Company to highlight environmental, social, and governance (ESG)
efforts in inaugural ESG Investor Briefing
DUBLIN, Oct. 12, 2021 /CNW/ -- Medtronic plc (NYSE:MDT)
today released its fiscal year (FY) 2021 Integrated Performance
Report: Engineering Impact and will share key updates at
its inaugural ESG Investor Briefing, to be hosted on Oct. 13, 2021. The company also unveiled its
refreshed brand with a new tagline, "Engineering the
Extraordinary".
"We see extraordinary possibilities to further increase our
positive impact in the world" - Chairman & CEO Geoff Martha
2021 Integrated Performance Report: Engineering
Impact
The report shares Medtronic's approach and
performance in key environmental, social, and governance (ESG)
areas over the past year and announces new ESG performance targets
for top sustainability focus areas, including:
- Access and innovation: To benefit more patients
around the world through innovative products and therapies,
Medtronic has set a vitality index goal that by FY25, 20% of
Medtronic revenue will flow from products and therapies released in
the prior 36 months. In addition, the company has set a goal to
accelerate access to healthcare by serving 85 million patients
annually by FY25.
- Patient safety and product quality: Medtronic will
enhance product quality and patient experience by achieving a 10%
reduction in aggregate product complaint rate for identified
product families by FY25, compared to FY20.
- Inclusion, diversity, and equity
(ID&E): Medtronic aims to have 45% of global
management positions held by women and 30% of U.S. management
positions held by ethnically diverse talent by FY26.
Medtronic is also proactively addressing Product Stewardship
through targets focused on packaging reductions:
- By FY25, Medtronic will complete packaging improvements to
reduce packaging waste by 25% for targeted high-volume products,
compared to a FY21 baseline.
- By FY27, Medtronic will minimize the impact of Instructions for
Use (IFUs) through a 35% paper reduction, compared to a FY21
baseline.
"We see extraordinary possibilities to further increase our
positive impact in the world," said Geoff Martha, Chairman and
CEO, Medtronic. "Our environmental, social, and governance (ESG)
efforts, combined with the passion of our 90,000-plus employees,
drive better outcomes for our world through a healthier society and
healthier planet. In FY21, we focused our ESG efforts
to drive measurable impact on issues that
accelerate access to healthcare technology, advance inclusion,
diversity, and equity, and protect our planet."
Key ESG accomplishments in FY21
Accelerating access
to healthcare technology: Medtronic remained steadfast in its
ambition to accelerate access to healthcare technology through
innovation:
- Invested $2.5 billion in research
and development (R&D), and advanced its pipeline of innovative
products and services, with more than 230 regulatory approvals in
the U.S., Europe, Japan, and China
- Fielded 300-plus ongoing clinical studies, with a focus on
gender, racial, and ethnic diversity representation to ensure
Medtronic products benefit everyone who needs them
To help reduce global health disparities, Medtronic:
- Invested nearly $70 million on
healthcare capacity training, reaching almost one million medical
professionals who advance access to quality care in their
communities
- Executed health equity strategies in the United States, including efforts to reduce
disparities in access to diabetes therapies
Inclusion, diversity, and equity: Medtronic continued to
drive ID&E through a refreshed ID&E strategy at the
individual level, company level, and in the community:
- Created accountability for employees at all levels, including
requiring all 90,000-plus employees to set ID&E goals that are
assessed during annual performance reviews and connecting ID&E
performance to the annual incentive plan for executive leadership
starting in FY22
- Achieved 100% ethnically diverse and gender pay equity in
the United States; and 99% gender
pay equity for employees globally
- Directed $2.4 billion to small
and diverse suppliers in FY21 — totaling 35% of its U.S. supplier
spend
Protecting the planet: Recognizing the connection
between a healthy planet and human health, Medtronic continued to
work toward its goal of achieving carbon neutral operations by FY30
and minimized its environmental footprint:
- Reduced greenhouse gas emissions intensity by 11%
year-over-year and sourced 25% of energy from renewable and
alternative sources, progressing both metrics toward a FY25 goals
of 50% respectively
- Collected more than 4 million products through takeback
programs, diverting 217 metric tons of product waste from
landfills
Inaugural 2021 ESG Investor Briefing
At Medtronic's
first-ever ESG Investor Briefing, company leaders, including
Chairman and CEO Geoff Martha and
CFO Karen Parkhill, will highlight
how the Medtronic sustainability strategy is strongly tied to the
company's Mission and supports its long-term growth objectives of
5%+ organic revenue and 8%+ adjusted EPS. Presenters will discuss
key ESG areas important to the company and its investors,
including:
- ESG strategy and environmental
sustainability: Medtronic is committed to robust ESG
communication and transparency, including identifying material
issues, setting new targets, and tracking progress toward achieving
them.
