2023

Corporate
Sustainability
ReportIntroduction

Our People

Advancing Science

Contents

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

2

INTRODUCTION

03

OUR PEOPLE

16

ADVANCING SCIENCE

31

GOVERNANCE & OPER ATIONAL INTEGRIT Y

43

THE ENVIRONMENT54SASB STANDARDS INDEX

62

TCFD INDEX

64

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

D E A R B I O -T EC H N E STA K E H O L D E R S :The Bio-Techne team successfully navigatedWe also made substantial progressan evolving macroenvironment in fiscal 2023,

in our ongoing efforts to build a durable,

achieving 5% organic revenue growth for thesustainable, growing business. Our

year with revenues exceeding $1.1 billion.

EPIC values, or Empowerment, Passion,

We delivered these results with a focus on

Innovation and Collaboration, remain the

durable, profitable growth, achieving an

backbone of our corporate culture andadjusted operating margin of 36.1% for theprovide the foundation for Bio-Techne’s

fiscal year. GAAP earnings per diluted shareapproach to continuously improving ourwere $1.76 for the fiscal year, while adjusted

corporate sustainability. The Bio-Techne

EPS increased 1% over the prior year to $1.99

team leveraged these EPIC values toper diluted share. We also returned $70

identify, document and, when possible,

million in capital to our shareholders throughmeasure the Company’s significant$50 million in dividends and $20 million inprogress in its ongoing ESG initiatives.

share buybacks. In looking back at what we’ve
achieved during my tenure as CEO, I love theCharles Kummeth

fact that our 10-year total stock return has

President & Chief Executive Officer

achieved an 18% CAGR.

TCFD Index

3

1.137B$F Y23 R E V E N U E

5%O R G A N I C R E V E N U E G R OW T H

321M

$

A DJ U ST E D N E T E A R N I N G S

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

Our ESG Pillars
Our Corporate Sustainability Report (CSR) is organized

PILLAR ONE

P I L L A R T WOPILLAR THREEPILLAR FOUROURPEOPLEADVANCINGSCIENCE

GOVERNANCE &OPER ATIONALINTEGRIT Y

THEENVIRONMENT

around four key pillars: Our People, Our Commitment
to Advancing Science, Operational Integrity, andOur Commitment to the Environment. We have madeconsiderable progress since our inaugural CSR report in
2020, and are proud to offer this annual update on our
accomplishments and future plans with respect our four pillars.
We remain focused and committed to cultivating growth ina responsible manner, supporting our employees and thecommunities they work and live in, and leveraging our deep
scientific capabilities to deliver the products necessary toenable the discoveries necessary to develop and advance thenext-generation therapeutics, vaccines and diagnostics that
improve global healthcare.

4Introduction

Our People

Advancing Science

Governance & Operational Integrity

PILL AR ONE

Our People
Everything starts with Pillar One, Our People.

Resource Groups (ERGs), including ERGs supporting

Without our dedicated, passionate, andour LGBTQ+, Asian Pacific Islander, and Blackinnovative Bio-Techne team members we could

employees as well as a number of groups supporting

not develop the tools that academic, medical, anda variety of interests and cultural backgrounds, frombiopharma researchers rely on every day to pushcareer development to mentorship. We remain proudscience forward. During my tenure as CEO, we haveof Bio-Techne’s inclusion on the Forbes 2022 list ofgrown the Bio-Techne team from 780 employees in

America’s Best Mid-Size Employers and Forbes’ 2022

fiscal 2013 to over 3,000 at the end of fiscal 2023.

list of Best Employers for Diversity, and have continued

Bio-Techne supports the diverse background andto invest in our employees and innovate how tointerests of our team members through 10 Employee

engage more deeply and enrich our strong culture.

The Environment

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

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PILL AR T WO

Our Commitment toAdvancing
Science

Bio-Techne has a 47 year history developing innovative andThis commitment to advancing science is evident in our growing

cutting edge tools to advance biopharmaceutical and academic

portfolio of reagents, instruments, technologies, solutions andscientific discoveries as well as technologies to enable andservices to improve medical research and the development

improve disease diagnosis. Our second pillar, Our Commitmentof cutting-edge therapies and diagnostics. Since our last CSR,

to Advancing Science, goes beyond developing the products

we acquired Namocell and its differentiated single cell sorting

the scientific community needs to drive discoveries, to delivery of

instruments, as well as Lunaphore and its novel spatial biology

these products with a focus on sustainability, quality, responsible

tools including the Comet™ instrument. In addition, we made asourcing, and a commitment to continuously improve how

firm commitment to purchase Wilson Wolf, which manufactures

we package these products to minimize our environmental

the industry leading line of G-REX bioreactor devices that arefootprint. In fiscal 2023 we bolstered our product portfolio

used to scale cell therapies. We also opened a new 52,000 squareby commercializing over 1,600 new products to the scientificfoot facility in Wallingford, Connecticut, doubling our operational

community, adding to our catalogue of over 500,000 uniquefootprint to provide a five-fold increase in Ella immunoassay

product SKUs.

cartridge production capacity.

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Our People

Advancing Science

Governance & Operational Integrity

PILL AR THREE

Governance &Operational Integrity
Our third pillar, Governance and Operational Integrity, reflects the commitmentof our Board and employees to ethically oversee and run the business, while
effectively managing both internal and customer data, minimizing enterpriserisk and ensuring that our suppliers are conducting their businesses ethicallyand in compliance with applicable laws. Our Board oversees Bio-Techne’s
strategy and risk management initiatives through regular meetings andengagement with the executive leadership team as well as through four
Board Committees comprised entirely of independent directors.

The Environment

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

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PILL AR FOUR

Our Commitment to

The Environment
We have made strides to operationalize data collection with respect to our fourth pillar,
Our Commitment to the Environment. We have included an inventory of our Scope I and
Scope II greenhouse gas (GHG) emissions data for our manufacturing and other facilities.
This extensive undertaking continues our efforts to determine foundational, baseline dataon GHG emissions from which to engage in strategies for target setting. You will see ourcommitment to running the business with a sustainable focus, as we have engaged in a
number of initiatives across the enterprise to reduce waste, expand the number of ISO
14001 facilities, and lower energy consumption.

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Our People

Advancing Science

Positioned for
Sustainable
Growth
Bio-Techne has a strong track record of product innovationand execution, with our team delivering a 20% revenue
compound annual growth rate (CAGR) since fiscal 2013 when
I joined the Company as CEO. As you will see from this report,
our focus goes well beyond generating strong financial resultsfor our stakeholders. We are focused on delivering these results
while improving the communities where we live and work andleveraging our EPIC culture to develop the tools necessary to pushscience forward. To Bio-Techne, furthering science is not just core
to our business, it is one of the many ways we give back to society.

President & Chief Executive Officer

Governance & Operational Integrity

The Environment

SASB Standards Index

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9agnostic
eagents

Introduction

Our People

Advancing Science

About
Bio-Techne
Proteomic
Research Reagents

Governance & Operational Integrity$1.137B

TCFD Index

research reagent portfolio and analytical tools, while ourInstruments
instruments enabling global academic and biopharmaceutical

Diagnostics, Genomics, and Spacial Segment includes ourresearchers, as well as clinical research laboratories to gain

spatial biology, molecular diagnostics and diagnostic reagents

insights into the nature, diagnosis and progression of specific Services

businesses. In fiscal 2023, our portfolio of proteomic researchdiseases. Our products are important components of the drug

reagents and analytical tools, and diagnostic and genomic
Royalties solutions generated approximately $1.14 billion in revenue

for accurate clinical tests and diagnoses. Bio-Techne operates

with just over 3,000 employees globally.

in two segments; our Protein Sciences Segment includes ourDiagnostic
Consumables
Reagents

Instruments
Cell Culture &Gene Therapy

SASB Standards Index

Bio-Techne is a leading provider of high-quality reagents anddiscovery and production processes and provide the means

Proteomic
Analytical Tools

ssue
logy

The Environment

Diagnostic
Kits

ServicesRoyalties

Proteomic
Research Reagents

Instruments

10%Services

7%

Royalties2%

Consumables

81%

FY2023LiquidBiopsyProteomic
Analytical Tools

Consumables
TissuePathology

Instruments

10%Services

7%

Royalties

2%

Cell Culture &Gene Therapy

10Introduction

Our People

Advancing Science

GlobalHeadquarters
Minneapolis, United States

Governance & Operational Integrity

The Environment

SASB Standards Index

European
Headquarters

China
Headquarters

Abingdon, United Kingdom

Shanghai, China

TCFD Index~3,050
Employees Worldwide

38

Locations Worldwide~1.45M
Square Feet

Our Global
Footprint

5%

Organic Revenue Growth11Introduction

Our People

Advancing Science

Governance & Operational Integrity

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Materiality
Assessment

Sustainability
GovernanceIn 2020, we began our journey to evaluate the sustainability

Bio-Techne has ingrained sustainability into its Board and organizational

subjects, topics and datapoints which could potentially be

governance. Our Board of Directors oversees our sustainability

relevant to Bio-Techne and its stakeholders. This initial assessment

strategy and progress, and receives updates at each regular Board

resulted in our inaugural CSR which was published in September

meeting, including global legal and regulatory requirements. Within2020. After three years, the foundational data for our materiality

the Company, the Sustainability Oversight Council develops and directs

assessment remain predominantly the same, and so for this third

our strategy on sustainability initiatives, is led by the Company’s Generalpublication of our CSR you will see a continuation of our originalCounsel, and consists of the CEO and the rest of executive leadership.

strategies, albeit with nimble adaptations in execution and

The Sustainability Oversight Council conducts regular meetings toreinforcing deeper roots of our sustainability culture.

discuss sustainability strategy, and embedded sustainability into the

In this publication, we have indexed the contents of our CSR

Company’s fiscal year 2023 prioritization process.

with the Task Force on Climate-Related Financial Disclosures

Executing on our sustainability strategy is the multi-disciplinary(TCFD). By incorporating the TCFD index, we will look to fortify

Sustainability Working Group. This group consists of senior leaders

our strategy with TCFD’s framework and principles. We have also

within Operations, Quality, Finance, Accounting, Human Resources,continued with the inclusion of the Sustainability Accounting

Investor Relations and Legal, and is led by Bio-Techne’s GeneralStandards Board (SASB) material sustainability topics, indexed at

Counsel. The Sustainability Working Group provides feedback,the back of our CSR.

guidance and suggestions to the Sustainability Oversight Council
to promote “bottoms up” strategy and planning.

12Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

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Life Science
Tools Industry
Bio-Techne primarily develops, manufactures andcommercializes high quality life science tools, including
reagents and instruments, to enable researchers to gain
insights into the nature, diagnosis and progression of
specific diseases. The predominant majority of our revenue
is generated from sales of products and services to ouracademic and biopharma customers for research purposes,
while a small portion of our revenue is exposed to Medicare
and/or private payor reimbursement.

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Our People

Advancing Science

Our
Stakeholders
Bio-Techne engages with our
stakeholders through directinteraction, our website,
surveys, consultation, andcommunity engagement.

Governance & Operational Integrity

The Environment

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EMPLOYEESINVESTORS

Bio-Techne focuses on the customer

Bio-Techne leverages several channels to

Bio-Techne’s executive leadershipexperience, from the quality of theactively engage with its global employee

team is actively engaged withproducts our customers purchasebase. For example, our executive leadershipcurrent and potential investors as

to the experience interfacing withteam holds quarterly Town Hall meetings towell as the analysts that publish

the Company through its website,

discuss business trends, human resources

research on the Company. In

at industry events, and in day to

updates, company developments, andfiscal 2023, this engagement

day engagement with our people

quarterly results for each of our segments as

included participation in 17

across our entire enterprise including

well as the corporation as a whole. Bio-Techne

investor focused conferences,sales, technical service, quality, andalso conducts an annual employee survey,

as well as numerous investor

operations. Bio-Techne has madeenabling our employees to anonymously

engagement calls throughout

significant investments in our digitalprovide candid feedback on a wide variety of

the year. Additionally, members

marketing efforts, creating a best-

topics including job satisfaction, transparencyof our Board of Directors

in-class website that enables ourof communication, salary and benefits, andactively participate in investor

customers to easily find the products

the systems and tools in place to performconversations with our larger

necessary to advance their scientifictheir jobs. Our latest completed employee

shareholders surrounding ourdiscoveries and discover products inengagement survey included responses fromphilosophy and approach on E, S

our portfolio that could be additive to

62% of our employee base, with a strong 77%

and G related topics on at least an

their efforts.

satisfaction score.

annual basis.

