?lang=eng) |  2023-11-28  |  N/A   \n[ Health Data and Results Initiative ](https://www.international.gc.ca/world-monde/funding-financement/health_data_results-donnees_resultats_sante.aspx?lang=eng) |  2023-08-30  |  N/A   \n[ Resilient Health Systems for All ](https://www.international.gc.ca/world-monde/funding-financement/resilient_health-systemes_sante.aspx?lang=eng) |  2023-06-29  |  N/A   \n[ International Youth Internship Program ](https://www.international.gc.ca/world-monde/funding-financement/iyip-2023-2028.aspx?lang=eng) |  2023-03-01  |  N/A   \n[ Indigenous Peoples Partnering for Climate ](https://www.international.gc.ca/world-monde/funding-financement/indigenous-partnering-partenarias-autochtones.aspx?lang=eng) |  2023-02-08  |  N/A   \n[ Action for Paid Care Workers Initiative ](https://www.international.gc.ca/world-monde/funding-financement/care-workers-travailleuse-de-soin.aspx?lang=eng) |  2023-01-26  |  N/A   \n[ Trade facilitation under the African Continental Free Trade Area (AfCFTA) agreement ](https://www.international.gc.ca/world-monde/funding-financement/trade-facilitation-afcfta-facilitation-commerce.aspx?lang=eng) |  2022-09-12  |  N/A   \n[ Human Resources in Health ](https://www.international.gc.ca/world-monde/funding-financement/human-resources-healt-sante-ressource-humaine.aspx?lang=eng) |  2022-03-22  |  N/A   \n[ One Health at the Community Level ](https://www.international.gc.ca/world-monde/funding-financement/health-community-sante-communautaire.aspx?lang=eng) |  2022-04-12  |  N/A   \n[ Enhancing Food Security and Livelihoods in Sub-Saharan Africa ](https://www.international.gc.ca/world-monde/funding-financement/closed-funding-sub-saharan-africa-afrique-subsaharienne.aspx?lang=eng) |  2022-05-04  |  N/A   \n[ Sexual and reproductive health and rights for women and girls in Democratic Republic of Congo ](https://www.international.gc.ca/world-monde/funding-financement/funding-congo-financement.aspx?lang=eng) |  2022-05-31  |  N/A   \n[ Support to Inclusive Governance in Ukraine ](https://www.international.gc.ca/world-monde/funding-financement/inclusive_governance-gouvernance-ukraine.aspx?lang=eng) |  2021-11-18  |  Due to the current situation in Ukraine, the Support for Inclusive Governance call has been cancelled.   \n[ Development Impact Window\u2014Canadian Small and Medium Organizations for Impact and Innovation ](https://www.international.gc.ca/world-monde/funding-financement/smo_call-2021-appel_pmo.aspx?lang=eng) |  2021-09-22  |  N/A   \n[ Call for Concept Notes - Education for Refugee and Displaced Children and Youth in Sub-Saharan Africa ](https://www.international.gc.ca/world-monde/funding-financement/call-education-appel.aspx?lang=eng) |  2021-04-14  |  N/A   \n[ Call for Concept Notes \u2013 Canadian International Development Scholarships Program 2021-2029 ](https://www.international.gc.ca/world-monde/funding-financement/scholarships-2021-2029-bourses.aspx?lang=eng) |  2020-11-19  |  N/A   \n[ Call for proposals \u2013 Health and Rights for Women, Adolescent girls and Children ](https://www.international.gc.ca/world-monde/funding-financement/health_rights_women-sante_droits_femmes.aspx?lang=eng) |  2019-10-10  |  N/A   \n[ 2019 Call for Concept Notes - Development Impact Window - Canadian Small and Medium Organizations for Impact and Innovation ](https://international.gc.ca/world-monde/funding-financement/smo_call-2019-appel_pmo.aspx?lang=eng) |  2019-07-10  |  [ Selected Projects ](https://www.international.gc.ca/world-monde/funding-financement/past_calls-2019-appels_anterieurs.aspx?lang=eng)  \n[ Expressions of Interest (EoI) for the Partnership for Gender Equality ](https://international.gc.ca/world-monde/funding-financement/gender_equality-egalite_genres.aspx?lang=eng) |  2019-01-31  |  N/A   \n[ Call for proposals \u2013 Volunteer Cooperation Program ](https://international.gc.ca/world-monde/funding-financement/vcp-pcv.aspx?lang=eng) |  2019-02-20  |  [ Volunteer Cooperation Program (VCP) ](https://www.international.gc.ca/world-monde/study_work_travel-etude_travail_voyage/volunteer_cooperation_program-programme_cooperation_volontaire.aspx?lang=eng)  \n[ Call for proposals \u2013 Dismantling Barriers and Improving the Quality of Education for Women and Girls in Fragile, Conflict and Crisis Situations ](http://international.gc.ca/world-monde/funding-financement/dismantling_barriers-eliminer_obstacles.aspx?lang=eng) |  2019-02-13  |  [ Canada announces support to improve access to quality education for women and girls in fragile, conflict and crisis situations ](https://www.international.gc.ca/world-monde/funding-financement/women_results-education-femmes_resultats.aspx?lang=eng)  \n  \n##  Related links\n\n  * [ Funding guidance ](https://www.international.gc.ca/world-monde/funding-financement/funding_tools-outils_de_financement.aspx?lang=eng)\n  * [ Humanitarian assistance ](https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/humanitarian_assistance-aide_humanitaire.aspx?lang=eng)\n  * [ Canadian funding for international initiatives ](https://www.international.gc.ca/world-monde/funding-financement/index.aspx?lang=eng)\n  * [ Apply to other sources of funding ](https://www.international.gc.ca/world-monde/funding-financement/other_funding-autres_financements.aspx?lang=eng)\n  * [ Getting involved in international development ](https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/involved-participer/index.aspx?lang=eng)\n  * [ Project Browser ](https://w05.international.gc.ca/projectbrowser-banqueprojets/?lang=eng)\n\nDate modified:\n\n     2025-03-31 \n\n##  About this site\n\n",
                "url": "https://www.international.gc.ca/world-monde/funding-financement/open_calls-appels_ouverts.aspx?lang=eng"
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            "url": "https://www.international.gc.ca/world-monde/funding-financement/open_calls-appels_ouverts.aspx?lang=eng"
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                    "source": "https://www.hrw.org/report/2019/09/23/when-we-lost-forest-we-lost-everything/oil-palm-plantations-and-rights-violations"
                },
                "page_content": "Would you like to read this page in another language?\n\n[ Yes ](/)\n\nWould you like to see a version of this page that loads faster by showing text\nonly?\n\n[ Yes ](//text.hrw.org/report/2019/09/23/when-we-lost-forest-we-lost-\neverything/oil-palm-plantations-and-rights-violations)\n\n#  Summary\n\n> Before our lives were simple, not rich, but enough. Since oil palm came\n> there is more suffering. I can\u2019t feed my family. I have a baby. I must put\n> food on the table every day. How do I do that when both of us [my husband\n> and I] are not working. Every day I must figure out how to do this.\n>\n> \u2014Leni, Semunying Bongkang, May 2018\n\nA decade and a half ago, lush forests with evergreen fruit-bearing rambutan\ntrees surrounded the home of Leni, a 43-year-old Iban Dayak woman and mother\nof two, in Jagoi Babang district of West Kalimantan province\u2014an area her\nIndigenous community has inhabited for centuries. Today, they have little land\nto farm and no forest in which to forage after the land was cleared to make\nway for an oil palm plantation run by an Indonesian company.\n\nThousands of kilometers away to the west, in Sarolangun regency of Jambi\nprovince on the island of Sumatra, an elderly Orang Rimba mother of nine\nchildren, Maliau, struggles to survive off land that once sustained her\npeople, but which has since been decimated by an oil palm plantation that\nbegan operating in the area nearly three decades ago. \u201cLife was better\nbefore,\u201d Maliau said. \u201cWomen could find many types of food. Some wove mats\nfrom leaves and baskets. We made lamps from gum resin. Now we cannot find\nmaterials to make these.\u201d\n\nLeni and Maliau are among the thousands of Indigenous people and other rural\ncommunities whose lives have been devastated by oil palm plantations in\nIndonesia\u2014the world\u2019s largest palm oil exporter. Indonesia is home to about 50\nto 70 million Indigenous people and over 2,330 Indigenous communities, about a\nquarter of the country\u2019s population.\n\nThe struggles of those like Leni and Maliau are invisibly integrated into a\nrange of consumer products. Palm oil derivatives make their way into many\ngrocery store products including frozen pizzas, chocolate and hazelnut\nspreads, cookies, and margarine. They are also used in manufacturing numerous\nlotions and creams, soaps, makeup, candles, and detergent. Crude palm oil is\nalso processed into biodiesel blend used in vehicles and industrial machinery.\n\nA complex web of domestic and international companies is involved in growing\npalm fruit, converting palm fruit into oil, manufacturing ingredients, and\nfinally using these ingredients to produce consumer products sold around the\nglobe.\n\nBased on interviews with over 100 people, including several dozen members of\nIndigenous communities and representatives from nongovernmental organizations\n(NGO), this report documents how the establishment and expansion of oil palm\nplantations in Indonesia has adversely affected Indigenous people\u2019s rights to\ntheir forests, livelihood, food, water, and culture.\n\nMeriau, headman of a rombongon (group) of about six families living in the\nmiddle of an oil palm plantation, said: \u201cThis used to be my rice field. That\nis why I don\u2019t leave this place.\u201d He refuses to leave the area and says he was\nnot consulted before the plantation was established. Sarolangun regency,\nJambi, September 2018. \u00a9 2018 Pailin Wedel for Human Rights Watch  Orang Rimba\nfamilies sit beneath pitched sudungs (a sheet of plastic tied to posts) in an\noil palm plantation. They hurriedly move when discovered and chased by company\nemployees. Sarolangun regency, Jambi, September 2018. \u00a9 2018 Pailin Wedel for\nHuman Rights Watch  A man weaves a pukat (fishing net). Residents said the\naverage catch progressively declined after the plantation\u2019s operations,\nalthough there could be various reasons for the drop off. Bengkayang regency,\nWest Kalimantan, September 2018. \u00a9 2018 Pailin Wedel for Human Rights Watch\nMaliau, an elderly Orang Rimba mother of nine children, struggles to survive\noff land that once sustained her people, but which has since been decimated by\nan oil palm plantation that began operating in the area nearly three decades\nago. \u201cLife was better before,\u201d Maliau said. \u201cWomen could find many types of\nfood. Some wove mats from leaves and baskets. We made lamps from gum resin.\nNow we cannot find materials to make these.\u201d Sarolangun regency, Jambi,\nSeptember 2018. \u00a9 2018 Pailin Wedel for Human Rights Watch  Leni, a displaced\nIban Dayak woman, said her family was resettled in the middle of the palm\nplantation with restricted access to land for gardening. She fishes in a\nstream in the oil palm plantation. Residents said the fish population in\nnearby Semunying and Kumba Rivers has dropped since the oil palm plantation\nwas established in 2004. Bengkayang regency, West Kalimantan, September 2018.\n\u00a9 2018 Pailin Wedel for Human Rights Watch  A displaced resident in Semunying\nholds an agreement with the company that promised to exchange a house and yard\nfor a new one a few kilometers from his village. Residents say company\nrepresentatives made oral promises, such as a community plantation and\namenities including health clinics and schools, which have not materialized.\nMany of those who signed the \u201cagreement\u201d said they felt compelled to do so\nbecause their forests were already cleared. Bengkayang regency, West\nKalimantan, September 2018. \u00a9 2018 Pailin Wedel for Human Rights Watch  Oil\npalm fruit bunches harvested by plantation lie awaiting transportation to\nmill. Bengkayang regency, West Kalimantan, September 2018. 2018 Pailin Wedel\nfor Human Rights Watch  An unfinished Iban Dayak beaded necklace lies pinned\nto a traditional conical hat. The loss of the forest and displacement has\nnegatively affected inter-generational crafts that had cultural significance\nfor Iban women. Bengkayang regency, West Kalimantan, September 2018. \u00a9 2018\nPailin Wedel for Human Rights Watch  Francesca, a 28-year-old mother of two,\nstands on the site of her former home. She and her husband refused relocation.\nShe said that company representatives torched her home in 2010, rendering them\nhomeless. Bengkayang regency, West Kalimantan, September 2018. \u00a9 2018 Pailin\nWedel for Human Rights Watch  Residents of Semunying were relocated a few\nkilometers into the oil palm plantation. Their community is now surrounded by\noil palm trees. Bengkayang regency, West Kalimantan, September 2018. 2018\nPailin Wedel for Human Rights Watch  Kinda, 48, a resident of Dusun Pareh,\nsaid, \u201cThe water [in the river] is contaminated.\u201d Some residents believe the\nKumba River they previously relied on for water to drink, cook, and perform\nhousehold chores has been contaminated, based on their observations of the\ncolor of the water and their perceived skin sensitivities to it. Bengkayang\nregency, West Kalimantan, September 2018. \u00a9 2018 Pailin Wedel for Human Rights\nWatch  Margareta (right), 40, a community leader in Dusun Pareh, sits with her\nmother. \u201cOur identity as Iban Dayak is almost lost now, we have no forest,\u201d\nshe said. Bengkayang regency, West Kalimantan, September 2018. \u00a9 2018 Pailin\nWedel for Human Rights Watch\n\nHuman Rights Watch focused on the plantation operations of two companies\u2014PT\nLedo Lestari in Bengkayang regency of West Kalimantan province, and PT Sari\nAditya Loka 1 in Sarolangun regency of Jambi province. Both of these oil palm\nplantations have had a devastating impact on the rights of two groups of\nIndigenous peoples: the Ibans\u2014a subgroup of the Dayak peoples indigenous to\nBorneo (Kalimantan), and the Orang Rimbas\u2014a semi-nomadic, forest-dependent\nIndigenous people in central Sumatra.\n\nA patchwork of weak laws, exacerbated by poor government oversight, and the\nfailure of oil palm plantation companies to fulfill their human rights due\ndiligence responsibilities, have resulted in loss of land and livelihood\nopportunities for Indigenous people in West Kalimantan and Jambi in the\nprojects we researched. These findings were consistent with previous Human\nRights Watch research in 2003 and 2009, which highlighted the adverse impact\nof the pulp and paper industry in Sumatra, and corruption, poor oversight, and\nlack of corporate accountability in the Indonesian forestry sector in West\nKalimantan, on Indigenous people and peasant communities.\n\nConflicts related to land have frequently been linked to oil palm plantations.\nIndonesia has about 14 million hectares of land planted with oil palm. There\nis no clear estimate of the number of land disputes that exist nor the number\nof households that have been displaced or lost access to their customary\nforests and lands, including farmland, due to oil palm plantation expansion\ninto their villages. Konsorsium Pembaruan Agraria (Consortium for Agrarian\nReform, KPA), an Indonesian NGO, documented more than 650 land-related\nconflicts affecting over 650,000 households in 2017\u2014the last year in which\npublicly available data is available. It estimated that, on average, there\nwere nearly two land-related conflicts every day that year.\n\nDeforestation on such massive scale has not only threatened the wellbeing and\nculture of the Indigenous population, but also has global significance,\ncontributing to carbon emissions and heightened concerns around climate\nchange.\n\nWithout needed government reforms\u2014both legislative and oversight\u2014Indigenous\ncommunities will continue to bear the brunt of the oil palm plantations\u2019\nimpact, and risk losing their distinct identity. Indigenous peoples have an\nintrinsic relationship with their environments. Their traditions, knowledge,\nand cultural identity are deeply connected to the natural environments in\nwhich they live. Any disruption to their natural environments, as in the case\nof the Ibans and the Orang Rimbas, affects their culture, languages,\nknowledge, and unique traditions.\n\n[ Click to expand Image  ](/modal/46628)\n\n[ Share this via Facebook\n](https://www.facebook.com/sharer.php?u=https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia \"Share this via Facebook\") [ Share this\nvia Bluesky  ](https://bsky.app/intent/compose?text=Map of Indonesia\n%0Ahttps://www.hrw.org/video-photos/map/2019/09/04/map-indonesia \"Share this\nvia Bluesky\") [ Share this via X  ](https://twitter.com/intent/tweet?text=Map\nof Indonesia &url=https://www.hrw.org/video-photos/map/2019/09/04/map-\nindonesia \"Share this via X\") [ Share this via WhatsApp\n](whatsapp://send?text=Map of Indonesia %20-%20https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia \"Share this via WhatsApp\") [ Share this\nvia Email  ](mailto:?subject=Map of Indonesia &body=https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia \"Share this via Email\") [ More sharing\noptions  ]( \"More sharing options\") [ Share this via LinkedIn\n](http://www.linkedin.com/shareArticle?mini=true&url=https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia&title=Map of Indonesia  \"Share this via\nLinkedIn\") [ Share this via Reddit\n](http://reddit.com/submit?url=https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia&title=Map of Indonesia  \"Share this via\nReddit\") [ Share this via Telegram\n](https://telegram.me/share/url?url=https://www.hrw.org/video-\nphotos/map/2019/09/04/map-indonesia&text=Map of Indonesia  \"Share this via\nTelegram\")\n\n2019 Human Rights Watch\n\nSuccessive governments in Indonesia have turned a blind eye to widespread\nforest clearance, facilitating the proliferation of oil palm plantations.\nBetween 2001 to 2017, Indonesia lost 24 million hectares of forest cover, an\narea almost the size of the United Kingdom.\n\nIn 2018, President Joko Widodo, popularly known as Jokowi, announced a\nmoratorium on new permits to oil palm plantations. This was a good start. But\nadditional reforms are long overdue. With a renewed mandate to continue his\npresidency following his reelection in April 2019, President Jokowi has a\nrenewed mandate to enact and implement reforms that protect right of\nIndigenous peoples to be recognized and to enjoy their community rights to\nland and forests.\n\n##  Failure to Consult\n\nA host of Indonesian laws, starting from 1999, made companies seeking to\ndevelop oil palm plantations responsible for consulting local communities at\nevery stage of the project involving a series of government permits.\n\nSemuning Bongkang and Pareh hamlets in West Kalimantan province, where PT Ledo\nLestari started its operations in 2004, were home to about 93 Iban Dayak\nhouseholds. Human Rights Watch found no evidence of any consultations with\naffected households until after forests were significantly destroyed.\nVillagers interviewed by Human Rights Watch said they were surprised by the\ncompany\u2019s operations, only realizing their lands and forests were going to be\nrazed when bulldozers and other equipment rolled into the area. The companies\nhad not organized systematic and meaningful consultations with Indigenous\npeople at different stages of the project to understand the nature and extent\nof the human rights risks. Mormonus, 49, now the village leader of Semunying\nJaya village (includes Pareh and Semunying Bongkang hamlets), said:\n\n> I was surprised to see big equipment near the river. I asked what the\n> equipment was for and the operators told me it was to make the state road to\n> Samarahan, Sarawak [in Malaysia]. I visited their base camp in 2005, a month\n> after I was made village leader. I was told the company was called PT Ledo\n> Lestari.\n\nSimilarly, in Sarolangun regency, where PT Sari Aditya Loka 1 started its\noperations in 1989, the company had ample opportunity to consult with the\nOrang Rimba to mitigate any ongoing harm after legal reforms introduced clear\nobligations to do so. International law provides for companies to have ongoing\nconsultation. To date, it has failed to organize any meaningful consultations\nand reach agreement to provide remedies to the Orang Rimba who were forcibly\nevicted from their forests. The company responded that they obtained a right\nto cultivate the land from the state.\n\n##  Lack of Just, Fair, and Equitable Compensation\n\nThe oil palm plantations not only destroyed Indigenous people\u2019s forests, lands\nand the resources in them that they were using for generations but also failed\nto create any mechanism to explore restitution or provide just and fair\ncompensation for losses suffered, in consultation with the Indigenous people\nimpacted.\n\nIn West Kalimantan, after the Iban Dayak carried out a series of protests\nbetween 2004 and 2010, PT Ledo Lestari appears to have engaged in\nconsultations to placate individuals to sell family land, but women from the\ncommunity said they were not included in those discussions. The company made\nsome monetary payouts ranging between 1 and 2 million Indonesian rupiah (IDR)\n(US$70 to 140) per hectare to some of the 93 households affected. But the\nmonetary compensation did not account for loss of the community\u2019s _adat_\nforest (literally, customary forests), wild rubber, and other forest products\nthat women in particular used for food or as a source of revenue.\n\nThe distinct losses women experienced of passing on intergenerational\nknowledge and skills, such as weaving products they sold to supplement their\nincomes, as well as the loss of their unique culture, were not taken into\naccount. Damage to the community\u2019s cultural identity is palpable in the\neveryday experience of Indigenous peoples who have lost access to their\nancestral forests. The damage is aggravated by the lack of plans to preserve\nwhat little remains, and to compensate for irreversible losses.\n\nPT Ledo Lestari gave some of the 93 families \u201cagreements\u201d to sign. One that\nHuman Rights Watch reviewed promised exchanging a house and yard for a new one\na few kilometers away from their village. But community members said company\nrepresentatives promised them a host of other measures, such as the ability to\ncontinue to harvest within their yards, land titles, shares from a plasma, or\ncommunity plantation, that the company would set up, and other amenities\nincluding health clinics and schools, to lure them to leave the area. None of\nthese have materialized. Their community is now enclaved within PT Ledo\nLestari\u2019s oil palm plantation. They said that in a few instances when\ncommunity members dared to harvest oil palm fresh fruit bunches from their\nbackyards to use as cooking fuel, the company security guards have branded\nthem as \u201cthieves.\u201d Human Rights Watch wrote to PT Ledo Lestari on two\noccasions requesting their response and feedback but did not receive a\nresponse. Bengkayang police on several occasions have expressed willingness to\nmediate between the affected communities and PT Ledo Lestari.\n\nResidents have noticed that, over time, the nearby Kumba and Semunying Rivers,\nwhich they rely on for drinking, fishing, and household chores, have become\nmore polluted. Human Rights Watch could not independently verify their claims,\nbut residents attribute pollution to increased soil erosion, the use of\nfertilizers, herb and pesticides, and effluents from the oil palm plantation\nthat seep into the ground and rivers. Households living here have\nintergenerational knowledge of the water resources and fisheries that have\nbeen passed down through methods of sharing traditional knowledge. Based on\nthis knowledge and lived experience, residents believe that the company\u2019s\noperations and the pollutants in the river are related to a reduction of fish\npopulation in the nearby rivers. To catch fish to feed their families, they\nsay they must ride out for an hour in boats. Women feel the impact of not\nbeing able to fish in nearby waters more deeply because they do not own boats.\nResidents said they can go a full day without catching fish in rivers close to\ntheir homes, forcing them to spend the little money they have, to buy fish.\nFrancesca, a 28-year-old Iban Dayak woman from Semunying Bongkang, said:\n\n> Sometimes you see dead fish afloat on Sungai [River] Semunying\u2026. It means\n> something killed them\u2014poison from the number of hectares of land covered by\n> oil palm. When it rains, a lot of fish end up dead. We can\u2019t eat that.\n\nToday, in Jambi province in central Sumatra, the Orang Rimba community lives\nin abject poverty. Many have been left homeless, live in plastic tents, and\nwithout livelihood support. Orang Rimba Human Rights Watch interviewed said\nthat they had once been self-sufficient but are now reduced to begging on the\nhighway or \u201cstealing\u201d oil palm fruits from the plantation area to sell and\nmake money. The plantation employs only a handful of the several hundred Orang\nRimba adults estimated to live in the area. In September 2018, Human Rights\nWatch saw numerous Orang Rimba women and children begging for cash or food\nalong a highway in Sarolangun.\n\nPT Agro Astra Lestari, the parent company of Sari Aditya Loka 1, which\noperates the oil palm plantation in Jambi province, has a host of policies on\nsustainability, traceability, and grievance redress, that apply to all its\nsubsidiaries and oil palm plantations. The company responded to Human Rights\nWatch communications about its impacts on the Orang Rimba community with a\ndetailed summary of the education, health and economic services and programs\nit provided, including livelihood support for the Orang Rimba groups they were\nin contact with. Orang Rimba and local NGOs have approached the company to\nreturn some land to them but they say their efforts have proved futile.\n\nPT Ledo Lestari, which operates the plantation in Bengkayang, West Kalimantan,\ndoes not have any published policies on sustainability or the protection of\nIndigenous people\u2019s rights. It has also not engaged with Human Rights Watch or\nlocal NGOs.\n\n##  Needed Government Reforms\n\nPresident Jokowi should give priority to creating a high-level commission that\nincludes representatives from Indigenous peoples\u2019 groups to resolve land\ndisputes involving Indigenous communities. This commission should ensure full\nwomen\u2019s participation in its operations. Harmonizing complex legal frameworks\nregarding Indigenous land tenure should be a focus of the commission. Local\nIndigenous rights groups have long advocated for these reforms.\n\nCustomary rights of Indigenous people are lost in a maze of laws that were\ndesigned to protect them but do the opposite. As a result, Indonesia\u2019s\nIndigenous people struggle to have their rights to customary land recognized.\nA vast number of Indigenous territories have been mapped, but local NGOs say\nvery few Indigenous communities have been issued legal certificates.\n\nTo address this longstanding problem, President Jokowi should prioritize\nconsultations with representatives of Indigenous groups to finalize a bill\nthat would protect Indigenous peoples\u2019 rights and ensure that simple\nrecognition procedures are put in place. This would go a long way in\nimplementing a 2013 Constitutional Court decision that granted Indigenous\npeople rights to their customary forests.\n\nAdopting new laws and a high-level commission are critical to ensuring the\nsuccess of Jokowi\u2019s 2018 \u201cComplete Systematic Land Registration until 2025\u201d\nprogram. The World Bank-funded initiative aims to register all land in\nIndonesia by 2025.\n\nThe Indonesian government\u2019s 2011 certification mechanism, the Indonesian\nSustainable Palm Oil (ISPO) system, accredits oil palm plantations that comply\nwith Indonesian local laws and principles of social responsibility. The\ncertification mechanism, which supplements the plethora of laws that govern\nland acquisition and oil palm cultivation, needs a rehaul. NGOs have\ncriticized the ISPO for its narrow focus on national law, inadequate\nenvironmental protections, neglect of human rights, weak monitoring and\noversight, lack of a grievance mechanism, and poor enforcement.\n\nFinally, donors should support the Indonesian government in carrying out the\nhost of reforms needed to protect Indigenous peoples\u2019 rights. These should\ninclude creating a database to improve data collection and transparency on\nplantation concessions; related required permits; and numbers of land\nconflicts, their status, and their resolution. Currently, lack of data is\nexacerbated by putting some of the available information regarding plantation\nconcessions behind paywalls. For example, the Ministry of Agrarian and Spatial\nPlanning has refused access to plantation permit data, citing a paywall, even\nafter the Supreme Court upheld a freedom of information request in 2017.\n\n##  Corporate Responsibilities\n\nThe United Nations Guiding Principles on Business and Human Rights sets out\ncompany responsibilities independent of government obligations. The practical\nimplication is that even where government oversight is poor, companies should\nhave independent human rights due diligence mechanisms.\n\nHuman Rights Watch research in West Kalimantan and central Sumatra indicates\nthat the companies were falling short of their human rights responsibilities.\n\nOil palm plantations and leading corporations within palm oil supply chains\nneed to create and implement strong human rights due diligence procedures to\nensure that palm oil production does not cause or contribute to human rights\nabuses of affected communities.\n\nCompanies, investors, and governments importing palm oil from\nIndonesia\u2014including China, India, Pakistan, and the Netherlands\u2014should closely\nmonitor the reforms needed to ensure that oil palm plantations are not\ndeveloped with such devastating human and environmental cost.\n\nIntroducing these reforms will allow Indonesia to support investments to\nimprove its economy, while also protecting its forests and all those impacted\nby such investments, especially indigenous people.\n\n#  \nKey Recommendations\n\n##  To the Indonesian Government\n\n  * Urgently recognize and protect Indigenous peoples and their community rights to land and forests. \n  * Revise the Indonesian Sustainable Palm Oil (ISPO) certification system to align with international human rights standards. \n  * Establish a Land Dispute Resolution Mechanism.   \n\n##  To Oil Palm Plantation Companies in Indonesia\n\n  * PT Ledo Lestari and PT Sari Aditya Loka 1 should initiate mediation with affected communities and Indigenous peoples to resolve longstanding grievances, and offer compensation or remediation to those affected. \n  * All companies operating plantations should carry out robust human rights due diligence and provide just, fair, and equitable compensation in accordance with international human rights standards.   \n\n##  To Oil Palm Importing Countries\n\n  * Require companies to be transparent about their palm oil supply chains. \n\n##  To Donors\n\n  * The World Bank and other donors should support the Indonesian government in carrying out the reforms needed to protect community and Indigenous people\u2019s rights to land. \n\n#  Methodology\n\nThis report is based on research conducted between February and September\n2018, with field missions to Indonesia spanning 11 weeks. The research focused\non oil palm plantation disputes involving Indigenous peoples\u2019 claims to\ncustomary land and forests in Pareh and Semunying Bongkang hamlets of\nSemunying Jaya village in the Jagoi Babang district of Bengkayang regency in\nWest Kalimantan province, and Orang Rimba groups in the Sarolangun regency of\nJambi province in central Sumatra.\n\nWe based our research in Kalimantan and Sumatra because these islands have the\nmost area in oil palm plantations with decade-long conflicts between companies\nand communities, including indigenous peoples.\n\nHuman Rights Watch researchers conducted interviews with over 100 people from\nindigenous communities, and lawyers and NGO representatives working on land\nconflicts and related reform. Of these interviews, 57 were with ethnic Iban\nDayak and Orang Rimba people, of which 42 were with women. Human Rights Watch\nconducted four interviews in groups of 3 to 10 people; all others were\nindividual interviews.\n\nThe vast majority of the interviews were conducted in Indonesian, using female\ninterpreters. The rest were in English.\n\nInterviewees were informed of the purpose of the interview, its voluntary\nnature, and the ways in which the data would be used. They were told they\ncould decline to answer questions or could end the interview at any time. They\ndid not receive any compensation for participating in the research. They\norally consented to the interview.\n\nIn August 2018, Human Rights Watch sent letters explaining our research and a\nlist of questions requesting information to both PT Ledo Lestari and PT Sari\nAditya Loka 1. The companies did not respond to our letters. In June 2019,\nHuman Rights Watch hand-delivered another set of letters to both companies\nexplaining our findings and including a list of questions. Letters were also\nemailed to PT Sari Aditya Loka 1 in August 2018 and June 2019. PT Ledo Lestari\nhas not responded. In August 2019, Human Rights Watch received a letter via\nemail from Bandung Sahari, vice-president of sustainability at PT Astra Agro\nLestari Tbk.\n\nIn June 2019, Human Rights Watch sent a letter to the Office of the President\nof Indonesia explaining our general findings related to land conflicts,\nincluding a list of questions. In July 2019, Human Rights Watch sent text\nmessages and called local government officials in West Kalimantan and Jambi\nprovinces to explain our findings and get their responses. We had a telephone\nconversation with a Ministry of Social Services official in Sarolangun\nregency, Jambi province, which has been incorporated into the report. We await\nresponses from other officials we contacted.\n\nResearchers reviewed primary data sources, including laws, ministerial\nregulations, three court decisions, and other legal documents related to the\nplantation operations we investigated in West Kalimantan and central Sumatra.\nWe also reviewed secondary data sources such as reports from NGOs and research\ninstitutes, and media publications to corroborate our findings.\n\nWe have used pseudonyms for individuals we interviewed to protect them. In\nsome cases, further identifying details have been withheld to prevent\nreprisals.\n\nThe exchange rate at the time of publication was approximately US$1 = 14,287\nIndonesian rupiah (IDR); this rate has been used for conversions in the text,\nwhich have generally been rounded to the nearest dollar.\n\n#  I. Indonesian Palm Oil and Land Conflicts\n\nConsumers may use palm every day without realizing it. Palm oil is the edible\nvegetable oil of oil palm fruit. It is found in a wide variety of products,\nincluding some cosmetics, pizza dough, instant noodles, ice cream,\nconfectionery, soaps, shampoos, detergent, and biodiesel.  [1]\n\nA complex web of local and international companies is involved in the\ndifferent stages of growing oil palm fruit and manufacturing these everyday\nproducts. These include companies cultivating and operating large oil palm\nplantations, extracting and refining palm oil, manufacturing ingredients, and\nusing the ingredients to make and sell products globally. Foreign and domestic\ncompanies\u2014both private and state-owned\u2014buy and develop large swathes of lands\nfor oil palm plantations.  [2]\n\n##  Top Palm Oil Producer\n\nIndonesia is the world\u2019s largest palm oil producer and exporter. In 2018, the\ncountry produced more than 40 billion tons of palm oil, more than half of the\nworld\u2019s total production and more than double the production of Malaysia, the\nsecond largest producer.  [3]  In 2017, Indonesia exported an estimated 75\npercent of its palm oil, primarily to Asia\u2014China, Vietnam, India, and Pakistan\nare its largest markets\u2014followed by Africa and the European Union.  [4]\n\nPalm oil production is projected to grow in the coming years, propelled by the\nglobal demand for biodiesel.  [5]  But the demand is expected to decline in\nthe EU, which has responded to environmental concerns around palm oil\nproduction by limiting its use in the transport sector. The EU has announced a\ncap on all palm oil imports for biofuel at 2019 levels until 2023, and a total\nphase-out by 2030.  [6]\n\n##  Rapidly Declining Forest Cover\n\nPalm oil production has resulted in massive forest loss. Between 2001 and\n2017, commercial ventures in Indonesia destroyed more than 24 million hectares\nof its tree cover, an area nearly as large as the United Kingdom.  [7]\nGovernment sources estimate that oil palm plantations account for over half of\nall forest depletion in Indonesia during this period, with more than 12.3\nmillion hectares of land under oil palm production.  [8]\n\nCompanies have cleared and burned forests for oil palm and paper pulp\nplantations,  [9]  undermining natural carbon sinks and contributing to\nserious air pollution, risks to respiratory health across the region,  [10]\nand a spike in carbon emissions.  [11]  Experts project that loss of forest\ncover at the continued rate will have serious climate change ramifications\nassociated with frequent droughts, heat waves, and sea level rise effects in\ncoastal areas.  [12]\n\n[ Click to expand Image  ](/modal/39169)\n\nBPS-Statistics Indonesia\n\n##  Pervasiveness of Land Conflicts\n\nOil palm plantations are contributing to the rapid disappearance of\nIndonesia\u2019s forests, and to numerous resulting conflicts over land ownership\nand use. Many of these disputes involve Indigenous people that live in and\naround the forests. Indonesia is home to about 50 to 70 million Indigenous\npeoples, accounting for about a quarter of the country\u2019s population.  [13]\n\nOver the years, these conflicts have continued, exacerbated by a combination\nof poor protection for Indigenous peoples\u2019 land rights and complex land\ngovernance systems that fail to prevent or resolve disputes.\n\n###  Number of Oil Palm-Related Land Disputes\n\nWhile comprehensive and up-to-date official data on land conflicts is hard to\nobtain, piecemeal data from different authorities gives an insight into the\nproblem.\n\nFor example, between 2012 and 2014 (the latest years for which public\ninformation is available), Indonesia\u2019s National Commission on Human Rights\n(Komnas HAM) received over 4,800 complaints\u201420 percent of all\ncomplaints\u2014related to land.  [14]  In 2016, the commission projected that land\ndisputes between communities and companies, including those over Indigenous\npeoples\u2019 customary forests, would increase.  [15]\n\nAccording to the Ombudsman Republik Indonesia (Ombudsman RI) _,_ an\nindependent government body that investigates complaints against\nmaladministration, oil palm plantations contributed to the highest number of\nconflicts across all sectors in 2016 and 2017.  [16]  In 2017, the Ombudsman\nreceived 450 reports of land-related conflicts, with 163 conflicts implicating\noil palm plantations.  [17]  In 2018, it recorded more than 1,000 land\ncomplaints by communities, including Indigenous people against companies.\n[18]\n\nIn 2017, Konsorsium Pembaruan Agraria (Consortium for Agrarian Reform, KPA), a\ncoalition of 153 peoples\u2019 (peasants, Indigenous, women, fisherfolk, and urban\npoor) organizations, documented about 659 \u201cagrarian conflicts\u201d (disputes\nrelated to land) across the country, affecting more than 650,000 households.\n[19]\n\n###  Indigenous Peoples\u2019 Struggle to be Legally Recognized\n\nAt the heart of land conflicts involving Indigenous peoples and corporations\nlies the struggle of various Indigenous groups for legal recognition of their\nidentity and collective rights. Local nongovernmental organizations (NGO) have\nrepeatedly called for effective, streamlined, and time-bound procedures to\nrecognize and protect Indigenous peoples\u2019 land rights.\n\nAccording to local experts on Indigenous peoples\u2019 rights, over 2,330 distinct\nIndigenous communities are spread across the archipelago.  [20]  But there is\nno official data about the number of these that are legally recognized. One\nNGO noted that authorities recognized 18 Indigenous communities between 2015\nand 2017.  [21]  In April 2019, the Ministry of Environment and Forestry\nissued a map of customary forests covering an area of 472,981 hectares, with a\nplan to identify, verify, and validate other customary areas.  [22]\n\nIndonesia\u2019s constitution and laws recognize that _adat_ (literally, custom or\ntradition) communities exist and affirm their communal rights to land.  [23]\nIn practice, realizing these rights entail cumbersome processes in which\nIndigenous groups have to prove their existence and register their land\nrights. Without legal recognition, groups that self-identify as Indigenous\ncannot register collective rights to land.\n\n####  Maze of Procedures for Legal Recognition of Indigenous Peoples\n\nThe customary rights of Indigenous people are lost in a maze of Indonesian\nlaws that were designed to protect them, but which in practice do the\nopposite. Several national laws and regulations outline procedures for\nIndigenous peoples\u2019 legal recognition of their identity and community land\nrights,  [24]  the earliest of which dates to 1999 and the most recent to\n2016.  [25]\n\nFirst, a group that self-identifies as Indigenous needs to apply to be legally\nrecognized. But most districts have not established recognition procedures.\n[26]  Where districts and provinces have set up procedures, the regulations\nestablish between four and seven criteria that need to be satisfied for\nrecognition.  [27]  Authorities take years to process applications: local NGOs\nsuch as Badan Registrasi Wilayah Adat (BRWA), said Indigenous peoples that\nfiled applications as far back as 2011 are still waiting to be officially\nrecognized.  [28]\n\nAfter it acquires legal recognition, an Indigenous community then needs to\napply to different authorities at different levels\u2014district, provincial, and\nnational\u2014seeking recognition of their rights to adat areas, forests,\ninstitutions, and knowledge. These processes are burdensome and difficult to\ntrack.  [29]\n\nDespite the vast number of Indigenous territories that have been mapped, local\nNGOs say very few have been legally recognized. As of December 2018, a leading\nlocal nongovernmental initiative has mapped out over 1,100 Indigenous\nterritories spread over more than 14 million hectares.  [30]  According to\nAliansi Masyarakat Adat Nusantara (Indigenous Peoples Alliance of the\nArchipelago Indonesia, AMAN-West Kalimantan), an Indigenous people\u2019s\norganization in West Kalimantan, only two Indigenous groups were able to\nregister their communal rights in West Kalimantan.  [31]\n\n####  Landmark Judgment Remains Unimplemented\n\nIn May 2013, the Indonesian Constitutional Court handed down a landmark\njudgment that granted Indigenous peoples rights to their customary forests.\nBefore this decision, all forests (including customary) were legally\nconsidered a part of state-owned forests; authorities granted Indigenous\ncommunities living in and around these forests limited use rights.  [32]\n\nThe court decision prevents government authorities from issuing permits for\nland-based investments on adat forests without taking into account the rights\nof Indigenous people who live in and around it.  [33]  However, six years\nafter the decision was rendered, United Nations and other experts have found\nlittle implementation of the verdict.  [34]\n\n####  More Policy Commitments and Legislative Demands Unmet\n\nThe next big legal and policy milestones that sought to recognize the\nIndigenous peoples\u2019 rights came in 2015. The Ministry of Environment and\nForestry required local governments to demarcate and protect customary\nforests.  [35]  The same year, the government\u2019s National Medium-Term\nDevelopment Plan 2015-2019 set a target to map out and establish community\nforests on more than five million hectares of customary forest.  [36]\n\nDespite this ambitious plan, government authorities have so far done little to\nidentify and protect Indigenous people\u2019s customary forests. In 2016 and 2017,\nPresident Jokowi handed over 29,500 hectares of customary forest to 18\nIndigenous communities, which was far short of what was pledged in the\ncountry\u2019s 2015 development plan.  [37]  According to official data, as of\nApril 1, 2019, Indonesia had established 49 customary forests with a total\narea of about 32,791 hectares within its agrarian reform plan.  [38]  In 2018,\nJokowi announced a moratorium on new oil palm plantation permits, an attempt\nto stop further deforestation and protect the environment.  [39]\n\n##  Key Legal Processes and Responsibilities of Plantation Companies\n\nSeveral Indonesian laws and regulations lay out the permits required to\nacquire land and establish a plantation. Companies should make these\napplications to relevant local authorities and conduct environment and social\nimpact assessments, which involve consultations with local communities\nexpected to be impacted.\n\n###  Acquiring Permits\n\nIn order to set up an oil palm plantation, Indonesian law requires that a\ncompany obtain a series of government permits from different departments.\nThese include a location permit ( _Izin Lokasi_ ),  [40]  which the governor,\nor _bupati,_ is supposed to issue after reviewing the ownership and any\ncompeting rights over the land.\n\nBefore starting its plantation operations, the company should also conduct an\nenvironmental and social impact assessment ( _Analisis Mengenai Dampak\nLingkungan_ or AMDAL) and receive an environment permit ( _Izin Lingkungan_ )\nfrom the district or provincial authorities  [41]  ; a plantation permit (\n_Izin Usaha Perkebunan_ or IUP) at the district or provincial level  [42]  ; a\nforest conversion permit from Ministry of Forestry where the land assigned to\nthe company overlaps with forests  [43]  ; and finally, a right to \u201cexploit\u201d (\n_Hak Guna Usaha_ or HGU) or cultivate permit, from the provincial land office.\n[44]\n\n###  Duties to Consult Communities Prior to Acquiring Permits\n\nVarious laws and regulations require companies to consult with affected\ncommunities as part of their application and prior to acquiring permits  [45]\n:\n\na) Before a location permit is issued  [46]  : The different stages of\nconsultations include disseminating information about the project, collecting\ninformation on social and environmental baseline, and participation of\naffected communities in finding solutions to issues such as displacement.\n[47]\n\nb) Before a company obtains an environment permit and plantation permit: The\nenvironment and social impact assessment incorporates a community\nconsultation.  [48]  If the community landowners and the company do not reach\nan agreement on solutions for social and environmental adverse impacts, the\ncommunity may raise an objection with the AMDAL appraisal commission\nestablished by the relevant government official (minister, governor or\nregent).  [49]  Similarly, the company should conduct consultations as part of\nits plantation permit process.  [50]\n\nc) Before a company obtains a \u201cright to cultivate\u201d permit: The company should\nconsult the rights holders of land within Indigenous lands or other lands with\nidentified owners, to reach an agreement on the transfer of the land and\ncompensation.  [51]\n\nIn theory these steps seem clear and linear; in practice there are gaps and\nminimal government oversight over how a company conducts consultations.  [52]\n\nLocal nongovernmental experts and lawyers who have assisted hundreds of\nthousands of Indigenous people affected by oil palm plantations in almost all\nprovinces of Indonesia told Human Rights Watch there was barely any oversight\nover the manner companies complied with the consultation requirements under\nvarious laws.  [53]\n\nCommunity members have argued that in the past some government officials had\nbypassed important processes such as consultation during a land suitability\nsurvey (before a location permit is issued) or an AMDAL process (before a\nplantation permit or right-to-cultivate permit are issued) in issuing\nauthorizations.  [54]  Currently, some of these authorization processes are\ndone concurrently on a new online single submission process. Local experts say\nthat social impact assessments, when undertaken at all, are largely a box-\nticking exercise with little community participation.  [55]  In the two oil\npalm plantations that Human Rights Watch investigated, the community members\nsaid they found out about the investment plans after the company had obtained\nits location permit and other authorizations from local authorities.  [56]\n\n###  Other Key Duties: Compensation and \u201cPlasma\u201d Plantations\n\nThe 1999 Forestry Law and 2014 Plantation Law require that permit-holders pay\ncompensation for a community\u2019s loss of access to land to new forestry and\nagricultural projects.  [57]\n\nThe law governing the process of acquiring a plantation permit also states\nthat the authorizing official should verify that the company has planned to\nestablish a \u201ccommunity plantation\u201d or \u201cplasma,\u201d or provides other productive\nbusiness opportunities for local communities.  [58]  The \u201ccommunity\nplantation\u201d is a partnership scheme in which the company establishes a\nplantation for the community of at least 20 percent of the total land size the\ncompany cultivates. This partnership aims to benefit residents, including\nthose displaced through credits, profit sharing, and other agreed forms of\nfunding.  [59]\n\n##  \u201cSustainable Palm Oil\u201d Certifications\n\nThere is a global palm oil certification standard\u2013the Roundtable on\nSustainable Palm Oil (RSPO). Many palm oil-producing countries, including\nIndonesia, also have a national standard.\n\nIndonesian\u2019s 2011 certification mechanism, the Indonesian Sustainable Palm Oil\n(ISPO), supplements the plethora of laws that govern land acquisition and palm\noil cultivation. The certification mechanism aims to improve the\ncompetitiveness of Indonesian palm oil in the global market, support\ncommitments to reduce greenhouse gas emissions, and improve sustainability. It\naccredits oil palm plantations that comply with Indonesian local laws and\nprinciples of social responsibility.  [60]\n\nThe ISPO system has no transparency goals as part of its certification\nmechanism. The ISPO certification is mandatory for all large oil palm\nplantation business actors in Indonesia with compliance dates and requirements\nvarying on size of operations.  [61]  Government authorities can downgrade and\nrevoke the business license of plantation companies that are not ISPO\ncertified.  [62]\n\nIn 2011, the year the ISPO was set up, the Indonesian Palm Oil Association,\nwhich represents more than 700 palm oil entrepreneurs, withdrew from the RSPO.\n[63]  The RSPO is a multi-stakeholder initiative comprising more than 4,000\nmembers, including oil palm growers, processors, traders, manufacturers, NGOs,\nand financial institutions, The RSPO implements a global standard for\nsustainable palm oil so that RSPO members comply with a set of environmental\nand social criteria to produce Certified Sustainable Palm Oil.  [64]\n\nIn 2015, ISPO and RSPO published a joint study delineating their similarities\nand differences, with one main distinction being ISPO\u2019s narrow focus on\nnational law.  [65]  NGOs have criticized the ISPO for its inadequate\nenvironmental protections, neglecting human rights, weak monitoring and\noversight (nonexistent grievance mechanisms), and poor enforcement.  [66]  The\nRSPO, while having its own problems and also widely criticized, is perceived\nby human rights advocates and civil society organizations as being better than\nthe ISPO because it has a grievance mechanism, its certification system\nincorporates international law, and it requires supply chain transparency.\n[67]\n\n#  \nII. The Human Cost of Oil Palm Plantations\n\nHuman Rights Watch researched the development and operation of two oil palm\nplantations in West Kalimantan and Jambi in central Sumatra that involved two\nlarge Indonesian companies. These oil palm plantations first started\noperations over a decade ago, subsequently expanded, and continue operating\ntoday.\n\nUnder the 2006 United Nations Guiding Principles on Business and Human Rights,\ncompanies have a responsibility to respect human rights. As part of their\nhuman rights due diligence, they need to identify, prevent, mitigate and\naccount for their impacts on human rights, and have processes to remediate any\nadverse human rights impacts they cause or to which their operations\ncontribute.\n\nHuman Rights Watch research found that the companies\u2019 operations have not\nfollowed domestic laws and international human rights standards that safeguard\nthe rights of Indigenous people and their customary rights, especially as they\nrelate to forests. The Indigenous communities are still grappling with serious\nimpacts on their human rights to a livelihood, access to food and water, and\nculture. To date, they have not been adequately compensated for their loss.\nThe loss especially to Indigenous women has been ignored.\n\n##  Case Study: PT Ledo Lestari, West Kalimantan Province\n\n> The forest used to supply all our needs. Now if the rains come, everything\n> floods. The forest is gone. There is no way to hold back water. We can\u2019t\n> plant anything. We lost everything to palm oil.\n>\n> \u2014Lindan, 58-year-old mother of three with five grandchildren, Semunying\n> Bongkang, May 2018\n\n> Forest means everything. Forest provides water. Water is blood \u2026 land is\n> body, wood is breath. When we lost the forest, we lost everything. We can\u2019t\n> pray to the god of oil palm.\n>\n> \u2014Mormonus, village leader, Semunying Jaya, May 2018\n\n###  Overview of Plantation Operations and Expansions\n\nPT Ledo Lestari, an Indonesian oil palm plantation company, is a subsidiary of\nDarmex Agro Holding.  [68]  Darmex Agro is an oil palm grower, and processor\nand exporter of palm oil. PT Ledo Lestari\u2019s operations in Semunying Bongkang\nand Pareh hamlets in Semunying Jaya village, located in Jagoi Babang district\nin Bengkayang regency of West Kalimantan province, first began in 2004.\n\nThe development of the oil palm plantation has destroyed the customary forests\nof the Iban Dayak, an Indigenous community living there, leaving them no\noption but to relocate. The local NGO AMAN- _Kalimantan Barat_ (AMAN West\nKalimantan), which has assisted the Indigenous people there for more than a\ndecade, estimates that at least 93 households of Iban Dayak inhabited the area\nat the time the oil palm plantation began its operations.  [69]  Currently,\nmost still live in the area but have family members working in Jagoi, or\nacross the border in Sarawak, Malaysia to support their families.\n\nAs of August 2019, PT Ledo Lestari\u2019s plantation does not appear on the ISPO\nwebpage of certified companies.  [70]  Human Rights Watch has attempted to\nverify this with the company but have not received a response. In 2013, RSPO\nterminated the membership of its parent company, PT Darmex Agro, and another\nsubsidiary, PT Dutapalma Nusantara, following complaints regarding their\nplantation operations.  [71]\n\n****\n\n[ Click to expand Image  ](/modal/39171)\n\nGlobal Forest Watch 2016 Oil Palm data\n\n[ Click to expand Image  ](/modal/39172)\n\nGlobal Forest Watch 2016 Oil Palm data\n\n####  Iban Dayak: An Indigenous Community\n\nThe Ibans are a subgroup of the Dayak peoples indigenous to Borneo\n(Kalimantan). Most Ibans live in Malaysia\u2019s Sarawak state, Brunei, and in\nIndonesia\u2019s West Kalimantan region. An estimated 2.2 million Dayak peoples\nlived in these parts at the turn of the 21st century.  [72]  The Dayak,\nincluding the Ibans, have complex religious practices centered around numerous\nspirits.  [73]  Most of their village economies are based on shifting\ncultivation of rice, fishing, and hunting.  [74]  Iban life and religion are\nintricately intertwined. Their culture is inextricably linked to the forests,\nrivers, fields, and the land. They use the adat forest for foraging and\nrituals. Their religious rituals are integrated with planting and harvesting,\nand include those pertaining to healing, birthing, and funerals. Ibans have a\nrich folklore filled with mythology and epics. Even though most Iban have\nconverted to Christianity, they still practice some customs.  The _Temenggung_\n(literally, \u201cthe highest Indigenous leader\u201d in Indonesian) is the head of\ntheir traditional legal system, which has its own hierarchy.  [75]  They\nresolve disputes via a community forum, the _Begulu_ (or _Berkumpul_ ,\nliterally, gather together, in Indonesian).  [76]  \n---  \n  \n**Timeline of PT Ledo Lestari\u2019s Operations in Semunying Jaya Village**\n\nHuman Rights Watch pieced together information about the company\u2019s operations\nin Semunying Bongkang and Pareh hamlets in Semunying Jaya village based on\ninterviews with over two dozen Ibans living in the area, local NGOs assisting\nthem, and government documents.  [77]\n\n####  Timeline of PT Ledo Lestari\u2019s Operations in Semunying Jaya Village\n\n**December 2004** : PT Ledo Lestari obtains a government location and\ncultivation permit for 20,000 hectares.  [78]  This included permission to\nacquire 1,420 hectares of adat forest that the Iban Dayak had used for\ngenerations.  [79]  **2005:** Company begins clearing forests in and around\nthe two hamlets, resulting in widespread protests by community members.\n**2006** : Police detain two village officials on criminal charges related to\nthe protest  ,  [80]  detaining them for nine days at  Bengkayang  Police\nstation.  **2006-2009:** Villagers approach local authorities in the\nBengkayang regency and West Kalimantan province to raise concerns about\ncompany\u2019s ongoing expansion and operations.  **Late 2009:** Bengkayang regency\nofficials \u201cinaugurate\u201d a piece of forest within the area assigned to the\ncompany where the forest was still intact, which led communities to believe\nthis recognized their claims over the forest and land.  **2010:** Company\nholds discussions with \u201cheads of households\u201d and resettles 32 households from\nSemunying Bongkang. The company negotiates with and compensates some families\nin Pareh and Semunying Bongkang.  **2014:** Villagers sue the company and the\nBengkayang regency in district court, objecting to the oil palm plantation and\nseeks cancellation of permits, return of their customary land, and\ncompensation for losses suffered.  2018: The lawsuit is unsuccessful because\nthe community does not have a government certificate showing they are a\nrecognized Indigenous group with customary rights to the land and forests. At\ntime of writing, the community planned to appeal the decision.  \n---  \n  \nIn 2018 and in 2019, Human Rights Watch wrote to PT Ledo Lestari seeking\ninformation about its operations, human rights risk assessments, and risk-\nprevention, mitigation, and remediation measures. The company has yet to\nrespond.  [81]\n\n###  Failure to Consult Communities and Barriers to Effective Remedy\n\nIban Dayak residents said that PT Ledo Lestari did not consult with them\nbefore it began its operations, which would have been in violation of several\nIndonesian laws.  [82]\n\nMore than two dozen community members told Human Rights Watch that neither the\ncompany nor the government gave them prior information about developing an oil\npalm plantation on their land and forests.  [83]  The residents of these\nhamlets only realized operations were about to begin in the area when they saw\nbulldozers in 2004.  [84]  Mormonus, 49, now the village leader, said:\n\n> I was surprised to see big equipment near the river. I asked what the\n> equipment was for and the operators told me it was to make the state road to\n> Samarahan, Sarawak [Malaysia]. I visited their base camp in 2005, a month\n> after I was made village leader. I was told the company was called PT Ledo\n> Lestari.  [85]\n\nVillagers suspected they were given false information when they saw the\ncompany\u2019s workers arrive with more equipment, expand their construction camp,\nand cut through large swathes of their forests, rice fields, and rubber tree\nfarms.  [86]\n\nJamaluddin, the 57-year-old village council vice-chair, recalled painfully\nwatching the company\u2019s workers destroy the forests, and in anger and\ndesperation even attempted to prevent their work: \u201cThe day they destroyed the\nadat forest we protested. We went there, intercepted, and threatened to burn\ntheir equipment.\u201d He explained that the government brought in \u201cthe military,\u201d\nand bulldozed their forest, ignoring their protests. \u201cPeople were crying; I\nwas also crying. I told everyone to not attack. We had just arrows and small\nknives. They had guns. We would not win,\u201d he said.  [87]\n\nIn January 2006, soon after the protests, police detained two village leaders,\nMormonus and Jamaluddin from Semunying Jaya village, for organizing the\nprotests. The two leaders told Human Rights Watch that while in the police\nlockup, someone who introduced himself by name as the director of the PT Duta\nPalm Nusantara group visited them, promised money, and offered to aid their\nrelease if they supported the oil palm plantation. Human Rights Watch wrote to\nPT Ledo Lestari on two occasions about this but received no response. Village\nleader Mormonus said, \u201cHe [the director] offered Jamal and me IDR 1 billion\n[US$71,000] each. He said, \u2018It\u2019s only adat forest, take money and buy any\n[other] forest.\u2019\u201d  [88]  They said they rejected the offer. They were released\n10 days later but much of the forest was already decimated. The detention\ncurbed further resistance to the plantation\u2019s expansion as residents feared\narrest.\n\nBetween 2006 and 2012, the Iban Dayak community approached various authorities\nat the district level and the provisional police, sometimes with the help of\nlocal NGOs such as Wahana Lingkungan Hidup Indonesia (Indonesia Forum for\nEnvironment, WALHI), AMAN, and Persatuan Dayak (Dayak Association), to file\ncomplaints against the company\u2019s operations.  [89]  They also brought\ncomplaints to the Bengkayang Regency Plantation Development and Development\nTeam, the National Human Rights Commission of West Kalimantan, and to Komnas\nHAM.  [90]  They said these complaints appear to have triggered government\ninvestigations but with no lasting solutions.  [91]  Bengkayang police on\nseveral occasions expressed a willingness to mediate between the affected\ncommunities and PT Ledo Lestari.  [92]\n\nResidents said that in late 2009 the Bengkayang regent (elected local\ngovernment official) organized some ceremonies that the Iban Dayak community\ntold Human Rights Watch that they interpreted was done to recognize their\ncustomary rights to parts of the forests that were still intact and within the\narea allocated to PT Ledo Lestari.  [93]  Community members said the\n\u201cinauguration\u201d was attended by local government officials, adat leaders and\nIban Dayak community members, but not any representatives of the company.\n[94]  Subsequently, the regent issued an order stipulating that the Semunying\nJaya forest area was protected for seed sources.  [95]  But authorities did\nnot issue a decree recognizing their customary forest and seemed to back away\nfrom any recognition of customary rights at all.  [96]\n\nIn 2009 and 2010, after most of the surrounding forests were destroyed,\ncompany representatives held meetings with some community members\u2014all men\u2014in\nPareh and Semunying Bongkang hamlets. The company sought to negotiate a\ncompensation and rehabilitation package. None of the Iban Dayak women with\nwhom Human Rights Watch spoke participated in the discussions. Even though\nthese women were deeply impacted by the loss of the forests, the specific\nimpacts on women (see below) went unaddressed.\n\nIn 2011, the head of the West Kalimantan Plantation Service, Hiarsolih\nBuchori, was quoted acknowledging that in the area map, part of the PT Ledo\nLestari's plantation area overlapped with the community\u2019s production forest\nbut the relevant inspection report results were at the Directorate General of\nForest Protection and Nature Conservation at the Ministry of Forestry and his\noffice had not been given a copy.  [97]\n\n###  Inadequate Compensation and Unfulfilled Rehabilitation Promises\n\nAccording to the Iban Dayak families whom Human Rights Watch interviewed in\nboth villages, in 2010 PT Ledo Lestari negotiated compensation with some heads\nof families but this was done hastily without meaningful consultations.  [98]\nCompany promises made to convince villagers to sell their land have yet to be\nmet.  [99]  These include oral promises of land titles, benefits from a\n\u201cplasma\u201d plantation, and other amenities, including health clinics and\nschools. The company did not account for the negative impacts on women, such\nas lost community networks they relied on, their livelihood from weaving,\nextreme hardships accessing land to grow food, and managing available\nresources to provide food for their families.  [100]\n\nIn Semunying Bongkang, villagers said that the company asked families to sign\nrelocation \u201cagreements,\u201d but these written documents fell far short of the\noral promises made before relocating the families.  [101]\n\n####  Monetary Compensation\n\nPT Ledo Lestari failed to compensate all affected families. It only\ncompensated some residents for their loss of land cultivated with rubber trees\nand other crops such as rice paddies. Those who received compensation reported\nreceiving between IDR 1 million and 2 million (US$70 to $140) per hectare per\nfamily.  [102]\n\nFamilies said that they did not know how this loss was quantified. They said\nthe company did not systematically document each affected family\u2019s losses,\nincluding the loss experienced by women, to arrive at a negotiated settlement.\nThe company also failed to compensate the community for the loss of their\nIndigenous culture, which was inextricably linked with the forest and farming.\n\n####  Relocation from Semunying Bongkang\n\nIn 2010, PT Ledo Lestari **** relocated all residents from Semunying Bongkang.\nThe company resettled 21 families into permanent housing (constructed concrete\nbuildings with metal sheet roofing) in another location in the plantation.\n[103]  It placed 11 other families in \u201ccompany camps\u201d scattered around the\nplantation and who still await permanent homes.\n\nSemunying Bongkang residents told Human Rights Watch that the resettlement\nfollowed written \u201cagreements\u201d families were expected to sign. Residents said\nthat some weeks later people they identified as company representatives burned\nhouses at the original site even before residents had removed all their\nbelongings. Francesca, a 28-year-old mother of two, said she and her husband\nrefused relocation and declined the \u201cagreement.\u201d She said that company\nrepresentatives torched her home, rendering them homeless:\n\n> An assistant manager came to my home. On that day my oldest son had fever.\n> He said to my husband, \u201cYour five hectares of land here is gone and two\n> hectares here is gone. Go to the company and get your money.\u201d My husband\n> told them he doesn\u2019t want to sell. Months later, while I was at my mother\u2019s\n> new house [in the plantation] and my husband was away in Malaysia, we heard\n> a loud noise and could see smoke. I went to see, and it was crazy. My house\n> was already burned. Everything was in there, my son\u2019s bicycle, clothes, and\n> all the wood we planned to build a house, all was gone.  [104]\n\nMany of those who signed the \u201cagreement\u201d said they felt compelled to do so\nbecause their forests were already cleared.  [105]  Susanti, a 37-year-old\nsingle mother of four, said:\n\n> The [company] cleared the land and said I must move to another place. I had\n> to sell my land or let them take it with no pay. I did this to survive. They\n> [company] did not provide transportation for me to move my things [to new\n> location]. They burned my wood and belongings I left behind.  [106]\n\nFamilies said the company did not consult them while choosing the relocation\nsite. Two of the twenty-one new houses were on lowland that gets flooded after\nheavy rains.  [107]  Susanti described their living situation after they were\nrelocated: \u201cBefore when the rains came it went into the river. Living here\nduring the rainy season, it floods. My house and another were built too low.\nWater gets into the house.\u201d  [108]\n\nHuman Rights Watch reviewed a copy of a written \u201cagreement.\u201d PT Ledo Lestari\nhad agreed to exchange one old village house and a backyard for new housing\nand a backyard.  [109]  But the document did not reflect the other oral\npromises that residents said company representatives made. Residents told\nHuman Rights Watch that company representatives orally promised a host of\nother amenities to secure their relocation, including roads, church, clinic,\nschool, pipe-borne water, ability to harvest palm within the yard of their\nhomes, title to the land and house in the new area, and a plasma, or community\nplantation.  [110]\n\nTo date, the company had yet to give the 21 families titles to the land on\nwhich they have been living.\n\nThe families were resettled in the middle of the palm plantation with\nrestricted access to land for gardening.  [111]  Even though they said the\ncompany made oral promises to families that they could continue to harvest in\nthe yard of their new house, they subsequently found themselves branded as\n\u201cthieves\u201d when they attempted to harvest anything within the small area. Leni,\na 43-year-old resident in Semunying Bongkang, said:\n\n> The [oral] agreement with the company was that we can harvest within 50\n> meters in my yard. I was accused of stealing from the company because I\n> harvested from a tree that was in my 50-meter yard. They said we could\n> harvest from here to help pay school fees but they lied.  [112]\n\nAnother resident said he was arrested in 2018 and that plantation security\nguards questioned him for harvesting palm nuts from a tree in his yard. His\nwife had dried out the palm chaff to use for lighting a cooking fire. The\nguards reported him to the plantation manager and detained him for \u201ctheft.\u201d\nSamsul said, \u201cI was detained for harvesting palm nuts in my own yard\u2026. They\nhad a picture of my wife drying palm chaff.\u201d  [113]  He was later released but\nother residents saw the action as a warning that the land on which they live\nis not their own.\n\n####  The \u201cPlasma\u201d Plantation Promise Unmet\n\nVillagers said that PT Ledo Lestari reneged on its oral promises to residents\nthat they would benefit from a plasma plantation,  [114]  which had influenced\ntheir decision to sell. Samsul, a 48-year-old man said, \u201cThe company promised\nelectricity, water, health clinic, houses built with concrete, school and\nplasma. For plasma, we gave our land in 2010, I have not received any payment\nfor plasma.\u201d  [115]  Even after more than eight years, none of the residents\nhad received any payments or other benefits from a plasma plantation; no one\nhad any information concerning its planting, growth, or harvest estimations.\n\n###  Key Adverse Human Rights Impacts\n\nThe oil palm plantations continue to have a devastating impact on the\nlivelihoods of communities, especially women, and on their access to food,\npotable water, and their culture.\n\n####  Livelihood\n\n> Before, our lives were simple, not rich but enough. Since oil palm came\n> there is more suffering. I can\u2019t feed my family. I have a baby; I must put\n> food on the table every day. How do I do that when both of us are not\n> working? Every day I must figure out how to do this.\n>\n> \u2014Leni, 43-year-old woman, Semunying Bongkang, May 2018\n\nPrior to the oil palm plantation, the Iban Dayak depended for their livelihood\non fishing in the nearby rivers of Kumba and Semunying, farming rice, and\ntapping rubber trees. Their daily diet consisted of rice and fish they farmed\nor caught themselves, and they generated household revenue for purchasing\nadditional needs by selling natural rubber latex, rice, wood, tree bark, fish,\nand woven mats and baskets in nearby markets.  [116]\n\nPT Ledo Lestari\u2019s failure to adequately compensate for the loss of\nlivelihood\u2014including households\u2019 access to ready food sources\u2014resulting from\nforest destruction continues to have an impact on these communities.\n\nA 2011 blog posted on the West Kalimantan provincial government page reported:\n\n> PT Ledo Lestari's representative, Saut Hutapea, said, his party was ready to\n> pay compensation in accordance with the agreed price and in accordance with\n> the price list set by the government. \u2018We also just found out that some of\n> our plantations entered the production forest area when we got an\n> explanation from the Forest Area Consolidation Center,\u2019 Saut said, and that\n> \u2018we have asked the Regent of Bengkayang, why did our location permit enter\n> the production forest area?\u2019  [117]\n\nThe oil palm plantation provided some paid employment for families from\nSemunying Bongkang and Pareh hamlets. But not all families are gainfully\nemployed. According to the local NGO AMAN, only about 10 people in the 93\nimpacted households are employed by the oil palm plantation out of a total of\nabout 2,920 employees.  [118]  AMAN West Kalimantan reported that villagers\nemployed by the company earn between IDR 60,000 and IDR 80,000 per day (about\nUS$4.25 to $5.65) for eight hours of work.  [119]  Prior to the introduction\nof the plantation to the area, the majority of household needs were met\nthrough resources within the forests. The available paid employment does not\nfully compensate for that loss. Many families said they were worse off than\nbefore the oil palm plantation.\n\nFarming, a source of livelihood and food, has been deeply impacted. With the\nloss of their forest and farmland, residents in Semunying Bongkang and Pareh\nare forced to rent others\u2019 lands in villages several kilometers away, outside\nthe plantation area, adding to expenses.\n\nMargareta, a resident in Pareh, described the difficulties women face in\nSemunying Bongkang and Pareh to access land for farming. Male migration and\nthe feminization of agriculture means women need to access land for food\nproduction. Margareta said that women in Pareh could look for small pieces of\nland farther away from their village to rent and farm. But this was harder for\nwomen in Semunying Bongkang who live surrounded by oil palm. She said, \u201cThey\ncan\u2019t find land to rent. They must work in the company to be able to feed\ntheir families and it is hard work.\u201d She described how her entire family in\nSemunying Jaya village had to sell their land after the forests were\ndestroyed, and were struggling to pay their children\u2019s school fees with the\nincome they earned carrying heavy loads of palm fruit, cutting down dead palm\nfronds, and spreading chemicals (fertilizers, pest and herbicides) in the\nplantation.  [120]\n\nRinni, a 38-year-old woman with three children, said:\n\n> When I had land, I could provide for me and my children. I could grow the\n> crops I need. Now I walk a long distance to go to work [in the plantation].\n> They promised us health, education, housing, and land\u2026. They [the company]\n> don\u2019t care about our health, they just want us as labor.  [121]\n\nA few parents said that their children were forced to drop out of school\nbecause they were no longer able to afford school expenses.  [122]  The\nchildren from both hamlets attend a primary school in Pareh, about a 30 minute\nwalk from what was Semunying Bongkang. Older children attend high school in\nJagoi, 20 kilometers away, which involves more school-related expenses.\n\nLeni, a 43-year-old mother of four young children in Semunying Bongkang, said:\n\n> My daughter attends high school in Jagoi and had to drop out \u2026 because I\n> have no money. Riding a motorbike to school requires two liters of gasoline\n> daily. Placing her in a boarding house costs IDR 140,000 [$10] monthly plus\n> uniforms. I don\u2019t have money for that. I had a kiosk [food and goods stand]\n> and my husband would go to the forest, cut wood and sell when there was a\n> big expense like school needs. Now there is no forest.  [123]\n\n####  Women\u2019s Incomes from Traditional Weaving Vanishes\n\nWeaving, a source of livelihood for Iban women in Semunying Jaya village, has\nalmost been wiped out. Traditionally, Iban women are renowned for their\nweaving skills and used a variety of forest products to make household items,\nincluding baskets, ropes, and mats, which they also sold in markets nearby to\nsupplement their incomes.  [124]  The loss of the forest has not just\neliminated another financial source, it has all but ruined an\nintergenerational craft form that had cultural significance for Iban women.\nFor example, women told us that they used leaves from different trees to weave\nand make _rutan_ or ropes; and pandan leaves for mats. But these are now\nscarce. Margareta, a woman who previously enjoyed weaving and selling her\nwares, said:\n\n> Before the company, women would weave five or six meters while drying rice.\n> Now it\u2019s difficult to find pandan leaves. It\u2019s become very scarce. _Aka\n> kuya_ [leaf of another tree] is the best because it\u2019s most durable. Now we\n> don\u2019t have the materials.  [125]\n\nWomen sold extra baskets and mats in markets in Jagoi or in Malaysia. Some of\ntheir baskets with motifs sold for IDR 250,000 (US$17) each.  [126]  With the\nloss of their forests and materials needed to weave, not only have the women\nlost a source of income, but they are compelled to buy plastic baskets and\nmats for their household use, spending money they previously did not have to.\n[127]  \n---  \n  \n####  Food and Water\n\n> Sometimes you see dead fish afloat on Sungai [River] Semunying. We can\u2019t eat\n> fish that is caught dead. It means something killed them\u2014poison from the\n> number of hectares of land covered by oil palm. When it rains a lot of fish\n> end up dead. We can\u2019t eat that.  [128]\n>\n> \u2014Francesca, 28-year-old Iban Dayak woman, Semunying Bongkang, May 2018\n\nPT Ledo Lestari\u2019s operations have severely impacted the Iban Dayak\u2019s ability\nto farm, including for subsistence, and the population struggles for food.\nPaulina, a 37-year-old woman from Semunying Bongkang, said:\n\n> I can\u2019t provide food every day like before. Before the company, I used to\n> plant rice, and vegetables on a small piece of land. I would use the harvest\n> to feed my family. Now, I plant a little behind my house, not much, and it\n> doesn\u2019t do well like in my farm before.  [129]\n\nMiun, a 70-year-old woman, said: \u201cLong ago, when we had forest, men went into\nthe forest to get meat. They would hunt and bring back wild pigs. Now with no\nforest our meals have no meat.\u201d  [130]\n\nFamilies said that because fewer of them can farm, those who do face a greater\nrisk of having crops destroyed by birds, who are drawn to the crops planted.\nBefore the oil palm plantation, all families in the community planted and\nharvested at the same time, reducing the likelihood that any one family\u2019s\nfields would be ravaged by birds.  [131]\n\nIn Pareh, two women who had farmed for decades told us that their families had\nplanted rice in 2017 in separate rented plots but harvested almost nothing\nbecause birds ate all their crop.  [132]  Kinda, a 48-year-old woman in Pareh,\nsaid: \u201cI lost all of my harvest last year, Ibu Margareta too. Even though I\nwatched with my husband, the birds came at night and ate the crop. I don\u2019t\neven have seed rice to plant this year.\u201d  [133]\n\nThey said previously when they had their customary land, everyone in the two\nhamlets grew rice. This allowed families to coordinate rotational watch to\nkeep birds from destroying the crop. Moreover, since there were at least 90\nmore rice farms back then in 2000, the women felt the loss from birds was not\nas great since it was shared by all.  [134]  \u201cFamilies used to sit together to\ndecide when and where to plant. We used to work together to plant and watch\n[for birds] the rice. Last year I rented land and planted in August. I lost\neverything,\u201d Margareta said.  [135]\n\nHuman Rights Watch is unaware of any public studies of the environmental\nimpact of PT Ledo Lestari\u2019s operations in Semunying Jaya village. Our repeated\nefforts to obtain such information from the company received no reply.\nResidents, based on their many years living in the area, expressed their\nconcerns about what appeared to them to be the effect of oil palm cultivation\nand processing on the environment and their livelihoods.\n\nResidents believed that the fish populations in the nearby Semunying and Kumba\nrivers had reduced since the company\u2019s operations began. They have not had\naccess to any environmental assessments by the company or government, if there\nare any. Instead, households living here have intergenerational knowledge of\nthe water resources and fisheries that have been passed down through methods\nof sharing traditional knowledge. Based on this knowledge and lived\nexperience, residents told Human Rights Watch that they have observed over the\nyears since the company started its operations that the rivers had become more\npolluted. Human Rights Watch could not independently verify their claims, but\nthey attribute this to increased soil erosion, use of fertilizers and\npesticides, and depositing effluents from the oil palm plantation into the\nrivers.  [136]\n\nFor example, one family was nostalgic about how easily they caught fish for\nmore than three decades, catching about eight kilograms of fish a day: \u201cI put\nthe _pukat_ [fishing net] in at night and used to get the fish in the\nmorning.\u201d  [137]  This allowed the family to eat and sell the extra fish. They\nsaid the average catch progressively declined after the plantation\u2019s\noperations\u2014though there could be various reasons for a decline in fish caught.\nThe same family said they now sit out the whole day waiting to catch any fish\neven in the best fishing conditions.\n\nJampang, the 67-year-old community leader, said:\n\n> Now it\u2019s hard to get fish because soil and mud gets into the pukat. Today, I\n> rode an hour by my boat where there are rice fields and the river is not\n> polluted by the palm plantation, to be able to catch three kilograms of\n> fish.  [138]\n\nWomen felt the impact of not being able to fish in nearby waters more deeply.\nWomen do not own boats, and said they could go a full day without catching any\nfish in the rivers close to their homes, forcing them to spend money to buy\nfish. Leni, a 43-year-old woman, who had been fishing in the Semunying River\nsince she was a teenager, said:\n\n> I lived next to Sungai [River] Semunying. When I had bait and threw in my\n> line I immediately got fish. Now [after being resettled in plantation], I go\n> out in the morning and till dark sometimes I have no fish. Most people here\n> [resettlement] eat just once a day because we don\u2019t have enough rice.\n> Sometimes, I make porridge, so we can survive.  [139]\n\nA number of residents raised concerns about polluted river water, leaving them\nto seek other water sources. Some residents in Pareh believe the Kumba River\nthey previously relied on for water to drink, cook, and perform household\nchores has been contaminated based on their observations of the visible water\nquality and their perceived skin sensitivities to it. For example, Kinda said,\n\u201cThe water [in the river] is contaminated.\u201d She explained the basis for her\nassertion:\n\n> The company uses pesticides and when you bathe in it your body itches. When\n> they put the pesticides [on the plantation] the river change to red and then\n> black. People who use the river have rashes and ask the clinic [mobile\n> health center] for medication. We can see it when the river is clean and\n> when it\u2019s not.  [140]\n\nKinda says that community members waited for the rains to collect water for\ntheir bathe.\n\nIn 2018, the village council used its funds to pipe water into Pareh, reducing\nthe community\u2019s reliance on the __ Kumba River for consumption and household\nuse _._\n\nThe community also lost access to water when the company razed the forest and\ncovered smaller water sources. Several villagers said water sources downstream\nhave dried up, and they believe it is because the company rerouted some\nstreams into irrigation canals for the plantation.  [141]  Most of the\nresidents interviewed by Human Rights Watch believed the plantation disrupted\ntheir watershed\u2014that is, all of the area that drains into their traditional\nwater sources\u2014but they had no official information about this. The village\ncouncil cannot pipe water to residents from Semunying Bongkang because their\nrelocated hamlet is in the plantation, forcing them to use what they believe\nis polluted water.  [142]\n\n####  **Culture**\n\nThe oil palm plantation has eroded the culture of the Iban Dayak. In\ninterviews with Human Rights Watch, Iban Dayak said that their culture is\ninextricably linked to the forests, rivers, fields, and the land. They use the\nadat forest for foraging and rituals. Margareta, a 40-year-old mother of two\nchildren and a community leader in Pareh, said, \u201cI know the forest because my\ngrandparents used the adat forest for spiritual rituals. It was a sacred\nplace.\u201d  [143]\n\nMargareta said: \u201cOur identity as Iban Dayak is almost lost now, we have no\nforest. Our grandfathers showed us where to cultivate in the forest, harvest\nfruits, and how to live together.\u201d  [144]\n\nJamaluddin, a 52-year-old man, said: \u201cThe loss of our forests has changed our\ncustoms, habit, and daily life. The forest used to supply all our needs. My\nlife wasn\u2019t so hard when I could sell tree bark or wooden planks in Malaysia.\nAnd it\u2019s not just me but with everyone. Now we slave every day.\u201d  [145]\n\nThe company razed plants and trees integral to their customary life. Women\nshowed baskets that had been made by their grandmothers, which they inherited\nat the time of marriage. Lindan, a 57-year-old woman said, \u201cWe can\u2019t teach the\nnext generation because there are no materials [leaves]. Learning the\ntechnique takes time. The motifs and flowers on the baskets tell a story, the\nstory of the Iban.\u201d  [146]\n\nFrancesca mourned their incalculable loss: \u201cWe lost our community. When we\nweave, we talk, laugh, and are together. This place [new location inside the\nplantation] is not a village. You can\u2019t call it home. These are shelters, not\na community. It is owned by the company.\u201d  [147]\n\nHuman Rights Watch wrote to PT Ledo Lestari on two occasions requesting their\nresponse and feedback and did not receive a response. In 2012 a media outlet\nreported that a \u201clegal staff of PT Ledo Lestari, Jufendiwan, explained that\nthe 1,420 hectare land that was questioned by a number of residents had only\nbeen confirmed as a forest in 2010, \u2018while we have obtained permission\nfirst.\u2019\u201d  [148]\n\n##  Case Study: PT Sari Aditya Loka 1, Jambi Province in Central Sumatra\n\n###  Overview of Plantations and Expansion\n\nPT Sari Aditya Loka 1, an Indonesia oil palm plantation, began operating three\ndecades ago in Jambi province in central Sumatra. Since then, its operations\nhave had harmful impacts on the Orang Rimba people, an Indigenous community\nliving there. Human Rights Watch interviewed 31 Orang Rimba men and women who\nlive in PT Sari Aditya Loka 1 plantation areas in Sarolangun regency.  \n\nPT Sari Aditya Loka 1 belongs to PT Astra Agro Lestari TBK, a publicly owned\nIndonesian company. Astra Agro Lestari\u2019s ownership can be traced to Jardine\nMatheson Holding Ltd., a British conglomerate listed on the London Stock\nExchange.  [149]  Agro Astra Lestari, one of Indonesia\u2019s largest palm oil\nproducers, takes pride in its sustainability and has a host of policies. These\ninclude sustainability, traceability, and grievance redress among others.\n[150]  ISPO certified PT Sari Aditya Loka 1\u2019s operations, both plantation and\noil mill, in 2013  [151]  and audited them in January 2017.  [152]  This ISPO\ncertification is valid until 2018.  [153]\n\nPT Sari Aditya Loka 1\u2019s oil palm plantation is adjacent to the Bukit Duabelas\nNational Park, whose park and surrounding forests are home to the Orang Rimba.\n\nThe company first started clearing forests to develop the plantation in 1989.\n[154]  It obtained a government environment permit in 1995, which was renewed\nin 2006.  [155]  It has expanded its plantation since July 2006, covering a\ntotal of about 19,700 hectares of which about 13,155 hectares are for a\n\u201cplasma\u201d or community plantation.  [156]\n\nLocal NGO Komunitas Konservasi Indonesia (WARSI), which has assisted the Orang\nRimba for over two decades, estimated in 2017 that more than 750 Orang Rimba\nlived in 11 groups ( _rombongon_ ) or camps in PT Sari Aditya Loka 1\u2019s\nplantation\u2019s area.  [157]\n\nAcademics and researchers say that thousands of other Orang Rimba were driven\nto live inside the national park over the years for numerous reasons,\nincluding the operations of the oil palm plantation.  [158]  Those living in\nthe national park have little contact with the outside world and Human Rights\nWatch was not able to interview them.\n\n[ Click to expand Image  ](/modal/39173)\n\nGlobal Forest Watch, 2016 Oil Palm data\n\n[ Click to expand Image  ](/modal/39174)\n\nGlobal Forest Watch, 2016 Oil Palm data\n\n###  Ongoing Adverse Human Rights Impacts\n\nAs discussed below, PT Sari Aditya Loka 1\u2019s operations have not adequately\ncorrected the harms its operations have caused to the Orang Rimba.\n\nMany Orang Rimba told Human Rights Watch that there were no discussions with\ngovernment officials or company representatives prior to their land and\nforests being cleared and planted.  [159]  While the law in effect in 1989\ncast no clear responsibilities on companies to consult with communities,\ncompanies carrying out operations since the adoption of the UN Guiding\nPrinciples on Business and Human Rights should undertake ongoing human rights\ndue diligence to identify risks and take steps to mitigate or remedy harm\nassociated with their operations.\n\nMeriau, the leader of a rombongon of about six families living in the middle\nof an oil palm plantation, said: \u201cThis used to be my rice field. That is why I\ndon\u2019t leave this place. I had asked the person who cleared my rice field, he\nsaid, \u2018Ask the government.\u2019 How do I ask the government?\u201d  [160]\n\nSince the oil palm plantation operations began, the Orang Rimba have lived in\nthe area without proper rehabilitation. Many Orang Rimba have been compelled\nto live in small groups of 5 to 10 families, pitching _sudungs_ (a sheet of\nplastic tied to posts) in oil palm plantations, hurriedly moving frequently\nwhen discovered and chased by company employees. Human Rights Watch\nresearchers witnessed several Orang Rimba women and children begging along the\nhighway.  [161]\n\n####  Orang Rimba: An Indigenous People\n\nThe Orang Rimba are a semi-nomadic Indigenous people with their own customs,\nforest-dependent livelihoods, religious beliefs, and community decision-making\nstructures.  According to anthropologists who have studied Orang Rimba custom,\nthe community lives in small encampments ( _rombongon_ ), each led by a\nheadman ( _Temanggung)_ . Each encampment comprises huts clustered together.\nOrang Rimba custom is to move every time someone in their encampment dies.\nThey follow a matrilineal system but the community heads are men.  [162]\nBefore the oil palm plantation changed their lives, encampments varied in\nnomadic and sedentary practices.  [163]  Some were nomadic and depended\nexclusively on hunting and gathering; others practiced _padi ladang_\n(literally, \u201cfield rice\u201d), a system of cultivating tubers or rice during one\nplanting cycle and moving to another area after harvest.  [164]  \n---  \n  \nOrang Rimba, with the assistance of local NGO WARSI, met with numerous\ngovernment officials and plantation representatives between 1999 and 2018 to\nsave their habitat and develop recommendations to improve their lives.  [165]\nThe government created a national park, Bukit Duabelas National Park, as a\nmeasure to mitigate forest and biodiversity loss; but Orang Rimba and WARSI\nsaid the company did not meet their human rights responsibilities by not\ncompensating or returning land to Orang Rimba.  [166]\n\nIn response to the question of inadequate consultation and compensation, the\ncompany said that it obtained the relevant permits from the government, which\nhas authority over the land:\n\n> The presence of PT SAL in the Sarolangun region is due to Government\u2019s\n> request to help the Trans-Nucleaus Estate Plantation program, which began in\n> 1987. \u2026\n\n> The land cultivated by PT SAL is in the form of HGU. Therefore, the\n> authority over the HGU land is in the hands of the State.  [167]\n\n####  Livelihood\n\nPT Sari Aditya Loka 1\u2019s operations disrupted the Orang Rimba\u2019s traditional\nlivelihood that depended on the forest and its produce. Previously, the Orang\nRimba used and bartered forest products such as rattan and plants that\nproduced \u201cdragon\u2019s blood\u201d (a bright red resin used in medicines, dyes, and\nincense) to neighboring villages through traditionally designated\nintermediaries. They traded these forest products for goods and services.\n[168]\n\nSalima, a mother of seven, whose hut was in the company\u2019s oil palm plantation\nsaid:\n\n> Before it was easy to get rattan and ingredients from the forest. I sold\n> these to brokers from the village. We would hunt and could also cut trees to\n> sell to people in the village. Now we can\u2019t do this because it [the forest]\n> has been changed to palm oil. If we take oil palm fruits, we will be\n> detained by the company.  [169]\n\nMaliau, a mother of nine children, said:\n\n> Life was better before [the company cleared the forest]. Women could find\n> many types of food. Some wove mats from leaves and baskets. We made lamps\n> from gum resin. Now, we cannot find materials to make these.  [170]\n\nDespite disrupting traditional livelihoods in the area, the company\u2019s oil palm\nplantation provides almost no jobs for the Orang Rimba to replace the loss.\nInstead, the local NGO WARSI alleged that the plantation has hired only a few\nOrang Rimba in its plantation and processing plant. Bandung Sahari, the\ncompany\u2019s vice president of sustainability, said; \u201cPT SAL employed 8 people\nfrom the OR Community as permanent employees. However, 1 person has left and\ncurrently PT SAL-1 employs 7 Orang Rimba, with a composition of 6 men and 1\nwoman.\u201d  [171]  Most of the company\u2019s plantation employees are from\nneighboring transmigrant, mostly non-Indigenous villages.  [172]  Sahari said:\n\u201cWe [the company] are always open with Orang Rimba who want to work at PT SAL\nby following the training that we provide so that they are ready to work as\nemployees.\u201d  [173]\n\nThe company also said that since 2008 it had developed important economic\nprogramming for Orang Rimba communities that intersect with the plantation\nsuch as mechanic training, mentoring for vegetable gardens, fish farming,\nraising chicken, fattening turtles, ginger cultivation and planting jernang (a\nresin-producing plant).  [174]\n\nA government official in Jambi told Human Rights Watch that PT Sari Aditya\nLoka has made some efforts to hire Orang Rimba but they have not been\nsuccessful. He put the blame for this on the Orang Rimba:\n\n> The fact is these Suku Anak Dalam [Orang Rimba] people are lazy, very lazy.\n> They cannot stand working under the heat. I've been working with this\n> Indigenous people for 27 years.\u2026 They cannot stand hot and heat. Meanwhile,\n> working in oil palm plantation is working under the scorching sun,\n> especially when fertilizing and harvesting. It is hard work.  [175]\n\nEven though the company developed a plasma plantation as required by law,\n[176]  none of the Orang Rimba whom Human Rights Watch interviewed were\ninvolved with plasma plantation management or other productive business\nopportunity.  [177]\n\nThe company, in its letter to Human Rights Watch, contends that the government\nwas responsible for developing the plasma plantation.\n\nWhen Orang Rimba have attempted to live and work outside the plantation they\nhave encountered prejudice. Fear of this mistreatment discourages many Orang\nRimba, particularly women, from venturing out of their camps. Some Orang Rimba\nwomen described the insults they endured whenever they ventured into the\ntransmigrant village to buy food. Mai, a young Orang Rimba woman, said:\n\n> When I go to the village, people call me \u201c _Orang kubu_ ,\u201d [a slur meaning\n> backward], which is insulting. They [villagers] cover their nose when I\n> pass. I bought soap, shampoo, and new clothes to look and smell like them,\n> but it didn\u2019t work. They still call me _kubu_ , I feel bad.  [178]\n\n####  Women Reduced to Begging and Scavenging\n\nThree decades of dispossession of their land and forest has left Orang Rimba\ndestitute. To survive, some Orang Rimba women and children beg for cash or\nfood handouts along a highway in Sarolangun.  Orang Rimba women who live\nwithin the precincts of the oil palm plantation eke out a living scavenging\nloose fruit from the ground. They sell what they gather to \u201cmiddlemen\u201d for\npaltry sums. Sometimes this buys a meal of instant noodles or rice\u2014not enough\nto meet the dietary needs of their families, particularly children and\npregnant women. When they do not gather enough fruit to afford a meal, they go\nhungry.  Plantation security guards frequently disband Orang Rimba camps. The\nunpredictability of such actions has severe consequences for the sick, old,\ninfants, and pregnant women who are most vulnerable during a chase. When Human\nRights Watch researchers visited a camp in September 2018, the Orang Rimba\nwere expecting a raid by plantation security guards. But they could not leave\nthe area because a pregnant woman was in labor.  \n---  \n  \n####  Food\n\nWithout their forest, employment, or a way to feed their families, many Orang\nRimba face extreme poverty and food insecurity. Families said that before the\nplantations and loss of forest, they could eat when and whatever they wanted.\nEven if an overly sanguine perspective, their diet relied on and benefitted\nfrom the resources available in the forest, drawing on traditional knowledge\nshared over generations.\n\nOlder women said before their forest was cleared, they cooked every day. They\nhad cassava, _sago_ (starch extract from tropical palm stems) and other forest\nplants, fruits, and hunted wild animals. Muju, an older woman who remembers\nhow they lived before the forest was cleared, said, \u201cWhen I had my first\nchild, the forest was my market. I have five grown children now and no forest.\nI have to buy food from the village market.\u201d  [179]  Prejudice and lack of\nviable livelihood opportunities means these women rarely visited markets.\nSeveral said they could barely afford a few packets of instant noodles or rice\ndaily.\n\nOrang Rimba groups living in oil palm plantations cannot access forest produce\nand other food resources. Before, they used a variety of forest produce for\nhousehold consumption and sold the rest to earn money. Several Orang Rimba\nsaid they are sometimes left with no other option but to stealthily collect\nand sell oil palm fruit to buy rice or instant noodles. Sometimes they take\ntwo or three days to collect enough oil palm fruit to buy provisions and cook\na meal. Sargawi, an older woman said, \u201cWe survive by harvesting palm fruits if\nthe company [employees] doesn\u2019t come to collect. If they do, then we have\nnothing to sell.\u201d She said that she sometimes could collect enough nuts to\nsell for IDR 50,000 (US$3.60) but that required dodging company staff.  [180]\n\nIn their desperation, they often feel they have no option but to risk\nencountering company security guards. The guards can seize the fallen oil palm\nfruit they have collected, and even have them arrested and prosecuted for\ntheft. Orang Rimba said that they had once been self-sufficient but are now\nreduced to \u201cstealing\u201d oil palm fruits from the plantation area to sell and\nmake money. Selisih, a mother of three, said:\n\n> Two days ago, my children collected some [oil palm] fruits from gutters and\n> the leftovers from when the truck picks up the bunches beside the road. When\n> the company security came, I asked if I can keep what I have but they didn\u2019t\n> accept. They took my bag of fruits away.  [181]\n\nWhen they are not able to gather enough oil palm fruit to sell and then make a\nmeal, they simply boil the palm fruit to eat. When they do not find oil palm\nfruits at all, they often go hungry. Meti, a mother with two children said,\n\u201cSometimes I get 20 kilograms [of palm fruit] and sell for IDR 14,000 (US$1).\nI can buy rice, which will only last a day. I haven\u2019t cooked in two days.\u201d\n[182]\n\nThe company said it had built and continues to support schools, health\nfacilities and vocational training programs in the area.  [183]  And that it\nalso provides some direct livelihood support to some Orang Rimba aimed at\nalleviating hunger: \u201cPT SAL has developed a hunger alleviation program for\npeople in contact. To date, at least 1,082 Orang Rimba have received staples\nwhich are routinely given every month in the form of 15 \u2013 20 Kg [kilograms] of\nrice and other food packages.\u201d  [184]\n\n####  Culture\n\nThe oil palm plantation has harmed the Orang Rimba\u2019s traditional way of life.\nSeveral Orang Rimba told Human Rights Watch that when they were in the forest,\nit was divided into four parts: for burial, births, praying, and planting\ncrops and harvesting honey. Because almost all the forest has been cleared,\nexcept for the national park, these divisions no longer exist and they cannot\nfollow traditional rituals. Muju, a mother of five living children, said,\n\u201cSome who live in the park [Bukit Duabelas National Park] still have some of\nour traditions. We who are outside have lost all of that.\u201d  [185]\n\nSeveral Orang Rimba said that changes in the forest have affected them. Daud,\nan older woman who attends births, said that their traditional birthing\nrituals were lost: \u201cBefore when a baby was born, we choose a tree for the\nbaby. The tree grows, and the baby grows. The tree represents that baby. With\nno forest, we don\u2019t do these rituals anymore.\u201d  [186]\n\nTraditionally, Orang Rimba took their dead to a common place far away from all\ncamps. There they built platforms ( _rumah pasar\u2019on_ ) high enough to prevent\nwild animals from scavenging the corpse. They would leave the dead there for\ntheir souls to find their path. They were no longer able to follow this\npractice, Selisih explained: \u201cBefore when someone died, we built a rumah\npasar\u2019on and put the body on top. Now we take the body to the forest [national\npark] and dump it there and come back.\u201d  [187]\n\nMeriau, an older woman, said that their lives and culture were decimated by\nthe oil palm plantation. \u201cBefore oil palm I was happy. I had a house, garden,\nand planted rice,\u201d she said. She explained that she used to live in a\ntraditional hut made of wood and _sedang_ leaves but was now forced to live in\na plastic tent. \u201cWhen we had the forest, we could use plants as medicines. Now\nwith no forests we can\u2019t get medicinal plants and we buy medicines.\u201d But\ngetting money to buy things is a challenge. \u201cAfter palm, I am constantly\nrunning away from people who want to catch me when I collect fruits,\u201d she\nsaid.  [188]\n\nThe company said it has \u201ca special policy\u201d that regulates its security guards\u2019\ninteractions with Orang Rimba. The rules include no intimidation, no violence,\nno demeaning or insulting language.  [189]  But the company did not mention\nhow it ensures that its policy is implemented.\n\n####  Company Sustainability Policy and Grievance Mechanism\n\nAstra Agro Lestari (AAL) owns PT Sari Aditya Loka 1, which operates the oil\npalm plantation. AAL\u2019s 2015 Sustainability Policy applies to \u201call current and\nfuture operations and subsidiaries, including any refinery, mill, or\nplantation\u201d that \u201cthey own, manage, or invest in as well as all third parties\u201d\nfrom whom AAL purchases.  [190]\n\nNotably, the policy has a section on human rights, in which the company\ncommits to \u201cupholding the rights of all workers, contractors and indigenous\npeople, and local communities in accordance with the UN Guiding Principles on\nBusiness and Human Rights\u201d  [191]  ; \u201c[r]espect the rights of indigenous and\nlocal communities to give or withhold their Free, Prior and Informed Consent\n(FPIC)\u201d; and \u201cresolve all complaints, grievances and conflicts through open,\ntransparent and consultative processes\u2026including fair representation and\nensure rightful compensation where rights have been violated.\u201d  [192]\n\nHuman Rights Watch wrote to PT Sari Aditya Loka in September 2018 to ask about\nthe implementation of their sustainability policy. In correspondence with\nHuman Rights Watch, PT Astra Agro Lestari provided details about its\neducational, health, and economic initiatives in the area. It said that in\nover 10 years it had always strived to help the Orang Rimba.  [193]  WARSI has\nhad more than five meetings since 2000 with PT Sari Aditya Loka and Astra Agro\nLestari Tbk to discuss the struggles the Orang Rimba face with the loss of\ntheir forest and to develop corrective measures. According to WARSI, they have\nhad little success through these meetings. \u201cThey [PT Sari Aditya Loka] say\nthey can\u2019t give Orang Rimba land. The [plantation] manager says it\u2019s not in\nhis power to give land to Orang Rimba, power lies with the owner,\u201d said Robert\nAritonang, program manager at WARSI.  [194]  WARSI contends that PT Astra\nInternational Tbk, its majority shareholder Jardine Cycle & Carriage Ltd\n(which owns 50.11 percent), and its subsidiary Astra Agro Lestari could\nprovide alternative land to these communities. Other NGOs have publicly said\nthat PT Sari Aditya Loka has been slow to implement its own sustainability\npolicy.  [195]\n\n#  III. Key Land Governance Issues\n\nHuman Rights Watch\u2019s research in West Kalimantan and central Sumatra, as well\nas our review of Indonesian laws and secondary sources, uncovered a range of\nissues over commercial activity and land that imperil the human rights of\nIndigenous peoples in Indonesia.\n\n##  Failure to Hold Corporations Accountable\n\nIndonesia has many laws concerning commercial activity, land rights and\nIndigenous people. Human Rights Watch\u2019s research in 2018 and 2019 in West\nKalimantan and central Sumatra gave no indication that Indonesian authorities\nwere holding companies accountable when they did not adhere to existing rules\nand regulations. Prompt and meaningful government measures would both prevent\nand remedy corporate abuses that affect Indigenous people.\n\n##  Urgent Bills Languish\n\nIndonesia has a dizzying number of laws and regulations that have complicated\nland rights procedures and caused confusion with overlapping or contradictory\nregulations.  [196]  Two proposed laws\u2014one on Indigenous peoples\u2019 rights and\nanother on land rights\u2014are intended to simplify matters. The Land Rights bill\ncould clarify the role and authority of various government institutions\nrelated to land. The draft law on the Recognition and Protection of Indigenous\nPeoples\u2019 Rights aims to simplify the process for recognizing specific\nIndigenous peoples and their territories. The draft law would also set a path\ntoward the resolution of many of Indonesia\u2019s land disputes.\n\nBoth bills should go through consultations with stakeholders to ensure that\nimportant concerns are addressed.\n\n##  Unresolved Land Conflicts\n\nCommunities struggling to resolve land conflicts have found a lack of\ncoordination among ministries crucial to resolving them.\n\nUnder the Basic Agrarian Law, land is under the mandate of the National Land\nAgency of the Ministry of Agrarian and Spatial Planning.  [197]  At the same\ntime, under the forestry law, forests and forest lands are managed by the\nMinistry of Environment and Forestry.  [198]  Disputes related to village\nboundaries would also involve the Home Affairs Ministry.\n\nAs a result, the Ministry of Environment and Forestry and the National Land\nAgency are in a constant tussle regarding authority over land, which often\nintensifies land disputes.  [199]  And because these basic laws and many other\nland-related laws devolve power to the provincial and district levels, there\nare more than 1,000 offices with overlapping jurisdiction overseeing the\nimplementation of these laws.  [200]\n\nThe institutions tasked with mediating land conflicts have not been successful\nin curbing or resolving them.  [201]  Many of the land conflicts undergoing\nmediation are the result of poor enforcement of laws or corrupt government\nofficials within these institutions.  [202]  These same officials are unlikely\nto be able to impartially resolve the problems they created.\n\nRegistering land to clarify ownership rights without resolving the underlying\nconflicts also will not resolve the issues. The government has introduced\nnewer systems aimed at providing clarity over land use and supposedly\ndecreasing land conflicts. In February 2018, President Jokowi launched the\n\u201cComplete Systematic Land Registration until 2025\u201d program to register all\nland in Indonesia by 2025.  [203]  This supplements other existing mechanisms\nto register land.  [204]  The president also directed the minister of\nenvironment and forestry to submit spatial data on forest delineation in all\nregions.  [205]  The World Bank has pledged its support for the president\u2019s\ninitiative to register all land by 2025 through the \u201cOne Map Project.\u201d  [206]\n\nThese programs are unlikely to significantly resolve Indonesia\u2019s land conflict\nproblem. Local NGOs assisting affected communities have criticized these\nproposals, saying that registering land parcels that are contested without\nsetting out a path to resolve the disputes will only exacerbate conflicts\nbetween communities and businesses.  [207]  Rather than accelerated agrarian\nreform, experts have recommended instituting a commission on land conflict\nresolution, which has thus far not been prioritized.  [208]  The commission\nwould consolidate the multiple dispute resolution forums to settle land\ndisputes expeditiously.  [209]\n\n##  Poor Data Collection and Lack of Transparency\n\nData collection and transparency is poor. As discussed, there is no clear\ntracking of the numbers of land conflicts, their status, and whether they are\nresolved, outside of the mediated cases that have been analyzed. This gap in\ndata is exacerbated by putting some available information behind paywalls. For\nexample, the Ministry of Agrarian and Spatial Planning has refused access to\nplantation permit data, citing a paywall, even after the Supreme Court upheld\na freedom of information request.  [210]\n\nThe existing permit system is not equipped to prevent land conflict. Companies\nthat do not carry out the necessary consultation with communities are\noperating without accountability. Communities should not find out that their\nland and forests have been granted to companies when it is too late to take\naction to prevent it.\n\n#  IV. International Human Rights Law\n\nIndonesia is obligated under international human rights law to protect the\nrights of Indigenous people through its regulatory frameworks and ensure that\nvictims of abuses have access to redress. This includes the rights of\nIndigenous people to maintain their cultural institutions and traditional\nlivelihoods. Companies have responsibilities under human rights law to respect\nIndigenous peoples\u2019 rights in their business operations.\n\n##  Right to Culture and to Participation for Indigenous Peoples\n\nThe United Nations Declaration on the Rights of Indigenous Peoples was adopted\nby the UN General Assembly in 2007.  [211]  Although not a treaty, the UN\nconsiders this declaration to be \u201can important standard for the treatment of\nindigenous peoples that will undoubtedly be a significant tool towards\neliminating human rights violations against the planet\u2019s 370 million\nindigenous people and assisting them in combating discrimination and\nmarginalization.\u201d It says that states should prohibit \u201cany action which has\nthe aim or effect of dispossessing [indigenous peoples] of their lands,\nterritories or resources.\u201d  [212]  __\n\nThe Declaration recognizes the rights of Indigenous peoples, as a collective\nand as individuals, to the full enjoyment of all rights under international\nhuman rights law.  [213]  Indigenous peoples have the right to maintain their\ndistinct political, legal, economic, social, and cultural institutions.  [214]\nStates have the duty to provide effective mechanisms to prevent and provide\nredress for any actions that deprive Indigenous peoples of \u201ctheir integrity as\ndistinct peoples, or of their cultural values\u201d or dispossess them of their\n\u201clands, territories or resources.\u201d  [215]  Indigenous peoples have a right to\npractice and revitalize their cultural traditions and customs.  [216]\n\nInternational human rights law provides for the right to a specific way of\nlife as part of the right to culture.  [217]  The International Covenant on\nCivil and Political Rights (ICCPR) recognizes the right to self-determination\nand rights of minorities to their own culture.  [218]  The right to culture\nhas been interpreted to require legal protection for particular ways of life\nnegatively impacted by changes to the natural environment, including such\ntraditional activities as fishing or hunting.  [219]\n\nStates have a responsibility to respect, protect, and promote the rights of\nIndigenous peoples. In particular, the right to participate in decision making\nin matters that would affect their rights,  [220]  and the right to be\nconsulted in good faith in order to obtain their free, prior, and informed\nconsent.  [221]\n\n##  Indigenous Peoples\u2019 Rights to Traditional Land, Prohibition of\nDispossession\n\nIndigenous peoples\u2019 rights are both \u201ccollective and individual.\u201d This extends\nto the \u201clands, territories, or resources\u201d they \u201cown or otherwise occupy or\nuse.\u201d States have a responsibility to prevent actions that dispossess\nIndigenous peoples of their lands, territories, or resources and provide\naccess to redress when they are dispossessed.  [222]\n\nInternational law recognizes Indigenous peoples\u2019 claims to land and resources\nthat they possess based on \u201ctraditional ownership, traditional occupation or\nuse, or which they have otherwise acquired.\u201d  [223]  The UN Committee on\nEconomic, Social and Cultural Rights, a treaty monitoring body, stated in a\ngeneral comment that governments should \u201ctake measures to recognize and\nprotect the rights of indigenous people to own, develop, control and use their\ncommunal lands, territories and resources.\u201d  [224]  The Declaration on the\nRights of Indigenous Peoples acknowledges Indigenous peoples\u2019 right to own,\nuse, develop and control these traditional \u201clands, territories and resources.\u201d\n[225]  The Declaration ensures that states give legal recognition and\nprotection to these \u201clands, territories and resources\u201d to prevent and redress\n\u201cany action which has the aim or effect of dispossessing [Indigenous peoples\nand individuals] of their lands, territories or resources.\u201d  [226]\n\nInternational human rights law also protects every person\u2019s rights to an\nadequate standard of living, including to food and to housing.  [227]  The\nICCPR states that, \u201cin no case may a people be deprived of its own means of\nsubsistence.\u201d  [228]  The Universal Declaration of Human Rights refers to the\nright to property, stating, \u201c[e]veryone has the right to own property, alone\nas well as in association with others and no one shall be arbitrarily deprived\nof his or her property.\u201d  [229]  Several human rights conventions also protect\nagainst discrimination with respect to property (including on the basis of\nsex).  [230]\n\nImportantly, international human rights protections on housing or property do\nnot hinge on individuals holding formal title to land or property. The UN\nCommittee on Economic, Social and Cultural Rights stated that rights\nprotections apply whether or not individuals hold formal title: legal security\nof tenure \u201ctakes a variety of forms, including \u2026 occupation of land or\nproperty,\u201d and \u201c[n]otwithstanding the type of tenure, all persons should\npossess a degree of security of tenure which guarantees legal protection\nagainst forced eviction, harassment and other threats.\u201d  [231]\n\n##  Rights to Food, Water, Health and an Adequate Standard of Living\n\nThe International Covenant on Economic, Social and Cultural Rights guarantees\nthe right to secure one\u2019s livelihood and an adequate standard of living.\n[232]  The Covenant and other international human rights treaties and\nstandards ensure the right to available, accessible, and adequate food  [233]\nand the right to water  [234]  as an aspect of the right to an adequate\nstandard of living.  [235]  The right to water entitles everyone to have\naccess to sufficient, safe, acceptable, physically accessible, and affordable\nwater for personal and domestic use.  [236]\n\nThe right to health obligates states to recognize and take steps to fulfill\n\u201cthe right of everyone to the enjoyment of the highest attainable standard of\nphysical and mental health.\u201d  [237]  It imposes on states the responsibility\nto ensure \u201can adequate supply of safe and potable water and basic sanitation;\nthe prevention and reduction of the population's exposure to harmful\nsubstances \u2026 or other detrimental environmental conditions that directly or\nindirectly impact human health.\u201d  [238]\n\n##  Right to Redress, including Restitution or Just, Fair, and Equitable\nCompensation\n\nWhere \u201cany actions\u201d\u2014state or private actors\u2014deprive Indigenous people of their\ncultural rights, states have a responsibility to take measures to prevent, and\nprovide \u201credress through effective mechanisms.\u201d Such redress \u201cmay include\nrestitution, developed in conjunction with indigenous peoples, with respect to\ntheir cultural, intellectual, religious and spiritual property taken without\ntheir free, prior and informed consent or in violation of their laws,\ntraditions and customs.\u201d  [239]\n\nWhere the lands of Indigenous people have been \u201cconfiscated, taken [or]\noccupied,\u201d they have the right to redress, \u201cthat can include restitution or,\nwhen that is not possible, just, fair, and equitable compensation.\u201d  [240]\nCompensation can take the form of \u201clands, territories and resources equal in\nquality, size and legal status or of monetary compensation or other\nappropriate redress.\u201d  [241]\n\n##  Human Rights Responsibilities of Companies\n\nInternational law recognizes that businesses have human rights\nresponsibilities. The UN Guiding Principles on Business and Human Rights\nplaces a responsibility on businesses to conduct human rights due diligence to\nidentify actual and potential adverse human rights impacts, avoid or mitigate\ncausing or contributing to human rights abuses through their operations, and\nremediate harm when it does occur.  [242]\n\nThe UN Guiding Principles on Business and Human Rights provide that human\nrights due diligence \u201cshould be ongoing,\u201d since \u201chuman rights risks may change\nover time as the business enterprise\u2019s operations and operating context\nevolve.\u201d When it would be unreasonable for business enterprises to conduct due\ndiligence for human rights impacts across their activities, they should still\nidentify general areas in which the risk of adverse impacts is most\nsignificant.  [243]\n\nSeveral other voluntary guidelines such as the UN Food and Agriculture\nOrganization\u2019s Voluntary Guidelines on the Responsible Governance of Tenure of\nLand and the UN Basic Principles and Guidelines on Development-Based Evictions\nand Displacement also articulate business responsibility to respect human\nrights, mitigate adverse impacts caused by investments, and to remedy rights\nviolations related to land and agricultural investments.  [244]\n\nThe human rights responsibilities of businesses would not just apply to the\nplantation companies that grow oil palm fruit, but all companies in the supply\nchain downstream, such as mills that extract palm oil from the palm fruit and\ncompanies that use palm oil-based ingredients to manufacture their products.\n\n#  Recommendations\n\n##  To Indonesian Authorities, including the Office of the President,\nParliament, Ministry of Environment and Forestry, Ministry of Agrarian and\nSpatial Planning/National Land Agency, and Ministry of Home Affairs\n\n###  Urgently Recognize and Protect Indigenous Peoples and their Community\nRights to Land and Forests\n\n  * \u00b7 Promptly enact the _Rancangan Undang-Undang Pertanahan_ (Land Rights Bill) and the _Rancangan Undang-Undang Masyarakat Hukum Adat (_ Indigenous Peoples\u2019 Rights Bill) after consultation with relevant stakeholders, including Indigenous peoples\u2019 and peasants\u2019 organizations. The laws should consolidate and clarify contradictory provisions from other laws, and: \n    * Streamline the process of seeking recognition for specific Indigenous communities and their rights; \n    * Simplify the process of seeking recognition of _hak ulayat_ , or communal rights, according to Indonesian Basic Agrarian Law; \n    * Create a common standard for \u201cconsultations\u201d with communities that own or otherwise occupy or use the land proposed to be acquired for plantations, including oil palm plantations. These standards should be uniformly applied to all processes involved in acquiring government permits, including environment and social impact assessments. \n    * Define company responsibility to provide restitution or fair, just and equitable compensation, with detailed guidelines on how such compensation packages should be developed, including accounting for the specific and distinct impacts on women. \n  * Issue a Presidential Instruction to implement the May 2013 Constitutional Court decision No. 35/PUU-X/2012 on excluding traditional territories from state forest and industrial concessions. It should include clear instructions for reforming customary land registration procedures to ensure transparency and participation of communities and civil society observers and create a functional grievance mechanism accessible to the rural poor for resolution of individual land claims. \n  * Identify, review and amend all laws that do not comply with the May 2013 Constitutional Court decision No. 35/PUU-X/2012, which recognized Indigenous peoples\u2019 right to customary land. \n  * Ensure that Indigenous women are involved in formulating policies related to management of Indigenous peoples\u2019 territories. \n  * Enforce licensing regulations requiring all permits for all large-scale plantations and relevant permits for smallholder farms to enhance traceability within the supply chain and penalize plantations that do not comply. \n  * Develop a consolidated online database of all existing and planned oil palm plantations (Plantation Estate Survey and Smallholders data from Directorate General of Estate Crops), including detailed maps and related permits such as AMDAL, Location Permit and Right-to-Cultivate (HGU). The database should be freely accessible with no paywalls. \n  * Extend the mandate and provide clear support for the \u201cOne Map Initiative\u201d to resolve the overlapping claims between natural resource companies and Indigenous communities, as well as the Anti-Corruption Commission\u2019s forest sector reform efforts. \n  * Enforce the moratorium on government issuing new oil palm plantation permits to avoid any new forest clearance. \n\n###  Revise the Indonesian Sustainable Palm Oil (ISPO) certification system\nand align with international human rights standards.\n\n  * Institute a monitoring apparatus for oil palm operations and publish all monitoring reports online and disseminate in a culturally appropriate manner. \n  * Establish a transparent, accessible, and effective grievance mechanism based on international standards, which is accessible to all affected communities, including in remote villages. \n  * Sanction oil palm plantations that fail to comply with the ISPO and other human rights standards. \n  * Review certification criteria and set up mechanisms to ensure traceability within palm oil\u2019s complex supply chains. \n    * Enforce regulation requiring smallholder oil palm plantations obtain ISPO certification. \n    * Implement programs that would clarify and facilitate the certification process for all plantations. \n\n###  Establish a Land Dispute Resolution Mechanism\n\n  * Create, in consultation with Indigenous peoples\u2019 organizations and other relevant stakeholders, a high-level independent commission that includes members from Indigenous peoples\u2019 and peasants\u2019 organizations. The independent commission should have the following mandate: \n    * To investigate, mediate, and resolve land disputes in a time-bound manner, and ensure that rights-holders receive title to their land. \n    * To integrate the specific and distinct adverse impacts that women experience in resolving land disputes. \n    * Regularly collect relevant data related to land-conflicts from different authorities and periodically (such as annually) publish and update the information. \n  * Undertake a time-bound assessment of overlaps in oil palm plantation cultivation licenses with community and Indigenous territories and publish a report. \n  * Review proposed, ongoing, and completed resettlements to ensure those affected were involved in planning and implementing just, fair, and equitable compensation in accordance with international human rights standards. \n\n##  National Police\n\n###  Ensure law enforcement related to land disputes is impartial and\ntransparent\n\n  * Develop internal guidelines for handling land-related disputes between Indigenous peoples or peasant communities, and state or private companies, including oil palm plantations. \n\n##  To Oil Palm Plantation Companies Operating in Indonesia, Purchasing\nCompanies, and Other Companies in Palm Oil Supply Chains\n\n  * PT Ledo Lestari and PT Sari Aditya Loka 1 should initiate mediation with affected communities and Indigenous peoples to resolve their longstanding grievances. Before, during, and after this process the companies should make public all permits and authorizations relevant to their oil palm operations, such as the HGU to illustrate the boundaries of their respective operations. \n  * PT Ledo Lestari and PT Sari Aditya Loka 1 should review their past practices and offer compensation or remediation to the Indigenous peoples that were impacted. \n    * PT Ledo Lestari should transfer to residents title to land they have been relocated on, fulfill written and oral promises made to residents in Semunying Jaya village concerning adequate compensation, and establish a community plantation (plasma) or provide an alternative \u201cproductive business\u201d for residents who have lost livelihoods. \n    * PT Sari Aditya Loka 1 should provide alternative land, community (plasma) plantation or an alternative \u201cproductive business\u201d to Orang Rimba who have been impacted by their operations. \n  * PT Ledo Lestari and PT Sari Aditya Loka 1 should engage in ongoing consultations with all communities, including Indigenous people who are impacted by their operations, to discuss and adopt solutions to mitigate any ongoing harm. \n  * Ensure that companies consult with all communities who own or otherwise occupy and use land proposed for projects, including Indigenous people and women from their communities, in a manner that is aligned with the UN Declaration on the Rights of Indigenous Peoples, and make reports public. \n  * For companies operating plantations, carry out robust human rights due diligence on the impacts of proposed, and ongoing expansion and operations of oil palm plantations to provide just, fair, and equitable compensation in accordance with international human rights standards. \n  * For companies that use palm oil in their supply chains, carry out robust human rights due diligence of palm oil supply chains to ensure that palm oil produced under abusive conditions is not entering global supply chains. \n  * Create and publish sustainability and grievance redress policies aligned with the UN Guiding Principles on Business and Human Rights and the UN Declaration on the Rights of Indigenous Peoples. \n\n##  Palm Oil Importing Countries\n\n  * Enact laws or regulations requiring companies to be transparent about their palm oil supply chains. \n  * Restrict imports from companies that have not conducted robust human rights due diligence on their palm oil supply chains. \n  * Restrict Crude Palm Oil (CPO) and palm kernel oil imports from exporters with supply chains that cannot be traceable to plantation (including smallholders). \n  * Urge palm oil exporting countries to strengthen environment and land acquisition safeguards to protect local communities impacted by oil palm cultivation. \n\n##  Donor Institutions and Governments\n\n  * The World Bank should ensure that the \u201cOne Map Project\u201d resolves ongoing disputes before any registration of such disputed land is completed. \n  * The World Bank and other donors should support Indonesian government efforts to carry out reforms needed to protect community and Indigenous peoples\u2019 rights to land. \n\n#  Acknowledgments\n\nThis report was researched and written by Juliana Nnoko-Mewanu, researcher on\nwomen and land in the Women\u2019s Rights Division of Human Rights Watch.\n\nAruna Kashyap, senior counsel, and Amanda Klasing, co-director in the Women\u2019s\nRights Division, edited the report. Andreas Harsono, senior researcher on\nIndonesia, and Elaine Pearson, Australia director in the Asia Division; Komala\nRamachandra, senior researcher in the Business and Human Rights Division;\nMarcos Orellana, former director, and Luciana T\u00e9llez Ch\u00e1vez, researcher, in\nthe Environment and Human Rights Division, reviewed the report. James Ross,\nlegal and policy director; Danielle Haas, senior editor, and Joseph Saunders,\ndeputy program director, provided legal and program reviews.\n\nErasmus Cahyadi, deputy II for political and legal affairs, Aliansi Masyarakat\nAdat Nusantara (AMAN); and Asep Komarudin, head of research, Legal Aid Center\nfor the Press (LBH Pers), also reviewed the report.\n\nHuman Rights Watch would also like to thank Rukka Sombolinggi, secretary\ngeneral, Aliansi Masyarakat Adat Nusantara (AMAN); Devi Anggraini, chair, AMAN\nPerempuan; Stephanus Masiun, director, AMAN West Kalimantan; and Robert\nAritonang, program manager, Komunitas Konservasi Indonesia (WARSI), for their\nguidance and support.\n\nJosh Lyons, director of geospatial analysis, and Carolina Jorda Alvarez,\ngeospatial analyst, at Human Rights Watch, produced satellite images and maps\nfor the report. Report production was done by Remy Arthur, publications\nassociate. Erika Nguyen, coordinator in the Women\u2019s Rights Division, provided\nproduction assistance and support. The report was prepared for publication by\nFitzroy Hepkins, senior administration manager. Multimedia production was\ncoordinated by Sakae Ishikawa, senior video editor/producer, and Jessie\nGraham, deputy multimedia director; and Pailin Wedel, multimedia producer, who\nshot photos and video in Indonesia to accompany the report.\n\nMeidella Syahni, Kristi Ardiana, Anggun Nova Sastika, and Esti Wahyuni\nprovided interpretation and research assistance. Vitri Angreni, Syarafina\nVidyadhana, and Fransiskus Pascaries, consultants, translated and vetted the\nIndonesian version of the report.\n\nMost importantly, we are deeply grateful to members of the Iban Dayak and\nOrang Rimba communities who shared their stories with us.  \n\n#  Gl  ossary\n\nAdat  |  Literally means \u201ccustom\u201d in Indonesian. It is used to describe customary rules, land, or rights.   \n---|---  \nAdat community  |  Refers to Indigenous peoples in Indonesia. Adat communities are also known as _Masyarakat Hukum Adat_ , literally, \u201cCustomary Law Community,\u201d in Indonesian.   \nAMAN  |  Aliansi Masyarakat Adat Nusantara, literally, Indigenous Peoples Alliance of the Archipelago Indonesia. It is an Indigenous peoples\u2019 human rights and advocacy organization in Indonesia. AMAN has established regional chapters in many provinces, for example, AMAN West Kalimantan.   \nBRWA  |  Badan Registrasi Wilayah Adat, literally, Indigenous Territory Registration Agency. It is a nongovernmental organization that records, verifies, and submits applications to government to register Indigenous territories in Indonesia.   \n_Hak Ulayat_ |  Literally, \u201ccustomary rights,\u201d in Indonesian, used to describe the community rights of Indigenous people to control, make use of, and preserve customary land and natural resources according to their customs.   \nKKI WARSI  |  Komunitas Konservasi Indonesia WARSI, literally, Indonesian Conservation Community WARSI. It is an Indonesian NGO that focuses on advocacy related to conservation and community empowerment in Jambi province.   \nPlasma  |  Community plantation established by an outside investor.   \nTransmigration  |  An Indonesian government policy initiated in 1976, designed to alleviate overpopulation in some parts of the country and improve socio-economic conditions by moving large communities to other areas of the archipelago. Most transmigrants originated in Java and Bali and were moved to places including Papua, East Timor, Kalimantan, Sulawesi, and Seram, which led to political and ethnic tensions in the new settlements, among other problems.   \n  \n[1]  World Wildlife Fund, \u201cWhich Everyday Products Contain Palm Oil?\u201d undated,\nhttps://www.worldwildlife.org/pages/which-everyday-products-contain-palm-oil\n(accessed February 11, 2019).\n\n[2]  BPS-Statistics Indonesia (Badan Pusat Statistik), _Indonesian Palm Oil\nStatistics 2017_ ( _Statistik Kelapa Sawit Indonesia 2017_ ) (Jakarta: BPS-\nStatistics Indonesia, 2018), p. 9, [\nhttps://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html\n](https://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html) (accessed November 13, 2018)  .\n\n[3]  Index Mundi, Palm Oil Production by Country in 1000 MT (Metric Tons), [\nhttps://www.indexmundi.com/agriculture/?commodity=palm-oil\n](https://www.indexmundi.com/agriculture/?commodity=palm-oil) (accessed\nNovember 5, 2018).\n\n[4]  BPS-Statistics Indonesia (Badan Pusat Statistik), _Indonesian Palm Oil\nStatistics 2017_ ( _Statistik Kelapa Sawit Indonesia 2017_ ), pp. 52-57, [\nhttps://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html\n](https://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html) .\n\n[5]  United States Department of Agriculture, Foreign Agricultural Service,\n\u201cIndonesia: Oilseeds and Product Update, GAIN report No. ID1821,\u201d July 27,\n2018, [ https://www.fas.usda.gov/data/indonesia-oilseeds-and-products-\nupdate-10 ](https://www.fas.usda.gov/data/indonesia-oilseeds-and-products-\nupdate-10) (accessed November 13, 2018), p. 2.\n\n[6]  Philip Blenkinsop, \u201cEU Singles Out Palm Oil for Removal from Transport\nFuel,\u201d _Reuters_ , March 13, 2019, [ https://www.reuters.com/article/us-eu-\nbiofuels/eu-singles-out-palm-oil-for-removal-from-transport-fuel-idUSKBN1QU1G9\n](https://www.reuters.com/article/us-eu-biofuels/eu-singles-out-palm-oil-for-\nremoval-from-transport-fuel-idUSKBN1QU1G9) (accessed April 18, 2019); \u201cPalm\nOil is not a Green Fuel, Says EU,\u201d _Transport and Environment_ , April 16,\n2019, [ https://www.transportenvironment.org/news/palm-oil-not-green-fuel-\nsays-eu ](https://www.transportenvironment.org/news/palm-oil-not-green-fuel-\nsays-eu) (accessed April 18, 2019).\n\n[7]  Global Forest Watch, \u201cTree Cover Loss in Indonesia 2018,\u201d [\nhttps://www.globalforestwatch.org/dashboards/country/IDN?category=summary&economicImpact=eyJ5ZWFyIjoyMDA1fQ%3D%3D\n](https://www.globalforestwatch.org/dashboards/country/IDN?category=summary&economicImpact=eyJ5ZWFyIjoyMDA1fQ%3D%3D)\n(accessed February 11, 2019).