December 15th, 2015

Medtronic: Putting Purpose into Action

FY20 Integrated Performance Report Announces Goal for Carbon Neutrality by FY30, and Outlines Progress on Pay Equity and COVID-19 Response

SOURCE: Medtronic

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Global corporate citizenship is instrumental to the work we do and how we operate. With today’s release of the Medtronic Fiscal Year 2020 (FY20) Integrated Performance Report we share our progress in key environmental, social, and governance (ESG) areas. This includes surpassing our FY20 environmental performance goals and setting a goal to go carbon neutral in our operations by FY30; achieving 100% global gender pay equity in many countries including the United States; and increasing global access to ventilators and other technology to aid in COVID-19 response.   

“As stewards of human health and well-being, and with an aspiration to be the undisputed leader in healthcare technology, we need to prioritize sustainability to create a better world,” said Medtronic CEO Geoff Martha in the report.  “Going forward, we will continue to invest in the ESG factors that are most aligned to our Mission while also driving long term growth and profitability. And we’ll act with a renewed purpose to operate as responsible corporate citizens — because it is the right thing to do.” 

Promoting environmental stewardship: raising the bar 

Because the health of the planet is vital to the health of society, we’ve stepped-up our efforts to reduce our global environmental footprint and protect the natural resources we rely on. In FY20 we:

  • Set a goal to go carbon neutral in our operations by FY30 by reducing and offsetting our carbon emissions. We are aiming for:
    • Zero net carbon emissions within our operations by FY30
    • A significant reduction in our carbon emissions over the next decade; approximately equal to how much would be generated by 80,000 U.S. homes over the same time period
    • 50% of renewable electricity used by FY25
  • Achieved all our FY20 Environmental Performance Goals established against our FY13 baseline. These include significant reductions in energy use, greenhouse gas (GHG) emissions, regulated and non-regulated waste, and water use. 
  • Committed to aggressive new environmental goals for FY25
  • Increased actions to build resilience in the face of climate change reflected in our first Task Force on Climate-Related Financial Disclosures (TCFD), located in the ESG Disclosure Index at the end of the report

Supporting a global workforce: inclusion, diversity, and equity

Today, more than ever, we're leaning into actions and policies that support global inclusion, diversity, and equity. We aspire to create a truly inclusive, diverse, and equitable workplace that fosters innovation and creativity, and where every employee feels a sense of belonging and well-being. In FY20, we: 

  • Achieved 100% global gender pay equity in many countries, including the United States and 99% gender pay equity globally. In the United States we also achieved 99% ethnicity pay equity, with a commitment to close all gaps  
  • Earned the prestigious Catalyst award for our robust approach to supporting and accelerating progress for women in the workplace 
  • Made progress on our 2020 diversity goals:
    • 50% of our workforce and 39% of our global management are women, nearing our management target of 40% or more 
    • 37% of our workforce and 23% of our U.S. management are ethnically diverse, surpassing our management target of 20% or more 

Responding to COVID-19: a roadmap for change 

The COVID-19 pandemic has placed extraordinary pressure on healthcare systems, communities, economies, and organizations of all sizes. Using our Mission as a roadmap, we mobilized to quickly respond to the pandemic. We provided vital access to our products and therapies, turned competitors into collaborators, and kept our employees safe as we worked together on behalf of patients around the world. Key steps we took in FY20 include:   

  • Increasing 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
  • Publishing open-source design specifications for our portable, compact ventilator – within the first few weeks there were more than 200,000 downloads of the blueprint
  • Putting our Mission above competitive advantage and forming new collaborations with organizations like Intel Corporation, Foxconn, SpaceX, and others to meet the critical global need for ventilators
  • Accelerating virtual and remote innovation to reduce exposure to the virus, including new remote management capabilities to adjust ventilator settings away from the patient  
  • Donating $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 targeted employee support programs such as paid emergency leave for up to 30 days

As we look back on our FY20 highlights, we look forward to the future – with a renewed commitment to putting our purpose into action.

Read the full report.

 

Tweet me: .@Medtronic: Putting Purpose into Action. FY20 Integrated Performance Report Announces Goal for Carbon Neutrality by FY30, and Outlines Progress on Pay Equity and COVID-19 Response. https://bit.ly/3iWlSc3

KEYWORDS: NYSE:MDT, Medtronic, COVID-19

  

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