CUSTOMERS

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Our People

Advancing Science

OUR STAKEHOLDERS CONT.

COMMUNITIES

Governance & Operational Integrity

The Environment

SUPPLIERSSASB Standards Index

TCFD Index

DISTRIBUTORS

Bio-Techne supports and actively contributes to

Bio-Techne works with its suppliers to enable theWe partner with distributors to ensure our products

the many diverse communities where we live

development, manufacture and commercialization

are available in all geographies, particularly certain

and work, with a focus on promoting science andof its expansive portfolio of products. These strategicinternational areas where Bio-Techne does not have a

education. For example, Bio-Techne is a supporter

relationships are a key component of Bio-Techne’s

direct commercial presence. Similar to our approachand partner of the Science Museum of Minnesota,

operations, and we expect our suppliers to comply with

with suppliers, Bio-Techne is committed to proactively

helping to bring science events to local schools

the quality, regulatory, social and environmental principles

ensuring that these distributors act lawfully andand the community. Additionally, all employees arethat guide the Company’s own operations. Additional

responsibly. All distributors are required to comply withencouraged each year to take a day of their working

details on Bio-Techne’s commitment to proactively

all applicable laws and regulations and to abide by ourtime to join activities in support of good causes inensure that its suppliers and distributors act lawfully and

Code of Ethics and Business Conduct.

their communities.

responsibly can be found in its Supplier Code of Conduct.

GOVERNMENT AGENCIES

MEDIA

INDUSTRY STANDARDSET TING AGENCIESWe engage with the relevant government agencies

Bio-Techne actively engages with the media as an outlet

We frequently engage with standard setting agencies

for audits of our global facilities to ensure complianceto educate all stakeholders on Bio-Techne’s products,

for external validation of Bio-Techne’s commitment towith all applicable local laws and standards, and thebusiness developments and financial results. Our CEO

operating with the highest level of integrity and a focus

safety of our global workforce, as well as the privacy

and subject matter experts throughout the Company

on quality. For example, a number of our global facilitiesof patient, customer and employee data. Strict

are frequently contacted to provide insights into various(see page 11 for a list) have received ISO certifications

compliance with laws and regulations is core toscientific and corporate specific developments.

recognizing our adherence to quality management andBio-Techne’s global approach to business.

environmental standards.

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Our People

Advancing Science

PILL AR ONE

Our
PeopleGovernance & Operational Integrity

The Environment

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Advancing Science

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Our People
At Bio-Techne, we are committed to creating an

the communities we serve. We transparently

employee experience that allows each to achievecommunicate with our employees throughtheir life’s best work. This is demonstrated byquarterly all-hands meetings, executive-led

leading with our EPIC values of Empowerment,round table discussions, a quarterly newsletter

Passion, Innovation and Collaboration.

to connect our employees across the globe,

We continuously build on our people-first culture,
led by uncompromising integrity, hosting a place

executive site visits and targeted messages from
our CEO.

of belonging, granting access to innovation andAs we look to our future talent goals, Bio-Techne

respecting human rights around the globe. In

has focused on the following priorities to deepen

a year that brought global talent acquisition,and enrich the team member experience:

engagement and retention challenges, weseed a future talent pipeline; fortify our culture

worked hard to care for our employees andthrough an environment of belonging; co-create

continue to build the team necessary

recruiting strategies; integrate learning andto drive our long-term strategy forward.

development access and habits; and optimize

At Bio-Techne, we invest in inclusion and diversity

and automate talent systems.

by supporting 10 Employee Resource Groups

Brenda Everson(ERGs) that positively impact our employees and

VP Chief Human Resources Officer

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Our People

Advancing Science

Governance & Operational Integrity

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Our Culture
At Bio-Techne, we are committed to creating an

worked hard to care for our employees andproductivity, spirited individuality, intellectual

As we look to our future talent goals, Bio-Techne

experience that allows each employee to achieve

continue to build the team necessary to drive ourchallenge and diverse opportunity. At Bio-

has focused on the following priorities: seed atheir life’s best work. This is demonstrated bylong-term strategy forward.

Techne, we foster a culture of belonging by

future talent pipeline; fortify our culture throughsupporting numerous Employee Resource

an environment of belonging; co-create recruiting

Groups (ERGs) and programs that positively

strategies; deepen and enrich the team member

impact our employees and the communities weexperience; integrate learning and development

serve. We transparently communicate with ouraccess and habits; and optimize and automate

employees through quarterly all hands meetings,

talent systems.

leading with our EPIC values of Empowerment,
Passion, Innovation and Collaboration.
We continuously build on our people-first culture,
led by uncompromising integrity, hosting a placeof belonging, granting access to innovation andrespecting human rights around the globe. Ina year that brought global talent acquisition,
engagement and retention challenges, weLast year, we were proud to receive two coveted
rewards from Forbes —• America’s Best Midsize Employers• The Best Employers for Diversity

executive-led round table discussions, a quarterly

We believe these awards reflected our enduring

newsletter to connect our employees across thecommitment to foster a culture of impactfulglobe and targeted CEO messages.

Introduction

Our People

Where
We AreAdvancing Science

Governance & Operational Integrity

The Environment

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Fiscal Year 2023

Employees in
N O RT H A M E R I C AEUROPE

Ottawa, Canada

Abingdon, UK

Toronto, Canada

Bristol, UK

Atlanta, GA

Dublin, Ireland

Austin, TX

Langley, UK

Denver, CO

Milan, Italy

Devens, MA

Paris, France

Emeryville, CA

Rennes, France

Minneapolis, MN

Weisbaden, Germany

Newark, CA

Tolochenaz, Switzerland

St. Paul, MN
San Jose, CA
San Marcos, CA
Wallingford, MA
Waltham, MA

25

Countries~3,050
Employees Worldwide

AS I A
Beijing, China
Osaka, Japan
Pune, India
Seoul, South Korea

L AT I N A M E R I C A

SingaporeSão Paulo, Brazil

Tokyo, Japan
Guangzhou, China
Hong Kong
Shanghai, China>50

Increase in Organic
Headcount19

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Our People

Our EPIC
PeopleAdvancing Science

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20

Our EPIC Culture
Bio-Techne is Where Science Intersects Innovation™, and we create EPIC tools for EPIC science. Our people embody andenrich our culture of Empowerment, Passion, Innovation, and Collaboration. Employees are recognized and rewarded throughannual corporate awards, quarterly team recognition and a culture of celebrating EPIC behaviors. We believe EPIC guides thedevelopment and growth of our people, evidenced by the inclusion in our annual performance appraisals and goals.

E M P OW E R M E N T

PAS S I O N

I N N OVAT I O N

C O L L A B O R AT I O N

Empowerment is a driving force atCreation fosters excitement about the

When we say Bio-Techne changes lives, we don’t just mean human lives.

Our culture supports and encourages a collaborative approach to working

Bio-Techne. We empower employees

possibilities that can be achieved by allowing

We are changing the lives of animals, too. Like humans, animals requirewith one another and with our customers. We activate as a team, remain

to grow professionally and personally.

employees to express themselves througheffective vaccines to combat viral, bacterial and parasitic diseases.

focused, and solve the problems at hand to achieve more than we initially

Empowered employees take ownershipthe development of tools. Our employees

Animal health directly impacts human health, economics and trade.

believe is possible. Together, we aspire to create something special, withand pride in their work and are willing

create tools for researchers and businesses of

Bio-Techne is changing the speed and quality of how these vaccines

employees embracing the responsibility of being stewards of the businessto go the extra mile for the Company,

all sizes, aiding them in achieving consistent

are being deployed.

and appropriately valuing their roles in delighting our customers.

their teams, and our customers. As an

and successful results in their products andexample, the Diagnostic Reagents teamstudies. This passion is what sets Bio-Techne

A cross-functional Bio-Techne/CY-VAX team conceptualized a classroom

An example of collaboration that spans teams, countries, and continents:

in Devens trained the workforce withapart from others.

and hands-on experience to highlight Simple Western but needed a

The sales team in Italy worked diligently to secure a significant Luminex

relevant assay to drive home how the technology excels in potency

custom deal, which included instruments, service plans and 200 Luminex

An exemplary manifestation of this passion

assays. A highly complex potency assay did not exist when we agreed

kits. However, a challenge presented itself: we needed to build and ship

is demonstrated by the Peers with Years

to teach the workshop. Because this was a rare opportunity to showcase

100 panels and we had less than a month to accomplish this task. This

ERG, who have taken it upon themselves

an advanced methodology on Simple Western and help solidify oursituation necessitated collaboration across departments and regions.

to educate employees about prostate

presence within this regulated space, the team took on the challenge

cancer. For the second consecutive year,

to produce one. In a little over a month, we had a quantitative assay inthey hosted an informative webinar titledthe hands of new users to showcase the power of Simple Western for“Early Detection Can Save Lives — Learn

potency testing.

a focus on advanced manufacturing
and leadership. Employees received
in-person and online training in manydifferent areas to build skills for the
future. Training includes leadershipand supervisory development,
computer technology, technicalwriting, machine robotics, leanmanufacturing (White/Green Belt
Six Sigma), communication skills andteam building. Giving everyone control
over their own career is an investment
in people and it speaks loudly to our
EPIC value of Empowerment.

from the Experts”. Passion drives scientificdiscovery, stimulates breakthroughs in therapy
and fuels courageous growth, fostering adetermination to challenge conventionalcomfort. Passion leads to scientific discovery
and therapeutic breakthroughs.

The Luminex Operations and Conjugation teams swiftly constructed thekits, followed by the QC team’s testing and confirmation of their readinessfor shipping. Simultaneously, EMEA customer service and the supply
chain coordinated the required paperwork for international shipment.

This success was the result of an incredibly collaborative, innovative

As the deadline approached, the Minneapolis Kit Packing, Inventory

team involving years of relationship building and excellent support fromand Shipping teams collaborated seamlessly to pack and ship the kits,

applications science, field applications, product management and sales.

managing to turn them around within a single day upon receipt. Lastly,This type of focused problem-solving and industry collaboration helps

the Dublin warehouse team efficiently received, labeled and dispatched

us broaden adoption of Bio-Techne and Simple Western into USDA

the kits in under 3.5 hours, ensuring that we met customer expectations

regulatory acceptance for vaccine release testing.

for delivery.

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Advancing Science

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21

Integrate & Amplify

Developing Our People

GROW TH THROUGH ACQUISITIONSNURTURING CAREER GROW TH

With 20 acquisitions in the past 10 years, Bio-Techne has cultivated an integration strategy that

Bio-Techne cultivates a culture where careers

begins before we sign a letter of interest. While we seek out differentiated and complementary

can bloom because we recognize that our

technology and products to expand our portfolio, it is often the people joining through acquisitionbusiness grows as our people grow. Working

who are the true sources of value creation. Our sustained growth and profitability have resulted

at Bio-Techne means every employee is valued

directly from our ability to retain and integrate the people who work in the businesses we acquire.

and challenged. In fiscal 2023, Bio-Techne’s“commitment to internal development plus the

Promotions
by Gender

tenacity of its talent resulted in more than 390
internal promotions, along with more than 60
lateral moves.

I joined Bio-Techne with the Asuragen acquisition in April

interpretive software and diagnostic tests. We have leading

2021. Through the integration process, I learned about

positions in the hottest areas of basic research and clinicalIn addition to training all employees on thethe inner workings of the Company and quickly became

science: proteomics, spatial biology, cell and gene therapy,

safe, effective and compliant operation ofpassionate about the innovative science we do within our

liquid biopsies and in-vitro diagnostics for genetic diseases

our business, we also offer seminars andbusiness units.

and cancer, to name a few.

training on a variety of other topics, such as

and fulfillment. And we empower employees

But then I began to appreciate something even more

Yet for all that we’ve already accomplished in these different

novel scientific developments, effective work

to steer their own careers through a generous

profound – the promise of the science we could do acrossareas, building bridges between them could yield the moststrategies, leading productive meetings andtuition reimbursement program and support

our divisions to enable innovative products for customers

transformative products and services. When we connect theand better solutions for patients.

dots in novel ways across our technologies, and work together

management skills. We invited Suneel Gupta,

for continuing education. We believe inthe founding CEO of RISE and a bestselling

paying it forward and that education is theauthor, to our all-hands meeting to share hisworld’s greatest equalizer, demonstrated

message about a better way to work; one thatby our family member scholarship program

results in sustainable innovation, productivity

granting $250,000 annually.

