Advancing
Technology for a
Sustainable Future
Fiscal Year 2023
Environmental, Social andGovernance (ESG) ReportTable of Contents
A Message From Our Chairman and CEO 1

Governance59

Introduction2

Ethics and Compliance 60

Data Privacy and Security

63

About Marvell

3

The Role of Marvell Products in Society 

4Appendix66

FY23 ESG Highlights 

7About This Report

67

Q&A: Mark Casper, EVP and Chief Legal Officer 

8Global Reporting Initiative (GRI)
Content Index

68

Sustainability Accounting Standards
Board (SASB) Index

78

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

81

United Nations Sustainable
Development Goals (UN SDGs)

83

Greenhouse Gas Emissions
Verification Statement

84

Forward-Looking Statements 

86

Our Approach to ESG10

ESG Priorities 

11

Stakeholder Engagement 

12

Our Goals

15

ESG Governance

18

Operational Resilience 21Supply Chain Engagement 

22

Environment25
Climate Change

26

Product Sustainability

31

Water and Waste

35

Social37
Our People

38

Inclusion and Diversity

39

Talent Attraction, Development,
Engagement and Wellbeing 

44

Human Rights

53

Community Engagement 

55

Marvell Technology, Inc.

FY 2023 ESG ReportIntroduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

A Message From Our
Chairman and CEO
I am pleased to introduce Marvell’s second annual Environmental,
Social and Governance (ESG) report. In this report, we reaffirm ourstrong commitment to environmental sustainability, human rights andour ongoing initiatives to foster a more inclusive and diverse company
where our valued employees can truly thrive. Our ESG report serves
as a comprehensive overview of our progress toward achieving ourcommitments to these fundamental principles.

“

Our ESG goals play apivotal role in shaping
our business strategy
and decision making.”

At Marvell, we continue to execute on our essential mission — delivering
semiconductor solutions for the data infrastructure technology thatconnects us all. Our ESG goals play a pivotal role in shaping our businessstrategy and decision making. We are strengthening the company byacting on our highest priority ESG topics. By integrating environmental
and social considerations into our operations, supply chain and productdesign, we aim to deliver innovative semiconductor solutions that reduce
impacts throughout our full value chain and meet customer expectations.
Our focused efforts to develop energy-efficient products not
only contribute to the success of some of the world’s largest data
infrastructures, like cloud data centers, but also demonstrate thepotential to drive important sustainability action.
Building upon our inaugural report, this year we provide an update on the
progress we have made toward our key ESG goals. This includes submissionof our company-wide science-based target, which will put us on a pathof reducing our greenhouse gas emissions from our offices and R&D labs
globally as well as from our value chain. We also completed a humanrights impact assessment across our direct operations and our supply
chain, to identify and evaluate issues and assess our progress over time.
Acknowledging that the future of our business depends on our talent, we
continue to prioritize and invest in our inclusion and diversity and maintaina culture that makes Marvell an employer of choice.
I am proud of our employees, who are not only achieving superior results asthey innovate and help our customers succeed, but who are also using their
extraordinary talents and skills to enable our world to be more connected
and sustainable. This report will provide insight into their inspiring work.

Matthew J. Murphy
Chairman, President and Chief Executive Officer

Marvell Technology, Inc.

FY 2023 ESG Report1Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Introduction
Marvell has been focusing on delivering the enabling technology that powers
the world. Our ESG strategy is centered on the three pillars of Environment, Socialand Governance (ESG), and we embed ESG within our business strategy, global
operations, and product design and innovation to build resilience and drive growth.
ESG is also a central topic in our collaborations with stakeholders across the globe,
including our employees, customers, investors, suppliers and local communities.

Marvell Technology, Inc.

FY 2023 ESG Report2

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

About Marvell
Marvell Technology, Inc. (Marvell) is afabless semiconductor supplier of highperformance data infrastructure products,
both standard and custom. With a mission
to deliver the enabling technologythat powers the world, we provide theindustry’s most comprehensive, optimized
data infrastructure silicon technology,
enabling essential components acrosscompute, electro-optics, networking andsecurity, and storage. Our core strengthis developing and scaling highly complex

System-on-a-Chip (SoC) architectures,
which integrate analog, mixed signal anddigital signal processing functionality topower the modern data economy. Throughinnovation and deep system-level expertise,
we leverage leading intellectual property
to enable cloud data centers, enterprisenetworking, carrier infrastructure,
consumer, as well as automotive andindustrial markets, that increasingly
power and transform our world.

Marvell is founded

Wilmington, DE
Place of incorporation$5.92B
FY23 revenue

Comprehensive Data Infrastructure Portfolio
Storage

1995

7,448
# of employees

Electro-optics

Our FY23 Workforce

22
Countries
Networking

Security

49%
Based in the Americas

Compute40%
Based in Asia Pacific(APAC) & India

All products are customizable as part of our comprehensive ASIC offering

11%
Based in Europe, theMiddle East and Africa(EMEA)
Over 10,000 patents andpatent applications pending

Marvell Technology, Inc.

FY 2023 ESG Report3Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

The Role of Marvell
Products in Society
Marvell products are both enabling and responding to the megatrends of today’s world. Our
customers are all looking for power efficiency, faster bandwidth, reliability, security andperformance across all product categories. We share further insights and case studies belowthat bring this to light across our four key markets — enterprise networking, data center,
carrier infrastructure and automotive.

Megatrends
shaping ourmarkets:

Artificial
intelligence (AI) andmachine learning(ML)

Smart, connected
devicesEnterprise Networking

Data Center• Customers seek to create a secure,automated network that accommodates
the borderless cloud- and mobility-centric
nature of the modern enterprise.

• Large cloud customers seek optimized
data infrastructure silicon that prioritizes
performance, scalability and security.

• As video and bandwidth-intensive
applications proliferate, enterprisenetworks require upgrades to meetthe rise in data traffic.

In Action: Latest Ethernet PHY devices• Consume half the power of the previous
generation, freeing up watts for use by
more energy-intensive elements of thesystem• Enable more computation within a fixed
power envelope, so that the network does
not overheat

Marvell Technology, Inc.

FY 2023 ESG Report• Data centers require high bandwidth,
low latency, fast optical connections
and power efficiency.

In Action: Teralynx® 10 networking
switch• Slashes power consumption by 80%

Advanced driverassistanceBorderlessenterprisePowerefficiency• Accelerates networking for ML and AI
due to low-latency and architecture• Enables advanced data analysis, scenario
forecasting and better decision making
with ML and AI

Cybersecurity
and resilient
infrastructure

4Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Carrier

Automotive• Mobile operators' high-performance
networks increasingly depend on efficient
processors to keep costs and energy
consumption in check.

• Modern software-defined vehicles require
secure, high-speed networking, with thereliability and safety the auto-industry
demands.

In Action: Data-processing unit andbaseband technologies within Nokia’s
ReefShark chipsets

In Action: Brightlane™ Automotive
Ethernet products• Include industry’s first 5nm Arm®
Neoverse N2 multicore solution• Support the rapid advancement of
5G network performance, enabling
the application of 5G to more uses
• Empower Nokia to reduce the energy
consumption of its latest products bysome 30%, when combined with software,
services and other hardware optimization

Marvell Technology, Inc.

FY 2023 ESG Report

Back to Table of Contents• Make the software-defined vehiclea reality• Enable a secure Ethernet-based
in-vehicle network• Lead to the replacement of hundreds ofpounds of cabling with a much lighter andmore efficient zonal network architecture

5

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

Appendix

Memberships

Best Place to Work Awards• Silicon Valley Business Journal Top 50 Silicon
Valley Corporate Philanthropists (2022)• San Francisco Business Times Top 100 Bay Area
Corporate Philanthropists (2022)

Ratings***• CDP Climate Change: B• CDP Water Security: B

ESG Risk Rating 17.5 (low risk)• CDP Supplier Engagement
Rating: B* and ** Please see Disclaimer Statements on page 67

Marvell Technology, Inc.

FY 2023 ESG Report

6Introduction

Our Approach to ESG

Environment

FY23 ESG
Highlights

SocialGovernanceAppendix

Back to Table of Contents

Addressing
Climate Change

Innovating for ProductSustainability

We joined 80+ other large
companies as a member of
the Semiconductor Climate
Consortium, the first global
collaborative of semiconductor
ecosystem companies to tackle
impacts of climate change
across the value chain.

