Report Outlines Environmental, Social, and Governance (ESG)
Topics Critical to the Company and Its Stakeholders
DUBLIN, Oct. 13, 2020 /PRNewswire/ -- Medtronic plc
(NYSE:MDT) today released its fiscal year 2020 (FY20) Integrated
Performance Report: Putting Purpose Into Action.
The report shares the company's approach to its most significant
environmental, social, and governance (ESG) issues across four
global corporate citizenship and sustainability pillars: Adding
Value to Society, Promoting Environmental Stewardship, Supporting a
Global Workforce, and Working Responsibly. Medtronic details FY20
progress against each of these pillars, addressing key topics such
as setting a goal to be carbon neutral in its operations by FY30;
driving progress in inclusion, diversity and equity, with 100%
gender pay equity achieved in the U.S. and other countries; and
putting employees and patients first during COVID-19.
Environmental Stewardship
Medtronic remains committed
to reducing its impact on the environment and has announced a goal
to be carbon neutral in its operations by FY30. To achieve carbon
neutrality – and ultimately cut the company's operational
carbon footprint by 100% – Medtronic has set aggressive new targets
to reduce greenhouse gas emissions by 50% by FY25 and will increase
use of renewable and alternative energy by partnering in virtual
power purchase agreements (VPPA's) and investing in renewable
energy credits (RECs) and carbon offsets. Achieving carbon
neutrality means Medtronic is aiming for net zero Scope 1 and Scope
2 carbon emissions associated with our global operations, which
include manufacturing sites and other facilities across the 150
countries where the company operates. Over the next decade, the
company will reduce its carbon emissions by an amount that is
approximately equal to how much would be generated by 80,000 U.S.
homes over the same time period.
"We have a responsibility to take immediate action to create a
sustainable future for our business, our communities, and our
planet," said Geoff Martha,
Medtronic chief executive officer. "Becoming carbon neutral by FY30
is one way we are reducing our environmental footprint. We must
focus on improving the health of our global society, as we
increase the sustainability of our business."
In FY20, the company achieved all its FY20 environmental
performance targets, including a 36% reduction in greenhouse gas
emissions compared to a FY13 baseline. In addition, the company
demonstrated its commitment to addressing climate change through
expanded reporting that meets the guidelines of the Task Force on
Climate-related Financial Disclosures (TCFD). The TCFD content
details the company's approach to climate governance, risk
assessment, strategy, and metrics and targets.
Inclusion, Diversity and Equity
As part of its ongoing
focus on equity and diversity in FY20, Medtronic achieved 100%
gender pay equity in many countries including the U.S. and 99%
gender pay equity for employees globally. In the U.S. the company
also achieved 99% ethnicity pay equity for employees. Medtronic was
also one of only three companies to earn the prestigious Catalyst
Award, an achievement that recognizes groundbreaking corporate
initiatives to accelerate progress for women.
"We believe in equal pay for equal work and regularly assess our
global pay practices to close remaining gender and ethnic pay
gaps," said Carol Surface, Medtronic
chief human resources officer. "While I'm proud that we have
achieved 100% gender pay equity in the
United States and many other countries, there is still work
to be done. We will not stop until we reach 100% pay equity for
all."
In FY21 and into FY22, Medtronic has committed to several
actions that will advance its global inclusion, diversity, and
equity work for employees and the communities where it operates.
The company will establish a new governance framework for inclusion
and diversity where executive leadership is directly responsible
for its success. Medtronic will create standards to measure the
company's long-term progress, which will be reported and overseen
by the Medtronic Board. These standards will incorporate
representation goals tailored to each region and will be linked to
compensation and advancement opportunities for all people managers.
To improve the ability of all employees to contribute to inclusion,
diversity, and equity, Medtronic will expand training to address
unconscious bias and make ally-ship the expectation for all. The
company will continue to report progress externally on new and
existing inclusion, diversity, and equity actions, performance, and
policies.
"We aspire to have a workforce that is as diverse as the
communities in which we live and serve, where we have opportunity
parity, a culture of belonging, and measurable impact in our
communities," said Sally Saba, M.D.,
Medtronic chief inclusion and diversity officer. "As the global
leader in healthcare technology, we have an opportunity to set a
global example for inclusion, diversity, and equity. We will
continue to act with urgency and conviction to transform our
inclusion and diversity promise into reality."
COVID-19 Response
In response to the COVID-19
pandemic, the company took swift action in the last two quarters of
FY20 to safeguard employees and their families, support patients
and healthcare professionals, and invest resources to help partners
around the world strengthen their own response to the global
crisis. Key actions in FY20 included:
- Increased internal ventilator production five-fold in a matter
of just a few months, from 200 a week pre-pandemic to over a 1,000
a week in June.
- Published open-source design access for its portable, compact
ventilator, resulting in 200,000+ downloads of the blueprint in the
first few weeks.
- Formed new collaborations with Intel Corporation, Foxconn,
SpaceX, and others to meet the critical global need for
ventilators.
- Increased focus on virtual and remote innovation to reduce
exposure to the virus, including development of new remote
management capabilities for the Puritan Bennett™ 980 (PB980)
ventilator, which enables clinicians to adjust ventilator settings
away from the patient.
- Donated $18.5 million to COVID-19
relief efforts in partnership with the Medtronic Foundation – part
of a larger pledge of more than $36
million.
- Implemented employee support programs such as paid emergency
leave for up to 30 days.
"I'm proud of how quickly Medtronic mobilized to map out a
course of action to help global healthcare professionals and
partners continue to treat patients and also protect themselves in
the face of COVID-19," said Martha. "Guided by our Mission, we
operated with a high sense of urgency and conviction to accelerate
innovation and unlock the power of our lifesaving technologies to
help patients globally. With clear and decisive plans, and powerful
collaboration beyond our walls, work that could have taken months
or years instead took days and weeks."
The 2020 Medtronic Integrated Performance report was prepared in
accordance with the core guidelines of the internationally
recognized Global Reporting Initiative (GRI) sustainability
reporting standards. The content is also informed by guidelines set
forth by the Sustainability Accounting Standards Board (SASB)
industry standard for Medical Equipment & Supplies as well as
the TCFD index. The Integrated Performance Report, including the
corresponding indices, are available for download here.
For more information on Citizenship at Medtronic, visit
Medtronic.com/citizenship.
About Medtronic
Medtronic plc (www.medtronic.com),
headquartered in Dublin, Ireland,
is among the world's largest medical technology, services and
solutions companies – alleviating pain, restoring health and
extending life for millions of people around the world. Medtronic
employs more than 90,000 people worldwide, serving physicians,
hospitals and patients in more than 150 countries. The company is
focused on collaborating with stakeholders around the world to take
healthcare Further, Together.
Any forward-looking statements are subject to risks and
uncertainties such as those described in Medtronic's periodic
reports on file with the Securities and Exchange Commission. Actual
results may differ materially from anticipated results.
Contacts:
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SOURCE Medtronic plc