Bio-Techne’s businesses and technologies are remarkably
diverse. We manufacture everything from small molecules
to whole cells. We sell more than 1 million distinct

to realize the potential of those connections, I believe we canachieve breakthroughs that few companies can.“products to our global biopharma and academic customer

Gary Lathambase spanning reagents, controls, assays, instruments,

Chief Technology Officer

Female

53%

Male

47%

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Our People

Advancing Science

Development
Programs

Governance & Operational Integrity

The Environment

Bio-Techne has also developed two distinct
development programs designed to accelerate
employee development and seed future
leadership at all levels: Pillars of Leadershipand Emerging Leaders.

PILL ARS OF LEADERSHIP

of the program share their personal histories, including their

An intensive week-long experiential learning program designed

everyone’s path is filled with obstacles and diversions. They

to provide relationship-building, problem solving and skills

emphasize our value of community and giving through build-a-bikedevelopment for Bio-Techne’s people leaders. Grounded

project, the importance of building resilience, leveraging mentors

in mentorship by executives across the enterprise, Pillars ofand facing challenges head-on.

challenges and successes, to help participants understand that

Leadership challenges each cohort to tackle current obstacles
facing the Company, and to develop and defend their solutions.
The program provides participants with an unobstructed view

EMERGING LEADERS PROGR AM

of Bio-Techne, its leaders and its strategy, and reinforces the

Aimed at managers and supervisors who are early in theirimportance and impact that each Pillars participant has inleadership careers and is designed to catalyze the transformation

contributing to our solution-driven culture.

of high potential into high performance. Emerging Leaders

The program covers various topics, including Key Skills for Strategic

takes 12 candidates through several exercises including self

Thinking, Leading Through Uncertainty, Building and Maintaining
Lasting Relationships and Coaching as a Leadership Style. Whilethese topics are important for any leadership development
program, what sets Pillars of Leadership apart is its emphasis on
humility, generosity and gratitude. The presenters and leadersand peer evaluations, personal coaching, group discussion anddevelopment, formal leadership training, and self-paced practicum.
Participants learn from the varied paths of the rest of their cohort
while also building the foundation necessary to gain momentum as
an impactful contributor.

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Our People

Advancing Science

L E A D I N G BY L I S T E N I N G

Employee
Engagement
Bio-Techne Voices:
Our commitment to Listening

Governance & Operational Integrity

The Environment

its business achievements to cultivating a culturethat invites feedback and elevated engagement. We
attribute our success in both profitability and growth tothe skills, creativity and perseverance of our employees.
Employees are encouraged to engage through ERGs,
their leaders, the Voices intranet site, Human Resources
and, most formally, through the annual engagement
survey. We promote candor by enabling our employees
to offer anonymous quantitative and qualitative feedback

workforce participated in the annual engagement survey.

and areas for improvement presented to leadership following the survey.

Of those responses, 77% of the feedback was positive.
Bio-Techne’s leadership received the gift of feedback
as a call to action. Individual leaders created 395 actionplans to respond to feedback from their team.
Following the 2022 engagement survey results,
the Company turned its employees’ feedback to action,• Improved communication through regular round table

about the employee experience.

Celebrate and build on
what’s going well

Discuss and evaluate what
we might do better

PromptDistribution

PromptDistribution%

93

Communicationfrom senior leaders
is transparent.

52%

31% 17%

I understand how the
work I do contributes
to the goals of
Bio-Techne.

93%

There is effective
communication
between teams/
departments within
Bio-Techne.

52%

26% 22%My Manager treatsme with respect.

92

Senior leaders at
Bio-Techne act upon
employee feedback.

I know what is expectedof me on the job.

discussions with senior leaders.
• Investment in improved systems and tools to improve%

employees’ ability to work efficiently and productively.

44%

40%

• Investment in an internal communications leader.

W H Y I S E M P LOY E E E N G AG E M E N T I M P O RTA N T ?

• Expanded eligibility for and vehicle to deliver

The employee engagement index is our primary outcome metric and one

long-term incentives.
• Flexible and hybrid working.

• Expanded resources for well-being and mental health.

space and opportunity to communicate how they feel

OPPORTUNITIES

taking steps to address common questions and concerns,

Encouraging employees to share their voice is vital inand Bio-Techne is committed to providing them with the

STRENGTHS

While the feedback offered much to celebrate,• Market evaluation of compensation levels.

their team and their leaders. Our culture embraces this23

The snapshot of results below reflects the Company’s greatest strengths

to corporate leadership.

building open and trusting relationships between them,

TCFD Index

In the most recent Fall 2022 survey, 62% of the global

including the following:
Bio-Techne prizes candid, honest feedback and credits

SASB Standards Index• Engaged consultants in areas of safety
and sustainability.

of the key health indicators for your team. This index is the average of allengagement items including:• Intent to Stay

• Company On Right Track• Would Recommend Company• Employees Excited About Work• Employees Feeling Valued

These are key areas of employee engagement that should be regularly monitored.
Simply put, better employee engagement will improve your team’s performance.
77%• Events to engage family and others to understandthe mission of Bio-Techne.

16%

Company Overall
0

Total Database Benchmark+217%

Industry Benchmark+26%Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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24

B E N E FI T S AT B I O -T EC H N E

Security for Physical,
Mental, & Financial
Well-Being
Bio-Techne has carefully curated a holistic

addressed by adjustments to the Bio-Techne

package of benefits for its employees to ensure

coverage this year.

they are able to do their life’s best work knowingthat they and their families have support andsecurity outside of work. While benefits offerings
vary by country and territory, benefits in the U.S.
and other countries include the full range ofhealth, life, disability and accident insurances,
retirement savings plans and financial planningresources, an employee stock purchase plan,
employee assistance plan, various types of paid
leaves, tuition reimbursement, a scholarshipplan and on-site wellness centers. Expanded

We were excited to add our very own ExoDx
Prostate Test, developed by the team at Exosome
Diagnostics, as a covered benefit only for
employees and their spouses/domestic partners
who are enrolled in the Bio-Techne Blue Cross
Blue Shield health plan. The ExoDx Prostate
Test is a simple, non-invasive urine test that canhelp you and your doctor determine the needfor a prostate biopsy during the prostate cancer
screening process.

orthodontics and applied behavior analysis,

Mental health resources are provided by anas well as coverage for women’s health travel

ERP, enhanced by Learn to Live, Health Assured

expense reimbursement, and benefit programs

and a new Bio-Balance intranet page guiding

in five EMEA countries were specific needs

employees to additional resources.

Our People

Introduction

Advancing Science

Governance & Operational Integrity

The Environment

Diversity, Inclusion& Belonging
We honor and value our employees’ richbelonging acknowledges that tactics in one

and varied experience, education, history,

region may be ineffective elsewhere, and theexpertise and technical prowess. Diverse

imprint of regional cultures often requires morebackgrounds and perspectives have fueled our

personalized solutions. Bio-Techne empowers its

innovation, accelerated how we collaborate

leadership, guided by regional human resource

across teams and continents, and enabled us

teams, to seek, source and welcome diverseto anticipate evolving customer needs acrosstalent. Because regardless of region, community

the markets we serve. We understand that ouror culture, Bio-Techne understands this provenemployees’ ability to contribute requires that weconstant: diverse teams produce better results.

Globalfeel invited to contribute their singular voices,
Employees
experiences, interestsand expertise.
*byGender
Bio-Techne’s commitment to fostering a culture ofcreate a safe environment where all employees

belonging is embodied in details of varied scaleand scope. We want employees to feel safe, haveFemale

Male

45%

55%

Non-Binary

a voiceand be their authentic selves. We actively
Supervisor
0.2%

Supervisor& Above

45%

55%

0.2%

Individual
Contributor
Employee

49%

50%

0.3%

US
Employees
by Gender*

identity, sexual orientation, or any other legallytalent pools. Our effort to advance diversity andprotected characteristic.

25

Individual
Contributor
Employee*Excluding Temporary & Seasonal Employees

Supervisor& Above

FemaleMale

Non-BinarySupervisor& Above

47%

53%

0.2%

Individual
Contributor
Employee

48%

51%

0.2%

Bio-Techne provides equal opportunity to all

pipeline,sponsor ERGs and prioritize diverse
Employee

0.3%

Non-BinarySupervisor
Contributor
be found here. Across its global
enterprise,& Above
Employeedisability, veteran status, marital status, gender

50%

Male

equal opportunity employerIndividual
and its EEO-1 can

Individual
investin STEM education to grow a diverse talent
49%

Femaletirelessly in living our values. Bio-Techne is annational origin, race, color, gender, religion, age,Contributor

Supervisor& Abovetransparency and our commitment to work

& Above them to personalize their workspaces,
encourage

TCFD Index

GlobalEmployees
by Gender*

Our foundation for belonging starts with

employees and applicants irrespective of ethnicity,

SASB Standards Index*Excluding Temporary & Seasonal Employees

Individual
Contributor
EmployeeDIVERSIT Y, INCLUSION & BELONGING CONT.

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

GlobalManagement
by Ethnicity*
US
Employees
by Ethnicity*

Supervisor& Above

White

63%

Non-White

37%

Individual
Contributor
Employee

White

64%

Non-White

36%

Headcountby Age Group

Hispanic or Latino

8%

Asian

20%

19 & Under

0.1%

Black or African American5%20-29 Years

23.6%

American Indian,Pacific Islander,
Native Hawaiian
Two or More Races

4%30-39 Years

28.8%

40-49 Years

22.2%

50-59 Years

17.5%

60+ Years

7.4%

70+ Years

0.4%*Excluding Temporary & Seasonal Employees*Excluding Temporary & Seasonal Employees

TCFD Index

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

Employee
Resource Groups
One of the centerpieces of our human capital strategy resides
in our Employee Resource Groups, or ERGs. They bringconnection through empathy, allyship and celebration of the whole
person, and promote creativity, courage and passion through actsof volunteerism, fundraising and social awareness.
Bio-Techne’s ERGs host activities throughout the year to promote
inclusivity, connectedness, education and development
opportunities. The ERGs fundraise for various causes and haveraised thousands of dollars for organizations supporting everythingfrom ZERO to end prostate cancer, to STEM education for Black
students, as well as the United Negro College Fund.
We recognize there will always be challenging and rewarding
work to be done to maintain a welcoming space for all employees.
The leaders of our ERGs, along with their executive sponsors, willcontinue to build a culture that creates a sense of belonging.

27

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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Recruiting& Retention

A Commitment to
Well-being & Safety

We employ a variety of recruiting strategies

A safe working environment is foundational

We offer annual flu vaccinations, which is one

designed to identify qualified candidates andto employee well-being. We comply withof way we demonstrate our commitment todevelop a talent pipeline. Our recruiters utilize

all applicable health and safety laws andmaintaining a healthy work environment.

a broad-based recruiting strategy by attending

regulations, and ensure all employees receive

academic, professional and diverse job fairs, as welltraining on working safely and reporting any

as utilizing online recruitment resources. We strategize

concerns. Additionally, we provide training on

Throughout the COVID-19-relatedwith leaders in the organization to understand hiringsafety and hazard awareness based on facility,

uncertainties, our employees have remainedneeds during our bi-annual workforce planning

function and team, including safe handling ofresilient, agile and innovative in managing

conversations. Our CHRO delivered keynotelaboratory equipment, proper use and cleanup

our collective safety while continuing topresentations at the LEAP HR East Conference toof hazardous materials, proper incident reporting

manufacture critical products for healthcareenhance the awareness of Bio-Techne culture.

and response.

and healthcare research. At the onset of theAdditionally, we leverage our trusted employees to

In fiscal 2023, we evaluated the recently initiatedsupport our recruitment efforts. We offer generous

engagement activities designed to recognize

referral bonuses where a referral may lead to a newcontributors to environmental health and safety

hire. In fiscal 2023, we paid nearly $330,000 to ourimprovements and innovation. From thesecolleagues for successful referrals.

efforts, Bio-Techne improved the safety of its

In a year of considerable turnover in nearly allindustries, including life sciences and hiringconstraints in a difficult economy, our recruitment
strategy resulted in hiring over 600 new employees

workplaces while promoting positive morale.
During fiscal 2023, Bio-Techne had zero fatalities
and zero high-consequence or ill health events
resulting in four or more days of absence.