We are developing productswith lower power demand.
With the launch of the OCTEON
10 DPU family, we haveenabled a threefold increasein compute performance anda 50% reduction in power overprevious generations.

Investing in Our People

Giving Back

Enabling our employees to havelong-term career advancementat Marvell is critical to our
success as a business. Almost
88% of our new directors were
promoted from within Marvell,rather than hired in fromoutside Marvell.

We increased the numberof nongovernmentalorganizations that participate
in our volunteer time-off andcompany match programs toover 300 organizations from30 in the previous year.

Promoting a Responsible
Supply Chain

The following activities
and impacts showcase someof our top ESG focus areas in
the past year.

Marvell Technology, Inc.

FY 2023 ESG Report

The number of our top Tier 1
suppliers that were audited
through the Responsible
Business Alliance Validated
Assessment Program increased
to 83% from 76% in the previous
year. We are pursuing the goal ofachieving 100% by 2025.

7

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Q&A: Mark Casper,
EVP and Chief Legal Officer
Mark Casper, Marvell’s EVP, Chief Legal
Officer and the ESG Sponsor, shares theaction our company has taken to integrate
ESG within our own business, and bringour customers, suppliers and community
partners along for the journey.
Q: What have been some of the FY23
highlights from your standpoint?
A: Taking ESG into account is not only
the right thing to do, it’s also pivotal forour business success. That’s why our
ESG initiatives are a corporate priority
and strongly supported by our Board of
Directors and leadership team. We wantto make sure to manage our risks —and take advantage of opportunities —associated with environmental, socialand governance issues.
Acting on our priority ESG topics
also enables us to meet stakeholder
expectations, which is important for ourleadership. Our customers and investorscare about this because they understandthe connection between these topics
and our business. They expect us to makeprogress on topics like climate change,
inclusion and diversity, and labor practices
in the supply chain.
By integrating ESG considerations acrossour business, we are building resilience anddriving growth.
Q: What is an ESG accomplishment fromthe past year that makes you feel especiallyproud?
A: An important focus area for us over the
past year has been setting a science-basedtarget (SBT) to help us reduce our companywide greenhouse gas (GHG) emissions.

In 2023, we submitted our target forvalidation by the Science Based Targets
initiative (SBTi). It is aligned with a 1.5°C
climate scenario, which means we plan
to reduce our GHG emissions in line withthe goals of the Paris Agreement. Our SBT
focuses on reducing our Scope 1 and 2
emissions by increasing renewable energy
procurement, and Scope 3 emissions —by increasing energy efficiency across our
product portfolio. These efforts follow best
available climate science and are an essential
part of our corporate climate strategy.

Mark Casper,
EVP and Chief Legal Officer

Q: What other foundational work has been
done this year?
A: Another key aspect of our environmental
efforts is assessing and managing risks
associated with climate change and theirpotential impacts on our ability to dobusiness. This year, we conducted a climate
risk and opportunity assessment for our
direct operations and supply chain, inalignment with the recommendations of
the Task Force on Climate-related Financial
Disclosures (TCFD). With the results of thisassessment, we are able to foresee andadapt to potential impacts of climate change
and shape our business strategy, operational
resilience and supplier engagement
accordingly.
Q: Marvell recently earned the Glassdoor
Great Place to Work certification.
Why do you think that people enjoy
working at Marvell?
A: Marvell is a fantastic place to workand to develop as a person and professional.
That’s because we value the growth of ouremployees and create opportunities forlearning and career advancement,
by investing in our people.
continued on the next page

Marvell Technology, Inc.

FY 2023 ESG Report8Introduction

Our Approach to ESG

Environment

Based on the insights received fromour employees, we defined our Employee
Value Proposition — “Own What’s Next.”
This means that Marvell strives to be aplace where employees feel a strong senseof ownership, not only of their contributions
to innovation but of their own career
trajectories.

SocialGovernanceAppendix

Back to Table of Contents

We’re determined to tackle
ESG issues in collaboration with
our suppliers and customers,
to make our business and ourindustry more sustainable

We also take a holistic view of wellbeingthat includes mental and physicalhealth, and this plays a huge part in thecomprehensive benefits we offer to ouremployees and their families. Because
people need different things at different
times, and the world is constantly changing,our benefits are continuously evolving,based on what we learn from our employees.
We also focus on inclusion and fostering
a culture of caring. We are proud of those
aspects of our culture, and they enable us
to attract top talent from around the world.
Q: What makes you excited about the
future of ESG at Marvell?
A: We’ve made great progress in thepast few years, and are energized by theopportunities in front of us. I’m looking
forward to gaining a deeper understandingof our product sustainability profiles
through the Life Cycle Assessments (LCAs)
that we have planned. I also look forward
to continually engaging with our suppliersand customers on their ESG management.
We know topics such as human rights,
product carbon footprints and the use ofwater in semiconductor manufacturing
can’t be addressed overnight or by us alone.
That’s why I’m excited that in the past year,
Marvell joined the Semiconductor Climate
Consortium, the Clean Energy Buyers
Association and the CDP Supply Chain
program.

Marvell Technology, Inc.

FY 2023 ESG Report9Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

OUR APPROACH
TO ESGAt Marvell, we believe that doing business ethically and protecting the healthof people and our planet are vital to our long-term success. These are complex
issues, and we are making progress against our environmental, social andgovernance (ESG) goals through a strong governance model and by integrating
ESG across our business. We are focused on how our company can best drive
impact and opportunity — connecting the world through power-efficientsolutions — in ways that are crucial to our financial performance and long-termvalue creation.

Marvell Technology, Inc.

FY 2023 ESG Report10Introduction

Our Approach to ESG Environment

SocialGovernance

Back to Table of Contents

Appendix

ESG Priorities
In 2020, we worked with a third-party expert to conduct a formal assessment of our
ESG priorities to establish the ESG topics of highest priority to our internal and external
stakeholders, including customers, employees, investors, suppliers, nongovernmentalorganizations (NGOs) and industry associations. The assessment incorporated the researchand guidance provided by the external sustainability standards and frameworks, such as the
Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB).
ESG topics most important to our business were identified, validated and prioritized throughresearch, peer benchmarking and interviews with internal and external stakeholders. The
assessment informed the key areas of impact that are covered in this report and shaped ourlong-term ESG strategy and plan.
We plan on conducting another formal assessment of our ESG priorities reflecting thedevelopments over the past few years, to refresh our priority topics and inform our
FY24 ESG report.

Marvell's ESG Priorities

Environment
Climate Change
Product Sustainability
Water & Waste

Social

Product Innovation

Inclusion &Diversity

ESG Governance

Employee
Attraction,
Development,
Engagement &Retention

Supply Chain
Engagement

Governance
Ethics &Compliance
Data Privacy& Security

Employee Wellness,
Health & Safety
Human Rights
Community
Engagement

Marvell Technology, Inc.

FY 2023 ESG Report11Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

Stakeholder Engagement
Engaging with our stakeholders informs the decisions we make across our business andhelps us prioritize key areas of impact as well as our long-term business success. We makesubstantial efforts to understand priorities and key concerns of our internal and external
stakeholders, which in turn inform our ESG strategy. The chart below outlines our key
stakeholder groups, the ways and frequency of engagement and the ESG topics they
consider most relevant.

Stakeholder

Method and Frequency
of Engagement

Customers

Virtual and in-person meetings
Annual questionnaires
Quarterly business reviews
Annual customer surveys

Purpose of Engagement

Key ESG Topics

Understand customers’
current and future needs

Climate Change

Develop products andservices to meet customer
expectations

Ethics & Compliance

Data Security & Privacy
Product Sustainability
Supply Chain Engagement

Employees

Virtual company-wide
townhalls
Team meetings
Executive site visits andlistening tours
Employee in-person interviews
Employee surveys
Weekly CEO emails
Intranet
Internal communication(i.e., emails and digital chats)

Share latest updates oncompany, including our ESG
performance and plans
Provide access to learningand professional development
Provide information about
compensation, benefits
and annual performanceappraisals

Community Engagement
Climate Change
Data Security & Privacy
Employee Attraction,
Development, Engagement& Retention
Employee Wellness,
Health & Safety

Engage in volunteer time-off
and match programs

Ethics & ComplianceEngage in cultural eventsand celebrations to cultivate
connection to a broader
purpose and enhance
relationships

Product Sustainability

Inclusion & Diversity

Obtain regular feedback
from employees

Marvell Technology, Inc.

