ESG performance
ENVIRONMENT
Smiths has had environmental improvement targets since FY2007. Since FY2007 normalised Scope 1 & 2 greenhouse gas emissions have fallen by 75% and normalised non-recycled waste has fallen by 67%. In FY2023 we improved energy efficiency by 8% year-on-year.Performance in current three-year goal period
| FY2022-2024 target | Progress FY2023 | |
|---|---|---|
| Use of renewable electricity1,2 | +5% increase to 66% | +9% to 70% |
| Normalised greenhouse gas emissions1,2,3,4 | 5% reduction | 31% reduction |
| Normalised non-recyclable waste2 | 5% reduction | 20% reduction |
| Normalised water use in stressed areas (11 locations)2,3 | 5% reduction | 17% reduction |
| Water reduction projects | 30 projects | 22 projects |
| Packaging reduction projects | 24 projects | 11 projects |
1 Non-GHG producing electric sources including hydroelectric and nuclear.
2 Sites reporting utility data under Smiths HSE Reporting Policy, with 20 or more employees
3 Normalised to revenue. Absolute GHG emissions down 12%.
4 We have built a more aggressive GHG reduction target trajectory to meet our Science-Based Targets and an energy efficiency target into our colleague and executive incentive plans.
RESPECTING NATURAL RESOURCES
GHG EMISSIONS
Safety
- Our Group Recordable Incident Rate was 0.41 in FY2023, down 26% year-on year and continuing to track below the industry average.
- We consistently receive a high score for safety in our My Say employee survey.
Engagement
- In FY2023 84% of Smiths colleagues participated in our global My Say employee survey.
- Our global engagement score edged higher year-on-year to 73.
Gender Diversity
- We have four women on the Smiths Board (40%)
- We have three women on our Executive Committee (25%)
- 25% of our senior leadership positions are held by women. Our target is to increase this to 30% by the end of FY2024.
Communities
- Our direct economic contribution (employee costs + supplier costs + tax) was £2.8bn in FY2023.
- We also launched the Smiths Group Foundation with a committed initial grant fund of £10m.
Ethical and Legal Compliance
- We consistently receive a high score for ethics in our My Say survey.