28

Keeping our Employees Safe in a Pandemic

pandemic, when uncertainty was greatest, ourCEO made it clear that the Company placed
the health of its employees first, that theCompany was built to withstand adversity, andthat there would be no layoffs while we battled
COVID-19 together. In addition, the Company
assured all employees that paid time off
would be available to cover COVID-19 related
absences and illnesses. We established robust
safety protocols to minimize transmission

including key leadership. We have adapted to an

Bio-Techne also provides for the psychologicaland limit illnesses for employees whose jobs

unprecedented labor market by recruiting andand emotional security of employees with mental

required them to work at our facilities. In 2023,

retaining the talent necessary for the Company tohealth benefit coverage, flexible work, employee

we returned to our offices, updated our COVID

maintain our strong growth trajectory.

resource programs, seminars on mental health

Vaccine Policy and continued to focus onawareness and on-call employee assistance.

providing a safe environment for our teams.

Introduction

Our People

Advancing Science

Integrity.

For our People,
Our Customers &Our Communities
Bio-Techne’s EPIC values sit atop a foundationof integrity, fair competition and duty tofollow the law, all of which are embodied in
our Code of Ethics and Business Conduct.
We monitor and follow relevant employment
laws across all sites, including anti-discriminationand harassment, immigration, freedom of
association, collective bargaining, fair wages
and working hours, safe and healthy working
conditions, freedom from retaliation, and otherfair employment practices. See the Ethics andCompliance Section of Pillar Three for more
information about our commitment to ethics
and compliance.

Governance & Operational Integrity

The Environment

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Introduction

Our People

Advancing Science

Servant
Leadership
IN OUR COMMUNIT Y
Bio-Techne strives to model its values bycontributing to the health and welfare of
the many communities it calls home, as wellas impactful causes that serve our planet.

Governance & Operational Integrity• Letters to our Troops (all U.S. sites).
Led by ERG Veterans Group• United Negro College Fund (all U.S. sites).
Led by ERG B-Epic.
• Fight Against Food Poverty. Led by ERG
B-EPIC. Collection of non-perishable andcanned food items for those facing hunger.
• Every Meal, meal packaging resulting in
12,994 meals for children (Minneapolis).
• Second Harvest Food Bank, sorting andpacking food 26,866 pounds donated(Newark & Minneapolis).

We make financial donations and, with the• A Previous Child, backpack drive (Denver).

energy and exuberance of our organization,• ZERO Prostate Cancer 5k walk/run (allU.S. sites). Led by ERG Peers with Years.

sponsor volunteer events and charitable
opportunities (see below). In addition tocontributing “on-the-clock” time, we provide
each U.S. employee with eight hours of paid
time off each year to spend on the charitableor volunteer activity of their choosing. In 2023,
Bio-Techne received the Charitable Initiativeof the Year award from CiteAb.

• Feminine Hygiene Kits (all U.S. sites).
Led by ERG Women Empowerment.
Collection of products for those experiencing
homelessness and extreme poverty.
• Science Museum, “Science Is All of Us”(Minneapolis). Promoting diversity and
STEM careers.

organized by Bio-Techne:• Green Team Fall and Earth Day Pick Up(multiple sites).

• United Way (all U.S. sites). Core charity
partner, with donations designated to thecharity/organization of employee’s choice andmatched by Bio-Techne.

• Miles in my Shoes (Minneapolis). Organize
support for organization that promotes
community and health for the houselesscommunity through running and exercise.

Some of the sponsorships and eventsThe Environment

SASB Standards Index• Winter Clothing Drive (Minneapolis).
Collection of new and gently used coats,
jackets, and winter clothing for local sheltersand clothing banks.
• Safe Hands Rescue (Minneapolis). Provide
space and support for re-homing of rescue
animals as well as mental health support
for employees.
• Open Your Hearts (St. Paul). Donations of
personal care packs for local homeless shelter.
• East Side Elders (St. Paul). Pack and deliver
groceries to local senior citizens.
• Broadening Horizons, Mentorship
Programme (EMEA). Serve as career mentors
to students in academia.
• Bristol Northwest Foodbank.
• Bristol Children’s Charity (Bristol).
• Aid Box Community (Bristol). Organize andsponsor collection for displaced people toenjoy recreational activities including bowling,
photography, and basketball.
• Save the Children (Bristol). Collection anddonation of new jumpers for children in need.
• Macmillan and Breast Cancer Charities(Abingdon). Sponsor and organize acharity raffle.
• Foster Angels of Central Texas (Austin).
Fundraiser and gift giving for foster children
during the holidays.

TCFD Index• Community First Village (Austin).
Fundraiser for formerly houselesscommunities for the holidays.
• Scare for a Cure (Austin). Help build ahaunted house to benefit cancer research.
• Produce Good (San Marcos). Help harvest
excess bounty and produce to donate to
the community.
• Loaves & Fishers Food Pantry (Devens).
Collected food donations and personalcare items.

30

Introduction

Our People

Advancing Science

Governance & Operational Integrity

PILL AR T WO

Advancing
Science

The Environment

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31

Introduction

Our People

Advancing Science

Delivering
the Tools
Necessary
to Advance
Science

Governance & Operational Integrity

Over the last 47 years, Bio-Techne has amassed
a portfolio of over 1,000,000 distinct products toenable biopharmaceutical and academic researchers
to develop insights into the biomechanics of specificdiseases and, ultimately, enable the developmentof products to treat or prevent these conditions.
Our diverse base academic and biopharma
customers rely on these high quality tools to power
the scientific discoveries that ultimately improvehealthcare across the globe. We also develop
and commercialize diagnostic tests to improve
patient diagnosis and treatment, as well as kits,
raw materials, controls and calibrators to enablediagnostic tests and ensure diagnostic instruments
delivering critical information to physicians andpatients are working properly.
In addition to our commitment to continuously
innovate with a focus on delivering the products
necessary to advance science, we also recognize theimpacts our products have on society and the global
and local economies in which we operate, as well as
the environment.

The Environment

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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Impact on Society
Bio-Techne impacts the health and qualityof life of people globally by developing theinnovative research reagents, analytical tools
and spatial biology solutions relied upon bybiopharmaceutical and academic researchers tofurther their understanding of disease etiology
and develop potential cures and treatments fora wide range of conditions. Since launching its
first recombinant protein in 1988, Bio-Techne’s
portfolio of products and technologies haveplayed an integral role in the discoveries that
led to the launch of numerous therapeutics,
including small molecule pharmaceuticals,
recombinant proteins, monoclonal antibodies,and vaccines, as well as the emerging class ofcell and gene therapies. Separately, our ExoDx
Prostate test gives men with indeterminate
prostate specific antigen (PSA) scores additional
information to inform their decision on whether
to proceed with an invasive prostate biopsy.

ECONOMIC IMPACT
We positively impact the economy
as we expand capacity and add toour employee base to meet thegrowing demand for our products
from our 34 sites worldwide. Overthe last decade, our acceleratingorganic growth combined withan active acquisition strategy has
led to rapid expansion of ouremployee base. In 2013, we had
approximately 790 employees in
8 global locations. Today this hasgrown to over 3,100 employees in
34 global locations.

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

ENVIRONMENTAL IMPACT
We are implementing initiatives not just to develop cutting edge tools for the scientificcommunity but also to fortify these initiatives with strategies to reduce Bio-Techne’s
environmental impact. For example, representatives from our Minneapolis-based R&D,
Operations, and Quality departments recently joined forces to increase yields on some of

The Environment

SASB Standards Index“

Our ExoDx Prostate test provides
important information to bothpatients and clinicians, enabling
men to make more informed

our high-volume proteins. This cross department initiative developed and implemented

decisions on prostate biopsies.

processes that led to increased protein yields, and in turn, lowered the associated energy

Prostate biopsies are potentiallyconsumption as less production is now required to produce the same mass yield of proteins.

dangerous procedures, with

Bio-Techne’s U.K.-based team (EMEA) deploys multiple strategies to positively impact
the environment, including submitting returns for packaging, waste electrical and battery
streams placed on European and UK markets, as well as quarterly submission to the HM
Revenue & Customs (HMRC) as part the UK Plastic Packaging Tax. By complying with theseschemes, Bio-Techne EMEA demonstrates their commitment to responsible packaging
management and resource conservation. The returns allow for the proper tracking anddisposal of packaging waste, ensuring these materials are recycled or treated appropriately
and the cost is distributed. Likewise, the plastic packaging tax provides a financial incentive
to reduce the use of plastic packaging and encourage the adoption of more sustainable
alternatives, diverting waste from landfills and increasing levels of recycling.

side effects including bleeding,infection, difficulty urinating, andsepsis. We are proud of the role
we play in enabling society to live
healthier lives.”

Kim Kelderman
President

Diagnostics, Genomics, & Spacial Segment

TCFD Index

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Introduction

Our People

GMP
ProteinFacility

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

In September of 2020, Bio-Techne opened a state-of-the-art GMP (GoodManufacturing Practice) protein manufacturing facility. GMP-grade
proteins are essential components of cell culture media for regenerative
medicine, immuno-oncology and gene-modified cell therapy workflows.
We are currently manufacturing 8 different GMP-grade proteins in thefacility, with a roadmap for continued menu expansion in the coming
months. At this new facility, Bio-Techne has been able to improve thefermentation and purification processes. These increased yields enable
the facility to produce higher volume of product with less manufacturingruns, translating into water and energy savings.
We continuously evaluate the use of hazardous materials throughout our
global facilities. Our goal is to reduce or eliminate these materials in our
final products whenever possible. For example, we have reduced the useof mercury containing preservatives in our assay kits by 99% and lowered
the amount of alternate preservatives in more than 13,000 products tolevels considered non-hazardous to the environment, while maintaining
the antimicrobial action of the chemicals.
Additionally, we are currently evaluating and piloting the use of nonhazardous alternatives for certain solvents (e.g., dimethylformamide orDMF) to determine viability and customer acceptance.

35

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

Prioritization
Process Drives
Smart Innovation
Risk Adjusted
Total Benefit

On an annual basis, Bio-Techne prioritizes its funnel ofpotential product and technology development opportunitiesC O M PA R E O P T I O N S BAS E D O N :across the Company with a focus on funding projects thatare additive to the Company’s strategic growth, enhance our• What are the resources required tocore business and meet the needs of our research and/or

Strategic Growth

diagnostic customers. Each potential project is evaluated on

Enhancing the Core

these criteria, then ranked by its benefit/cost, with the goalof funding and progressing the most innovative, impactful,

Customer Experienceand potentially disruptive products and technologies. This

6-10 year Revenue ($)

prioritization process provides clear direction for investment
decisions across the whole business and enables Bio-Techne

1-5 year Revenues ($)

to fund the projects and products with the highest potential
impact to our stakeholders.

Costs

deliver the project?
• What is the benefit of the project,assuming success?
• What is the delivery confidence?

36

Introduction

Our People

Advancing Science

Our Internal
Research
Programs &Acquisitions
Expand Our
Product
Offering

Governance & Operational Integrity

The Environment

SASB Standards Index

Bio-Techne relies on its internal researchand gene-modified cell therapy workflows

and development efforts as well as anand position Bio-Techne to be a leader in thisactive acquisition strategy to build its

emerging therapeutic class.

portfolio of innovative products, solutions,and technologies. Our investment in
R&D initiatives over the years has created

In fiscal 2023, we strengthened our spatial
biology franchise with the announced

a market-leading portfolio of researchacquisition of Lunaphore, a leading developer

reagents, including over 2,500 immunoassay

of fully automated spatial biology solutions.

kits, over 6,000 proteins and over 400,000

We also bolstered our instrument portfolio

antibody variations. During fiscal 2023,

with the acquisition of Namocell (see page

Bio-Techne spent approximately $92 million38), a leading provider of fast and easy to use(8% of revenue) on its R&D initiatives tosingle cell sorting and dispensing platforms

support a robust pipeline of new products.

and consumables that are gentle to cells andConsequently, we launched over 1,600 new

preserve cell viability and integrity. Additionally,

products across our Company this past fiscal
year to support our biopharmaceutical,
academic and diagnostic customers.

we made an initial investment in Wilson Wolf
(see page 38), giving us a 20% ownership stakein the Company. The Wilson Wolf agreement

We fortified our industry-leading reagent

includes the right to acquire the remaining

portfolio with an expanded number of GMP-

ownership stake upon its achievement ofgrade proteins manufactured in our state-certain future financial milestones. Wilsonof-the-art facility dedicated to GMP-grade
reagent manufacturing. This 61,000 squarefoot facility is dedicated to supporting large
scale production of GMP-grade proteins,
including animal free cytokines and growth
factors. GMP-grade proteins are an essential
component of cell culture media forregenerative medicine, immuno-oncology

Wolf (along with Fresenius Kabi) is already a
Bio-Techne partner in the ScaleReady joint
venture. Namocell, and eventually Wilson Wolf,
strengthen Bio-Techne’s cell and gene therapy
workflow offering, positioning the Company to
be a dominant player in workflows to enable
this emerging class of therapeutics.