FY 2023 ESG Report12Introduction

Our Approach to ESG Environment

SocialGovernance

Stakeholder

Method and Frequency
of Engagement

Investors

Virtual and in-person meetings
Investor Day (every 18 months)
Investor roadshows
Quarterly earnings calls
SEC Filings

Appendix

Back to Table of Contents

Purpose of Engagement

Key ESG Topics

Communicate ourfinancial results

Climate Change

Hear investor priorities andaddress questions on ourbusiness, including our ESG
performance and plans

Employee Attraction,
Development, Engagement& Retention

Marvell investor
relations website

Data Security & Privacy

Ethics & Compliance
Inclusion & Diversity
Product Sustainability

Suppliers

Virtual and in-person meetings
Annual request for ESG
data collection
Quarterly business reviews
Annual Supplier Day

Communicate our
expectations andrequirements, including
those related to ESG

Climate Change

Promote ethics andcompliance standards in our
Supplier Code of Conduct

Product Sustainability

Address questions
and requests

Ethics & Compliance
Human Rights
Supply Chain Engagement
Water & Waste

Provide supplier-specificeducation, including on
ESG-related topics
Communities & NGOs

Communications aroundpartnerships and donations(i.e., in-person and virtual
meetings)
Participate in externalsocial impact conferencesand events

Marvell Technology, Inc.

FY 2023 ESG Report

Grow partnerships withlocal communities andNGOs through our employee
volunteer time-off andmatch programs

Community Engagement
Employee Wellness,
Health & Safety
Inclusion & Diversity

Donate financial resourcesand volunteer time13

Introduction

Our Approach to ESG Environment

SocialGovernance

Stakeholder

Method and Frequency
of Engagement

Policymakers

Meetings, hearings and events
Monitoring regulations,legislation, negotiations
and relevant reports

Industry associations

Meetings, webinars
and workshops

Appendix

Back to Table of Contents

Purpose of Engagement

Key ESG Topics

Provide expertise on industry
issues to help shape policy

Data Privacy & Security
Ethics & Compliance
IP Protection
Product Sustainability

Provide technical expertiseand feedback on policy
positions
Participate in working
groups to learn and shareknowledge with our peers on
noncompetitive issues

Climate Change
Data Security & Privacy
Intellectual Property
Product Sustainability
Supply Chain Engagement

Influence the development ofindustry-relevant guidanceon various ESG topics

We make substantial efforts tounderstand priorities and key
concerns of our internal andexternal stakeholders, which inturn inform our ESG strategy.

Marvell Technology, Inc.

FY 2023 ESG Report14

Introduction

Our Approach to ESG Environment

SocialGovernance

Back to Table of Contents

Appendix

Our Goals
As we continue to operationalize our ESG strategy across the company, we are making progress toward the goals we set in
FY22. Below are details on our ESG progress in FY23.

Goal status key:

Goal set

TargetYear

Goal

In progress

Near complete

Status

FY23 ProgressComplete

Our Approach to ESG
Integrate ESG acrossour innovation processes

Annual1

Worked to further integrate product powerin our innovation processes by establishinginternal working groups focused on Responsible
Product Design and Product Power. We also
worked to set a science-based target, to focus
on the reduction of greenhouse gas emissions
in the use phase of our products

Participate in multiple external
collaborations focused on technology
addressing societal challenges

FY25

Joined the Semiconductor Climate Change
Consortium to drive climate action in thesemiconductor value chain. To advanceour renewable energy strategy, we joined the
Clean Energy Buyers Association (CEBA)

Pursue 100% top Tier 1 suppliers audited
in the past two years by the Responsible
Business Alliance Validated Assessment
Program (RBA VAP)

FY25

83% of our top Tier 1 suppliers were audited
through the RBA VAP (increased from 76%).
We also elevated some Tier 2 suppliers to Tier 1
status, and helped them build capacity to meet
our requirements

Pursue 100% Responsible Minerals
Assurance Process (RMAP)-compliant
tantalum, tin, tungsten and gold
processing facilities

FY25

64.5% of processing facilities in our supply chain
were compliant with RMAP

1 This target year was restated from FY23 to “annual.” In FY23, we developed an internal product power intensity target as part of our science-basedtarget-setting process, and we will be integrating ESG into our product innovation continuously.

Marvell Technology, Inc.

FY 2023 ESG Report15

Introduction

Our Approach to ESG Environment

Goal progress key:SocialGoal set

TargetYear

Goal

Governance

Back to Table of Contents

Appendix

In progress

Near complete

Status

FY23 ProgressComplete

Environment
Set and validate a Science-Based Target(SBT) aligned with a 1.5°C climate
scenario and work toward developing
a net zero goal

FY242

Submitted science-based target (SBT) for
validation by the Science Based Targets
initiative (SBTi). Final target to be disclosed
later in FY24

Develop a low-carbon transition plan

FY23

Developed a low-carbon transition plan andour internal SBT achievement roadmap
See Climate Change

Conduct climate scenario analysis alignedwith the recommendations of the Task
Force on Climate-related Financial
Disclosures (TCFD)

FY23

Conducted a company-wide climate scenario
analysis for direct operations and a supply chainaligned with TCFD recommendations.
See Climate Change

Reduce power consumption of productswith each generation for set capabilities

AnnualContinued a trend of achieving an average of
40%-50% power reduction from one generation
to the next, for the same workload. We are
now working to set an internal product power
intensity target as part of our science-basedtarget, which will ultimately supersede this goal

Conduct a Life Cycle Assessmen (LCA)
on three key product lines

FY25

Scoping out the LCAs for our key products
and beginning our first product LCA in FY24

Develop and implement water actionplans at sites where we have controlof water management

FY243

Conducted an internal water assessment at
our Santa Clara, California, offices and identified
water efficiency measures

Achieve zero waste at sites where we havecontrol of waste management

FY264

Achieved a landfill diversion rate of 78% at
our Santa Clara offices, and improved waste
and recycling data collection practices

2 The target year was restated from FY23 to FY24. In order to maintain our commitment to the Business Ambition for 1.5oC, in FY23, we made significant progressin setting our first company-wide science-based target focusing on our direct operations and the value chain. The target was submitted for approval to SBTi, andwe are awaiting validation, currently projected for FY24.
3 The target year was restated from FY23 to FY24 due to an extension of the timeline of our activities. In FY23, we developed our first comprehensive companywide water inventory and conducted water risk assessment for direct operations, in order to inform our site-specific water action plans in FY24.
4 The target year was restated from FY25 to FY26. In FY23, we started collecting waste data for sites outside our owned site in Santa Clara. The timing of datacollection was extended to ensure that our baselines were not distorted by pandemic-related differences in office occupancy.

Marvell Technology, Inc.

FY 2023 ESG Report

16

Introduction

Our Approach to ESG Environment

Goal progress key:SocialGoal set

TargetYear

Goal

Governance

Back to Table of Contents

Appendix

In progress

Near complete

Status

FY23 ProgressComplete

AnnualDeveloped Global Workplace Guidelines toinclude standards across our offices globally.
This document will be continuously updated

Perform pay equity analysis globally

AnnualPerformed an annual global gender pay equity
analysis. Having reviewed pay equity forseveral consecutive years, we have been able
to minimize gaps and plan to continue to do somoving forward

Maintain an annual employee engagement(ESAT) score that is higher than Glint’sTechnology Industry Benchmark

AnnualThe Voice of the Employee survey showed that
our ESAT core was 78, which is higher than
Glint’s Technology Industry Benchmark(77 in FY23)

Conduct a formal Human Rights Impact
Assessment and develop action plansto address impacts of our value chain

FY25

Conducted a company-wide human rights
impact assessment. See more details about theassessment results in Human Rights

Achieve 20% participation rate ineither our volunteer time-off program
or employee match program

FY25 5

Our new Volunteer Time-Off Program offers
employees up to three days or 24 hours of paid
time off to volunteer, and our new Company
Match Program enables employees to donate
to a variety of eligible charitable organizations.
In FY23, we had 7% of employees participatingin each of these programs

Aim for 100% of employees certified
to our annual Code of Business Conduct
and Ethics

Annual

99% of employees certified adherence to theCode of Business Conduct and Ethics

Maintain zero monetary losses as a resultof legal proceedings associated with
anti-competitive behavior regulations

AnnualContinued to have zero monetary losses as aresult of legal proceedings associated with
anti-competitive behavior regulations

Follow best practices, in alignment with
WELL, Fitwel and/or LEED building
standards, at all new office constructions
or renovations
SocialGovernance

5 The target year was restated from FY23 to FY25 to adjust for participation rates from the first-year launch of the new Volunteer Time-Off and Company Match
Programs. We plan to expand efforts to drive awareness of the new program among employees.