\n\n[8]  BPS-Statistics Indonesia (Badan Pusat Statistik), _Indonesian Palm Oil\nStatistics 2017_ ( _Statistik Kelapa Sawit Indonesia 2017_ ), pp. 9, [\nhttps://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html\n](https://www.bps.go.id/publication/2018/11/13/b73ff9a5dc9f8d694d74635f/statistik-\nkelapa-sawit-indonesia-2017.html) .\n\n[9]  Oliver Balch, \u201cIndonesia\u2019s Forest Fires: Everything You Need to Know,\u201d\n_Guardian_ , November 11, 2015. [ https://www.theguardian.com/sustainable-\nbusiness/2015/nov/11/indonesia-forest-fires-explained-haze-palm-oil-timber-\nburning ](https://www.theguardian.com/sustainable-\nbusiness/2015/nov/11/indonesia-forest-fires-explained-haze-palm-oil-timber-\nburning) (accessed April 22, 2019);  Dominique Mosbergen, \u201cStaggering Human\nToll of Southeast Asia\u2019s Annual Haze,\u201d _Huffington Post_ , September 21, 2016,\n[ https://www.huffingtonpost.com/entry/haze-\nindonesia-100000-deaths_us_57e21df5e4b0e28b2b511d88\n](https://www.huffingtonpost.com/entry/haze-\nindonesia-100000-deaths_us_57e21df5e4b0e28b2b511d88) (accessed February 11,\n2019); Armida S. Alisjahbana and Jonah M. Busch, \u201cForestry, Forest Fires, and\nClimate Change in Indonesia,\u201d _Bulletin of Indonesian Economic Studies_ 53,\nno. 2 (2017): pp. 111-136, doi: 10.1080/00074918.2017.1365404.\n\n[10]  Shannon N. Koplitz et al., \u201cPublic health impacts of the severe haze in\nEquatorial Asia in September\u2013October 2015: demonstration of a new framework\nfor informing fire management strategies to reduce downwind smoke exposure,\u201d\n_Environmental Research Letters,_ 11, no. 9 (2016), doi:\n10.1088/1748-9326/11/9/094023. [\nhttp://iopscience.iop.org/article/10.1088/1748-9326/11/9/094023\n](http://iopscience.iop.org/article/10.1088/1748-9326/11/9/094023) ; P. Crippa\net al., \u201cPopulation exposure to hazardous air quality due to the 2015 fires in\nEquatorial Asia,\u201d _Scientific Reports_ 6 (2016), doi: 10.1038/srep37074.\n\n[11]  Susan Callery, \u201cPalm Oil: A climate Change Culprit. Global Climate\nChange: Vital Signs of the Planet,\u201d post to \u201cAsk NASA Climate\u201d (blog),\nNational Aeronautics and Space Administration, January 7, 2015, [\nhttps://climate.nasa.gov/blog/1144/ ](https://climate.nasa.gov/blog/1144/)\n(accessed February 11, 2019); Abraham Lustgarten, \u201cPalm Oil Was Supposed to\nHelp Save the Planet. Instead It Unleashed a Catastrophe,\u201d _New York Times_ ,\nNovember 20, 2018, [ https://www.nytimes.com/2018/11/20/magazine/palm-oil-\nborneo-climate-catastrophe.html\n](https://www.nytimes.com/2018/11/20/magazine/palm-oil-borneo-climate-\ncatastrophe.html) (accessed February 11, 2019).\n\n[12]  \u201cIndonesia,\u201d Climate Action Tracker, undated, [\nhttps://climateactiontracker.org/countries/indonesia/sources/\n](https://climateactiontracker.org/countries/indonesia/sources/) (accessed\nFebruary 11, 2019); and The Ministry of Foreign Affairs of the Netherlands,\n\u201cClimate Change Profile: Indonesia,\u201d [\nhttps://reliefweb.int/sites/reliefweb.int/files/resources/Indonesia_2.pdf\n](https://reliefweb.int/sites/reliefweb.int/files/resources/Indonesia_2.pdf)\n(accessed June 7, 2019).\n\n[13]  \u201cIndigenous Peoples in Indonesia,\u201d International Work Group for\nIndigenous Affairs, undated, [ https://www.iwgia.org/en/indonesia\n](https://www.iwgia.org/en/indonesia) (accessed June 7, 2019).\n\n[14]  Indonesia\u2019s National Commission on Human Rights (Komnas HAM), National\nInquiry on the Right of Indigenous Peoples on their Territories in the Forests\nZones: Summary of Findings and Recommendations for Improvement of the Law and\nPolicy Concerning Respect, Protection, Compliance and Remedy Relating to the\nHuman Rights of Indigenous Peoples over their territories within the Forest\nZones, (Jakarta: Komnas HAM, 2016), p. 7, [\nhttps://www.forestpeoples.org/sites/default/files/publication/2016/04/komnas-\nham-nationalinquiry-summary-apr2016.pdf\n](https://www.forestpeoples.org/sites/default/files/publication/2016/04/komnas-\nham-nationalinquiry-summary-apr2016.pdf) (accessed December 10, 2018).\n\n[15]  Ibid.\n\n[16]  Ombudsman Republik Indonesia, Completion of Community Report Data 2016\n(Period 1 January \u201331 December 2016) (Data Penyelesaian Laporan Masyarakat\nTahun 2016 (Periode 1 Jan \u201331 Desember 2016)), (Jakarta: Ombusdsman RI, 2016);\nOmbudsman Republik Indonesia, Completion of Community Report Data for Quarter\nIV of 2017 (Period 1 October \u2013 December 2017) (Data Penyelesaian Laporan\nMasyarakat Triwulan IV Tahun 2017 (Periode1 Oktober\u2013Desember 2017), (Jakarta:\nOmbudsman RI, 2017). Documents on file with Human Rights Watch.\n\n[17]  Ombudsman RI, Data Completion of Community Reports for Quarter IV of\n2017 (Period 1 October \u2013 December 2017) (Data Penyelesaian Laporan Masyarakat\nTriwulan IV Tahun 2017 (Periode1 Oktober\u2013Desember 2017)). Documents on file\nwith Human Rights Watch.\n\n[18]  Ombudsman RI, _2018 Ombudsman Annual Report of the Republic of\nIndonesia_ ( _Laporan Tahunan 2018 Ombudsman Republik Indonesia_ ), (Jakarta:\nOmbudsman RI, February 2019), [ http://ombudsman.go.id/produk?c=19\n](http://ombudsman.go.id/produk?c=19) (accessed April 18, 2019).\n\n[19]  Konsorsium Pembaruan Agraria, _Agrarian Reform under the Shadow of\nInvestment: Great Echoes on the Roadsides, 2017 End of Year Report_ ,\n(Jakarta: KPA, 2017), p. 6. This is  data of the indigenous communities that\nare member of AMAN in 2018.  AMAN estimates that the population of indigenous\npeoples in the country is about 70 million individuals. However, there is no\nofficial census data stating the number of indigenous people in Indonesia.\n\n[20]  Indigenous Peoples Alliance of the Archipelago (Aliansi Masyarakat Adat\nNusantara) (AMAN), \u201cHomepage,\u201d undated, [ http://www.aman.or.id/\n](http://www.aman.or.id/) (accessed April 18, 2019).\n\n[21]  Badan Registrasi Wilayah Adat (BRWA), undated, [ http://brwa.or.id/\n](http://brwa.or.id/) . Badan Registrasi Wilayah Adat (BRWA, Customary\nTerritory Registration Agency), is an institution that registers, verifies,\nand submits maps of Indigenous territories to government for certification.\n\n[22]  Lusia Arumingtyas, \u201cMinistry of Environment Releases Indicative Map of\nCustomary Forests and Amends Rules\u201d (\u201cKementerian Lingkungan Rilis Peta\nIndikatif Hutan Adat dan Ubah Aturan\u201d), _Mongabay_ , May 29, 2019, [\nhttps://www.mongabay.co.id/2019/05/29/kementerian-lingkungan-rilis-peta-\nindikatif-hutan-adat-dan-ubah-aturan/\n](https://www.mongabay.co.id/2019/05/29/kementerian-lingkungan-rilis-peta-\nindikatif-hutan-adat-dan-ubah-aturan/) (accessed July 3, 2019).\n\n[23]  Constitution of Republic of Indonesia, Section VI, art. 18B, para 2.\nAMAN interchanges Indigenous with adat, and legal recognition means being\nrecognized as an Indigenous community.\n\n[24]  Law No. 41 of 1999 on Forestry (Law of Forestry), art. 67(1); Law No. 39\nof 2014 on Plantations (Law of Plantations), arts. 5, 6, 12, 13, 17, 55(b) and\n103; Law No. 7 of 2004 on Water Resources (Law of Water Resources), 6 (2),\n(3); Presidential Regulation on the Implementation of Land Procurement for\nPublic Interests, No. 71 of 2012, art. 22(1); The Regulation of Ministry of\nInternal Affairs on the Guidance of Recognition and Protection of Customary\nLaw Community, No. 52 of 2014, art. 5(2); Agrarian and Spatial Planning\nMinisterial Regulation on Mechanisms to Stipulate Communal Right over Land for\nIndigenous Peoples and Communities Located in Certain Areas, No. 10 of 2016,\nart. 4(1).\n\n[25]  Law of Forestry, art. 67(1); Law of Plantations, arts. 5, 6, 12, 13, 17,\n55(b) and 103; Law of Water Resources, art. 6 (2) and (3); Agrarian and\nSpatial Planning Ministerial Regulation on Communal Land Rights, art. 4(1).\n\n[26]  D.A.A. Sari et al., \u201cIndigenous people\u2019s forest management to support\nREDD [Reducing Emissions from Deforestation and Forest Degradation] program\nand Indonesia one map policy,\u201d _IOP Conference Series: Earth and Environment\nScience_ 200(1) no. 2048 (2018): p. 6-7, doi: 10.1088/1755-1315/200/1/012048 ;\nLusia Arumingtyas, \u201cAccelerating Recognition of Customary Forests: Regional\nGovernments Must Be Proactive\u201d (\u201cPercepat Pengakuan Hutan Adat, Pemerintah\nDaerah Harus Proaktif\u201d), _Mongabay_ , February 11, 2018, [\nhttps://www.mongabay.co.id/2018/02/11/percepat-pengakuan-hutan-adat-\npemerintah-daerah-harus-proaktif/\n](https://www.mongabay.co.id/2018/02/11/percepat-pengakuan-hutan-adat-\npemerintah-daerah-harus-proaktif/) (accessed February 11, 2019).\n\n[27]  Kasmita Widodo, \u201cCollect Promise for the Protection of Customary\nForests\u201d (\u201cOpini: Menagih Janji Perlindungan Hutan Adat\u201d), _Mongabay_ , June\n25, 2018, [ https://www.mongabay.co.id/2018/06/25/opini-menagih-janji-\nperlindungan-hutan-adat/ ](https://www.mongabay.co.id/2018/06/25/opini-\nmenagih-janji-perlindungan-hutan-adat/) (accessed February 11, 2019), There\nare about 15 draft regional regulations still under discussion.\n\n[28]  \u201cCustomary Territory (\u201cWilayah Adat\u201d),\u201d BRWA, [\nhttp://brwa.or.id/wa?q=&p=&s[]=1 ](http://brwa.or.id/wa?q=&p=&s%5b%5d=1)\n(accessed April 22, 2019).\n\n[29]  An adat community\u2019s recognition follows procedures laid out in Ministry\nof Internal Affairs Regulation No. 52 of 2014. Recognition of adat areas falls\nwithin the Agrarian and Spatial Planning Ministerial Regulation on Mechanisms\nto Stipulate Communal Right over Land for Indigenous Peoples and Communities\nLocated in Certain Areas (MoASP Regulation on Communal Rights), No. 10 of\n2016. Recognition of adat forests or territories in forest areas refers to\nMinister of Environment and Forestry Regulation on Forest Subject to Rights\n(MoEF Regulation on Forest Subject to Rights), No. 32 of 2015.\n\n[30]  See \u201cStatistik,\u201d BRWA, undated, [ www.brwa.or.id\n](http://www.brwa.or.id) (accessed April 18, 2019).\n\n[31]  Human Rights Watch interview with Stephanus Masiun, executive director\nof AMAN West Kalimantan, Pontianak, West Kalimantan, September 23, 2018.\n\n[32]  Judicial Review of 1999 Law of Forestry, Constitutional Court, Case No.\n35/PUU-X/2012, decision, May 16, 2013. [\nhttp://www.forestpeoples.org/index.php/en/topics/rights-land-natural-\nresources/news/2013/05/constitutional-court-ruling-restores-indigenous-pe\n](http://www.forestpeoples.org/index.php/en/topics/rights-land-natural-\nresources/news/2013/05/constitutional-court-ruling-restores-indigenous-pe)\n(accessed May 14, 2019).\n\n[33]  Library of Congress, \u201cIndonesia: Forests Rights of Indigenous Peoples\nAffirmed. Global Legal Monitor,\u201d June 3, 2013, [\nhttp://www.loc.gov/law/foreign-news/article/indonesia-forest-rights-of-\nindigenous-peoples-affirmed/ ](http://www.loc.gov/law/foreign-\nnews/article/indonesia-forest-rights-of-indigenous-peoples-affirmed/)\n(accessed December 05, 2018).\n\n[34]  Adisti Sukma Sawitri, \u201cIndonesia Still Behind in Indigenous Peoples Land\nRecognition,\u201d _Jakarta Post_ , September 12, 2018. [\nhttps://www.thejakartapost.com/news/2018/09/11/indonesia-still-behind-in-\nindigenous-peoples-land-recognition.html\n](https://www.thejakartapost.com/news/2018/09/11/indonesia-still-behind-in-\nindigenous-peoples-land-recognition.html) (accessed July 9, 2019); Anne-Sophie\nGindroz, \u201cProgress \u2018too slow, too small\u2019\u201d: Why Indonesia\u2019s largest indigenous\ngroup will not endorse Jokowi for re-election,\u201d post to untitled blog, Rights\nand Resources Initiative, January 31, 2019, [\nhttps://rightsandresources.org/en/blog/progress-too-slow-too-\nsmall/#.XUxsUIhKjIU ](https://rightsandresources.org/en/blog/progress-too-\nslow-too-small/#.XUxsUIhKjIU) (accessed August 8, 2019); Sandrayati Moniaga,\n\u201cRecognition of customary forests yet to help indigenous peoples,\u201d _Jakarta\nPost_ , July 17 2019, [\nhttps://www.thejakartapost.com/news/2019/07/17/customary-forests-yet-help-\nindigenous-people.html\n](https://www.thejakartapost.com/news/2019/07/17/customary-forests-yet-help-\nindigenous-people.html) (accessed August 8, 2019).\n\n[35]  MoEF Regulation on Forest Subject to Rights.\n\n[36]  National Medium-Term Development Plan 2015\u20132019 (Rencana Pembangunan\nJangka Menengah Nasional 2015-2019), Government of Indonesia.\n\n[37]  \u201cJokowi grants first-ever Indigenous land rights to 9 communities,\u201d\n_Mongabay_ , January 4, 2017, [ https://news.mongabay.com/2017/01/jokowi-\ngrants-first-ever-indigenous-land-rights-to-9-communities/\n](https://news.mongabay.com/2017/01/jokowi-grants-first-ever-indigenous-land-\nrights-to-9-communities/) (accessed February 11, 2019); Dean Yulindra Affandi,\n\u201cNo Better Time for Indonesia's Indigenous Communities to Reclaim Land\nRights,\u201d post to World Resource Institute (WRI) (blog), February 9, 2018, [\nhttps://wri-indonesia.org/en/blog/no-better-time-indonesias-indigenous-\ncommunities-reclaim-land-rights ](https://wri-indonesia.org/en/blog/no-better-\ntime-indonesias-indigenous-communities-reclaim-land-rights) (accessed February\n11, 2019).\n\n[38]  \u201cImpact of Social Forests for Communities\u201d (\u201cDampak Hutan Sosial Bagi\nMasyarakat\u201d), Ministry of Environment and Forestry of the Republic of\nIndonesia (KLHK). Press Conference, No. SP.140/HUMAS/PP/HMS.3/4/2019, April\n15, 2019, [ http://ppid.menlhk.go.id/siaran_pers/browse/1871\n](http://ppid.menlhk.go.id/siaran_pers/browse/1871) (accessed April 22, 2019);\nMinistry of Environment and Forestry, _2017 Environmental and Forestry\nStatistics Indonesia_ , (Jakarta: KLHK, 2018).\n\n[39]  \u201cIndonesian President Signs 3-year Freeze on New Oil Palm Licenses,\u201d\n_Mongabay_ , September 20, 2018. [\nhttps://news.mongabay.com/2018/09/indonesian-president-signs-3-year-freeze-on-\nnew-oil-palm-licenses/ ](https://news.mongabay.com/2018/09/indonesian-\npresident-signs-3-year-freeze-on-new-oil-palm-licenses/) (accessed April 22,\n2019).\n\n[40]  Agrarian Minister/Head of the National Land Agency Regulation on\nLocation Permits, No. 2 of 1999, Replaced with Minister of Agrarian Affairs\nand Spatial Planning/Head of National Land Agency Regulation on Location\nPermits, No. 5 of 2015, replaced by Regulation on Location Permits, No. 14 of\n2018, which sets out the procedures and requirements for obtaining Location\nPermits via an online submission system (OSS). The OSS simplifies the\nlicensing procedure and could expedite the application process; and government\nregulation concerning implementation of spatial planning requests, No. 15 of\n2010.\n\n[41]  Law of Environmental Protection and Management, No. 32 of 2009, art. 22.\nEvery business and/or activity having substantial impact on the environment\nshall be obliged to have an Amdal; art. 26(1) initiators should involve\ncommunities; and (2) involvement of communities shall be based on principle of\nprovision of information transparently and completely as well as shall be\nnotified prior to the execution of the activity; and Government Regulation\nconcerning Environmental Permits, No. 27 of 2012.\n\n[42]  Law of Plantations, arts. 42-45; Ministry of Agriculture Regulation No.\n26 of 2007.\n\n[43]  For relevant forest release related regulations, see, Forest Legality\nInitiative, Indonesia, [ https://forestlegality.org/risk-\ntool/country/indonesia ](https://forestlegality.org/risk-\ntool/country/indonesia) .\n\n[44]  Law of Basic Agrarian Principles, No. 5 of 1960, arts. 28-34; Government\nRegulation on the Right of Exploitation, the Right of Building and the Right\nof Use of Land, No. 40 of 1996.\n\n[45]  Ministry of Agriculture of the Republic of Indonesia, Secretariat of\nIndonesian Sustainable Palm Oil (ISPO) and Roundtable on Sustainable Palm Oil\n(RSPO), _Joint Study on the Similarities and Differences of the ISPO and the\nRSPO Certification Systems_ (Jakarta: Ministry of Agriculture of the Republic\nof Indonesia, Secretariat of Indonesian Sustainable Palm Oil (ISPO) and\nRoundtable on Sustainable Palm Oil (RSPO), 2015), pp. 48, 51-52, [\nhttps://www.undp.org/content/dam/gp-commodities/docs/ISPO-\nRSPO%20Joint%20Study_English_N%208%20for%20screen.pdf\n](https://www.undp.org/content/dam/gp-commodities/docs/ISPO-\nRSPO%20Joint%20Study_English_N%208%20for%20screen.pdf) (accessed January 16,\n2019). The paper outlines the legal framework and community consultation\nrequirements in detail.\n\n[46]  Agrarian Minister/Head of the National Land Agency Regulation on\nLocation Permits, No. 14 of 2018.\n\n[47]  Agrarian Minister/Head of the National Land Agency Regulation on\nLocation Permit, art. 21. The repealed regulation on Location Permit No. 2 of\n1999, referred to consultation in art. 4, and in art. 6(5).\n\n[48]  Government Regulation concerning Environmental Permits, no. 27 of 2012;\nLaw of Environmental Protection and Management, No. 32 of 2009; and\nEnvironment Ministry Regulation No. 8 of 2006.\n\n[49]  Law on Environmental Protection and Management, art. 26(4).\n\n[50]  Law of Plantations, art. 12, 1: (1) In the matter of land rights\nrequired for a plantation business in which there is existing communal\ncustomary land, the business owners must undertake a negotiation process with\nthe customary community, which has communal rights to obtain an agreement on\nreleasing of the land and the associated relevant points.\n\n[51]  Law of Plantations, art. 12(1-2), (formerly Law of Plantations, no. 18\nof 2004, art. 9 (2)).\n\n[52]  McCarthy, J. and Zen, Z., \u201cRegulating the oil palm boom: assessing the\neffectiveness of environmental governance approaches to agro\u2010industrial\npollution in Indonesia,\u201d _Law & Policy _ , 32 _,_ no. 1 (2010), pp.153-179;\nand Jelsma, I., Schoneveld, G.C., Zoomers, A. and Van Westen, A.C.M.,\n\u201cUnpacking Indonesia\u2019s independent oil palm smallholders: An actor-\ndisaggregated approach to identifying environmental and social performance\nchallenges\u201d _Land Use Policy_ 69 (2017), pp. 281-297.\n\n[53]  Human Rights Watch interviews with Rukka Sombolinggi, secretary general,\nand Sinung Karto, human rights officer, of AMAN, local NGO, May 2, 2018.\n\n[54]  The former Agrarian Minister/Head of the National Land Agency Regulation\non Location Permits, No. 2 of 1999, art. 8 requires that consultation with the\ncommunity is done during a land suitability survey conducted by the company\nand relevant agencies to enable input from the community in relation to the\nplanned investment in their land and the surroundings. The current Regulation\non Location Permit, 2018, uses a single online process for multiple licensing\nprocedures overseen by different relevant institutions. See, \u201cPP OSS [Online\nSingle Submission] is Considered to Weaken the Obligatory Position of AMDAL\u201d\n(\u201cPP OSS Dinilai Lemahkan Posisi Wajib AMDAL\u201d), _HUKU_ , May 15, 2019, [\nhttps://www.hukumonline.com/berita/baca/lt5cdc18e537f3c/pp-oss-dinilai-\nlemahan-posisi-wajib-amdal\n](https://www.hukumonline.com/berita/baca/lt5cdc18e537f3c/pp-oss-dinilai-\nlemahan-posisi-wajib-amdal) (accessed May 16, 2019). Human Rights Watch\ninterview with Agatha Anida, attorney at Agatha, Roslaini and Dunasta of the\nIndigenous Law Society, Pontianak, April 30, 2018. Human Rights Watch\ninterviews with Rukka Sombolinggi and Sinung Karto, May 2, 2018.\n\n[55]  Basten Gokkon, \u201cIndonesia to Strengthen Environmental Impact Assessments\nThrough Process Review,\u201d _Mongabay_ , January 24, 2018, [\nhttps://news.mongabay.com/2018/01/indonesia-to-strengthen-environmental-\nimpact-assessments-through-process-review/\n](https://news.mongabay.com/2018/01/indonesia-to-strengthen-environmental-\nimpact-assessments-through-process-review/) (accessed April 29, 2019). The\narticle cites Minister Siti Nurbaya Bakar, who acknowledged that the current\nAMDAL process has loopholes that companies exploit; Nikson Sinaga, \u201cAlleged\nForgery of Information and Reported AMDAL Signatures,\u201d _Kompas_ , January 17,\n2019, [ https://kompas.id/baca/nusantara/2019/01/17/dugaan-pemalsuan-\nketerangan-dan-tanda-tangan-amdal-dilaporkan/\n](https://kompas.id/baca/nusantara/2019/01/17/dugaan-pemalsuan-keterangan-dan-\ntanda-tangan-amdal-dilaporkan/) (accessed May 16, 2019)  ; \u201cAmdal Corruption\nis a Source of Environmental Damage: Review of Regulations Regarding\nEnvironmental Impact Analysis\u201d(\u201cKorupsi Amdal Sumber Kerusakan Lingkungan Kaji\nUlang Regulasi Terkait Analisis Mengenai Dampak Lingkungan\u201d), _Kompas_ ,\nSeptember 26, 2017, [ https://kompas.id/baca/humaniora/ilmu-pengetahuan-\nteknologi/2017/09/26/korupsi-amdal-sumber-kerusakan-lingkungan/\n](https://kompas.id/baca/humaniora/ilmu-pengetahuan-\nteknologi/2017/09/26/korupsi-amdal-sumber-kerusakan-lingkungan/) (accessed May\n16, 2019).\n\n[56]  See case studies below for more details.\n\n[57]  Law of Forestry, art. 68(3); Law of Plantations, art. 12(1).\n\n[58]  Law of Plantations, art. 58 (formerly Law on Plantations, No. 18 of\n2004, art. 22) read with Regulation of Minister of Agriculture concerning\nPlantation Business License Guidelines, No. 98/Permentan/OT.140/9/2013,\n(\"Permentan No. 98/2013\"). Under the law, when a plantation procures a right\nto exploit permit before 2007, authorities should verify whether they\ncooperated with any previous community plantation schemes or provide\nalternative productive business opportunities to local communities.\n\n[59]  Law of Plantations, art. 58(2).\n\n[60]  Indonesian Sustainable Palm Oil, \u201cISPO\u201d, [ http://www.ispo-\norg.or.id/index.php?lang=en ](http://www.ispo-org.or.id/index.php?lang=en)\n(accessed January 16, 2019).\n\n[61]  Ministry of Agriculture Regulation No. 19 / Permentan / OT. 140 /3/2011\nconcerning the Guidelines for ISPO. The government has made ISPO certification\nmandatory for large producers since 2014; for smallholders from 2022.\n\n[62]  Regulation of the Minister of Agriculture concerning the Indonesian\nSustainable Palm Oil (ISPO) Certification System, No. 11 / Permentan / OT.140\n// 3/2015, art. 4 (1), art. 6 (2), art. 7 (3), and art. 8 (3). In practice\nthere is no evidence that the government sanctions plantations that have not\nobtained the required certification.\n\n[63]  \u201cGabungen Oil Palm Entrepreneurs\u201d (\u201cGabungen Pengusaha Kelapa Sawit \u201d),\nIndonesia (GAPKI), [ https://gapki.id/ ](https://gapki.id/)\n\n[64]  \u201cAbout Us,\u201d RSPO, undated, [ https://rspo.org/about\n](https://rspo.org/about) [ https://rspo.org/ ](https://rspo.org/) (accessed\nDecember 10, 2018).\n\n[65]  Ministry of Agriculture of the Republic of Indonesia, Secretariat of\nISPO and RSPO, _Joint Study on the Similarities and Differences of the ISPO\nand the RSPO Certification Systems,_ [ https://www.undp.org/content/dam/gp-\ncommodities/docs/ISPO-RSPO%20Joint%20Study_English_N%208%20for%20screen.pdf/\n](https://www.undp.org/content/dam/gp-commodities/docs/ISPO-\nRSPO%20Joint%20Study_English_N%208%20for%20screen.pdf/)\n\n[66]  Forest Peoples Programme \u201cA comparison of Leading Palm Oil Certification\nStandards,\u201d November 22, 2017, [ http://www.forestpeoples.org/en/responsible-\nfinance-palm-oil-rspo/report/2017/comparison-leading-palm-oil-certification-\nstandards ](http://www.forestpeoples.org/en/responsible-finance-palm-oil-\nrspo/report/2017/comparison-leading-palm-oil-certification-standards)\n(accessed February 11, 2019); Profundo, \u201cExternal Concern on the ISPO and RSPO\nCertification Schemes,\u201d January 21, 2018, , [\nhttps://www.foeeurope.org/sites/default/files/eu-\nus_trade_deal/2018/report_profundo_rspo_ispo_external_concerns_feb2018.pdf\n](https://www.foeeurope.org/sites/default/files/eu-\nus_trade_deal/2018/report_profundo_rspo_ispo_external_concerns_feb2018.pdf)\n(accessed January 16, 2019); \u201cBacktracking on reform: how Indonesia\u2019s\nGovernment is weakening its palm oil standards,\u201d Environmental Investigation\nAgency news release, February 8, 2018, [ https://eia-\ninternational.org/backtracking-reform-indonesias-government-weakening-palm-\noil-standards/ ](https://eia-international.org/backtracking-reform-indonesias-\ngovernment-weakening-palm-oil-standards/) (accessed January 16, 2019).\n\n[67]  Efeca, \u201cComparison of the ISPO, MSPO and RSPO Standards, Economics,\nClimate, Environment,\u201d 2015, [ https://www.sustainablepalmoil.org/wp-\ncontent/uploads/sites/2/2015/09/Efeca_PO-Standards-Comparison.pdf\n](https://www.sustainablepalmoil.org/wp-\ncontent/uploads/sites/2/2015/09/Efeca_PO-Standards-Comparison.pdf) (accessed\nFebruary 11, 2019); Ministry of Agriculture of the Republic of Indonesia,\nSecretariat of ISPO and RSPO, Joint Study on the Similarities and Differences\nof the ISPO and the RSPO Certification Systems, [\nhttps://www.undp.org/content/dam/gp-commodities/docs/ISPO-\nRSPO%20Joint%20Study_English_N%208%20for%20screen.pdf\n](https://www.undp.org/content/dam/gp-commodities/docs/ISPO-\nRSPO%20Joint%20Study_English_N%208%20for%20screen.pdf) . Forest Peoples\nProgramme \u201cA comparison of Leading Palm Oil Certification Standards.\u201d Forest\nPeoples Programme categorized ISPO as the weakest standard out of seven in\nupholding basic land rights and customary rights.\n\n[68]  Letter from Roundtable on Sustainable Palm Oil (RSPO) to PT Darmex Agro\nHoldings, a holding company of PT Ledo Lestari, March 25, 2013, on file with\nHuman Rights Watch. According to PT Darmex Agro\u2019s website the company is one\nof the largest palm oil cultivation, production, and exporting groups in\nIndonesia. The information appears outdated and the company did not respond to\nany Human Rights Watch communications. According to what appears to be 2009\ninformation, the company states that it has eight plantations and palm oil\nmills in Riau, Sumatra, and Kalimantan. It does not produce any information\nabout the plantation Human Rights Watch researched. They claim to produce\nabout 36,000 metric tons of Crude Palm Oil (CPO) each month. \u201cCompany\nProfile,\u201d PT. Darmex Agro,\nhttp://www.darmexagro.com/index.php?option=com_content&task=view&id=1&Itemid=2\n(accessed March 18, 2019).\n\n[69]  AMAN\u2013Indonesia,  Sheets of Cases of Human Rights Violations  (\u201c  Lembar\nKasus Pelanggaran Ham  \u201d  ),  undated, on file with Human Rights Watch.\n\n[70]  \u201cSertifikasi ISPO,\u201d ISPO, undated, [ http://www.ispo-\norg.or.id/index.php?option=com_content&view=article&id=79&Itemid=225&lang=ina\n](http://www.ispo-\norg.or.id/index.php?option=com_content&view=article&id=79&Itemid=225&lang=ina)\n(accessed August 8, 2019).\n\n[71]  Letter from RSPO to Dutapalma Nusantara, Re: Final Response on the\nComplaint Pertaining to PT Dutapalma Nusantara, May 9, 2013, [\nhttps://askrspo.force.com/Complaint/s/case/50090000028Es09AAC/detail\n](https://askrspo.force.com/Complaint/s/case/50090000028Es09AAC/detail)\n(accessed March 18, 2019).\n\n[72]  Encyclopedia Britannica, \u201cIban,\u201d undated, [\nhttps://www.britannica.com/topic/Iban ](https://www.britannica.com/topic/Iban)\n(accessed January 21, 2019)\n\n[73]  See Erik Jensen, _The Iban and Their Religion_ (Oxford: Clarendon Press,\n1974); Derek Freeman, _Iban Agriculture: a report on the shifting cultivation\nof hill rice by the Iban of Sarawak_ (London: H.M.S.O, Colonial Office,\nColonial Research Studies, No. 18. xii, 1955), paras. 61, 237-239, 256, 275.\n\n[74]  Derek Freeman, _Iban Agriculture._\n\n[75]  Stephanus Masiun, \u201cDayak NGO Responses to National Legal and Policy\nFrameworks Affecting Adat Governance in Indonesia,\u201d (paper presented at IASCP\nconference, Bloomington, Indiana, May 31-June 4, 2000), p.3 [\nhttps://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/1916/masiuns041300.pdf?sequence=1&isAllowed=y\n](https://dlc.dlib.indiana.edu/dlc/bitstream/handle/10535/1916/masiuns041300.pdf?sequence=1&isAllowed=y)\n(accessed January 21, 2019).\n\n[76]  Human Rights Watch interview with Jamaluddin, vice-chair of the village\ncouncil, Pareh, May 2, 2018.\n\n[77]  Supreme Court of Indonesia (Mahkamah Agung Republik Indonesia), Civil\nClaim Decision 16/Pdt.G/2014/PN.Bky (Putusan Perdata Gugatan Nomor\n16/Pdt.G/2014/PN.Bky), December 15, 2014; Minutes of House Handover (Darmex\nFoundation) ( _Berita Acara Serah Terima Rumah_ ), 2010; Bupati Bengkayang,\nDetermination of the Semunying Jaya Forest Area as a Protected Forest Area for\nSeed Sources (Penetapan Kawasan Hutan Semunying Jaya Sebagai Kawasan Hutan\nYang Dilindungi Untuk Sumber), February 2, 2010; Proposal of Plasma Pareh\nCommunity (Usulan Plasma Masyarakat Pareh), December 22, 2010; copies of\ndocuments on file with Human Rights Watch.\n\n[78]  Supreme Court of Indonesia, Civil Claim Decision 16/Pdt.G/2014/PN.Bky.\n\n[79]  Ibid. The Regent issued location permit No. 13 / ILBPN / BKY / 2004\ndated December 20, 2004; and Plantation Business Permit No. 525 / 1.270 / HB /\nXII / 2004 dated December 17, 2004, copies of documents on file with Human\nRights Watch.\n\n[80]  Penal Code of Indonesia, No. 27 of 1999,  arts. 368 and 369.\n\n[81]  Letters from Human Rights Watch to PT Ledo Lestari, August 29, 2018, and\nJune 20, 2019.\n\n[82]  Agrarian Minister/Head of the National Land Agency Regulation on\nLocation Permits, No. 2 of 1999, art. 8, requires that consultation with the\ncommunity is done during a land suitability survey conducted by the company\nand relevant agencies to enable input from the community in relation to the\nplanned investment in their land and the surroundings, Replaced with Minister\nof Agrarian Affairs and Spatial Planning/Head of National Land Agency\nRegulation on Location Permits, No. 5 of 2015, replaced by Regulation on\nLocation Permits, No. 14 of 2018; Law of Forestry, art. 68(3) and (4). (3) The\ncommunities in and around the forest are entitled to compensation for the loss\nof access to the surrounding forest as a source of livelihood due to the\nestablishment of a forest area, in accordance with the applicable laws and\nregulations; (4) Every person has the right to receive compensation because of\nthe loss of rights to land as a result of the establishment of forest areas in\naccordance with the provisions of the applicable legislation; Law of\nPlantations, art. 12(1) (\u201cIn the event that the land needed for a Plantation\nBusiness is [owned by] Customary Law Communities, the Plantation\nBusinessperson must conduct deliberations with the Customary Law Community\nholders of _Ulayat_ rights to obtain approval regarding the surrender of Land\nand compensation.\u201d)\n\n[83]  Human Rights Watch interviews with 26 Indigenous community members in\nPareh and Semunying Bongkang, May and September 2018.\n\n[84]  Human Rights Watch interviews with Samsul, Semunying Bongkang, May 2,\n2018; Mormonus, village head, Semunying Jaya village, May 1, and May 3, 2018;\nJampang, traditional head, Pareh, September 21, 2018.\n\n[85]  Human Rights Watch interview with Mormonus, May 3, 2018.\n\n[86]  AMAN Indonesia, Case Sheet of Violation of Human Rights (  Lembar Kasus\nPelanggaran Ham  ) (LDK Semunying), undated, on file with Human Rights Watch.\n\n[87]  Human Rights Watch interview with Jamaluddin, May 2, 2018.\n\n[88]  Human Rights Watch interview with Mormonus, May 3, 2018.\n\n[89]  Letter from Iban Dayak community on Protection of Nature's Content in\nIndonesia: Dayak Indigenous Peoples of West Kalimantan (Badan Perisai\n(Perlindungan Isi Alam Indonesia: Masyarakat Adat Dayak Kalimantan Barat) to\nlocal authorities, July 30, 2003; Statement on the Attitude of the Border\nIndigenous Peoples of Semunying Jaya KEC Village (Pernyataan Sikap Masyarakat\nAdat Perbatasan Desa Semunying Jaya KEC), Jagoi Babang, December 22, 2005;\nLetter from Iban Dyak community to Republic of Indonesia House of\nRepresentatives, Submission of Public Complaints Regarding Requests for\nTermination of Oil Palm Expansion in Kalimantan (Dewan Perwakilan Rakyat\nRepublic Indonesia, Penyampaian Pengaduan Masyarakat Mengenai Permohonan\nPenghentian Ekspansi Sawit di Kalimantan), Jakarta, February 17, 2006; copies\nof all letters on file with Human Rights Watch.\n\n[90]  Agustinus Handoko, \u201cBengkel TP3K Looks for Semunying Case Meeting Point\u201d\n(\u201cTP3K Bengkayang Cari Titik Temu Kasus Semunying\u201d), _Kompas_ , April 17,\n2012, [\nhttps://regional.kompas.com/read/2012/04/17/15153122/tp3k.bengkayang.cari.titik.temu.kasus.semunying\n](https://regional.kompas.com/read/2012/04/17/15153122/tp3k.bengkayang.cari.titik.temu.kasus.semunying)\n(accessed July 12, 2019); Aseanty Pahlevi, \u201cWest Kalimantan National Inquiry:\nProlonged Conflict in Semunying Jay\u201d (\u201cInkuiri Nasional Kalbar: Konflik\nBerkepanjangan di Semunying Jaya\u201d), _Mongabay_ , October 8, 2014, [\nhttps://www.mongabay.co.id/2014/10/08/inkuiri-nasional-kalbar-konflik-\nberkepanjangan-di-semunying-jaya/\n](https://www.mongabay.co.id/2014/10/08/inkuiri-nasional-kalbar-konflik-\nberkepanjangan-di-semunying-jaya/) (accessed July 12, 2019).\n\n[91]  Letter from Regent of Bengkayang to PT Ledo Lestari's President, No.\n400/0528/BPN/VI/2009, June 12, 2009, stating the company's location permit\nexpired in December 2007 and needed renewal. Komnas HAM organized field visits\nto the affected communities in between August 14 and 17, 2009. On August 31,\n2009, Komnas HAM wrote to the local government of Bengkalang (letter no.\n2.696/K/PMT/VIII/2009) requesting that the office initiate mediation between\nthe community and the company.\n\n[92]  Agus Mulyadi, \u201cBengkayang Residents still Hold Hostage Heavy Plantation\nEquipment\u201d (\u201cWarga Bengkayang Masih Sandera Alat Berat Perkebunan\u201d), _Kompas_\n, October 4, 2012, [\nhttps://regional.kompas.com/read/2012/04/10/1709441/warga.bengkayang.masih.sandera.alat.berat.perkebunan\n](https://regional.kompas.com/read/2012/04/10/1709441/warga.bengkayang.masih.sandera.alat.berat.perkebunan)\n(accessed July 12, 2019)  .\n\n[93]  Herkulanus Pongkot, Collective Articulation of the Dayak Community\nagainst the Company PT Ledo Lestari: Case study of Agrarian Conflict in\nSemunying Jaya village (Artikulasi Kolektif Masyarakat Dayak Melawan\nPerusahaan PT Ledo Lestari: Studi Kasus Tentang Konflik Agraria di desa\nSemunying Jaya)[] (Yogyakarta: Universitas Sanata Dharma, 2015), pp. 57-58, [\nhttps://repository.usd.ac.id/2586/2/106322001_full.pdf\n](https://repository.usd.ac.id/2586/2/106322001_full.pdf) (accessed August 8,\n2019). A signpost titled \u201cTanah Adat Gunung Semunying Kolam\u201d (\u201cCustomary Land\nof Mount Semunying Basin\u201d) and an accompanying inscription signed by then\nBengkayang Regent, Dr. Jacobus Luna were erected on the land., see photos on\npage 57.\n\n[94]  Human Rights Watch interview with Abulipah, Pareh, May 1, 2018.\n\n[95]  Regent of Bengkayang, Decision No. 30A of 2010, Stipulation of the\nSemunying Jaya Forest Area as a Forest Area Protected for Seed Sources,\nFebruary 2, 2010. \u201cIt stipulates that based on the agreement of Masyarakat\nAdat/Indigenous peoples residing around forest areas/tanah adat (Adat land),\nthe Regency has agreed that those forest areas in Semunying Jaya, Jagoi Babang\ndistrict, shall be returned to its functions to become protected forests.\nDefinitive size of the Forest Areas is 1,420 hectares.\u201d\n\n[96]  Human Rights Watch interview with Stephanus Masiun, Pontianak, West\nKalimantan, April 30, 2018.\n\n[97]  \u201c1,420 Hectares of Customary Forests Seized\u201d (\u201c1.420 Hektar Hutan Adat\nDiserobot\u201d), Pemerintah Provinsi Kalimantan Barat news release, November 22,\n2011, [ http://www.kalbarprov.go.id/berita.php?idb=1326\n](http://www.kalbarprov.go.id/berita.php?idb=1326) (accessed July 12, 2019).\n\n[98]  Human Rights Watch interviews with 26 individuals in Semunying Bongkang\nand Pareh, May 1-5, 2018.\n\n[99]  Human Rights Watch interviews with five families that had sold their\nland on the basis of these oral assurances.\n\n[100]  See below, section titled \u201cKey Adverse Human Rights Impacts,\u201d for more\ninformation about how women were impacted.\n\n[101]  \u201cMinutes of Handover of House,\u201d August 12, 2010. On file with Human\nRights Watch.\n\n[102]  Human Rights Watch interviews with Samsul, Mormonous, Jamaluddin,\nSusanti, Leni, Paulina, May 1-5, 2018.\n\n[103]  \u201cMinutes of Handover of House,\u201d August 12, 2010. On file with Human\nRights Watch.\n\n[104]  Human Rights Watch interview with Francesca, Semunying Bongkang, May 3,\n2018\n\n[105]  Human Rights Watch interviews with Susanti, Semunying Bongkang, May 3,\n2018; and Jampang, Pareh, September 21, 2018.\n\n[106]  Human Rights Watch interview with Susanti, May 3, 2018.\n\n[107]  Human Rights Watch interviews with Susanti and Paulina, Semuying\nBongkang, May 3, 2018.\n\n[108]  Human Rights Watch interview with Susanti, May 3, 2018.\n\n[109]  Minutes of Handover of House,\u201d 2010; and \u201cMinutes of Handover of House:\nNew Housing Semunying,\u201d (\u201cBerita Acara Serah Terima Rumah: Perumahan Baru\nSemunying\u201d), August 12, 2010. Copies of written \u201cagreements\u201d on file with\nHuman Rights Watch.\n\n[110]  Human Rights Watch interviews with Samsul, Mormonous, Jamaluddin,\nSusanti, Leni, Paulina, May 1-5, 2018.\n\n[111]  Human Rights Watch interviews with Samsul, May 2 and 3, 2018\n\n[112]  Human Rights Watch interview with Leni, Semunying Bongkang, May 3, 2018\n\n[113]  Human Rights Watch interview with Samsul, May 2, 2018.\n\n[114]  Human Rights Watch interviews with Samsul, Leni, and Ruswanto,\nSemunying Bongkang, May 2, 3, and September 21, 2018.\n\n[115]  Human Rights Watch interview with Samsul, May 2, 2018.\n\n[116]  Human Rights Watch interview with Susanti, May 3, 2019.\n\n[117]  News and Activities, \u201c1,420 Hectares of Customary Forests Seized\u201d\n(\u201c1.420 Hektar Hutan Adat Diserobot\u201d), Pemerintah Provinsi Kalimantan Barat,\nNovember 22, 2011, [ http://www.kalbarprov.go.id/berita.php?idb=1326\n](http://www.kalbarprov.go.id/berita.php?idb=1326) (accessed July 12, 2019).\n\n[118]  Human Rights Watch whatsapp communication with Tono Aslan, AMAN West\nKalimantan/Semunying Jaya liason, March 7, 2019.\n\n[119]  Ibid.\n\n[120]  Human Rights Watch interview with Margareta, Pareh, May 2, 2018.\n\n[121]  Human Rights Watch interview with Rinni, Semunying Bongkang, May 3,\n2018.\n\n[122]  See for example interviews with Leni below.\n\n[123]  Human Rights Watch interview with Leni, May 3, 2018.\n\n[124]  Human Rights Watch interview with Abulipah, community leader, Dusan\nPareh, May 1, 2018. See also: Jeffrey Hays, \u201cIndonesia-Borneo and Ethnic\nGroups in Borneo,\u201d posted to \u201cFacts and Details website,\u201d 2013, [\nhttp://factsanddetails.com/indonesia/Minorities_and_Regions/sub6_3f/entry-4019.html\n](http://factsanddetails.com/indonesia/Minorities_and_Regions/sub6_3f/entry-4019.html)\n(accessed January 21, 2019).\n\n[125]  Human Rights Watch interview with Margareta, May 2, 2018.\n\n[126]  Human Rights Watch group interview with Miun, Lukinda, Sunami, Lindan,\nand Julianna, Pareh, September 22, 2018.\n\n[127]  Ibid.\n\n[128]  Human Rights Watch interview with Francesca, May 3, 2018.\n\n[129]  Human Rights Watch interview with Paulina, May 3, 2018.\n\n[130]  Human Rights Watch interview with Miun, Pareh, September 22, 2018.\n\n[131]  Human Rights Watch interviews with Margareta and Augustina, Pareh, May\n1, 2018.\n\n[132]  Human Rights Watch group interview with Kinda and Margareta, women\nfarmers, Pareh, May 2, 2018.\n\n[133]  Ibid.\n\n[134]  Ibid.\n\n[135]  Human Rights Watch interview with Margareta, May 4, 2018.\n\n[136]  Human Rights Watch was not able to independently verify contamination,\nbut other experts have researched the harmful effects of herbicides,\npesticides, and effluent from oil palm plantations and processing on fresh\nground and surface water sources. See, for example, Kanokwan Saswattecha,\nCarolien Kroeze, Warit Jawjit, and Lars Hein, Assessing the environmental\nimpact of palm oil produced in Thailand _, Journal of Cleaner Production,_ 100\n(2015), 150-169, showing that five activities contribute most to environmental\nimpacts of crude palm oil production: 1) burning fibers in boilers; 2) use of\nfertilizers; 3) wastewater treatment and empty-fruit-bunch disposal; 4)\ngasoline use in weed cutters; and 5) glyphosate use for weed control. Together\nthese activities cause environmental impacts associated with global warming,\nozone formation, acidification, and human toxicity problems; Emily B.\nFitzherbert, Matthew J. Struebig, Alexandra Morel, Finn Danielsen, Carsten A.\nBr\u00fchl, Paul F. Donald, and Ben Phalan, How will oil palm expansion affect\nbiodiversity? _Trends in Ecology and Evolution,_ vol. 23 no. 10, (2008),\n538-545. Water pollution from palm oil mill effluent (POME), insecticides,\nrodenticides, and herbicides negatively impacts aquatic biodiversity such as\nfishes, amphibians, and reptiles; Hesam Kamyab, Shreeshivadasan Chelliapan,\nMohd Fadhil Md Din, Shahabaldin Rezania, Tayebeh Khademi and Ashok Kumar, Palm\nOil Mill Effluent as an Environmental Pollutant, In Palm Oil, Viduranga\nWaisundara (ED), IntechOpen, 2018, [ https://www.intechopen.com/books/palm-\noil/palm-oil-mill-effluent-as-an-environmental-pollutant\n](https://www.intechopen.com/books/palm-oil/palm-oil-mill-effluent-as-an-\nenvironmental-pollutant) (accessed August 9, 2019); and M. Rutherford, J.\nFlood and S. S. Sastroutomo, Research project on Integrated Weed Management\nStrategies for Oil Palm, Roundtable for Sustainable Palm Oil (RSPO), 2011, [\nhttps://www.rspo.org/file/RSPO%20IWM_FINAL%20REPORT%20to%20RSPO%209%205%2011.pdf\n](https://www.rspo.org/file/RSPO%20IWM_FINAL%20REPORT%20to%20RSPO%209%205%2011.pdf)\n.\n\n[137]  Human Rights Watch interview with Jampang, Pareh, September 21, 2018.\n\n[138]  Ibid.\n\n[139]  Human Rights Watch interview with Leni, May 3, 2018.\n\n[140]  Human Rights Watch interview with Kinda, Pareh, May 2, 2018.\n\n[141]  Ibid.\n\n[142]  Human Rights Watch Whatsapp communication with Tono, AMAN West\nKalimantan/Semunying Jaya liaison, March 7, 2019.\n\n[143]  Human Rights Watch interview with Margareta, May 2, 2018.\n\n[144]  Ibid.\n\n[145]  Human Rights Watch interview with Jamaluddin, May 2, 2018.\n\n[146]  Human Rights Watch interviews with Lindan, Surnami, and Kinda, Pareh,\nMay 3, 2018.\n\n[147]  Human Rights Watch interview with Francesca, May 3, 2018.\n\n[148]  Agustinus Handoko, \u201cPT Ledo Lestari Operates Based on Permits\u201d (\u201cPT\nLedo Lestari Beroperasi Berdasarkan Izin\u201d), _Kompas_ , April 18, 2012. [\nhttps://regional.kompas.com/read/2012/04/18/18053097/PT.Ledo.Lestari.Beroperasi.Berdasarkan.Izin\n](https://regional.kompas.com/read/2012/04/18/18053097/PT.Ledo.Lestari.Beroperasi.Berdasarkan.Izin)\n(accessed on July 12, 2019).\n\n[149]  \u201cCompany Profile Details: PT Astra Agro Lestari Tbk,\u201d Indonesia Stock\nExchange, [ https://www.idx.co.id/en-us/listed-companies/company-\nprofiles/company-profile-detail/?kodeEmiten=AALI ](https://www.idx.co.id/en-\nus/listed-companies/company-profiles/company-profile-detail/?kodeEmiten=AALI)\n(accessed August 1, 2019);\u201cAstra Group Structure,\u201d Astra International, [\nhttps://www.astra.co.id/About-Astra/Astra-Group-Structure\n](https://www.astra.co.id/About-Astra/Astra-Group-Structure) (accessed August\n1, 2019); \u201cOur Companies,\u201d Jardines, [\nhttps://www.jardines.com/en/companies/companies.html\n](https://www.jardines.com/en/companies/companies.html) (accessed August 1,\n2019).\n\n[150]  \u201cAgro Astra Lestari,\u201d Agro Astra Lestari, [ http://www.astra-\nagro.co.id/en/home-en/ ](http://www.astra-agro.co.id/en/home-en/) (accessed\nApril 15, 2019).\n\n[151]  \u201cSustainable Products,\u201d PT Astra Agro Lestari, 2015, [\nhttps://landmatrix.org/media/uploads/astra-agrocoidindexphpsustainable-\nproducts.pdf ](https://landmatrix.org/media/uploads/astra-\nagrocoidindexphpsustainable-products.pdf) (accessed April 15, 2019)\n\n[152]  Audit by PT Bureau Veritas Indonesia, No. SCS/L/00731/11/2017, document\non file with Human Rights Watch.\n\n[153]  \u201cISPO certification No. 570,\u201d ISPO, November 3, 2017 http://www.ispo-\norg.or.id/images/notifikasi/570.%20Public%20Announcemet%20PT.%20SAL.compressed.pdf\n(accessed March 18, 2019)\n\n[154]  WARSI, \u201cDescription of the Orang Rimba Living in PT Sari Aditya Loka\n(SAL) Concession,\u201d undated, document on file with Human Rights Watch.\n\n[155]  AMDAL No. 071/RKL-RPL/BA/VI/95 and No. 36/2006, document on file with\nHuman Rights Watch.\n\n[156]  WARSI, \u201cDescription of the Orang Rimba Living in PT Sari Aditya Loka\n(SAL) Concession.\u201d\n\n[157]  Ibid.\n\n[158]  Gerard A. Persoon and Ekoningtyas Margus Wardani, \u201cProjected Futures\nfor the Orang Rimba of Sumatra (Indonesia),\u201d in _Heritage and Rights of\nIndigenous Peoples_ , eds. Manuel May Castilo and Amy Strecker (Leiden: Leiden\nUniversity Press, 2017), pp. 61-75. Since the 1970s, the Orang Rimba have been\nsystematically dispossessed of their ancestral forest and land by logging\noperations, preceded by transmigration villages initiated by the government.\n\n[159]  Human Rights Watch interviews with two headmen (names withheld) from\ntwo different groups of Orang Rimba, Sarolangun, September 13, 2018;\ninterviews with five older men and women, Sarolangun, September 14, 2018.\n\n[160]  Human Right Watch interview with Meriau, Sarolangun, September 17,\n2018.\n\n[161]  Human Rights Watch visit to the area in September 2018. For further\nreading about transformation in livelihoods, see Adi Prasetijo, \u201cLivelihood\nTransformations of the Orang Rimba as Tacit Resistance in the Context of\nDeforestation,\u201d _Endogami: Jurnal IImiah Kajian Antropologi_ 1, no. 1 (2017),\npp. 1-13.\n\n[162]  Stephanie Steinebach and Yvonne Kunz, \u201cSeparating Sisters from\nBrothers: Ethnic relations and identity politics in the context of Indigenous\nland titling in Indonesia,\u201d _Austrian Journal of South-East Asian Studies_ 10,\nno. 1 (2017), p. 54.\n\n[163]  Steven Sager, _The Sky is our Roof, the Earth our Floor: Orang Rimba\nCustoms and Religion in the Bukit Duabelas region of Jambi, Sumatra_\n(Canberra: Australian National University, 2008), [ https://openresearch-\nrepository.anu.edu.au/bitstream/1885/49351/2/02whole.pdf\n](https://openresearch-\nrepository.anu.edu.au/bitstream/1885/49351/2/02whole.pdf) (accessed February\n4, 2019).\n\n[164]  Gerard A. Persoon and Ekoningtyas Margus Wardani, \u201cProjected Futures\nfor the Orang Rimba of Sumatra (Indonesia),\u201d pp. 61-75.\n\n[165]  \u201cOrang Rimba Complained about PT SAL [Sari Aditya Loka] to Rajo Godong\u201d\n(\u201cOrang Rimba mengadukan PT SAL ke Rajo Godong\u201d), WARSI news release, August\n28, 2018, [ http://warsi.or.id/content/release/341\n](http://warsi.or.id/content/release/341) (accessed May 15, 2019).\n\n[166]  \u201cThe Second Largest Oil Palm Producer in Indonesia has Failed to\nImplement its Sustainability Policy\u201d (\u201cProdusen Kelapa Sawit terbesar kedua di\nIndonesia gagal menerapkan kebijakan keberlanjutannya\u201d), Mighty Earth, and\nRainforest Foundation Norway news release, March 3, 2017, [\nhttp://warsi.or.id/content/release/320\n](http://warsi.or.id/content/release/320) (accessed May 15, 2019).\n\n[167]  Letter from Bandung Sahari, vice president of sustainability, PT Astra\nAgro Lestari Tbk, to Human Rights Watch, August 26, 2019.\n\n[168]  Adi Prasetijo, \u201cLiving Without the Forest: Adaptive Strategy of Orang\nRimba,\u201d _Senri Ethnological Studies_ 95 (2017), pp. 255-78.\n\n[169]  Human Rights Watch interview with Salima, Sarolangun, September 12,\n2018.\n\n[170]  Human Rights Watch interview with Maliau, Sarolangun, September 14,\n2018.\n\n[171]  Letter from Bandung Sahari, August 26, 2019.\n\n[172]  Human Rights Watch interview with Robert Aritonang, WARSI, Jambi,\nSeptember 12, 2018.\n\n[173]  Letter from Bandung Sahari, August 26, 2019.\n\n[174]  Ibid.\n\n[175]  Human Rights Watch telephone interview with Ministry of Social Services\nofficial, Sarolangun regency, July 27, 2019.\n\n[176]  WARSI, Description of the Orang Rimba living in PT Sari Aditya Loka\n(SAL) Concession; and EMIS company report \u2013 Company Overview of Sari Aditya\nLoka, PT. On file with Human Rights Watch.\n\n[177]  Human Rights Watch interview with Robert Aritonang and Anggun Nova,\nWARSI, Jambi, September 12, 2018.\n\n[178]  Human Rights Watch interview with Mai, Sarolangun, September 13, 2018.\n\n[179]  Human Rights Watch interview with Muju, Sarolangun, September 13, 2018.\n\n[180]  Human Rights Watch interview with Sargawi, Sarolangun, September 14,\n2018.\n\n[181]  Human Rights Watch interview with Selisih, Sarolangun, September 14,\n2018.\n\n[182]  Human Rights Watch interview with Meti, Sarolangun, September 12, 2018.\n\n[183]  Letter from Bandung Sahari, August 26, 2019.\n\n[184]  Ibid.\n\n[185]  Human Rights Watch interview with Muju, Sarolangun, September 13, 2018.\n\n[186]  Human Rights Watch interview with Daud, Sarolangun, September 12, 2018\n\n[187]  Human Rights Watch interview with Selisih, Sarolangun, September 14,\n2018.\n\n[188]  Human Rights Watch interview with Maliau, Sarolangun, September 14,\n2018.\n\n[189]  Letter from Bandung Sahari, August 26, 2019.\n\n[190]  Astra Agro Lestari, \u201cSustainability Policy,\u201d [ http://www.astra-\nagro.co.id/wp-content/uploads/2017/12/Sustainability-Policy-1.pdf\n](http://www.astra-agro.co.id/wp-content/uploads/2017/12/Sustainability-\nPolicy-1.pdf) (accessed April 4, 2019), p. 3.\n\n[191]  Ibid., p.9.\n\n[192]  Ibid.\n\n[193]  Letter from Bandung Sahari, August 26, 2019.\n\n[194]  Human Rights Watch interview with Robert Aritonang, Manager at Program\nKonservasi and Suku Adat Marginal at WARSI, Jambi, September 12, 2018.\n\n[195]  \u201cThe Second Largest Oil Palm Producer in Indonesia has Failed to\nImplement its Sustainability Policy\u201d (\u201cProdusen Kelapa Sawit terbesar kedua di\nIndonesia gagal menerapkan kebijakan keberlanjutannya\u201d), Mighty Earth, and\nRainforest Foundation Norway news release, [\nhttp://warsi.or.id/content/release/320\n](http://warsi.or.id/content/release/320) (accessed May 15, 2019).\n\n[196]  For an analysis of contradictory laws and regulations, see John F.\nMacCarthy and Kathryn Robinson, eds., _Land and Development in Indonesia:\nSearching for the People's Sovereignty,_ (Singapore: ISEAS-Yusof Ishak\nInstitute, 2016); \u201cOverlapping Regulations Hamper Economy, Jokowi Says,\u201d\n_Tempo.Co_ , December 14, 2018, [ https://en.tempo.co/read/911078/overlapping-\nregulations-hamper-economy-jokowi-says\n](https://en.tempo.co/read/911078/overlapping-regulations-hamper-economy-\njokowi-says) (access February 14, 2019); \u201cNew govt institution to synchronize\ncontradictory regulations\u201d _Jakarta Post_ , February 7, 2019, [\nhttps://www.thejakartapost.com/news/2019/02/07/new-govt-institution-to-\nsynchronize-contradictory-regulations.html\n](https://www.thejakartapost.com/news/2019/02/07/new-govt-institution-to-\nsynchronize-contradictory-regulations.html) (accessed February 14, 2019).\n\n[197]  Law on the Basic Regulations on the Agrarian Principles (BAL), chapter\nIX.\n\n[198]  Law of Forestry Affairs, art.1(15).\n\n[199]  Laurens Bakker and Sandra Moniaga, \u201cThe Space between: Land Claims and\nthe Law in Indonesia,\u201d _Asian Journal of Social Science,_ 38 (2010), pp.\n187-203.\n\n[200]  Legislative power is devolved to hundreds of local legislators and\nexecutive officials. Local laws are enacted at both provincial and regency\nlevel, that is more than 600 legal jurisdictions. Organization for Economic\nCo-operation and Development (OECD), _OECD Economic Surveys: Indonesia 2016_\n(Paris: OECD Publishing, 2016), p. 85, [ https://doi.org/10.1787/eco_surveys-\nidn-2016-en ](https://doi.org/10.1787/eco_surveys-idn-2016-en) (accessed\nNovember 15, 2018); see also Simon Butt, \u201cRegional Autonomy and Legal\nDisorder: The Proliferation of Local Laws in Indonesia,\u201d _Sydney Law Review_\n32, no. 177 (2010).\n\n[201]  Ahmad Dhiaulhaq, John F. McCarthy, and Yurdi Yasmi, \"Resolving\nIndustrial Plantation Conflicts in Indonesia: Can mediation deliver?,\" Forest\nPolicy and Economics, Elsevier, 91C (2018), pp. 64-72; and Meri Persch-Orth\nand Esther Mwangi, \u201cCompany-community conflict in Indonesia\u2019s industrial\nplantation sector,\u201d Center for International Forestry Research Infobrief no.\n143 [ https://www.cifor.org/library/6141/\n](https://www.cifor.org/library/6141/) (accessed May 14, 2019).\n\n[202]  \u201cIndonesia for Sale: in-depth series on corruption, palm oil and\nrainforests launches,\u201d _Mongabay_ , October 10, 2017, [\nhttps://news.mongabay.com/2017/10/indonesia-for-sale-in-depth-series-on-\ncorruption-palm-oil-and-rainforests-starts-tomorrow/\n](https://news.mongabay.com/2017/10/indonesia-for-sale-in-depth-series-on-\ncorruption-palm-oil-and-rainforests-starts-tomorrow/) ; \u201cThe Making of a Palm\nOil Fiefdom,\u201d _Gecko Project_ , October 11, 2018, [\nhttps://thegeckoproject.org/the-making-of-a-palm-oil-fiefdom-7e1014e8c342\n](https://thegeckoproject.org/the-making-of-a-palm-oil-fiefdom-7e1014e8c342)\n(accessed April 24, 2019); \u201cPalm oil executives arrested in bribery scandal in\nIndonesia,\u201d _Mongabay_ , October 30, 2018, [\nhttps://news.mongabay.com/2018/10/palm-oil-executives-arrested-in-bribery-\nscandal-in-indonesia/ ](https://news.mongabay.com/2018/10/palm-oil-executives-\narrested-in-bribery-scandal-in-indonesia/) (accessed May 14, 2019).\n\n[203]  \u201cPresident Jokowi Signs Presidential Instruction on Accelerated\nComplete Systematic Land Registration, No. 2 of 2018,\u201d Sekretariat Kabinet\nRepublik Indonesia press release, February 28, 2018, [\nhttp://setkab.go.id/en/president-jokowi-signs-presidential-instruction-on-\naccelerated-complete-systematic-land-registration/\n](http://setkab.go.id/en/president-jokowi-signs-presidential-instruction-on-\naccelerated-complete-systematic-land-registration/) , (accessed November 15,\n2018).  It directs the Ministry of Agrarian and Spatial Planning/Head of\nNational Land Agency to register land in three categories; parcels of land\nthat fulfill the conditions required for a certificate, and parcels that do\nnot satisfy the requirements because ownership is contested in court, or the\nsubject or entity is not eligible to obtain a certificate. Land parcels that\ndo not meet the requirements for a certificate will be registered on the land\nregister only  .\n\n[204]  Ibid.\n\n[205]  Ibid.\n\n[206]  The Program to Accelerate Agrarian Reform (One Map Project) for\nIndonesia aims to establish clarity on actual land rights and land use at the\nvillage level. The project will establish a single database for all government\nmaps to eliminate disparities between the various maps currently in use by\ndifferent government agencies. Press Release, \u201cNearly 4.3 Million to Benefit\nfrom Indonesia\u2019s Sustainable Land Management,\u201d World Bank press release, July\n20, 2018, [ https://www.worldbank.org/en/news/press-\nrelease/2018/07/20/indonesia-sustainable-land-management\n](https://www.worldbank.org/en/news/press-release/2018/07/20/indonesia-\nsustainable-land-management) (accessed November 15, 2018).\n\n[207]  Dewi Kartika, Secretary General, Konsorsium Pembaruan Agraria (KPA),\nuntitled opening speech at Global Land Forum, Bandung, September 23, 2018,\nattended by Human Rights Watch researcher; Human Rights Watch interview with\nRukka Sombolinggi, May 2, 2018.\n\n[208]  Ibid.\n\n[209]  Civil society organizations, including Komnas HAM advocate for a\nPresidential Work Unit for Agrarian Conflict Resolution (To be housed in\nOffice of President and can direct the National Land Agency). An October 2018\nregulation on agrarian reform mandates the establishment of a National\nAgrarian Reform Team and outlines the creation of a special taskforce (arts.\n18-23) to deal with agrarian issues.\n\n[210]  Hans Nicholas Jong, Public access to Indonesian plantation data still\nmired in bureaucracy, _Mongabay_ , March 8, 2018. [\nhttps://news.mongabay.com/2018/03/public-access-to-indonesian-plantation-data-\nstill-mired-in-bureaucracy/ ](https://news.mongabay.com/2018/03/public-access-\nto-indonesian-plantation-data-still-mired-in-bureaucracy/) (accessed February\n11, 2019).\n\n[211]  United Nations Declaration on the Rights of Indigenous Peoples\n(UNDRIP), adopted September 13, 2007, G.A. Res. 61/295, U.N. Doc. A/RES/47/1.\n\n[212]  \u201cFrequently Asked Questions: Declaration on the Rights of Indigenous\nPeoples,\u201d United Nations Permanent Forum on Indigenous Issues,\nhttp://www.un.org/esa/socdev/unpfii/documents/FAQsindigenousdeclaration.pdf\n(accessed July 13, 2019).\n\n[213]  UNDRIP, art. 1.\n\n[214]  Ibid., art. 5.\n\n[215]  Ibid., art. 8(2).\n\n[216]  Ibid., art. 11(1).\n\n[217]  Universal Declaration of Human Rights (UDHR), adopted December 10,\n1948, G.A. Res. 217A(III), U.N. Doc. A/810 at 71 (1948)), art. 27;\nInternational Covenant on Economic, Social and Cultural Rights (ICESCR),\nadopted December 16, 1966, G.A. Res. 2200A (XXI), 21 U.N. GAOR Supp. (No. 16)\nat 49, U.N. Doc. A/6316 (1966), 993 U.N.T.S. 3, entered into force January 3,\n1976, ratified by Indonesia on February 23, 2006, art. 15(1). For analysis,\nsee Elissavet Stamatopoulou-Robbins, _Cultural Rights in International Law:\nArticle 27 of the Universal Declaration of Human Rights and beyond,_ Series:\nThe Universal Declaration of Human Rights, Volume: 2 (Boston: Martinus\nNijhoff, 2007); Ana Vrdoljak, ed., _The Cultural Dimension of Human Rights_\n(New York: Oxford University Press, 2013).\n\n[218]  International Covenant on Civil and Political Rights (ICCPR), adopted\nDecember 16, 1966, G.A. Res. 2200A (XXI), 21 U.N. GAOR Supp. (No. 16) at 52,\nU.N. Doc. A/6316 (1966), 999 U.N.T.S. 171, entered into force March 23, 1976,\nratified by Indonesia on February 23, 2006, arts. 1, and 27.\n\n[219]  Human Rights Committee, General Comment No. 23, Rights of Minorities,\nU.N. Doc. CCPR/C/21/Rev.1/Add.5 (1994), para. 7, [\nhttps://www.refworld.org/docid/453883fc0.html\n](https://www.refworld.org/docid/453883fc0.html) . International Indigenous\nrights case law has advanced the protection of Indigenous rights and\nlivelihoods. For example, the Inter-American Court of Human Rights and the\nAfrican Commission on Human and Peoples\u2019 Rights consider that Indigenous\npeoples\u2019 traditional possession of their lands means they should be treated as\nhaving property rights over them. See Inter-American Commission on Human\nRights, \u201cIndigenous and Tribal Peoples\u2019 Rights over their Ancestral Lands and\nNatural Resources,\u201d 2009, http://www.cidh.org/countryrep/Indigenous-\nLands09/Chap.VI.htm (accessed August 30, 2018), and \u201cKenya: Landmark Ruling on\nIndigenous Land Rights,\u201d Human Rights Watch news release, February 4, 2010,\nhttp://www.hrw.org/en/news/2010/02/04/kenya-landmark-ruling-indigenous-land-\nrights.\n\n[220]  UNDRIP, art 18.\n\n[221]  UNDRIP, arts. 19 and 32; International Labour Organization (ILO),\nConvention concerning Indigenous and Tribal Peoples in Independent Countries\n(ILO Convention No. 169), 72 ILO Official Bull. 59, entered into force Sept.\n5, 1991, arts. 6, 7, 15.\n\n[222]  UNDRIP, art. 8.\n\n[223]  UNDRIP, art. 26(2). The UN committee that monitors compliance with the\nInternational Convention on the Elimination of All Forms of Racial\nDiscrimination (ICERD), stated that \u201cgovernments which fail to recognize and\nrespect indigenous customary land tenure are guilty of racial discrimination.\u201d\nIt thus called on all states \u201cto recognize and protect the rights of\nindigenous peoples to own, develop, control and use communal lands,\nterritories and resources and where they have been deprived of their lands and\nterritories traditionally owned or otherwise inhabited or used without their\nfree and informed consent, to take steps to return these lands and\nterritories.\u201d UN Office of the High Commissioner for Human Rights, General\nRecommendation No. 23: Indigenous Peoples (Fifty-first session, 1997).\n\n[224]  UN Committee on Economic, Social and Cultural Rights (CESCR), General\nComment 21, Right of everyone to take part in cultural life, U.N. Doc.\nE/C.12/GC/21, para. 36.\n\n[225]  UNDRIP, art. 26(1).\n\n[226]  UNDRIP, art. 8.\n\n[227]  ICESCR, art. 11(1). The ICESCR contains provisions related to forced\neviction and the right to housing. In particular, article 2(1) obliges states\nto use \u201call appropriate means\u201d to promote the right to adequate housing.\n\n[228]  ICCPR, art. 1(2).\n\n[229]  UDHR, art. 17.\n\n[230]  International Convention on the Elimination of All Forms of Racial\nDiscrimination (ICERD), adopted December 21, 1965, G.A. Res. 2106 (XX), annex,\n20 U.N. GAOR Supp. (No. 14) at 47, U.N. Doc. A/6014 (1966), 660 U.N.T.S. 195,\nentered into force January 4, 1969, ratified by Indonesia on June 25, 1999,\nart. 5(d)(v); Convention on the Elimination of All Forms of Discrimination\nagainst Women (CEDAW), adopted December 18, 1979, G.A. res. 34/180, 34 U.N.\nGAOR Supp. (No. 46) at 193, U.N. Doc. A/34/46, entered into force September 3,\n1981, ratified by Indonesia on September 13, 1984, arts. 15 and 16.\n\n[231]  UN Committee on Economic, Social and Cultural Rights (CESCR), General\nComment No. 4, The right to adequate housing, U.N. Doc. E/1992/23, annex III,\nart. 114 (1991), para. 8(a).\n\n[232]  ICESCR, art. 11(1).\n\n[233]  The right to food is recognized under article 25 of the UDHR, and under\narticle 11 of the ICESCR as interpreted by the UN CESCR, General Comment No.\n12, Right to adequate food, (Twentieth session, 1999), U.N. Doc. E/C.12/1999/5\n(1999).\n\n[234]  ICESCR art. 11(1); CESCR, General Comment No. 15, The Right to Water,\nU.N. Doc. E/C.12/2002/11, adopted January 20, 2003; UN General Assembly, \u201cThe\nhuman right to water and sanitation,\u201d Resolution 64/292 (2010),\nA/64/L.63/Rev.1 and Add.1, [\nhttp://www.un.org/es/comun/docs/?symbol=A/RES/64/292&lang=E\n](http://www.un.org/es/comun/docs/?symbol=A/RES/64/292&lang=E) ; UN General\nAssembly, \u201cThe human rights to safe drinking water and sanitation,\u201d Resolution\n70/169 (2015), U.N. Doc. A/RES/70/169. Domestic use is understood to include\ndrinking, sanitation, bathing, washing clothes, and cooking. See Human Rights\nCouncil, \u201cThe human right to safe drinking water and sanitation,\u201d Resolution\n18/1, (2007), [\nhttp://ap.ohchr.org/documents/dpage_e.aspx?si=A%2FHRC%2FRES%2F18%2F1\n](http://ap.ohchr.org/documents/dpage_e.aspx?si=A%2FHRC%2FRES%2F18%2F1)\n(accessed July 13, 2019  ).\n\n[235]  ICESCR, art. 11.\n\n[236]  CESCR, \u201cSubstantive Issues Arising in the Implementation of the\nInternational Covenant on Economic, Social and Cultural Rights,\u201d General\nComment No. 14, The Right to the Highest Attainable Standard of Health,\nE/C.12/2000/4 (2000), para. 2, [\nhttp://www.unhchr.ch/tbs/doc.nsf/(Symbol)/40d009901358b0e2c1256915\n](http://www.unhchr.ch/tbs/doc.nsf/\\(Symbol\\)/40d009901358b0e2c1256915) .\n(accessed July 13, 2019)\n\n[237]  ICESCR, art. 12.\n\n[238]  CESCR, General Comment No. 14, The Right to the Highest Attainable\nStandard of Health (Art. 12), para. 15.\n\n[239]  UNDRIP, art. 11.\n\n[240]  UNDRIP, art. 28(1).\n\n[241]  Ibid., art. 28(2).\n\n[242]  UN Special Representative of the Secretary-General on the issue of\nhuman rights and transnational corporations and other business enterprises,\nGuiding Principles on Business and Human Rights: Implementing the United\nNations \u201cProtect, Respect and Remedy\u201d Framework, U.N. Doc. A/HRC/17/31 (Mar.\n21, 2011), principle 25; UN Commission on Human Rights, \u201cReport of the Special\nRepresentative of the Secretary-General, Annex, I.A.1,\u201d March 2011, [\nhttp://www.ohchr.org/Documents/Publications/GuidingPrinciplesBusinessHR_EN.pdf\n](http://www.ohchr.org/Documents/Publications/GuidingPrinciplesBusinessHR_EN.pdf)\n; OECD/FAO, \u201cOECD-FAO Guidance for Responsible Agricultural Supply Chains,\u201d\n(Paris: OECD Publishing, 2016), [ http://dx.doi.org/10.1787/9789264251052-en\n](http://dx.doi.org/10.1787/9789264251052-en)\n\n[243]  UN Guiding Principles on Business and Human Rights, principle 17.\n\n[244]  UN Food and Agriculture Organization (FAO), Voluntary Guidelines on the\nResponsible Governance of Tenure of Land, Fisheries and Forests in the Context\nof National Food Security (VGGT), Rome, 2012; Committee on World Food\nSecurity, Principles for Responsible Investment in Agriculture and Food\nSystems, 2014, [\nhttp://www.fao.org/fileadmin/templates/cfs/Docs1314/rai/CFS_Principles_Oct_2014_EN.pdf\n](http://www.fao.org/fileadmin/templates/cfs/Docs1314/rai/CFS_Principles_Oct_2014_EN.pdf)\n; UN, Large-scale land acquisitions and leases: A set of minimum principles\nand measures to address the human rights challenge, December 28, 2009\n(A/HRC/13/33/Add.2); Guiding Principles on Business and Human Rights:\nImplementing the \u201cProtect, Respect and Remedy\u201d Framework (A/HRC/17/31).\n\nRegion / Country\n\n  * [ Asia ](/asia)\n  * [ Indonesia ](/asia/indonesia)\n\nTopic\n\n  * [ Women's Rights ](/topic/womens-rights)\n\n### [ Protecting Rights, Saving Lives  Human Rights Watch defends the rights\nof people in close to 100 countries worldwide, spotlighting abuses and\nbringing perpetrators to justice  Donate Now\n](https://donate.hrw.org/page/107245/donate/1?ea.tracking.id=EP2022EVpgfooter&promo_id=1005)\n\n##  Connect With Us\n\n  * [ BlueSky  ](https://bsky.app/profile/hrw.org \"BlueSky\")\n  * [ X  ](https://twitter.com/hrw \"X\")\n  * [ Facebook  ](https://www.facebook.com/HumanRightsWatch \"Facebook\")\n  * [ YouTube  ](https://www.youtube.com/user/HumanRightsWatch \"YouTube\")\n  * [ Instagram  ](https://www.instagram.com/humanrightswatch/ \"Instagram\")\n  * [ LinkedIn  ](https://www.linkedin.com/company/human-rights-watch/ \"LinkedIn\")\n  * [ TikTok  ](https://www.tiktok.com/@humanrightswatch \"TikTok\")\n\n\u00a9 2025 Human Rights Watch\n\n**Human Rights Watch** | 350 Fifth Avenue, 34th Floor | New York,  NY  10118-3299  USA  | **t** 1.212.290.4700 \n\n**Human Rights Watch** is a 501(C)(3) nonprofit registered in the US under\nEIN: 13-2875808\n\n[ ](https://www.hrw.org/)\n\n",
                "url": "https://www.hrw.org/report/2019/09/23/when-we-lost-forest-we-lost-everything/oil-palm-plantations-and-rights-violations"
            },
            "reason": "This is a report from Human Rights Watch (hrw.org), a reputable international non-governmental organization that investigates and reports on human rights abuses. The report is well-detailed and focuses on human rights violations.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' social impact human rights",
            "summary": "Report from Human Rights Watch detailing human rights abuses.",
            "url": "https://www.hrw.org/report/2019/09/23/when-we-lost-forest-we-lost-everything/oil-palm-plantations-and-rights-violations"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "dd3f90f1-7a03-4f20-a87d-f1c78d538a9f",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.roche.com/investors/reports/gri-index"
                },
                "page_content": "  * [ About Roche ](/about/)\n    * [ About Roche  ](/about/)\n    * [ Strategy ](/about/strategy/)\n    * [ Business ](/about/business/)\n    * [ Sustainability ](/about/sustainability/)\n    * [ Leadership ](/about/leadership/)\n    * [ Governance ](/about/governance/)\n    * [ History ](/about/history)\n  * [ Solutions ](/solutions/)\n    * [ Solutions  ](/solutions/)\n    * [ Focus areas ](/solutions/focus-areas/)\n    * [ Pharma solutions ](/solutions/pharma/)\n    * [ Diagnostic solutions ](/solutions/diagnostics/)\n    * [ Pipeline ](/solutions/pipeline/)\n  * [ Innovation ](/innovation/)\n    * [ Innovation  ](/innovation/)\n    * [ Team & structure ](/innovation/structure/)\n    * [ Innovation process ](/innovation/process/)\n    * [ Ethical standards ](/innovation/ethical-standards/)\n    * [ Partnering ](/innovation/partnering/)\n  *   * [ Investors ](/investors/)\n    * [ Investors  ](/investors/)\n    * [ Investor updates ](/investors/updates/)\n    * [ Investor events ](/investors/events/)\n    * [ Reporting ](/investors/reports/)\n    * [ Finance Information Tool ](/investors/rofis)\n    * [ Share and Bond information ](/investors/bonds)\n    * [ Download center ](/investors/downloads)\n  * [ Media ](/media/)\n    * [ Media  ](/media/)\n    * [ Media releases ](/media/releases/)\n    * [ Media events ](/media/events/)\n    * [ Media statements ](/media/statements)\n    * [ Media library ](/media/library-images)\n\n  * [ Stories ](/stories/)\n  * [ Careers ](https://careers.roche.com)\n  *   * [ ](/worldwide)\n  * [ ](/search)\n\n#  Roche GRI Content Index\n\nAs part of Roche's efforts to advance sustainability reporting, we support the\nactivities of the Global Reporting Initiative (GRI) as a Community member and\nadvocate its mission to empower decision makers worldwide, through the GRI\nsustainability reporting standards and its multi-stakeholder network to take\naction towards a more sustainable world.\n\nRoche has been using the Global Reporting Initiative as a guide and reference\npoint since 2005. In 2018/2019, we conducted a  of key topics that are highly\nrelevant to us and to our key stakeholders in accordance with the GRI\nSustainability Reporting Standards. In 2023, we have declared in accordance\nwith the latest GRI standards published in 2021.\n\n###  GRI Content Index 2024\n\nFor the Content Index - Advanced Service, GRI Services reviewed that the\ncontent index is clearly presented, in a manner consistent with the Standards,\nand that the references for all disclosures are included correctly and aligned\nwith the appropriate sections in the body of the report.\n\n[ Annual Report 2024\n](https://assets.roche.com/f/176343/x/09457b2a19/ar24e.pdf)\n\n##  Discover more\n\n\u00c2\u00a9  \u00c2 F. Hoffmann-La Roche Ltd \u00c2\n\nThis website contains information on products which is targeted to a wide\nrange of audiences and could contain product details or information otherwise\nnot accessible or valid in your country. Please be aware that we do not take\nany responsibility for accessing such information which may not comply with\nany legal process, regulation, registration or usage in the country of your\norigin.\n\n",