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

Namocell develops, manufactures andWilson Wolf is a leader in the development,

Lunaphore is a leading developer of fullycommercializes instruments and consumables

manufacture and commercialization of cell culture

automated spatial biology solutions using

enabling single cell sorting and dispensing.

technologies, including its Gas Permeable Rapid

precision microfluidic technology to enable theSingle cell selection and sorting is a critical

Expansion (G-Rex) product line of bioreactors.

visualization of proteomic and transcriptomic

technology in various biotherapeutic andWilson Wolf’s G-Rex cell culture devices are a criticalbiomarkers in tumors and other tissues at single-

diagnostic workflows, including cell and genecomponent of the cell therapy workflow, serving as acell and subcellular resolution. Lunpahore’s

therapy development and commercialization, cell

vessel to create high quality cells that can reconstitutetechnology and instrumentation empowers

engineering, cell line development, single cell

the immune system’s capacity to fight disease. G-Rex

researchers in immunology, immune-oncology andgenomics, antibody discovery, synthetic biology

provides an easy, fast and cost-effective method forneuroscience to push the boundaries of scientificand rare cell isolation.

scaling cell therapies in the least amount of space.

discovery and accelerate therapeutic development.

38

Introduction

Our People

Advancing Science

Governance & Operational Integrity

Product Design
Bio-Techne approaches product design with an

The majority of our products are biological ineye toward efficiently developing and delivering

nature, requiring water to manufacture cell culture

innovative products and technologies that our

media and buffer formulations, electricity to run

biopharmaceutical, academic and diagnostic

equipment, and potentially a cleanroom setting

customers need to conduct their research andto ensure sterility. In recent years, Bio-Techne

diagnostic processes and ultimately improve

has focused on standardizing these processes

patient care. In order to meet and stay ahead ofthroughout the organization, sharing best practices

industry trends, we are increasingly approachinginternally to minimize use of raw materials,

our product development process through a

streamline processes, and minimize the use ofsustainability lens, aiming to deliver the highest

hazardous chemicals and the creation of waste,quality products and technologies that are notwhile ensuring the highest quality products.

only cutting edge from a scientific perspective,
but also designed with long-term sustainability
in mind. Specifically, we consider the use ofhazardous materials and animal components,
waste and recycling implications, and shipping
as well as packaging needs.

Our design control process requires a risk/hazard
analysis including review of raw materials, process
efficiency, and waste stream environmental impact
through the use of standard operating proceduresfor each new product during all phases of
product development.

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Introduction

Our People

Advancing Science

Product
Safety &Quality

Governance & Operational Integrity

Our manufacturing process and supplierqualification monitoring programs ensure
input traceability within our supply chain. Our
quality systems have not only implemented
processes and procedures to monitor both
safety and quality of the products received
from our suppliers, but also the manufacturers

raw materials in all stages of manufacturing
Over the last 47 years, Bio-Techne and its brands

up through our finished goods. We also

have earned the reputation as being a premiersource animal-based materials from countries

developer and supplier of life science toolsthat are considered low risk for transmissible

and diagnostic solutions. We have developed

spongiform encephalopathies (TSEs), including

rigorous Quality Management Systems (QMS)

bovine spongiform encephalopathy (BSE).

that Bio-Techne manufactures the highest
quality products for the research and diagnostic
communities. We leverage these same QMS,
processes and procedures to vet and selectour suppliers, contractors and partners.
Our adherence to the highest quality andenvironmental standards has been recognizedthrough the attainment of International
Organization for Standardization (ISO)certifications for the majority of our facilities.

SASB Standards Index

Manufacturingand Office Sites

Certifications

Minneapolis, MN

ISO 13485, ISO 9001, ISO 14001, MDSAP, US FDA,
Canada MDEL, USDA, Korea GMP

St Paul, MN

ISO 13485, ISO 9001, ISO 14001

Flowery Branch, GA

ISO 9001

Rennes, France

ISO 13485

Bristol, UK

ISO 9001

San Jose, CA

ISO 9001

Willingford, CT

ISO 13485

Ottawa, Canada

ISO 9001

Toronto, Canada

ISO 9001

San Marcos, CA

ISO 13485, MDSAP, USFDA, Canada MDEL, CA State
Med Device Manufacturing License, DEA, USDA

We have successfully acquired and integrated
20 acquisitions in the past 10 years, withevaluations of quality, safety, productperformance and reputation representing key
due diligence items in our evaluation of eachacquisition. Once these acquisitions close,
implementation of Bio-Techne’s QMS, productsafety and quality processes and procedures
are key pieces of the integration process.

TCFD Index

40“

Bio-Techne has an unwaveringof the raw materials included in these sourced
products. This enables full traceability of ourprocesses and procedures designed to ensure

The Environment

Newark, CA

ISO 13485, US FDA Facility Registration, CA State
Medical Device Manufacturing License

Austin, TX

ISO 13485, MDSAP, Korea GMP, Canada MDEL, US FDA Registered
Facility, Texas Device Mfg License, CLIA, CAP, DOH (RI, NY, MD, PN, CA)

Waltham, MA

CLIA, CAP, DOH (MASS, RI, NYS, MD, PENN, CA, Washington DC)

Devens, MA

ISO 13485, EN ISO 13485, MDSAP, FDA (US), Health Canada,
Euamed Actor Registration, DEA (Federal & Mass.)

EMEA

ISO 14001 (Abingdon, Langley, Wiesbaden, Rennes), ISO 9001

Shanghai(PrimeGene), China

ISO 9001

Emeryville, CA

ISO 9001

commitment to producing thehighest quality products across
our portfolio of innovative tools
and bioactive reagents. This
commitment to quality permeates
through all levels of the organizationand plays a critical role in how weapproach product development,
manufacturing, shipping andcustomer service.”

Qi Cheng
Vice President

Quality Assurance & Regulatory Affairs

Introduction

Our People

Advancing Science

SupplyChain &
Responsible
Sourcing

Governance & Operational Integrity

The Environment

SASB Standards Index

Our focus is on aligning critical elements

Effective Demand Planning Processes:of the supply chain sourcing and materials

Bio-Techne places significant emphasis on

management processes, enabling us to identify

robust demand planning processes. By

and proactively manage strategic supplies. The

accurately forecasting demand and aligning it

agility of our supply chain team, combined with

with our supply capabilities, we can proactively

a data-driven approach, allows us to concentrate

identify and mitigate any potential gaps in thein our products. We achieve thison key areas of the supply chain and respondsupply chain.

through a dynamic and data-driven

dynamically to secure and restock supplies.

Holistic Supply Chain Approach: Internally, we

Looking ahead, Bio-Techne is committed totake a holistic and harmonized approach toenhancing the resilience of its supply chain

identify and address potential vulnerabilities

through long-term initiatives, placing a strong

within our supply chain. We analyze our supply

emphasis on early detection and avoidance of

chain layers, extending our risk analysis beyond

Effective management of our supply chain ispotential supply chain issues. To achieve this, we

the immediate suppliers to deeper tiers of thecritical to our operations, and we are committed

employ several approaches:

supply chain.

Supply and Stocking Redundancy: We

By pursuing these initiatives, Bio-Techne aims

strategically increase inventories of inputs

to strengthen the overall resilience of its supply

that carry a higher risk of supply disruption.

chain and ensure a consistent and reliable flow

By doing so, we ensure alternative sources areof materials and resources. Our commitment

readily available, reducing the impact of any

to proactive management and continuous

potential disruptions.

improvement enables us to maintainto the responsible sourcing of materials used in
our products. Bio-Techne expects our suppliers
to operate with a high level of integrity and to
conduct their business in an ethical manner.
These expectations are detailed in bothour Supplier Code of Conduct and Conflict
Minerals Report.
Managing risks associated with the use of sourced
materials deemed critical to our operations isalways a focus for our quality, purchasing andoperations teams. In recent years, Bio-Techne has
implemented a range of strategies to effectively
manage our global supply chain operations.

“

TCFD Index

Collaboration with Strategic Suppliers: We foster
close relationships with our strategic suppliers,
promoting open communication and mutual
support. This collaborative approach allows us
to work together to identify and address any
potential vulnerabilities in the supply chain,minimizing the likelihood of disruptions.

the highest level of service forour customers.

Bio-Techne continues to strategicallymanage its supply chain, with a focus
on responsible sourcing and supply
risk mitigation of the materials usedapproach, enabling timely identificationand effective management ofpotential vulnerabilities.”

Ken Farleigh III
Vice President

Operations & Supply Chain,
Protein Sciences

41

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Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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Scaling to
Meet Demand
In recent years, Bio-Techne has experienced robust growthacross several areas of our business. In order to meet thisincreased demand and prepare for future growth, we have
expanded, or plan to expand, manufacturing capacity
at several of our global sites. For example, in 2023, we
opened a new state-of-the-art 52,000 square foot productinnovation and manufacturing facility in Wallingford,
Connecticut for the manufacturing of Ella™ immunoassay
cartridges. This new facility provides a five-fold increase in
our Ella immunoassay cartridge production capacity.

42

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

PILL AR THREE

Governance& Operational
Integrity

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43

Introduction

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Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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Bio-Techne has built an
exceptional reputation over theyears through the collective hard
work and unwavering commitment
to integrity of all its employees.
We believe the quality of our people andour science, together with our commitment
to integrity and governance, are keys to our
long-term success. As Bio-Techne continues
to expand its capabilities, product portfolio,
service offerings and geographic footprint,
we continue to hold firm to our commitment tobusiness ethics and compliance, financial andscientific integrity, data security and privacy,
and risk management. Read more about ourpolicies covering suppliers, research conduct,
data privacy, anti-corruption, and ethicalbusiness conduct here.

44

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Governance & Operational Integrity

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45

THE ROLE OF OUR BOARD

Strong
Corporate
Governance

Our Board of Directors governs Bio-Techne, withand principles is designed to inform thethe responsibility of establishing the strategic

actions of the Board, its committees anddirection of the Company and overseeing,

management to effectively govern Bio-Techne

directing, and advising management as theyand create long-term value for our shareholders,

carry out both long- and short-term strategic,

employees, customers and other stakeholders.

operational and financial plans. Our Board also

These guidelines cover the Board’s roles andmonitors the performance of our executive

responsibilities, composition and membershipleadership team and the Company as a whole.

criteria, Board and committee meetings,

The Board has established our Principles ofCorporate Governance to provide a framework
for effective governance. This set of policies

responsibilities, adherence to our Code of Ethics
and Business Conduct, and access to the Boardby shareholders.

BOARD COMPOSITION AND INDEPENDENCE
Our directors bring a diverse background of perspectives and experience to our Board, which benefits
stakeholders by promoting effective oversight of our strategy and operations. As an acquisitive sciencebased company, a mix of science/technology and business expertise among our board members isnecessary to create long-term value for our stakeholders. Our directors reflect this balance, as well as
a diverse mix of other skills and experience needed to help drive our strategies, including expertisein operations, international business and risk management, among others. We are also committed toenhancing our Board’s diversity — including gender, racial, ethnic, and other under-represented groups.
To enhance that diversity while also retaining the benefits of Company knowledge, we rely in part on our
mandatory retirement policy, which requires directors to retire upon reaching the age of 75.

Introduction

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Advancing Science

Governance & Operational Integrity

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46

our Independent Chairman. Mr. Baumgartner“

possesses significant business and board experience,

planful progress and strategic initiatives

The Bio-Techne Board has nine members, eight ofwhom are independent as defined by the NASDAQ
exchange’s corporate governance listing standards.

Bio-Techne’s Board of Directors is

In addition, all four of our standing committees arepleased to publish this annual update

composed entirely of independent directors. Our

to our Corporate Sustainability Report

Board is currently led by Mr. Robert Baumgartner,and deep knowledge of Bio-Techne’s strategy andin which we further our commitment totransparency and responsible growth,

Robert V. Baumgartner

John L. Higgins

Charles (Chuck) Kummeth

to come. We remain committed toaligning and integrating Bio-Techne’sbusiness objectives. He emphasizes the importancelong-term strategic focus with ourof the Board’s objectivity and independence as theand our stakeholders’ sustainability

Board fulfills its important oversight role on behalf ofpriorities. We focus on building ashareholders. For example, to ensure open discussion

durable, sustainable, growing businessamong independent directors, they regularly meetthrough strong governance andin executive sessions without members of ourfrequent engagement with Company

management team present.

leadership. The Board of Directors
have deep industry, commercial,
and technical experience, and work

Roeland Nusse, Ph.D.