Marvell Technology, Inc.

FY 2023 ESG Report17

Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

ESG GovernanceSound governance of our ESG program is
our top priority, and we continue to findways to strengthen oversight and manage
risk. This includes having a predominantly
independent Board of Directors, as well as
setting rigorous processes to manage ourkey ESG priorities, including climate change
and human capital.

ESG Oversight
We have structures in place at various levelsof the company to manage and ensureaccountability for ESG.
This starts with an experienced and diverse
Board of Directors, whose engagement
on ESG is critical to oversee our efforts
to manage impacts and risks, identify
emerging opportunities and continue
to progress against our goals. As of theend of FY23, 10 out of 11 directors wereindependent. More details about our Board
Diversity can be found in the Inclusion andDiversity section.
Specific Board committees have
responsibility for different aspects of ESG.
The Nominating and Governance Committee
has overall oversight of ESG and receives
quarterly updates on our ESG progress
and performance. Senior management
provides regular updates to the chair of theNominating and Governance Committee on
an as-needed basis. The Audit Committee
receives quarterly updates from senior
executives on our compliance programs,
including those related to ESG, such as
monitoring anti-corruption, enhancing
training on ethics, supply chain risk
management and compliance with export
restrictions. Senior management also
updates the chair of the Audit Committee
on a quarterly or more frequent basis,
as needed. The Executive Compensation
Committee also has oversight of several

Marvell Technology, Inc.

FY 2023 ESG Report18

Introduction

Our Approach to ESG Environment

aspects related to human capital, which
we have detailed in the Human Capital
Governance section below. The full Boardof Directors receives regular updates on
ESG matters from management and the
Chair of the Nominating and GovernanceCommittee, including our ESG initiatives
and progress, as well as emerging topics.
The Board is also responsible for reviewing
ESG report content.
At the management level, the ESG
Committee provides senior leadership,
executive oversight and strategic guidanceon ESG. It is responsible for formulating
our ESG strategy, goals and initiatives;
executing and disclosing performance; andstakeholder engagement. The committee
is comprised of key business leaders fromoperations, sales, legal, central engineering,human resources, finance and otherdepartments, who generally meet on abimonthly basis, or more frequently as
needed.
We also have four ESG Working Groups:
Environmental, Social, Governance andthe newest, Responsible Product Design.
These groups are made up of individuals
with responsibility for, or subject matter
expertise on, key issues. They represent awide range of functions, including finance,
quality, procurement, real estate, humanresources, compliance and engineering.
These members are responsible forSocialGovernanceAppendix

overseeing, executing and monitoring
performance for their respective program.
Groups meet monthly to ensure alignment
across the company, inform the ESG
strategy, and to track, measure and reporton the progress on ESG goals and key
initiatives.

Human Capital GovernanceOur talent strategy is also a priority forus, and it is overseen by the Board andits committees.
The Executive Compensation Committee
provides oversight of our human capital,
including compensation philosophy,
policies and programs. The committee
is responsible for overseeing a numberof matters regarding our employees,
including the management of risks relating
to human capital management, executive
compensation plans and arrangements.
They also oversee our compensation plans,
which generally apply to all our employees,
including our pay equity programs.
The Nominating and Governance Committee
has general oversight of the company’s
approach to ESG as it relates to humancapital, including inclusion and diversity,
as part of its broad ESG focus. We conducttalent reviews and annual succession
planning, and the Board receives regular
updates from senior management in theseareas, as well as in other areas, such as
attrition, management talent assessmentand employee survey results. Our executive
team also reviews the company’s progresson human capital management regularly,
to ensure that we are meeting our goals.
The Audit Committee has oversight ofbusiness risks and ethics and complianceprograms, which are connected to humancapital and workplace issues.

Marvell Technology, Inc.

FY 2023 ESG Report

Back to Table of Contents

For more details,
see the Our People
section19

Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

Climate Change Governance
Climate change is a central topic for us,
and addressing it requires action at multiple
levels of the company. At the Board level,
we make quarterly updates through theNominating and Governance Committee
and an annual update to the full Board.
Management sets our climate strategy
and reviews it with the Board. Our Chief
Operations Officer (COO) is the executive
sponsor of the Environment Working
Group and has overall responsibility forclimate strategy and related issues. The
COO is responsible for the process thatassesses and manages climate-related risks
and opportunities, elevating stakeholder
concerns and guiding the implementationof climate-related policies, programs anddisclosures. The COO is also a member ofthe ESG Committee and can therefore
elevate climate topics to senior leadershipand to the Board’s Nominating andGovernance and Audit Committees.
In FY23, we undertook a TCFD-aligned
climate risk and opportunity assessment,
assessing physical and transition risks on
our business under several future-looking
climate scenarios. This has enabled us totest the resilience of our management
processes in the face of climate change, andwe have integrated these insights into ourEnterprise Risk Management (ERM) programfor ongoing consideration.

For more details, see the
Climate Change section

Marvell Technology, Inc.

FY 2023 ESG Report20

Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

Operational
Resilience
To help manage corporate risks, we havean Enterprise Risk Management process
in place. Our Executive Leadership Team
(ELT) engages representatives fromacross the business to identify short-,
medium- and long-term risks impacting
the business and determines the absolute
impact and likelihood of each risk. The
ELT identifies risks in the following key
business categories: Financial, Operational,
Strategic, Sales, Engineering, Information,
Organizational, Legal and Regulatory.
The risks are evaluated and then classified
into a risk matrix based on their impact(ranging from “manageable” to “major”
to “critical”) and likelihood of occurrence(ranging from “remote” to “possible” to“likely”) across our value chain (e.g., direct
operations, upstream and downstream).
The ELT then considers the company’srisk tolerance relative to industry peers,determines the significant risks to focus on,
and develops and executes mitigation plansto reduce these risks. The ELT conducts
discussions with relevant stakeholders
to identify the risk management actions
and status of risk mitigation. The risk
assessment is updated and reviewed
and discussed in detail with the Audit
Committee and reviewed with theBoard of Directors annually.

Marvell Technology, Inc.

FY 2023 ESG Report21

Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

Supply Chain Engagement
We are a fabless semiconductor company,
meaning that we do not manufacture
any of our own products and rely on
suppliers to manufacture, assemble andtest our products. As a result, our major
environmental and social impacts fromproduct manufacturing take place upstream,in our suppliers’ operations. In order toreduce our impact and advance our ESG
priorities, we continuously work with our
suppliers to drive process improvements intheir due diligence process, and we work withothers to further best practices throughout
the semiconductor industry.

Supplier Code of Conduct
Our Supplier Code of Conduct lays out
the expectations we have for our suppliers
on a range of ESG topics, including legal
and regulatory compliance, businessethics, health and safety, labor, humanrights and environmental protection.

Goals
Pursue 100% top Tier 1* suppliers
audited in the past two years by the
Responsible Business Alliance Validated
Assessment Program (RBA VAP) (FY25)
In progress

Pursue 100% Responsible Minerals
Assurance Process (RMAP)-compliant
tantalum, tin, tungsten and gold
processing facilities (FY25)
In progress

We communicate our requirements forcompliance with the Code during supplieronboarding and at other key touchpoints
with suppliers.
We also utilize a number of programs andtools to engage with suppliers, to help themmeet customer and industry expectations.