                "url": "https://www.roche.com/investors/reports/gri-index"
            },
            "reason": "This is a GRI (Global Reporting Initiative) index from Roche. While it is a company report and may present information in a favorable light, it provides direct insights into the company's policies and practices related to sustainability.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' social impact human rights",
            "summary": "GRI (Global Reporting Initiative) index from Roche.",
            "url": "https://www.roche.com/investors/reports/gri-index"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "832cf999-aff7-438d-b02f-0c8baf9b145b",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://academic.oup.com/jhrp/article/17/1/177/7831556"
                },
                "page_content": "Enable JavaScript and cookies to continue\n\n",
                "url": "https://academic.oup.com/jhrp/article/17/1/177/7831556"
            },
            "reason": "This is an academic article published in the Journal of Human Rights Practice, hosted by Oxford University Press. Academic journals are generally considered highly reliable sources due to peer review and scholarly rigor.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' social impact human rights",
            "summary": "Academic article published in the Journal of Human Rights Practice.",
            "url": "https://academic.oup.com/jhrp/article/17/1/177/7831556"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "740f13f2-ab0f-4d71-b4cb-f5534e7ec0b5",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.ubs.com/global/en/sustainability-impact/sustainability-reporting.html"
                },
                "page_content": "#  Access Denied\n\nYou don't have permission to access\n\"http://www.ubs.com/global/en/sustainability-impact/sustainability-\nreporting.html\" on this server.\n\nReference #18.a961602.1745481348.1f1de837\n\nhttps://errors.edgesuite.net/18.a961602.1745481348.1f1de837\n\n",
                "url": "https://www.ubs.com/global/en/sustainability-impact/sustainability-reporting.html"
            },
            "reason": "This is a sustainability reporting page from UBS, a major financial institution. While it is a company report and may present information in a favorable light, it provides direct insights into the company's policies and practices related to sustainability.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' social impact human rights",
            "summary": "Sustainability reporting page from UBS.",
            "url": "https://www.ubs.com/global/en/sustainability-impact/sustainability-reporting.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "1d4ba03d-2dc2-4e26-a34a-9f0f8ae8ffa2",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://annualreport.grifols.com/sustainability-and-human-rights"
                },
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](https://www.grifols.com/en/newsroom)\n\n    * Events  __ __\n      * [ Events  ](https://www.grifols.com/en/events)\n      * [ Full-Year 2024 Financial Results  ](https://www.grifols.com/en/media/events/full-year-2024-financial-results)\n\n    * [ Media Contacts  ](https://www.grifols.com/en/media-contacts)\n\n    * [ Media Center  ](https://www.grifols.com/en/media-center)\n\n  * Partners  __ __\n    * [ Partners  ](https://www.grifols.com/en/partners)\n    * [ Join our network of suppliers  ](https://www.grifols.com/en/grifols-supplier-network)\n\nConnect with us\n\n[ __ ](https://www.linkedin.com/company/grifols) [ __\n](https://www.youtube.com/channel/UCeivFoXvLhv4Jx2HlYc2TIg) [ __\n](https://www.instagram.com/grifols_official)\n\n#  Sustainability Reports\n\nGrifols Sustainability Reports detail all the company's initiatives aimed at\ncaring for people and the environment while creating value for multiple\nstakeholders: employees, patients, donors, healthcare professionals,\nscientists, partners and society at large.\n\nAnnual Report\n\n##  2024 Integrated and Sustainability Annual Report\n\nReview of Grifols' financial performance and initiatives related to\nenvironmental, social responsibility and corporate governance.\n\nRead more\n\n[ Read more\n](/documents/3625622/7320249/IAR_EN.pdf/51b647a9-78f6-961c-2681-9c3fcd21c0bc?t=1742200153753)\n\n##  Executive Summary of the Integrated and Sustainability Annual Report\n\nCovers our 2023 sustainability efforts.\n\n[ Read more __\n](/documents/3625622/6153866/ExecutiveSummaryAnnualReport.pdf/89e11f19-99e6-65ec-3a2b-82814aab90f1?t=1710322891728)\n\n##  Human Rights Due Diligence Report 2023\n\nOur latest report reflects our ongoing commitment to uphold and respect human\nrights across our global operations. It outlines our efforts to identify,\nprevent and mitigate human rights risks to workers, communities and\nstakeholders, ensuring that we operate not just in compliance with legal\nframeworks, but also in alignment with our core values.\n\n[ Read more __\n](/documents/6155530/6156443/280289+-+Grifols+IR%26S+-+HHRR+DD+Report+-+Feb24_v2.pdf/8dc60c7c-8c6e-fc37-add7-f5d23bea5582?t=1714031155255)\n\n##  Modern Slavery & Supply Chain Transparency Statement 2023\n\nThis statement outlines our strong commitment to preventing modern slavery and\nensuring transparency in our supply chain for the 2023 fiscal year.\n\n[ Read more\n](/documents/6155530/6156443/ModernSlaveryStatement2023_vfENG_firma.pdf/ee664bd2-bdfd-e4a4-45d8-86e5607ef5ff?t=1715334734557)\n\n##  2023 Risk and Opportunities Management Related to Climate Change\n\nThis document aims to outline the methodology and results obtained after\nanalyzing and evaluating the climate-related risks and opportunities\nassociated with Grifols' activities.\n\n[ Read more __\n](/documents/6155530/6156443/TCFD+update_2023_ENv2.pdf/8e889d64-812f-2412-51ff-e54001b8b247?t=1716389839961)\n\nSustainability\n\n##  Our commitment to sustainability\n\nGrifols' longstanding commitment to people and the planet entails helping\nsociety on all fronts by strengthening our positive social, economic and\nenvironmental impacts.\n\nRead more\n\n[ Read more ](/en/sustainability)\n\n##  Sustainability Reports Archive\n\n  * 2023 \n  * 2022 \n  * 2021 \n  * 2020 \n  * 2019 \n  * 2018 \n  * Previous \n\n###  2023\n\n__ [ 2023 Integrated and Sustainability Annual Report\n](https://annualreport.grifols.com/assets/documentos/2023-integrated-and-\nsustainability-annual-report.pdf)\n\n__ [ 2023 Executive Summary \u2013 Integrated & Sustainability Annual Report\n](/documents/3625622/6153866/ExecutiveSummaryAnnualReport.pdf/89e11f19-99e6-65ec-3a2b-82814aab90f1?t=1710322891728)\n\n__ [ 2023 Human Rights Due Diligence Report\n](/documents/6155530/6156443/ModernSlaveryStatement2023_vfENG_firma.pdf/ee664bd2-bdfd-e4a4-45d8-86e5607ef5ff?t=1715334734557)\n\n__ [ 2023 Risk and Opportunities Management Related to Climate Change\n](/documents/6155530/6156443/TCFD+update_2023_ENv2.pdf/8e889d64-812f-2412-51ff-e54001b8b247?t=1716389839961)\n\n###  2022\n\n__ [ 2022 Integrated and Sustainability Annual Report\n](/documents/3625622/5135027/Integrado_EN.pdf/a8086c19-c432-6155-4328-ad045de14b15?t=1679413861513)\n\n__ [ 2022 Sustainability Report\n](/documents/3625622/5135027/SOSTENIBILITAT+EN.pdf/8969dfb8-e9bb-\nbe9d-dc40-1d22fb75cd1f?t=1685355992082)\n\n__ [ 2022 Our SDG Contributions\n](/documents/3625622/5372276/ods_EN.pdf/f51cea88-fd65-20a6-f2c4-3d4734f27052?t=1685345194434)\n\n__ [ Risk and Opportunities Management related to Climate Change\n](/documents/3625622/5135027/TCFD+update_2022_EN+final.pdf/e7395903-1b57-b8d4-51d5-df48c4d6de5d?t=1677523900656)\n\n###  2021\n\n__ [ 2021 Integrated and Sustainability Annual Report\n](/documents/3625622/3683813/integrated-\nreport-2021-en.pdf/b98a2f35-63b6-2e7f-91b3-94001bccfeec?t=1651487474022)\n\n__ [ Sustainability Report 2021  ](/documents/3625622/3683813/sustainability-\nreport-2021-en.pdf/9588cf72-d301-5beb-da48-ff3469851746?t=1647279808393)\n\n__ [ United Nations Global Compact: Communication on Progress 2021\n](/documents/3625622/4142391/CP-Grifols-\nUNO-2021-en.pdf/c930ae90-70ea-4181-3a57-95f250eb8a1a?t=1657527839047)\n\n__ [ Risk and Opportunities Management related to Climate Change\n](/documents/3625622/4679401/2022-risk-opportunities-management-climate-\nchange-en.pdf/c4b5730f-16a6-fcb3-6713-32de19eb50ad?t=1666686051191)\n\n###  2020\n\n__ [ 2020 Integrated Annual Report\n](/documents/3625622/3761463/2020_Grifols_Integrated-Annual-\nReport.pdf/5f6ae050-bfe9-9147-e201-367c1364f85c?t=1646653444011)\n\n__ [ Contribution to Sustainable Development Goals 2030\n](/documents/3625622/3761463/2020_Grifols_Joining-Efforts_Grifols-\nContribution-to-the-2020-Sustainable-Development-\nGoals.pdf/1ca6ea52-c194-0e2c-cfed-d40912ea3d7b?t=1646653450488)\n\n__ [ Commitment to our donors\n](/documents/3625622/3761463/2020_Grifols_Commitment-to-our-\nDonors.pdf/433fa438-bc95-2f69-8be7-43d483d7c811?t=1646653500712)\n\n__ [ The social value generated by Grifols\n](/documents/3625622/3684501/2020_Grifols_Social-\nValue.pdf/dbadf230-6c19-4d88-b222-c1977ee292f3?t=1616509135391)\n\n__ [ Socio-economic Impact\n](/documents/3625622/3761463/2020_Grifols_Socioeconomic-\nImpact.pdf/e70e3db2-a616-483e-587d-f8b8b11f943b?t=1646653470325)\n\n__ [ Climate change  ](/documents/3625622/3761463/2020_Grifols_Risks-and-\nOpportunities-Management-related-to-Climate-\nChange.pdf/4d853099-bb57-9e85-e173-febfb9a482ed?t=1646653458014)\n\n__ [ Executive report  ](/documents/3625622/3684547/2020_Grifols_Executive-\nReport.pdf/c1a50bae-3764-4ee3-aa32-a2dc2fe7e270?t=1623856740516)\n\n###  2019\n\n__ [ 2019 Integrated Annual Report  ](/documents/3625622/3683915/grifols-\nintegrated-annual-\nreport-2019.pdf/01207312-3cd8-430c-8240-39639d84396b?t=1584448728644)\n\n__ [ Executive Report  ](/documents/3625622/3683918/grifols-executive-\nreport-2019-en.pdf/b9510fb7-7d3b-43f4-8232-fb2ebd2d79fe?t=1584606071778)\n\n__ [ Grifols' Contribution to the Sustainable Development Goals\n](/documents/3625622/3683918/grifols-\nSDG-2019-en.pdf/cf13d9ab-3e9d-4788-89ff-5be9ae300f89?t=1584606129630)\n\n__ [ 2019 Grifols' Socio-Economic Impact\n](/documents/3625622/3684096/2019-grifols-socio-economic-impact-\nen.pdf/992cc525-23b4-4613-8340-7d5f0cdf415f?t=1593620012819)\n\n###  2018\n\n__ [ 2018 corporate responsibility report\n](/documents/3625622/3684519/2018-Corporate-Responsibility-\nReport.pdf/990967d2-daa7-4045-8aac-a37680650cf5?t=1615889786329)\n\nAnnual report 2017\n\n__ [ 2017 corporate responsibility report\n](/documents/3625622/3683556/RSC_EN_2017.pdf/9454572d-a15a-4d91-8499-92b749467933?t=1541502054072)\n\nAnnual report 2016\n\n__ [ 2016 corporate responsibility report\n](/documents/3625622/3682194/2017-corporate-responsability-report-\nen.pdf/95231ffa-8de1-41f7-8778-0855b2d11550?t=1534764254127)\n\nThe information contained on the Grifols worldwide website is not applicable\nto all countries. 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                "url": "https://annualreport.grifols.com/sustainability-and-human-rights"
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            "reason": "This is a sustainability and human rights report from Grifols' annual report. While it is a company report and may present information in a favorable light, it provides direct insights into the company's policies and practices.",
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            "summary": "Sustainability and human rights report from Grifols' annual report.",
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                    "source": "https://co.linkedin.com/company/fordfoundation"
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                "page_content": "Pasar al contenido principal\n\n#  Ford Foundation\n\n##  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos\n\n###  New York, New York  246.564 seguidores\n\n####  Around the world, we make grants that support the visionary people and\norganizations who work to challenge inequality.\n\n[ Ver empleos ](https://www.linkedin.com/jobs/ford-foundation-jobs-\nworldwide?f_C=16194&trk=top-card_top-card-primary-button-top-card-primary-cta)\n[ Seguir\n](https://www.linkedin.com/login/es?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&fromSignIn=true&trk=top-\ncard_top-card-secondary-button-top-card-secondary-cta)\n\n  * [ Ver los 926 empleados  ](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fsearch%2Fresults%2Fpeople%2F%3FfacetCurrentCompany%3D%255B16194%255D&_l=es&trk=org-employees_cta_face-pile-cta)\n\n  * [ Denunciar esta empresa ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=top-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=COMPANY&_f=guest-reporting)\n\n##  Sobre nosotros\n\nThe Ford Foundation is a global, grant-making philanthropy that works to\ndisrupt inequality in all its forms. We believe in the inherent dignity of all\npeople. But around the world, too many people are excluded from the political,\neconomic, and social institutions that shape their lives. In addressing this\nreality, we are guided by a vision of social justice\u2014a world in which all\nindividuals, communities, and peoples work toward the protection and full\nexpression of their human rights; are active participants in the decisions\nthat affect them; share equitably in the knowledge, wealth, and resources of\nsociety; and are free to achieve their full potential. Across eight decades,\nour mission has been to reduce poverty and injustice, strengthen democratic\nvalues, promote international cooperation, and advance human achievement. We\nwork in 11 regional offices around the world and support programs in more than\n50 countries.\n\nSitio web\n\n     [ http://www.fordfoundation.org  ](https://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fwww%2Efordfoundation%2Eorg&urlhash=aOtV&trk=about_website)\n\nEnlace externo para Ford Foundation\n\nSector\n\n     Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos \n\nTama\u00f1o de la empresa\n\n     De 201 a 500 empleados \n\nSede\n\n     New York, New York \n\nTipo\n\n     Organizaci\u00f3n sin \u00e1nimo de lucro \n\nFundaci\u00f3n\n\n     1936 \n\nEspecialidades\n\n     Civic Engagement and Government, Creativity and Free Expression, Future of Work, Advancing human achievement, Gender, Racial, and Ethnic Justice, Internet Freedom, Just Cities and Regions, Natural Resources and Climate Change y Mission Investments \n\n##  Ubicaciones\n\n  * Principal \n\n1440 Broadway\n\n19th floor\n\nNew York, New York 10017, US\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=1440+Broadway+19th+floor+New+York+10017+New+York++US&trk=org-\nlocations_url)\n\n  * Andean Region \n\nBogota, DC n/a, CO\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=Andean+Region++Bogota+n%2Fa+DC+CO&trk=org-\nlocations_url)\n\n  * Brazil \n\nRio de Janeiro, RJ CEP 22210-030, BR\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=Brazil++Rio+de+Janeiro+CEP+22210-030+RJ+BR&trk=org-\nlocations_url)\n\n  * China \n\nBeijing, N/a 100020, CN\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=China++Beijing+100020+N%2Fa+CN&trk=org-\nlocations_url)\n\n  * East Africa \n\nNairobi , n/a n/a , KE\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=East+Africa++Nairobi++n%2Fa++n%2Fa+KE&trk=org-\nlocations_url)\n\n  * India \n\nNew Delhi , n/a 110 003, IN\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=India++New+Delhi++110+003+n%2Fa+IN&trk=org-\nlocations_url)\n\n  * Indonesia \n\nJakarta, n/a 12190, ID\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=Indonesia++Jakarta+12190+n%2Fa+ID&trk=org-\nlocations_url)\n\n  * Mexico \n\nMexico City , DF 11560, MX\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=Mexico++Mexico+City++11560+DF+MX&trk=org-\nlocations_url)\n\n  * Egypt \n\nCairo , n/a n/a, EG\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=Egypt++Cairo++n%2Fa+n%2Fa+EG&trk=org-\nlocations_url)\n\n  * South Africa \n\nJohannesburg, n/a n/a, ZA\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=South+Africa++Johannesburg+n%2Fa+n%2Fa+ZA&trk=org-\nlocations_url)\n\n  * West Africa \n\nLagos, n/a n/a, NG\n\n[ C\u00f3mo llegar\n](https://www.bing.com/maps?where=West+Africa++Lagos+n%2Fa+n%2Fa+NG&trk=org-\nlocations_url)\n\n##  Empleados en Ford Foundation\n\n  * ### [ Heather Mason  Founder & CEO, Caspian Agency I Founder, The Impact Lounge I Creative Consultant I Moderator I Speaker  ](https://www.linkedin.com/in/heathermason?trk=org-employees)\n  * ### [ Sue Keever Watts  Owner of The Keever Group  ](https://www.linkedin.com/in/sue-keever-watts-b60aa?trk=org-employees)\n  * ### [ Laurence Martinaud  ](https://www.linkedin.com/in/laurence-martinaud-196674?trk=org-employees)\n  * ### [ Jennifer Ponce de Le\u00f3n  Author of Another Aesthetics is Possible: Arts of Rebellion in the Fourth World War (Duke U. Press, 2021), Associate Professor, University of\u2026  ](https://www.linkedin.com/in/jennifer-ponce-de-le%C3%B3n-279ab6?trk=org-employees)\n\n[ Ver todos los empleados\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fsearch%2Fresults%2Fpeople%2F%3FfacetCurrentCompany%3D%255B16194%255D&_l=es&trk=public_biz_employees-\njoin)\n\n##  Actualizaciones\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_ideasatford-l-bringing-advocacy-to-the-big-activity-7320823802714595328-Se1r)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n16 h\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nCommissioner [ Jessica Berman ](https://www.linkedin.com/in/jessica-\nberman-52654876?trk=organization_guest_main-feed-card-text) reflected on the [\nNational Women's Soccer League (NWSL)\n](https://www.linkedin.com/company/national-women's-soccer-\nleague?trk=organization_guest_main-feed-card-text) \u2019s historic collective\nbargaining agreement with the National Women's Soccer League Players\nAssociation, emphasizing that, \u201csupporting women and mothers is not a social\nimpact issue for us. It's literally our business.\u201d Learn more about the\nagreement, and the leading conditions for maternal health and childcare it\nestablished, in the latest [ #IdeasAtFord\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fideasatford&_l=es&trk=organization_guest_main-\nfeed-card-text) with [ Charles M. Blow ](https://www.linkedin.com/in/charles-\nm-blow-a7851a251?trk=organization_guest_main-feed-card-text) conversation. [\nhttps://lnkd.in/eEyuvnbc\n](https://lnkd.in/eEyuvnbc?trk=organization_guest_main-feed-card-text)\n\n#####  #IdeasAtFord l Bringing Advocacy to the Big Leagues l Jessica Berman\n\n` ` ` `\n\n[ 20\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_weavingresilience-activity-7320529362368274432-L5cN)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n1 d\u00eda  Editado\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nHalfway through its five-year journey, our [ #WeavingResilience\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fweavingresilience&_l=es&trk=organization_guest_main-\nfeed-card-text) initiative is focused on supporting local solutions and\nsharing them globally. Check out our latest piece on lessons learned and the\nprogress being made \u2013 featuring powerful highlights from Southern Africa,\nIndonesia, and Mexico/Central America at our link in bio. Civil society\norganizations across the Global South are leading the way. Read more: [\nhttps://lnkd.in/dACXTxji\n](https://lnkd.in/dACXTxji?trk=organization_guest_main-feed-card-text)\n\n    *     * ` ` ` `\n\n[ 19\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 2\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_activity-7320434356378890240-gJmU)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-reaction-header) ha compartido esto\n\n[ ](https://www.linkedin.com/in/darrencwalker?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Darren Walker\n](https://www.linkedin.com/in/darrencwalker?trk=organization_guest_main-feed-\ncard_feed-actor-name) Darren Walker es una persona influyente\n\nPresident at Ford Foundation\n\n1 d\u00eda\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nSo proud that the [ #GenerosityToJustice\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fgenerositytojustice&_l=es&trk=organization_guest_main-\nfeed-card-text) campaign has been recognized by the 29th Annual Webby Awards!\nThanks to all of you who engaged with us in transformative conversations about\ngiving and moving closer to justice. Thanks, [ The Webby Awards\n](https://www.linkedin.com/company/the-webby-\nawards?trk=organization_guest_main-feed-card-text) ! [ #Webbys\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fwebbys&_l=es&trk=organization_guest_main-\nfeed-card-text) More: [ https://lnkd.in/ebm5ERxh\n](https://lnkd.in/ebm5ERxh?trk=organization_guest_main-feed-card-text)\n\n    * ` ` ` `\n\n[ 41\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 2\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_how-iplc-are-shaping-the-future-of-climate-activity-7320165684523552768-90bp)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n2 d\u00edas\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nWhen Indigenous peoples, Afro-descendants and local communities have secure\nrights and resources to manage their lands, they are able to continue\ntraditional practices that are invaluable in curbing deforestation and\nbiodiversity loss. So how can we ensure funding truly reaches those on the\nfrontlines? Land-connected peoples around the globe are launching their own\ninnovative funds and grant-making programs to place funding directly in the\nhands of communities. We are proud to support their bold efforts to set a new\nmodel for how communities and funders can work together toward shared goals.\nMore: [ https://lnkd.in/dqn53yQS\n](https://lnkd.in/dqn53yQS?trk=organization_guest_main-feed-card-text) [\n#EarthDay\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fearthday&_l=es&trk=organization_guest_main-\nfeed-card-text) [ #DirectFinancing\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fdirectfinancing&_l=es&trk=organization_guest_main-\nfeed-card-text)\n\n` ` ` `\n\n[ 334\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 7\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_ford-foundation-appoints-richard-r-verma-activity-7320077395313545216-GXas)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n2 d\u00edas  Editado\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nWe are excited to announce the election of [ Richard Verma\n](https://www.linkedin.com/in/richardverma1?trk=organization_guest_main-feed-\ncard-text) , former ambassador and United States deputy secretary of state for\nmanagement and resources, to our Board of Trustees. Verma, who will assume the\nrole of chief administrative officer at Mastercard in May, rejoins the Ford\nFoundation Board after serving as a trustee from 2022 to 2023. He brings\ninternational experience across senior levels of government, diplomacy, law\nand the private sector to our leadership. [ https://lnkd.in/en7VwzQ9\n](https://lnkd.in/en7VwzQ9?trk=organization_guest_main-feed-card-text)\n\n[\n](https://www.linkedin.com/redir/redirect?url=https%3A%2F%2Fwww%2Efordfoundation%2Eorg%2Fnews-\nand-stories%2Fnews-and-press%2Fnews%2Fford-foundation-appoints-richard-r-\nverma-to-board-of-trustees%2F&urlhash=gI2d&trk=organization_guest_main-feed-\ncard_feed-article-content)\n\n` ` ` `\n\n[ 427\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 15\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_climatechange-ideasatford-activity-7318287120698126338-z2tv)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n1 semana\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n[ #ClimateChange\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fclimatechange&_l=es&trk=organization_guest_main-\nfeed-card-text) is one of the most pressing issues of our time, but if we fail\nto listen to those closest to the issue, how can we expect to find a lasting\nsolutions? Join us as for an [ #IdeasAtFord\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fideasatford&_l=es&trk=organization_guest_main-\nfeed-card-text) with Charles Blow conversation with Tristan Ahtone, [ Grist\n](https://www.linkedin.com/company/grist?trk=organization_guest_main-feed-\ncard-text) , and Aimee Michelle R., Cultural Survival \u2014Indigenous leaders who\nare placing their communities' voices at the heart of the climate\nconversation. [ https://lnkd.in/es_Pa-q4\n](https://lnkd.in/es_Pa-q4?trk=organization_guest_main-feed-card-text)\n\n    * ` ` ` `\n\n[ 39\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 3\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_ideasatford-l-bringing-advocacy-to-the-big-activity-7317924724091564032-mmCA)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n1 semana\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nAll workers, from athletes to stadium staff, deserve pay, decency, respect,\nand a voice on the job. AFL-CIO President [ Liz Shuler\n](https://www.linkedin.com/in/lizshuler?trk=organization_guest_main-feed-card-\ntext) shared how establishing a sports council within the labor movement\nhelped to build a community to address these universal issues during a recent\n[ #IdeasAtFord\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fideasatford&_l=es&trk=organization_guest_main-\nfeed-card-text) with Charles Blow conversation. [ https://lnkd.in/eEyuvnbc\n](https://lnkd.in/eEyuvnbc?trk=organization_guest_main-feed-card-text)\n\n#####  #IdeasAtFord l Bringing Advocacy to the Big Leagues l Liz Shuler\n\n` ` ` `\n\n[ 28\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_skollwf-activity-7317607738912497665-7INd)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-reaction-header) ha compartido esto\n\n[ ](https://www.linkedin.com/company/skoll-\nfoundation?trk=organization_guest_main-feed-card_feed-actor-image)\n\n[ Skoll Foundation ](https://www.linkedin.com/company/skoll-\nfoundation?trk=organization_guest_main-feed-card_feed-actor-name)\n\n93.251 seguidores\n\n2 semanas  Editado\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nIn a rousing [ #SkollWF\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Fskollwf&_l=es&trk=organization_guest_main-\nfeed-card-text) plenary with [ Darren Walker\n](https://www.linkedin.com/in/darrencwalker?trk=organization_guest_main-feed-\ncard-text) and [ Mark Suzman\n](https://www.linkedin.com/in/marksuzman?trk=organization_guest_main-feed-\ncard-text) , we heard from two preeminent leaders in philanthropy about where\nthe funding community still has work to do. We know that supporting those most\nproximate to the challenges we seek to address is a surefire way to generate\nthe greatest impact\u2014and yet, truly listening to these leaders requires more\nthan the sincere intention to do so. \ud83d\udc42\ud83d\ude4f It takes radical shifts in the\nparadigms that guide how we in philanthropy gather information, explore\noptions, and make decisions.\n\n` ` ` `\n\n[ 168\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 4\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_activity-7317605558973321217-1x-L)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-reaction-header) ha compartido esto\n\n[ ](https://uk.linkedin.com/company/alliance-\nmagazine?trk=organization_guest_main-feed-card_feed-actor-image)\n\n[ Alliance magazine ](https://uk.linkedin.com/company/alliance-\nmagazine?trk=organization_guest_main-feed-card_feed-actor-name)\n\n7120 seguidores\n\n1 semana\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\n\"Prevention solutions don\u2019t just address violence at the interpersonal\nlevel\u2014they reshape entire social structures, from local norms to national\npolicies. When [ #funding\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww.linkedin.com%2Ffeed%2Fhashtag%2Ffunding&_l=es&trk=organization_guest_main-\nfeed-card-text) is directed to those on the ground, it does more than sustain\nprograms; it builds the power of communities to articulate their own demands,\nshape policy, and drive lasting change. Yet, despite decades of evidence\ndemonstrating the effectiveness of locally led interventions, the vast\nmajority of global funding still fails to reach the women and organisations\nleading this work. Less than 1% of aid spending targets violence against\nwomen.\" Laws alone won\u2019t protect women. We need to fund violence prevention,\nargues [ Monica Aleman Cunningham ](https://www.linkedin.com/in/monica-aleman-\ncunningham-2105204?trk=organization_guest_main-feed-card-text) of [ Ford\nFoundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card-text) \u2b07\ufe0f [ https://lnkd.in/evhUF2SN\n](https://lnkd.in/evhUF2SN?trk=organization_guest_main-feed-card-text)\n\n[\n](https://www.linkedin.com/redir/redirect?url=https%3A%2F%2Fwww%2Ealliancemagazine%2Eorg%2Fblog%2Flaws-\nalone-wont-protect-women-we-need-to-fund-violence-\nprevention%2F&urlhash=Hq1F&trk=organization_guest_main-feed-card_feed-article-\ncontent)\n\n` ` ` `\n\n[ 8\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` `\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n  * [ ](https://www.linkedin.com/posts/fordfoundation_laws-alone-wont-protect-women-we-need-to-activity-7317604107245031424--cbi)\n\n[\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-image)\n\n[ Ford Foundation\n](https://www.linkedin.com/company/fordfoundation?trk=organization_guest_main-\nfeed-card_feed-actor-name)\n\n246.564 seguidores\n\n1 semana  Editado\n\n    * [ Denunciar esta publicaci\u00f3n ](https://www.linkedin.com/uas/login?fromSignIn=true&session_redirect=https%3A%2F%2Fco.linkedin.com%2Fcompany%2Ffordfoundation&trk=organization_guest_main-feed-card_ellipsis-menu-semaphore-sign-in-redirect&guestReportContentType=POST&_f=guest-reporting)\n\nThough 1,500+ legal measures to protect women have been adopted globally over\nthe past three decades, violence against women remains pervasive today. What\nwill it take to break the cycle of violence for good? In a new piece for [\nAlliance magazine ](https://uk.linkedin.com/company/alliance-\nmagazine?trk=organization_guest_main-feed-card-text) , [ Natsnet Ghebrebrhan\n](https://ug.linkedin.com/in/natsnet-\nghebrebrhan-99213b5?trk=organization_guest_main-feed-card-text) , co-director\nof Raising Voices, and [ Monica Aleman Cunningham\n](https://www.linkedin.com/in/monica-aleman-\ncunningham-2105204?trk=organization_guest_main-feed-card-text) , Ford's\nInternational Program Director for Gender, Racial, and Ethnic Justice, argue\nthat the key lies in long-term investments for survivors, local leaders and\norganizations who are helping their own communities embrace cultural norms\nthat keep women safe.\n\n[\n](https://www.linkedin.com/redir/redirect?url=https%3A%2F%2Fwww%2Ealliancemagazine%2Eorg%2Fblog%2Flaws-\nalone-wont-protect-women-we-need-to-fund-violence-\nprevention%2F&urlhash=Hq1F&trk=organization_guest_main-feed-card_feed-article-\ncontent)\n\n` ` ` `\n\n[ 68\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-reactions) ` ` ` ` ` ` ` ` ` ` ` ` ` ` [ 8\ncomentarios\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_social-actions-comments)\n\n[ Recomendar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_like-cta) [ Comentar\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_comment-cta) [ Compartir\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=organization_guest_main-\nfeed-card_share-cta)\n\n` `\n\n` ` ` ` ` `\n\n##  \u00danete para ver lo que te est\u00e1s perdiendo\n\n  * Encuentra a personas que conoces en Ford Foundation \n  * Consulta empleos recomendados para ti \n  * Ve todas las actualizaciones, noticias y art\u00edculos \n\n[ Unirse ahora\n](https://www.linkedin.com/signup?session_redirect=https%3A%2F%2Fwww%2Elinkedin%2Ecom%2Fcompany%2Ffordfoundation&_l=es&trk=public_biz_promo-\njoin)\n\n##  P\u00e1ginas similares\n\n  * ### [ The Rockefeller Foundation  Organizaciones sin \u00e1nimo de lucro  New York, NY  ](https://www.linkedin.com/company/the-rockefeller-foundation?trk=similar-pages)\n  * ### [ MacArthur Foundation  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos  Chicago, IL  ](https://www.linkedin.com/company/macarthur-foundation?trk=similar-pages)\n  * ### [ Gates Foundation  Organizaciones sin \u00e1nimo de lucro  Seattle, WA  ](https://www.linkedin.com/company/gates-foundation?trk=similar-pages)\n  * ### [ Bloomberg Philanthropies  Organizaciones sin \u00e1nimo de lucro  New York, NY  ](https://www.linkedin.com/company/bloomberg-philanthropies?trk=similar-pages)\n  * ### [ Open Society Foundations  Organizaciones sin \u00e1nimo de lucro  New York, NY  ](https://www.linkedin.com/company/open-society-foundations?trk=similar-pages)\n  * ### [ Obama Foundation  Organizaciones sin \u00e1nimo de lucro  Chicago, Illinois  ](https://www.linkedin.com/company/obama-foundation?trk=similar-pages)\n  * ### [ Mellon Foundation  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos  New York, NY  ](https://www.linkedin.com/company/mellon-foundation?trk=similar-pages)\n  * ### [ W.K. Kellogg Foundation  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos  Battle Creek, MI  ](https://www.linkedin.com/company/kelloggfoundation?trk=similar-pages)\n  * ### [ Skoll Foundation  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos  Palo Alto, CA  ](https://www.linkedin.com/company/skoll-foundation?trk=similar-pages)\n  * ### [ William and Flora Hewlett Foundation  Servicios de recaudaci\u00f3n de fondos filantr\u00f3picos  ](https://www.linkedin.com/company/the-william-and-flora-hewlett-foundation?trk=similar-pages)\n\n##  Buscar empleos\n\n  * ### [ Empleos de Director  6682 empleos abiertos  ](https://es.linkedin.com/jobs/director-empleos?trk=organization_guest-browse_jobs)\n  * ### [ Empleos de Analista  15.600 empleos abiertos  ](https://es.linkedin.com/jobs/analista-empleos?trk=organization_guest-browse_jobs)\n  * ### [ Empleos de Director de proyecto  1849 empleos abiertos  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                    "source": "https://popcenter.harvard.edu/harvard-research/harvard-research-resources/resources-for-measuring-well-being/measuring-well-being-at-work/"
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                "page_content": "Skip to main content  arrow_circle_down\n\n#  Measuring Well-Being at Work\n\nNumerous scales have been developed to measure **workplace well-being** .\nDifferent scales focus on different aspects of well-being, ranging from\nindividual aspects of worker well-being (e.g., satisfaction) to factors\nrelated to well-being (e.g., burnout). Other scales assess potential sources\nof well-being in the workplace (i.e., factors that are likely to promote\nemployee\u2019s well-being). Some measures are even more comprehensive and assess\nnot only individual levels of well-being, but also organizational climate,\norganizational practices, and other aspects of an individual\u2019s mental and\nphysical health.\n\nThe following list represents **examples** of scales to measure **well-being\nat work** .\n\n##  Scales for Measuring Well-Being at Work\n\n###\n\n**Citation:**\n\nDaniels, K. (2000). Measures of five aspects of affective well-being at work.\nHuman Relations, 53(2), 275-294. **Short-form:** Russell, E., Daniels, K.\n(2018). Measuring affective well-being at work using short-form scales:\nImplications for affective structures and participant instructions. Human\nRelations, 71(11), 1478-1507. **PMID or DOI:** PMID: [ 30270934\n](https://pubmed.ncbi.nlm.nih.gov/30270934/) **Main positive psychological\nwell-being construct measured:** Affective well-being **Sub-constructs\nmeasured:** N/A **Available subscales:** bi-polar scales: anxiety-comfort,\ndepression-pleasure, bored-enthusiastic, tiredness-vigour, angry-placid\n**Description:** The five-factor model of affective well-being was originally\ndeveloped as a 30-item scale to measure five dimensions of affective well-\nbeing in the work context: anxiety-comfort (AC), depression-pleasure (DP),\nbored-enthusiastic (BE), tiredness-vigour (TV), and angry-placid (AP). The\n10-item short-form contains one positively and negatively valenced term for\neach of the original five factors. **Number of items:** Original: 30 items;\nShort-form: 10 items **Example of statement/item:**\n\n  1. **Original:** \u201cThinking of the past week, how much of the time has your job made you feel each of the following? (e.g., anxious, cheerful, sluggish, active, aggressive, patient) \n  2. **Short-form:** \u201cIn the section below, please indicate how you feel right now, that is, at the present moment\u201d (e.g., happy, at ease, annoyed, motivated, tired, gloomy, active) \n\n**Response options:**\n\n  1. **Original:** 6-point Likert scale ranging from 1 \u201cnever\u201d to 6 \u201call of the time\u201d \n  2. **Short-form:** 6-point Likert scale ranging from 1 \u201cnot at all\u201d to 6 \u201cvery much\u201d \n\n**Total score:**\n\nA mean score for each scale is found by reverse scoring each of the negative\nadjectives, adding each response, and dividing by the number of responses.\nHigher scores on each scale indicates higher affective well-being. **Examples\nof studies:**\n\n  1. Rego, Arm\u00e9nio, Sousa, Filipa, Marques, Carla, & Cunha, Miguel Pina e. (2012). Optimism predicting employees\u2019 creativity: The mediating role of positive affect and the positivity ratio. European Journal of Work and Organizational Psychology, 21(2), 244-270. \n  2. Page, K. M., & Vella-Brodrick, D. A. (2013). The working for wellness program: RCT of an employee well-being intervention. Journal of Happiness Studies: An Interdisciplinary Forum on Subjective Well-Being, 14(3), 1007\u20131031. \n\n###\n\n**Citation:**\n\nVan Katwyk, P. T., Fox, S., Spector, P. E., & Kelloway, E. K. (2000). Using\nthe Job-related Affective Well-being Scale (JAWS) to investigate affective\nresponses to work stressors. Journal of Occupational Health Psychology, 5,\n219-230. **PMID or DOI:** DOI: [ 10.1037//1076-8998.5.2.219\n](https://psycnet.apa.org/doi/10.1037/1076-8998.5.2.219) **Main positive\npsychological well-being construct measured:** job-related affective well-\nbeing **Sub-constructs measured:** N/A **Available subscales:**\n\n  1. Four categories: high arousal, low arousal, pleasurable, displeasurable \n  2. The five most extreme items were placed into each subscale: high pleasure high arousal, (ecstatic, enthusiastic, excited, energetic, inspired); high pleasure low arousal, (satisfied, content, at ease, relaxed, calm); low pleasure high arousal, (furious, angry, frightened, anxious, disgusted); and low pleasure low arousal, (depressed, discouraged, gloomy, fatigued, bored). \n\n**Description:**\n\nThe Job-Related Affective Well-Being Scale (JAWS) aims to measure pure,\ncontext specific affect and covers a wide range of affective responses in\norder to distinguish patterns of affective experience (i.e.,\nnegatively/positively valanced responses at high or low arousal levels). The\n30 items refer to either pleasurable or displeasurable affect (15 items each).\n**Number of items:** 30 **Example of statement/item:** \u201cMy job made me feel at\nease\u201d, \u201cMy job made me feel elated\u201d, My job made me feel angry\u201d, My job made\nme feel depressed\u201d **Response options:** Participants are asked to indicate\nthe amount to which any part of their job has made them feel the specified\nemotion in the past 30 days. Participants indicate their response using a\n5-point scale ranging from 1\u201dnever\u201d to 5 \u201cextremely often or always\u201d **Total\nscore:** Five scores were derived from the JAWS. For the overall job-related\naffective well-being score, the displeasurable items were reverse coded and\nadded to the scores on all the pleasurable items. A high score on the\nresulting summation represents a high level of overall job-related affective\nwell-being. **Examples of Studies:**\n\n  1. Weziak-Bialowolska, D., Bialowolski, P., VanderWeele, T. J., & McNeely, E. (2021). Character Strengths Involving an Orientation to Promote Good Can Help Your Health and Well-Being. Evidence From two Longitudinal Studies. American journal of health promotion : AJHP, 35(3), 388\u2013398. \n  2. Thogersen-Ntoumani, C., Black, J., Lindwall, M., Whittaker, A., & Balanos, G. M. (2017). Presenteeism, stress resilience, and physical activity in older manual workers: A person-centered analysis. European Journal of Ageing, 14(4), 385\u2013396. \n  3. Armon, G., Melamed, S., Berliner, S., & Shapira, I. (2014). High arousal and low arousal work-related positive affects and basal cardiovascular activity. The Journal of Positive Psychology, 9(2), 146\u2013154. \n  4. Shirom, A., Melamed, S., Berliner, S., & Shapira, I. (2009). Aroused versus calm positive affects as predictors of lipids. Health psychology : official journal of the Division of Health Psychology, American Psychological Association, 28(6), 649\u2013659. \n\n###\n\n**Citation:**\n\nPeter Warr. (1990) The measurement of wellbeing and other aspects of mental\nhealth. Journal of Occupational Psychology, 63, 193-210. **PMID or DOI:** DOI:\n[ 10.1111/j.2044-8325.1990.tb00521.x\n](https://psycnet.apa.org/doi/10.1111/j.2044-8325.1990.tb00521.x) **Main\npositive psychological well-being construct measured:** Affective well-being\n**Sub-constructs measured:** Anxiety, comfort (labelled earlier contentment),\ndepression, enthusiasm, competence, aspiration, negative job carry-over\n**Available subscales:** job-related affective well-being job-related anxiety-\ncontentment (6 items) job-related depression-enthusiasm (6 items) non-job-\nrelated affective well-being non-job-related anxiety-contentment (6 items)\nnon-job-related depression-enthusiasm (6 items) competence reported job\ncompetence *read resilience* (6 items) non-job-related competence *read\nresilience* (6 items) aspiration reported job aspiration (6 items) non-job-\nrelated aspiration (6 items) negative job carry-over (4 items)\n**Description:** This measure assesses two axes of affective well-being: job-\nrelated and non-job related mental health, based upon dimensions of pleasure\nand arousal, competence, aspiration and negative job carry\u2010over. **Number of\nitems:** 52 **Example of statement/item:** \u201cThinking of the past few weeks,\nhow much of the time has your job made you feel each of the following? (e.g.,\ntense, uneasy, worried, calm, contented, relaxed) \u201cIn the past few weeks, how\nmuch of the time in your life outside your job have you felt each of the\nfollowing? (e.g., depressed, gloomy, miserable, cheerful, enthusiastic,\noptimistic) \u201cPlease rate how strongly you agree or disagree with the following\nstatements\u201d: I can do my job well; I enjoy doing things in my job; I find it\ndifficult to unwind at the end of a work day **Response options:** For the job\nand non-job related affective well-being sections, the answer options were\n\u201cnever, occasionally, some of the time, much of the time, most of the time,\nall of the time\u201d, scored 1-6 respectively. For the job and non-job related\ncompetence, aspiration, and negative job carry-over sections, the answer\noptions are \u201cstrongly disagree, disagree, neither disagree nor agree, agree,\nstrongly agree\u201d, scored 1-5 respectively. Total score: A mean score for each\nscale is found by reverse scoring each of the negative adjectives, adding each\nresponse, and dividing by the number of responses. Higher scores on each scale\nindicates higher affective well-being in that category. **Examples of\nstudies:**\n\n  1. Daniels, K., & Guppy, A. (1994). Occupational stress, social support, job control, and psychological well-being. Human Relations, 47(12), 1523\u20131544. \n  2. Kompier, M. A., Taris, T. W., & van Veldhoven, M. (2012). Tossing and turning\u2013insomnia in relation to occupational stress, rumination, fatigue, and well-being. Scandinavian journal of work, environment & health, 38(3), 238\u2013246. \n  3. Jones, M.K., Latreille, P.L. and Sloane, P.J. (2016), Job Anxiety, Work-Related Psychological Illness and Workplace Performance. British Journal of Industrial Relations, 54: 742-767. \n\n###\n\n**Citation:**\n\nDagenais-Desmarais, V., Savoie, A. What is Psychological Well-Being, Really? A\nGrassroots Approach from the Organizational Sciences. J Happiness Stud 13,\n659\u2013684 (2012). **PMID or DOI:** DOI: [ 10.1007/s10902-011-9285-3\n](https://doi.org/10.1007/s10902-011-9285-3) **Main positive psychological\nwell-being construct measured:** psychological well-being at work **Sub-\nconstructs measured:** N/A **Available subscales:** Interpersonal Fit at Work,\nThriving at Work, Feeling of Competency at Work, Desire for Involvement at\nWork, and Perceived Recognition at Work **Description:** The Index of\nPsychological Well-Being at Work is an 80-item scale consisting of five\nfactors: (1) Interpersonal Fit at Work, (2) Thriving at Work, (3) Feeling of\nCompetency at Work, (4) Perceived Recognition at Work, (5) Desire for\nInvolvement at Work. **Number of items:** 80 **Example of statement/item:**\nInterpersonal fit at work: \u201cI enjoy working with the people at my job.\u201d;\nthriving at work: \u201cI find meaning in my work.\u201d; feeling of competency at work:\n\u201cI feel that I know what to do in my job.\u201d; perceived recognition at work: \u201cI\nknow that people believe in the projects I work on.\u201d; desire for involvement\nat work: \u201cI want to contribute to achieving the goals of my organization.\u201d\n**Response options:** Participants indicate their response using a 6-point\nscale ranging from 0 \u201cdisagree\u201d to 5 \u201ccompletely agree\u201d. The instructions ask\nthe participant to consider their work during the last 4 weeks and indicate to\nwhat extent they agree with each item. **Total score:** Average scores may be\nderived by each dimension or as a total combined score. **Examples of\nstudies:**\n\n  1. Dagenais-Desmarais, V., Leclerc, J.-S., & Londei-Shortall, J. (2018). The relationship between employee motivation and psychological health at work: A chicken-and-egg situation? Work & Stress, 32(2), 147\u2013167. \n  2. Gilbert, M., Dagenais-Desmarais, V., & St-Hilaire, F. (2017). Transformational leadership and autonomy support management behaviors: The role of specificity in predicting employees\u2019 psychological health. Leadership & Organization Development Journal, 38(2), 320-332. \n  3. Royer, N., & Moreau, C. (2016). A survey of Canadian early childhood educators\u2019 psychological wellbeing at work. Early Childhood Education Journal, 44(2), 135\u2013146. \n\n###\n\n**Citation:**\n\nPorath, C., Spreitzer, G., Gibson, C. and Garnett, F.G. (2012), Thriving at\nwork: Toward its measurement, construct validation, and theoretical\nrefinement. J. Organiz. Behav., 33: 250-275. **PMID or DOI:** DOI: [\n10.1002/job.756 ](https://doi.org/10.1002/job.756) **Main positive\npsychological well-being construct measured:** Individual thriving at work\n**Sub-constructs measured:** N/A **Available subscales:** (1) Learning (i.e.,\nan individual\u2019s subjective experience of learning, rather than learning\nperformance, behavior, or difference): 5 items; (2) Vitality (i.e., the state\nof having energy available ready for use): 5 items **Description:** This\n10-item scale measures thriving at work, which is defined as the psychological\nstate in which individuals experience both a sense of vitality and learning.\n**Number of items:** 10 **Example of statement/item:** Vitality: \u201cI feel alive\nand vital\u201d; Learning: \u201cI see myself continually improving\u201d, \u201cI do not feel\nvery energetic\u201d **Response options:** Participants indicate their response\nusing a 7-point scale randing from 1 \u201cstrongly disagree to 7 \u201cstrongly agree\u201d\n**Total score:** Add up total points for each section (Vitality and Learning)\nand divide by 10 for the 10 total items **Examples of studies:**\n\n  1. Walumbwa, Fred O, Muchiri, Michael K, Misati, Everlyne, Wu, Cindy, & Meiliani, Meiliani. (2018). Inspired to perform: A multilevel investigation of antecedents and consequences of thriving at work. Journal of Organizational Behavior, 39(3), 249-261. \n  2. Kaltenbrunner, M., Bengtsson, L., Mathiassen, S. E., H\u00f6gberg, H., & Engstr\u00f6m, M. (2019). Staff perception of Lean, care-giving, thriving and exhaustion: a longitudinal study in primary care. BMC health services research, 19(1), 652. \n  3. Yi-Feng Chen, N., Crant, J. M., Wang, N., Kou, Y., Qin, Y., Yu, J., & Sun, R. (2021). When there is a will there is a way: The role of proactive personality in combating COVID-19. Journal of Applied Psychology, 106(2), 199\u2013213. \n\n###\n\n**Citation:**\n\nParker GB, Hyett MP. Measurement of well-being in the workplace: the\ndevelopment of the work well-being questionnaire. J Nerv Ment Dis.\n2011;199(6):394-397. **PMID or DOI:** DOI: [ 10.1097/NMD.0b013e31821cd3b9\n](https://doi.org/10.1097/nmd.0b013e31821cd3b9) **Main positive psychological\nwell-being construct measured:** Workplace Wellbeing **Sub-constructs\nmeasured:** \u2018Work Satisfaction,\u2019\u2019 \u2018\u2018Organizational Respect for the Employee,\u2019\u2019\n\u2018\u2018Employer Care,\u2019\u2019 and a negative construct \u2018\u2018Intrusion of Work into Private\nLife.\u2019\u2019 **Available subscales:** N/A **Description:** This workplace and\nsatisfaction measure was the first of its kind to be developed to measure\nworkplace wellbeing with the Workplace Wellbeing Questionnaire (WWQ). **Number\nof items:** Original: 31-item measure **Example of statement/item:** Is your\nwork fulfilling? Do you feel that your organization respects the staff? Does\nyour work eat into your private life? **Response options:** The participants\nwere asked to rate the items that best represented their current and most\nrelevant work situation on a 5-point scale: 0, not at all; 1, slightly; 2,\nmoderately; 3,very; and 4, extremely true. **Total score:** The scoring for\neach factor involved summing the scores from each item (Note: reverse score\none item for the \u2018\u2018Intrusion of Work into Private Life\u2019\u2019 factor). **Examples\nof studies:**\n\n  1. Patel, Ashwini Kumar, Banga, Chavinoor, & Chandrasekaran, Baskaran. (n.d.). Effect of an education-based workplace intervention (move in office with education) on sedentary behaviour and well-being in desk-based workers: A cluster randomized controlled trial. International Journal of Occupational Safety and Ergonomics, Ahead-of-print(Ahead-of-print), 1-9. \n  2. Janicke, S. H., Rieger, D., Reinecke, L., & Connor, W., III. (2018). Watching online videos at work: The role of positive and meaningful affect for recovery experiences and well-being at the workplace. Mass Communication & Society, 21(3), 345\u2013367. \n\n###\n\n**Citation:**\n\nZheng, X., Zhu, W., Zhao, H., Zhang, C. (2015). Employee well-being in\norganizations: Theoretical model, scale development, and cross-cultural\nvalidation. Journal of Organizational Behavior, 36, 621-644. **PMID or DOI:**\nDOI: [ 10.1002/job.1990 ](https://doi.org/10.1002/job.1990) **Main positive\npsychological well-being construct measured:** Employee well-being **Sub-\nconstructs measured:** life well-being, workplace well-being, psychological\nwell-being **Available subscales:** Life Well-Being (LWB), Work Well-Being\n(WWB), Psychological Well-Being (PWB) **Description:** The Employee Well-Being\nScale is an 18-item scale comprised of three facets of well-being: life well-\nbeing (LWB), work well-being (WWB), and psychological well-being (PWB) and\ncontains 6 items for each domain. **Number of items:** 18 **Example of\nstatement/item:** LWB \u2013 \u201cI am close to my dream in most aspects of my life\u201d\nand \u201cMy life is fun\u201d; WWB \u2013 \u201cI find real enjoyment in my work\u201d and \u201cIn\ngeneral, I feel fairly satisfied with my present job\u201d; PWB \u2013 \u201cI generally feel\ngood about myself and I\u2019m confident\u201d and \u201cI handle daily affairs well\u201d\n**Response options:** Original: 6-point Likert scale ranging from 1 \u201cnever\u201d to\n6 \u201call of the time\u201d **Short-form:** 6-point Likert scale ranging from 1\n\u201cstrongly disagree\u201d to 7 \u201cstrongly agree\u201d **Total score:** A mean score for\neach scale is found by adding each response, and dividing by the number of\nresponses. **Example of Studies:**\n\n  1. Bayhan Karapinar, P., Metin Camgoz, S. & Tayfur Ekmekci, O. Employee Wellbeing, Workaholism, Work\u2013Family Conflict and Instrumental Spousal Support: A Moderated Mediation Model. J Happiness Stud 21, 2451\u20132471 (2020). \n  2. Wolff, M. B., O\u2019Connor, P. J., Wilson, M. G., & Gay, J. L. (2021). Associations Between Occupational and Leisure-Time Physical Activity With Employee Stress, Burnout and Well-Being Among Healthcare Industry Workers. American journal of health promotion : AJHP, 8901171211011372. Advance online publication. \n\n###\n\nThe National Institute for Occupational Safety and Health (NIOSH) recently\npublished the Worker Well-Being Questionnaire (WellBQ), administered to\nworkers, designed to provide an integrated, holistic assessment of a worker\u2019s\nsocial environment, workplace conditions, and well-being. It is comprised of\nfive domains: (1) work evaluation and experience; (2) workplace policies and\nculture; (3) workplace physical environment and safety climate; (4) health\nstatus; and (5) home, community, and society. See the links below for detailed\ninformation about the measure. [ Background Information\n](https://www.cdc.gov/niosh/twh/wellbq/default.html) [ Instrument\n](https://www.cdc.gov/niosh/docs/2021-110/pdf/2021-110revised052021.pdf?id=10.26616/NIOSHPUB2021110revised52021)\n\n_ Last updated: August 2023  _\n\n[ ](/)\n\nSocial\n\n  * [ Facebook  ](http://facebook.com/harvardpopcenter)\n  * [ Twitter  ](http://twitter.com/HarvardPopCtr)\n  * [ Linkedin  ](https://www.linkedin.com/showcase/harvard-center-for-population-and-development-studies/)\n  * [ Youtube  ](http://youtube.com/harvardpopcenter)\n\n[ Admin login ](https://sites.harvard.edu/population-development/wp-\nlogin.php?action=shibboleth)\n\n[ ](https://www.harvard.edu)\n\nCopyright \u00a9 2025 The President and Fellows of Harvard College\n\n[ Accessibility ](https://accessibility.harvard.edu/) [ Digital Accessibility\n](https://accessibility.huit.harvard.edu/digital-accessibility-policy) [\nReport Copyright Infringement ](https://www.harvard.edu/copyright-issue/) [\nInfo Practices ](https://hwp.harvard.edu/harvardsites-platform-information-\ngathering-statement)\n\n",
                "url": "https://popcenter.harvard.edu/harvard-research/harvard-research-resources/resources-for-measuring-well-being/measuring-well-being-at-work/"
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            "summary": "ResearchGate publication exploring the impact of hybrid and remote work models on business efficiency and employee well-being.",
            "url": "https://www.researchgate.net/publication/381896090_Exploring_the_Impact_of_Hybrid_and_Remote_Work_Models_on_Business_Efficiency_and_Employee_Well-being_A_Scoping_Review"
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                    "source": "https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7892612/"
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                "page_content": "Skip to main content\n\n**Official websites use .gov**  \nA **.gov** website belongs to an official government organization in the\nUnited States.\n\n**Secure .gov websites use HTTPS**  \nA **lock** (  ) or **https://** means you've safely connected to the .gov\nwebsite. Share sensitive information only on official, secure websites.\n\n[ ](/ \"Home\")\n\n  * [ Advanced Search ](https://www.ncbi.nlm.nih.gov/pmc/advanced/)\n  * [ Journal List ](/journals/)\n  * [ User Guide ](/about/userguide/)\n\n  *   * [ ](https://doi.org/10.3389/fpubh.2021.614725 \"View on publisher site\")\n  * [ ](pdf/fpubh-09-614725.pdf \"Download PDF\")\n  *   *   * ##  PERMALINK \n\nAs a library, NLM provides access to scientific literature. Inclusion in an\nNLM database does not imply endorsement of, or agreement with, the contents by\nNLM or the National Institutes of Health.  \nLearn more: [ PMC Disclaimer ](/about/disclaimer/) | [ PMC Copyright Notice ](/about/copyright/)\n\n. 2021 Feb 5;9:614725. doi: [ 10.3389/fpubh.2021.614725\n](https://doi.org/10.3389/fpubh.2021.614725)\n\n#  A Comparison of Safety, Health, and Well-Being Risk Factors Across Five\nOccupational Samples\n\n[ Ginger C Hanson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Hanson%20GC%22%5BAuthor%5D)\n\n###  Ginger C Hanson\n\n1  School of Nursing, Johns Hopkins University, Baltimore, MD, United States\n\nFind articles by [ Ginger C Hanson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Hanson%20GC%22%5BAuthor%5D)\n\n1,  *  , [ Anjali Rameshbabu\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Rameshbabu%20A%22%5BAuthor%5D)\n\n###  Anjali Rameshbabu\n\n2  Oregon Healthy Workforce Center, Oregon Institute of Occupational Health\nSciences, Oregon Health & Science University, Portland, OR, United States\n\nFind articles by [ Anjali Rameshbabu\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Rameshbabu%20A%22%5BAuthor%5D)\n\n2  , [ Todd E Bodner\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Bodner%20TE%22%5BAuthor%5D)\n\n###  Todd E Bodner\n\n3  OHSU-PSU School of Public Health, Portland State University, Portland, OR,\nUnited States\n\nFind articles by [ Todd E Bodner\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Bodner%20TE%22%5BAuthor%5D)\n\n3  , [ Leslie B Hammer\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Hammer%20LB%22%5BAuthor%5D)\n\n###  Leslie B Hammer\n\n2  Oregon Healthy Workforce Center, Oregon Institute of Occupational Health\nSciences, Oregon Health & Science University, Portland, OR, United States\n\nFind articles by [ Leslie B Hammer\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Hammer%20LB%22%5BAuthor%5D)\n\n2  , [ Diane S Rohlman\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Rohlman%20DS%22%5BAuthor%5D)\n\n###  Diane S Rohlman\n\n4  Occupational and Environmental Health, University of Iowa, Iowa City, IA,\nUnited States\n\nFind articles by [ Diane S Rohlman\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Rohlman%20DS%22%5BAuthor%5D)\n\n4  , [ Ryan Olson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Olson%20R%22%5BAuthor%5D)\n\n###  Ryan Olson\n\n2  Oregon Healthy Workforce Center, Oregon Institute of Occupational Health\nSciences, Oregon Health & Science University, Portland, OR, United States\n\nFind articles by [ Ryan Olson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Olson%20R%22%5BAuthor%5D)\n\n2  , [ Brad Wipfli\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Wipfli%20B%22%5BAuthor%5D)\n\n###  Brad Wipfli\n\n3  OHSU-PSU School of Public Health, Portland State University, Portland, OR,\nUnited States\n\nFind articles by [ Brad Wipfli\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Wipfli%20B%22%5BAuthor%5D)\n\n3  , [ Kerry Kuehl\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Kuehl%20K%22%5BAuthor%5D)\n\n###  Kerry Kuehl\n\n5  School of Medicine, Oregon Health & Science University, Portland, OR,\nUnited States\n\nFind articles by [ Kerry Kuehl\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Kuehl%20K%22%5BAuthor%5D)\n\n5  , [ Nancy A Perrin\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Perrin%20NA%22%5BAuthor%5D)\n\n###  Nancy A Perrin\n\n1  School of Nursing, Johns Hopkins University, Baltimore, MD, United States\n\nFind articles by [ Nancy A Perrin\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Perrin%20NA%22%5BAuthor%5D)\n\n1  , [ Lindsey Alley\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Alley%20L%22%5BAuthor%5D)\n\n###  Lindsey Alley\n\n2  Oregon Healthy Workforce Center, Oregon Institute of Occupational Health\nSciences, Oregon Health & Science University, Portland, OR, United States\n\nFind articles by [ Lindsey Alley\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Alley%20L%22%5BAuthor%5D)\n\n2  , [ Allison Schue\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Schue%20A%22%5BAuthor%5D)\n\n###  Allison Schue\n\n6  College of Osteopathic Medicine, Western University of Health Sciences,\nLebanon, OR, United States\n\nFind articles by [ Allison Schue\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Schue%20A%22%5BAuthor%5D)\n\n6  , [ Sharon V Thompson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Thompson%20SV%22%5BAuthor%5D)\n\n###  Sharon V Thompson\n\n7  Division of Nutritional Sciences, University of Illinois at Urbana-\nChampaign, Urbana, IL, United States\n\nFind articles by [ Sharon V Thompson\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Thompson%20SV%22%5BAuthor%5D)\n\n7  , [ Megan Parish\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Parish%20M%22%5BAuthor%5D)\n\n###  Megan Parish\n\n8  Confluence Health, Wenatchee, WA, United States\n\nFind articles by [ Megan Parish\n](https://pubmed.ncbi.nlm.nih.gov/?term=%22Parish%20M%22%5BAuthor%5D)\n\n8\n\n  *   *   * \n\n1  School of Nursing, Johns Hopkins University, Baltimore, MD, United States\n\n2  Oregon Healthy Workforce Center, Oregon Institute of Occupational Health\nSciences, Oregon Health & Science University, Portland, OR, United States\n\n3  OHSU-PSU School of Public Health, Portland State University, Portland, OR,\nUnited States\n\n4  Occupational and Environmental Health, University of Iowa, Iowa City, IA,\nUnited States\n\n5  School of Medicine, Oregon Health & Science University, Portland, OR,\nUnited States\n\n6  College of Osteopathic Medicine, Western University of Health Sciences,\nLebanon, OR, United States\n\n7  Division of Nutritional Sciences, University of Illinois at Urbana-\nChampaign, Urbana, IL, United States\n\n8  Confluence Health, Wenatchee, WA, United States\n\nEdited by: Caterina Ledda, University of Catania, Italy\n\nReviewed by: Yuke Tien Fong, Singapore General Hospital, Singapore; Angela\nStufano, University of Bari Aldo Moro, Italy\n\n\u2709\n\n*Correspondence: Ginger C. Hanson  ghanson4@jhu.edu \n\nThis article was submitted to Occupational Health and Safety, a section of the\njournal Frontiers in Public Health\n\nReceived 2020 Oct 6; Accepted 2021 Jan 6; Collection date 2021.\n\nCopyright \u00a9 2021 Hanson, Rameshbabu, Bodner, Hammer, Rohlman, Olson, Wipfli,\nKuehl, Perrin, Alley, Schue, Thompson and Parish.\n\nThis is an open-access article distributed under the terms of the Creative\nCommons Attribution License (CC BY). The use, distribution or reproduction in\nother forums is permitted, provided the original author(s) and the copyright\nowner(s) are credited and that the original publication in this journal is\ncited, in accordance with accepted academic practice. No use, distribution or\nreproduction is permitted which does not comply with these terms.\n\n[ PMC Copyright notice ](/about/copyright/)\n\nPMCID: PMC7892612 PMID: [ 33614583\n](https://pubmed.ncbi.nlm.nih.gov/33614583/)\n\n##  Abstract\n\n**Objective:** The aim of this study was to present safety, health and well-\nbeing profiles of workers within five occupations: call center work ( _N_ =\n139), corrections ( _N_ = 85), construction ( _N_ = 348), homecare ( _N_ =\n149), and parks and recreation ( _N_ = 178).\n\n**Methods:** Baseline data from the Data Repository of Oregon's Healthy\nWorkforce Center were used. Measures were compared with clinical healthcare\nguidelines and national norms.\n\n**Results:** The prevalence of health and safety risks for adults was as\nfollows: overweight (83.2%), high blood pressure (16.4%), injury causing lost\nwork (9.9%), and reported pain (47.0%). Young workers were least likely to\nreport adequate sleep (46.6%). Construction workers reported the highest rate\nof smoking (20.7%). All of the adult workers reported significantly lower\ngeneral health than the general population.\n\n**Conclusion:** The number of workers experiencing poor safety, health and\nwell-being outcomes suggest the need for improved working conditions.\n\n**Keywords:** health promotion, health behaviors, occupational safety, health,\nwell-being\n\n##  Introduction\n\nThere is growing awareness in the literature that providing a healthy labor\nforce requires integrated consideration of each workplace's impact on\nemployees' safety, health, and well-being (  1  ). This relationship between\nwork and well-being is further impacted by changing trends within the American\nworkforce as well as the nature of work. For example, there is a growing\nnumber of working older adults. It is estimated that by 2024, the employment\nrate of workers 65\u201374 years is projected to grow by 55% and that of workers 75\nyears and older is expected to grow by 86% (  2  ). Further, while physically\nhazardous jobs with high risk of injury and illness continue to exist, jobs\nthat increase the risk of chronic illness are becoming increasingly prevalent\nas employees remain inactive for long hours, experience high job stress and\nburnout, and face greater job insecurity and occupational health disparities.\n\nMoreover, the prevalence of preventable chronic health conditions across all\nage groups is increasing (  3  ). About 60% of the U.S. population suffers\nfrom at least one chronic health condition (  4  ), and healthcare costs\nassociated with these conditions account for 75% of healthcare spending (  5\n). Modifiable exposures and health risk factors such as stress, physical\ninactivity, and obesity account for ~26% of employer healthcare costs, at $761\nper employee (  6  ).\n\nOccupational injuries in the U.S. workforce continue to be a concern, with 3.2\ncases per 100 full-time workers in the private sector and 5.0 per 100 in the\npublic sector in 2014 (  7  ). Furthermore, there are bi-directional\ninteractions of safety and health. For example, workers with obesity who\nexperience workplace injuries experience 80.0% greater working time loss and\nincur 81.4% higher costs than workers without obesity (  8  ). Another example\ncan be found among commercial truck drivers, where drivers with untreated\nsleep apnea have a five-fold risk of a serious crash (  9  ). A holistic\nintervention approach that targets workplace safety, health, and worker well-\nbeing can curtail costs from largely preventable workplace injuries and\nchronic illnesses.\n\nTo this end, in 2011, the National Institute for Occupational Safety and\nHealth (NIOSH) launched _Total Worker Health_ \u00ae (TWH), an approach that\nrecognizes that work is a key determinant of one's health and well-being. This\napproach prioritizes a hazard-free work environment and emphasizes integrated\ninterventions that collectively target worker safety, health, and well-being.\nTWH is defined as policies, programs, and practices that integrate protection\nfrom work-related safety/health hazards with promotion of injury and illness\nprevention efforts to advance worker well-being (  10  ,  11  ). As part of\nthis effort, NIOSH funded the Total Worker Health Centers of Excellence (  12\n), one of which is the Oregon Healthy Workforce Center (OHWC) (  13  ).\n\nAn integrated effort first requires monitoring of the safety, health, and\nwell-being risk factors at employee and organizational levels; doing so will\nhelp us identify targets for change. At OHWC, we have created a repository of\ndata collected via a set of common measures used across multiple projects,\nwith the goal of comparing safety and health data of participants from various\nindustry sectors. This fairly novel approach has the potential to improve the\nquality and utility of occupational health research by facilitating stronger\ncomparisons across populations.\n\n###  Common Measures Approach vs. Meta-Analyses\n\nOccupational health meta-analyses have helped identify relationships between\nworkplace risk factors and employee health outcomes, including correlations\nbetween job strain and leisure-time physical inactivity (  14  ), and work\nstress and tobacco smoking (  15  ). Although such meta-analyses can be\npowerful, measuring the same construct using different survey items on\ndifferent scales of measurement, can add error to the conclusions. Meta-\nanalyses can overcome differences in measurement tools by using effect sizes\nthat serve as a standardized measure. Although this approach works well when\nexamining the relationship between different variables, it cannot be applied\nwhen comparing single-risk factors across different occupational groups. Using\nthe same measure across studies is a way to increase the precision of the\nmeasurement by reducing variability due to the way the survey items are\nmeasured.