Randolph C Steer, M.D., Ph.D.

Joseph D. Keegan, Ph.D.

collaboratively to leverage their diverse
backgrounds and viewpoints in guiding

BOARD COMMIT TEES

Bio-Techne’s management. We arecommitted to business strategies that

Our Board currently has four standing committees:

support the Company’s long-term

Compensation, Nominations and Governance,

success, and we believe the Company’s
ESG initiatives are an integral

Audit, and Science & Technology. Each committee

component of that long-term focus.”

operates under a formal written charter, approved by
the Board, that describes its scope of authority andRobert V. Baumgartner

responsibilities. Each committee reports to the full
Board. The committee charters are available here, in
the Investor section of our website.

Alpna Seth, Ph.D.

Dr. Rupert Vessey, MA,
BM BCh, FRCP, DPhil

Julie L. Bushman

Chair of the Board andChair of the Nominating& Governance Committee

Introduction

Our People

Advancing Science

Governance & Operational Integrity

STRONG GOVERNANCE
PR ACTICESLOBBYING AND POLITICALCONTRIBUTIONS

We believe our governance practices, as

Our Board of Directors retains the authority todescribed in our Principles of Corporate

approve any political contributions. Bio-Techne’s

Governance, charters and elsewhere, reflect

historical and current practice has been not

best-in-class practices. These include:

to use Company funds to oppose or support

independence of non-employee directors;

any candidate or influence public opinion withan independent Chair/Lead Director; arespect to any ballot referendum or issue. The

nominating process that incorporates diversity

Company is involved in several industry groups

considerations; and shareholder rights,

that support our legislative and regulatory

including proxy access. We also have executive

evaluation and advocacy efforts.

compensation programs designed to create
long-term shareholder value, including stock
ownership requirements, performance-based
long-term equity incentives, a compensation
clawback policy, double-trigger severance
benefits and anti-hedge and pledge rules.
Please refer to our 2023 Proxy Statement andInvestor Relations website for more information
regarding our Board of Directors and Principles
of Corporate Governance.

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47

Board Composition
9 Board Members

22

%

Women

2

64.2

4

Average Age

11

%

3

Underrepresented Minority

56%

Have an M.D., a Ph.D.
in a science field, or both

1
3

12

Average Tenure(years)32

Introduction

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Advancing Science

Governance & Operational Integrity

The Environment

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Enterprise Risk
Management & OversightAs a whole, and through its committees, the Board oversees

T H E AU D I TCOMMITTEET H E C O M P E N SAT I O NCOMMITTEET H E N O M I N AT I O N S &G OV E R N A N C E C O M M I T T E E

Periodically reviews our accounting, reporting,Leads the annual review of CEO and executive

Oversees the Board’s governing processes,

tax and internal controls practices, including theofficer performance and supports the Board’sorganization, membership and structure

integrity of our financial statements

review of succession plans to key management

Meets periodically with Company management

Implements or recommends compensation

Oversees compliance with environmental andfrom finance, legal, internal audit, tax, compliancestructures, practices and policies that align withsustainability regulations and requirements

meetings with management during operating performance reviews,

and information technology functions to discussCompany strategies and shareholder interests,

it receives updates on risk matters as well. Each Board committee

significant areas of our business that could havecomply with regulatory requirements andsupports that effort by focusing on oversight of risks included withina material impact on our financial statements,

discourage excessive risk-taking

their responsibilities as outlined in their charters.

business operations and financial condition

Our enterprise risk management process includes within it theReceives regular updates on cybersecurity

Oversees and evaluates risks related to Bio-Techne’s

Periodically reviews Bio-Techne’s culture, ethics

various ESG elements of our sustainability programs. However,incidents and enhancements, as well as legal andtalent, diversity and inclusion, and compensationand compliance programs

as we continue to increase our sustainability focus, we haveregulatory risks with potential financial impacts

practices and policies, as well as other material

Bio-Techne’s strategy and risk management, including those
associated with environmental, social and governance matters(ESG). Bio-Techne’s full Board receives updates on and discusses
ESG matters at least quarterly, with at least an annual extensive
review of long-term ESG strategy. Embedded within thesestrategic discussions is the identification, evaluation, and mitigation
strategies of associated material risks. As part of its quarterly

human capital key performance indicators

added more specifics around oversight of and responsibility
for sustainability specifically, as described in more detail in theaccompanying table and in the Corporate Sustainability sectionof our 2023 Proxy Statement.

Appoints and evaluates Bio-Techne’s independent

In coordination with management,

registered public accounting firm

engages with shareholders on governance,
corporate responsibility, environmental andsustainability matters

48

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Governance & Operational Integrity

Data Security
and Privacy

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49

LEADERSHIP AND GOVERNANCE
Bio-Techne’s data and cyber security strategy is led by the Senior Vice President of Digital Solutions andVice President of Information Technology, with input and execution from the Chief Information Security
Officer. In addition to supporting the Company’s enterprise-wide cyber security management, the Legal
Department manages the Company’s global compliance with data privacy laws and regulations. The
Bio-Techne Board receives reports on information security on a regular basis and our Audit Committee

DATA AND CYBER SECURIT Y
Data security and privacy are important elements of our enterprise risk management. We havecontinued to invest in all elements of our cybersecurity program. Our program incorporates
defined requirements based on leading industry standards such as the National Institute ofStandards and Technology (NIST) in order to protect the confidentiality, integrity, and availabilityof Bio-Techne’s information systems and data. As part of our comprehensive approach, we
continuously invest in resources to strengthen our security posture to protect internal andcustomer data.

is kept apprised of risks and incidents that could have material impact to our financial statements orbusiness operations. Additionally, the full Board receives at least annually a comprehensive report on
Bio-Techne cybersecurity strategy, effectiveness, and plans.

A CULTURE OF PERSONAL RESPONSIBILIT Y
While Bio-Techne invests in industry-leading tools and systems to protect its and its customers’ data, it
devotes considerable time to training and educating its employees about the signs and symptoms ofcyber attacks. Bio-Techne’s Code of Ethics and Business Conduct reinforces the foundational principlethat sharing data is a matter of trust, and that each employee is individually responsible for keeping andData security is given a high priority and is supported by a team of experienced professionals

building that trust. To equip employees for this responsibility, Bio-Techne requires all employees to takewithin our Information Technology department, accountable for all elements of the program,and pass on an annual basis training how to identify, avoid, and responsibly report suspected cyberincluding: security operations, governance and risk management, security architecture andattacks such as phishing, denial-of-service, spoofing, and others. In addition, Bio-Techne reinforces its

engineering, and security education and awareness. We have also formed an Incident Response

employees’ training by subjecting them to simulated cyber attacks on a randomized and unpredictable

Team with representatives from Information Security, Internal Audit, Legal, Finance, Humanbasis, with further training required if the simulated attack is not recognized. These simulated cyber

Resources and Operations. The Incident Response Team has developed a plan in the event of a

attacks are more heavily targeted at those functions and personnel with access to sensitive data andbreach and meets regularly to review that plan and otherwise prepare for potential cyber attacks.

access to valuable Company resources.

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Advancing Science

Governance & Operational Integrity

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Secureby Design
DATA AND CYBER SECURIT Y DEVELOPMENTS

TCFD Index“

Cyber security remains a

Bio-Techne’s business continues to grow, and• Implemented industry best practice processes

has expanded both organically and throughacross foundational features of data security,

remain critical features of Bio-Techne’s individual

strategic acquisitions. This growth has required

including DLP, endpoint encryption, password

and collective focus. Bio-Techne plans to

Bio-Techne to develop considerable adaptability

complexity, patching, technology lifecycle

continue strategic investment in appropriate

and rigorous controls within its information

management, website security management,

tools and systems to ensure that customers canappropriate technologies

technology infrastructure. In the last several

and single sign-on

continue to depend, securely and confidently, on

and a strengthen the cyber

Bio-Techne’s high quality products and service.

security team, and focus on

years, Bio-Techne’s achievements in hardening its
data and cyber security include the following:• Consolidated subsidiary and international web
sites under One Web, utilizing a single web sitecode base across multiple sites• Implemented multi-factor authentication foremail accounts and external access to theinternal network• Implemented Microsoft Dynamics 365 in its
European operations• Established and executed repeatable network

Data security and general cyber security will

design and server design to integrate

Privacy of data is an overlapping but separate

past acquisitions

matter. Bio-Techne is committed to ensuring our• Updated and expanded data and cybersecurity training to employees

stakeholders’ data remains secure and is used
only for business purposes and in accordancewith applicable laws as specified in our Privacy

top priority at Bio-Techne.
Since our last CSR, wehave continued to invest in

the continuing educationof our employees. Cyber
security is constantly
evolving; we adjust andadapt to stay ahead of thechanging landscape.”• Expanded and developed expertise of cyber

Policy. We are also committed to the fair andand data security by growing the information

lawful treatment of personal information about

Scott Osgood

security team

our employees, prospective employees, theirVice President• Reviewed and updated IT policies on Network
Security, Information Security, Data Backups,
and Password complexity

dependents and beneficiaries that we collect orprocess, or that third parties collect or process on
our behalf.

Information Technology

50Introduction

Our People

Advancing Science

Ethics andCompliance

Governance & Operational Integrity

The Environment

SASB Standards Index

The Code highlights multiple ways for employees and others to raise questions or report any
concerns about improper conduct — see page 12 of the Code of Ethics and Business Conduct.
While employees can report directly to their manager or to Human Resources any concerns, some
employees may choose to use Bio-Techne’s Integrity Line, which allows reporting with an identity orthat they do not believe comply with our high standards of ethical conduct. Our policy also includes

Our Code of Ethics and Business Conduct reflects our values
and commitment to operate ethically and at all times ina firm policy of non-retaliation. Concerns that are raised will be treated seriously and without fearof retribution.

“

Bio-Techne takes great pride in
the deep scientific knowledge

ANTI-CORRUP TION POLICY

compliance with relevant laws and regulations. The Code isstructured in an easy to understand format with explanatory

The Code of Ethics and Business Conduct includes a section devoted to operating the business with

examples, and is translated into four languages in addition to

integrity. Bio-Techne supplements this with a separate Global Anti-Corruption Policy that describes

English for our employees for whom English is not as familiar.

in more detail how we operate our business ethically and in compliance with U.S. Foreign Corrupt

The Code covers such diverse topics as equity and inclusion,

Practices Act (FCPA) and the anti-corruption and anti-bribery laws and regulations of all of theanti-corruption, privacy, insider trading and maintaining

countries in which we conduct our business. The policy applies to all employees, officers and directors

accurate and complete records; there are three main sections

globally and describes in detail the business activities and payments that are improper and prohibited

titled “Respecting People,” “Safeguarding our Business Assets

under the policy. See the Bio-Techne Global Anti-Corruption Policy.

and Financial Integrity,” and “Engaging our Customers and51

INTEGRIT Y LINE

anonymously. We encourage all employees to ask questions, raise concerns and report situations

BIO-TECHNE CODE OF ETHICS AND
BUSINESS CONDUCTTCFD Index

and highly technical skillset
that exists within our employeebase. This scientific acumen
fuels the innovation that is
at the core of Bio-Techne,
which in turn drives the steadycadence of new productintroductions. Delivering
these innovations while
operating with the highest

Bio-Techne markets and sells its products and services in many countries through authorized

degree of ethical standards

distributors and other sales partners. We maintain an anti-corruption program applicable to thoseremains a core focus acrossThis Code applies to the Bio-Techne Board and all Bio-Techne

third parties as well, which includes appropriate diligence of our sales and distribution partners,

the organization.”

employees, including those who join by acquisition. As part ofprovisions in contracts requiring them to comply with relevant anti-corruption laws, and periodic

our onboarding process, all employees are required to review

acknowledgement of their compliance with our anti-corruption program. Certain employees andand acknowledge adherence to the Code. They also receive

partners receive periodic compliance training and elements of our compliance program are audited

training on the topics covered in it on a periodic basis.

by our internal audit staff. See Bio-Techne Global Anti-Corruption Policy.

Business Partners.”

