Jan 28, 2022
In an effort to drive improvement in the company’s sustainability performance, Southwire retained S&P Global Ratings to provide an independent, forward-looking re-evaluation of the company’s environmental, social and governance (ESG) performance and preparedness in 2021, following its initial assessment in 2020.
According to S&P Global Ratings, its ESG Evaluation “provides a forward looking, long term opinion of readiness for disruptive ESG risk and opportunities.” The report profiles a company’s performance in the areas of environmental, social and governance and also looks into the company’s readiness, or preparedness, for future risks or disruptions. These areas combine to provide a total ESG Evaluation score, which can range from zero (lowest) to 100 (highest).
“As we strive to become a sustainable, premier diversified electrical company over the next decade, engaging with S&P to provide an objective assessment of our strengths and opportunities to improve will help drive our sustainability performance,” said Burt Fealing, Southwire’s general counsel and chief sustainability officer.
As of November 2021, S&P has completed more than 100 ESG evaluations, with an average score of 67. Southwire scored a 72 on the 2021 assessment, which represents an improvement over its previous score of 70.
Southwire’s score, above average for all sectors evaluated by S&P, indicates strong performance among its business sector. The company’s ESG profile highlighted several areas of strength, including its excellent culture; strong environmental management around waste, pollution and water usage; and strong governance structure and oversight. The report also identified areas for potential improvement, such as quantifying and integrating future climate risks into decision-making processes.
“Southwire has made great strides to be more sustainable, but we still have work to do,” said Fealing. “This evaluation will help us as we seek to further incorporate sustainability into Southwire’s DNA.”