\n\nA common measures approach has multiple advantages. We can utilize the same\nmeasures across different study populations to benchmark comparisons of the\ndata. Further, given that there are 19,256 unique industry sectors in the U.S.\nworkforce (  16  ), standardizing the safety and health measures across\nsectors within occupational safety and health intervention studies allows us\nto test the effectiveness of program components within and between\npopulations. In turn, this will expedite the process of translating and\ndisseminating interventions to diverse work settings (  17  ). The goal to\nincrease standardization in measurement is consistent with NIH's funding to\ndevelop and promote PROMIS\u00ae, a set of standard measures that assess physical,\nsocial, and mental health among adults and children (  18  ).\n\n###  Comparing Common Outcomes Across Studies vs. Population-Based Studies\n\nMost studies examining health risks have focused on a specific occupational\nsetting or have used random sampling to estimate the overall population risk (\n19  \u2013  23  ). Although both of these methods make important contributions to\nunderstanding the relationship between work and health, both methods leave\nsome gaps. For example, general population studies typically include working\nand non-working individuals. Further, information about occupations may be\nlimited to broad categories such as white-collar vs. blue-collar occupations (\n22  ). All of the population-based studies we found were conducted among\nworking populations outside of the United States, often in European countries\nwhere governments sponsor recurring studies on working conditions (  15  ,  20\n,  21  ,  24  ). Generalizations to the U.S. are limited due to possible\ndifferences in national policies, work experiences, organizational culture,\npopulation health status, and occupational health risk factors. Moreover,\nlarge population studies are costly and are conducted only periodically. For\nexample, the European Working Conditions Surveys are collected every 5 years\nand focus on work-related exposures, not on the impact of work on individual\nhealth behaviors (  21  ).\n\nA common measures approach has unique strengths and weaknesses. It can be a\npowerful research strategy to surveil the safety and health of the workforce,\nmake comparisons between occupations, and inform intervention strategies that\nare best suited within and across workplace settings. A challenge of the\ncommon measures approach is that it can involve a high degree of coordination\nand buy-in from separate collaborators. However, the advantage is the ability\nto use individual data on the same scale of measurement to make direct\ncomparisons. This approach may be less expensive and resource-intensive than\nlarger population-based studies. The advantage of a less expensive approach is\nthat it can be done more frequently or fill in the gaps between costly\npopulation-based occupational groups. These \u201cgrass roots\u201d efforts can be\nespecially helpful in continuously monitor the safety and health of workers as\nthe nature of the work continues to evolve with changes in technology, shifts\nin economic policies, and other changing factors in the landscape of work.\n\nWe found one other study that uses this common measures approach: Community\nInterventions for Health (CIH)\u2014a collaboration that seeks to understand the\nimpact of health behavior interventions on health outcomes in developing\ncountries (  25  ). Each country agrees to use a core set of measures designed\nin a way that adds culturally relevant examples and appropriate items. This\napproach enables CIH to assemble large datasets from multiple countries and\nhighlight the relationships that are common across different countries (  26\n\u2013  28  ).\n\nThe OHWC Common Measures Data Repository currently includes data from five\nseparate studies, and we have compared the safety, health, and well-being\noutcomes of working populations across different occupations. OHWC presents\ncollective and unique profiles of these worker groups: call center workers,\ncorrections officers, construction workers, homecare workers, and parks and\nrecreation workers. Each work setting includes unique hazards and risk\nfactors, and physical and psychological demands (  29  ). For example,\nhomecare workers often receive little safety training or health benefits, work\nprimarily alone, and are responsible for lifting and moving their consumer-\nemployers multiple times per day (  30  \u2013  32  ). Construction workers also\nface considerable physical demands, but have a great deal more supervision and\nadhere to rigid schedules, making them particularly susceptible to issues\nregarding work-family conflicts and psychological stress (  33  ).\n\n##  Methods\n\n###  Measures\n\nBaseline data were gathered from five studies funded by NIOSH. A standardized\nset of measures was agreed upon prior to data collection for each study. From\nthis set, individual study teams selected the measures that best fit their\nneeds. Thus, not every sample reported data on every variable. For purposes of\nour study, we chose measures of safety (injuries), health [pain, body mass\nindex (BMI), blood pressure], health behaviors (smoking, sleep, exercise), and\nwell-being (health status) used by at least three of our studies. Where\npossible we computed these variables so that they could be compared with\nclinical healthcare recommendations or national norms. Additionally, biomarker\nassessment was conducted by a trained research assistant unless otherwise\nindicated.\n\n####  Injuries\n\nInjuries were measured with a single item: \u201cIn the last 6-months, if you had 1\nor more injuries at work that required you to miss work on following shifts,\nhow many total work days did you miss?\u201d Responses were coded 0 (No missed\ndays) or 1 (Yes, 1 or more missed days). The 6-month timeframe was chosen\nbecause research indicates that participant recollection of medical events are\nless accurate for 1-year than for 1-month (  34  ) however, injuries are rare\nand thus 1-month was not ideal. Given this 6-months seemed a reasonable\ncompromise between exposure and accuracy.\n\n####  Pain\n\nMusculoskeletal pain that interfered with normal activities was measured with\nfour items adapted from the Standardized Nordic Questionnaires for the\nAnalysis of Musculoskeletal Symptoms (  35  ). The items asked how often in\nthe last 3 months pain interfered with normal activities at work or at home.\nThe following body areas were included: neck/shoulder, lower back, wrist or\nforearm, and lower extremities. For the present study, participants were coded\nas 0 if they answered \u201cnot at all\u201d to all questions and 1 if they reported any\ninterference with work on any of the four items.\n\n####  Health Status\n\nHealth status was measured using the SF12v2, which contains 12 survey items\nmeasuring eight subscales: general health, physical functioning, role\nphysical, role emotional (i.e., ability to perform role-related\nresponsibilities due to emotional or physical health issues) bodily pain,\nmental health, vitality, and social functioning. The scale has been validated\nfor use in general U.S. populations, in 10 other countries, and in populations\nof individuals with a variety of health conditions. Extensive information\nabout the reliability and validity of the SF12v2 can be found in the SF12v2\ninstruction manual (  36  ). Scores were normed using means and standard\ndeviations from a representative sample of the general U.S. population\ndescribed in the Participants section of the present paper. Per instructions\nin the manual, _z_ -scores were computed by subtracting the provided mean for\neach subscale from the general U.S. sample and dividing by the provided\nstandard deviation for the subscale from the general U.S. sample. Following\nthe instructions in the manual _t_ -score transformations were computed by\nadding 50 and multiplying by 10. This facilitated a comparison to that\nnational representative sample with a mean of 50 and a standard deviation of\n10.\n\n####  BMI\n\nBMI and cut-offs for overweight and obesity were calculated based on CDC\nguidelines (  37  ). Participants were weighed with clothes on, pockets\nemptied, and no shoes, belts or heavy jewelry/watches, etc. For adults, BMI\nwas calculated using the standard formula: weight (kg)/height (m)  2  . For\nworkers under 18y, BMI was computed based on sex-specific age growth charts.\nFor both groups, individuals were coded as overweight if they had a BMI of\n25.0\u201329.9 and obese if they had a BMI of 30.0 or greater.\n\n####  Blood Pressure\n\nBlood pressure was taken after 3 min rest followed by 3 measurements, each 1\nmin apart; then we took the average of those three measurements. Blood\npressure cut-offs for pre-hypertension and hypertension were based on NIH\nNational Heart, Lung, and Blood Institute (NHLBI) recommendations (  38  ).\nCases were coded as pre-hypertensive if they had a systolic blood pressure of\n120\u2013139 mm Hg or a diastolic blood pressure of 80\u201389 mm Hg, and as\nhypertensive if they had a systolic blood pressure of \u2265140 or a diastolic\nblood pressure of \u226590 mm Hg. We did not inquire as to whether workers were\nparticipating in anti-hypertensive treatment at the time of data collection.\n\n####  Smoking\n\nParticipants were asked: \u201cIn the past 7 days, have you smoked any cigarettes?\u201d\nResponses were coded 0 (no) or 1 (yes). This is consistent with the U.S.\nDepartment of Health and Human Services' initiative to end the tobacco\nepidemic (  39  ).\n\n####  Sleep\n\nSleep was measured using two items from the Pittsburgh Sleep Quality Index (\n40  ) to compute time spent in bed. Minimum guidelines for sleep were adopted\nfrom the CDC (  41  ). Adults were coded as meeting the minimum guidelines if\nthey got at least 7 h of sleep; young workers were coded as meeting the\nminimum guideline if they got at least 9 h of sleep per night.\n\n####  Exercise\n\nFor all of the adult participants, exercise was coded as \u201cyes\u201d if the\nparticipant reported engaging in moderate or vigorous exercise for 30 min on 5\nor more days per week [per CDC recommendations (  42  )] and \u201cno\u201d if they did\nnot. In the young worker sample, participants were not asked about intensity\n(\u201cmoderate/vigorous\u201d).\n\n###  Participants\n\n####  Call Center Workers\n\nParticipants included 139 employees from two customer service call centers.\nThere are ~29,000 customer service employees in Oregon (  43  ). Employees\nwere recruited by study advertisements and completed all study activities\nduring work hours. Participants received a $25 gift card for completing the\nstudy. Data were collected in the summer through fall of 2015. All study\nprocedures were approved by Oregon Health & Science University (OHSU) IRB\n#0753.\n\n####  Correction Officers\n\nParticipants in the first study included 85 corrections officers from four\nOregon Department of Corrections institutions. Oregon employs ~2,300\ncorrection officers in 14 state prisons (  44  ). Prior to recruiting\nparticipants, permission was granted by the Superintendent of each\ninstitution. Participants were full-time security staff at the institutions.\nData were collected between June 2011 through May 2013. All study procedures\nwere reviewed and approved by OHSU IRB #7925.\n\n####  Construction Workers\n\nParticipants in the second study included 349 construction workers from two\npublic works agencies with a total of 520 construction workers, giving us a\nresponse rate of 67.12%. There are ~80,000 construction workers in Oregon (\n43  ). The results from the main study are published in the article cited here\n(  45  ). Data were collected on company time in the summer of 2012.\nParticipants were provided a $25 gift card for their participation. All study\nprocedures were reviewed and approved by Portland State University IRB\n#111884.\n\n####  Homecare Workers\n\nParticipants in the third study included 148 Oregon homecare workers recruited\nfrom the population of caregivers enrolled in a publicly funded home care\nsystem overseen by the Oregon Home Care Commission (  31  ). There were\n~12,000 homecare workers registered with the OHCC in the spring of 2013 when\nwe collected these data (  46  ). Within this system, caregivers work as\nindependent contractors and are hired directly by \u201cconsumer-employers\u201d who\nqualify for Medicaid-funded in-home services. With the assistance of the\nService Employees International Union SEIU and the Commission, workers were\nrecruited in-person at training classes, but also through emails, mailed\nfliers, and referrals. All study procedures were reviewed and approved by OHSU\nIRB #5473. The results of the main study are published in the article cited\nhere (  31  ).\n\n####  Parks and Recreation Workers\n\nIn the summer of 2013, we sent emails to 436 young workers (14\u201324 years of\nage) from a city parks and recreation department who were seasonal summer\nemployees. Throughout the results and discussion we refer to this sample of\n14\u201324 year olds as young workers and our other samples of workers aged 25 and\nolder as adult workers. Of those invited to participate 178 completed baseline\nsurveys, a response rate of 40.83%. Results from the main study are published\nin the article referenced here (  47  ). There are about 1,800 parks and\nrecreation workers in the state of Oregon (  43  ). Participants were\nrecruited during new hire orientation; parental consent letters were\ndistributed to minors. No biomarkers were assessed in this study. All study\nmaterials and procedures were approved by OHSU IRB #0753.\n\n####  U.S. General Population Norming Means and SD\n\nThe means and SD for norming the scores for comparison to the U.S. general\npopulation are in the SF12v2 scoring manual (  36  ). These data are from the\n1998 National Survey of Functional Health Status (NSFHS), conducted from\nOctober to December 1998 by the National Research Corporation (NRC). Surveys\nwere mailed to randomly selected members of the National Family Opinion (NFO)\npanel; 7,069 participants responded (overall response rate: 67.8%). The\npopulation contained both working and non-working adults. Sampling weights\nwere applied to adjust the sample to match the age, gender, and age-by-gender\ndistribution of the 1998 census.\n\n###  Analyses\n\nDescriptive statistics, frequencies, means, and standard deviations were\ncomputed to create profiles for these participating workers. One-sample _t_\n-tests were used to test whether the normed scores from our participants on\nthe SF-12 subscales were statistically different from a nationally\nrepresentative sample, with a mean of 50 for all subscales. Alpha was set at\n_p_ = 0.05 for a two-tailed test for determining statistical significance.\n\n##  Results\n\n###  Demographics and Work Characteristics\n\nA comparison of the demographics and work characteristics of the five samples\nin  Table 1  .\n\n####  Table 1.\n\nOHWC descriptive statistics, demographics, and work characteristics.\n\n|  **Call center workers** |  **Corrections officers** |  **Construction workers** |  **Homecare workers** |  **Parks and recreation workers**  \n---|---|---|---|---|---  \n|  **_N_ ** |  **M \u00b1 SD** |  **_N_ ** |  **M \u00b1 SD** |  **_N_ ** |  **M \u00b1 SD** |  **_N_ ** |  **M \u00b1 SD** |  **_N_ ** |  **M \u00b1 SD**  \nAge  |  139  |  38.26 \u00b1 10.47  |  83  |  42.66 \u00b1 10.05  |  347  |  44.48 \u00b1 9.56  |  148  |  51.70 \u00b1 13.19  |  178  |  17.98 \u00b1 2.24   \nHours/week  |  N/A  |  N/A  |  79  |  42.11 \u00b1 4.01  |  324  |  41.77 \u00b1 6.27  |  129  |  24.01 \u00b1 17.05  |  N/A  |  N/A   \n|  _**N** _ |  **%** |  _**N** _ |  **%** |  _**N** _ |  **%** |  _**N** _ |  **%** |  _**N** _ |  **%**  \nGender (male)  |  139  |  64.8%  |  84  |  75.0%  |  347  |  89.1%  |  142  |  7.7%  |  178  |  46.1%   \nRace  |  139  |  |  76  |  |  343  |  |  142  |  |  178  |   \nWhite  |  |  63.3%  |  |  85.5%  |  |  77.3%  |  |  83.8%  |  |  75.8%   \nBlack  |  |  11.5%  |  |  6.6%  |  |  6.7%  |  |  0.0%  |  |  4.5%   \nNative  |  |  3.6%  |  |  2.6%  |  |  2.6%  |  |  7.7%  |  |  2.2%   \nAmerican  |  |  |  |  |  |  |  |  |  |   \nAsian  |  |  2.2%  |  |  0.0%  |  |  2.6%  |  |  2.1%  |  |  6.7%   \nNative  |  |  2.2%  |  |  0.0%  |  |  0.3%  |  |  2.1%  |  |  0.0%   \nHawaiian/Pacific islander  |  |  |  |  |  |  |  |  |  |   \nMulti-racial  |  |  5.8%  |  |  2.6%  |  |  8.5%  |  |  4.2%  |  |  9.0%   \nOther  |  |  11.5%  |  |  2.6%  |  |  2.0%  |  |  0.0%  |  |  1.7%   \nHispanic  |  135  |  16.3%  |  77  |  6.5%  |  342  |  2.6%  |  132  |  6.1%  |  178  |  6.2%   \nEducation  |  N/A  |  N/A  |  79  |  |  346  |  |  145  |  |  178  |   \nLess than HS  |  |  |  |  0.0%  |  |  2.3%  |  |  1.4%  |  |  48.3%   \nHS/GED  |  |  |  |  20.3%  |  |  37.3%  |  |  33.1%  |  |  20.3%   \nSome college  |  |  |  |  64.6%  |  |  47.7%  |  |  40.0%  |  |  27.5%   \nBachelor's or > |  |  |  |  15.2%  |  |  12.7%  |  |  25.5%  |  |  3.9%   \nTenure  |  N/A  |  N/A  |  79  |  |  347  |  |  145  |  |  178  |   \n<1 year  |  |  |  |  0.0%  |  |  4.0%  |  |  11.7%  |  |  35.4%   \n1\u20133 years  |  |  |  |  20.3%  |  |  15.3%  |  |  30.3%  |  |  36.5%   \n>3 years  |  |  |  |  79.8%  |  |  80.7%  |  |  58.0%  |  |  28.0%   \n  \n[ Open in a new tab ](table/T1/)\n\n_For the purpose of this study, we define Hispanic as an individual who\nidentifies as being of Cuban, Puerto Rican, South or Central American, or\nother Spanish culture of origin regardless of race_ .\n\n###  Comparison Across Measures of Safety, Health, Health Behaviors, and Well-\nBeing\n\nTable 2  provides an overview of the safety and health profiles for all worker\nsamples. Ten percent of older adult workers (i.e., 65 and above; call center,\nconstruction, corrections, and homecare) reported work-related injuries that\nresulted in missed work during the past 6 months. Such injuries were highest\namong construction workers at 16.2%. Forty-seven percent of adult workers\nreported experiencing pain in the last 6 months that interfered with normal\nactivities. More than 70% of all participants were overweight or obese. In the\nyoung worker sample, just over 21% were overweight or obese. Conversely, 83.2%\nof older adult workers were overweight or obese. Among the adult participants,\n16.4% had high blood pressure (HBP) and 41.0% were pre-hypertensive.\nApproximately 15% of all workers reported smoking in the last week/month.\nSmoking was lowest among young workers employed by parks and recreation\ndepartment (4.5%) and highest among construction workers (20.7%).\nApproximately 60% of all workers reported getting sufficient sleep; as\nrecommended by NIH. Sleep sufficiency was lowest in the young worker sample\n(46.6%) for whom more sleep is recommended. Only 35% of the workers were\ngetting 150 min of moderate to vigorous physical activity per week as\nrecommended by the CDC. Young workers were more likely to meet exercise\nguidelines, yet even in this sample, just over 50% met the guidelines.\nPhysical activity was lowest among corrections officers and homecare workers,\nat just over 20%.\n\n####  Table 2.\n\nOHWC descriptive statistics for health, safety, well-being, and health\nbehaviors.\n\n|  **Call center workers** |  **Correction officers** |  **Constructions workers** |  **Homecare workers** |  **Parks and recreation workers** |  **Combined sample**  \n---|---|---|---|---|---|---  \n|  **_N_ ** |  **%** |  **_N_ ** |  **%** |  **_N_ ** |  **%** |  **_N_ ** |  **%** |  **_N_ ** |  **%** |  **_N_ ** |  **%**  \n**Safety**  \nWork injury that required lost work days  |  139  |  2.9%  |  79  |  5.1%  |  346  |  16.2%  |  147  |  4.1  |  N/A  |  N/A  |  572  |  9.9%   \nPain that interfered with normal activities  |  123  |  6.3%  |  79  |  44.3%  |  341  |  56.0%  |  148  |  61.6%  |  N/A  |  N/A  |  566  |  47.0%   \n**Health**  \nSmoking in past week  |  138  |  16.7%  a  |  79  |  12.7%  |  348  |  20.7%  |  147  |  16.3%  a  |  178  |  4.5%  |  752  |  15.4%   \nRecommended hours sleep (teens 9+ h; adults 7+ h)  |  139  |  79.3%  |  77  |  56.4%  |  339  |  60.2%  |  N/A  |  N/A  |  178  |  46.6%  |  594  |  60.1%   \nModerate/vigorous exercise for 30 min for 5 or more days per week  |  139  |  43.1%  |  79  |  21.5%  |  346  |  32.1%  |  145  |  22.8%  |  178  |  50.6%  b  |  748  |  35.1%   \nBMI  |  138  |  |  83  |  |  335  |  |  148  |  |  178  |  |  744  |   \nOverweight  |  |  15.9%  |  |  28.9%  |  |  31.3%  |  |  24.3%  |  |  13.5%  |  |  23.9%   \nObese  |  |  60.9%  |  |  63.9%  |  |  54.0%  |  |  54.7%  |  |  7.9%  |  |  46.8%   \nBlood Pressure  |  130  |  |  82  |  |  336  |  |  147  |  34.7%  |  N/A  |  N/A  |  565  |   \nPre-hypertension  |  |  33.8%  |  |  53.7%  |  |  51.2%  |  |  17.0%  |  |  |  |  41.0%   \nHypertension  |  |  10.0%  |  |  19.5%  |  |  25.3%  |  |  |  |  |  |  16.4%   \n|  _**N** _ |  **M \u00b1 SD** |  _**N** _ |  **M \u00b1 SD** |  _**N** _ |  **M \u00b1 SD** |  _**N** _ |  **M \u00b1 SD** |  _**N** _ |  **M \u00b1 SD** |  _**N** _ |  **M \u00b1 SD**  \n**SF-12**  \nGeneral health  |  N/A  |  N/A  |  79  |  41.14 \u00b1 10.13  ***  |  345  |  45.60 \u00b1 9.70  ***  |  147  |  44.36 \u00b1 10.25  ***  |  178  |  51.18 \u00b1 9.00  |  749  |  46.21 \u00b1 10.15  ***   \nPhysical functioning  |  N/A  |  N/A  |  78  |  52.61 \u00b1 6.44  **  |  343  |  53.09 \u00b1 6.98  ***  |  146  |  46.35 \u00b1 9.97  ***  |  178  |  53.47 \u00b1 7.37  ***  |  745  |  51.81 \u00b1 8.14  ***   \nRole physical  |  N/A  |  N/A  |  76  |  52.39 \u00b1 6.75  **  |  N/A  |  N/A  |  145  |  46.98 \u00b1 9.97  ***  |  178  |  54.33 \u00b1 5.47  ***  |  399  |  51.29 \u00b1 8.31  **   \nRole emotional  |  N/A  |  N/A  |  78  |  48.34 \u00b1 9.38  |  N/A  |  N/A  |  144  |  47.81 \u00b1 9.98  **  |  178  |  49.80 \u00b1 8.87  |  400  |  48.80 \u00b1 9.40  *   \nBodily Pain  |  N/A  |  N/A  |  79  |  49.19 \u00b1 9.80  |  348  |  46.14 \u00b1 11.16  ***  |  145  |  45.92 \u00b1 10.35  ***  |  178  |  53.95 \u00b1 6.32  ***  |  750  |  48.27 \u00b1 10.42  ***   \nMental health  |  N/A  |  N/A  |  79  |  46.25 \u00b1 10.33  **  |  344  |  47.94 \u00b1 10.10  ***  |  147  |  47.54 \u00b1 10.66  **  |  178  |  49.85 \u00b1 9.20  |  748  |  48.14 \u00b1 10.07  ***   \nVitality  |  N/A  |  N/A  |  79  |  48.13 \u00b1 9.32  |  344  |  50.15 \u00b1 9.23  |  147  |  48.64 \u00b1 10.79  |  178  |  52.50 \u00b1 8.50  ***  |  748  |  50.20 \u00b1 9.50   \nSocial functioning  |  N/A  |  N/A  |  79  |  46.34 \u00b1 11.49  **  |  344  |  49.23 \u00b1 10.09  |  147  |  47.43 \u00b1 10.26  **  |  178  |  50.61 \u00b1 8.00  |  748  |  48.90 \u00b1 9.90  **   \n  \n[ Open in a new tab ](table/T2/)\n\n_N in this table represent the number of participants in each sample who\nanswered each question. % in this table indicated the percent of participants\nwho answered in the affirmative out of those who answered the question for\neach sample_ .\n\na\n\n_Homecare workers and call center workers asked about smoking in the last\nmonth_ .\n\nb\n\n_Parks and recreation workers were not asked about the intensity of their\nexercise_ .\n\n_Scores for each of the sub-scales of the SF-12 were standardized using the\nmeans and SDs of the nationally representative sample and converted to\nt-scores to be comparable to the nationally representative sample with a mean\n= 50 and a SD = 10_ .\n\n***\n\np < 0.001 and\n\n**\n\n_p < 0.010 _ .\n\nOne-sample _t_ -tests indicated that construction workers and homecare workers\nreported being pain-free significantly less often than the U.S. general\npopulation ( _p_ < 0.001); young parks and recreation workers were\nsignificantly more pain free ( _p_ < 0.001). All four of the adult samples had\nsignificantly poorer general health ( _p_ < 0.001) than a nationally\nrepresentative sample. No evidence could be found that the general health of\nyoung workers was significantly different from that of a nationally\nrepresentative sample. The homecare workers, who were also our oldest sample,\nhad significantly poorer physical functioning than a nationally representative\nsample ( _p_ < 0.001). However, all of the other occupational samples had\nsignificantly better physical functioning ( _p_ < 0.010  all 4 samples  ).\nHomecare workers scored significantly lower than the nationally representative\nsample in both role physical and role emotional ( _p_ < 0.010); that is, they\nreported feeling limited in their ability to perform role-related\nresponsibilities due to emotional or physical health issues. The other worker\ngroups were significantly healthier than the U.S. general population on role\nfunctioning ( _p_ < 0.010), but not statistically different from the U.S.\ngeneral population on role emotional. All of our adult samples reported poorer\nmental health than the U.S. general population ( _p_ < 0.010). The parks and\nrecreations workers scored significantly higher on vitality than the US\ngeneral population ( _p_ < 0.001). We found no difference between any of the\nadult samples and the U.S. general population on vitality. Corrections\nofficers and homecare workers scored significantly lower than the general US\npopulation on social functioning ( _p_ < 0.010).\n\n##  Discussion\n\n###  Overview of Findings\n\nOur findings point to a workforce with both health and safety concerns. With\nregard to safety, 11% of adult workers reported work-related injuries that\nresulted in missed work and 47% were experiencing pain that interfered with\nnormal activities. Further, many workers in our studies are at risk for\nchronic health conditions. Over 70% of the overall sample was overweight or\nobese and 57% of older adult workers were hypertensive or pre-hypertensive.\nOur findings show that working populations such as those in our studies can\nbenefit from a Total Worker Health approach that targets factors that can\nimprove health, safety, health behaviors, and well-being.\n\n###  Role of the Work Environment on Safety and Health Outcomes\n\nStudies at the Oregon Healthy Workforce Center have found that while\nindividual behaviors play a role in worker health, safety, and well-being, the\nworkplace environment can also have a large impact, such as access to safety\nequipment, access to healthy foods, reasonable working hours and breaks,\naccess to opportunities to engage in physical activities at or near work (  48\n\u2013  51  ). In addition, workers who are stressed or injured at work may engage\nin unhealthy behaviors such as poor diet, lack of physical activity, lack of\nsleep, and substance abuse, which in turn can contribute to further injuries\nor chronic health conditions such as obesity or HBP (  52  ,  53  ). Our\nfindings suggest that there is much need to study and improve working\nconditions for these occupational groups, with the goal of promoting health,\nsafety, and well-being. Specifically, organizations should influence employee\nlifestyles through structural changes to the design of work and working\nconditions that would facilitate engaging in these activities, along with\nprograms that target individual motivation and participation.\n\nIn our study, there was a high rate of pain reported among workers in\ncorrections, construction and homecare. Population-based studies indicate that\nlevels of musculoskeletal pain in adults range from 6 to 55% (  19  ,  54  ).\nIn a large random sample of working adults from one UK region, the prevalence\nof adults with pain in upper limbs and neck was 50.5%. This UK region had a\nlarge percentage of manufacturing workers; however, only 13% reported pain\nthat interfered with functioning. In a large random sample of people from\nSweden, 55% of the population perceived consistent pain for three 3 months or\nmore (  54  ). This sample consisted of residents from two regions of the\ncountry: one with a high percentage of industrial manufacturing and blue-\ncollar workers and the other with a high percentage of fishing and\nagricultural workers. Factors found to be associated with musculoskeletal pain\nincluded the following: repetitive lifting of heavy objects, prolonged neck\nbending, working with arms at shoulder height or higher, low job control, low\nsupervisor support, blue-collar occupations, and female gender. Growing\nevidence suggests that work-related injuries play a part in the opioid\nepidemic (  55  ,  56  ). Occupations that require a high degree of manual\nlabor such as construction show a higher likelihood that a worker will develop\na dependency on prescription opioids (  55  ).\n\nAll of our adult samples had lower levels of mental health than the general US\npopulation. Workplace factors associated in the literature with decreased\nmental health include: high job strain\u2014which is a combination of high demands\nand low discretionary control over work\u2014low social support at work, effort-\nreward imbalance, shift work (especially night shift), and long work hours (\n20  ,  57  \u2013  61  ). Organizational interventions to prioritize mental health\nby reducing sources of job stress and providing access to employee-assistance\nprograms such as confidential counseling are critical. Similarly, increasing\njob control may help to decrease stress, improve work-life balance, thereby\nreducing the risk for stress-related outcomes such as hypertension.\n\n###  Occupational Differences\n\nA crucial component in identifying cross-population factors related to risks\nand general wellness at the occupation-level lies in comprehensively\nunderstanding the distinct challenges, contexts, and profiles of the workers\nwithin each setting (  62  ). Differences between samples could be evidence of\nstructural barriers in workplaces that do not prioritize safety and health\nbehaviors. Research has demonstrated that aspects of the physical environment\nor nature of work impact safety and health behaviors and related outcomes. For\nexample, at a public health level, the following are related to greater\nparticipation in physical activity: accessibility of fitness facilities, the\npresence of sidewalks, and low-traffic (  48  ). In the work environment,\nexamples of facilitators of physical activity could include pedal stands,\nhaving proper work breaks, and safe spaces to walk at work.\n\nHomecare workers had poorer health across several measures compared to the\nother occupational groups; they also reported greater pain, poorer physical\nfunctioning, and role functioning than the U.S. general population. Our\nprevious qualitative research indicated that these homecare workers, who were\nemployed by the consumers or their families, reported low support for safety (\n32  ). In an institutional care organization, lifting would be done by a group\nof workers whereas homecare workers must often do this lifting alone. Because\nhomecare workers are dependent on their consumer and the consumer's case\nmanager to request safety equipment, the process is often unclear for the\nworker. They also reported poorer well-being as indicated by lower emotional\nand social functioning than the nationally representative sample. In our\nprevious work we found that homecare workers also reported feeling socially\nisolated, having almost no contact with co-workers other than during training\nsessions. This isolation could contribute to lower well-being among homecare\nworkers. These are some aspects of the work environment that could be targeted\nto decrease injuries and pain, and improve well-being.\n\nConstruction workers had the highest rate of injuries and, like homecare\nworkers, reported a high degree of pain interfering with normal activities. Of\nall the occupational groups, construction workers had among the highest\noccupational exposure to posture-related risk factors for injury (  21  ). The\nvast majority of construction workers were overweight or obese and were pre-\nhypertensive or hypertensive. Smoking was also more prevalent among\nconstruction workers than among the other occupations we assessed.\nConstruction workers would benefit substantially from interventions focused on\nreducing hazardous exposures and work-related injuries, smoking cessation\nprograms (  63  ), and by training supervisors to better support work-life\nintegration (  64  ), and safety communications (  65  ).\n\nCorrections workers reported less pain than our other samples. They also\nshowed better outcome measures of health (i.e., general health) and well-being\n(e.g., mental health and social functioning) than the U.S. population in\ngeneral. They did, however, have among the highest percentage of overweight\nand pre-hypertension/hypertension of our occupational groups. Further research\ninto how the work environment could be modified to reduce risks of preventable\ndiseases could be particularly useful for these workers.\n\n###  Younger and Older Workers\n\nThere were a variety of notable differences between the younger and older\nworkers. The older workers generally had poorer general and mental health than\nthe general U.S. population. On the other hand, younger workers were no\ndifferent than the general U.S. population. Research has indicated that\nreports of pain increase as workers age (  54  ). We saw evidence of this in\nour sample: two of the older worker samples (homecare and construction)\nreported significantly more bodily pain than the general population while the\nyoung workers reported significantly less pain than the general population.\nYoung workers scored significantly higher on vitality than the U.S. general\npopulation ( _p_ > 0.001); there was no difference between the adult samples\nand the U.S. general population on vitality. Younger workers, who need more\nsleep than older adults, were more likely to report inadequate sleep than\nolder workers. TWH interventions geared toward older adults would include\nhealthy pain management strategies (at the individual level) in combination\nwith addressing important changes to the work environment such as providing\ntools for safe lifting and preventing worksite risks for injuries and\naccidents. Although young workers are healthier compared with older workers,\nthey could benefit from interventions to increase sleep and physical activity.\nIntervening with younger workers to establish prevention strategies that are\nreinforced through their career could be a worthwhile approach that may help\nto prevent worsening of health conditions as career paths progress (  47  ).\n\n###  Limitations\n\nOur study has some limitations. All samples were chosen to address the main\naims of the sub-studies making up the OHWC. These occupational groups are not\nmeant to be representative of the entire national workforce but rather these\nspecific occupational groups within Oregon. These were convenience samples\nwithin single organizations and thus may not be as representative of their\nrespective occupational groups compared to a study using random sampling of\nall individuals in a certain occupation. The OHWC targets working populations\nwith high burden and need, which should be considered when generalizing our\nresults. When comparing our samples to the national representative sample, we\ncould not match the age or gender of our samples because we did not have the\nindividual data for the national sample. We cannot rule out the influence of\nother factors beyond working conditions on workers' health, as the data is\ncross-sectional and we did not measure pre-existing conditions. In addition,\nmore detail on several of our outcomes would allow conclusions that are more\nprecise. For example, we asked about smoking in the past week. We did not ask\nhow long workers had smoked or whether some may have only recently quit. When\nincluding common measures across multiple studies that may not be relevant to\nother aims in is necessary to trade off details for efficiency. Next, all of\nthese data were collected in the State of Oregon. It is possible that\nregulations in other states or other state-level variables could influence\nsafety and health behaviors and outcomes for workers in similar occupations.\nIn addition, after we began our data collection for these studies, the NIH\npublished PROMIS measures (  66  \u2013  68  )\u2014a set of freely available, well-\nvalidated measures of various aspects of health, with the objective of\nstandardizing measures across studies. We have adopted these measures for\nsubsequent data collection across projects, but unfortunately, they could not\nbe part of this study. Finally, some measures referenced varying reflective\ntime periods (e.g., smoking a cigarette in the last week vs. last month);\nthus, direct comparisons on these specific variables should be made with\ncaution. Nonetheless, the Common Measures Data Repository is a promising\napproach to learning and addressing the unique and shared needs of worker\npopulations across occupations.\n\n###  Practical Implications and Conclusions\n\nGrowing literature suggests that lifestyle behaviors such as getting adequate\nsleep, exercising regularly, eating a healthy diet, and not smoking can be\ninfluenced by work exposures, conditions, and policies (  69  ). Because\nadults spend a significant amount of their awake hours at work and because\nwork plays an important role in our lifestyle and well-being, the workplace is\nan opportune platform from which to address health behaviors and outcomes.\n\nUsing a common measures approach to understand occupational safety, health,\nand well-being outcomes across studies can serve to compare and contrast\nrisks, and highlight avenues for interventions to reduce work-related hazards\nand promote health and well-being. The findings of our common measures\nanalyses point to the potential benefit of a Total Worker Health approach, in\nparticular, integrated interventions that can decrease work-related risk\nfactors and improve facilitators for pursuing health, safety, and well-being\namong workers across industries and along the age spectrum. For example, early\ninterventions to reduce risk for injury at work can prevent the experience of\npain among older workers, which in turn could improve health and safety\nbehaviors, enhance health outcomes, and overall facilitate long-term quality\nof life.\n\n##  Data Availability Statement\n\nThe datasets presented in this article are not readily available because they\nmust be approved by the OHWC Steering Committee. Requests to access the\ndatasets should be directed to Ginger Hanson,  ghanson4@jhu.edu  .\n\n##  Ethics Statement\n\nThe studies involving human participants were reviewed and approved by Oregon\nHealth and Science University and Portland State University. Written informed\nconsent to participate in this study was provided by the participants' legal\nguardian/next of kin.\n\n##  Author Contributions\n\nGH, AR, TB, LH, DR, RO, BW, KK, and NP: conception and design of study. GH,\nAR, TB, LH, DR, RO, BW, KK, NP, ST, and MP: acquisition of data. GH, AR, TB,\nand NP: analysis and/or interpretation of data. GH, AR, LA, and AS: drafting\nthe manuscript. AR, TB, LH, DR, RO, BW, and KK: revising the manuscript\ncritically for important intellectual content. All authors contributed to the\narticle and approved the submitted version.\n\n##  Conflict of Interest\n\nThe authors declare that the research was conducted in the absence of any\ncommercial or financial relationships that could be construed as a potential\nconflict of interest.\n\n##  Acknowledgments\n\nThis results reported herein correspond to specific aims of grant (U19\nOH010154) to LH and RO from the National Institute for Occupational Safety.\nThis work was also supported by funding from the Oregon Institute of\nOccupational Health Sciences. In addition, we would like to recognize the work\nof Rob Wright, Annie Buckmaster, and Kristy Luther Rhoten in the collection of\nCOMPASS data.\n\n##  References\n\n  * 1\\.  Hammer LB, Sauter S. 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Requests to access the\ndatasets should be directed to Ginger Hanson,  ghanson4@jhu.edu  .\n\n* * *\n\nArticles from Frontiers in Public Health are provided here courtesy of\n**Frontiers Media SA**\n\n##  ACTIONS\n\n  * [ View on publisher site  ](https://doi.org/10.3389/fpubh.2021.614725)\n  * [ PDF (272.9 KB)  ](pdf/fpubh-09-614725.pdf)\n  *   *   * ##  PERMALINK \n\n##  RESOURCES\n\n###\n\n###\n\n###\n\n##  Cite\n\n  *   * Download .nbib  .nbib \n  * \n\n##  Add to Collections\n\nFollow NCBI\n\n[ NCBI on X (formerly known as Twitter)  ](https://twitter.com/ncbi) [ NCBI on\nFacebook  ](https://www.facebook.com/ncbi.nlm) [ NCBI on LinkedIn\n](https://www.linkedin.com/company/ncbinlm) [ NCBI on GitHub\n](https://github.com/ncbi) [ NCBI RSS feed\n](https://ncbiinsights.ncbi.nlm.nih.gov/)\n\nConnect with NLM\n\n[ NLM on X (formerly known as Twitter)  ](https://twitter.com/nlm_nih) [ NLM\non Facebook  ](https://www.facebook.com/nationallibraryofmedicine) [ NLM on\nYouTube  ](https://www.youtube.com/user/NLMNIH)\n\n[ National Library of Medicine  \n8600 Rockville Pike  \nBethesda, MD 20894\n](https://www.google.com/maps/place/8600+Rockville+Pike,+Bethesda,+MD+20894/%4038.9959508,\n\n            -77.101021,17z/data%3D!3m1!4b1!4m5!3m4!1s0x89b7c95e25765ddb%3A0x19156f88b27635b8!8m2!3d38.9959508!\n            4d-77.0988323)\n\n  * [ Web Policies ](https://www.nlm.nih.gov/web_policies.html)\n  * [ FOIA ](https://www.nih.gov/institutes-nih/nih-office-director/office-communications-public-liaison/freedom-information-act-office)\n  * [ HHS Vulnerability Disclosure ](https://www.hhs.gov/vulnerability-disclosure-policy/index.html)\n\n  * [ Help ](https://support.nlm.nih.gov/)\n  * [ Accessibility ](https://www.nlm.nih.gov/accessibility.html)\n  * [ Careers ](https://www.nlm.nih.gov/careers/careers.html)\n\n  * [ NLM ](https://www.nlm.nih.gov/)\n  * [ NIH ](https://www.nih.gov/)\n  * [ HHS ](https://www.hhs.gov/)\n  * [ USA.gov ](https://www.usa.gov/)\n\n",
                "url": "https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7892612/"
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            "summary": "Article hosted on the National Center for Biotechnology Information (NCBI).",
            "url": "https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7892612/"
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                    "source": "https://corpgov.law.harvard.edu/2022/12/08/human-rights-related-shareholder-proposals-in-the-2022-u-s-proxy-season/"
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                "page_content": "Harvard Law School Forum on Corporate Governance\n\n  * [ Home ](https://corpgov.law.harvard.edu/)\n  * [ About ](https://corpgov.law.harvard.edu/about/)\n  * [ Archive ](https://corpgov.law.harvard.edu/archive/)\n  * [ Categories ](https://corpgov.law.harvard.edu/categories/)\n  * [ Hiring ](https://corpgov.law.harvard.edu/tag/hiring/)\n  * [ Blogroll ](https://corpgov.law.harvard.edu/blogroll/)\n\n#  Human Rights-Related Shareholder Proposals in the 2022 U.S. Proxy Season\n\n_\n\nPosted by Subodh Mishra, Institutional Shareholder Services, Inc. , on\n\nThursday, December 8, 2022\n\n_ Comments Off  on Human Rights-Related Shareholder Proposals in the 2022 U.S.\nProxy Season  [ Print ](javascript:window.print\\(\\)) [ E-Mail ](/cdn-\ncgi/l/email-\nprotection#07387472656d6264733a4f4b5427416875726a3d274f726a666927556e606f73742a55626b6673626327546f6675626f686b63627527577568776874666b74276e6927736f6227353735352752295429275775687f7e27546266746869216568637e3a6f737377743d282864687577606871296b6670296f66757166756329626372283537353528363528373f286f726a66692a756e606f73742a75626b667362632a746f6675626f686b6362752a777568776874666b742a6e692a736f622a353735352a722a742a7775687f7e2a74626674686928)\n[ Tweet ](https://twitter.com/share)\n\n[ Corporate purpose ](https://corpgov.law.harvard.edu/tag/corporate-purpose/)\n,  [ Corporate Social Responsibility\n](https://corpgov.law.harvard.edu/tag/corporate-social-responsibility/) ,  [\nESG ](https://corpgov.law.harvard.edu/tag/esg/) ,  [ Esg governance\n](https://corpgov.law.harvard.edu/tag/esg-governance/) ,  [ EU\n](https://corpgov.law.harvard.edu/tag/eu/) ,  [ Human rights\n](https://corpgov.law.harvard.edu/tag/human-rights/)  \n**More from:** [ Subodh Mishra\n](https://corpgov.law.harvard.edu/contributor/subodh-mishra/) , [\nInstitutional Shareholder Services Inc.\n](https://corpgov.law.harvard.edu/lawfirm/institutional-shareholder-services-\ninc/)\n\nSubodh Mishra is Global Head of Communications at Institutional Shareholder\nServices. This post is based on an ISS Governance memorandum by Joseph Hong,\nSpecialty Research Associate. Related research from the Program on Corporate\nGovernance includes [ The Illusory Promise of Stakeholder Governance\n](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544978) (discussed on\nthe Forum [ here ](https://corpgov.law.harvard.edu/2020/03/02/the-illusory-\npromise-of-stakeholder-governance/) ) and [ Will Corporations Deliver Value to\nAll Stakeholders?\n](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3899421) (discussed on\nthe Forum [ here ](https://corpgov.law.harvard.edu/2022/05/23/will-\ncorporations-deliver-value-to-all-stakeholders/) ) both by Lucian A. Bebchuk\nand Roberto Tallarita; [ Restoration: The Role Stakeholder Governance Must\nPlay in Recreating a Fair and Sustainable American Economy\u2014A Reply to\nProfessor Rock ](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3749654)\n(discussed on the Forum [ here\n](https://corpgov.law.harvard.edu/2021/01/07/restoration-the-role-stakeholder-\ngovernance-must-play-in-recreating-a-fair-and-sustainable-american-economy-a-\nreply-to-professor-rock/) ) by Leo E. Strine, Jr.; [ Stakeholder Capitalism in\nthe Time of COVID\n](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4026803) (discussed on\nthe Forum [ here ](https://corpgov.law.harvard.edu/2022/02/22/stakeholder-\ncapitalism-in-the-time-of-covid/) ) by Lucian Bebchuk, Kobi Kastiel, and\nRoberto Tallarita; and [ Corporate Purpose and Corporate Competition\n](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3817788) (discussed on\nthe Forum [ here ](https://corpgov.law.harvard.edu/2021/05/24/corporate-\npurpose-and-corporate-competition/) ) by Mark J. Roe.\n\nThe topic of human rights is of major concern among many stakeholder groups,\nspanning the public, private, and social sectors (e.g., companies, investors,\nconsumers, NGOs, governments, intergovernmental organizations, etc.). Human\nrights issues present material risks to not only companies, but also to\ninstitutional investors, as reputational as well as regulatory and litigation\nrisks, can impact both companies and their investors. Reputational costs\nstemming from, say, damaging viral news stories could negatively impact\nconsumer loyalty, brand perception, and ultimately share price. As many\ninstitutional investors engage with companies to increase alignment on ESG\nperformance and reporting, the \u2018S\u2019 in ESG (Environmental, Social, and\nGovernance) has come under increasing [ scrutiny\n](https://corpgov.law.harvard.edu/2020/06/28/time-to-rethink-the-s-in-esg/) in\nrecent years.\n\nAdditionally, there have been significant legal and regulatory developments\nregarding human rights-related issues, such as the recent [ enforcement\n](https://news.bloomberglaw.com/esg/china-forced-labor-law-prompts-sweeping-\nsupply-chain-reviews) of the Uyghur Forced Labor Prevention Act (UFLPA) which\ncame into effect in June 2022 and the [ EU\u2019s September 2022 proposed ban\n](https://www.whitecase.com/insight-alert/european-commission-proposes-ban-\ngoods-made-forced-labour) on goods made with forced labor \u2013 and accompanying\nsocial compliance-related reassessments of supply chain human rights due\ndiligence (mostly limited to tier 1 finished goods facilities), upstream\nmaterials traceability protocols (e.g., cotton and polysilicon), and\nassociated reporting and disclosure requirements. As such, due also in part to\nNGO engagement and consumer segment expectations, best practices have emerged\namong corporate leaders with regards to transparent and comprehensive end-to-\nend supply chain disclosures.\n\nHuman rights-related risks, however, have not correlated with significant\nmajority support for human rights-related shareholder proposals. In 2022, the\nonly human rights-related shareholder proposal to receive majority support was\nfor the firearms manufacturer Sturm, Ruger & Company, Inc. (RGR) \u2013 this might\nhave corresponded closely with the societal response to the recent torrent of\nmass shootings in America. The Ruger proposal received 69 percent support,\nwhich was an outlier in the data set.\n\nDuring the 2022 U.S. proxy season, there were 26 human rights-related\nshareholder proposals on ballot (around 9 percent of total shareholder\nproposals on ballot), which garnered an average of 25 percent of shareholder\nsupport.\n\nSource: ISS Governance Research & Voting\n\nWhile the number of human rights-related shareholder proposals on ballot have\nvaried over the years, the mean level of support for these proposals has\nremained more-or-less constant.\n\nSource: ISS Governance Research & Voting\n\nThe median level of support for human rights-related shareholder proposals on\nballot has also not varied significantly year-over-year.\n\nSource: ISS Governance Research & Voting\n\nThe numbers of human rights-related shareholder proposals by sector since 2019\nare shown above. The consumer discretionary and I/T sectors in particular have\nfaced increased scrutiny with regards to responsible sourcing standards in\nsupply chains, due in part to significant controversies driven by media\nreporting and NGO attention.\n\nMany of the human rights-related shareholder proposals over the period have\nfocused on increased disclosure regarding supply chain human rights due\ndiligence, or on whether company leadership is effectively managing forced\nlabor and child labor sourcing risks, and business operations and end-use due\ndiligence in high-risk regions. Other proposal topics have included customer\nand end-use due diligence (e.g., privacy and law enforcement), domestic labor\nrights, and other issues. See table below for a list of targeted companies,\nsector, proposal type, main filer and vote support level.\n\nThe wider picture is that the average vote of support for human rights-related\nproposals has held approximately at 26 percent per season over recent years.\nWith 26 human rights-related proposals, the 2022 proxy season had the most\nhuman rights-related proposals in recent years, up from 15 in 2021, 17 in\n2020, and 24 in 2019.\n\n**2022 U.S. Proxy Season Human Rights-Related Proposals (by AGM DATE)**\n\n**Company** |  **Sector** |  **Proposal Topic** |  **Main Filer** |  **Support Level (%)**  \n---|---|---|---|---  \nApple Inc. (AAPL)  |  I/T  |  Forced Labor ( [ Item 7 ](https://www.sec.gov/Archives/edgar/data/320193/000119312522003583/d222670ddef14a.htm#tx222670_36b) )  |  Jane M. Saks et al  |  33.70%   \nThe Walt Disney Company (DIS)  |  Communications Services  |  Human Rights Due Diligence ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/1744489/000119312522012592/d249883ddef14a.htm#toc249883_38) )  |  National Legal and Policy Center  |  36.80%   \nLockheed Martin Corporation (LMT)  |  Industrials  |  Human Rights Impact Assessment \u2013 End Use ( [ Item 5 ](https://www.sec.gov/Archives/edgar/data/936468/000093646822000033/lockheedmartin2022proxy.htm#i76545e592cf74d61b4b080da9d52b1f1_193) )  |  Sisters of Charity of St. Elizabeth et al  |  20.20%   \nCitigroup Inc. (C)  |  Financial Services  |  Human Rights Due Diligence \u2013 Indigenous People ( [ Item 7 ](https://www.sec.gov/Archives/edgar/data/0000831001/000120677422000697/citi3969751-def14a.htm#stockholderproposals) )  |  Sisters of St. Joseph, Brentwood  |  34.00%   \nWells Fargo & Company (WFC)  |  Financial Services  |  Human Rights Due Diligence \u2013 Indigenous People ( [ Item 8 ](https://www.sec.gov/Archives/edgar/data/72971/000119312522074612/d304150ddef14a.htm#toc360404_53) )  |  American Baptist Home Mission Societies  |  25.91%   \nGeneral Dynamics Corporation (GD)  |  Industrials  |  Human Rights Impact Assessment \u2013 End Use ( [ Item 5 ](https://www.sec.gov/Archives/edgar/data/72971/000119312522074612/d304150ddef14a.htm#toc360404_53) )  |  Franciscan Sisters of Allegany, NY  |  25.24%   \n3M Company (MMM)  |  Industrials  |  Business in \u201cCommunist China\u201d ( [ Item 5 ](https://www.sec.gov/Archives/edgar/data/0000066740/000120677422000811/mmm3983801-def14a.htm#d398380a077) )  |  Steven Milloy  |  3.30%   \nFirstEnergy Corp. (FE)  |  Utilities  |  Child Labor ( [ Item 4 ](https://www.sec.gov/Archives/edgar/data/1031296/000119312522082777/d156096ddef14a.htm#toc156096_5) )  |  Steven Milloy  |  2.90%   \nThe Hershey Company (HSY)  |  Consumer Discretionary  |  Child Labor ( [ Item 4 ](https://www.sec.gov/Archives/edgar/data/47111/000004711122000023/a2022proxystatement.htm#icdce78989cde48a3bb746cf783685e14_1443) )  |  American Baptist Home Mission Society  |  7.81%   \nAmazon.com, Inc. (AMZN)  |  Consumer Discretionary  |  Customer Due Diligence ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/1018724/000110465922045572/tm223357-5_def14a.htm#tSHPR) )  |  Sisters of St. Joseph, Brentwood  |  40.25%   \nAmazon.com, Inc. (AMZN)  |  Consumer Discretionary  |  Freedom of Association ( [ Item 13 ](https://www.sec.gov/Archives/edgar/data/1018724/000110465922045572/tm223357-5_def14a.htm#tSHPR) )  |  SHARE  |  38.91%   \nAmazon.com, Inc. (AMZN)  |  Consumer Discretionary  |  Human Rights Impact Assessment \u2013 End Use ( [ Item 19 ](https://www.sec.gov/Archives/edgar/data/1018724/000110465922045572/tm223357-5_def14a.htm#tSHPR) )  |  Harrington Investments  |  40.69%   \nChevron Corporation (CVX)  |  Energy  |  Human Rights Due Diligence ( [ Item 8 ](https://www.sec.gov/Archives/edgar/data/93410/000119312522098301/d292137ddef14a.htm#toc292137_65a) )  |  International Brotherhood of Teamsters  |  12.39%   \nMeta Platforms, Inc. (META)  |  Communications services  |  Human Rights Impact Assessment ( [ Item 10 ](https://www.sec.gov/Archives/edgar/data/0001326801/000132680122000043/meta2022definitiveproxysta.htm#i046933ef7c26477e9c8a108d937e294d_2748779070185) )  |  Mercy Investment Services  |  23.76%   \nLowes Companies, Inc. (LOW)  |  Consumer Discretionary  |  Independent Contractor Misclassification ( [ Item 9 ](https://www.sec.gov/Archives/edgar/data/60667/000119312522105006/d301898ddef14a.htm#toc301898_128) )  |  International Brotherhood of Teamsters  |  35.71%   \nAlphabet Inc. (GOOGL)  |  I/T  |  Human Rights Due Diligence ( [ Item 13 ](https://www.sec.gov/Archives/edgar/data/1652044/000130817922000262/lgoog2022_def14a.htm#lgooga062a) )  |  SumOfUs  |  16.99%   \nAlphabet Inc. (GOOGL)  |  I/T  |  Human Rights Impact Assessment ( [ Item 16 ](https://www.sec.gov/Archives/edgar/data/1652044/000130817922000262/lgoog2022_def14a.htm#lgooga062d) )  |  The Sustainability Group of Loring, Wolcott & Coolidge  |  23.00%   \nSturm, Ruger & Company, Inc. (RGR)  |  Consumer Discretionary  |  Human Rights Impact Assessment ( [ Item 4 ](https://www.sec.gov/Archives/edgar/data/95029/000117494722000537/rgrdef14aproxy.htm#d1e4077_anchor) )  |  CommonSpirit Health  |  68.52%   \nThe TJX Companies, Inc. (TJX)  |  Consumer Discretionary  |  Human Rights Due Diligence ( [ Item 5 ](https://www.sec.gov/Archives/edgar/data/109198/000010919822000024/a2022proxystatement.htm#ibd1d957d8d0d47d598341251f8d5d525_148) )  |  NorthStar Asset Management  |  24.60%   \nThe TJX Companies, Inc. (TJX)  |  Consumer Discretionary  |  Independent Contractor Misclassification ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/109198/000010919822000024/a2022proxystatement.htm#ibd1d957d8d0d47d598341251f8d5d525_1099511628903) )  |  International Brotherhood of Teamsters  |  31.80%   \nCaterpillar Inc. (CAT)  |  Industrials  |  Human Rights Due Diligence ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/18230/000130817922000290/lcat2022_def14a.htm#new_id-125) )  |  Wespath Benefits and Investments  |  10.60%   \nGeneral Motors Company (GM)  |  Industrials  |  Child Labor ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/1467858/000119312522131642/d215687ddef14a.htm#rom215687_42) )  |  National Legal and Policy Center  |  22.36%   \nThe Kroger Co. (KR)  |  Consumer Staples  |  Human Rights Due Diligence ( [ Item 6 ](https://www.sec.gov/Archives/edgar/data/56873/000110465922054782/tm2212949-2_defc14a.htm) )  |  Domini Impact Investments  |  20.85%   \nTesla, Inc. (TSLA)  |  Consumer Discretionary  |  Freedom of Association ( [ Item 11 ](https://www.sec.gov/Archives/edgar/data/1318605/000156459022024064/tsla-def14a_20220804.htm#PROPOSAL_ELEVEN) )  |  N/A  |  33.35%   \nTesla, Inc. (TSLA)  |  Consumer Discretionary  |  Child Labor ( [ Item 12 ](https://www.sec.gov/Archives/edgar/data/1318605/000156459022024064/tsla-def14a_20220804.htm#PROPOSAL_TWELVE) )  |  N/A  |  10.54%   \nNIKE, Inc. (NKE)  |  Consumer Discretionary  |  Forced Labor ( [ Item 5 ](https://www.sec.gov/Archives/edgar/data/320187/000032018722000041/nike2022proxy.htm#iff9e152abc7d431e964fb92719c62bdf_97) )  |  Domini Impact Equity Fund  |  6.35%   \n  \nSource: ISS Governance Research & Voting\n\n[ Corporate purpose ](https://corpgov.law.harvard.edu/tag/corporate-purpose/)\n,  [ Corporate Social Responsibility\n](https://corpgov.law.harvard.edu/tag/corporate-social-responsibility/) ,  [\nESG ](https://corpgov.law.harvard.edu/tag/esg/) ,  [ Esg governance\n](https://corpgov.law.harvard.edu/tag/esg-governance/) ,  [ EU\n](https://corpgov.law.harvard.edu/tag/eu/) ,  [ Human rights\n](https://corpgov.law.harvard.edu/tag/human-rights/)  \n**More from:** [ Subodh Mishra\n](https://corpgov.law.harvard.edu/contributor/subodh-mishra/) , [\nInstitutional Shareholder Services Inc.\n](https://corpgov.law.harvard.edu/lawfirm/institutional-shareholder-services-\ninc/)\n\n  * Supported By: \n\n  *   * ###  Subscribe or Follow \n\n[ ](http://app.feedblitz.com/f/?Sub=186216&cids=1)\n\n[ ](http://www.twitter.com/HarvardCorpGov)\n\n[ ](https://corpgov.law.harvard.edu/feed/)\n\n[ ](https://www.linkedin.com/company/harvard-law-school-forum-on-corporate-\ngovernance)\n\n[ ](https://www.facebook.com/HarvardCorpGov/)\n\n  * ###  Program on Corporate Governance Advisory Board \n\n    * William Ackman \n    * [ Peter Atkins ](https://www.skadden.com/professionals/a/atkins-peter-a)\n    * [ David Bell ](https://www.fenwick.com/professionals/pages/davidbell.aspx)\n    * [ Kerry E. 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Ferrari ](https://www.ropesgray.com/en/biographies/f/renata-j-ferrari)\n    *     * [ John Finley ](https://www.blackstone.com/people/john-finley/)\n    *     * [ Andrew Freedman ](https://www.olshanlaw.com/people/Andrew-Freedman)\n    * [ Ray Garcia ](https://www.pwc.com/us/en/services/governance-insights-center/meet-the-team.html)\n    * [ Byron Georgiou ](https://www.georgiouenterprises.com/biography)\n    * [ Joseph Hall ](https://www.davispolk.com/professionals/joseph-hall/)\n    * [ Jason M. Halper ](https://www.velaw.com/people/jason-halper/)\n    * [ Paul Hilal ](https://www.mantleridge.com/about/#about-paul-hilal)\n    * [ Carl Icahn ](http://www.shareholderssquaretable.com/)\n[ William P. Mills ](https://www.cadwalader.com/professionals/william-mills)\n\n    * [ David Millstone ](https://www.standardindustries.com/our-team/)\n    * [ Theodore Mirvis ](https://www.wlrk.com/attorney/tnmirvis/)\n    *     * [ Philip Richter ](https://www.friedfrank.com/index.cfm?pageID=42&itemID=527)\n    * [ Elina Tetelbaum ](https://www.wlrk.com/attorney/etetelbaum/)\n    * [ Sebastian Tiller ](https://www.velaw.com/people/sebastian-tiller/)\n    * [ Marc Trevino ](https://www.sullcrom.com/Lawyers/Marc-Trevino)\n[ Jonathan Watkins ](https://www.cadwalader.com/professionals/jonathan-\nwatkins)\n\n    * [ Steven J. Williams ](https://www.paulweiss.com/professionals/partners-and-counsel/steven-j-williams)\n    * [ Daniel Wolf ](http://www.kirkland.com/sitecontent.cfm?contentID=220&itemID=9713)\n\n  * ###  HLS Faculty & Senior Fellows \n\n    * [ Lucian Bebchuk ](http://www.law.harvard.edu/faculty/bebchuk/)\n    * [ Robert Clark ](https://hls.harvard.edu/faculty/directory/10165/Clark)\n    * [ John Coates ](https://hls.harvard.edu/faculty/directory/10170/Coates)\n    * [ Alma Cohen ](http://www.law.harvard.edu/programs/corp_gov/cohen.shtml)\n    * [ Stephen M. Davis ](https://pcg.law.harvard.edu/stephen-m-davis/)\n    * [ Allen Ferrell ](http://www.law.harvard.edu/faculty/fferrell/)\n    * [ Jesse Fried ](https://hls.harvard.edu/faculty/directory/10289/Fried)\n    * [ Oliver Hart ](http://scholar.harvard.edu/hart/home)\n    * [ Howell Jackson ](https://hls.harvard.edu/faculty/howell-e-jackson/)\n    * [ Kobi Kastiel ](https://en-law.tau.ac.il/profile/kastiel)\n    * [ Reinier Kraakman ](https://hls.harvard.edu/faculty/directory/10490/Kraakman)\n    * [ Mark Ramseyer ](https://hls.harvard.edu/faculty/directory/10697/Ramseyer)\n    * [ Mark Roe ](https://hls.harvard.edu/faculty/directory/10725/Roe)\n    * [ Robert Sitkoff ](https://hls.harvard.edu/faculty/directory/10813/Sitkoff)\n    * [ Holger Spamann ](https://hls.harvard.edu/faculty/directory/10831/Spamann)\n    * [ Leo E. 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                "url": "https://corpgov.law.harvard.edu/2022/12/08/human-rights-related-shareholder-proposals-in-the-2022-u-s-proxy-season/"
            },
            "reason": "This article from Harvard Law School's Corporate Governance Forum discusses human rights-related shareholder proposals. The source is highly reliable due to its academic nature and affiliation with a prestigious law school.",
            "reliability_score": 0.9,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Article from Harvard Law School's Corporate Governance Forum on human rights-related shareholder proposals.",
            "url": "https://corpgov.law.harvard.edu/2022/12/08/human-rights-related-shareholder-proposals-in-the-2022-u-s-proxy-season/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "2603112f-d4fc-4479-9b73-b89948b82916",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.hugp.com/en/sustainable/gri.html"
                },
