Sustainability is Integrated into
Schnitzer conducts business with the highest level of ethical standards and integrity. Our corporate governance practices underpin our sustainable operations. The Company policies and practices which govern the entire organization, from our Board of Directors to our front-line employees, are designed to ensure the business is well-managed and serves all its stakeholders. We are committed to the principles embodied in our Code of Conduct and our Corporate Governance Guidelines.
Sustainability is at the core of what Schnitzer does and how we operate and has been since our founding 116 years ago. Our sustainable business model has never been more important and more relevant than it is today. Sustainability is integrated into our corporate governance and organizational structure, and we measure progress across a range of metrics to ensure continuous improvement. Accordingly, the Board of Directors views Sustainability, including environmental, social, and governance aspects (ESG), as core elements of the Company’s strategy and operations. As such, rather than delegating oversight to one or more of its committees, the Board of Directors has direct oversight responsibility for our Sustainability strategy and is focused on the Company’s progress towards achieving our Sustainability goals. Our directors monitor metrics that demonstrate operational performance on ESG matters and are regularly briefed on progress with respect to Sustainability and ESG goals. Our Board members are experienced, qualified, and committed to our Company’s mission and purpose. Detailed biographies of our Board members can be found in Schnitzer’s proxy statement and on our website.
Authority for day-to-day management of ESG matters is delegated to our executive management team lead by our Chairman and CEO. Schnitzer’s Chief Sustainability Officer (CSO) reports directly to our Chairman and CEO and provides regular updates to our Board of Directors, all of whom offer guidance on Sustainability strategy and execution. The CSO analyzes, builds consensus for, and manages Sustainability-related initiatives, projects, and goals which are supported by executive-level leadership throughout the organization. These leaders, in partnership with the CSO, collaborate on the development and deployment of sustainable initiatives that engage employees across business lines, geographic regions, and job functions to apply environmental and social considerations to operational decisions, delivery of our products and services, our workplace culture, and stakeholder engagement opportunities in the communities in which we operate.
Sustainability Principles Guide
Schnitzer’s focus on sustainability extends from governance at the Board and senior management level to our employees at our operating facilities and retail stores.
Improving our sustainability performance requires an ongoing commitment from every Schnitzer employee. We bring this commitment to work each day through our core values and provide tangible direction through actionable Sustainability Principles which connect employees to our triple bottom line framework—People, Planet, and Profit.
We continuously explore and pursue practices that promote sustainable operations. The journey to becoming a more sustainable company has no endpoint.
Technology & Innovation
We celebrate the benefits of sustainable technologies and innovation that protect the environment and enhance our products and services.
Work with Purpose
We are committed to positively impacting our communities and fostering a diverse and inclusive workplace culture.
We create sustainable value through responsible operating practices and operational efficiencies that minimize waste.
ESG and other risks are significant factors impacting our business and requiring a robust risk management process overseen by our Board of Directors and its committees. Our comprehensive Enterprise Risk Management process is managed day-to-day by management with regular reports to the Board at least quarterly and more frequently as circumstances require.
Risks are identified, assessed, managed, and communicated on an ongoing basis. Existing and potential material risks are reviewed during periodic executive management and/or Board meetings, resulting in Board and/or Board committee discussion and public disclosure, as appropriate.
The Board administers its risk oversight function either through the full Board or through its standing committees. The following are the key risk oversight responsibilities of our Board and its committees:
- Full Board: Enterprise-wide strategic risks related to our long-term strategies, including capital expenditures, Sustainability, ESG, cybersecurity, and material acquisitions.
- Audit Committee: Financial risks, including risks associated with accounting, financial reporting, disclosure, and internal controls over financial reporting, our compliance programs, and legal risks.
- Compensation and Human Resources Committee: Risks related to the design of the Company’s compensation programs and leadership development.
- Nominating and Corporate Governance Committee: Risks related to corporate governance practices and leadership succession.
Materiality Defines the Issues That Matter Most to Our Stakeholders
Material topics and priorities for our sustainability strategy inform the way we set goals and report on our sustainability achievements. Our materiality assessment from 2021 identified Schnitzer’s top issues and priorities as:
- Environmental Management
- Employee Safety
- Talent Recruitment & Retention
- Employee Training & Development
- Local Community Relations
- Carbon Neutrality
- Employee Satisfaction
- Climate Change Management
- Diversity, Equity & Inclusion