Philips takes second place on Wall Street Journal’s 100 Most Sustainably Managed Companies in the World
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The Wall Street Journal published a new ranking that aims to give a comprehensive data-driven overview of the world’s most sustainably managed companies. Philips took the #2 position in this WSJ ranking. Philips is recognized for doing business sustainably and responsibly and for its transparency through its environmental and social disclosures and programs.
Companies that are managed in a responsible and sustainable way actually provide a better return and have fewer mishaps along the way.
Frans van Houten
CEO of Royal Philips
"Companies that are managed in a responsible and sustainable way actually provide a better return and have fewer mishaps along the way," Frans van Houten, CEO of Royal Philips, told WSJ reporter Maitane Sordane during an interview in the run-up to the publication of the report.
The Journal’s ranking was produced by the publication’s environment, social and governance (ESG) research analysts, who assessed more than 5,500 publicly traded businesses based on a range of sustainability metrics. The analysts looked at what programs, policies and performance metrics companies have in place with regard to the environment, people, social and business model innovation. To arrive at a score, the team combined up to 165 company-reported data items with an analysis of media coverage by more than 8,800 media sources using a hybrid approach that combined AI with human validation by the Journal's ESG research team.
WSJ’s recognition follows Philips’ recent announcement of an enhanced and fully integrated approach to doing business responsibly and sustainably, thereby reinforcing its leadership as a purpose-driven company. Currently completing its ‘Healthy people, Sustainable planet’ 2016 - 2020 program, Philips is set to achieve all of the program’s ambitious targets by the end of the year, including generating 70% of sales from green products and services and 15% from circular economy solutions, becoming carbon-neutral in its operations, recycling 90% of its operational waste, and sending zero waste to landfill . Building on this strong track record, Philips’ new framework comprises a comprehensive set of key commitments across all the Environmental, Social and Corporate Governance (ESG) dimensions that guide execution of the company’s strategy. It includes ambitious targets and detailed plans of action.
Throughout the years, Philips has achieved widespread recognition for its sustainability achievements: seven consecutive years on the CDP Climate Change A-list (the only health technology company with a CDP A-list ranking for both water security and climate change); greenhouse gas reduction targets approved by the Science Based Targets initiative (SBTi); an IEEE Spectrum ‘Technology in the Service of Society’ award for its app-based Lumify point-of-care ultrasound solution. The company also holds top positions in the Dow Jones Sustainability Index and Sustainalytics rankings.
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