Post by account_disabled on Feb 20, 2024 5:32:01 GMT 1
Apple , the US company that designs and produces electronic equipment, software and online services, has confirmed plans to modify the bonuses its executives receive depending on how far the company makes progress towards key environmental and social goals. The tech giant's Notice of Annual Meeting of Shareholders and Proxy Statement released late last week confirmed that annual bonus payments for executives will increase or decrease by up to 10% depending on KPIs related to Apple's ESG program. While Apple has not yet publicly listed specific metrics or goals, the company's main "Apple Values" document includes a commitment to "making a positive difference in society as well as generating profits." The "positive difference" has been defined through the company's sustainability strategy in environmental and social terms. Apple's strategy The commitment to deliver a net zero value chain, announced in July 2020, is the latest addition to the strategy. Apple plans to reduce emissions by 75% and develop carbon removal solutions for the remaining .
Executive bonuses are likely to be linked to progress towards this high-profile goal which, for some markets where Apple operates, such as the UK, is a legal requirement. Tech industry experts believe Apple is timing the release of the Statement to coincide with the start of the 2021 iteration of the Consumer Electronics Show (CES) (January 11). The event is being held virtually for the first time and commentators expect big companies to use the platform to announce new climate commitments, as well as launch new products and show off prototypes. Built-in responsibility The conversation about the need for companies to break down sustainability silos and incorporate ESG consideration into all parts of the business has been lively for years. Linking Europe Cell Phone Number List executive pay to progress with environmental and social goals has become an increasingly popular way for companies to demonstrate that they are taking this approach, along with: Integrated reports. Domestic carbon prices. Natural capital accounting. Empowering employees to co-design sustainability priorities. Companies that have already linked board member salaries or bonuses to these KPIs include Shell, BP, BMW and Kingfisher. However, this approach remains the exception rather than the norm, with only 10% of CEOs believed to have their bonuses linked to sustainability requirements.
Some companies have chosen to link their loans to progress in environmental initiatives. In October, Tesco set up a £2.5bn revolving credit facility where rates and interest are linked to progress in reducing emissions, generating renewable electricity and tackling food waste. Other companies taking this approach include Britvic, Shell, UPM and Tate & Lyle.He described the letter as "the basis of a recovery plan for nature, people and the planet." He stated that only the private sector and the financial sector are “capable of mobilizing the innovation, scale and resources necessary to transform our global economy” , but that they must “harness the precious and irreplaceable power of nature” if the economic systems that They go beyond “doing less harm” and have a net positive impact on sustainable development. The Sustainable Markets Initiative will report annually on the founding members and their progress against their commitments. The Initiative will also be tasked with updating commitments in accordance with the latest environmental science. A new type of economy Prince Charles has been involved in the climate and environment conversation for several decades and, after claiming that his actions often fell on deaf ears in previous decades, has amassed considerable support from the private sector in recent times, through the Corporate Leaders Group and Sustainable Markets Initiative . In recent months, the Prince has made bolder calls for action for the economy as a whole, arguing at high-profile summits that systems changes will be needed . He used his platform at Davos 2020 to urge governments to end subsidies and no-strings-attached bailout packages for fossil fuel companies. With Davos 2021 postponed, time will tell what the Prince has to present this year. But the theme of green recovery is likely to be prominent across the board at the event.