Sustainability
We are committed to sustainable operations to benefit people, nature and the climate.
We conduct our business activities with sustainability goals in mind, including the conservation of natural resources, prevention of environmental pollution, and contribution to a fair and equal society.
Scoping out our direction
We conduct a formal materiality assessment every other year to ensure we prioritize the issues that have the biggest sustainable impact on our business, communities and the environment, and that matter most to our stakeholders.
The 2022 materiality analysis was developed using input from our employees, management, customers, suppliers and other stakeholders. The assessment results have been plotted on a materiality matrix, with their position relative to the degree of stakeholder interest and potential business impact.
Our goal is to embed sustainability into all our business areas and functions, and communicate our sustainability approach to our customers, suppliers, employees and other stakeholders to join in together on this journey towards a fair, equal and low-emission society.
The materiality assessment
The issues should not be viewed in isolation as they are interconnected and impact each other. The materiality assessment is in total a holistic approach for how to manage sustainability in Nortek. It and the UN SDGs together are the foundation for our sustainable goal setting and activities moving forward.
UN Sustainable Development Goals
The 17 UN Sustainable Development Goals (SDGs) are a universal call for action by all countries to tackle climate change, end poverty and build a more sustainable and inclusive world by 2030.
Even though Nortek contributes to several of the goals, we have highlighted a selection of 5 SDG’s as most important to us and our business moving forward. These are all reflected in our business strategy and correlated with our goals.
Environmental goals
We actively work to reduce environmental impact and climate change. Nortek’s climate and sustainability ambition is based on three pillars:
Reduce own emissions
- Reduce own emissions by 1/3 by 2030 from a 2019 baseline
- Implement environmental management system
Deliver carbon neutral products
- Promote the use of recycled materials and sustainable battery technology
- Ensure responsible supply chain
- Maintain durable and repairable products of high quality
Enable healthier oceans
- Enable healthier oceans through our technology and coastal community support
- Provide instruments to projects to learn more about ocean ecosystems, biodiversity and maintain oceanic livelihoods
- Coastal community support for healthier oceans
Social and governance
We want to be in the forefront and manage the social aspects of our business to the highest standards in areas such as health and safety, diversity and equal opportunities, human rights and the support of local communities.
We also strive to govern our business according to legislation, strategy and best practice to address anti-corruption, ethics, transparency, risk management and a responsible supply chain.
The table below show how we already integrate or plan to integrate relevant social and governance topics into our organization and the way we do business.
| Topic | Addressed by | Measured by |
|---|---|---|
| Health, safety and working environment | • Health, Safety and Working Environment Policy and Handbook • Code of conduct • HSE training • HSE tours • Working environment survey |
• Working environment indicators • Accident ratio • Sick leave ratio • Turnover ratio • First aid training ratio |
| Diversity and inclusion | • Code of conduct • Activities to increase women share in total workforce • Provide opportunities to include and integrate personnel with a diverse background in our workforce |
• Women share in the company • Women share in management positions • Salary ratio female/male • Age profile • Overview of nationalities |
| Human rights | • Supplier Code of Conduct • Implementation of Norwegian Transparency Act in the supply chain |
• Signed Supplier Code of Conduct ratio • Number of supplier ESG audits performed • Supplier ESG risk assements |
| Governance | • Certified Quality and Environmental Management system (ISO9001 and 14001) • Policies and Code of Conducts • Company values • Anti-corruption awareness • Cyber security awareness • 3rd party whistleblowing service |
• Reported number of breaches • Code of Conduct training ratio • Cyber security training ratio |
| Support local communities | Nortek has selected to support “Healthier oceans”. The oceans are the world’s largest ecosystem and meaningful to our business. | Number of projects supported per year |
Responsible Business Conduct (RBC)
Nortek is dedicated to responsible, sustainable business practices, emphasizing environmental stewardship and social responsibility. Our report details due diligence, risk assessments, and measures taken to ensure respect for human rights and decent working conditions in our operations and supply chain. The report has been conducted according to the OECD guidelines and the Norwegian Transparency Act.
If you would like more information about our work, please send an e-mail to [email protected].
Global Reporting Initiative (GRI)
The GRI standards are the most widely used sustainability reporting standards and have been used for Nortek’s 2022 sustainability reporting on economic, environmental, and social impacts. The GRI Standards increase an organization’s transparency and enhance stakeholder engagements.
