Swiss group Richemont reports strong ESG performance in FY22

“We have continued to accelerate our sustainability efforts throughout FY2022, delivering against our short-, medium- and long-term goals,” said Burkhart Grund, chief finance officer, Richemont. “With the arrival of Bérangère Ruchat and Jasmine Whitbread, we are stepping up our sustainability focus and laying the foundations that will drive best-in-class environmental and social progress across our operations and supply chains.”

“With my team, I am further developing the group’s vision to accelerate and amplify the group’s ESG transformation,” said Bérangère Ruchat, chief sustainability officer, Richemont. “Our mission is to infuse an impact-driven mindset, enabling our colleagues to understand and integrate environmental and social dimensions into every business decision. Following global standards, we are committed to expand our sustainability reporting and operate with the highest level of corporate governance.”

Building on the successful establishment of the board of directors’ governance and sustainability committee under Clay Brendish in 2021, Jasmine Whitbread was appointed as the committee’s new chair. Whitbread is an experienced non-executive director with extensive expertise in ESG matters. Furthermore, Richemont was delighted to welcome Dr Bérangère Ruchat, its first chief sustainability officer in February 2022. In FY22, Richemont received a Sustainalytics’ rating of 10.7, highlighting a low ESG risk profile and ranking the group in the top 2 per cent of companies rated worldwide. This rating positions the group as an industry leader in the top 10 amongst peers globally and one of the best companies in Europe, the company said in a press release.

Delivering against its science-based targets, Richemont was recognised for its leadership in corporate sustainability, achieving an A ranking with CDP for tackling climate change, one of 200 companies out of 12,000 ranked. Advancing the group’s commitment to 100 per cent renewable electricity across all its sites by 2025, today Richemont is operating with 92 per cent renewable electricity worldwide, an improvement of 28 percentage points since 2019. Furthermore, acting on responsible waste management, Richemont is on track to eliminate polyvinyl chloride (PVC) from creations and packaging by December 2022.

Richemont concluded its first Product Social Impact Assessment (PSIA) on artisanal and small-scale mined (ASM) gold and designed an approach for future social projects. Through the PSIA, Richemont can evaluate specific operators and measure their overall social and human rights performance. Advancing the group’s equity commitments, Richemont continued to partner with the EQUAL-SALARY Foundation, with the goal of 100 per cent equal pay by 2024. By December 2022 Richemont will reach a 40 per cent-certified workforce, encompassing the group’s three biggest sites. Working to positively impact the communities where the group operates, €42 million were donated to community investment-related initiatives, in the fields of healthcare, social and economic development, education, women and children’s welfare. These donations represent a 17 per cent year-on-year increase, and 40 per cent increase over a five-year period.