                "page_content": "Sustainability\n\n#  GRI Content Index\n\nStatement of use  |  H.U. Group Holdings, Inc. has reported in accordance with the GRI Standards for the period April 2023 - March 2024.   \n---|---  \nGRI 1 used  |  GRI 1: Foundation 2021   \n  \nWeb  Website\n\nIR  [ Integrated Report 2024 [PDF:8,005KB]\n](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)\n\nGR  [ Corporate Governance Report ](/en/company/governance.html)\n\n##  Universal Standards\n\n###  GRI 2\uff1a General Disclosures 2021\n\n###  1\\. The organization and its reporting practices\n\nDescription  |  Reference page title   \n---|---  \n2-1  |  Organizational details  |  Web  [ Corporate Profile ](/en/company/profile.html) IR  [ Main Group Companies and Bases (p.57-58) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-2  |  Entities included in the organization\u2019s sustainability reporting  |  Web  [ Group Companies ](/en/company/group.html) IR  [ Editorial Policy (p.1) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Main Group Companies and Bases (p.58) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-3  |  Reporting period, frequency and contact point  |  Web  [ Contact Us ](/en/form/contact/index.html) IR  [ Editorial Policy (p.1)   \nReporting cycle: Once a year  \nDate of most recent report: October 30th, 2024\n](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-4  |  Restatements of information  |  N/A   \n2-5  |  External assurance  |  \\-   \n  \n###  2\\. Activities and workers\n\nDescription  |  Reference page title   \n---|---  \n2-6  |  Activities, value chain, and other business relationships  |  Web  [ H.U. Group Business Overview ](/en/business/) IR  [ The H.U. Group\u2019s Businesses (p.4) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-7  |  Employees  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n2-8  |  Workers who are not employees  |  \\-   \n  \n###  3\\. Governance\n\nDescription  |  Reference page title   \n---|---  \n2-9  |  Governance structure and composition  |  WEB  [ Corporate Governance ](/en/company/governance.html) IR  [ Sustainability Management > Sustainability Promotion System (p.38) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Corporate Governance > Directors and Officers (p.46) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Corporate Governance > Corporate Governance Structure (p.49) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) GR  [ Corporate Governance Structure(p.21) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf) GR  [ II. Business Management Organization and Other Corporate Governance Systems regarding Decision-making, Execution of Business, and Oversight (p.7-16) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-10  |  Nomination and selection of the highest governance body  |  IR  [ Corporate Governance > Corporate Governance Structure (p.49-50) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) GR  [ II. Business Management Organization and Other Corporate Governance Systems regarding Decision-making, Execution of Business, and Oversight (p.8-11) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-11  |  Chair of the highest governance body  |  GR  [ II. Business Management Organization and Other Corporate Governance Systems regarding Decision-making, Execution of Business, and Oversight(p.8) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-12  |  Role of the highest governance body in overseeing the management of impacts  |  WEB  [ Sustainability at the H.U. Group > Promotion Structure for Sustainability ](/en/sustainable/policy.html) WEB  [ Materiality ](/en/sustainable/materiality.html) IR  [ Risk Management > Basic Approach and Management Structure (p.36) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-13  |  Delegation of responsibility for managing impacts  |  WEB  [ Sustainability at the H.U. Group > Promotion Structure for Sustainability ](/en/sustainable/policy.html) IR  [ Sustainability Management > Sustainability Promotion System (p.38) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-14  |  Role of the highest governance body in sustainability reporting  |  WEB  [ Sustainability at the H.U. Group > Promotion Structure for Sustainability ](/en/sustainable/policy.html) IR  [ Sustainability Management > Sustainability Promotion System (p.38) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-15  |  Conflicts of interest  |  GR  [ II. Business Management Organization and Other Corporate Governance Systems regarding Decision-making, Execution of Business, and Oversight(p.9-11) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-16  |  Communication of critical concerns  |  WEB  [ ESG Performance Data > Compliance ](/en/sustainable/esg.html) IR  [ Compliance > Whistleblowing System (p.54) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) GR  [ I. Basic Views on Corporate Governance, Capital Structure, Corporate Attributes and Other Basic Information(p.6) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-17  |  Collective knowledge of the highest governance body  |  WEB  [ H.U. Group Corporate Governance Policy > 7\\. Director training ](/resources/file/pdf/en/20240329_CG_Policy_E.pdf)  \n2-18  |  Evaluation of the performance of the highest governance body  |  IR  [ Corporate Governance > Evaluating the Effectiveness of the Board of Directors (p.50) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) GR  [ [Supplementary Principle 4.11.3 Assessment of the Effectiveness of the Board of Directors] (p.4-5) ](/resources/file/pdf/en/20241129_CorporateGovernanceReport_e_HU4544_AA.pdf)  \n2-19  |  Remuneration policies  |  IR  [ Compensation for Directors and Executive Officers, etc. (p.51-53) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-20  |  Process to determine remuneration  |  IR  [ Compensation for Directors and Executive Officers, etc. (p.51) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-21  |  Annual total compensation ratio  |  \\-   \n  \n###  4\\. Strategy, policies and practices\n\nDescription  |  Reference page title   \n---|---  \n2-22  |  Statement on sustainable development strategy  |  IR  [ Message from the CEO (p.5-7) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) WEB  [ Top Message ](/en/sustainable/message/hugp.html)  \n2-23  |  Policy commitments  |  WEB  [ H.U. Group Code of Conduct ](/en/company/codeofconduct.html)  \n2-24  |  Embedding policy commitments  |  WEB  [ H.U. Group Code of Conduct ](/en/company/codeofconduct.html) IR  [ Compliance > Promotion of Compliance Awareness (p.54) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-25  |  Processes to remediate negative impacts  |  WEB  [ Contact Us ](/en/form/contact/index.html)  \n2-26  |  Mechanisms for seeking advice and raising concerns  |  WEB  [ H.U. Group Code of Conduct ](/en/company/codeofconduct.html) IR  [ Compliance > Whistleblowing System (p.54) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n2-27  |  Compliance with laws and regulations  |  No relevant cases were reported.  WEB  [ ESG Performance Data > Management ](/en/sustainable/esg.html)  \n2-28  |  Membership associations  |  \\-   \n  \n###  5\\. Stakeholder engagement\n\nDescription  |  Reference page title   \n---|---  \n2-29  |  Approach to stakeholder engagement  |  WEB  [ Communication with Stakeholders > Initiatives ](/en/sustainable/communication.html)  \n2-30  |  Collective bargaining agreements  |  WEB  [ Human Capital Site > Policy > Labor Practices ](/en/humancapital/#stance01)  \n  \n###  GRI 3\uff1aMaterial Topics 2021\n\nDescription  |  Reference page title   \n---|---  \n3-1  |  Process to determine material topics  |  WEB  [ Materiality ](/en/sustainable/materiality.html) IR  [ Sustainability Management > Basic Approach (p.37) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n3-2  |  List of material topics  |  WEB  [ Materiality ](/en/sustainable/materiality.html) IR  [ Sustainability Management > Basic Approach (p.37) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n3-3  |  Management of material topics  |  WEB  [ Materiality ](/en/sustainable/materiality.html) IR  [ Sustainability Management > Basic Approach (p.37) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Environment and Energy > Strategy and Progress (p.40) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Supply Chain Management > Strategy and Progress (p.41) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Human Capital > Strategy and Progress (p.42-44) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n  \n##  Topic Standards (Economic)\n\n###  GRI 201\uff1aEconomic Performance 2016\n\nDescription  |  Reference page title   \n---|---  \n201-1  |  Direct economic value generated and distributed  |  WEB  [ Financial Highlights ](/en/ir/highlights/)  \n201-2  |  Financial implications and other risks and opportunities due to climate change  |  WEB  [ Environment and Energy > Information Disclosure in line with TCFD Recommendations > Response to risks / opportunities ](/en/sustainable/environment.html)  \n201-3  |  Defined benefit plan obligations and other retirement plans  |  \\-   \n201-4  |  Financial assistance received from government  |  N/A   \n  \n###  GRI 202\uff1a Market Presence 2016\n\nDescription  |  Reference page title   \n---|---  \n202-1  |  Ratios of standard entry level wage by gender compared to local minimum wage  |  WEB  [ H.U. Group Code of Conduct ](/en/company/codeofconduct.html)  \n202-2  |  Proportion of senior management hired from the local community  |  \\-   \n  \n###  GRI 203\uff1a Indirect Economic Impacts 2016\n\nDescription  |  Reference page title   \n---|---  \n203-1  |  Infrastructure investments and services supported  |  WEB  [ Philanthropy > Investing in community activities ](/en/sustainable/philanthropy.html)  \n203-2  |  Significant indirect economic impacts  |  \\-   \n  \n###  GRI 205\uff1a Anti-corruption 2016\n\nDescription  |  Reference page title   \n---|---  \n205-1  |  Operations assessed for risks related to corruption  |  WEB  [ H.U. Group Code of Conduct ](/en/company/codeofconduct.html)  \n205-2  |  Communication and training about anti-corruption policies and procedures  |  IR  [ Compliance (p.54) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) WEB  [ Human Capital Site > Human Resource Development ](/en/humancapital/materiality/hrd.html)  \n205-3  |  Confirmed incidents of corruption and actions taken  |  No relevant cases were reported.  WEB  [ ESG Performance Data > Compliance ](/en/sustainable/esg.html)  \n  \n###  GRI 206\uff1a Anti-competitive Behavior 2016\n\nDescription  |  Reference page title   \n---|---  \n206-1  |  Legal actions for anti-competitive behavior, anti-trust, and monopoly practices  |  N/A   \n  \n##  Topic Standards (Environmental)\n\n###  GRI 302\uff1a Energy 2016\n\nDescription  |  Reference page title   \n---|---  \n302-1  |  Energy consumption within the organization  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n302-2  |  Energy consumption outside of the organization  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n302-3  |  Energy intensity  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n302-4  |  Reduction of energy consumption  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n302-5  |  Reductions in energy requirements of products and services  |  \\-   \n  \n###  GRI 303\uff1a Water and Effluents 2018\n\nDescription  |  Reference page title   \n---|---  \n303-1  |  Interactions with water as a shared resource  |  \\-   \n303-2  |  Management of water discharge-related impacts  |  \\-   \n303-3  |  Water withdrawal  |  WEB  [ ESG Performance Data > Water ](/en/sustainable/esg.html)  \n303-4  |  Water discharge  |  WEB  [ ESG Performance Data > Water ](/en/sustainable/esg.html)  \n303-5  |  Water consumption  |  \\-   \n  \n###  GRI 304\uff1a Biodiversity 2016\n\nDescription  |  Reference page title   \n---|---  \n304-1  |  Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas  |  WEB  [ Environment and Energy > Our Approach to Biodiversity ](/en/sustainable/environment.html)  \n304-2  |  Significant impacts of activities, products, and services on biodiversity  |  WEB  [ Environment and Energy > Our Approach to Biodiversity ](/en/sustainable/environment.html)  \n304-3  |  Habitats protected or restored  |  N/A   \n304-4  |  IUCN Red List species and national conservation list species with habitats in areas affected by operations  |  N/A   \n  \n###  GRI 305\uff1a Emissions 2016\n\nDescription  |  Reference page title   \n---|---  \n305-1  |  Direct (Scope1) GHG emissions  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n305-2  |  Energy indirect (Scope 2) GHG emissions  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n305-3  |  Other indirect (Scope3) GHG emissions  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n305-4  |  GHG emissions intensity  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html)  \n305-5  |  Reduction of GHG emissions  |  WEB  [ ESG Performance Data > Climate change ](/en/sustainable/esg.html) WEB  [ Environment and Energy > Targets and Results ](/en/sustainable/environment.html)  \n305-6  |  Emissions of ozone-depleting substances (ODS)  |  N/A   \n305-7  |  Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions  |  N/A   \n  \n###  GRI 306\uff1a Waste 2020\n\nDescription  |  Reference page title   \n---|---  \n306-1  |  Waste generation and significant waste-related impacts  |  \\-   \n306-2  |  Management of significant waste-related impacts  |  IR  [ Environment and Energy > Strategy and Progress (p.40) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n306-3  |  Waste generated  |  WEB  [ ESG Performance Data > Waste ](/en/sustainable/esg.html)  \n306-4  |  Waste diverted from disposal  |  \\-   \n306-5  |  Waste directed to disposal  |  \\-   \n  \n###  GRI 308\uff1a Supplier Environmental Assessment 2016\n\nDescription  |  Reference page title   \n---|---  \n308-1  |  New suppliers that were screened using environmental criteria  |  WEB  [ Supply Chain Management ](/en/sustainable/procurement.html) IR  [ Supply Chain Management (p.41) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n308-2  |  Negative environmental impacts in the supply chain and actions taken  |  WEB  [ Supply Chain Management ](/en/sustainable/procurement.html) WEB  [ ESG Performance Data > Business partners ](/en/sustainable/esg.html) IR  [ Supply Chain Management (p.41) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n  \n##  Topic Standards (Social)\n\n###  GRI 401\uff1a Employment 2016\n\nDescription  |  Reference page title   \n---|---  \n401-1  |  New employee hires and employee turnover  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n401-2  |  Benefits provided to full-time employees that are not provided to temporary or part-time employees  |  \\-   \n401-3  |  Parental leave  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n  \n###  GRI 403\uff1a Occupational Health and Safety 2018\n\nDescription  |  Reference page title   \n---|---  \n403-1  |  Occupational health and safety management system  |  WEB  [ Human Capital Site > Policy > Occupational Health and Safety Policy ](/en/humancapital/#stance01) WEB  [ Human Capital Site > Management ](/en/humancapital/#stance02)  \n403-2  |  Hazard identification, risk assessment, and incident investigation  |  \\-   \n403-3  |  Occupational health services  |  \\-   \n403-4  |  Worker participation, consultation, and communication on occupational health and safety  |  WEB  [ Human Capital Site > Management ](/en/humancapital/#stance02)  \n403-5  |  Worker training on occupational health and safety  |  \\-   \n403-6  |  Promotion of worker health  |  WEB  [ Human Capital Site > Health Improvement ](/en/humancapital/materiality/health.html)  \n403-7  |  Prevention and mitigation of occupational health and safety impacts directly linked by business relationships  |  \\-   \n403-8  |  Workers covered by an occupational health and safety management system  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n403-9  |  Work-related injuries  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n403-10  |  Work-related ill health  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n  \n###  GRI 404\uff1a Training and Education 2016\n\nDescription  |  Reference page title   \n---|---  \n404-1  |  Average hours of training per year per employee  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n404-2  |  Programs for upgrading employee skills and transition assistance programs  |  IR  [ Human Capital > Human Resource Development (p.43) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) WEB  [ Human Resource Development > Training System and Employees Career Development ](/en/humancapital/materiality/hrd.html)  \n404-3  |  Percentage of employees receiving regular performance and career development reviews  |  IR  [ Human Capital > Human Resource Development (p.43) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) WEB  [ Human Capital Site > Human Resource Development > Training System and Employees Career Development ](/en/humancapital/materiality/hrd.html)  \n  \n###  GRI 405\uff1a Diversity and Equal Opportunity 2016\n\nDescription  |  Reference page title   \n---|---  \n405-1  |  Diversity of governance bodies and employees  |  WEB  [ ESG Performance Data > Employees ](/en/sustainable/esg.html)  \n405-2  |  Ratio of basic salary and remuneration of women to men  |  \\-   \n  \n###  GRI 406\uff1a Non-discrimination 2016\n\nDescription  |  Reference page title   \n---|---  \n406-1  |  Incidents of discrimination and corrective actions taken  |  N/A   \n  \n###  GRI 407\uff1a Freedom of Association and Collective Bargaining 2016\n\nDescription  |  Reference page title   \n---|---  \n407-1  |  Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk  |  No relevant cases were reported.  WEB  [ Supply Chain Management > Assessment of human rights items ](/en/sustainable/procurement.html)  \n  \n###  GRI 408\uff1a Child Labor 2016\n\nDescription  |  Reference page title   \n---|---  \n408-1  |  Operations and suppliers at significant risk for incidents of child labor  |  No relevant cases were reported.  WEB  [ ESG Performance Data > Business partners ](/en/sustainable/esg.html)  \n  \n###  GRI 409\uff1a Forced or Compulsory Labor 2016\n\nDescription  |  Reference page title   \n---|---  \n409-1  |  Operations and suppliers at significant risk for incidents of forced or compulsory labor  |  No relevant cases were reported.  WEB  [ ESG Performance Data > Business partners ](/en/sustainable/esg.html)  \n  \n###  GRI 411\uff1a Rights of Indigenous Peoples 2016\n\nDescription  |  Reference page title   \n---|---  \n411-1  |  Incidents of violations involving rights of indigenous peoples  |  N/A   \n  \n###  GRI 413\uff1a Local Communities 2016\n\nDescription  |  Reference page title   \n---|---  \n413-1  |  Operations with local community engagement, impact assessments, and development programs  |  WEB  [ Philanthropy > Initiatives ](/en/sustainable/philanthropy.html)  \n413-2  |  Operations with significant actual and potential negative impacts on local communities  |  N/A   \n  \n###  GRI 414\uff1a Supplier Social Assessment 2016\n\nDescription  |  Reference page title   \n---|---  \n414-1  |  New suppliers that were screened using social criteria  |  WEB  [ Supply Chain Management ](/en/sustainable/procurement.html) WEB  [ ESG Performance Data > Business partners ](/en/sustainable/esg.html) IR  [ Supply Chain Management (p.41) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n414-2  |  Negative social impacts in the supply chain and actions taken  |  WEB  [ Supply Chain Management ](/en/sustainable/procurement.html) WEB  [ ESG Performance Data > Business partners ](/en/sustainable/esg.html) IR  [ Supply Chain Management (p.41) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n  \n###  GRI 416\uff1a Customer Health and Safety 2016\n\nDescription  |  Reference page title   \n---|---  \n416-1  |  Assessment of the health and safety impacts of product and service categories  |  WEB  [ R&D (Research & Development) ](/en/business/r_and_d/) IR  [ Group Integration Strategy > Corporate R&D (p.31-32) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf) IR  [ Risk Management> Basic Approach and Management Structure (p.36) ](/resources/file/pdf/en/hugp_report_2024_e_HP.pdf)  \n416-2  |  Incidents of non-compliance concerning the health and safety impacts of products and services  |  N/A   \n  \n###  GRI 417\uff1a Marketing and Labeling 2016\n\nDescription  |  Reference page title   \n---|---  \n417-1  |  Requirements for product and service information and labeling  |  WEB  [ Philanthropy > Initiatives to Improve Access to Pharmaceuticals and Medical Care ](/en/sustainable/philanthropy.html)  \n417-2  |  Incidents of non-compliance concerning product and service information and labeling  |  N/A   \n417-3  |  Incidents of non-compliance concerning marketing communications  |  N/A   \n  \n###  GRI 418\uff1a Customer Privacy 2016\n\nDescription  |  Reference page title   \n---|---  \n418-1  |  Substantiated complaints concerning breaches of customer privacy and losses of customer data  |  N/A   \n  \n  * [ Top Message ](/en/sustainable/message/hugp.html)\n\n  * [ Sustainability at the H.U. Group ](/en/sustainable/policy.html)\n\n  * [ Materiality ](/en/sustainable/materiality.html)\n\n  * [ Communication with Stakeholders ](/en/sustainable/communication.html)\n\n  * [ United Nations Global Compact ](/en/sustainable/globalcompact.html)\n\n  * Sustainability Subcommittee \n\n    * [ Environment and Energy ](/en/sustainable/environment.html)\n    * [ Human Capital ](/en/sustainable/humanrights.html)\n    * [ Supply Chain Management ](/en/sustainable/procurement.html)\n    * [ Philanthropy ](/en/sustainable/philanthropy.html)\n    * [ BCP ](/en/sustainable/bcp.html)\n\n  * [ Reports Archive ](/en/sustainable/report.html)\n\n  * [ GRI Standards Content Index ](/en/sustainable/gri.html)\n\n  * [ ESG Performance Data ](/en/sustainable/esg.html)\n\n  * [ External Ratings ](/en/sustainable/external_ratings.html)\n\n  * [ Site Map ](/en/sitemap/)\n  * [ Personal Information Protection Policy ](/en/privacy/)\n  * [ Terms of Use ](/en/terms/)\n  * [ Contact Us ](/en/form/contact/index.html)\n\n  * [ JP  JAPANESE  ]()\n  * [ EN  ENGLISH  ]()\n\nCopyright \u00a9 2022 H.U. Group Holdings, Inc. All rights reserved.\n\n",
                "url": "https://www.hugp.com/en/sustainable/gri.html"
            },
            "reason": "This page is from the website of HUGP, a company that appears to be related to healthcare or pharmaceuticals. It references GRI (Global Reporting Initiative) standards, suggesting a commitment to sustainability reporting. While the company's specific reliability is not fully established, the use of GRI standards adds credibility.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Page referencing GRI standards on HUGP's website, indicating a commitment to sustainability reporting.",
            "url": "https://www.hugp.com/en/sustainable/gri.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "041fc124-9960-4412-b264-734299d45216",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.whitecase.com/insight-alert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-diligence"
                },
                "page_content": "Skip to main content\n\n  *   *   * [ Subscribe  ](https://news.whitecase.com/5/38/forms/subscribe.asp \"Subscribe\")\n\nTime%20to%20get%20to%20know%20your%20supply%20chain%3A%20EU%20adopts%20Corporate%20Sustainability%20Due%20Diligence%20Directive%20  \nhttps://www.whitecase.com/insight-alert/time-get-know-your-supply-chain-eu-\nadopts-corporate-sustainability-due-diligence  \n  \nhttps://news.whitecase.com/5/38/forms/subscribe.asp\n\nmailto:?subject=Time%20to%20get%20to%20know%20your%20supply%20chain%3A%20EU%20adopts%20Corporate%20Sustainability%20Due%20Diligence%20Directive%20&body=https://www.whitecase.com/insight-\nalert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-\ndiligence\n\nhttps://www.linkedin.com/shareArticle?mini=true&url=https://www.whitecase.com/insight-\nalert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-\ndiligence&title=Time%20to%20get%20to%20know%20your%20supply%20chain%3A%20EU%20adopts%20Corporate%20Sustainability%20Due%20Diligence%20Directive%20&source=www.whitecase.com\n\nhttps://twitter.com/intent/tweet?text=Time%20to%20get%20to%20know%20your%20supply%20chain%3A%20EU%20adopts%20Corporate%20Sustainability%20Due%20Diligence%20Directive%20&url=https://www.whitecase.com/insight-\nalert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-\ndiligence&via=WhiteCase\n\nhttps://www.facebook.com/share.php?u=https://www.whitecase.com/insight-\nalert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-\ndiligence&t=Time%20to%20get%20to%20know%20your%20supply%20chain%3A%20EU%20adopts%20Corporate%20Sustainability%20Due%20Diligence%20Directive%20\n\nhttps://news.whitecase.com/5/38/forms/subscribe.asp\n\n#  Time to get to know your supply chain: EU adopts Corporate Sustainability\nDue Diligence Directive\n\nAlert\n\n05 July 2024\n\n|\n\n* * *\n\n12 min read\n\n[ Clare Connellan ](/people/clare-connellan \"Clare Connellan\") | \n\n[ Genevra Forwood ](/people/genevra-forwood \"Genevra Forwood\") | \n\n[ Sara Nordin ](/people/sara-nordin \"Sara Nordin\") | \n\n[ William De Catelle ](/people/william-de-catelle \"William De Catelle\") | \n\n[ Janina Moutia-Bloom ](/people/janina-moutia-bloom \"Janina Moutia-Bloom\")\n\n* * *\n\n**After a two-and-half-year legislative journey, the EU's Corporate\nSustainability Due Diligence Directive (\"CSDDD\"), has been formally adopted,\nand was published in the EU Official Journal on 5 July 2024. 1  It will come\ninto operation in a staggered way in the coming years, and will introduce\nmandatory human rights and environmental due diligence requirements for large\nEU and non-EU companies operating in the EU. **\n\n##  What is the objective of the CSDDD?\n\nThe aim of the CSDDD is to ensure that EU and non-EU companies active in the\nEU:\n\n\"contribute to sustainable development and the sustainability transition of\neconomies and societies through the **identification, and where necessary,\nprioritisation, prevention and mitigation, bringing to an end, minimisation\nand remediation** of actual or **potential adverse human rights and\nenvironmental impacts** connected with companies' own operations, operations\nof their subsidiaries and of their business partners in the chains of\nactivities of the companies, and ensuring that **those affected** by a failure\nto respect this duty **have access to justice and legal remedies** \".  2\n\n##  How does the CSDDD interact with other laws?\n\nObligations under the CSDDD will apply in addition to other more specific, or\npotentially stricter due diligence obligations under other EU laws such as the\nConflict Minerals Regulation, the Batteries Regulation,  3  the Deforestation\nRegulation,  4  and the forthcoming Forced Labour Regulation.  5\n\nThe CSDDD introduces minimum harmonization, meaning Member States cannot lower\nthe level of protection when transposing the CSDDD into national law. Equally,\nthe CSDDD may not serve as grounds for Member States to reduce the level of\nprotection already afforded under national laws to human, employment and\nsocial rights, or protection of the environment or climate.  6  It is expected\nthat existing laws such as Germany's Supply Chain Act (LkSG) and France's loi\nde vigilance will be affected by the national implementation of the CSDDD.\n\nExcept for the due diligence provisions relating to the identification,\nprevention and termination of adverse impacts, Member States are free to go\nbeyond the CSDDD and introduce stricter obligations or a wider scope.  7\n\n##  Which companies are within scope?\n\nThe thresholds for in-scope 'companies'  8  have been substantially revised\nsince the initial proposal. After a phased implementation, the CSDDD will\napply to:  9\n\n  * EU companies (i.e., companies established under the laws of a Member State) that had above 1,000 employees and above EUR 450 million 'net worldwide turnover' in the last financial year; and \n  * Non-EU companies (i.e., companies established outside of the EU) that generated a 'net turnover in the Union' of more than EUR 450 million in the financial year preceding the last financial year.  10 \n\nThe CSDDD will only apply to those EU and non-EU companies which satisfy the\nrelevant criteria above for two consecutive financial years.  11\n\nThe CSDDD also extends to EU and non-EU \"ultimate parent companies\" of groups\nof EU and/or non-EU companies \u2013 which, taken together as a group, meet the\nabove thresholds. However, an ultimate parent company may be exempt12 if \"[it]\nhas as its main activity the holding of shares in operational subsidiaries and\ndoes not engage in taking management, operational or financial decisions\naffecting the group or one or more of its subsidiaries\" and on condition that\none of its EU subsidiaries is designated to fulfil the parent's obligations\nunder the CSDDD, and the parent has obtained an exemption from the competent\nsupervisory authority.  13\n\n##  When will companies have to comply?\n\nThe CSDDD must be transposed by Member States into national law by 26 July\n2026. These new rules will become applicable to companies according to a\nstaggered timeline set out below, to enable them to prepare. This means that\nit will be several years before the new rules take full effect.\n\nThese new rules will become applicable to companies according to a staggered\ntimeline set out below, to enable them to prepare. This means that it will be\nseveral years before the new rules take full effect.\n\n**Category** |  **Net turnover threshold** |  **Number of employees** |  **Date of application for companies 14  **  \n---|---|---|---  \nEU companies  |  **EUR 1,500 m (global)** |  **5,000** |  **26 July 2027**  \n**EUR 900 m (global)** |  **3,000** |  **26 July 2028**  \n**EUR 450 m (global)** |  **1,000** |  **26 July 2029**  \nNon-EU companies  |  **EUR 1,500 m (in EU)** |  **N/A** |  **26 July 2027**  \n**EUR 900 m (in EU)** |  **N/A** |  **26 July 2028**  \n**EUR 450 m (in EU)** |  **N/A** |  **26 July 2029**  \nEU Franchisors/ Licensors  |  **Turnover: EUR 80 m (global)** |  **N/A** |  **26 July 2029**  \n**Royalties: EUR 22.5 m (global)**  \nNon-EU Franchisors/ Licensors  |  **Turnover: EUR 80 m (in EU)** |  **N/A** |  **26 July 2029**  \n**Royalties: EUR 22.5 m (in EU)**  \n  \n##  What are the specific obligations for companies?\n\n**In-scope companies must take various steps to manage actual and potential\nadverse impacts of their activities on human rights and environmental matters,\narising from (i) their own operations, (ii) the operations of their\nsubsidiaries, and (iii) the operations of their business partners in its chain\nof activities. 15  **\n\nThe \"chain of activities\" does not cover disposal of products, or activities\nof a company's downstream business partners related to the services of the\ncompany. However, it does cover:\n\n  * The activities of a **company's upstream business** partners related to the production of goods or the provision of services by the company (including the design, extraction, sourcing, manufacture, transport, storage and supply of raw materials, products or part of the products and development of the product or the service). \n  * The activities of a **company's downstream business** partners related to the distribution, transport and storage of the product \u2013 where the business partners carry out those activities for the company or on behalf of the company. \n\n###  Core obligations\n\nThe CSDDD's core obligations require in-scope companies to:\n\n  * Adopt a 'risk-based' approach to human rights and environmental due diligence (Article 5); \n  * Integrate due diligence into all relevant policies and risk management systems (Article 7); \n  * Identify and assess actual or potential adverse impacts, and, where necessary, prioritise potential and actual adverse impacts (Articles 8 and 9); \n  * Prevent and (where not possible or immediately possible) mitigate potential adverse impacts; and bring actual adverse impacts to an end and minimise their extent (Articles 10 and 11); \n  * Provide remediation for actual adverse impacts (Article 12); \n  * Carry out meaningful stakeholder engagement (Article 13); \n  * Establish and maintain a notification mechanism and complaints procedure (Article 14); \n  * Monitor the effectiveness of due diligence policy and measures (Article 15); \n  * Publicly communicate on due diligence (Article 16); \n  * Adopting and putting into effect a climate transition plan (Article 22); and \n  * Designate an authorised representative (Article 23). \n\nThe main due diligence obligations under the CSDDD are \"obligations of means\",\nnot \"obligations of result\". Companies are not expected to guarantee that\nadverse impacts will not occur, nor that they will always be prevented. But\nthey are expected to take \"appropriate measures\": measures that are capable of\nachieving the objectives of due diligence.  16  Such measures include\ndeveloping and implementing a prevention action plan; seeking contractual\nassurances from business partners accompanied by measures to verify\ncompliance; making necessary financial or non-financial investments,\nadjustments or upgrades into operational processes and infrastructures;\nmodifying the company's own business plan, strategies and operations including\npurchasing, design and distribution practices; providing targeted and\nproportionate support from SME business partners; or providing remediation.\n\nWhere impacts cannot be prevented or adequately mitigated, minimised or bought\nto an end, as a last resort, the company must: (i) refrain from entering into\nnew or extending existing relations with the relevant business partner; (ii)\nadopt and implement an enhanced prevention action plan without undue delay by\nusing the company's leverage through the temporary suspension of the relevant\nbusiness relationship(s); or (iii) terminate the business relationship (if\nthere is no reasonable expectation that (ii) will succeed).\n\n###  Transition Plans for Climate Change Mitigation\n\nIn-scope companies must adopt and implement a transition plan for climate\nchange mitigation which aims to ensure \"through best efforts\" that the\nbusiness model and strategy of the company align with the Paris Agreement.\nSpecifically, the transition plan shall contain: (i) time-bound targets\n(including for 2030 and for 2050) and key actions planned for reaching them;\n(ii) a description of decarbonisation levers; (iii) an explanation and\nquantification of investments and funding supporting the implementation of the\ntransition plan; and (iv) a description of the role of company management in\nconnection with the plan.  17\n\nCompanies that comply with the EU Corporate Sustainability Reporting Directive\n(CSRD)  18  will be deemed to have complied with this obligation under the\nCSDDD.\n\n##  What are the consequences for non-compliance?\n\n###  Enforcement and Penalties\n\nThe CSDDD will be enforced by the supervisory authorities of Member States,\nwhich will be empowered to carry out investigations where they consider there\nto be \"substantiated concerns\" and may require companies to provide\ninformation in connection with suspected non-compliance with the obligations\nset out in Articles 7 to 16. National supervisory authorities will also be\nrequired to \"at least supervise\" the adoption and design (and updating) of\ncompanies' transition plans. However, they are not required to supervise their\nimplementation. Furthermore, there is no indication that such supervision will\nencompass the formal approval of such transition plans, however, an\nauthority's assessment and determination of non-compliance could give rise to\none of the consequences set out below.\n\nIf a supervisory authority identifies an act of (or an omission amounting to)\nnon-compliance, it may:\n\n  * Order a company to cease the relevant conduct or perform an action to bring it into compliance; abstain from repeating the prohibited conduct; and where appropriate, take remedial action within an appropriate period of time. \n  * Impose a penalty. Penalties will be set by Member States, but shall be effective, proportionate and dissuasive, and take into account a range of factors,  19  with the maximum penalty to be at least 5% of the relevant company's net worldwide turnover in the previous financial year.  20  A pecuniary penalty on an ultimate parent company of a group, shall be calculated based on the consolidated turnover reported by the ultimate parent company.  21 \n\nAdopt interim measures in case of imminent risk of severe and irreparable\nharm.  22\n\nThe CSDDD also notes that Member States have the power to \"withdraw and to\nprohibit the placing, making available on the market and export of products\nunder other Union legislative acts\".  23\n\n###  Civil liability and other consequences\n\nThe CSDDD requires Member States to ensure that companies can be held liable\nfor damages caused to natural or legal persons where the company\n\"intentionally or negligently\" fails to comply with Article 10 and 11\nobligations (to prevent and mitigate impact, or to end or minimise such\nimpacts), although this is limited to situations where the relevant rights,\nprohibitions or obligations are aimed at protecting the specific claimant, and\nthe failure caused damage.  24\n\nWhile the \"causality\" would be a question for domestic courts to determine in\naccordance with national law, the CSDDD specifically excludes liability if the\ndamage is caused only by the business partners in the company's chain of\nactivities.  25  However, where damage is found to have been caused jointly by\nthe company and its subsidiary, or by the company and a business partner, the\ncompany will be jointly and severally liable.  26\n\nFull compensation under the CSDDD shall not lead to overcompensation, whether\nby means of punitive, multiple or other types of damages.  27\n\nMember States may determine the conditions under which trade unions, civil\nsociety organisations and national human rights institutions can bring\ncollective redress mechanisms on behalf of victims.  28\n\nCompliance with the CSDDD could also be qualified as a criterion for the award\nof public contracts and concessions. As a result, any non-compliance could\nconstitute a breach of any such contract or terms of concession.  29\n\n##  What next?\n\nThe CSDDD's entry into force on 25 July 2024 triggers the transposition period\nfor Member States to adopt national laws transposing the CSDDD obligations.\nCompanies will need to comply according to the staggered timeline set out\nabove.\n\nA \"review\" provision at Article 36(2) of the CSDDD will require the Commission\n(by 26 July 2030 and every three years thereafter) to submit to the Parliament\nand Council a report and any accompanying legislative proposals considered\nnecessary, on whether to amend key elements of the legislation including: the\nemployee and net turnover thresholds for falling in-scope; the definition of\nthe term \"chain of activities\"; the rules on combatting climate change,\npenalties and civil liability; or (introduction of) sector-specific approach\nfor high-risk sectors.  30\n\nRuth Benbow (Knowledge Manager, London) contributed to the development of this\npublication.\n\n1 Directive (EU) 2024/1760 of the European Parliament and of the Council of 13\nJune 2024 on corporate sustainability due diligence and amending Directive\n(EU) 2019/1937 and Regulation (EU) 2023/2859, available  [ here\n](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202401760) .  \n2 Recital 16.  \n3 See White & Case alert, \u201cNew EU Batteries Regulation: introducing enhanced\nsustainability, recycling and safety requirements\u201d, 2 August 2023, available\n[ here  ](https://www.whitecase.com/insight-alert/new-eu-batteries-regulation-\nintroducing-enhanced-sustainability-recycling-and-safety) .  \n4 See White & Case alert, \u201c10 key things to know about the new EU\nDeforestation Regulation\u201d, 21 July 2023, available  [ here\n](https://www.whitecase.com/insight-alert/10-key-things-know-about-new-eu-\ndeforestation-regulation) .  \n5 The CSDDD provides that if a provision conflicts with another EU legislative\nact pursuing the same objectives and providing for more extensive or more\nspecific obligations, that other EU legislative act shall prevail. Article\n1(3).  \n6 Article 1(2).  \n7 Article 4.  \n8 Article 3(1)(a) contains a detailed definition of 'company'.  \n9 Article 2.  \n10 The European Network of Supervisory Authorities will publish an indicative\nlist of third-country companies subject to the CSDDD.  \n11 As explored in the table above, lower financial thresholds will also apply\nto EU and non-EU companies that rely on franchise or license models where the\ncompany's or group's agreements with third parties ensure a common identity, a\ncommon business concept and the application of uniform business methods. See\nArticle 2(1)(c) and 2(2)(c).  \n12 Other types of entities are also exempt from complying with obligations\nunder the CSDDD, including Alternative Investment Funds (AIFs) and\nundertakings for collective investment in transferable securities (UCITS).\nArticle 2(8).  \n13 Article 2(3).  \n14 Note that the obligation to communicate on due diligence (article 16)\nfollows a different timeline (Article 37).  \n15 Article 1(a).  \n16 Recital 19.  \n17 Article 22.  \n18 See W&C's contribution to ICC UK's Trade for Prosperity magazine \u201cThe\nCorporate Sustainability Reporting Directive: EU rules with global impact on\nbusiness\u201d, Spring 2024, available  [ here\n](https://cloud.3dissue.com/176015/176404/205852/ICCTradeForProsperityWS24DE/index.html)\n, page 90.  \n19 These are: (a) the nature, gravity and duration of the infringement, and\nthe severity of the impacts resulting from that infringement; (b) any\ninvestments made and any targeted support provided pursuant to Articles 10 and\n11; (c) any collaboration with other entities to address the impacts\nconcerned; (d) where relevant, the extent to which prioritisation decisions\nwere made in accordance with Article 9; (e) any relevant previous decisions\nfinding infringements by the company; (f) the extent to which the company\ncarried out any remedial action with regard to the concerned subject-matter;\n(g) the financial benefits gained from or losses avoided by the company due to\nthe infringement; and (h) any other aggravating or mitigating factors\napplicable to the circumstances of the case. See Article 27(2).  \n20 Article 27(4).  \n21 Article 27(4).  \n22 Article 25(5)(c).  \n23 Recital 76.  \n24 Article 29(1).  \n25 Article 29(1).  \n26 Article 29(5).  \n27 Article 29(2).  \n28 Article 29(3)(d).  \n29 Article 31.  \n30 Article 36.\n\nWhite & Case means the international legal practice comprising White & Case\nLLP, a New York State registered limited liability partnership, White & Case\nLLP, a limited liability partnership incorporated under English law and all\nother affiliated partnerships, companies and entities.\n\nThis article is prepared for the general information of interested persons. It\nis not, and does not attempt to be, comprehensive in nature. 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            "reliability_score": 0.9,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Insight alert from White & Case on the EU's Corporate Sustainability Due Diligence Directive.",
            "url": "https://www.whitecase.com/insight-alert/time-get-know-your-supply-chain-eu-adopts-corporate-sustainability-due-diligence"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "b97c8c75-7857-434f-9128-30929d07f694",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.kddi.com/english/corporate/sustainability/report/guideline/"
                },
                "page_content": "  1. [ KDDI HOME  ](/english/)\n  2. [ Corporate Information  ](/english/corporate/)\n  3. [ Sustainability  ](/english/corporate/sustainability/)\n  4. [ Sustainability Report  ](/english/corporate/sustainability/report/)\n  5. Comparative Table with Guidelines \n\n#  Comparative Table with Guidelines\n\nPrint This Page\n\n##  Comparative Table with GRI Standards\n\nKDDI prepared this report by referencing the GRI Sustainability Reporting\nStandards.\n\n###  GRI 102: General Disclosures\n\nItem  |  Reference Page   \n---|---  \n1\\. Organizational profile  \n102-1  |  Name of the organization  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-2  |  Activities, brands, products, and services  | \n\n  * [ Mid-Term Management Strategy ](/english/vision/#mediumTermAnc)\n  * [ Brand (Switchable to English within the page) ](https://brand.kddi.com/)\n\n  \n102-3  |  Location of headquarters  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-4  |  Location of operations  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-5  |  Ownership and legal form  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-6  |  Markets served  | \n\n  * [ Mid-Term Management Strategy ](/english/vision/#mediumTermAnc)\n\n  \n102-7  |  Scale of the organization  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-8  |  Information on employees and other workers  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-9  |  Supply Chain  | \n\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n\n  \n102-10  |  Significant changes to the organization and its supply chain  |  N/A   \n102-11  |  Precautionary principle or approach  | \n\n  * [ Risk Management ](/english/corporate/sustainability/risk-management/)\n\n  \n102-12  |  External initiatives  | \n\n  * [ Participation in External Initiatives ](/english/corporate/sustainability/engagement/)\n\n  \n102-13  |  Membership of associations  | \n\n  * [ Organizations to Which KDDI Belongs or Is Giving Its Cooperation (Safety of Radio Waves) ](/english/corporate/sustainability/network/)\n  * [ Initiatives by the CSIRT ](/english/corporate/sustainability/security/)\n  * [ BSR (Business for Social Responsibility) __ ](/extlib/files/english/corporate/csr/csr_report/2021/pdf/report2021_en.pdf#page=35)\n  * [ 1% Club ](/english/corporate/sustainability/contribution/)\n  * [ Participation in External Initiatives ](/english/corporate/sustainability/engagement/)\n\n  \n2\\. Strategy  \n102-14  |  Statement from senior decision-maker  | \n\n  * [ CEO Message ](/english/corporate/kddi/president/)\n\n  \n102-15  |  Key impacts, risks, and opportunities  | \n\n  * [ Risk Management and Internal Controls ](/english/corporate/sustainability/risk-management/)\n  * [ Safer and More Resilient Connected World ](/english/corporate/sustainability/network/)\n  * [ Cyber Security and Privacy Protection ](/english/corporate/sustainability/security/)\n  * [ Innovation Management ](/english/corporate/sustainability/innovation/)\n  * [ Human Resources ](/english/corporate/sustainability/employee/)\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n  * [ Environment ](/english/corporate/sustainability/efforts-environment/)\n\n  \n3\\. Ethics and Integrity  \n102-16  |  Values, principles, standards, and norms of behavior  | \n\n  * [ Credo, The KDDI Group Mission Statement, The KDDI Group Philosophy, KDDI Code of Business Conduct ](/english/corporate/kddi/philosophy/)\n\n  \n102-17  |  Mechanisms for advice and concerns about ethics  | \n\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n\n  \n4\\. Governance  \n102-18  |  Governance structure  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Corporate Governance ](/english/corporate/ir/governance/)\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n102-19  |  Delegating authority  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Corporate Governance ](/english/corporate/ir/governance/)\n  * [ Risk Management and Internal Controls ](/english/corporate/sustainability/risk-management/)\n\n  \n102-20  |  Executive-level responsibility for economic, environmental, and social topics  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Corporate Governance ](/english/corporate/ir/governance/)\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n  * [ Risk Management and Internal Controls ](/english/corporate/sustainability/risk-management/)\n\n  \n102-21  |  Consulting stakeholders on economic, environmental, and social topics  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n102-22  |  Composition of the highest governance body and its committees  | \n\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n  * [ Composition of Directors and Advisory Committees ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-23  |  Chair of the highest governance body  | \n\n  * [ Composition of Directors and Advisory Committees ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-24  |  Nominating and selecting the highest governance body  | \n\n  * [ Policy and Procedure for the nomination of Director and Audit & Supervisory Board member candidates by the Board of Directors ](/english/corporate/sustainability/governance/#a10)\n\n  \n102-25  |  Conflicts of interest  | \n\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-26  |  Role of highest governance body in setting purpose, values, and strategy  | \n\n  * [ CEO Message ](/english/corporate/kddi/president/)\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Credo, The KDDI Group Mission Statement, The KDDI Group Philosophy, KDDI Code of Business Conduct ](/english/corporate/kddi/philosophy/)\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-27  |  Collective knowledge of highest governance body  | \n\n  * [ CEO Message ](/english/corporate/kddi/president/)\n  * [ Credo, The KDDI Group Mission Statement, The KDDI Group Philosophy, KDDI Code of Business Conduct ](/english/corporate/kddi/philosophy/)\n\n  \n102-28  |  Evaluating the highest governance body's performance  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Evaluation of the Board of Directors' Effectiveness ](/english/corporate/sustainability/governance/#a06)\n\n  \n102-29  |  Identifying and managing economic, environmental, and social impacts  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Material Issues (Sustainability Management) ](/english/vision/sustainability-management/)\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n102-30  |  Effectiveness of risk management processes  | \n\n  * [ Risk Management and Internal Controls ](/english/corporate/sustainability/risk-management/)\n\n  \n102-31  |  Review of economic, environmental, and social topics  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n102-32  |  Highest governance body's role in sustainability reporting  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-33  |  Communicating critical concerns  | \n\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n\n  \n102-34  |  Nature and total number of critical concerns  | \n\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n\n  \n102-35  |  Remuneration policies  | \n\n  * [ Executive Compensation ](/english/corporate/sustainability/governance/#a13)\n\n  \n102-36  |  Process for determining remuneration  | \n\n  * [ Executive Compensation ](/english/corporate/sustainability/governance/#a13)\n\n  \n102-37  |  Stakeholders' involvement in remuneration  | \n\n  * [ Evaluation of the Board of Directors' Effectiveness ](/english/corporate/sustainability/governance/#a06)\n\n  \n102-38  |  Annual total compensation ratio  | \n\n  * [ President and Representative Director remuneration/average KDDI employee annual salary ](/english/corporate/sustainability/report/esg-data/governance/)\n\n  \n102-39  |  Percentage increase in annual total compensation ratio  |  \\-   \n5\\. Stakeholder Engagement  \n102-40  |  List of stakeholder groups  | \n\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n102-41  |  Collective bargaining agreements  | \n\n  * [ Creating Sound Labor-Management Relations ](/english/corporate/sustainability/employee/relations/)\n\n  \n102-42  |  Identifying and selecting stakeholders  | \n\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n102-43  |  Approach to stakeholder engagement  | \n\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n102-44  |  Key topics and concerns raised  | \n\n  * [ Material Issues (Sustainability Management) ](/english/vision/sustainability-management/)\n  * [ Stakeholder Engagement ](/english/corporate/sustainability/engagement/)\n\n  \n6\\. Reporting Practice  \n102-45  |  Entities included in the consolidated financial statements  | \n\n  * [ Corporate Profile ](/english/corporate/kddi/profile/)\n\n  \n102-46  |  Defining report content and topic boundaries  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-47  |  List of material topics  | \n\n  * [ Material Issues (Sustainability Management) ](/english/vision/sustainability-management/)\n\n  \n102-48  |  Restatements of information  |  N/A   \n102-49  |  Changes in reporting  |  N/A   \n102-50  |  Reporting period  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-51  |  Date of most recent report  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-52  |  Reporting cycle  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-53  |  Contact point for questions regarding the report  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-54  |  Claims of reporting in accordance with the GRI Standards  | \n\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\n  \n102-55  |  GRI content index  |  This page   \n102-56  |  External Assurance  | \n\n  * [ Third-party Assurance ](/english/corporate/sustainability/report/esg-data/assurance/)\n\n  \n  \n###  GRI 103: Management Approach\n\nItem  |  Reference Page   \n---|---  \nGRI 103: Management Approach  \n103-1  |  Explanation of the material topic and its boundary  | \n\n  * [ Material Issues (Sustainability Management) ](/english/vision/sustainability-management/)\n\n  \n103-2  |  The management approach and its components  | \n\n  * [ Corporate Governance Framework ](/english/corporate/sustainability/governance/#a03)\n  * [ Risk Management and Internal Controls ](/english/corporate/sustainability/risk-management/)\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n  * [ Safer and More Resilient Connected World ](/english/corporate/sustainability/network/)\n  * [ Cyber Security and Privacy Protection ](/english/corporate/sustainability/security/)\n  * [ Innovation Management ](/english/corporate/sustainability/innovation/)\n  * [ Human Resources ](/english/corporate/sustainability/employee/)\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n  * [ Environment ](/english/corporate/sustainability/efforts-environment/)\n\n  \n103-3  |  Evaluation of the management approach  | \n\n  * [ Sustainability Promotion Framework ](/english/corporate/sustainability/management/)\n\n  \n  \n###  200 Series (Economic)\n\nItem  |  Reference Page   \n---|---  \nGRI 201: Economic Performance  \n201-1  |  Direct economic value generated and distributed  | \n\n  * [ Financial Data ](/english/corporate/ir/finance/)\n  * [ Human Resources Data ](/english/corporate/sustainability/report/esg-data/society/)\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n  * [ Community Involvement and Development ](/english/corporate/sustainability/contribution/)\n\n  \n201-2  |  Financial implications and other risks and opportunities due to climate change  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n201-3  |  Defined benefit plan obligations and other retirement plans  | \n\n  * [ Pension System ](/english/corporate/sustainability/employee/relations/)\n\n  \n201-4  |  Financial assistance received from government  |  N/A   \nGRI 202: Market Presence  \n202-1  |  Ratios of standard entry level wage by gender compared to local minimum wage  | \n\n  * [ Starting Salary for University Graduates Compared to Minimum Wage ](/english/corporate/sustainability/employee/labor/)\n\n  \n202-2  |  Proportion of senior management hired from the local community  | \n\n  * [ Human Resources Data ](/english/corporate/sustainability/report/esg-data/society/)\n\n  \nGRI 203: Indirect Economic Impacts  \n203-1  |  Infrastructure investments and services supported  | \n\n  * [ Disaster Preparedness ](/english/corporate/sustainability/network/01/)\n\n  \n203-2  |  Significant indirect economic impacts  |  N/A   \nGRI 204: Procurement Practices  \n204-1  |  Proportion of spending on local suppliers  |  \\-   \nGRI 207: Anti-corruption  \n205-1  |  Operations assessed for risks related to corruption  | \n\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n\n  \n205-2  |  Communication and training about anti-corruption policies and procedures  | \n\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n\n  \n205-3  |  Confirmed incidents of corruption and actions taken  | \n\n  * [ Compliance ](/english/corporate/sustainability/compliance/)\n\n  \nGRI 206: Anti-competitive Behavior  \n206-1  |  Legal actions for anti-competitive behavior, anti-trust, and monopoly practices  | \n\n  * [ Preventing Anti-competitive Behaviors ](/english/corporate/sustainability/compliance/)\n\n  \nGRI 207: Tax  \n207-1  |  Approach to tax  | \n\n  * [ Responsible Tax Practice ](/english/corporate/sustainability/compliance/)\n\n  \n207-2  |  Tax governance, control, and risk management  | \n\n  * [ Responsible Tax Practice ](/english/corporate/sustainability/compliance/)\n\n  \n207-3  |  Stakeholder engagement and management of concerns related to tax  | \n\n  * [ Responsible Tax Practice ](/english/corporate/sustainability/compliance/)\n\n  \n207-4  |  Country-by-country reporting  |  \\-   \n  \n###  300 Series (Environmental)\n\nItem  |  Reference Page   \n---|---  \nGRI 301: Materials 2016  \n301-1  |  Materials used by weight or volume  |  \\-   \n301-2  |  Recycled input materials used  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n|  | \n\n  * [ Circular Economy ](/english/corporate/sustainability/efforts-environment/recycling/)\n\n  \n301-3  |  Reclaimed products and their packaging materials  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n|  | \n\n  * [ Circular Economy ](/english/corporate/sustainability/efforts-environment/recycling/)\n\n  \nGRI 302: Energy 2016  \n302-1  |  Energy consumption within the organization  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n302-2  |  Energy consumption outside of the organization  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n302-3  |  Energy intensity  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n302-4  |  Reduction of energy consumption  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n302-5  |  Reductions in energy requirements of products and services  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \nGRI 303: Water and Effluents 2018  \n303-1  |  Interactions with water as a shared resource  |  \\-   \n303-2  |  Management of water discharge-related impacts  |  \\-   \n303-3  |  Water withdrawal  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n303-4  |  Water discharge  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n303-5  |  Water consumption  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \nGRI 304: Biodiversity 2016  \n304-1  |  Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas  |  N/A   \n304-2  |  Significant impacts of activities, products, and services on biodiversity  |  N/A   \n304-3  |  Habitats protected or restored  | \n\n  * [ Biodiversity ](/english/corporate/sustainability/efforts-environment/biodiversity/)\n\n  \n304-4  |  IUCN Red List species and national conservation list species with habitats in areas affected by operations  |  N/A   \nGRI 305: Emissions 2016  \n305-1  |  Direct (Scope 1) GHG emissions  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n305-2  |  Energy indirect (Scope 2) GHG emissions  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n305-3  |  Other indirect (Scope 3) GHG emissions (Scope 3)  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n305-4  |  GHG emissions intensity  |  \\-   \n305-5  |  Reduction of GHG emissions  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n305-6  |  Emissions of ozone-depleting substances (ODS)  |  \\-   \n305-7  |  Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions  |  \\-   \nGRI 306: Effluents and Waste 2016  \n306-1  |  Water discharge by quality and destination  |  \\-   \n306-2  |  Waste by type and disposal method  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \n306-3  |  Significant spills  |  N/A   \n306-4  |  Transport of hazardous waste  | \n\n  * [ Appropriate Processing of PCB-Containing Equipment ](/english/corporate/sustainability/efforts-environment/management/)\n\n  \n306-5  |  Water bodies affected by water discharges and/or runoff  |  \\-   \nGRI 307: Environmental Compliance 2016  \n307-1  |  Non-compliance with environmental laws and regulations  | \n\n  * [ Compliance with Environmental Laws and Regulations (No violations) ](/english/corporate/sustainability/efforts-environment/management/)\n\n  \nGRI 308: Supplier Environmental Assessment 2016  \n308-1  |  New suppliers that were screened using environmental criteria  |  \\-   \n308-2  |  Negative environmental impacts in the supply chain and actions taken  | \n\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n\n  \n  \n###  400 Series (Social)\n\nItem  |  Reference Page   \n---|---  \nGRI 401: Employment 2016  \n401-1  |  New employee hires and employee turnover  | \n\n  * [ Human Resources Data ](/english/corporate/sustainability/report/esg-data/society/)\n\n  \n401-2  |  Benefits provided to full-time employees that are not provided to temporary or part-time employees  | \n\n  * [ Pension System, Wellness Benefits ](/english/corporate/sustainability/employee/relations/)\n\n  \n401-3  |  Parental leave  | \n\n  * [ Diverse Work Styles ](/english/corporate/sustainability/employee/work-styles/)\n\n  \nGRI 402: Labor/Management Relations 2016  \n402-1  |  Minimum notice periods regarding operational changes  | \n\n  * [ Creating Sound Labor-Management Relations ](/english/corporate/sustainability/employee/relations/)\n\n  \nGRI 403: Occupational Health and Safety 2018  \n403-1  |  Occupational health and safety management system  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-2  |  Hazard identification, risk assessment, and incident investigation  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-3  |  Occupational health services  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-4  |  Worker participation, consultation, and communication on occupational health and safety  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-5  |  Worker training on occupational health and safety  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-6  |  Promotion of worker health  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-7  |  Prevention and mitigation of occupational health and safety impacts directly linked by business relationships  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-8  |  Workers covered by an occupational health and safety management system  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-9  |  Work-related injuries  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \n403-10  |  Work-related ill health  | \n\n  * [ Promotion of Occupational Safety and Health ](/english/corporate/sustainability/employee/safety/)\n\n  \nGRI 404: Training and Education 2016  \n404-1  |  Average hours of training per year per employee  | \n\n  * [ Human Resources Data ](/english/corporate/sustainability/report/esg-data/society/)\n\n  \n404-2  |  Programs for upgrading employee skills and transition assistance programs  | \n\n  * [ Human Resources ](/english/corporate/sustainability/employee/)\n  * [ Promotion of Women's Participation and Advancement in the Workplace ](/english/corporate/sustainability/employee/woman/)\n  * [ DE&I (Diversity, Equity and Inclusion) ](/english/corporate/sustainability/diversity/)\n\n  \n404-3  |  Percentage of employees receiving regular performance and career development revie  | \n\n  * [ Evaluation and Remuneration Systems ](/english/corporate/sustainability/employee/)\n\n  \nGRI 405: Diversity and Equal Opportunity 2016  \n405-1  |  Diversity of governance bodies and employees  | \n\n  * [ Human Resources Data ](/english/corporate/sustainability/report/esg-data/society/)\n  * [ Executive Members ](/english/corporate/ir/governance/board/)\n\n  \n405-2  |  Ratio of basic salary and remuneration of women to men  |  \\-   \nGRI 406: Non-discrimination 2016  \n406-1  |  Incidents of discrimination and corrective actions taken  | \n\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n\n  \nGRI 407: Freedom of Association and Collective Bargaining 2016  \n407-1  |  Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk  | \n\n  * [ Creating Sound Labor-Management Relations ](/english/corporate/sustainability/employee/relations/)\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n  * [ Sustainable Procurement Activity Results (FY 2023) ](/english/corporate/sustainability/supply-chain/01/)\n\n  \nGRI 408: Child Labor 2016  \n408-1  |  Operations and suppliers at significant risk for incidents of child labor  | \n\n  * [ Sustainable Procurement Activity Results (FY 2023) ](/english/corporate/sustainability/supply-chain/01/)\n\n  \nGRI 409: Forced or Compulsory Labor 2016  \n409-1  |  Operations and suppliers at significant risk for incidents of forced or compulsory labor  | \n\n  * [ Sustainable Procurement Activity Results (FY 2023) ](/english/corporate/sustainability/supply-chain/01/)\n\n  \nGRI 410: Security Practices 2016  \n410-1  |  Security personnel trained in human rights policies or procedures  |  \\-   \nGRI 411: Rights of Indigenous Peoples 2016  \n411-1  |  Incidents of violations involving rights of indigenous peoples  |  N/A   \nGRI 412: Human Rights Assessment 2016  \n412-1  |  Operations that have been subject to human rights reviews or impact assessments  | \n\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n\n  \n412-2  |  Employee training on human rights policies or procedures  | \n\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n\n  \n412-3  |  Significant investment agreements and contracts that include human rights clauses or that underwent human rights screening  |  N/A   \nGRI 413: Local Communities 2016  \n413-1  |  Operations with local community engagement, impact assessments, and development programs  | \n\n  * [ Community Involvement and Development ](/english/corporate/sustainability/contribution/)\n\n  \n413-2  |  Operations with significant actual and potential negative impacts on local communities  |  N/A   \nGRI 414: Supplier Social Assessment 2016  \n414-1  |  New suppliers that were screened using social criteria  | \n\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n  * [ Sustainable Procurement Activity Results (FY 2023) ](/english/corporate/sustainability/supply-chain/01/)\n\n  \n414-2  |  Negative social impacts in the supply chain and actions taken  | \n\n  * [ Supply Chain Management ](/english/corporate/sustainability/supply-chain/)\n  * [ Sustainable Procurement Activity Results (FY 2023) ](/english/corporate/sustainability/supply-chain/01/)\n\n  \nGRI 415: Public Policy 2016  \n415-1  |  Political contributions  | \n\n  * [ Political Contributions ](/english/corporate/sustainability/compliance/)\n\n  \nGRI 416: Customer Health and Safety 2016  \n416-1  |  Assessment of the health and safety impacts of product and service categories  | \n\n  * [ Responsibility for Products and Services ](/english/corporate/sustainability/products/)\n\n  \n416-2  |  Incidents of non-compliance concerning the health and safety impacts of products and services  |  N/A   \nGRI 417: Marketing and Labeling 2016  \n417-1  |  Requirements for product and service information and labeling  | \n\n  * [ Responsibility for Products and Services ](/english/corporate/sustainability/products/)\n  * [ Environmental Eco Label ](/english/corporate/sustainability/efforts-environment/carbon/)\n\n  \n417-2  |  Incidents of non-compliance concerning product and service information and labeling  |  N/A   \n417-3  |  Incidents of non-compliance concerning marketing communications  | \n\n  * [ Brand Management ](/english/corporate/sustainability/brand/)\n\n  \nGRI 418: Customer Privacy 2016  \n418-1  |  Substantiated complaints concerning breaches of customer privacy and losses of customer data  | \n\n  * [ Number of Serious Information Security Incidents ](/english/corporate/sustainability/security/)\n\n  \nGRI 419: Socioeconomic Compliance 2016  \n419-1  |  Non-compliance with laws and regulations in the social and economic area  |  N/A   \n  \n##  Sustainability Accounting Standards Board (SASB) Comparative Table\n\nKDDI references the sustainability account standards for telecommunication\nservices industry designated by Sustainability Accounting Standards Board\n(SASB).\n\nTopic  |  SASB Code  |  Accounting Metric  |  Destination of Disclosure/Other   \n---|---|---|---  \nEnvironmental Footprint of Operations  |  TC-TL-130a.1  |  (1) Total energy consumed   \n(2) Percentage grid electricity  \n(3) Percentage renewable  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \nData Privacy  |  TC-TL-220a.1  |  Description of policies and practices relating to behavioral advertising and customer privacy  | \n\n  * [ Cyber Security and Privacy Protection ](/english/corporate/sustainability/security/)\n  * [ Privacy Policy ](/english/corporate/kddi/public/privacy/)\n\n  \nTC-TL-220a.2  |  Percentage of customers whose information is used for secondary purposes  |  100%   \nPurpose: [ Privacy Portal ](/english/corporate/kddi/public/privacy-portal/)  \nTC-TL-220a.3  |  Total amount of monetary losses as a result of legal proceedings associated with customer privacy  |  Not disclosed   \nTC-TL-220a.4  |  (1) Number of law enforcement requests for customer information   \n(2) Number of customers whose information was requested  \n(3) Percentage resulting in disclosure  |  Not disclosed   \nData Security  |  TC-TL-230a.1  |  (1) Number of data breaches   \n(2) Percentage involving personally identifiable information (PII)  \n(3) Number of customers affected  | \n\n  * [ (1) Number of Serious Information Security Incidents ](/english/corporate/sustainability/security/)\n\n(2) and (3) are not disclosed  \nTC-TL-230a.2  |  Description of approach to identifying and addressing data security risks, including use of third-party cybersecurity standards  | \n\n  * [ Cyber Security and Privacy Protection ](/english/corporate/sustainability/security/)\n  * [ Innovation Management ](/english/corporate/sustainability/innovation/)\n  * [ Risk Management ](/english/corporate/sustainability/risk-management/)\n  * [ Participation in External Initiatives ](/english/corporate/sustainability/contribution/)\n\n  \nProduct End-of-life Management  |  TC-TL-440a.1  |  (1) Materials recovered through take back programs, percent age of recovered materials that were   \n(2) reused, (3) recycled, and (4) landfilled  | \n\n  * [ (1) Circular Economy ](/english/corporate/sustainability/efforts-environment/recycling/)\n\n(2) through (4) are not disclosed  \nCompetitive Behavior & Open Internet  |  TC-TL-520a.1  |  Total amount of monetary losses as a result of legal proceed ings associated with anticompetitive behavior  |  Not disclosed   \nTC-TL-520a.2  |  Average actual sustained download speed of   \n(1) owned and commercially-associated content  \nand  \n(2) non-associated content  | \n\n  * [ Definition of measured value of actual operating speed (in Japanese only) ](https://www.au.com/mobile/area/effective-speed/)\n\n  \nTC-TL-520a.3  |  Description of risks and opportunities associated with net neu trality, paid peering, zero rating, and related practices  | \n\n  * [ Risk Management ](/english/corporate/sustainability/risk-management/)\n  * [ Cyber Security and Privacy Protection ](/english/corporate/sustainability/security/)\n  * [ Safer and More Resilient Connected World ](/english/corporate/sustainability/network/)\n  * [ Innovation Management ](/english/corporate/sustainability/innovation/)\n  * [ Respect for Human Rights ](/english/corporate/sustainability/human-rights/)\n\n  \nManaging Systemic Risks  |  TC-TL-550a.1  |  (1) System average interruption frequency   \nand  \n(2) customer average interruption duration  | \n\n  * [ Frequency and Duration of Network Interruption ](/english/corporate/sustainability/network/)\n\n  \nTechnology Disruptions  |  TC-TL-550a.2  |  Discussion of systems to provide unimpeded service during ser vice interruptions  | \n\n  * [ Network Quality Management and Improvement ](/english/corporate/sustainability/network/)\n  * [ Disaster Preparedness ](/english/corporate/sustainability/network/01/)\n\n  \n  \n##  Task Force on Climate-related Financial Disclosures (TCFD) Comparative\nTable\n\nKDDI references the disclosure items recommended by the Task Force on Climate-\nrelated Financial Disclosures (TCFD).\n\n###  Governance\n\nRecommended Disclosures  |  Reference Page   \n---|---  \na. Describe the board's oversight of climate-related risks and opportunities.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nb. Describe management's role in assessing and managing climate-related risks and opportunities.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n  \n###  Strategy\n\nRecommended Disclosures  |  Reference Page   \n---|---  \na. Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nb. Describe the impact of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nc. Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a 2\u00b0C or lower scenario.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n  \n###  Risk Management\n\nRecommended Disclosures  |  Reference Page   \n---|---  \na. Describe the organization's processes for identifying and assessing climate-related risks.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nb. Describe the organization's processes for managing climate-related risks.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nc. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n  \n###  Metrics & Targets\n\nRecommended Disclosures  |  Reference Page   \n---|---  \na. Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \nb. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks.  | \n\n  * [ Environmental Data ](/english/corporate/sustainability/report/esg-data/environment/)\n\n  \nc. Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.  | \n\n  * [ Responses to the TCFD Recommendations ](/english/corporate/sustainability/efforts-environment/tcfd/)\n\n  \n  \n[ KDDI's Commitment to Sustainability\n](/english/corporate/sustainability/management/)\n\n    \n\n  * [ KDDI's Value Creation ](/english/corporate/sustainability/management/value/)\n  * [ Comparative Table with Guidelines ](/english/corporate/sustainability/report/guideline/)\n  * [ Disclosure Policy ](/english/corporate/sustainability/disclosurepolicy/)\n\nRecommended Contents\n\n    \n\n  * [ News Releases  ](/english/corporate/newsrelease/)\n\n  * [ Technology  ](/english/corporate/r-and-d/)\n\n  * \n\n  * Related Page 1 \n  * Related Page 2 \n\n  *   * \n\n",
                "url": "https://www.kddi.com/english/corporate/sustainability/report/guideline/"
            },
            "reason": "This page is from KDDI, a Japanese telecommunications company, detailing their sustainability reporting guidelines. As a direct publication from the company, it's considered reliable for understanding their reporting practices, although it may present a favorable view.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "KDDI's sustainability reporting guidelines.",