Responsible
Business Alliance
We are a member of the Responsible
Business Alliance (RBA), a nonprofit
organization that is the world’s largest
industry coalition dedicated to responsible
supply chains, which in global supply
chains, which includes members from theelectronics, retail, auto and toy industries.
Within our Supplier Code of Conduct, we
expect our suppliers to follow the RBA Codeof Conduct. Working through the RBA helps
to drive consistency in the standards acrossour industry and allows us to help improve
ESG practices in partnership with ourcustomers and peers. We are committed toadopting and implementing the RBA Codeinternally at Marvell and externally with our
supply chain partners.

Our priority is ourTier 1 suppliers,
which represent
80% of our direct
supplier spend.
We believe thisis where we canmake the greatest
impact across our
supply chain.

A key facet of our participation in RBA is
the Validated Assessment Program (VAP).
Our suppliers, and others in the industry,
are audited by third parties to ensure they
are complying with the RBA Code. The
VAP measures ESG performance and helps
to build capacity to improve practices
within companies. Our priority is our Tier 1
suppliers, which represent 80% of our direct
supplier spend. We believe this is where wecan make the greatest impact across our
supply chain. We hold Quarterly Business
Reviews (QBRs), in which we communicate
the importance of compliance with the* Tier 1 is defined as direct suppliers. Top Tier 1 suppliers make up 80% of our direct supplier spend.

Marvell Technology, Inc.

FY 2023 ESG Report22Introduction

Our Approach to ESG Environment

SocialGovernanceAppendix

Back to Table of Contents

Marvell’s Semiconductor Supply Chain
Semiconductors are a truly global product, which rely on complex supply chains as well as steady tradeconditions, a secure flow of resources, expert talent and multiple levels of specialized manufacturing.

1 Research & Development
2 Intellectual Property
3 Outsourced Semiconductor Assembly and Test

RBA and which help ensure our suppliers
are successful in completing audits. In FY23,
we brought more suppliers into alignment
with RBA. As of the end of FY23, 83% of our
top Tier 1 suppliers were audited through
VAP, compared to 76% in FY22, and we are
pursuing a goal of 100% by 2025.
In FY23, we joined the RBA Environmental
Sustainability Workgroup. As part of thisgroup, we regularly engage with our peers
and partners in the technology space andcollaborate on sustainability initiatives andsolutions that drive improvement in ourorganizations and supply chains, including
climate action, water stewardship and waste
reduction, among others. Specific strategies

Marvell Technology, Inc.

FY 2023 ESG Report

and tools are co-developed in partnershipwith RBA to improve measurement ofenvironmental impact, enable higher
resource efficiency and building industry
capacity and performance. These include
an emissions management tool, an annual
environmental survey, an environmental
maturity profile, supplier trainings as well
as new e-waste and circular economy
working groups.

Responsible
Minerals Sourcing
Specific minerals are used in semiconductors
for their unique properties — for example,
for adhesion, protection, conductivity,

23

Introduction

Our Approach to ESG Environment

or density — yet we recognize that theextraction, processing and tradeof some of these minerals in semiconductors
could be associated with human rights
violations and armed conflicts in global
supply chains. We are committed to working
with our suppliers to support responsible
sourcing of the tin, tantalum, tungsten,gold and cobalt in our products to reducethese risks.
We follow the Organisation for Economic
Co-operation and Development’s Due
Diligence Guidance for Responsible Supply
Chains of Minerals from Conflict-Affected
and High-Risk Areas. Our policies require
our suppliers to adopt a responsible
minerals sourcing policy aligned with thisguidance and to conduct their own due
diligence on the source and chain of custodyfor the key minerals we track.
We are working with our suppliers to helptransition to using only using tin, tantalum,
tungsten, gold and cobalt processing
facilities that have successfully completed
an assessment against RBA’s Responsible
Minerals Initiative Responsible Minerals
Assurance Process (RMAP) standard, oran equivalent, cross-recognized assessment.
We work with suppliers to identify theprocessing facilities they source from,conduct due diligence on supplier practices,and determine whether the processing
facilities reported by suppliers conformwith the RMAP. In FY23, we have also madeupdates in the way we screen out mica andcobalt for due diligence purposes, and wehave engaged proactively with suppliers tomove away from nonconforming facilities. In
calendar year 2022, 64.5% of the processing
facilities by our suppliers were RMAPconforming, a decline of 2.7% compared to2021, due to the inaccessibility of Russian
smelters. We will continue to work toward
our goal of 100% by 2025.

Marvell Technology, Inc.

FY 2023 ESG ReportSocialGovernanceAppendix

Back to Table of Contents

Beyond Compliance
While participation in RBA and use of
the RMAP standard form the basis of ourengagements with our Tier 1 suppliers, weview suppliers as partners and seek out
broader and deeper discussions on ESG.
Our Quarterly Business Reviews cover our
ongoing business relationship, as well as areview of RBA VAP scores and performanceon responsible minerals sourcing. We
also hold dedicated ESG discussions with
suppliers to better understand theirapproach to managing key topics.
We have been working to collect and analyze
supplier data on climate and water-related
impacts, as we believe that this will help us
achieve greater transparency and visibility
into our supplier practices. In FY23, we
made progress on data collection for climate
related information from our suppliers by
joining the CDP Supply Chain program.

Supply Chain
Risk Assessment
To ensure the resilience of our supply chain,
we monitor for potential risks on an ongoingbasis. As part of our business continuity
process, we use a third-party tool to map,
assess and monitor supply chain operations
and receive timely alerts about incidents
that take place in the vicinity of suppliersites that could impact operations, logistics
and infrastructure in an incident area.
Based on this information, we determine
the geographic scope of an incident,
communicate potential impacts to suppliers
and align planning with our Operations team.
To learn more about potential human rights
risks, in FY23, we also conducted a companywide human rights impact assessment forour direct operations, as well as for our global
supply chain.

We seek tocollectively
identify areas ofopportunity, tocontinue to raise
the bar in thesemiconductor
industry on ESG
performance.

For more details on
our supplier climatechange work, see the
Climate Change section

For more on our
approach to conflictminerals, please see our
Policy Statement on the
Responsible Sourcing ofMinerals

For more details on the
results of our humanrights impact assessment
and how we haveengaged suppliers, see
Human Rights section

24

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

ENVIRONMENT
We integrate sustainability into our business and work to reduce our carbon,
energy, water and waste impacts in our direct operations as well as our supply
chain. As society grapples with the current and potential future impacts of climatechange, we are adapting our business to address risks and identify new business
opportunities. We continue to enhance our research and development (R&D)
capabilities to build powerful and energy-efficient products that can contributeto a better, connected world.

Marvell Technology, Inc.

FY 2023 ESG Report25

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Climate Change
Acting to address climate change impacts
is a business imperative for Marvell.
Ensuring our business is resilient in theface of a changing climate is essential
for our long-term success. Doing ourpart to reduce greenhouse gas (GHG)
emissions in our direct operations andour value chain is also a key expectationof our customers and our investors.
Addressing the impact of climate change
requires action across society, and webelieve that as a semiconductor industry
leader with thousands of employees andoperations and customers globally, we
have a responsibility to act. In FY23, we
took several important steps to lay theGoals
Set and validate a science-based target(SBT) aligned to a 1.5°C climate scenario
and work toward developing a net zero
goal (FY24)
In progressfoundations for our 2030 science-basedtarget, to develop a low-carbon transition
plan with a focus on renewable energy
procurement, and to better understand our
top physical and transition climate-relatedrisks and opportunities.

Managing Climate Risks
and Opportunities
Preparing for and responding to climaterelated risks and opportunities in our direct
operations and supply chain is one of the
key aspects of our business strategy. In
FY23, we completed an initial climate risk
screening, which was followed by a scenario
analysis aligned with the Task Force on
Climate-related Financial Disclosures(TCFD). Our initial climate risk screening
process included engaging stakeholders
across our mission-critical business
functions in a series of climate workshops.
The workshops allowed us to identify
potential climate-related physical andtransition risks and opportunities, as well as
to evaluate our organizational vulnerability

We are working
on climate change
mitigation andadaptation
strategies in our
direct operations
and supply chain,
to improve ourresilience topotential risks
and align our
strategies withthe goals of theParis Agreement.

Develop a low-carbon transition plan
(FY23)
Complete

Conduct climate scenario analysis
aligned with the recommendationsof the Task Force on Climate-related
Financial Disclosures (TCFD) (FY23)
Complete
Submitted SBT for validation by the Science
Based Target initiative (SBTi). Final target to
be disclosed later in FY24.

