Philips receives high score for its ESG practices from S&P Global Ratings
30 March 2021 - 11:00PM
March 30, 2021
Philips received a score of 90 out of 100, the highest that
S&P Global Ratings has awarded to date
Amsterdam, the Netherlands – Royal Philips
(NYSE: PHG, AEX: PHIA), a global leader in health technology, today
announced that its strategy to do business responsibly and
sustainably has been validated by S&P Global Ratings. Evaluated
across the Environmental, Social and Governance (ESG) dimensions of
S&P Global Ratings’ assessment, Philips received a score of 90
out of 100, the highest that S&P Global Ratings has awarded to
date.
“As a purpose-driven company, we are conscious of our
responsibility towards society and of the need to continue to embed
ESG practices ever deeper in the way we do business,” said Frans
van Houten, CEO of Royal Philips. “I am proud that this commitment
has again been recognized externally, receiving the highest score
to date in the S&P Global Ratings ESG Evaluation. This sends a
strong message to investors and our other stakeholders, who
increasingly look to a company’s ESG actions as a measure of its
commitment to doing business in a responsible and sustainable
manner.”
S&P Global Ratings’ ESG Evaluation assesses a company’s ESG
strategy and ability to prepare for potential future risks and
opportunities and is used by investors as a forward looking,
long-term opinion of a company’s readiness for disruptive ESG risks
and opportunities. It provides an overall ESG Score that allows
comparison with other entities globally, including sector
peers.
“Our ESG Evaluation score of 90 reflects our view that
sustainability is at the core of Philips’ corporate strategy,”
states S&P Global Ratings in its evaluation report. “The
company built a digital, integrated, and solution-based business
model before most of its global peers, which it leverages to
respond to key challenges in the health care industry, such as
inequality in the access and affordability of care, and shortages
of medical professionals.”
In the Environmental domain, S&P Global Ratings notes that
“Philips applies leading environmental standards across its value
chain” and “distinguishes itself in the management of its indirect
environmental impact.” It also recognizes that “Philips has a track
record of setting and achieving more ambitious targets in its
direct operations than many of its industry peers.”
In the Social domain, Philips is recognized for being “better
positioned than many industry peers to provide access to medical
care to customers and communities because of its diversified
regional footprint and portfolio of products and services.” The
report also applauds “Philips’ commitment to pay a living wage to
all its staff...”, and recognizes that “its management of human
rights risk in its supply chain sets the company apart from
peers.”
For Governance, S&P Global Ratings notes that “Philips’
governance structure follows the Dutch Corporate Governance
Code...”, which the report views as “aligned with international
best practices”. The evaluation also notes that “Philips has
comprehensive financial and sustainability disclosures audited by
an external auditor...”, including “policies on most material
environmental and social risks, and approaches used to calculate
key performance indicators, including green revenue and millions of
lives improved.”
Enhanced ESG frameworkIn September 2020, as
part of its ongoing commitment to making the world healthier and
more sustainable through innovation, Philips launched an enhanced
and fully integrated approach to doing business responsibly and
sustainably. This framework comprises a comprehensive set of
targets, commitments, and action plans across all the
Environmental, Social and Governance dimensions that will drive
further growth while acting responsibly towards the planet and
society.
The full report is available here.
For further information, please
contact:
Ben ZwirsPhilips Global Press OfficeTel.: +31 6 15213446E-mail:
ben.zwirs@philips.com
Derya GuzelPhilips Investor RelationsTel.: +31 20 59
77055E-mail: derya.guzel@philips.com
About Royal PhilipsRoyal Philips (NYSE: PHG,
AEX: PHIA) is a leading health technology company focused on
improving people's health and well-being, and enabling better
outcomes across the health continuum – from healthy living and
prevention, to diagnosis, treatment and home care. Philips
leverages advanced technology and deep clinical and consumer
insights to deliver integrated solutions. Headquartered in the
Netherlands, the company is a leader in diagnostic imaging,
image-guided therapy, patient monitoring and health informatics, as
well as in consumer health and home care. Philips generated 2020
sales of EUR 19.5 billion and employs approximately 82,000
employees with sales and services in more than 100 countries. News
about Philips can be found at www.philips.com/newscenter.
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