Evett Kruka
Senior Vice President
Spatial Biology Division

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Advancing Science

Governance & Operational Integrity

HEALTHCARE COMPLIANCE

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FINANCIAL INTEGRIT Y

While a number of our products are used

Our divisional Compliance Committee, which

Our focus on ethics applies to financial integrity

Commission requirements, that requires theas components of healthcare products andis comprised of a cross-functional team that

as well. Bio-Techne is committed to acting withrecoupment of cash and equity incentive

services, we have only a handful of products

includes marketing, sales, regulatory, research,honesty, integrity and reliability to safeguard

compensation paid to current or former executive

and services that are purchased by laboratories

medical affairs, laboratory staff, legal andour reputation and investors’ and the public’s

officers in the event of a financial accounting

or ordered by healthcare providers, constituting

management, are responsible for overseeing

confidence in Bio-Techne.

restatement.

a small part of Bio-Techne’s total revenue. Within

and administering our healthcare compliancethis business, we comply with various rules andprogram. Their responsibilities include

As described in more detail in our Code of

In addition to internal auditing and controls

regulations related to marketing and selling

maintaining and updating compliance policies,

Ethics and Business Conduct, our commitment

functions, our independent registered publichealthcare products and services, including

ensuring that relevant marketing, sales andto financial integrity rests on the foundation of

accounting firm, KPMG LLP, audits Bio-Techne’s

the U.S. federal Anti-Kickback Statute, thelaboratory staff receive periodic training on

accurate and complete financial record-keeping

financial statements in accordance with the

Health Insurance Portability and Accountability

those policies, and reporting periodically toand reporting. That commitment to accurate andstandards of the U.S. Public Company Accounting

Act (HIPAA) and other comparable laws andmanagement and to the Chief Compliancecomplete financials is supported by a strong

Oversight Board (PCAOB), provides an opinion

regulations in states and other countries. These

Officer for Bio-Techne. The Chief Complianceinternal audit function that helps managementon these statements and issues reports toinclude rules related to marketing our products

Officer in turn provides reports to theensure proper accounting and related controls.

shareholders on its audits. The Audit Committee

in compliance with the scope of their intended

Nominations and Governance Committee of theInternal audit also coordinates with our CFO andof the Board oversees and monitors theuses. We adhere to well established industry

Board on the healthcare compliance program.

Chief Compliance Officer to conduct risk-based

Company’s management and its independent

assessments and reviews across the organization.

accounting firm throughout the financial

best practices regarding healthcare complianceand interactions with healthcare professionals,

We have an Executive Compensationand have incorporated them into our healthcare-

Recoupment Policy, updated again this year

related policies and processes.

to adhere to recent U.S. Securities & Exchangereporting process. See page 61 of our2023 Proxy for our 2023 Audit Committee report.

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Advancing Science

Governance & Operational Integrity

SCIENTIFIC INTEGRIT Y
As a science-based company, the integrity of our scientific work and data is fundamental to ourbusiness and reputation. In addition to a reference in the Code of Ethics and Business Conduct
requiring all employees to be careful and accurate in their scientific work, Bio-Techne maintains
a Research Conduct Policy applicable to all of its clinical and non-clinical research programs that
includes the following elements:• Bio-Techne is committed to supporting clinical research that is conducted in an ethical manner,with steps being taken to: (1) minimize the risk of harm to participants, (2) obtain informed
consent from participants when appropriate, (3) avoid deception and coercion, and (4) maintain
subject confidentiality and anonymity.
• We minimize the use of laboratory animals and, if necessary, we maintain animaltreatment programs that emphasize humane treatment of animals and comply with allapplicable standards.
• In development of our products, we consistently endeavor to use ethically sourced materials.
• We conduct all of our research with high ethical standards of accuracy and integrity.

SUPPLIER CODE OF CONDUCT
Bio-Techne has a Supplier Code of Conduct that reflects our expectations that our business
partners will conduct their business ethically and in compliance with relevant laws. The policy
highlights the key values under which Bio-Techne operates, and communicates our expectations
that our suppliers, vendors and service providers will adhere to those same values.

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PILL AR FOUR

The
Environment

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Introduction

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Advancing Science

Governance & Operational Integrity

Our Environmental
Commitment
Bio-Techne’s commitment to environmental
stewardship mirrors our dedication to delivering highquality products. We strongly believe this is a “both /and” proposition and one we are honored to uphold.
BIO-TECHNE ENVIRONMENTAL POLICYAt Bio-Techne, we infuse all our work withfriendly technologies and practices; andour sustainable focus. In doing so, we minimize

Collaborating with customers and suppliers

environmental impact, conserve naturalto promote pollution prevention andresources, and improve our environmental

waste minimization.

management system at every office and site.

Meeting or exceeding environmental

Environmental management is an integral

regulations is only a starting point at Bio-Techne.

core value and a vital part of the Bio-Techne

Our principles compel us to aim further.

EPIC culture. We demonstrate our commitment
to the environment by Empowering employees
to minimize waste through awareness training;
fostering a culture that is Passionate about
the effective use of Innovative environmentally

Building on the prior year’s progress,
Bio-Techne’s disclosure of Scope 1 and 2
greenhouse gas (GHG) emissions data covers
all our sites across the globe this year.

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55“ “Thanks to our Company-wide

We aim to apply the same rigor and quality

focus, we made significant

standards as we use with respect to our products

strides toward environmental

toward every element of our environmental

initiatives goals over the lastcommitments. The expanded disclosures andyear. Those achievements

addition of updated metrics have provided

are made possible only byincreased transparency and clarity to thethe dedication of our people

progress made and the opportunity to drive eventhroughout the globe.”

further toward those goals in the coming year.”

Shane BohnenPeter Schüßler

General Counsel and Chief
Sustainability Officer

Vice President

EMEA

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Our 2022
Emissions Data
Building on the foundation set in the prior year’s report,
we expanded our Scope 1 and 2 GHG emissions reporting

METHODOLOGY

to include all sites in 2022. As we described last year, Scope

To inform our emissions disclosures this1 accounts for direct GHG emissions from sources owned

year, we collected climate impact dataor controlled by Bio-Techne (e.g., onsite fuel consumption

from January-December 2022 from allat owned facilities, gasoline consumption from Company-

38 Bio-Techne sites around the globe.

owned vehicles) and Scope 2 accounts for indirect GHG

This was an addition of 17 sites since lastemissions from the generation of purchased or acquired

year, primarily in Europe and Asia, andenergy consumed by Bio-Techne (e.g., onsite fuelreflects a significant increase in the number

consumption at leased facilities, purchased electricity).

of sites included in our emissions disclosures.

We collected and analyzed this data in a carbon accounting

Inputs for calculating Scope 1 and Scope 2

management platform to calculate Bio-Techne’s current

emissions include electricity usage1, diesel2

operational emissions footprint, integrate into ourand natural gas usage3, refrigerant releases4

foundational data for our emissions baseline activities,

and vehicle miles traveled by Bio-Techne-

and inform our future emissions-related efforts.

owned vehicles5.

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Our 2022 Emissions Data (cont.)

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57

As described in last year’s report, emissions intensity
is a ratio of our total Scope 1 and 2 emissions output
compared to the total square footage of our facilities(kgCO2e per sq. ft.), and provides context for our
progress in our sustainability journey. Incorporating

Bio-Techne Scope 1 & Scope 2 Emissions

20,00016,000

TC02E

TC02E

16,000

8,000

4,000

12,000

8,000

4,000

2021

Scope 1 Emissions

2022

2021

Scope 2 Location-Based Emissions

2022

Total Emissions

Across our expanding network of locations, 2022

Bio-Techne’s largest owned facility is in Minneapolis,

emissions totaled 17,290 tCO2e, with Scope 1 accounting

MN, which accounts for 65% of our total Scope 1

for approximately 22% of collected emissions, and Scope 2

emissions and 54% of our total Scope 2 emissions.

accounting for approximately 78% of collected emissions.
*Scope 1 emissions includes onsite
fuel consumption at owned facilities
and gasoline consumption from
Company-owned vehicles**Scope 2 emissions includes
purchased electricity andonsite fuel consumption atleased facilities

intensity was 10.5 kgCO2e / square foot, compared to

RESULTS

20,00012,000square footage of all locations, our 2022 emissions

Minneapolis Facility Scope 1 & Scope 2 Emissions*Scope 1 emissions includes
onsite fuel consumption andgasoline consumption from
Company-owned vehicles**Scope 2
emissions includes
purchased electricity

our 2021 measurement of 10.6 kgCO2e per square foot.
Given that almost all our sites returned to pre-pandemic

1 - Electricity usage data wascollected directly from utility
providers. For properties
without full electricity data
available, estimates weregenerated by applying average
electricity usage rates frommeasured facilities to thesquare footage of the property.

activity levels in 2022, with corresponding utilities and2 - Diesel usage data wasbased on direct diesel purchasedata from Bio-Techne facilities.

Of our collected emissions sources, purchased electricity

3 - Natural gas usage data
was collected directly fromutility providers. For properties
without full natural gas data
available, estimates weregenerated by applying averagenatural gas usage rates frommeasured facilities to thesquare footage of the property.
4 - Refrigerant usage data wascollected from Bio-Techne
facilities that purchased
refrigerants directly.
5 - Mileage was estimatedusing the average annual miles
driven per year as defined in
Kelley Blue Book.

fuel use, we view this as an indicator of the reliability ofour data in its consistency. As Bio-Techne continues togrow and expand its manufacturing capacity, total future
emissions may increase in the near-term, but we expect
our emissions intensity to remain steady or decrease overthe coming years.

accounts for approximately 73% of our total emissions.
The next highest contributor is natural gas, which accounts
for approximately 22% of our total emissions. Remaining
sources making up less than 6% of total emissions include
refrigerants, diesel, and gasoline.
Given the contribution of electricity to our overall carbon
footprint, we continue to be committed to evaluating
increased use of cleaner, renewable and/or low-carbon
electricity at all our sites, particularly our manufacturing
facilities. We believe this would result in the greatest
near-term impact in reducing our GHG emissions andwill prioritize transitioning facilities with high electricity
consumption and high carbon intensity of electricity.
We will also continue to measure the efficiency of ourmanufacturing equipment to identify opportunities toreduce overall fuel consumption and the energy intensityof our fuel sources.

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

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58

Our 2022 Emissions Data (cont.)
LOOKING AHEAD
Bio-Techne’s commitment to becoming abusiness focused on long-term sustainability
means investing in new opportunities and→01

Last year, Bio-Techne built methodology
to collect and analyze Scope 1 and Scope
2 data from the majority of our sites. With

02

Bio-Techne’s prior year reporting around SASB
continues with this year’s update. We have
expanded this year’s reporting to include the Task

holding ourselves to the highest standards

that foundation, this year’s report added ourForce on Climate-Related Financial Disclosuresof accountability. We are excited to share theremaining 17 sites to bring a new level of(TCFD) standards. We are also beginning theemissions disclosures included in this report,

transparency to our disclosure commitment.

evaluation of our sustainability progress throughand have our sights set on additional data

Thanks to a focus on emission intensity, we have

Ecovadis Business Sustainability Assessment.

disclosures in future reports. Listed below areenhanced clarity of our emissions across all of

These tools provide us with a deeper perspective

some of the additions we are committed toour sites, and will use such information to help

on our environmental footprint and achievement,

incorporating in future reports:

navigate our sustainability progress. We plan

and we plan to integrate our learnings into ourto continue collection, analysis, and disclosuresustainability journey.

of emissions data from our sites across theglobe to ensure accuracy and transparency ofemissions disclosures and inform our target
setting strategies in coming years.

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index

Our Environmental Actions
Bio-Techne strives to minimize environmental

To support this, we have formed a cross-previously shipped to customers, the Company

impacts by improving efficiency in its

functional team across multiple Bio-Techne sites

reclaimed 5,500 thermoformed plastic kit sets,

operations and product design. We areto facilitate cohesive efforts that meet the needs

which avoided nearly $10,000 worth of plastic

confident in our ability to provide researchersof the majority of our global customer requests.

scrap. We have also redesigned and deployedwith the tools they need, while contributing
to a cleaner and healthier future in the life
sciences and healthcare industries. To that
end, we continue to invest in sustainable
solutions that meet and exceed customer
technical needs. Detailed below is a sample
of efficiency improvements and research
initiatives highlighting our progress towards acleaner future.

INDUSTRY-LEADINGSUSTAINABLE PACK AGINGINNOVATION
We believe sustainable solutions can power
our global system and have applied that
determination to drive industry-leading
sustainable packaging and shipping innovation.