Marvell Technology, Inc.

FY 2023 ESG Report26

Introduction

Our Approach to ESG

Environment

across our business planning time frames —short (up to 1 year), medium (1-3 years) andlong term (3-5 years) time horizons — aswell as longer-term horizons of 10-plus and30-plus years, as our business and people
transition to a low-carbon economy.
To obtain an in-depth understanding of
our top physical risks, we conducted a
TCFD-aligned quantitative climate scenario
analysis using the Shared Socioeconomic
Pathways (SSP) scenarios across the 2030
and 2050 time frames, which leverage
Intergovernmental Panel for Climate Change(IPCC)'s Sixth Assessment Report (AR6)climate models.
To assess and evaluate the transition risks
and opportunities for our business, weanalyzed our risk exposure across all six
Network for Greening the Financial System(NGFS) scenarios.* We leveraged thesescenarios as they incorporate key transition
risk drivers such as policy reaction, policy
intensity, regional policy variation and rateof technology change, and communicate
the magnitude of different variations of
those risk drivers through a clear carbon
price metric. This analysis provided anindication of how resilient our strategy is todifferent future carbon policy developmentsthat are aligned to a 1.5°-2° C world. We
also qualitatively evaluated how potentialchanges to climate policies, as well as
technological, market and reputationalchanges, could create future risks andopportunities for us.

SocialGovernanceAppendix

Back to Table of Contents

Climate Scenarios
For our analysis of top physical climate-related risks, we selected
three SSP scenarios, SSP 1-2.6, SSP 2-4.5, and SSP 5-8.5,** torepresent lower and upper boundary conditions and support ouranalysis under both low-carbon transition as well as business-asusual and worst-case scenario emissions trajectories. The SSP1-2.6
scenario is aligned with a 1.8°C warming and served as a “best-casescenario,” in which global CO2 emissions are cut severely, but not
as fast as in the 1.5°C scenario, reaching net zero after 2050. The
SSP2-4.5, which is aligned with 2.7°C warming, is a “middle-of-theroad scenario,” in which CO2 emissions hover around current levels
before starting to fall mid-century, but do not reach net zero by
2100. Finally, the SSP5-8.5 scenario, which is aligned with 4.7°C
warming, was considered a “pessimistic scenario,” in which current
CO2 emissions levels roughly double by 2050. Our physical climate
risk scenario analysis assessed potential impacts of climate change
on a number of locations, including owned and leased sites within
our direct operations and key direct supplier sites.
For our analysis of climate-related transition risks, we analyzed theimpacts of all six NGFS scenarios that range between current policies
to more ambitious net zero by 2050 and below 2°C scenarios for 2030
and 2050. We found that the scenarios where policy decarbonization
action is delayed are of highest risk to our business. Our efforts
to set a science-based target aligned with a 1.5°C scenario could
significantly mitigate our future transition risk exposure. NGFS
scenarios use a shadow carbon price, which is treated as the marginal
cost of abatement (i.e., the price required for a certain low-carbon
transition to occur) and hence, this carbon price is not intended to beinterpreted as a direct tax on emissions.
** SSP1-2.6 is reflective of the Shared Socioeconomic Pathway (SSP) 1 scenario(“Sustainability”) with Representative Concentration Pathway (RCP) 2.6; SSP 2-4.5 isreflective of the SSP 2 scenario (“Middle of the Road”) with RCP 4.5; SSP 5-8.5 is reflectiveof the SSP 5 scenario (“Fossil-fueled Development”) with RCP 4.5. See the IPCC Sixth
Assessment Report for more details about each of these scenarios.

* Network for Greening the Financial System (NGFS)
scenarios include Below 2°C; Net Zero by 2050; Delayed
Transition; Divergent Net Zero; Nationally Determined
Contributions; and Current Policies. See the NGFS
Scenarios Portal for more details about each ofthese scenarios.

Marvell Technology, Inc.

FY 2023 ESG Report27

Introduction

Our Approach to ESG

Environment

Our preliminary scenario analysis indicatedthat within our operations, only our ownedsite in Santa Clara, California (U.S.), is likely
to suffer increasing impacts of both drought
and flooding, potentially causing a risk of
local power outages. According to data fromthe U.S. Energy Information Administration(EIA), 11% of California’s electrical gridmix is attributed to hydropower, meaningthat in Santa Clara, water stress induced
by prolonged drought could potentially
impact our electricity supply. Similarly, oursupplier operating facilities in Taiwan could
see increased risk of drought and flooding,coupled with storm surges. In 2021, forexample, a prolonged drought in Taiwan
caused cuts to the water supply for a major
chip-making hub.
Due to the long-time horizons (2030 and2050) analyzed for our climate scenario
analysis, the identified potential risks
are not financial forecasts but broadconceptualizations of possible businessand financial impact pathways. Additionally,
our physical risk assessment did notconsider any efforts around potential
enhancement of our own or our suppliers’
adaptive capacity and ability to respondto future impacts of climate change.
Our climate risk assessment identified
our capacity to develop more powerefficient semiconductor solutions as ahigh-priority, climate-related opportunity,
due to its potential strategic and financial
implications. Investment in this opportunity
could potentially help our customers reduce
their energy consumption during the usephase of our products.
With the results of this initial analysis, wehave been able to inform our key business
functions, including Global Real Estateand Workplace Services, Procurement,
Legal and Finance, test the resilience ofour management processes in the face ofclimate change, and begin the developmentof strategies to integrate the findings into
our enterprise risk management program
and low-carbon transition planning. We will

Marvell Technology, Inc.

FY 2023 ESG ReportSocialGovernanceAppendix

continue to update our risk assessment andengage and inform key internal and external
stakeholders.

Reducing Our Operational
Carbon Footprint
We are working to strengthen our businessby decarbonizing our operations within
our four walls, primarily our offices andR&D hubs. Compared to our companywide footprint, our direct operations
contribute only a small proportion of our
total greenhouse gas (GHG) emissions,which is less than 1%. In FY22, we joined
the Business Ambition for 1.5°C call toaction and committed to set a sciencebased emission reduction target alignedwith the Science-Based Target initiative’s(SBTi) guidance and criteria. In FY24, wecompleted our science-based targetsetting process and developed an internal
achievement roadmap that would inform
our carbon reduction strategy.

Back to Table of Contents

See our Task Force on
Climate-related Financial
Disclosures (TCFD)
Index for further detailon our climate-related
governance, strategy,
risk management andmetrics

An important part of our science-basedtarget achievement roadmap is procuring
renewable energy for our owned andleased facilities wherever possible. In FY23,
recognizing the need to scale renewableenergy availability in the U.S., we joined the
Clean Energy Buyers Association (CEBA).
This community of institutional energy
customers partners with clean energy
providers, business partners, environmental
nongovernmental organizations andclimate-focused philanthropies to drive avision of customer-driven clean energy forall. Its members help to deploy market andpolicy solutions for a carbon-free energy
system in the U.S.
Currently, we deploy renewable energy
at several of our sites. Our largest facility
in Santa Clara, is partially powered by anon-site solar energy generation system.
Our offices in Bucharest (Romania),
Northampton (UK), Irvine (USA) andSingapore rely on renewable energy
from local utilities. In addition, our U.S.

28

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

data centers in Reno, Nevada, and Atlanta,
Georgia, are powered by 100% renewableenergy. Going forward, we will continue
to look for opportunities to increase thedeployment of renewable energy in targeted
geographies of our facilities.

Supplier Engagement
Around Carbon Reduction
As a fabless semiconductor company, we
have a key opportunity to reduce our carbon
impact in our supply chain. We engage
our direct suppliers to better understandwhere they are on their sustainability
journey, and we encourage them to disclose
their annual GHG emissions and consider
setting their own carbon reduction targets
to help Marvell reduce our own emissions
and create cascading impacts to enable
our customers to reduce their upstream
emissions.
We ask our suppliers to disclose theirenvironmental data, including GHG
emissions, through an annual RBA-ledsurvey. We review suppliers’ informationand conduct regular benchmarks toevaluate their sustainability performanceand to identify opportunities to assist themin advancing their climate strategies.
In FY23, we joined the CDP Supply Chain
program. We expect that this initiative will
enhance our suppliers’ disclosure, increase
the accuracy of our Scope 3 Category 1 GHG
emissions, and help spur greater action with
our supplier base to enhance the long-termsustainability and business resilience of our
supply chain.
Our suppliers play a vital role in enabling us
to produce exceptional products and deliveron our commitments to customers, and we
firmly believe that how we treat and manage
our suppliers is a reflection of who we are as
a company.