- Patient safety and quality: Nothing is more
important to Medtronic than patient safety and quality. The company
embeds quality into its culture with a robust system of
preventative programs and leading indicators.
- People and community: Medtronic's approach to
employees, including recent changes to its operating model and
culture, position the company for competitive advantage and create
a more innovative, inclusive, and engaging work environment.
- Governance and accountability: The company has an
active Board of Directors that brings independence, diversity, and
provides ESG oversight. Medtronic is also incorporating
non-financial ESG metrics into its management incentive plans by
further strengthening its product quality metric and adding
ID&E metrics.
"Our ESG approach drives sustainable business performance,
supporting achievement of our long-range strategies and financial
objectives," said Karen Parkhill,
Medtronic chief financial officer. "We closed fiscal year 2021 in
April with notable progress on our ESG strategy. We're committed to
delivering strong business results over the long-term, while boldly
tackling the most challenging health problems facing humanity."
Refreshed Medtronic brand
As part of Medtronic's
strategic plan for business success and societal impact, the
company has revitalized its public-facing brand to effectively tell
its story and engage stakeholders around the world.
"Medtronic's brand must be intentionally and thoughtfully tied
to our business objectives and strategy. Our new brand reflects our
goal to become the leading healthcare technology company and a
cornerstone for societal change," said Torod Neptune, senior vice
president and chief communications officer. "We'll think about
healthcare differently and push that change forward by going beyond
our medical devices that already serve millions. We will engineer
extraordinary, next-generation healthcare technology – and enable
access to that technology for populations all around the
world."
To learn more about Medtronic progress on ESG priorities in
its last fiscal year, download the full 2021 Integrated Performance
Report: Engineering Impact and view these highlights. The
company has also published an ESG Disclosure Index that
references disclosures for the company's 14 material issues,
aligning to reporting frameworks and standards from the Global
Reporting Initiative (GRI), Sustainability Accounting Standards
Board (SASB),Task Force on Climate-related Financial Disclosures
(TCFD), and the World Economic Forum Stakeholder Capitalism
Metrics.
The virtual Medtronic 2021 ESG Investor Briefing will begin at
11:30 a.m. CDT on Oct. 13, 2021, with company leadership making
presentations and answering questions on its ESG program.
Interested parties can access the live webcast by clicking on the
Investor Events link at InvestorRelations.Medtronic.com. An archive
of the event will be available on the same webpage later in the
day.
To learn more about the bold Medtronic strategy and accompanying
new brand, visit www.medtronic.com or attend a LinkedIn Live
event with CEO Geoff Martha on
Tuesday, Oct. 12 at 11 a.m. CDT.
About Medtronic
Bold thinking. Bolder actions. We are
Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global
healthcare technology company that boldly attacks the most
challenging health problems facing humanity by searching out and
finding solutions. Our Mission — to alleviate pain, restore health,
and extend life — unites a global team of 90,000+ passionate people
across 150 countries. Our technologies and therapies treat 70
health conditions and include cardiac devices, cranial and spinal
robotics, insulin pumps, surgical tools, patient monitoring
systems, and more. Powered by our diverse knowledge, insatiable
curiosity, and desire to help all those who need it, we deliver
innovative technologies that transform the lives of two people
every second, every hour, every day. Expect more from us as we
empower insight-driven care, experiences that put people first, and
better outcomes for all. In everything we do, we are engineering
the extraordinary. For more information on Medtronic (NYSE:MDT),
visit www.Medtronic.com and follow @Medtronic on Twitter and
LinkedIn.
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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Ryan
Weispfenning
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Public
Relations
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Investor
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+1-763-526-8478
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+1-763-505-4626
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SOURCE Medtronic plc