One highly voiced request from customers is
to reduce plastic in our secondary packaging.
This past year, Bio-Techne has had an initiative
to redesign all plastic secondary packaging torecyclable paper-based materials. In February
2023, for a one-time tooling cost of only $2,500,
a plastic vial shipper for our retail proteins andantibodies was replaced with a fully recyclable
corrugate version (pictured here), resulting in

improved double-wall cardboard shippers with
reduced ink usage, resulting in shippers that are
more resistant to damage to prevent reshipments
and waste from damaged materials. To further
improve efficiency, we have optimized theamounts of coolant materials included with theshippers to reduce our shipping-related carbon
footprint while delivering our products at theirrequired temperatures.

45,000 fewer plastic vial shippers needing toFurther package optimization includes designing

be recycled or thrown away by customers. Thisbulk packaging for customers who are orderingchange also provided increased flexibility forlarger quantities. Bulk packaging reduces overall

our shipping teams to accommodate up to 6

packaging materials used, improves efficiency

mixed use tubes instead of only 4 plastic tubes

during shipping and minimizes storage spaceor 4 glass vials.

requirements with customers. These multi-year

Bio-Techne’s current plastic kit sets are recyclable
and composed of up to 30% post-consumer
recycled materials. Sourcing from packaging notefforts continue to involve collaboration across all
Bio-Techne sites to improve packaging across allbrands and locations.

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

Our Environmental Actions (cont.)
USE OF RENEWABLE
ELECTRICIT Y SOURCES

BUILDING A CULTURE
OF SUSTAINABILIT Y

Electricity at our Canadian facilities is sourced from hydro-electric

At Bio-Techne, our employees represent a critical source ofpower. Our Minneapolis facility has been a subscriber to the utility

creativity and drive to building a more sustainable operation.

provider’s Solar Garden program since December 2018, investing

Our Green Team ERG is composed of self-organized,

to increase the amount of solar energy produced in Minnesota.

grassroots, and cross-functional groups of employees

We are committed to evaluating increased usage of renewableacross our facilities who are passionate about environmental

electricity sources across our facilities and will prioritize facilities

sustainability. The Green Team’s objectives are to support

with higher electricity consumption and emissions intensity.

Bio-Techne’s sustainability and quality measures througheducation, internal process improvements and community

WATER MANAGEMENT
Reducing our water consumption remains an ongoing goal for
the Company globally. Our St. Paul site has automatic faucets
and low-flow toilets, and we plan to implement such water-saving
measures at other sites. Our operations team also intends toreduce water use from sprinklers at all Bio-Techne locations. We
are committed to evaluating our operations and their impact onwater usage across all sites to identify additional opportunities
for reduction.

actions. Although the site teams are organized independently
at each facility, Bio-Techne empowers the Green Team with adedicated budget for individual initiatives and programs and amember of the Corporate Leadership Team serving as the ERG
Green Team sponsor. This year, our Green Team launched awell-received “Sustainability Series” of educational emails to all
employees to encourage environmental awareness and action
planning across our facilities and communities.

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Introduction

Our People

Advancing Science

Spotlights

Governance & Operational Integrity

The Environment

SASB Standards Index

TCFD Index

Bio-Techne delivers on its environmental commitments through the active support,
collaboration, and creativity of our people. In this section, we spotlight key positive
progress and impact made by our teams in facilities globally.

MINNEAPOLIS AND ST. PAUL , MN

ABINGDON, UK

SAN JOSE, CA

Our teams in Minneapolis and St. Paul marked continued

Abingdon built on its prior year

Our San Jose site followed prior year successes, headlined by the launch of a new product —progress in environmental goal achievement. St. Paul achieved

success with hybrid and electric

the Maurice Flex cartridge & reagent kit (pictured below) — with a paper packaging case andISO 14001:2015 certification and was added to our certification

vehicle support. We now have

paper insert, replacing a prior plastic-dependent edition.

for Minneapolis, demonstrating the sites’ commitment to

9 EV/hybrid vehicles in our fleet,manage their environmental responsibilities in a systematicwith 12 EV charging points inmanner that supports the environmental pillar of sustainability.

Abingdon. As a result, the site

Within the facility, Minneapolis is now reusing kit packaging
from expired kits to reduce waste and lowering plastic band
dependence. New water dispensers were installed to drive
adoption of reusable water containers. Through our robust
recycling program, we sent 700 lbs of styrofoam to a recycler

saw its emission free mileage
increase to over 23,000 in FY23,

employees in trail clean up, sustainability seminars, eco transport

was reduced by over 16%.

to work, plant-based lunches, and used good donation drives. On

significant process improvement

systems to deliver greater energy efficiency.

driving refrigeration efficiency.

consumption. We also installed motion sensors, automatic
switches and LED lightbulbs. The team has also creatively
leveraged natural winter air to drive a chilled water loop,
significantly reducing unnecessary HVAC compressor cycles.

will replace up to 6,000 plastic parts per month.

Further, Abingdon’s paper usage

convert to LED lighting and upgrade our building automation

boiler scheduling, dramatically reducing the site’s natural gas

by moisture and drop tests on new paperboard packaging designs that

Creative and concerted projects have engaged nearly 200

Abingdon’s labs underwent

an EV charging station. The site optimized high pressure

bubble wrap reused since the program was put in place. These efforts were complemented

a 340% increase over FY22.

to be repurposed as picture frames. We also continued to

In St. Paul, we implemented a recycling program and installed

Our San Jose warehouse has begun reusing bubble wrap, with over 105,000 square feet of

Our team adjusted freezer

a similar note, over 2,000 lbs. of excess equipment and furniture wasdiverted from landfills and given new chapters thanks to partnershipwith local agencies. We’ve also completed the baseline and certificationassessments for My Green Lab Certification for 2 labs in San Jose.

temperature from -80 to –70

Training and environment curricula saw continued momentum overwithout sacrificing performance.

the year. All lab users trained on “12 Principles of Green Chemistry

Gaps between freezers haveand Best Sustainable Lab Practices.” Development team members

been filled with reused paper

trained on “Engineering Design for Sustainability and Circularwaste, driving even greater

Economy.” All San Jose employees are trained on waste sorting

thermal efficiency.

in the office and kitchen area.

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Introduction

Our People

Advancing Science

Governance & Operational Integrity

SASB
Standards
Index

The Environment

SASB Standards Index

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62

Introduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

SASB Standards Index
Topic

Accounting Metric

HC-MS-240a.1 Ratio of weighted average rateof net price increases (for all products) to theannual increase in the U.S. Consumer Price
Index

HC-MS-250a.1 Number of recalls issued, total
units recalled

Product
SafetyHC-MS-250a.2 List of products listed in the
FDA’s MedWatch Safety Alerts for Human
Medical Products data-base
HC-MS-250a.3 Number of fatalities related
to products as reported in the FDA
Manufacturer and User Facility Device
Experience
HC-MS-250a.4 Number of FDA
enforcement actions taken in
response to violations of current
Good Manufacturing Practices

EthicalMarketing

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SASB Standards Index
Reference

Bio-Techne does not disclose this data.

Affordability& Pricing
HC-MS-240a.2 Description of how priceinformation for each product is disclosed tocustomers or to their agents.

SASB Standards Index

Topic

Product
Design &Lifecycle
Management

Pricing provided by Bio-Techne to customers and distributors varies bybusiness unit and product line but includes both list prices and quoting
processes. Pricing is dependent upon geographic region, customer type,
type of channel, contractual provisions and other factors.

During our fiscal year 2023, Bio-Techne had 1 recall that was reported to the
FDA and non-US national regulatory authorities, with 3137 units recalled in
the US and 47,070 units recalled outside of the US.

Accounting Metric
HC-MS-410a.1 Discussion of process to assess
and manage environmental and human healthconsiderations associated with chemicals in
products, and meet demand for sustain-able
products

See pages 32-41.

HC-MS-410a.2 Total amount of products
accepted for take-back and reused, recycled
or donated, broken down by: (1) devices andequipment and (2) supplies

Bio-Techne generally does not accept any products for take-back, re-use or
recycling, and does not track this information.

HC-MS-430a.1 Percentage of (1) entity’s
facilities and (2) Tier 1 sup-pliers’ facilities
participating in third-party audit programs for
manufacturing and product quality

Supply Chain
Management

Reference

All medical device facilities at Bio-Techne under ISO 13485 are subject toannual audits by Notified Bodies. Facilities operating under ISO 9001 areaudited a maximum of once every three years by Registrars. Bio-Techne
affiliates maintain two laboratories that are certified under CLIA and are
subject to audit.
Bio-Techne does not currently report the percentage of Tier 1 supplierfacilities participating in third party audit programs for manufacturing or
product quality.

HC-MS-430a.2 Description of efforts tomaintain traceability within the distribution
chain

Every shipment is traceable by its bill of lading and on-package labeling.
Bio-Techne assigns batch and/or lot numbers to all incoming raw materials
and lot and/or serial numbers to outgoing orders.

None.

HC-MS-430a.3 Description of the
management of risks associated with the useof critical materials

We periodically assess criticality of certain raw materials and components,
and take appropriate steps to mitigate supply chain risks through a variety ofmeasures such as secondary sourcing, increasing stock levels and identifying
alternative materials.

None.

HC-MS-510a.1 Total amount of monetarylosses as a result of legal proceedings
associated with bribery or corruption

None.

HC-MS-510a.2 Description of code of ethics
governing interactions with health care
professionals

In addition to our Code of Ethics and Business Conduct that covers ourentire business, we also have a compliance program specifically for that
small portion of our business covered by healthcare regulations. Our
compliance program is consistent with the AdvaMed Code of Ethics, and it
reflects our commitment to ethical practices in interacting with healthcare
providers as we develop, test, market and sell our healthcare products andservices. See Healthcare compliance at page 52.

HC-MS-000.A Number of units sold by
product category

Bio-Techne believes that the number of units sold by productcategory is proprietary information.

During our fiscal year 2023, there were no products listed in the FDA’s
MedWatch Safety Alerts for Human Medical Products database.

Business
Ethics

HC-MS-270a.1 Total amount of monetarylosses as a result of legal proceedings
associated with false marketing claims

None.

HC-MS-270a.2 Description of code of ethics
governing promotion of off-label use of
products

We have a small number of products that are marketed and sold directly
into the healthcare system. For those products, we promote andmarket them for their intended or approved uses and maintain a robust
review process to assure that our marketing practices adhere to thoserequirements. See “Healthcare Compliance” page 52.

Activity
MetricIntroduction

Our People

Advancing Science

Governance & Operational Integrity

The Environment

Task Force on Climate-related
Financial Disclosures (TCFD) Index
TCFD Disclosure Element

Topic

SASB Standards Index

TCFD Index

Bio-Techne is committed to fortifying the sustainability of its businessthrough enterprise-wide ownership and continued transparency of its
progress and goals. Accordingly, we have adopted TCFD voluntary
climate-related disclosure recommendations to guide our reporting.

Description

CSR Report Section/Other Reference

Governance: Describe organization’s governance around climate-related risks and opportunities.
Governance

Board Oversight

Describe Board’s oversight of climate-related risks and opportunities

Pages 12, 48, Corporate Sustainability section of 2023 Proxy Statement

Management Role

Describe management’s role in assessing and managing risks and opportunities

Pages 12, 39-41, 48, Corporate Sustainability section of 2023 Proxy Statement

Strategy: Describe the actual and potential impacts of climate-change risks and opportunities on the organization’s business, strategy, and financial planning where such information is material.

Strategy

Climate risk and opportunities timeline

Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.

Climate risk and opportunities impact

Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning.

Targets to manage climate risk andopportunities

Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a
2°C or lower scenario.

Pages 24 and 34 of 2023 10-K

Risk Management: Disclose how the organization identifies, assesses, and manages climate-related risks.

Risk Management

Process to identify climate risk

Describe the organization’s processes for identifying and assessing climate-related risks.

Process to manage climate risk

Describe the organization’s processes for managing climate-related risks

Process to integrate climate risk inoverall risk management

Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s
overall risk management.

Climate-related metrics

Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy
and risk management process.

Pages 55-61

GGH emission data

Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

Pages 56-58

Targets to manage climate risk
and performance to target

Describe the targets used by the organization to manage climate-related risks and opportunities and performanceagainst targets.

Page 58

Pages 12, 39-41, 48, Corporate Sustainability section of 2023 Proxy Statement

Metrics & Targets

Metrics & Targets

64