Marvell Technology, Inc.

FY 2023 ESG Report

See the Supply Chain
Engagement section
for more details on RBA

Case study: Marvell and AWS’ Collaboration on
Cloud-First Silicon Design to Reduce Energy Use
We are a strategic supplier of cloud-optimized semiconductors
to Amazon Web Services (AWS). In FY23, we announced the
expansion of our partnership by using AWS as our cloud provider
for electronic design automation (EDA). EDA is a specialized andcompute-intensive process used in chip design, and a key piece ofour research and development efforts. Due to the increasing
complexity and exponential growth in number of transistors in ourleading-edge designs, it was becoming less cost-efficient or timely to
run EDA on our premises. AWS offers a cloud-first approach, aiming
to power its operations with 100% renewable energy by 2025. This
allows us to scale our service in the cloud, rise to challenges brought
by increasingly complex chip design processes, and deliver continuous
innovation for expanding needs across our key markets in a way that
reduces our energy use. According to research commissioned by
Amazon, AWS can lower customers’ workload carbon footprints
by nearly 80%, and up to 96%, once AWS is powered with 100%
renewable energy.

29Introduction

Our Approach to ESG

Environment

This is why we recently started to host anannual Supplier Day, bringing our moststrategic suppliers together to discuss
our shared business strategy and outlook,
improve management processes andbolster our existing partnerships. Climatechange was one of the topics raised at thelatest Supplier Day event.

SocialGovernance

Back to Table of Contents

Appendix

Marvell’s FY23 Greenhouse Gas Emissions Inventory
Total FY23 GHG Emissions Compared to FY22 (mt CO2e)

4,320

4,645

23,176

23,686

FY23

FY22

FY23

23,842,135
22,062,502

Semiconductor Climate
Consortium
Given the global nature of climatechange issues, it is important to drive
decarbonization at an industry level.
Our aspiration is to find ways to collaborate
across the entire semiconductor ecosystemand support the development of GHG
accounting methodologies and sectorrelevant guidance. In FY23, we becamea member of the Semiconductor Climate
Consortium, the first global, industrywide collaborative focused on reducing
GHG emissions across the semiconductor
value chain. The consortium’s member
companies aim to work together toaccelerate climate solutions to the mostpressing decarbonization challenges, alignon common GHG accounting approaches,
improve the accuracy of Scope 1, 2 and 3
GHG emissions, and collaborate to findways to reduce GHG emissions together.

FY22

Scope 1

Scope 2 (market-based)

FY22

FY23

Scope 3

FY23 % by Scope
Scope 1
0.02%

Scope 2
0.11%

Scope 399.87%

FY23 Scope 3 GHG Emissions Categories
Use of Sold Products: 96.85%
Purchased Goods & Services: 2.78%
Other Categories
Capital Goods: 0.13%
Downstream Transportation & Distribution: 0.06%
Employee Commuting: 0.05%
Fuel & Energy Related Activities: 0.04%
Upstream Transportation & Distribution: 0.01%
Business Travel: 0.03%
Processing of Sold Products: 0.003%

Learn more about the
Semiconductor Climate
Consortium

Marvell Technology, Inc.

FY 2023 ESG Report

Waste Generated in Operations: 0.001%
Upstream Leased Assets: 0.001%
End-of-Life Treatment: 0.0004%

30

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Product Sustainability
We believe that by designing our products
to have a smaller environmental footprint,
we can have a significant sustainability
impact. We are focused on developing
power-efficient semiconductor solutions
that help reduce energy consumption
during the use phase. We also consider thematerials within our products to ensure
we are meeting global and customer
environmental standards.

Goals
Integrate ESG across our innovation
processes (Annual)Complete

Participate in multiple external
collaborations focused on technology
addressing environmental and societal
challenges (FY25)
In progress

Reduce power consumption of productswith each generation for set capabilities(Annual)Complete

Conduct a Life Cycle Assessment (LCA)
in three key product lines (FY25)

Advancing
Power Performance
As a society, we are creating andtransmitting increasing amounts of data,
which ultimately puts higher pressure
on power demand. Our company plays animportant role in improving the overall
efficiency of clouds, enterprise networks
and automobiles by developing productsthat continuously increase performance
per watt. This challenge will grow withthe rise of artificial intelligence (AI) andmachine learning (ML), and autonomous
driving. As telecommunications networks
migrate from 4G to 5G, hardware power
consumption is expected to increase
rapidly.
Across our product categories, we work
collaboratively with our customers tomeet their needs to optimize power
performance. This includes increasing
performance or density, moving to
new technology nodes, consolidating
features onto more integrated chips,
applying novel architectures, improving
thermal management to reduce cooling,
employing power management, andusing virtualization innovations to more
efficiently utilize data infrastructure.
For example, our recently announced
3-nanometer (nm) silicon interconnects
enable data transfer rates by up to 45% tolower power dissipation and picojoules per
bit in the most advanced semiconductors.
We explain below how we reduce power
across our key product categories andprovide an example of where we havedone so.

In progress

Marvell Technology, Inc.

FY 2023 ESG Report31

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

Appendix

Product type

How we can reduce power with our products

ExampleComputeFor our data-processing units, we design our
silicon by using more power-efficient processors,
memory and storage devices, and optimize thearchitecture of the circuitry. We also design insmaller, advanced technologies, which requireless power.

With the launch of the OCTEON 10
data-processing unit (DPU) family, we haveenabled a threefold increase in computeperformance and a 50% reduction in powerover previous generations.

Storage

We reduce power usage among storage products
by using higher-density disks, new and custom
architectures, power management features andenabling special flash memory chips that are more
power-efficient.

When we launched our BraveraTM SC5 solid statedrive (SSD) Controller, several of its attributes,
such as virtualization, improved powerperformance efficiency by 40% compared toprevious generations of Marvell SSD controllers.

Networking

We reduce power usage by using low powerarchitectures, increased density, power
management, power-saving modes and chippackage designs with better thermal management
to reduce the amount of cooling required.

Nova, the industry’s first 1.6T PAM4 digital signal
processor (DSP) for optical modules, doubles
cloud bandwidth for applications like Generative
AI while reducing power and cost per bit by 30%.
Nova reduces the number of lasers and opticalcomponents by 50%, thereby increasing thereliability of connectivity in cloud AI platforms
twofold.

Security

In security, semiconductors are used inconjunction with software, for functions suchas encryption, access control, firewalls andintrusion detection. Power can be reduced byusing virtualization, optimization, lower power
modes and memory and advanced process
technologies that have better power-efficiency.

Our LiquidSecurity 2® hardware security module
adapter enables encryption, key management,
and authentication in the cloud. It can conduct
an efficient 850 transactions per second per
watt and is 2.5 times more power efficient thancompetitors in the market.

Across our product categories,
we work collaboratively with ourcustomers to meet their needs
to optimize power performance.

Marvell Technology, Inc.

FY 2023 ESG Report32

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Improving Product
Energy Efficiency
In FY23, we established a new internal
working group with a specific focus on
Responsible Product Design. Its first priority
was to mobilize the implementation of R&D
solutions targeting product power acrossthe company. To reduce power consumptionof our products during the use phase, we
collaborate on low-power design methods
and computer-aided design (CAD) tools,
encourage development of power-saving
circuits, and raise awareness of novel chippackaging approaches to manage
thermal heat.
To leverage the expertise, ingenuity andcreativity of our employees, we started
hosting internal Innovation Contests forengineers as a way to engage employees
to add meaningful value to our products
and processes — and to enhance ourbusiness and market leadership. Our
employees develop ideas for our target
markets and domains in which our company
is actively engaged, and help improve or
innovate internal tools, flow optimizations
and software or product concept
developments.
Since Scope 3 GHG emissions fromelectricity consumption in the use phase of
our products make up the largest part ofour company-wide carbon footprint,
in FY23, we included a special contest
scoring category for product power
efficiency in our company-wide Innovation
Contest. One of our top five finalists allows
for a significant focus on power savings, andwe are now exploring how to promote it
across the business for incorporation
into product designs.

