Thomson Reuters’ 2021 Social Impact and ESG Report highlights the company’s major ESG activities and offers insight into its progress on its goals in several key areas.
Citing the increasingly central role in global business — and in the minds of many stakeholders — now occupied by environmental, social, and governance (ESG) concerns, Thomson Reuters recently issued its 2021 Social Impact and ESG Report, which outlines the company’s primary ESG activities and offers insight into its progress on stated goals.
Steve Hasker, President and CEO of Thomson Reuters, notes that corporate standards are evolving quickly, regulators are putting ESG issues near the top of their lists, and employees, customers, suppliers, and partners are paying closer attention.
“Within our business, ESG is a priority — discussed regularly by our board of directors. This rapidly evolving agenda is important to us partly because we are a company that’s focused on making the foundations of societies stronger.”– Steve Hasker, President and CEO of Thomson Reuters
Hasker describes how the company’s purpose — Inform the Way Forward, launched earlier this year — expresses the role it plays for professionals and the institutions it serves. “This unites our commercial and societal responsibilities: to increase knowledge, to act with courage, and integrity, and to pursue justice, truth, and transparency,” he says.
If 2020 was tumultuous, 2021 only compounded the strain on people and communities everywhere, Hasker observes, adding that as the COVID-19 pandemic raged on and trust in governments and institutions continued to wane, data on the impact of climate change and extreme weather events told the real story.
Focus on diversity & inclusion
The 2021 report details how Thomson Reuters has expanded external reporting on the company’s diversity and inclusion efforts with disaggregated data on racial and ethnic representation and, where available, additional talent representation data. This builds on the company’s commitment to transparency, as Thomson Reuters continues to focus on increasing representation of women and racial and ethnically diverse talent in senior leadership roles.
“Having an environment in which colleagues can authentically be themselves, thrive, feel respected, and grow their careers is critical to driving inclusion and belonging,” the report states.
The report also details progress that Thomson Reuters has made in several other key areas, including its commitment to having a positive community impact, crafting a vision for a sustainable future, and promoting equal access to justice by harnessing smart technology to empower communities that face barriers in legal systems. However, central to each of these challenges is information integrity, Hasker says. “Without it, no progress can be made. That’s why it underpins every product we provide to every customer globally.”
Reporting on science-based targets
The report also notes that Thomson Reuters is in the process of completing a comprehensive global ESG materiality assessment, and the company has aligned with the United Nations Guiding Principles on Business and Human Rights (UNGPs). Additionally, for the first time, the company is reporting progress on all its commitments as a member of the Science Based Targets initiative (SBTi) to reduce absolute greenhouse gas (GHG) emissions and to prioritize working with suppliers aligned with the Science Based Targets. Thomson Reuters has committed to achieving net zero emissions by 2050 or sooner.
“Within our business, ESG is a priority — discussed regularly by our board of directors,” Hasker adds. “This rapidly evolving agenda is important to us partly because we are a company that’s focused on making the foundations of societies stronger.”
Thomson Reuters has already exceeded its target to reduce absolute Scope 1 & 2 GHG emissions by 50% by 2030 from 2018 baseline levels, according to the report. This allowed the company to reduce GHG emissions from its direct and indirect operations by more than 93%, the equivalent of removing approximately 20,400 passenger vehicles from the road annually. Further, more than one-quarter (27%) of the company’s suppliers, based on spend, are committed to Science Based Targets, as Thomson Reuters continues to refine its procurement process to work with more suppliers that share its commitment to sustainability.
The company is targeting a goal to see 65% of its suppliers by spend committed to Science Based Targets by 2025.
The report also notes that as signatories to the United Nations Global Compact (UNGC), Thomson Reuters reaffirms its commitment to responsible business practices on human rights, labor, environment, and anti-corruption across its global operations.
This article featured first on Thomson Reuters Institute and was republished with full permission.