            "url": "https://www.kddi.com/english/corporate/sustainability/report/guideline/"
        },
        {
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                    "source": "https://www.bsr.org/en/primers/10-human-rights-priorities-for-the-transport-and-logistics-sector"
                },
                "page_content": "[ ](https://www.linkedin.com/sharing/share-\noffsite/?url=https%3A%2F%2Fwww.bsr.org%2Fen%2Fprimers%2F10-human-rights-\npriorities-for-the-transport-and-logistics-sector) [\n](https://bsky.app/intent/compose?text=https%3A%2F%2Fwww.bsr.org%2Fen%2Fprimers%2F10-human-\nrights-priorities-for-the-transport-and-logistics-sector) [ ](mailto:?)\n\nHuman rights are inherent to all people, regardless of nationality, sex,\nnational or ethnic origin, color, religion, language, or any other status.\nThey are globally agreed upon standards of achievement for all people,\ncovering a wide range of independent yet interconnected civil, political,\neconomic, social, cultural, and environmental rights that serve as a \u2018code of\nconduct\u2019 for all human beings.\n\nAll companies can impact human rights either positively or negatively through\ntheir action or inactions. The key document speaking to these impacts is the [\nUN Guiding Principles on Business and Human Rights\n](https://www.ohchr.org/sites/default/files/documents/publications/guidingprinciplesbusinesshr_en.pdf)\n(UNGPs), the authoritative global standard on business and human rights.\nThough technically \"soft law,\" the UNGPs have been incorporated into the [\nOECD Guidelines for Multinational Enterprises\n](https://www.oecd.org/investment/mne/) , [ ISO 26000\n](https://www.iso.org/iso-26000-social-responsibility.html) , [ IFC\nPerformance Standards ](https://www.ifc.org/en/insights-reports/2012/ifc-\nperformance-standards) , [ GRI ](https://www.globalreporting.org) , [ UN\nSustainable Development Goals ](https://sdgs.un.org/goals) , and many other\nframeworks. They have also been endorsed by business and industry\norganizations representing thousands of companies, civil society\norganizations, NGOs, and member states of the United Nations.\n\nAs part of the corporate responsibility to respect human rights, the UNGPs\nrequire companies to actively identify and manage the negative human rights\nimpacts that they may cause or to which they may contribute or are linked\nthrough their business relationships.\n\nThis primer identifies the 10 most relevant, urgent, and probable human rights\nimpacts for businesses operating in the Transport & Logistics (T&L) sector. It\nis intended as a starting point and should be supplemented by robust internal\nhuman rights due diligence processes. The information here is gathered from\nBSR\u2019s [ direct engagement with T&L companies\n](https://www.bsr.org/en/industries/transport-and-logistics) and the companies\nthat rely on them, as well as our 30 years of experience helping companies in\nall sectors [ manage their human rights risks\n](https://www.bsr.org/en/expertise/human-rights) .\n\nT&L activities provide the backbone to the modern economy and global trade.\nAlmost every company relies on T&L services to deliver its goods or services,\nand the trend has been toward the outsourcing of these activities to\nspecialized transport actors. This reliance on outsourcing has given rise to\nchallenges to ensure the respect for human rights for workers throughout the\nextended supply chain.\n\nThe T&L sector comprises a wide range of activities, along a value chain that\nincludes various modes of transport of goods (by road, rail, air, and water);\nthe physical transfer points (e.g., terminals, airports, rail stations) and\nwarehouses where goods are stored, packaged, and sorted for ultimate delivery\nto end-customers; and the intermediaries (e.g. freight forwarders) that\nconnect these different services. These activities rely on workers such as\ntruck drivers and last-mile delivery workers, pilots, and seafarers, as well\nas logistics staff such as warehouse workers, ground crews, and dockworkers.\nThey can also impact wider communities, particularly those located near ports,\nwarehouses, or other transportation hubs or routes.\n\nWhile each of the activities undertaken by T&L companies present unique human\nrights risks and challenges, this primer highlights the most common and\nsignificant risks across the T&L sector as a whole. The primer also offers\nopportunities for T&L, as a sector that is both global and local and employs\ntens of millions of workers around the world, to advance the realization of\nhuman rights.\n\n* * *\n\n* * *\n\n##  **Top Human Rights Risks**\n\n###  1: Occupational Health and Safety\n\nThe most prevalent risk for workers in the T&L sector is to their physical and\nmental health and safety at work. This ranges from the risks of physical\ninjury (e.g., machine-related incidents aboard ships or in terminals and road\naccidents) to long-term health impacts (e.g., from exposure to hazardous\nsubstances or physically strenuous work) but also includes mental health\nimpacts and \u201cpsychosocial\u201d risks linked to pressured working conditions or the\nincreased technological automation of processes. Workplace violence and\nharassment, including sexual harassment, is also common in the T&L\nsector\u2014notably in the maritime industry where women make up an extreme\nminority of the workforce. Finally, climate change is exacerbating risks\nlinked to working in extreme weather conditions (e.g., heat, rain), including\nimpacts to the working environment (e.g., warped roads and worsened storms).\n\n###  2: Fair Working Conditions\n\nIn every sector, global expansion, technological progress, and consumer\nexpectations have pushed companies to compete on flexibility and\nresponsiveness. While this has enabled economic development in many places, it\nhas also applied downward pressure to reduce wages and benefits, while\nincreasing the expectations placed on workers. The COVID-19 pandemic exposed\nsome of the unfair conditions placed on T&L workers, including excessive\nworking hours for seafarers and inadequate rest times and facilities for road\ntransport workers. Many warehouse workers are employed on precarious contracts\nfor very low wages (that oftentimes fall short of a living wage) and required\nto work irregular shifts that may be detrimental to their health and family\nlife. Gig workers involved in last-mile deliveries frequently face\nexploitative contract terms and lack employee benefits.\n\n###  3: Forced Labor and Human Trafficking\n\nT&L companies rely on large, low-skilled workforces and often use recruitment\nagencies to find and train employees (e.g., manning agencies in shipping and\nthird-party or temporary labor agencies in warehouse logistics). These\nagencies, especially in countries with weaker labor laws or enforcement or\nmore informal economies, are at high risk of employing workers under forced\nlabor conditions. Such workers may be coerced into paying recruitment fees,\nmay work illegally without visas, or may have their passports confiscated and\nwages withheld. Careful due diligence of labor agencies is critical to\nminimize these risks. Risks of forced labor also exist in the road transport\nindustry. For example, trucking companies in Europe have been involved in the\nexploitation of migrant workers against a backdrop of local driver shortages.\nThe T&L industry also has frontline exposure to human trafficking activities,\nwhich rely on transportation to traffic victims. While these activities may\nnot be caused by T&L companies\u2019 core operations, the companies may still have\nan opportunity to contribute to the detection and prevention of trafficking.\n\n###  4: Freedom of Association and Collective Bargaining\n\nIn many countries where T&L companies operate, the freedom of workers to\nassociate and collectively bargain through independent trade unions is not\nprotected and may even be prohibited by law. These rights are not exclusively\nexercised through formal trade unions and may be exercised through other forms\nof worker organization and representation (e.g., work councils, employee\nassociations, state-sponsored unions). However, local laws or socio-political\nnorms (such as anti-union sentiment in the Southern United States) may\nrestrict their exercise by workers without proactive encouragement from their\nemployer. This risk is heightened in countries where independent contractors\n(e.g., truck drivers) or subcontracted labor (e.g., temporary warehouse\nworkers or informal day workers) have limited access to collective\nrepresentation and other labor protections. For example, in some countries\ntruck drivers do not have employment contracts allowing them to join trade\nunions, and last-mile delivery drivers operating as \u201cgig workers\u201d are excluded\nfrom labor protections reserved for employees.\n\n###  5: Workplace Discrimination\n\nWorkplace discrimination remains prevalent in all countries and sectors,\ndespite clear national and international legal frameworks condemning it. It\ncan manifest in more or less direct ways (e.g., decision not to hire or\nineligibility for parental benefits). In the T&L sector, as it is a\nhistorically male-dominated industry, women most commonly experience instances\nof workplace discrimination, such as lower pay and lack of promotion\nopportunities. However, ethnic minorities (e.g., racial slurs), LGBTIQ+\ncommunities (e.g., access to benefits and homophobic harassment), and people\nwith disabilities (e.g. equal access to benefits and promotion opportunities)\nalso experience instances of workplace discrimination. For companies operating\nin global markets, respecting employees\u2019 rights means guaranteeing equal\nopportunities for every member of their diverse workforces.\n\n###  6: Land Acquisition and Indigenous Rights\n\nInfrastructure is critical to the T&L sector. Roads, ports, canals, and other\ntransport and logistics infrastructure require the development of large areas\nof land, which may occur without adequate consultation and/or compensation for\nlocal communities or the Free Prior and Informed Consent of Indigenous groups\nwhose rights would be impacted by these developments. However, the strong\nlocal economic incentives in favor of such infrastructure projects\u2014which often\ninclude job opportunities and other economic benefits for local\ncommunities\u2014can sometimes increase the risk of infrastructure projects\nproceeding at the detriment of other community rights. Furthermore, many of\nthe minerals and metals needed for the T&L sector\u2019s energy transition (such as\nlithium, cobalt, copper, and nickel) are located on or near the lands of\nIndigenous and impoverished peoples, putting their rights at growing risk.\n\n###  7: Grievance Mechanisms and Remedy\n\nThe UNGPs not only require companies to identify and manage their human rights\nrisks, but to provide or cooperate in the provision of effective remedy for\nvictims of adverse human rights impacts. This is both a procedural and\nsubstantive right. Adversely impacted people should have access to adequate,\naccessible, and reliable grievance mechanisms to raise concerns and seek\nremedy, and these mechanisms should in fact lead to effective remedy. The T&L\nsector faces heightened challenges because of heavy reliance on subcontracted\nlabor, including through third-party labor agencies (e.g., in terminals or\nwarehouses) and outsourcing (e.g., in road transport), which can make it more\ndifficult for workers to raise and resolve grievances, and for different\nactors along the chain to cooperate in the provision of effective remedy.\n\n###  8: Emissions and Environmental Pollution\n\nThe T&L sector is one of the highest emitting sectors in the world (the\ntransport sector alone accounted for 37 percent of global greenhouse gas\nemissions as of 2022). Trucking and last-mile delivery operations add to\ncongestion and pollution in cities, and further contribute to climate change.\nThe human rights impacts of air pollution and climate change are therefore\nsignificant for the T&L sector, with climate change generating impacts far\nbeyond the environment, including restricted food supplies, reduction in\npotable water, mass migration, and, potentially, political upheaval, all of\nwhich hold severe human rights implications for the general public. The T&L\nsector also causes pollution to waterways and oceans. Ballast water discharge\noften includes non-native or nuisance species that can cause extensive damage\nto aquatic life and ecosystems, negatively impacting local communities, their\nhealth, and their livelihoods.\n\n###  9: Just Transition\n\nAs a sector required to make significant changes\u2014from transport fuels to\nbuilding materials\u2014to address its contribution to climate change, the T&L\nsector faces a challenge to ensure a just transition. A just transition\ninvolves maximizing the social and economic opportunities of climate action,\nwhile minimizing and carefully managing any challenges\u2014including through\neffective social dialogue among all groups impacted and respect for\nfundamental labor principles and rights. However, the World Benchmarking\nAlliance\u2019s [ Climate and Energy Benchmark\n](https://www.worldbenchmarkingalliance.org/publication/transport/) for the\ntransport sector shows a striking and systemic lack of action by companies to\nprepare for and mitigate the social impacts of decarbonizing.\n\n###  10: Bribery and Corruption\n\nThe T&L sector engages with the government extensively, from vans passing\nthrough customs checkpoints to fleets of ships accessing government-owned\ncanals and ports. Many ports or logistics centers also operate as joint\nventures with local governments. These factors make the sector a high risk for\nboth corruption and bribery. In fact, almost every link in the T&L value chain\nis susceptible to corruption, from officials tasked with awarding contracts or\ngranting permits or customs clearances to those inspecting facilities,\nvehicles, or ships. Bribery and corruption inherently violate human rights by\nskewing government attention and resources away from the essential services\nneeded to protect their citizens' basic human rights.\n\n##  **Top 3 Opportunities for Positive Impact**\n\n#####  **1** : Enable Trade\n\nTransport and logistics enables trade in essential goods and services that\ncontribute to people\u2019s enjoyment of their human rights around the world. More\nlocally, transport infrastructure connects people to jobs, education, and\nhealth services. As the COVID-19 pandemic demonstrated, the sector plays an\nimportant role in enabling access to health by supporting the efficient\nmovement of vaccinations, medications, and technical equipment. At a time of\ngrowing geopolitical tensions, T&L companies should work collectively to\ncoordinate access and ensure essential goods can be transported with minimal\ndisruptions.\n\n#####  **2** : Combat Human Trafficking\n\nGiven their proximity to the issue of human trafficking, T&L companies can\nplay a vital role in raising awareness about it and work with their suppliers\nand government partners to identify high-risk areas and telltale signs. Proper\nlabor programs, including a code of conduct, fair labor policies, training,\ndue diligence, and supplier management, are essential to improve practices in\nthe supply chain with an eye toward combating human trafficking.\n\n#####  **3** : Improve Road Safety\n\nIn nearly every country, traffic accidents are among the top 10 causes of\ndeath. This is now recognized by several international agencies as a\ndevelopment issue, as the poorest and most remote populations are often at the\ngreatest risk. T&L companies can promote road safety through awareness\ncampaigns for the public and their suppliers, and in doing so, achieve\npositive impacts on employees\u2019 and communities\u2019 right to life, health, and\nsafety. Companies can also collectively engage governments on these issues to\nincrease standards and to advocate for the allocation of resources sufficient\nto maintain roads in a safe condition.\n\n##  **Our Work**\n\n[ ](https://www.bsr.org/en/collaboration/groups/human-rights-working-group)\n\n######  Collaboration Groups\n\n####  [ Human Rights Working Group\n](https://www.bsr.org/en/collaboration/groups/human-rights-working-group)\n\n[ ](https://www.bsr.org/en/focus/human-rights)\n\n######  Focus Areas\n\n####  [ Human Rights ](https://www.bsr.org/en/focus/human-rights)\n\n[ ](https://www.bsr.org/en/industries/transport-and-logistics)\n\n######  Industries\n\n####  [ Transport and Logistics ](https://www.bsr.org/en/industries/transport-\nand-logistics)\n\n[ Back to Primers ](https://www.bsr.org/en/primers)\n\nLet\u2019s talk about how BSR can help you to transform your business and  achieve\nyour sustainability goals  .\n\n[ Contact Us ](https://www.bsr.org/en/hello)\n\n[ ](https://www.bsr.org/)\n\n#####  About BSR\n\nBSR\u00ae is a sustainable business network and consultancy focused on creating a\nworld in which all people can thrive on a healthy planet. With offices in\nAsia, Europe, and North America, BSR\u00ae provides its 300+ member companies with\ninsight, advice, and collaborative initiatives to help them see a changing\nworld more clearly, create long-term value, and scale impact.\n\n#####  Our Global Offices\n\n  * Copenhagen \n  * Guangzhou \n  * Hong Kong \n  * London \n  * New York \n  * Paris \n  * San Francisco \n  * Shanghai \n  * Singapore \n  * Tokyo \n  * Washington, D.C. \n\n#####  Stay Informed\n\n[ Subscribe ](/en/hello/subscribe)\n\n#####  Elsewhere\n\n  * [ ](http://www.linkedin.com/company/162839)\n  * [ ](https://bsky.app/profile/bsrnews.bsky.social)\n  * [ ](http://www.youtube.com/user/BusinessSocialResp)\n  * [ ](https://www.flickr.com/photos/107327276@N08/sets/)\n\n* * *\n\n#####  [ Sustainability Insights ](https://www.bsr.org/en/sustainability-\ninsights)\n\n  * [ Podcast Series ](https://www.bsr.org/en/audio)\n  * [ Blog ](https://www.bsr.org/en/blog)\n  * [ Case Studies ](https://www.bsr.org/en/case-studies)\n  * [ In the News ](https://www.bsr.org/en/news)\n  * [ Policies, Regulations, and Standards ](https://www.bsr.org/en/prs)\n  * [ Primers ](https://www.bsr.org/en/primers)\n  * [ Reports ](https://www.bsr.org/en/reports)\n  * [ Sustainability FAQs ](https://www.bsr.org/en/sustainability-faqs)\n  * [ Topics ](https://www.bsr.org/en/topics)\n\n#####  [ Advisory Services ](https://www.bsr.org/en/advisory-services)\n\n  * [ Industries ](https://www.bsr.org/en/industries)\n  *   * [ Consumer Products ](https://www.bsr.org/en/industries/consumer-products)\n  * [ Energy and Extractives ](https://www.bsr.org/en/industries/energy-and-extractives)\n  * [ Financial Services ](https://www.bsr.org/en/industries/financial-services)\n  * [ Food, Beverage, and Agriculture ](https://www.bsr.org/en/industries/food-beverage-and-agriculture)\n  * [ Healthcare ](https://www.bsr.org/en/industries/healthcare)\n  * [ Industrials ](https://www.bsr.org/en/industries/industrials)\n  * [ Media and Entertainment ](https://www.bsr.org/en/industries/media-and-entertainment)\n  * [ Technology ](https://www.bsr.org/en/industries/technology)\n  * [ Transport and Logistics ](https://www.bsr.org/en/industries/transport-and-logistics)\n  * [ Travel and Tourism ](https://www.bsr.org/en/industries/travel-and-tourism)\n\n  * [ Services ](https://www.bsr.org/en/industries)\n  *   * BSR\u2019s sustainability advisory services help companies to achieve impact and create long-term business value. \n\n  * [ Sustainable Futures Lab ](https://www.bsr.org/en/advisory-services/sustainable-futures-lab)\n  * BSR\u2019s Sustainable Futures Lab helps businesses to spot emerging issues early, explore different possible futures, and develop more resilient and sustainable strategies. \n\n#####  [ Collaboration ](https://www.bsr.org/en/collaboration)\n\n  * [ Collaborative Initiatives ](https://www.bsr.org/en/collaboration/groups)\n  * [ Roundtables and Multi-Company Opportunities ](https://www.bsr.org/en/collaboration/roundtables)\n\n#####  [ Membership ](https://www.bsr.org/en/membership)\n\n  * [ Member Portal ](https://www.bsr.org/en/membership/portal)\n  * [ Member Companies ](https://www.bsr.org/en/membership/member-list)\n  * [ FAQ ](https://www.bsr.org/en/membership/faq)\n\n#####  [ Events ](https://www.bsr.org/en/events)\n\n  * [ All Events ](https://www.bsr.org/en/events)\n  * [ Human Rights Across the Generative AI Value Chain: Risks, Responsibilities, and Practical Guidance ](https://www.bsr.org/en/events/hub/human-rights-across-the-generative-ai-value-chain-risks-responsibilities-and-practical-guidance)\n\n#####  [ Focus Areas ](https://www.bsr.org/en/focus)\n\n  * [ Climate Change ](https://www.bsr.org/en/focus/climate-change)\n  * [ Human Rights ](https://www.bsr.org/en/focus/human-rights)\n  * [ Inclusive Business ](https://www.bsr.org/en/focus/inclusive-business)\n  * [ Nature ](https://www.bsr.org/en/focus/nature)\n  * [ Supply Chain Sustainability ](https://www.bsr.org/en/focus/supply-chain-sustainability)\n  * [ Sustainability Management ](https://www.bsr.org/en/focus/sustainability-management)\n\n#####  [ About Us ](https://www.bsr.org/en/about)\n\n  * [ Our Story ](https://www.bsr.org/en/about/story)\n  * [ BSR\u2019s Climate Goal ](https://www.bsr.org/en/about/sustainability-at-bsr)\n  * [ Grant-Funded Work ](https://www.bsr.org/en/grant-funded-work)\n  * [ Our People ](https://www.bsr.org/en/people)\n  * [ Careers ](https://www.bsr.org/en/careers)\n  * [ Jobs at BSR Member Companies ](https://www.bsr.org/en/careers/job-openings)\n  * [ Media Center ](https://www.bsr.org/en/about/media-center)\n\n* * *\n\n#####  BSR Web Properties\n\n  * [ **Action for Sustainable Derivatives** ](https://sustainablederivatives.org/)\n  * [ **Building Responsibly** ](https://www.building-responsibly.org) / Business Collaboration to Promote the Welfare of Workers in the Engineering and Construction Industry \n  * [ **Diversity, Equity, and Inclusion (DEI) in Supply Chain Resource Hub** ](https://gsa.bsr.org) / Resource Hub \n  * [ **Global Business Coalition Against Human Trafficking** ](https://www.gbcat.org) / Business Coaltion Committed to Combating Human Trafficking in Operations and Supply Chains \n  * [ **Partnership for Global LGBTI Equality** ](https://www.global-lgbti.org) / Accelerating LGBTI Equality and Inclusion Globally \n\n  * [ **RISE** ](https://riseequal.org) / Reimagining Industry to Support Equality \n  * [ **Sustainability Principles and Objectives Framework** ](https://spo.bsr.org) / ESG Framework for Pre-IPO Companies \n  * [ **Sustainable Coconut Partnership** ](https://www.coconutpartnership.org) / Towards a Responsible and Resilient Coconut Sector \n  * [ **Sustainable Entertainment Alliance** ](https://www.sustainableentertainmentalliance.org) / Transforming the Screen Industry\u2019s Environmental Impact \n  * [ **Tech Against Trafficking** ](https://techagainsttrafficking.org) / Collaboration to Eradicate Human Trafficking Through Technology \n\n* * *\n\n\u00a9 2025 Business for Social Responsibility\u2122 | [ Data Protection and Privacy Policy ](/en/data-protection-and-privacy-policy) | [ Cookie Policy ](/en/cookie-policy) | [ Terms of Services ](/en/terms-of-services) | [ Antitrust and Competition Law Policy ](/en/antitrust-and-competition-law-policy) | [ Contact ](/en/about/contact)\n\n",
                "url": "https://www.bsr.org/en/primers/10-human-rights-priorities-for-the-transport-and-logistics-sector"
            },
            "reason": "This page is from BSR (Business for Social Responsibility), a well-known organization focused on corporate social responsibility and sustainability. The content is a primer on human rights priorities in the transport and logistics sector, making it a reliable and informative source.",
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            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Primer on human rights priorities in the transport and logistics sector from BSR.",
            "url": "https://www.bsr.org/en/primers/10-human-rights-priorities-for-the-transport-and-logistics-sector"
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        {
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                    "source": "https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html"
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                "page_content": "#  ESRS G1 Business conduct\n\n##  Governance information\n\n###  ESRS G1  Business conduct\n\n####  Impact, risk and opportunity management and strategy\n\n#####  Material business conduct-related impacts, risks and opportunities\n(IRO-1)\n\nPUMA regularly performs assessments to confirm existing risks or identify new\nrisks and their impact when it comes to business conduct. In considering the\nnature of our business, the locations of our sales entities and sourcing\nfacilities, we focus on the following compliance risks areas: bribery,\ncorruption, money laundering, fraud, conflicts of interest, anti-competitive\nbehaviour, Human Rights violations and environmental damages. When we examine\nthe impact of risks, we look at the impact on our business operations,\nfinancial performance, and reputation. The result of each risk assessment is a\nrisk matrix that we use to prioritise identified risks based on their\nlikelihood and impact. This helps us focus resources on managing the most\ncritical risks. Not only risks are spotted in this process opportunities are\nalso addressed.\n\nIn relation to our business partners with whom we source our core products, we\nidentify risks by conducting thorough due diligence, which involves sanctions\nand reputational checks, sanity checks and examination of their sustainability\npolicies and ethical practices. The level of scrutiny applied to each business\npartner varies and we prioritise the country risk, the industry risk and the\nvolume of the business.\n\nThe details of the process of identification of business conduct-related\nmaterial topics are explained in the  [ General information (IRO-1)\n](/2024/en/combined-management-report/sustainability-statement/general-\ninformation/esrs-2-general-disclosures/index.html#_Process_to_identify)\nsection.\n\nT.74  Material business conduct-related impacts, risks and opportunities\n(IRO-1)\n\nImpacts  |  Actual or potential  |  Time horizon  |  Value chain location   \n---|---|---|---  \nMaterial negative impacts\u00c2  \nCorporate culture  \nUndervaluing the influence of corporate culture on employees and business outcome  |  Potential  |  Short, medium, long term  |  Own operations   \nProtection of whistleblowers\u00c2  \nInsufficient measures to protect whistleblowers leading to a lack of trust  |  Potential  |  Short, medium, long term  |  Own operations   \nManagement of relationships with suppliers including payment practices\u00c2  \nSuppliers may cut corners to meet low-cost demands and tight deadlines, leading to unsafe working conditions  |  Potential  |  Short, medium, long term  |  Upstream   \nDelayed payments or unfair terms can strain suppliers' finances, hinder timely worker payments, and worsen working conditions. Lack of long-term commitments can also lead to job insecurity  |  Potential  |  Short, medium, long term  |  Upstream   \nRisks and opportunities\u00c2  \nRisks  \nManagement of relationships with suppliers including payment practices\u00c2  \nFinancial risk arises from delays in raw material procurement and production, impacting sales, due to inefficient payment practices straining suppliers' finances  |  n/a  |  Short, medium, long term  |  Upstream   \nSuppliers under financial pressure may cut corners, leading to products that do not meet brand quality standards and resulting in rework, returns, and reputational damage  |  n/a  |  Short, medium, long term  |  Upstream   \n|  |  |   \nPoor relationship management can make suppliers less willing to offer favorable terms, share cost-saving opportunities, or accommodate urgent orders if they feel undervalued or insecure, leading to financial risks  |  n/a  |  Short, medium, long term  |  Upstream   \nOver-reliance on a few suppliers can result in higher costs, production delays, quality issues, and disruptions, ultimately damaging the brand's reputation, customer trust, and revenue stability  |  n/a  |  Short, medium, long term  |  Upstream   \nPoor supplier relationships lead to inadequate communication and transparency, which may hinder brands to adhere to trade compliance standards and monitoring practices, resulting in non-compliance and financial risks  |  n/a  |  Short, medium, long term  |  Upstream   \nCorruption and bribery\u00c2  \nReputational risks associated with being linked to corruption cases  |  n/a  |  Short, medium, long term  |  Upstream  \u00e2\u0080\u008e  Own operations   \nOpportunities  \nManagement of relationships with suppliers including payment practices\u00c2  \nFair and timely payments build trust, encouraging suppliers to innovate and invest in new technologies, while long-term relationships give them the confidence to pursue innovative solutions  |  n/a  |  Medium, long term  |  Upstream   \nEnsuring suppliers' financial stability and maintaining regular, transparent communication reduces disruption risks and enhances supply chain resilience  |  n/a  |  Medium, long term  |  Upstream   \n|  |  |   \n  \n#####  The role of the administrative, supervisory and management bodies\n(GOV-1)\n\nAs a company listed in Germany, PUMA adheres to the German Stock Corporation\nAct and the German Corporate Governance Code. PUMA has a dual management\nsystem featuring strict personal and functional separation between the\nManagement Board and the Supervisory Board (two-tier board). Accordingly, the\nManagement Board manages the company while the Supervisory Board monitors and\nadvises the Management Board. PUMA has three bodies: the Management Board, the\nSupervisory Board, and the Annual General Meeting. The Management Board of\nPUMA manages the Company on its own responsibility with the goal of\nsustainable value creation. It develops PUMA's strategic orientation and\ncoordinates it with the Supervisory Board. In addition, it ensures Group-wide\ncompliance with legal requirements and an effective risk management and\ninternal control system.\n\nThe members of the Management Board are appointed by the Supervisory Board.\nThe Supervisory Board of PUMA consists of seven members, five of whom are\nshareholder representatives and two of whom are employee representatives.\nShareholder representatives are being elected individually.\n\nThe Supervisory Board supervises and advises the Management Board on the\nimplementation of the strategy. Supervision and advice also include, core\ncompliance and sustainability issues, which are covered as a cross-sectional\ntask in the Audit Committee and the Sustainability Committee. The Management\nBoard informs the Supervisory Board regularly, promptly, and comprehensively\nabout all issues of relevance to PUMA relating to strategy, planning, business\ndevelopment, the risk situation, risk management and the compliance management\nsystem. PUMA\u00e2\u0080\u0099s sustainability strategy is approved by the Sustainability\nCommittee and the Supervisory Board. It deals with deviations during business\nfrom the established plans and targets, stating the reasons. The Supervisory\nBoard is involved by the Management Board in decisions of paramount importance\nfor the Company and the Supervisory Board needs to approve those decisions.\n\nThe Management Board has put in place a Compliance Management System (CMS) to\nensure good business conduct. It has implemented a Code of Ethics that defines\nthe expectations of the Company regarding good business conduct towards its\nemployees, business partners and stakeholders. The Code of Ethics is part of\nevery employee\u00e2\u0080\u0099s contract and is thus binding for all employees. Through\nclear tone from the top the CEO regularly delivers clear messages on how\nimportant it is to follow the principles of the Code of Ethics. The\nSupervisory Board is informed in its regular quarterly meetings and, if\nnecessary, on an ad-hoc basis about the status of the implementation of the\nCMS.\n\nThe members of the Management Board and the shareholder representatives on the\nSupervisory Board bring a wealth of experience when it comes to expertise in\nbusiness conduct matters. All aforementioned members are seasoned executives\nin C-level positions of international corporations who have been responsible\nfor building structures on good corporate governance throughout their career.\nOn top every training that employees are asked to conduct on a mandatory\nbasis, must be finished by the members of the Management Board.\n\n#####  Business conduct policies and corporate culture (G1-1)\n\nPUMA has established a comprehensive set of policies to guide business conduct\nat a Group-wide level. These policies are designed to ensure that all\nemployees, at every level, uphold the highest standards of integrity,\ntransparency, and ethical behaviour.  The PUMA Code of Ethics, previously\nreferred to in the sections on\u00c2  Policies related to own workforce (S1-1)\u00c2\nand\u00c2  [ Remediation of  n  egative  i  mpacts and  c  hannels to  r  aise  c\noncerns (S1-3)  ](/2024/en/combined-management-report/sustainability-\nstatement/social-information/esrs-s4-consumers-and-end-\nusers/index.html#_Remediation_of_negative) , outlines our commitment to\nethical behaviour, Human Rights, and transparency. It applies globally and is\nrelevant to various stakeholders, including employees and business partners in\nthe supply chain. It promotes brand values and ethical conduct, protects Human\nrights and maintains transparency and accountability. Key areas covered by the\nCode of Ethics and the Group internal policies include: Human Rights\nprotection, occupational health and safety, learn from mistakes, intellectual\nproperty, protection of PUMA assets, sustainability, quality and safety,\nbusiness partners, conflicts of interest, insider trading, anti-money\nlaundering, trade compliance, fair competition, anti-corruption, financial\nintegrity, tax compliance, confidentiality, data privacy, animal welfare and\nSpeakUp.\n\nThe PUMA Code of Ethics helps mitigate several risks like bribery, anti-\ncompetitive behaviour, violations of Human Rights, tax evasion, money\nlaundering etc. It is the basic document employees are asked to turn to\neducate themselves about the values of PUMA. More detailed internal policies\ncomplement the main principles of the Code of Ethics. In incorporating the\nCode of Ethics into the agreements with the business partners and suppliers, a\nstrong relationship is built, and a transparent communication is ensured. The\nCode's anti-corruption measures ensure that PUMA and its partners operate with\nintegrity and transparency, protecting the brand's reputation.\n\nThe policy framework defines zero tolerance issues within the organisation.\nPUMA is committed to adhering to the  [ UN Global Compact principles\n](https://unglobalcompact.org/what-is-gc/mission/principles) related to\ngovernance. The Management Board and especially the CEO is responsible for the\nimplementation of compliance policies. Each compliance policy is approved by\nall members of the Management Board and communicated by the CEO via email to\nall local General Managers responsible for implementation to all employees.\nAll awareness measures on the core compliance risk areas are pre-aligned with\nthe CEO.\n\nTo foster a positive corporate culture, we actively promote these values\nthrough regular trainings according to a training plan agreed with the\nManagement Board, cascading awareness initiatives through posters, leaflets,\nemails, CEO messaging and a leadership team that leads by example. By\nembedding these principles into our daily operations, we aim to create an\nenvironment that encourages trust, accountability, and mutual respect.\n\nThe Management Board and the Supervisory Board are informed quarterly about\ncompliance cases and the implementation status of our CMS.\n\nPUMA behaves in a law-abiding, fair, respectful, and ethical manner towards\nits employees, consumers and business partners. The Compliance Organisation,\nGroup Compliance in the headquarters and Local Compliance Officers in each and\nevery PUMA entity, works together as a team to ensure that all PUMA employees\ncomply with PUMA's values. While PUMA Group Compliance at the headquarters\nsets the baseline, stricter local requirements take precedence, ensuring the\nhighest standards are always met.\n\nPUMA has developed a comprehensive risk assessment framework that incorporates\nkey policies to address various identified risks. The framework aligns with\nour business objectives and regulatory requirements to ensure that all\npotential risks are identified, assessed, and mitigated effectively. Depending\non their exposure to the identified risks, target groups of employees are\nbuilt who receive more intensive training than others. Where external parties\nare involved, measures are taken to ensure that the risk associated with these\nparties is mitigated. This includes contractual clauses, onboarding, due\ndiligence or training. After a policy has been released, related communication\nand training materials are developed to reinforce the understanding of the\nrules of the policy.\n\nInternal controls and procedures ensure efficient operations and minimise\nerrors, fraud and misconduct.\n\nOur Code of Ethics, Anti-corruption and Anti-bribery Policy, and all other\npolicies are in place to ensure we comply with local and international laws\nand regulations. PUMA\u00e2\u0080\u0099s Anti-bribery and Anti-corruption Policy is\nconsistent with the United Nations Convention Against Corruption.  Employees\nare trained on these policies to ensure a thorough understanding of legal\nobligations. These policies mitigate risks related to legal penalties,\nfinancial loss, and reputational damage by ensuring that all activities comply\nwith applicable laws and regulatory standards.\n\nBreaches of law or our internal policies are not tolerated. Through the\nwhistleblowing channel SpeakUp, PUMA can be informed about such breaches.\nPUMA\u00e2\u0080\u0099s Whistleblowing Policy protects whistleblowers globally from\nretaliation and guarantees a confidential and fair treatment of the case.\n\nIn case violations occur, those are remediated, a new risk analysis is\nperformed, and measures are taken to close potential gaps in the control\nsystem.\n\nTone from the top is key in PUMA\u00e2\u0080\u0099s corporate culture, leadership\ndemonstrates commitment through transparent communication, and by modelling\nthe behaviours that align with our core values. This commitment is cascaded\ndown to all levels in the organisation, ensuring a consistent culture\nframework. PUMA is dedicated to continuously developing a positive and\ninclusive corporate culture. We invest in training programs and workshops that\nfocus on our values, ethics and leadership development. These programs are\ndesigned to help employees at all levels understand and embody the company\nculture.\n\nDuring the onboarding process, new employees are introduced to PUMA\u00e2\u0080\u0099s\nculture through orientation sessions that cover our values, mission and\nexpectations. This ensures that from day one, employees are aware of and\nengaged with the company\u00e2\u0080\u0099s culture.\n\nLeadership development is another critical component of our culture-building\nefforts. We provide ongoing support and training for our leaders to ensure\nthey act as role models and reinforce the desired culture within their teams.\nPUMA has developed a variety of communication channels, including regular\ntownhall meetings and compliance awareness initiatives. Through the intranet\nculture stories, achievements and updates are shared with all employees.\nCompliance policies are communicated by the Management Board member\nresponsible for the topic via email and are available on the intranet.\nCompliance awareness initiatives are communicated via multiple channels, like\nhardcopy, email and videos.\n\nCompliance awareness initiatives are structured to echo a training plan, a new\npolicy or a policy update, or to educate after a compliance incident.\n\nCorporate culture is evaluated by regular employee feedback mechanisms, e.g.\nemployee survey, open-door policy, that encourage employees to voice their\nopinions and concerns. Such feedback is analysed to identify trends, strengths\nand areas of improvement. The survey is conducted every three months. Culture\nalignment is also assessed during performance reviews, where employees are\nevaluated not only on their job performance but also on how well they embody\nthe company\u00e2\u0080\u0099s core values. This approach ensures that cultural fit is a key\ncomponent of overall performance. To maintain and improve our corporate\nculture, we regularly conduct internal audits to assess compliance with our\nvalues and standards. Action plans are developed to address any identified\ngaps, ensuring that our culture continues to evolve in a positive direction.\n\nAt PUMA, we act in accordance with the law and self-imposed standards of\nconduct in all business activities. PUMA\u00e2\u0080\u0099s CMS is designed to systematically\nprevent, detect at an early stage and sanction violations of rules in the\nareas of corruption, money laundering, conflicts of interest, antitrust law,\nfraud or embezzlement. Violations of the law or internal policies are not\ntolerated.\n\nAs part of the CMS, PUMA has a Group-wide electronic whistleblower platform,\noperated by an external provider, to which employees and third parties can\nreport illegal or unethical behaviour. Reporting is also possible to the P&O\ndepartment or to the Local Compliance Officers. All cases in core compliance\nareas are documented and managed in the same way, no matter the reporting\nchannel. Reporting from external stakeholders is enabled via a link to the\nwhistleblower system on our website.\n\nViolations from all risk areas can be reported. Reports of violations that do\nnot fall within the core compliance risk areas are forwarded to the relevant\ndepartments, which are then responsible for investigating and implementing\nappropriate measures in the respective cases.\n\nWe have Case Handling Rules and Investigation Guidelines to support the\nmembers in our investigation team. All major cases in the whistleblowing\nplatform are reported quarterly to the Management Board and Supervisory Board.\n\nPUMA\u00e2\u0080\u0099s whistleblowing platform SpeakUp fulfils all requirements of German\nand European whistleblowing law. Education on SpeakUp is a mandatory part of\ncompliance trainings and is regularly communicated via Compliance Awareness\nInitiatives, e.g. SpeakUp poster in all PUMA buildings worldwide. PUMA has\nimplemented Case Handling Rules and Investigation Guidelines to support the\nstaff receiving the reports and investigating the cases. They are trained\nregularly and exchange on lessons learned from the case investigations in\ncatch-up sessions.\n\nPUMA protects all whistleblowers from retaliation. No employee will be subject\nto disciplinary or retaliatory actions due to reporting a concern or an\nincident in good faith. Every report is treated as strictly confidential. This\nis stated in our Whistleblowing Policy and is the mindset that we display in\nthe course of every investigation.\n\nPUMA takes every report seriously and investigates every substantiated\ncompliance case. The investigation process is free from any undue influence\nand the standards applied are objective. If a violation has not been proven,\nthe presumption of innocence applies. Incriminating and exculpating facts are\nequally included in the investigation. All investigations are conducted in a\nconfidential manner and comply with the applicable laws. Disciplinary measures\nare taken in accordance with the principle of proportionality. In the event of\nmisconduct by a business partner, appropriate consequences will also be taken\nin accordance with the principle of proportionality.\n\nThe PUMA Compliance Training Strategy resolved by the Management Board\nstipulates that two short trainings on core business conduct topics like\npreventing bribery, anti-money laundering, anti-trust, ethical behaviour,\nbusiness partner due diligence, keeping information confidential etc. will be\nheld every second year for all employees worldwide and one deep dive training\non selected topics from the above listed ones will be held every three years\nfor target groups based on their risk exposure to the topic.\n\nThe functions in PUMA that are most at risk of corruption and bribery, are\ntypically those that involve interaction with external governmental bodies or\nbusiness partners. Those are facility management, logistics, sourcing and\nprocurement, sales, sports marketing, and marketing.\n\n#####  Prevention and detection of corruption or bribery and incidents (G1-3,\nG1-4)\n\nCMS helps us to operate within legal and regulatory boundaries while fostering\nethical behaviour and good corporate governance, with a focus on the\ncompliance risk areas including anti-corruption and anti-bribery. PUMA\u00e2\u0080\u0099s CMS\nin this regard consists of three pillars including prevent, detect and\nrespond.\n\n  * In \u00e2\u0080\u009cPrevent\u00e2\u0080\u009d, we identify and assess the compliance risks via regular risk assessments, then formulate related policies and training to mitigate the related risks especially in areas like anti-corruption, bribery, anti-money laundering and fraud. A regular Tone from the Top is an important tool in preventing compliance violations \n  * We have established different whistleblowing channels to \u00e2\u0080\u009cDetect\u00e2\u0080\u009d violations against the law or our internal policies that we described above \n  * We \u00e2\u0080\u009cRespond\u00e2\u0080\u009d to compliance violations with actions that counter the severity of the case. Consequences can be warnings or other disciplinary measures, remediation action plans, awareness measures or an adaptation of the training content and cycle to the new evaluated risk situation. We include case studies and clear guidance on best practices and prohibited behaviours to prevent incidents of corruption or bribery. \n\nAnti-corruption is a standard training module in our Compliance in-person\ntraining program, as well as in our e-learning training program. The\nwhistleblowing channel SpeakUp is available on the internet page and available\nfor both employees and external business partners. Information on SpeakUp and\nhow allegations are handled are a standard training module in all our Code of\nEthics e-learning and Compliance in-person trainings. We include a module on\nanti-corruption and anti-bribery in each training for our suppliers.\n\nThe PUMA Compliance Training Strategy resolved by the Management Board\nstipulates that two short trainings on core business conduct topics like\npreventing bribery, anti-money-laundering, anti-trust, ethical behaviour,\nbusiness partner due diligence, keeping information confidential etc. will be\nheld every second year for all employees worldwide and one deep dive training\non selected topics from the above listed ones will be held every three years\nfor target groups based on their risk exposure to the topic.\n\nOur Code of Ethics communicates our expectations regarding the prevention of\ncorruption and bribery in business. A more detailed Anti-bribery and Anti-\ncorruption Policy helps employees to comply with the expectations and is\ncommunicated by the CEO to all PUMA employees worldwide. It lays out approval\nprocesses for risky business transactions. Implemented internal controls like\nthe segregation of duties and four-eyes principle limit opportunities for\ncorrupt activities. The screening process established via the Business Partner\nDue Diligence policy ensures that business partners are carefully selected and\nthe corresponding compliance clauses in the agreements request them to meet\nanti-corruption standards. Regular Code of Ethics e-learnings and in-person\ncompliance training programs as well as awareness measures make sure that the\nkey messages are properly communicated to all the employees.\n\nWe have established a whistleblowing channel for employees and external\npartners to report corruption and bribery allegations. With the help of\nInternal Audit, suspicious activities in terms of corruption and bribery are\nidentified. Cross department screening in SAP also helps to monitor financial\ntransactions for red flags. Once PUMA is aware of corruption or bribery cases,\nthe Case Handling Rules and Investigation Guidelines are in place to enable\nevery case manager in each entity to conduct investigations properly and all\ncases are documented in a case management system and reported to the\nManagement Board and Supervisory Board on a quarterly basis.\n\nCorruption and bribery are zero tolerance issues at PUMA. Disciplinary\nconsequences and remediation plans are mandatory for each confirmed corruption\nor bribery case. Annual Compliance e-learning is conducted targeting each PUMA\nemployee with a business email account. Anti-corruption/bribery is subject at\nall in-person compliance trainings. Additional training is provided to\nexecutive/senior management with tailored case studies. All compliance\ntraining materials are developed by the Compliance team in order to be very\nrelevant to the PUMA teams and to speak the language of the fairly young\nemployee base. The compliance training strategy is approved by the Management\nBoard.\n\nAt PUMA we ensure that the investigators are completely independent from the\nmanagement chain or department that is involved in the matter. This includes:\n\n  * When appointing an investigator (case manager), Group Compliance makes sure that there no conflict of interests and they are from an unrelated entity or department, normally the local compliance officer or, where necessary, an external investigator \n  * PUMA has established clear and separate reporting lines for the investigators, ensuring they report the case solely to the compliance department, rather than to anyone involved in the matter \n  * Investigation Guidelines are in place, which clearly state that if a conflict of interest arises, e.g. if the responsible compliance officer is too close to the accused or the reporter, the case will be handled by Group Compliance, to ensure the case is impartially handled \n  * For particularly sensitive cases, we may engage external investigators or forensic auditors to further distance the investigation from internal influence. \n\nThe investigation is overseen by Group Compliance to ensure adherence to\nprotocols, and fairness. The Compliance function reports all\ncorruption/bribery cases and all other major cases to the Management Board and\nto the Audit Committee of the Supervisory Board on a quarterly basis. The\ncontent of this report includes the quarterly summary/analysis of cases,\ncomparisons to previous quarters, percentage of closed cases, key case\nsummaries with follow-up measures, actions or learnings/recommendations\nderived from the key cases.\n\nPUMA Compliance Policies are written in easy language that can be well\nunderstood by the staff. They are translated into the local languages and can\nbe adapted to local needs. Compliance Policies are always released by the CEO\nto all employees worldwide to ensure the right Tone from the Top. In the CEO\nemail, a copy of the policy is provided with a link to the intranet for easy\naccess. Each compliance policy names a contact person to answer questions\nrelated to the understanding and implementation of the policy. The contact\nperson can also bring back the latest information and feedback on the policy,\nensuring that PUMA is prepared for possible updates. In all compliance\ntraining, including e-learnings and in-person trainings, the related policies\nare repeatedly communicated.\n\nPUMA has a compliance training strategy that illustrates which compliance\ntraining is provided to whom at which frequency in which format. Every new\njoiner receives onboarding training about compliance culture, introduction of\nrisk areas and policies, expectations and the whistleblowing channel SpeakUp.\nExisting employees receive basic and deep-dive compliance training. Basic\ntraining educates about the fundamentals of the most relevant risk areas. They\nare covered by short annual e-learnings. Deep-dive training provides deeper\nknowledge in certain risk areas and is designed for targeted employees with\nbigger risk exposure. This deep-dive compliance training is covered by longer\ne-learnings and face-to-face compliance trainings. All training on anti-\ncorruption/anti-bribery is mandatory. Training modules on anti-corruption are\nstandard parts of all compliance trainings.\n\nA hundred percent of function-at-risk are covered by training programs. Each\nCode of Ethics e-learning is mandatory for all employees and aims at a 100  \u00c2\n% completion rate. Such e-learnings are communicated and launched via the CEO\nof PUMA to all employees worldwide. All e-learnings are also conducted by the\nmembers of the Management Board and the Supervisory Board. On top of that the\nmembers of the Management Board and the Supervisory Board receive regular\ntailor-made compliance trainings, depending on the topics that are relevant\nfor the fulfilment of their tasks.\n\nIn 2024, PUMA did not have confirmed cases on corruption or bribery.\n\nPUMA is dedicated to fostering a culture of integrity by offering global anti-\ncorruption and anti-bribery e-learnings every two years. The last session of\ne-learnings on anti-corruption and anti-bribery was conducted in 2023 and is\ndue again in 2025.\n\n#####  Management of relationships with suppliers (G1-2)\n\nPUMA has several practices to minimise supply chain disruptions, aligning with\nits strategy and risk management:\n\n  * Vendor Financing Program: Established in 2016, this program offers suppliers attractive financing terms through partnerships with banks like BNP Paribas, Standard Chartered Bank, and HSBC, ensuring liquidity during disruptions \n  * Collaborative adjustments: During the COVID-19 pandemic, PUMA worked with retail partners and manufacturers to adjust order placements, sharing the burden and maintaining continuity \n  * Continuous Communication: PUMA maintains ongoing dialogue with suppliers to assess risks related to factory work suspensions, layoffs, wage payments, and working conditions, addressing issues proactively \n  * Responsible purchasing: PUMA ensures orders are paid in full and materials compensated even if orders are cancelled, building trust and reliability \n  * Health and Safety Guidelines: PUMA guides manufacturers to follow government and ILO guidelines to protect workers\u00e2\u0080\u0099 health, ensuring safe operations during crises \n  * Sustainability strategy: PUMA\u00e2\u0080\u0099s FOREVER. BETTER. strategy, informed by the SDGs focuses on human rights, climate action, and circularity, ensuring long-term resilience and adaptability. \n\nPUMA recognises the impact of its business practices on suppliers and aims to\nreduce negative effects through its Responsible Sourcing Policy.\n\nEstablished in 2019, the Responsible Purchasing Practice Policy guides\ndecisions and ensures consistency. PUMA trains its sourcing staff and\nsuppliers on this policy, referencing the UN Guiding Principles on Business\nand Human Rights to highlight the link between purchasing practices, working\nconditions, and human rights risks.\n\nWe ask strategic Tier 1 suppliers to participate in the Better Buying survey\nto gather feedback on PUMA\u00e2\u0080\u0099s responsible purchasing practices. This survey\ncollects anonymous ratings from suppliers based on five principles of\nresponsible purchasing, helping us improve our practices. We share the survey\nresults with our sourcing team and suppliers.\n\nIn 2023, PUMA added a responsible disengagement clause to its purchasing\npractices. Following Fair Labor Association guidelines, PUMA commits to\nproviding at least six months\u00e2\u0080\u0099 notice before significantly downscaling\norders or ending business relationships. A longer notice period may be granted\nbased on average production capacities over the past two to three years to\nmitigate impacts on workers and allow suppliers time to find new buyers.\n\nPUMA\u00e2\u0080\u0099s Code of Conduct is integral to our manufacturing agreements. As part\nof the manufacturing agreements all suppliers sign a legally binding\nDeclaration of Principles specifying the principles and standards to be\nobserved by the suppliers, including annexes on Anti-corruption, Building\nsafety, Animal protection, PUMA sustainability audit, restricted substances,\nand PUMA cotton sourcing policies. The supplier acknowledges the importance of\nadhering to social and environmental standards and guarantees these rights to\nall employees and affected stakeholders. Additionally, the supplier commits to\nrespecting internationally recognised human rights, complying with all\napplicable laws to prevent slavery, servitude, forced labour, and human\ntrafficking, and avoiding any activities that would constitute an offense.\n\nPUMA uses a Supplier Scorecard to evaluate and manage supplier performance\nbased on several key criteria including environmental compliance, waste\nmanagement and effluent treatment. PUMA conducts regular reviews and meetings\nwith suppliers to discuss scorecard results, address any issues, and identify\nareas for improvement. Suppliers needing improvement get support and guidance\nto meet PUMA\u00e2\u0080\u0099s standards.\n\nPUMA extends its local supply chain initiatives in markets such as China,\nIndia, Latin America and T\u00c3\u00bcrkiye. By sourcing materials and products\nregionally, PUMA fosters closer relationships with local suppliers.\n\n#####  Payment practices (G1-6)\n\nPUMA has digitised its supply chain to create transparency and operational\nefficiency, ensuring timely payments to suppliers. Consequently, all payments\nto vendors are automated and paper-free, ensuring timely payments as per our\nterms.\n\nPUMA\u00e2\u0080\u0099s standard contract payment terms require payment upon receipt of\ninvoice within a specified number of days from the actual handover date. In\n2024, approximately 76  \u00c2  % of annual invoices were paid according to these\nstandard terms. The remaining invoices were paid based on local terms agreed\nupon between the sales subsidiary and the supplier. In 2024, there were no\noutstanding legal proceedings for late payments, as this process is automated.\n\u00e2\u0080\u008e  \u00e2\u0094\u0094\n\nShare\n\n  * [ ](mailto:?subject=ESRS G1 Business conduct&body=https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html \"Email\")\n  * [ ](https://www.linkedin.com/shareArticle?mini=true&url=https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html&title=ESRS G1 Business conduct&summary=PUMA's annual report provides all the information about our business performance in 2024. See what the different areas of the company achieved last year.&source=PUMA Annual Report 2024 \"LinkedIn\")\n  * [ ](https://api.whatsapp.com/send?text=PUMA Annual Report 2024, ESRS G1 Business conduct, https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html \"WhatsApp\")\n\n[ Previous chapter  ESRS S4 Consumers and end-users  Read more\n](/2024/en/combined-management-report/sustainability-statement/social-\ninformation/esrs-s4-consumers-and-end-users/index.html) [ Next chapter\nInformation concerning takeovers  Read more  ](/2024/en/combined-management-\nreport/information-concerning-takeovers/index.html)\n\nAll rights reserved \u00c2\u00a9 PUMA SE 2025\n\n##  This site uses tracking technologies from various providers\n\nThis site uses third party website tracking technologies to provide and\ncontinuously improve its services and display advertisements according to\nusers' interests. Our cookie banner allows users to choose between three\noptions. Until he confirms the banner, the scripts for statistics and\nmarketing cookies will not be executed. I agree and can withdraw or change my\nconsent at any time with effect for the future.\n\n**Functional** \u00e2\u0080\u0093 Basic website functions require this cookie, it is needed\nand cannot be deselected.\n\n**Statistics** \u00e2\u0080\u0093 Tracking services for the collection of user statistics.\n\n**Marketing** \u00e2\u0080\u0093 Cookies from third-party services that collect data on the\nwebsite and merge it with your own data.\n\n",
                "url": "https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html"
            },
            "reason": "This page is part of Puma's annual report, specifically addressing their sustainability statement and business conduct. As a direct publication from the company, it's considered reliable for understanding their stated policies and practices, although it may present a favorable view.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Puma's sustainability statement and business conduct information from their annual report.",
            "url": "https://annual-report.puma.com/2024/en/combined-management-report/sustainability-statement/governance-information/esrs-g1-business-conduct/index.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "517fc158-696d-4046-8998-210b8b18c35d",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.roche.com/investors/reports/gri-index"
                },
                "page_content": "  * [ About Roche ](/about/)\n    * [ About Roche  ](/about/)\n    * [ Strategy ](/about/strategy/)\n    * [ Business ](/about/business/)\n    * [ Sustainability ](/about/sustainability/)\n    * [ Leadership ](/about/leadership/)\n    * [ Governance ](/about/governance/)\n    * [ History ](/about/history)\n  * [ Solutions ](/solutions/)\n    * [ Solutions  ](/solutions/)\n    * [ Focus areas ](/solutions/focus-areas/)\n    * [ Pharma solutions ](/solutions/pharma/)\n    * [ Diagnostic solutions ](/solutions/diagnostics/)\n    * [ Pipeline ](/solutions/pipeline/)\n  * [ Innovation ](/innovation/)\n    * [ Innovation  ](/innovation/)\n    * [ Team & structure ](/innovation/structure/)\n    * [ Innovation process ](/innovation/process/)\n    * [ Ethical standards ](/innovation/ethical-standards/)\n    * [ Partnering ](/innovation/partnering/)\n  *   * [ Investors ](/investors/)\n    * [ Investors  ](/investors/)\n    * [ Investor updates ](/investors/updates/)\n    * [ Investor events ](/investors/events/)\n    * [ Reporting ](/investors/reports/)\n    * [ Finance Information Tool ](/investors/rofis)\n    * [ Share and Bond information ](/investors/bonds)\n    * [ Download center ](/investors/downloads)\n  * [ Media ](/media/)\n    * [ Media  ](/media/)\n    * [ Media releases ](/media/releases/)\n    * [ Media events ](/media/events/)\n    * [ Media statements ](/media/statements)\n    * [ Media library ](/media/library-images)\n\n  * [ Stories ](/stories/)\n  * [ Careers ](https://careers.roche.com)\n  *   * [ ](/worldwide)\n  * [ ](/search)\n\n#  Roche GRI Content Index\n\nAs part of Roche's efforts to advance sustainability reporting, we support the\nactivities of the Global Reporting Initiative (GRI) as a Community member and\nadvocate its mission to empower decision makers worldwide, through the GRI\nsustainability reporting standards and its multi-stakeholder network to take\naction towards a more sustainable world.\n\nRoche has been using the Global Reporting Initiative as a guide and reference\npoint since 2005. In 2018/2019, we conducted a  of key topics that are highly\nrelevant to us and to our key stakeholders in accordance with the GRI\nSustainability Reporting Standards. In 2023, we have declared in accordance\nwith the latest GRI standards published in 2021.\n\n###  GRI Content Index 2024\n\nFor the Content Index - Advanced Service, GRI Services reviewed that the\ncontent index is clearly presented, in a manner consistent with the Standards,\nand that the references for all disclosures are included correctly and aligned\nwith the appropriate sections in the body of the report.\n\n[ Annual Report 2024\n](https://assets.roche.com/f/176343/x/09457b2a19/ar24e.pdf)\n\n##  Discover more\n\n\u00c2\u00a9  \u00c2 F. Hoffmann-La Roche Ltd \u00c2\n\nThis website contains information on products which is targeted to a wide\nrange of audiences and could contain product details or information otherwise\nnot accessible or valid in your country. Please be aware that we do not take\nany responsibility for accessing such information which may not comply with\nany legal process, regulation, registration or usage in the country of your\norigin.\n\n",
                "url": "https://www.roche.com/investors/reports/gri-index"
            },
            "reason": "This page is from Roche's website and provides a GRI (Global Reporting Initiative) index for their reports. The use of GRI standards indicates a commitment to standardized sustainability reporting, enhancing the reliability of the information presented.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Roche's GRI index for their reports.",
            "url": "https://www.roche.com/investors/reports/gri-index"
        },
        {
            "content": {
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                    "resource_type": "webpage",
                    "source": "https://www.subaru.co.jp/en/csr/iso26000.html"
                },
