Medtronic joins World Economic Forum’s International Business Council pledge to adopt universal ESG reporting metrics.
Medtronic announced today it pledges to use “Stakeholder Capitalism Metrics” developed by the World Economic Forum’s International Business Council (IBC). By signing the pledge, companies adopt a set of universal, comparable disclosures focused on environmental, social and governance (ESG) factors, helping to measure and drive meaningful progress towards the U.N. Sustainable Development Goals (SDGs).
Medtronic joins 60 of the world’s largest organizations in emphasizing the importance of transparency in reporting on ESG progress — a key metric among
the broader stakeholder groups including investors, customers, and employees.
“Today more than ever, people want to be associated with companies that are inclusive, forward looking, and try to make the world a better place,” said Medtronic Chairman and CEO Geoff Martha. “Our shared future depends on companies like ours to lead the way — innovating boldly and raising the bar for what it means to be a good corporate citizen.”
Governance, Planet, People, and Prosperity
“Stakeholder capitalism” is the notion that companies have the capacity and responsibility to create and sustain economic value for a broader stakeholder base, not just financial investors. The IBC’s universal metrics grew out of the World Economic Forum’s 50-year commitment to advancing stakeholder capitalism on a global scale.
Developed in consultation with four of the world’s largest accounting firms, the metrics are based on existing global standards already utilized by many companies, including Medtronic. In September, the Council released a report organizing the metrics around four principles: governance, planet, people, and prosperity.
The Power of Our Purpose, and Promise
Medtronic routinely reports on its ESG performance. Since 2008, the company has published an annual Integrated Performance Report, informing stakeholders about sustainability progress and work done across the organization to deliver on the company’s Mission.
Highlights from the 2020 Medtronic Integrated Performance Report include:
Medtronic also released this week its second annual Inclusion, Diversity, & Equity Report, which provides detail on how the company is building an inclusive and equitable workplace for all.
Like these two reports, the Stakeholder Capitalism Metrics pledge is another way Medtronic shows the importance it places on corporate responsibility and reporting transparency.
Martha notes, “We are proud to join other leading companies in adopting a set of universal stakeholder capitalism metrics — advancing our promise to employees, partners and customers to connect commitment to action.”