                "page_content": "  * [ HOME  ](/en)\n  * [ Sustainability  ](/en/csr/index.html)\n  * GRI Content Index \n\nIn reference to the reporting requirements set forth by the GRI Sustainability\nReporting Standards, the content index indicates where you can find the\nrelevant information in the Sustainability Website, annual securities report,\nCorporate Governance Report, and others.\n\n* Not applicable (NA): Item that is irrelevant or has no cases in which we are involved on a material level. \n\n* \u2013: Item we do not disclose. \n\n##  Universal Standards\n\nItem Number  |  Disclosure  |  Corresponding Sections   \n---|---|---  \nGRI 1: Foundation  \nStatement of use  |  The SUBARU Group reported in accordance with the GRI Standards for the period from April 1, 2023, to March 31, 2024.   \nGRI 1 used  |  GRI 1: Foundation 2021   \nApplicable GRI Sector Standard(s)  |  SUBARU will continue to comply with applicable sector standards as soon as they are released.   \nGRI 2: General Disclosures 2021  \n1\\. The organization and its reporting practices  \n2-1  |  Organizational details  | \n\n  * [ Overview ](https://www.subaru.co.jp/en/outline/profile.html)\n\n  \n2-2  |  Entities included in the organization\u2019s sustainability reporting  | \n\n  * [ Editorial Policy ](/en/csr/editionalpolicy.html)\n\n  \n2-3  |  Reporting period, frequency and contact point  | \n\n  * [ Editorial Policy ](/en/csr/editionalpolicy.html)\n\n  \n2-4  |  Restatements of information  | \n\n  * [ Editorial Policy ](/en/csr/editionalpolicy.html)\n\n  \n2-5  |  External assurance  |  \\-   \n2\\. Activities and workers  \n2-6  |  Activities, value chain and other business relationships  | \n\n  * [ SUBARU at a glance ](https://www.subaru.co.jp/en/outline/about/)\n  * [ CSR Procurement ](/en/csr/social/procurement.html)\n  * [ Global Network ](/en/csr/outline/network.html)\n\n  \n2-7  |  Employees  | \n\n  * [ Employee Data ](/en/csr/social/resources/data.html)\n\n  \n2-8  |  Workers who are not employees  | \n\n  * [ Employee Data ](/en/csr/social/resources/data.html)\n\n  \n3\\. Governance  \n2-9  |  Governance structure and composition  | \n\n  * [ Corporate Governance > Management System ](/en/csr/governance/corporate/?id=a02)\n  * [ Directors of the Board / Executive Officers ](https://www.subaru.co.jp/en/outline/profile.html?id=officer)\n  * [ Environmental Risk Management System ](/en/csr/environment/management.html?id=a0202)\n\n  \n2-10  |  Nomination and selection of the highest governance body  | \n\n  * [ Corporate Governance > Board of Directors ](/en/csr/governance/corporate/?id=a04)\n\n  \n2-11  |  Chair of the highest governance body  | \n\n  * [ Corporate Governance > Board of Directors ](/en/csr/governance/corporate/?id=a04)\n\n  \n2-12  |  Role of the highest governance body in overseeing the management of impacts  | \n\n  * [ Corporate Governance > Management System ](/en/csr/governance/corporate/?id=a02)\n\n  \n2-13  |  Delegation of responsibility for managing impacts  | \n\n  * [ Sustainability Promotion System ](/en/csr/subaru_csr/organization.html)\n\n  \n2-14  |  Role of the highest governance body in sustainability reporting  |  \\-   \n2-15  |  Conflicts of interest  | \n\n  * [ Preventing Conflicts of Interest ](/en/csr/governance/corporate/?id=a10)\n\n  \n2-16  |  Communication of critical concerns  | \n\n  * [ Sustainability Promotion System ](/en/csr/subaru_csr/organization.html)\n  * [ Respect for Human Rights > Stakeholder Engagement ](/en/csr/social/human_rights.html?id=a04)\n\n  \n2-17  |  Collective knowledge of the highest governance body  | \n\n  * [ Executive Officer Training ](/en/csr/governance/corporate/?id=a07)\n  * [ Initiatives to Embed Sustainability ](/en/csr/subaru_csr/organization.html?id=a0201?id=a01)\n\n  \n2-18  |  Evaluation of the performance of the highest governance body  | \n\n  * [ Effectiveness of the Board of Directors: Evaluation Results ](/en/csr/governance/corporate/?id=a05)\n\n  \n2-19  |  Remuneration policies  | \n\n  * [ Compensation for Directors ](/en/csr/governance/corporate/?id=a09)\n\n  \n2-20  |  Process to determine remuneration  | \n\n  * [ Compensation for Directors ](/en/csr/governance/corporate/?id=a09)\n\n  \n2-21  |  Annual total compensation ratio  |  \\-   \n4\\. Strategy, policies and practices  \n2-22  |  Statement on sustainable development strategy  | \n\n  * [ Message on Sustainability from the CEO ](/en/csr/message/)\n  * [ SUBARU New Management Policy ](https://www.subaru.co.jp/en/outline/about/policy/)\n  * [ Mitigating Climate Change > Strategy ](/en/csr/environment/climaticvariation.html?id=a07)\n\n  \n2-23  |  Policy commitments  | \n\n  * [ SUBARU Global Sustainability Policy ](/en/csr/subaru_csr/philosophy.html?id=a01)\n  * [ Human Rights Policy ](/en/csr/social/human_rights.html?id=a0101)\n\n  \n2-24  |  Embedding policy commitments  | \n\n  * [ Sustainability Promotion System ](/en/csr/subaru_csr/organization.html)\n  * [ Initiatives to Embed Sustainability ](/en/csr/subaru_csr/organization.html?id=a01)\n\n  \n2-25  |  Processes to remediate negative impacts  | \n\n  * [ Compliance ](/en/csr/governance/compliance.html)\n  * [ Respect for Human Rights > Human Rights Due Diligence ](/en/csr/social/human_rights.html?id=a05)\n\n  \n2-26  |  Mechanisms for seeking advice and raising concerns  | \n\n  * [ Respect for Human Rights > Contact for opinions and consultation services ](/en/csr/social/human_rights.html?id=a06)\n  * [ CSR Procurement > Consultation Service for Non-Japanese Workers ](/en/csr/social/procurement.html?id=a04)\n  * [ Compliance > Compliance Hotline ](/en/csr/governance/compliance.html?id=a0201)\n\n  \n2-27  |  Compliance with laws and regulations  | \n\n  * [ Prevention of Pollution > Environmental Compliance at SUBARU Sites ](/en/csr/environment/prevention.html?id=a04)\n  * [ Bribery Prevention ](/en/csr/governance/compliance.html?id=a0303)\n\n  \n2-28  |  Membership associations  | \n\n  * [ Stakeholder Engagement ](/en/csr/subaru_csr/stakeholder/)\n  * [ Mitigating Climate Change > External Partnerships ](/en/csr/environment/climaticvariation.html?id=a0610)\n\n  \n5\\. Stakeholder engagement  \n2-29  |  Approach to stakeholder engagement  | \n\n  * [ Stakeholder Engagement ](/en/csr/subaru_csr/stakeholder/)\n\n  \n2-30  |  Collective bargaining agreements  | \n\n  * [ Labor-Management Communication ](/en/csr/social/resources/communication.html)\n\n  \nGRI 3: Material Topics 2021  \n3-1  |  Process to determine material topics  | \n\n  * [ Identification Process for the Six Priority Areas for Sustainability ](/en/csr/subaru_csr/sixpriority/index.html?id=a0001)\n\n  \n3-2  |  List of material topics  | \n\n  * [ Six Priority Areas for Sustainability ](/en/csr/subaru_csr/sixpriority/)\n  * [ Activities in the Six Priority Areas for Sustainability in Relation to the SDGs ](/en/csr/subaru_csr/sixpriority/index.html?id=a01)\n\n  \n3-3  |  Management of material topics  | \n\n  * [ Sustainability Promotion System ](/en/csr/subaru_csr/organization.html)\n  * [ Six Priority Areas for Sustainability ](/en/csr/subaru_csr/sixpriority/)\n  * [ Activities in the Six Priority Areas for Sustainability in Relation to the SDGs ](/en/csr/subaru_csr/sixpriority/index.html?id=a01)\n\n  \n  \n##  Topic-specific Standards\n\nItem Number  |  Disclosure  |  Corresponding Sections   \n---|---|---  \nGRI 200: Economic  \n201: Economic Performance 2016  \n201-1  |  Direct economic value generated and distributed  | \n\n  * [ Annual Securities Report and Internal Controls Report for the 93rd Period P.76-82 [Consolidated Financial Statements] (Japanese version only) ](//www.subaru.co.jp/ir/library/pdf/ms/ms_93.pdf)\n  * [ Annual Securities Report and Internal Controls Report for the 93rd Period P.30 [Analysis of Financial Position, Business Performance, and Cash Flows by Top Management] (Japanese version only) ](//www.subaru.co.jp/ir/library/pdf/ms/ms_93.pdf)\n\n  \n201-2  |  Financial implications and other risks and opportunities due to climate change  | \n\n  * [ Mitigating Climate Change ](/en/csr/environment/climaticvariation.html)\n\n  \n201-3  |  Defined benefit plan obligations and other retirement plans  | \n\n  * [ Annual Securities Report and Internal Controls Report for the 93rd Period P.89 [Notes to Consolidated Financial Statements] (Japanese version only) ](https://www.subaru.co.jp/ir/library/pdf/ms/ms_93.pdf)\n\n  \n201-4  |  Financial assistance received from government  | \n\n  * [ Annual Securities Report and Internal Controls Report for the 93rd Period P.41 [Corporate Information] (Japanese version only) ](https://www.subaru.co.jp/ir/library/pdf/ms/ms_93.pdf)\n  * [ Annual Securities Report and Internal Controls Report for the 93rd Period P.76-82 [Consolidated Financial Statements] (Japanese version only) ](https://www.subaru.co.jp/ir/library/pdf/ms/ms_93.pdf)\n\n  \n202: Market Presence 2016  \n202-1  |  Ratios of standard entry level wage by gender compared to local minimum wage  | \n\n  * [ Human Rights Policy Appendix ](/en/csr/social/human_rights.html?id=a0102)\n\n  \n202-2  |  Proportion of senior management hired from the local community  |  \\-   \n203: Indirect Economic Impacts 2016  \n203-1  |  Infrastructure investments and services supported  |  \\-   \n203-2  |  Significant indirect economic impacts  |  \\-   \n204: Procurement Practices 2016  \n204-1  |  Proportion of spending on local suppliers  |  \\-   \n205: Anti-corruption 2016  \n205-1  |  Operations assessed for risks related to corruption  | \n\n  * [ Bribery Prevention ](/en/csr/governance/compliance.html?id=a0303)\n\n  \n205-2  |  Communication and training about anti-corruption policies and procedures  | \n\n  * [ SUBARU Supplier CSR Guidelines ](/en/csr/social/procurement.html?id=a0302)\n  * [ Compliance > Initiatives > Training ](/en/csr/governance/compliance.html?id=a03)\n\n  \n205-3  |  Confirmed incidents of corruption and actions taken  |  N/A   \n206: Anti-compretitive Behavior 2016  \n206-1  |  Legal actions for anti-competitive behavior, antitrust, and monopoly practices  |  N/A   \n207: Tax 2019  \n207-1  |  Approach to tax  |  [ Tax Policy ](/en/csr/governance/compliance.html?id=a0304)  \n207-2  |  Tax governance, control, and risk management  |  [ Tax Policy ](/en/csr/governance/compliance.html?id=a0304)  \n207-3  |  Stakeholder engagement and management of concerns related to tax  |  [ Tax Policy ](/en/csr/governance/compliance.html?id=a0304)  \n207-4  |  Country-by-country reporting  |  \\-   \nGRI 300: Environmental  \n301: Materials 2016  \n301-1  |  Materials used by weight or volume  | \n\n  * [ SUBARU Group Material Flow ](/en/csr/environment/management.html?id=a06)\n\n  \n301-2  |  Recycled input materials used  | \n\n  * [ Achieving a Circular Economy ](/en/csr/environment/recyclingsociety.html)\n\n  \n301-3  |  Reclaimed products and their packaging materials  | \n\n  * [ Achieving a Circular Economy > Site Initiatives, Sales Initiatives, Logistics Initiatives ](/en/csr/environment/recyclingsociety.html?id=a05)\n\n  \n302: Energy 2016  \n302-1  |  Energy consumption within the organization  | \n\n  * [ SUBARU Group Material Flow ](/en/csr/environment/management.html?id=a06)\n\n  \n302-2  |  Energy consumption outside of the organization  |  \\-   \n302-3  |  Energy intensity  |  \\-   \n302-4  |  Reduction of energy consumption  | \n\n  * [ Mitigating Climate Change ](/en/csr/environment/climaticvariation.html)\n\n  \n302-5  |  Reductions in energy requirements of products and services  | \n\n  * [ Mitigating Climate Change ](/en/csr/environment/climaticvariation.html)\n\n  \n303: Water and Effluents 2018  \n303-1  |  Interactions with water as a shared resource  | \n\n  * [ Water Resources ](/en/csr/environment/waterresources.html)\n\n  \n303-2  |  Management of water discharge-related impacts  | \n\n  * [ Water Resources > Management System > Risk Management ](/en/csr/environment/waterresources.html?id=a0201)\n\n  \n303-3  |  Water withdrawal  | \n\n  * [ Water Consumption by Source ](/en/csr/environment/waterresources.html?id=a0302)\n\n  \n303-4  |  Water discharge  |  \\-   \n303-5  |  Water consumption  | \n\n  * [ Water Consumption ](/en/csr/environment/waterresources.html?id=a0301)\n\n  \n304: Biodiversity 2016  \n304-1  |  Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas  |  N/A   \n304-2  |  Significant impacts of activities, products, and services on biodiversity  |  \\-   \n304-3  |  Habitats protected or restored  | \n\n  * [ Coexistence with Nature > Initiatives > Overseas ](/en/csr/environment/biodiversity.html?id=a0302)\n\n  \n304-4  |  IUCN Red List species and national conservation list species with habitats in areas affected by operations  |  \\-   \n305: Emissions 2016  \n305-1  |  Direct (Scope 1) GHG emissions  | \n\n  * [ Mitigating Climate Change > Initiatives, Site Initiatives ](/en/csr/environment/climaticvariation.html?id=a0502)\n\n  \n305-2  |  Energy indirect (Scope 2) GHG emissions  | \n\n  * [ Mitigating Climate Change > Initiatives, Site Initiatives ](/en/csr/environment/climaticvariation.html?id=a0502)\n\n  \n305-3  |  Other indirect (Scope 3) GHG emissions  | \n\n  * [ Mitigating Climate Change > Initiatives ](/en/csr/environment/climaticvariation.html?id=a0502)\n\n  \n305-4  |  GHG emissions intensity  |  \\-   \n305-5  |  Reduction of GHG emissions  | \n\n  * [ Mitigating Climate Change ](/en/csr/environment/climaticvariation.html)\n\n  \n305-6  |  Emissions of ozone-depleting substances (ODS)  |  \\-   \n305-7  |  Nitrogen oxides (NOx), sulfur oxides (SOx), and other significant air emissions  | \n\n  * [ Prevention of Pollution > Initiatives > NOx and SOx Emissions ](/en/csr/environment/prevention.html?id=a02005)\n\n  \n306: Waste 2020  \n306-1  |  Waste generation and significant waste-related impacts  | \n\n  * [ Achieving a Circular Economy ](/en/csr/environment/recyclingsociety.html)\n\n  \n306-2  |  Management of significant wasterelated impacts  | \n\n    * [ Achieving a Circular Economy ](/en/csr/environment/recyclingsociety.html)\n\n  \n306-3  |  Waste generated  | \n\n  * [ Waste Generation ](/en/csr/environment/recyclingsociety.html?id=a0501)\n\n  \n306-4  |  Waste diverted from disposal  | \n\n  * [ Amount of Waste Generated and Processed ](/en/csr/environment/recyclingsociety.html?id=a0502)\n  * [ Procurement Initiatives ](/en/csr/environment/recyclingsociety.html?id=a08)\n\n  \n306-5  |  Waste directed to disposal  | \n\n  * [ Amount of Waste Generated and Processed ](/en/csr/environment/recyclingsociety.html?id=a0502)\n\n  \n308: Supplier Environmental Assessment 2016  \n308-1  |  New suppliers that were screened using environmental criteria  | \n\n  * [ Environmental Policy Initiatives for Business Partners ](/en/csr/social/procurement.html?id=a0304)\n  * [ SUBARU Green Procurement Guideline ](/en/csr/social/procurement.html?id=a0305)\n\n  \n308-2  |  Negative environmental impacts in the supply chain and actions taken  | \n\n  * [ Business Partner CSR Briefing and CSR Survey > Climate Change Initiatives ](/en/csr/social/procurement.html?id=a0307)\n  * [ Management and Reduction of Environmentally Hazardous Substances Contained in Parts ](/en/csr/social/procurement.html?id=a0306)\n  * [ Procurement with Consideration for Biodiversity ](/en/csr/social/procurement.html?id=a0308)\n\n  \nGRI 400: Social  \n401: Employment 2016  \n401-1  |  New employee hires and employee turnover  | \n\n  * [ Employee Data ](/en/csr/social/resources/data.html)\n\n  \n401-2  |  Benefits provided to full-time employees that are not provided to temporary or part-time employees  |  \\-   \n401-3  |  Parental leave  | \n\n  * [ Systems and Initiatives for Childcare Leave ](/en/csr/social/resources/balance.html?id=a020701)\n\n  \n402: Labor / Management Relations 2016  \n402-1  |  Minimum notice periods regarding operational changes  |  \\-   \n403: Occupational Health and Safety 2018  \n403-1  |  Occupational health and safety management system  | \n\n  * [ Occupational Health and Safety > Our Approach/Management System ](/en/csr/social/resources/safety.html?id=a01)\n\n  \n403-2  |  Hazard identification, risk assessment, and incident investigation  | \n\n  * [ Occupational Health and Safety > Initiatives > Prevention of Industrial Accidents ](/en/csr/social/resources/safety.html?id=a0301)\n\n  \n403-3  |  Occupational health services  | \n\n  * [ Occupational Health and Safety > Initiatives ](/en/csr/social/resources/safety.html?id=a03)\n\n  \n403-4  |  Worker participation, consultation, and communication on occupational health and safety  | \n\n  * [ Labor-Management Communication ](/en/csr/social/resources/communication.html)\n  * [ Occupational Health and Safety > Management System ](/en/csr/social/resources/safety.html?id=a02)\n\n  \n403-5  |  Worker training on occupational health and safety  | \n\n  * [ Occupational Health and Safety > Initiatives > Prevention of Industrial Accidents ](/en/csr/social/resources/safety.html?id=a0301)\n\n  \n403-6  |  Promotion of worker health  | \n\n  * [ Health Management ](/en/csr/social/resources/health.html)\n\n  \n403-7  |  Prevention and mitigation of occupational health and safety impacts directly linked by business relationships  | \n\n  * [ Occupational Health and Safety > Initiatives > Prevention of Industrial Accidents > Unifying Initiatives at the Group Level ](/en/csr/social/resources/safety.html?id=a030101)\n\n  \n403-8  |  Workers covered by an occupational health and safety management system  | \n\n  * [ Occupational Health and Safety > Management System ](/en/csr/social/resources/safety.html?id=a02)\n\n  \n403-9  |  Work-related injuries  | \n\n  * [ Occurrence of Work Related Accidents and Accident Frequency Rate ](/en/csr/social/resources/safety.html?id=a030402)\n\n  \n403-10  |  Work-related ill health  |  \\-   \n404: Training and Education 2016  \n404-1  |  Average hours of training per year per employee  | \n\n  * [ Human Resource Development > Career Development > Training Results ](/en/csr/social/resources/?id=a0302)\n\n  \n404-2  |  Programs for upgrading employee skills and transition assistance programs  | \n\n  * [ Human Resource Development > Career Development ](/en/csr/social/resources/?id=a0301)\n\n  \n404-3  |  Percentage of employees receiving regular performance and career development reviews  | \n\n  * [ Human Resource Development > Career Development > Career Development Support ](/en/csr/social/resources/?id=a0303)\n\n  \n405: Diversity and Equal Opportunity 2016  \n405-1  |  Diversity of governance bodies and employees  | \n\n  * [ Directors of the Board / Executive Officers ](https://www.subaru.co.jp/en/outline/profile.html?id=officer)\n  * [ Employee Data ](/en/csr/social/resources/data.html)\n\n  \n405-2  |  Ratio of basic salary and remuneration of women to men  | \n\n  * [ Comparison of Fixed Wages between Male and Female Employees ](/en/csr/social/resources/data.html?id=a01-6)\n\n  \n406: Non-discrimination 2016  \n406-1  |  Incidents of discrimination and corrective actions taken  |  \\-   \n407: Freedom of Association and Collective Bargaining 2016  \n407-1  |  Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk  |  \\-   \n408: Child Labor 2016  \n408-1  |  Operations and suppliers at significant risk for incidents of child labor  |  N/A   \n409: Forced or Compulsory Labor 2016  \n409-1  |  Operations and suppliers at significant risk for incidents of forced or compulsory labor  |  N/A   \n410: Security Practices 2016  \n410-1  |  Security personnel trained in human rights policies or procedures  |  \\-   \n411: Rights of Indigenous Peoples 2016  \n411-1  |  Incidents of violations involving rights of indigenous peoples  |  N/A   \n413: Local Communities 2016  \n413-1  |  Operations with local community engagement, impact assessments, and development programs  |  [ Community Engagement ](/en/csr/social/contribution/)  \n413-2  |  Operations with significant actual and potential negative impacts on local communities  |  \\-   \n414: Supplier Social Assessment 2016  \n414-1  |  New suppliers that were screened using social criteria  | \n\n  * [ SUBARU Supplier CSR Guidelines ](/en/csr/social/procurement.html?id=a0302)\n\n  \n414-2  |  Negative social impacts in the supply chain and actions taken  | \n\n  * [ Business Partner CSR Briefing and CSR Survey ](/en/csr/social/procurement.html?id=a0303)\n  * [ Responsible Mineral Procurement ](/en/csr/social/procurement.html?id=a05)\n\n  \n415: Public Policy 2016  \n415-1  |  Political contributions  | \n\n  * [ Compliance > Political Donations ](/en/csr/governance/compliance.html?id=a0305)\n\n  \n416: Customer Health and Safety 2016  \n416-1  |  Assessment of the health and safety impacts of product and service categories  | \n\n  * [ Making Safe Vehicles > Initiatives ](/en/csr/social/car_making/?id=a03)\n\n  \n416-2  |  Incidents of non-compliance concerning the health and safety impacts of products and services  |  N/A   \n417: Marketing and Labeling 2016  \n417-1  |  Requirements for product and service information and labeling  |  \\-   \n417-2  |  Incidents of non-compliance concerning product and service information and labeling  | \n\n  * [ Quality: Automotive Business ](/en/csr/social/quality_automobile.html)\n  * [ Quality: Aerospace Business ](/en/csr/social/quality_aerospace.html)\n\n  \n417-3  |  Incidents of non-compliance concerning marketing communications  |  N/A   \n418: Customer Privacy 2016  \n418-1  |  Substantiated complaints concerning breaches of customer privacy and losses of customer data  |  N/A   \n  \n  * [ Privacy Policy ](/en/privacy.html)\n  * [ Cookie Policy ](/en/assistance.html)\n  * [ Media ](/en/media/)\n\nPAGE TOP\n\nPAGE TOP\n\n[ \u00a9SUBARU CORPORATION  ](/en/copyright/)\n\n",
                "url": "https://www.subaru.co.jp/en/csr/iso26000.html"
            },
            "reason": "This page from Subaru discusses their CSR (Corporate Social Responsibility) efforts in relation to ISO 26000. As a direct publication from the company, it's considered reliable for understanding their stated policies and practices, although it may present a favorable view. The reference to ISO 26000 adds some credibility.",
            "reliability_score": 0.7,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Subaru's CSR efforts in relation to ISO 26000.",
            "url": "https://www.subaru.co.jp/en/csr/iso26000.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "c6660b59-2ace-4321-b91c-de48276448a3",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.laborandemploymentlawcounsel.com/2024/06/eu-corporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-regulations/"
                },
                "page_content": "Skip to content\n\nBy [ Ameena Y. Majid ](https://www.seyfarth.com/people/ameena-y-majid.html) ,\n[ Matthew Banham ](https://www.seyfarth.com/people/matthew-banham.html) , and\n[ Fiona Maguire ](https://www.seyfarth.com/people/fiona-maguire.html)\n\n**_Seyfarth Synopsis:_ ** _Game changing Environmental, Social, and Governance\n(\u201cESG\u201d) regulations via the Corporate Sustainability Due Diligence Directive\n(\u201cCS3D\u201d) [ [1] ](https://www.seyfarth.com/news-insights/eu-corporate-\nsustainability-due-diligence-directive-raises-the-stakes-on-esg-\nregulations.html#_ftn1) will require non-EU and EU companies to identify and\nprevent adverse environmental and human rights impacts within their business,\nand the supply chain operations carried out by their business partners. On May\n24, 2024, the European Council adopted the CS3D proposal. EU Member states\nhave two years from the date the CS3D is published in the European Union\nOfficial Journal (expected in June 2024) to transpose the CS3D into national\nlaw. The CS3D will be phased-in over three years, with the largest companies\nexpected to achieve compliance by 2027 _ .\n\nThe CS3D marks a historic shift in the ESG regulatory landscape. By\nestablishing a corporate due diligence duty, the CS3D makes in-scope\ncompanies, including those based outside the EU, responsible for the negative\nenvironmental and adverse human rights impacts arising from their operations\nand their business partners. Adverse human rights are widely defined by\ninternational principles to include, among other rights, the right to a fair\nwage, just and favorable working conditions and an obligation to engage with\ntrade unions and stakeholders at all stages of the due diligence process. CS3D\nalso requires in-scope companies to adopt a climate transition plan in line\nwith the Paris Agreement. Non-compliance can result in significant penalties,\ncivil lawsuits, disbarment from public procurement contracts and reputational\ndamage.\n\nThe European Commission estimates that approximately 6,000 large EU limited\nliability companies and partnerships with more than 1,000 employees and\ngreater than \u20ac450 million net turnover worldwide will be impacted and\napproximately 900 large non-EU companies with more than \u20ac450 million net\nturnover in the EU will be directly impacted.  [ [2]\n](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-\ndiligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn2) While\nsmall and medium enterprises and other non-EU companies are not covered, the\nambit of the CS3D will have indirect implications for value chain business\npartners that will need to be cognizant of the CS3D obligations.\n\nGiven the complexity and challenges of these new obligations, companies\naffected by these changes should start planning now to assess and adapt their\nprocesses accordingly.\n\nWhile adopting a compliance mindset is a natural approach to a mandatory due\ndiligence scheme, the European Commission has highlighted trust in business as\none of the key aims and expected benefits of the CS3D. Other expected benefits\ninclude better risk management, resilience, increased attractiveness for\ntalent and investment, and better protection of human rights and the\nenvironment.\n\n**_What companies are subject to the CS3D?_ **\n\nThe CS3D applies to both EU and non-EU companies with activities in the EU\nthat meet certain revenue turnover and, if applicable, employee thresholds\n***** . The thresholds can apply to EU and non-EU companies on either a\nstandalone or consolidated basis.\n\n**EU Companies** |  **Non-EU Companies** |  **EU Companies with EU franchising or licensing agreements** |  **Non-EU Companies with EU franchising or licensing agreements**  \n---|---|---|---  \n> 1,000 employees on average; and net worldwide turnover > \u20ac450 million  |  Net turnover > \u20ac450 million in the EU  |  Net worldwide turnover > \u20ac80 million (with at least \u20ac22.5 million generated by royalties)  |  Net EU turnover > \u20ac80 million (with at least \u20ac22.5 million generated by royalties)   \n  \n*For companies to be in scope they must meet the applicable criteria for two consecutive financial years before the EU CS3D applies to the organization. \n\n**_How does CS3D impact companies?_ **\n\nThe CS3D adopts the core standards found within the OECD Guidelines for\nMultinational Enterprises (\u201cOECD Guidelines\u201d) and the United Nations Guiding\nPrinciples on Business and Human Rights (the \u201cUNGPs\u201d). At a high-level, the\nCS3D requires in-scope EU and non-EU companies to:\n\n  * Conduct due diligence to identify and assess adverse environmental and human rights impacts that arise from their business operations and across their \u201cchain of activities,\u201d which includes suppliers, subcontractors, and business partners; [ [3] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn3)\n  * Once identified and assessed, implement \u201cappropriate measures\u201d to prevent, mitigate and remediate the identified adverse impacts; and \n  * Implement, on a best efforts basis, a climate transition plan for their operations which is designed to limit global warming to net zero by 2050, aligned with the Paris Agreement and achieving climate neutrality under the European Climate Law. \n\nAdverse environmental impacts and human rights violations include, among\nothers, biodiversity loss, air and water pollution, labor exploitation\nincluding the right to just and favorable conditions of work including a fair\nwage and natural heritage destruction.  [ [4] ](https://www.seyfarth.com/news-\ninsights/eu-corporate-sustainability-due-diligence-directive-raises-the-\nstakes-on-esg-regulations.html#_ftn4)\n\n**_Which business partners do companies need to consider?_ **\n\nCompanies will need to address both direct and indirect activities in their\ndue diligence obligations, which means understanding their chain of activity\nand engaging with their business partners. The CS3D refers to the company\u2019s\n\u201cchain of activities,\u201d which includes upstream and downstream business\npartners.  [ [5] ](https://www.seyfarth.com/news-insights/eu-corporate-\nsustainability-due-diligence-directive-raises-the-stakes-on-esg-\nregulations.html#_ftn5)\n\n**Business Partner [ [6] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn6) ** |  Direct entity with which the company has a commercial agreement relating to the company\u2019s operations, products or services, or to which the company provides services, or Indirect entity which is not a direct business partner but conducts business operations relating to the company\u2019s operations, products or services   \n---|---  \n**Upstream Business Partners** |  Those related to the production of goods or the provision of services by the company (design, extraction, sourcing, manufacture, transport, storage and supply of raw materials, products or parts of the products and development of the product or the service)   \n**Downstream Business Partners** |  Those related to the distribution, transport and storage of the product, where the business partners carry out those activities for or on behalf of the company (with exclusions for certain security risks and the export control relating to war materials and B2B or B2C customers)   \n  \n**_What due diligence will companies need to perform?_ **\n\nThe CS3D risk based due diligence process mirrors the six steps outlined in\nthe OECD Due Diligence Guidance for Responsible Business Conduct.  [ [7]\n](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-\ndiligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn7) Companies\nmust implement \u201cappropriate measures\u201d to address the adverse impacts\nidentified in their own operations and where related to their chain of\nactivities, those of their business partners.  [ [8]\n](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-\ndiligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn8) Those\nsteps are:\n\n**Integrate Responsible Business Conduct into Policies and Management Systems** |  Adopting responsible business conduct policies based on the OECD Guidelines for Multinational Enterprises and embedding them into management systems  [ [9] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn9)  \n---|---  \n**Identify and Assess Impacts** |  Identifying and assessing actual and potential **_adverse impacts_ ** associated with company activities  [ [10] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn10) , which may require in-depth scoping to understand and prioritize the most significant risks and responses  [ [11] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn11)  \n**Design and Implement Strategies to Address Impacts** |  Based on the risk assessment, developing strategies that **_prevent or mitigate_ ** adverse impacts, which involves: integrating responsible business conduct into their policies, employee trainings, and business relationships; bringing adverse impacts to an end; remediating such impacts; and engaging in meaningful stakeholder engagement  [ [12]. ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn12)  \n**Track Implementation and Results** |  Monitoring the implementation and effectiveness of strategies, conducting regular evaluations and updating strategies accordingly  [ [13] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn13)  \n**Communication** |  Appropriately publishing information and engaging with relevant stakeholders to promote collaboration and transparency  [ [14] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn14)  \n**Providing Remediation** |  Establishing grievance mechanisms such as a roadmap for remediation, standard timelines, and sufficient resources to resolve complaints  [ [15] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn15)  \n  \n**_What is a climate transition plan?_ **\n\nIn-scope companies will be required to adopt an action plan which outlines how\nthe organization will pivot, through best efforts, its existing assets and\noperations to be in alignment with the Paris Agreement\u2019s goal of limiting\nglobal warming to 1.5\u00b0C. Companies may fulfill the obligation of creating a\ntransition plan when complying with the CS3D, but will need to actually\nimplement the plan and complete annual updates in order to fully comply with\nthe CS3D.  [ [16] ](https://www.seyfarth.com/news-insights/eu-corporate-\nsustainability-due-diligence-directive-raises-the-stakes-on-esg-\nregulations.html#_ftn16)\n\n**_What are the practical implications for companies impacted by CS3D?_ **\n\nAlthough some EU states already have in force a soft version of this directive\n(Duty of Vigilance Act in France, Supply Chain Due Diligence Act in Germany),\nthe CS3D is stricter. Further, the CS3D sets minimum standards allowing EU\nmember states to implement more stringent provisions if they choose. The\npotential for differing CS3D standards across the EU will require companies to\nconduct legal risk assessments across the EU members states to ensure they are\nworking to the highest standard.\n\nCompanies will have to undertake a \u201croot and branch\u201d review of their\noperations. This will require mapping, tracking and understanding their chain\nof activities to identify their business partners and suppliers through a more\nstringent lens and implement management systems for compliance. With all\nthings ESG, we suggest approaching the CS3D with both a top-down and bottom-up\nperspective that is grounded in the company\u2019s corporate purpose and values.\n\nIn the human rights arena, many multinational enterprises have developed human\nrights programs aligned with the UNGPs\u2019 pillar for businesses to respect human\nrights. These companies can use those programs as a baseline to assess the\nwork needed for compliance with the CS3D by conducting a gap analysis of those\nprograms against the CS3D. The UNGPs contain a similarly comprehensive scope\nof human rights, which like the CS3D, look to the ILO core conventions,\nincluding the ILO Declaration on Fundamental Principles and Rights at Work.\n\nWe expect companies to refresh their contractual provisions with their\nrelevant business partners to assess their ability to obtain, assess and\nmonitor their business partners operational impact on the environment and\nhuman rights. Employing a consultative process with Member States and\nstakeholders, the European Commission will adopt model contractual clauses. It\nwill be interesting to watch the nature of the clauses and whether it will\nsignify a shift in the contracting approach from a transactional, liability\nshifting approach to one that reflects a shared responsibility. Observing the\nshift in the regulatory landscape, this is the approach the ABA has taken with\nrespect to its model language for the protection of human rights in\ninternational supply chain contracts.  [ [17] ](https://www.seyfarth.com/news-\ninsights/eu-corporate-sustainability-due-diligence-directive-raises-the-\nstakes-on-esg-regulations.html#_ftn17)\n\nAs part of the impact identification process, we also expect that such\nagreements will be re-evaluated to assess whether the terms of those\nagreements as reflected in business practices could lead to any identified\nadverse impacts. For example, if a company engages with a supplier for the\nproduction of goods, a company should evaluate whether the production costs\nand schedule are structured in such a way that it could lead to fostering\nconditions that contribute to adverse human rights impacts (e.g., excessive\nworking hours, wages below a living wage).\n\nCompanies will more than likely need to invest in new resources and update\ngovernance and management reporting. As a corollary, business partners will\nfind they are required to provide more detailed disclosure questionnaires.\nWhile the CS3D favors working with business partners towards compliance\ninstead of terminating contracts, termination could be a real possibility for\nbusiness partners who fail to upgrade their working practices to mirror those\nof the entity directly captured by the CS3D. In this regard, capacity building\namong business partners will be needed and required, particularly for a\nbusiness partner that is a small and medium enterprise.\n\n**_How does this relate with other European directives and regulations?_ **\n\nThe CS3D will also operate alongside other recent directives and regulations.\nThese include the EU Corporate Sustainability Reporting Directive (\u201cCSRD\u201d) and\nthe EU Sustainable Finance Disclosure Regulation (\u201cSFDR\u201d).\n\n  * The CSRD requires companies to disclose their human rights and environmental impacts using a double materiality standard. This standard requires companies to assess the material impacts of their business on the environment and human rights (the impact lens) as well as the material impacts of these matters on the business (the financial lens). \n  * The SFDR impacts investors on how they market and report on green and human rights friendly investments. \n\nTogether these laws complement each other and aim to advance the EU\u2019s goals of\ntransitioning the EU economy to a \u201csustainable and just future\u201d. It also has\nsynergies with the EU Deforestation Regulation, EU legislation to ban\ngreenwashing as well as upcoming legislation including EU Forced Labor\nRegulation and EU Packaging and Packaging Waste Regulation.\n\n**_When will the CS3D be implemented?_ **\n\nAssuming the CS3D is published in the European Union Official Journal in 2024,\nthe CS3D will be phased in over a three year period based on certain\nthresholds:\n\n|  **2027** |  **2028** |  **2029**  \n---|---|---|---  \n**EU Companies** |  Companies with > 5,000 employees; and Net worldwide turnover > \u20ac1.5 billion  |  Companies with > 3,000 employees; and Net worldwide turnover > \u20ac900 million  |  Companies with > 1,000 employees; and Net worldwide turnover > \u20ac450 million   \n**Non-EU Companies** |  Net EU turnover > \u20ac1.5 billion  |  Net EU turnover > \u20ac900 million  |  Net EU turnover > \u20ac450 million   \n**Companies with EU franchising or licensing agreements** |  N/A  |  N/A  |  Applicable net turnover > \u20ac80 million (with at least \u20ac22.5 million generated by royalties)   \n|  |  |  |  |   \n  \n**_What are the consequences for non-compliance?_ **\n\nThe CS3D defers to the Member States to establish or assign a regulatory body,\nsupported by the European Network of Supervisory Authorities, that will be\nresponsible for investigating and enforcing penalties. Breaches of the CS3D\ncould result in fines, civil liability and reputational harm.\n\n**Fines** |  A maximum fine, established by a Member State, of up to 5% of the company\u2019s net worldwide turnover in the financial year preceding the fining decision  [ [18] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn18) Companies with appropriate due diligence measures and controls can avoid enforcement action if they have implemented \u201cappropriate measures\u201d to address the relevant adverse impacts   \n---|---  \n**Civil Liability** |  Civil liability for damages the company \u201cintentionally or negligently\u201d failed to comply with their CS3D obligations and, as a result of the failure, caused damage to a natural or legal person\u2019s legal interest protected under national law  [ [19] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn19) The CS3D creates a private right of action for those adversely affected and allows trade unions and NGOs to act on their behalf in bringing such actions _Note:_ Companies are not liable for actions caused _solely_ by business partners in its chain of activities   \n**Reputational Harm** |  Penalties will be made publicly available for at least 5 years and sent to the European Network of Supervisory Authorities  [ [20] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-due-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftn20)  \n  \n**_Looking Ahead_ **\n\nIn our past ESG alerts, our team has described ESG as reflecting the business\nparadigm shifting from transactional to relational. Cutting through the noise\nthat surrounds the use of the term ESG, we offer that ESG is a framework for\nassessing an organization\u2019s practices and governance on relevant ESG matters\nthat span the human rights and environmental arenas against stakeholder-\ncentric factors in furtherance of a sustainable and resilient business. ESG\nmatters influence \u201chow\u201d an organization conducts business and the practices it\nengages in to be profitable.\n\nThe CS3D fully embodies and reflects this shift.\n\nBecause organizations \u2013 both private and public \u2013 are assessing compliance\nwith a broad swath of ESG regulations that are already in effect or will be\nwithin the next few years, we offer organizations to approach this labyrinth\nof ESG regulations by:\n\n  1. Understanding your organization\u2019s current ESG strategy, goals and efforts; \n  2. Learning who in the organization are the key drivers of the strategy and their vision; \n  3. Becoming familiar with current reports and which reporting frameworks, if any, your organization may use; \n  4. Assessing whether the company is directly or indirectly subject to a given regulation which may cover similar topics; \n  5. Centralizing ESG data through the use of software systems that can give a single source of authority for assessing credibility of data; \n  6. Understanding the materiality standards, if any, and any materiality assessments that have been conducted and for what purpose; \n  7. Working with counsel to consider applying privilege protocols and oversight of materiality assessments conducted pursuant to regulatory requirements; \n  8. Working with procurement and the ESG teams to learn the business partners who may be directly subject to a regulation whereby your company may be asked to change practices or provide information; and \n  9. Assessing the company\u2019s human rights and environmental practices and programs against the highest or most comprehensive standard. \n\nIf you have questions, please reach out to the authors and the Seyfarth Impact\n& Sustainability team for assistance.\n\n* * *\n\n[ [1] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref1) [\n_European Parliament legislative resolution of 24 April 2024 on the proposal\nfor a_ ](https://www.europarl.europa.eu/doceo/document/TA-9-2024-0329_EN.pdf)\n[ _directive of the European Parliament and of the Council on Corporate\nSustainability_\n](https://www.europarl.europa.eu/doceo/document/TA-9-2024-0329_EN.pdf) [ _Due\nDiligence and amending Directive (EU) 2019/1937 (COM(2022)0071 \u2013 C9-0050/2022\n\u2013 2022/0051(COD))_\n](https://www.europarl.europa.eu/doceo/document/TA-9-2024-0329_EN.pdf) (the\n\u201cCS3D\u201d). The Directive is also commonly referred to as \u201cEU CSDDD.\u201d\n\n[ [2] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref2)\nEuropean Commission website: _\u201c_ [ _Corporate Sustainability Due Diligence_\n](https://commission.europa.eu/business-economy-euro/doing-business-\neu/corporate-sustainability-due-diligence_en#which-companies-will-the-new-eu-\nrules-apply-to) _\u201d_\n\n[ [3] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref3)\nThe Commission in consultation with the EU will issue due diligence guidance\nand climate transition plans by 2027.\n\n[ [4] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref4)\nEuropean Parliament, Press Release, April 24, 2024, \u201c [ _Due diligence: MEPs\nadopt rules for firms on human rights and environment_ \u201d\n](https://www.europarl.europa.eu/news/en/press-room/20240419IPR20585/due-\ndiligence-meps-adopt-rules-for-firms-on-human-rights-and-\nenvironment#:~:text=The%20European%20Parliament%20approved%20with,on%20human%20rights%20and%20the)\n\n[ [5] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref5)\nCS3D Article 3(1)(g)\n\n[ [6] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref6)\nCS3D Article 3(1)(f)\n\n[ [7] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref7)\nCS3D (20) and Article 5\n\n[ [8] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref8)\nCS3D Article 5\n\n[ [9] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref9)\nCS3D Article 7\n\n[ [10] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref10)\nCS3D Article 8\n\n[ [11] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref11)\nCS3D Article 9\n\n[ [12] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref12)\nCS3D Articles 10-13\n\n[ [13] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref13)\nCS3D Article 15\n\n[ [14] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref14)\nCS3D Article 16\n\n[ [15] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref15)\nCS3D Article 14\n\n[ [16] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref16)\nCS3D Article 22\n\n[ [17] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref17)\n_See, e.g.,_ Model Contract Clauses to Protect Workers in International Supply\nChains, Version 2.0 by the Working Group to Draft Model Contract Clauses to\nProtect Human Rights in International Supply Chains, ABA Business Law Section.\n\n[ [18] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref18)\nCS3D Article 27(4)\n\n[ [19] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref19)\nCS3D Article 29; this liability is subject to a five-year limitation period\nand excludes damage caused solely by a company\u2019s business partners\n\n[ [20] ](https://www.seyfarth.com/news-insights/eu-corporate-sustainability-\ndue-diligence-directive-raises-the-stakes-on-esg-regulations.html#_ftnref20)\nCS3D Article 27(5)\n\nTags: [ Corporate Sustainability Due Diligence\n](https://www.laborandemploymentlawcounsel.com/tag/corporate-sustainability-\ndue-diligence/) , [ Environmental\n](https://www.laborandemploymentlawcounsel.com/tag/environmental/) , [ ESG\n](https://www.laborandemploymentlawcounsel.com/tag/esg/) , [ Governance\n](https://www.laborandemploymentlawcounsel.com/tag/governance/) , [ social\n](https://www.laborandemploymentlawcounsel.com/tag/social/)\n\nPrint:\n\n[ Email this post\n](mailto:?subject=EU%20Corporate%20Sustainability%20Due%20Diligence%20Directive%3A%20Raising%20the%20Stakes%20on%20ESG%20Regulations%20-%20Employment%20Law%20Lookout&body=https://www.laborandemploymentlawcounsel.com/2024/06/eu-\ncorporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-\nregulations/) [ Tweet this post\n](https://twitter.com/share/?text=EU+Corporate+Sustainability+Due+Diligence+Directive%3A+Raising+the+Stakes+on+ESG+Regulations&url=https://www.laborandemploymentlawcounsel.com/2024/06/eu-\ncorporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-\nregulations/) [ Like this post\n](https://www.facebook.com/sharer.php/?u=https://www.laborandemploymentlawcounsel.com/2024/06/eu-\ncorporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-\nregulations/) [ Share this post on LinkedIn\n](http://www.linkedin.com/shareArticle/?mini=true&url=https%3A%2F%2Fwww.laborandemploymentlawcounsel.com%2F2024%2F06%2Feu-\ncorporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-\nregulations%2F&title=EU+Corporate+Sustainability+Due+Diligence+Directive%3A+Raising+the+Stakes+on+ESG+Regulations+-+Employment+Law+Lookout&summary)\n\n[ ](http://www.seyfarth.com/SaraEber) [ Seyfarth Shaw LLP\n](http://www.seyfarth.com/SaraEber)\n\n[ Read more about Seyfarth Shaw LLP  ](http://www.seyfarth.com/SaraEber)\n\n[ ](http://www.seyfarth.com/)\n\n[ RSS  ](/feed/) [ Twitter  ](https://www.twitter.com/seyfarthshawLLP) [\nLinkedIn  ](https://www.linkedin.com/company/seyfarth-shaw) [ Facebook\n](https://www.facebook.com/official.seyfarthshaw/)\n\n###  About Employment Law Lookout\n\nSeyfarth Shaw LLP\u2019s Employment Law Lookout: Insights for Management is a\nresource for employers seeking intelligent discourse and updates on today\u2019s\nmost pressing workplace issues. Our mission is two-fold: to provide critical,\nreal-time updates on employment law matters to in-house counsel and HR\nexecutives, and to keep our audience apprised of new trends and developments\non the horizon. Seyfarth\u2019s bloggers draw upon their own first-hand experiences\ncounseling businesses large and small to provide you with their insights about\nthe most cutting-edge issues on new regulations, guidance, and court\ndecisions.\n\nCopyright \u00a9 2025, Seyfarth Shaw LLP. All Rights Reserved.  [ Law blog design &\nplatform by LexBlog ](https://www.lexblog.com/products/blog-plus/)\n\n",
                "url": "https://www.laborandemploymentlawcounsel.com/2024/06/eu-corporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-regulations/"
            },
            "reason": "This article from a labor and employment law counsel discusses the EU Corporate Sustainability Due Diligence Directive. The source is reliable due to its legal expertise and focus on regulatory developments in the area of ESG (Environmental, Social, and Governance) regulations.",
            "reliability_score": 0.8,
            "search_query": "company 'N/A' supply chain human rights",
            "summary": "Article discussing the EU Corporate Sustainability Due Diligence Directive from a labor and employment law counsel.",
            "url": "https://www.laborandemploymentlawcounsel.com/2024/06/eu-corporate-sustainability-due-diligence-directive-raising-the-stakes-on-esg-regulations/"
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                "page_content": "#  G  R  I  S  t  a  n  d  a  r  d  I  n  d  e  x\n\nThis index is aligned with the GRI Standards, the international guidelines for\nsustainability reporting.\n\nItems marked as \"N/A\" indicate topics with no relevance to Milbon's business\nor no significant-level cases. Blank spaces represent items with no\ndisclosures.\n\n##  102: General Disclosures\n\n###  1\\. Organizational profile\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-1  |  Name of the organization  |  [ Company Profile  ](/en/company/profile.html)  \n102-2  |  Activities, brands, products, and services  |  [ Corporate Information  ](/en/company/)   \n[ Our Brands  ](/en/brand/)  \n102-3  |  Location of headquarters  |  [ Company Profile  ](/en/company/profile.html)  \n102-4  |  Location of operations  |  [ Our Offices  ](/en/company/office/)   \n[ Integrated Report  ](/en/ir/library/report.html)  \n102-5  |  Ownership and legal form  |  [ Securities Report  ](/en/ir/library/securities_report.html)  \n102-6  |  Markets served  |  [ Corporate Information  ](/en/company/)  \n102-7  |  Scale of the organization  |  [ Company Profile  ](/en/company/profile.html)   \n[ Our Offices  ](/en/company/office/)  \n102-8  |  Information on employees and other workers  |  [ ESG Data  ](/en/ir/management/esg.html)  \n102-9  |  Supply chain  |  [ Sustainable Procurement Basic Policy  ](/en/rd/ps/procurement_basic_policy.html)  \n102-10  |  Significant changes to the organization and its supply chain  |  [ Securities Report  ](/en/ir/library/securities_report.html)  \n102-11  |  Precautionary Principle or approach  |  [ Environmental Policy  ](/en/sustainability/environment/environmental_policy.html)  \n102-12  |  External initiatives  |  [ About Global Compact  ](/en/sustainability/globalcompact.html)  \n102-13  |  Membership of associations  |  [ Sustainability  ](/en/sustainability)   \n[ About Global Compact  ](/en/sustainability/globalcompact.html)  \n  \n###  2\\. Strategy\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-14  |  Statement from senior decision-maker  |  [ Message from CEO  ](/en/commitment/message.html)  \n102-15  |  Key impacts, risks, and opportunities  |  [ Sustainability  ](/en/commitment/sustainability/)  \n  \n###  3\\. Ethics and integrity\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-16  |  Values, principles, standards, and norms of behavior  |  [ Corporate Information  ](/en/company/)   \n[ Sustainability  ](/en/commitment/sustainability/)  \n102-17  |  Mechanisms for advice and concerns about ethics  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)   \n[ Human Rights Policy\n](/en/commitment/sustainability/humanrights/policy.html)  \n  \n###  4\\. Governance\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-18  |  Governance structure  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-19  |  Delegating authority  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-20  |  Executive-level responsibility for economic, environmental, and social topics  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-21  |  Consulting stakeholders on economic, environmental, and social topics  |  [ Integrated Report  ](/en/ir/library/report.html)  \n102-22  |  Composition of the highest governance body and its committees  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-23  |  Chair of the highest governance body  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-24  |  Nominating and selecting the highest governance body  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-25  |  Conflicts of interest  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-26  |  Role of highest governance body in setting purpose, values, and strategy  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-27  |  Collective knowledge of highest governance body  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-28  |  Evaluating the highest governance body's performance  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-29  |  Identifying and managing economic, environmental, and social impacts  |  [ Sustainability  ](/en/commitment/sustainability/)  \n102-30  |  Effectiveness of risk management processes  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-31  |  Review of economic, environmental, and social topics  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-32  |  Highest governance body's role in sustainability reporting  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-33  |  Communicating critical concerns  |  [ Corporate Governance  ](/en/ir/management/governance.html)  \n102-34  |  Nature and total number of critical concerns  |  [ ESG Data  ](/en/ir/management/esg.html)  \n102-35  |  Remuneration policies  |  [ Corporate Governance Report  ](/en/ir/management/governance.html)  \n102-36  |  Process for determining remuneration  |  [ Corporate Governance Report  ](/en/ir/management/governance.html)  \n102-37  |  Stakeholders' involvement in remuneration  |   \n102-38  |  Annual total compensation ratio  |   \n102-39  |  Percentage increase in annual total compensation ratio  |   \n  \n###  5\\. Stakeholder engagement\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-40  |  List of stakeholder groups  |   \n102-41  |  Collective bargaining agreements  |  [ Securities Report  ](/en/ir/library/securities_report.html)  \n102-42  |  Identifying and selecting stakeholders  |   \n102-43  |  Approach to stakeholder engagement  |   \n102-44  |  Key topics and concerns raised  |   \n  \n###  6\\. Reporting practice\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n102-45  |  Entities included in the consolidated financial statements  |  [ Our Offices  ](/en/company/office/)  \n102-46  |  Defining report content and topic Boundaries  |  [ Integrated Report  ](/en/ir/library/report.html)  \n102-47  |  List of material topics  |  [ Sustainability  ](/en/commitment/sustainability/)  \n102-48  |  Restatements of information  |  N/A   \n102-49  |  Changes in reporting  |  N/A   \n102-50  |  Reporting period  |  [ Integrated Report  ](/en/ir/library/report.html)  \n102-51  |  Date of most recent report  |  [ Integrated Report  ](/en/ir/library/report.html)  \n102-52  |  Reporting cycle  |  [ Integrated Report  ](/en/ir/library/report.html)  \n102-53  |  Contact point for questions regarding the report  |  [ Contact Us  ](/en/contact/)  \n102-54  |  Claims of reporting in accordance with the GRI Standards  |  [ GRI Standard Index  ](/en/ir/management/gri.html)  \n102-55  |  Content index  |  [ GRI Standard Index  ](/en/ir/management/gri.html)  \n102-56  |  External assurance  |   \n  \n###  103: Management Approach\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n103-1  |  Explanation of the material topic and its Boundary  |  [ Sustainability  ](/en/sustainability/)  \n103-2  |  The management approach and its components  |  [ Sustainability  ](/en/sustainability/)  \n103-3  |  Evaluation of the management approach  |  [ Sustainability  ](/en/sustainability/)  \n  \n##  Topic-specific Standards 200: Economic 300: Environmental 400: Social\n\n##  200: Economic\n\n###  201: Economic Performance\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n201-1  |  Direct economic value generated and distributed  |  [ Financial Highlights  ](/en/ir/finance/)  \n201-2  |  Financial implications and other risks and opportunities due to climate change  |  [ Response to Climate Change  ](/en/sustainability/environment/tcfd.html)  \n201-3  |  Defined benefit plan obligations and other retirement plans  |  [ Securities Report  ](/en/ir/library/securities_report.html)  \n201-4  |  Financial assistance received from government  |  N/A   \n  \n###  202: Market Presence\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n202-1  |  Ratios of standard entry level wage by gender compared to local minimum wage  |   \n202-2  |  Proportion of senior management hired from the local community  |   \n  \n###  203: Indirect Economic Impacts\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n203-1  |  Infrastructure investments and services supported  |  [ ESG Data  ](/en/ir/management/esg.html)  \n203-2  |  Significant indirect economic impacts  |  [ ESG Data  ](/en/ir/management/esg.html)  \n  \n###  204: Procurement Practices\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n204-1  |  Proportion of spending on local suppliers  |   \n  \n###  205: Anti-corruption\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n205-1  |  Operations assessed for risks related to corruption  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n205-2  |  Communication and training about anti-corruption policies and procedures  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n205-3  |  Confirmed incidents of corruption and actions taken  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n  \n###  206: Anti-competitive Behavior\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n206-1  |  Legal actions for anti-competitive behavior, anti-trust, and monopoly practices  |  [ ESG Data  ](/en/ir/management/esg.html)  \n  \n###  207: Tax\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n207-1  |  Approach to tax  |   \n207-2  |  Tax governance, control, and risk management  |   \n207-3  |  Stakeholder engagement and management of concerns related to tax  |   \n207-4  |  Country-by-country reporting  |   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\n303-1  |  Interactions with water as a shared resource  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n303-2  |  Management of water discharge-related impacts  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n303-3  |  Water withdrawal  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n303-4  |  Water discharge  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n303-5  |  Water consumption  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n  \n###  304: Biodiversity\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n304-1  |  Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas  |  [ Corporate Release(Japanese)  ](https://prtimes.jp/main/html/rd/p/000000077.000028306.html)  \n304-2  |  Significant impacts of activities, products, and services on biodiversity  |  [ Corporate Release(Japanese)  ](https://prtimes.jp/main/html/rd/p/000000077.000028306.html)  \n304-3  |  Habitats protected or restored  |  [ Corporate Release(Japanese)  ](https://prtimes.jp/main/html/rd/p/000000077.000028306.html)  \n304-4  |  IUCN Red List species and national conservation list species with habitats in areas affected by operations  |  [ Corporate Release(Japanese)  ](https://prtimes.jp/main/html/rd/p/000000077.000028306.html)  \n  \n###  305: Emissions\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n305-1  |  Direct (Scope 1) GHG emissions  |  [ Response to Climate Change  ](/en/sustainability/environment/tcfd.html)  \n305-2  |  Energy indirect (Scope 2) GHG emissions  |  [ Response to Climate Change  ](/en/sustainability/environment/tcfd.html)  \n305-3  |  Other indirect (Scope 3) GHG emissions  |   \n305-4  |  GHG emissions intensity  |  [ Response to Climate Change  ](/en/sustainability/environment/tcfd.html)  \n305-5  |  Reduction of GHG emissions  |  [ Response to Climate Change  ](/en/sustainability/environment/tcfd.html)  \n305-6  |  Emissions of ozone-depleting substances (ODS)  |  N/A   \n305-7  |  Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air emissions  |  [ ESG Data  ](/en/ir/management/esg.html)  \n  \n###  306: Effluents and Waste\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n306-1  |  Water discharge by quality and destination  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  \n306-2  |  Waste by type and disposal method  |  [ ESG Data  ](/en/ir/management/esg.html)  \n306-3  |  Significant spills  |  [ ESG Data  ](/en/ir/management/esg.html)  \n306-4  |  Transport of hazardous waste  |   \n306-5  |  Water bodies affected by water discharges and/or runoff  |  [ Response to Water Resources  ](/ja/commitment/sustainability/environment/water.html)  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page   \n---|---|---  \n402-1  |  Minimum notice periods regarding operational changes  |   \n  \n###  403: Occupational Health and Safety\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n403-1  |  Occupational health and safety management system  |   \n403-2  |  Hazard identification, risk assessment, and incident investigation  |   \n403-3  |  Occupational health services  |   \n403-4  |  Worker participation, consultation, and communication on occupational health and safety  |   \n403-5  |  Worker training on occupational health and safety  |   \n403-6  |  Promotion of worker health  |   \n403-7  |  Prevention and mitigation of occupational health and safety impacts directly linked by business relationships  |   \n403-8  |  Workers covered by an occupational health and safety management system  |   \n403-9  |  Work-related injuries  |  [ ESG Data  ](/en/ir/management/esg.html)  \n403-10  |  Work-related ill health  |  [ ESG Data  ](/en/ir/management/esg.html)  \n  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Association and Collective Bargaining\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n407-1  |  Operations and suppliers in which the right to freedom of association and collective bargaining may be at risk  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n  \n###  408: Child Labor\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n408-1  |  Operations and suppliers at significant risk for incidents of child labor  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n  \n###  409: Forced or Compulsory Labor\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n409-1  |  Operations and suppliers at significant risk for incidents of forced or compulsory labor  |  [ Ethics and Code of Conduct  ](/en/company/way_we_are/ethics.html)  \n  \n###  410: Security Practices\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n410-1  |  Security personnel trained in human rights policies or procedures  |   \n  \n###  411: Rights of Indigenous Peoples\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n411-1  |  Incidents of violations involving rights of indigenous peoples  |  N/A   \n  \n###  412: Human Rights Assessment\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n412-1  |  Operations that have been subject to human rights reviews or impact assessments  |   \n412-2  |  Employee training on human rights policies or procedures  |   \n412-3  |  Significant investment agreements and contracts that include human rights clauses or that underwent human rights screening  |   \n  \n###  413: Local Communities\n\nID  |  Disclosure  |  Corresponding page   \n---|---|---  \n413-1  |  Operations with local community engagement, impact assessments, and development programs  |  [ Response to Water Resources  ](/en/sustainability/environment/water.html)  \n413-2  |  Operations with significant actual and potential negative impacts on local communities  |   \n  \n###  414: 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B  r  a  n  d  s  ](/en/brand/)\n\n## [ M  a  d  e  b  y  M  i  l  b  o  n  ](/en/rd/)\n\n## [ N  e  w  s  ](/en/news/)\n\n  * [ Top ](/en/)\n  * [ Investors ](/en/ir/)\n  * [ Management Information ](/en/ir/management/)\n  * GRI Standard Index \n\nscroll  back to top\n\nFollow our SNS page\n\n  * [ ](https://www.instagram.com/milbon.japan/)\n  * [ ](https://twitter.com/milbon_FYB_MAG)\n  * [ ](https://www.youtube.com/user/milbonchannel)\n\n\u00a9 Milbon Co., Ltd. All right reserved.\n\n",
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                    "document": "impact materiality, or \u2018inside-out\u2019 materiality, shifts the focus to how your operations and practices impact the environment, your stakeholders, such as your employees, providers, clients and society. impact materiality includes your business\u2019s direct and indirect actions, looking beyond your business operations to your value chain, key to including upstream and downstream",
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                    "document": "* [ home ](https://inspirgroup.com/en/) * [ about us ](https://inspirgroup.com/en/about-us/) * [ what we do ](https://inspirgroup.com/en/about-us/) * [ how we work ](https://inspirgroup.com/about-us/#how) * [ industry experience ](https://inspirgroup.com/about-us/#industry) * [ partnerships ](https://inspirgroup.com/en/partnerships/)",
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                    "document": "cookies are used by this site. all content on this site: copyright \u00a9 2024 elsevier b.v., its licensors, and contributors. all rights are reserved, including those for text and data mining, ai training, and similar technologies. for all open access content, the relevant licensing terms apply. [ ](https://www.relx.com/)",
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                    "document": "cookies are used by this site. all content on this site: copyright \u00a9 2024 elsevier b.v., its licensors, and contributors. all rights are reserved, including those for text and data mining, ai training, and similar technologies. for all open access content, the relevant licensing terms apply. [ ](https://www.relx.com/)",
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                    "document": "al hacer clic en \u00abcontinuar\u00bb para unirte o iniciar sesi\u00f3n, aceptas las [ condiciones de uso ](/legal/user-agreement?trk=linkedin-tc_auth-button_user- agreement) , la [ pol\u00edtica de privacidad ](/legal/privacy-policy?trk=linkedin- tc_auth-button_privacy-policy) y la [ pol\u00edtica de cookies ](/legal/cookie- policy?trk=linkedin-tc_auth-button_cookie-policy) de linkedin. ` ` ` `",
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                    "document": "\u00a9 2025 techtarget, inc. or its subsidiaries. all rights reserved. | view our [ other publications ](https://www.industrydive.com/industries/) | [ privacy policy ](https://www.techtarget.com/privacy-policy/) | [ terms of use ](https://www.techtarget.com/terms-of-use/) | [ take down policy ](https://www.industrydive.com/takedown-policy/) . cookie preferences / do not sell",
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                    "document": "* [ about pr newswire ](/about-pr-newswire/ \"about pr newswire\") * [ about cision ](https://www.cision.com/us/?utm_medium=website&utm_source=prnewswire&utm_content=cishomepage&utm_campaign=prnewswire \"about cision\") * [ become a publishing partner ](/contact-us/prnewswire-partners/ \"become a publishing partner\")",
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                    "document": "share this page * share on facebook * share on linkedin * share on twitter * share on weibo * [ share by email ](/cdn-cgi/l/email-protection#4e713d3b2c242b2d3a731b202b3e682c212a3773263a3a3e3d746161393939603c2b3d213b3c2d2b3e2f202b2260213c29613c2b3e213c3a3d613c2b3d213b3c2d2b632b2828272d272b202d37632f202a632d2227232f3a2b632d262f20292b) ## **news**",
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                    "document": "share this page * share on facebook * share on linkedin * share on twitter * share on weibo * [ share by email ](/cdn-cgi/l/email-protection#013e7274636b6462753c546f647127636e65783c69757571723b2e2e7676762f7364726e7473626471606f646d2f6e73662e7364716e7375722e7364726e747362642c646767686268646f62782c606f652c626d686c6075642c6269606f6664) did you know?",
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                    "document": "share this page * share on facebook * share on linkedin * share on twitter * share on weibo * [ share by email ](/cdn-cgi/l/email-protection#39064a4c5b535c5a4d046c575c491f5b565d4004514d4d494a0316164e4e4e174b5c4a564c4b5a5c4958575c5517564b5e164b5c49564b4d4a164b5c4a564c4b5a5c145c5f5f505a505c575a401458575d145a555054584d5c145a5158575e5c) did you know?",
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                    "document": "as a library, nlm provides access to scientific literature. inclusion in an nlm database does not imply endorsement of, or agreement with, the contents by nlm or the national institutes of health. learn more: [ pmc disclaimer ](/about/disclaimer/) | [ pmc copyright notice ](/about/copyright/) . 2021 feb 5;9:614725. doi: [ 10.3389/fpubh.2021.614725 ](https://doi.org/10.3389/fpubh.2021.614725)",
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                {
                    "document": "## related capabilities [ climate risk choose a smarter way to identify, quantify and manage climate- related risks and opportunities with our global network of climate risk and industry specialists and advanced climate analytics. arrow_forward ](https://www.wtwco.com/en-us/solutions/climate-risk \"climate risk\")",
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                    "document": "[ catalysing science-based policy action on sustainable consumption and production this report from the international resource panel and the one planet network explains the \u2018value-chain approach\u2019 methodology and shares findings from its application to three critical sectors: food, construction and textiles. ](/reports/catalysing-science-based-policy-action-sustainable-",
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                    "document": "[ re-defining value \u2013 the manufacturing revolution re-thinking how we manufacture industrial products and deal with them at the end of their useful life could provide breakthrough environmental, social and economic benefits. adopting value-retention processes is a win-win situation for governments, industry and customers. governments would have less waste to deal with,",
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                {
                    "document": "[ previous page about the report ](/2023/data-and-other-information/about- the-report) [ next page key figures on sustainability ](/2023/data-and-other- information/key-figures-on-sustainability) related links [ green products ](/2023/environment/green-products) * [ downloads ](/2023/service-links/downloads) * #### share",
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                    "document": "should it be used as a basis for any decision or action that may affect your business. before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. deloitte shall not be responsible for any loss sustained by any person who relies on this publication.",
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