Marvell Technology, Inc.

FY 2023 ESG Report33

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

Appendix

Product Materials
The semiconductor industry uses a numberof materials for their electrical properties,
including mercury, lead, cadmium andhexavalent chromium. These materials areheavily regulated, particularly since they are
known to have an adverse impact on humanhealth and the environment.

Our products
comply with awide range of
regulations,
including:We make sure to comply with all applicablelaws and engage stakeholders proactively to
mitigate any risks. We continue to monitor
materials that could pose a concern forour company and our customers and makechanges when relevant. For example, we
perform our environmental compliancedue diligence during product design anddevelopment, prior to mass production.
We have also phased out halogens in
our packaged integrated circuits whendeveloping new products. We aim to
substitute alternative materials that meetor exceed performance metrics of thematerials they are replacing, while also
ensuring that they have a lower risk profile.

• Pollution Caused byElectronic Information
Products (China RoHS)

The International ElectrotechnicalCommission (IEC) maintains a global
database of substances of concern. We
use this to coordinate our reporting on
the material composition of our products
throughout our industry and supply chain.
We work with our suppliers to collect andconfirm the information they provide on theIEC 62474 declarable substances list during
product development and manufacturing.
We also set a goal to conduct life cycle
assessments (LCA) of three key productlines. These LCAs will help us identify andprioritize opportunities to decrease theenvironmental impacts of our products,
including ways to reduce or eliminatechemicals of concern, increase the recycled
or reused content of certain materials andembed circularity in our product designs.
In FY24, we plan to conduct an LCA on oneof our key product families to gain deeper
insight into the environmental impact ofour products.

• European Union (EU)
Persistent Organic
Pollutants (POPs)• EU Registration,
Evaluation,
Authorisation
and Restriction ofChemicals (REACH)• EU Directive on
the Restriction ofHazardous Substancesin Electrical andElectronic Equipment(RoHS)

Percentage of Marvell Products
by Revenue That Contain IEC
62474 Declarable Substances

FY 2023 ESG Report• State of California
Proposition 65

33%
30%
27%

26%

27%

• U.S. Toxic Substances
Control Act (TSCA)• International
ElectrochemicalCommission (IEC)
standard 61249-2-21

FY19

Marvell Technology, Inc.

• EU Substances ofConcern In articles
as such or in complex
objects (Products)(SCIP)

FY20

FY21

FY22

FY23

34

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Water and Waste
Water use and waste generation are
critical issues in the semiconductor industry.
Although our most significant water andwaste impacts occur in our supply chain,
we recognize that we have an opportunity
to make a positive contribution by managing
the impacts of our own facilities.
We aim to make all of our officeenvironments great places to work andto make them “future-ready.” Our Global
Workplace Guidelines provide a way tolearn from each other on creating healthyand sustainable workplaces. The guidereferences WELL and LEED building
standards as best practice, and we arealso working to integrate our activities onenergy, water and waste to support ouroperational ESG goals.

Goals
Develop and implement water actionplans at sites where we have controlof water management (FY24)
In progress

Achieve zero waste at sites where wehave control of waste management(FY26)

Our corporate water strategy focuses on
measurement of our annual operational
water footprint and comprehensive waterrisk assessments in our direct operations,as well as identifying and implementing
opportunities for water efficiency acrossour facilities and requesting water use datafrom our suppliers.
In our direct operations, most of our day-today water use is associated with sanitation,
drinking water, food preparation, landscapeirrigation and cooling in our closed-systemchillers. We work to implement water
efficiency measures to reduce our water
usage, including installing low-flow fixturesat our offices and using recycled water anddrought-tolerant plants in our landscaping
where feasible.
Most of the water impacts of our company
take place upstream in our suppliers’
manufacturing operations. These facilities
require a substantial amount of water forprocessing, cooling, scrubbing, point-ofuse abatement and fire suppression. Our
industry recognizes the importance ofwater management, and this is why waterrelated requirements are incorporated
into RBA’s Code of Conduct, including
the expectation that companies:• Implement a water management program
to monitor where water is drawn from,how much is used and how much isdischarged

In progress

Follow best practices, in alignment
with WELL, Fitwel and/or LEED
building standards at all new officeconstructions or renovations (Annual)• Conserve water and limit contamination• Treat and monitor wastewater prior
to discharge• Monitor the performance of wastewater
treatment and containment systems

Near complete

Marvell Technology, Inc.

Water

FY 2023 ESG Report

35

Introduction

Our Approach to ESG

Environment

In FY23, RBA announced a partnershipwith the Alliance for Water Stewardship,
to begin engaging member companies
around shared water challenges and helping
industry players address those risks throughimproved water management efforts. Thispartnership will include sharing knowledge
and, developing tools to enable supply chain
actors to engage in water stewardship.

SocialGovernance

Back to Table of Contents

Appendix

Marvell’s Water Metrics (megaliters)
Withdrawn

Consumed

140

Discharged

137
120

113

Water Risk in Our Operations
In order to assess our exposure to water
stress in our direct operations, we conduct
an annual water risk assessment. Ourassessments apply findings from the World
Wildlife Fund (WWF)’s Water Risk Filter andWorld Resources Institute (WRI)’s Aqueduct
tools, which evaluate locations based on
baseline water stress for the region, waterbasin-related risk and water intensity. In
FY23, 23% of our total water withdrawals
were sourced from water-stressed areas.

Waste
Our waste profile is typical of officeand electronic laboratory-based R&D
environments, as our waste is primarily
composed of paper, food, packaging andused electronics. We continue to work on
improving our waste management practices
and increasing waste diversion from landfill,primarily through recycling and composting.
In FY23, due to a return to work in Santa
Clara, our waste generation increased,
and waste diversion decreased.

20

24

FY22

FY23

Landfill Diversion Rate
Marvell’s Santa Clara Office

FY221

FY23

84%

78%

1 In FY22, due to an improvement to the calculation methodology used by our waste management
vendor, our landfill diversion rate has been retroactively restated.

Waste by disposition method
Marvell’s Santa Clara Office, FY23
62%: Recycled
6%: E-waste
18%: Combined paper, cardboard and wood
38%: Mixed recycled waste

10%: Composted
5%: Mixed compost, including food waste
5%: Yard trimmings

6%: Reused
Assets and equipment sold for reuse

22%: Landfill

Marvell Technology, Inc.

FY 2023 ESG Report36Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Social
Our ability to attract, retain and engage the best talent from diverse
backgrounds and establish a culture that embraces integrity, respect andinclusion is key to our goal to be a great place to work. We are committed
to promoting and respecting human rights throughout Marvell and beyond,via our employees, customers and suppliers. We are also committed to givingback to our community through our philanthropy and volunteer programs.

Marvell Technology, Inc.

FY 2023 ESG Report37

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Our People
There is something even more essential
than our technology — and that is thepeople who make it possible. We believe thatengaged and supported employees lead toinnovation and collaboration, enabling ourcompany to maintain a leadership positionin our industry.
We take a holistic approach to supporting
our people, both personally andprofessionally. This starts by providing
a variety of opportunities to learn andadvance, and creating a culture where
people feel recognized and empowered
to reach their full potential.
As Marvell has continued building
world-changing technology, we’ve also
built a reputation as an employer of choice.
Earlier this year, we were honored by bothGlassdoor and Built In as part of theirrespective Best Places to Work awards.
We also achieved certification as a Great
Place to Work® for the first time. We see thisrecognition as a testament to the efforts
that our employees around the globe havedevoted to making Marvell an amazing place
to thrive, learn and grow.
To better understand what makes Marvell
special, we conducted interviews, focus
groups and surveys across our company.
Based on the insights from this research,
we defined our Employee Value Proposition,“Own What’s Next.” This means that
Marvell is a place where employees knowthat they are integral to the company’s
success, and where they can feel proud
about the work they’re doing, because it
is work that is transforming the world. It
also illustrates that our employees feel astrong sense of ownership, not only of theircontributions to innovation but of theirown career trajectories. Marvell provides
an environment where they can experience
growth and long-term success.

Marvell Technology, Inc.

FY 2023 ESG Report

Our Culture and Core Behaviors
Our Core Behaviors lay the foundation forour culture. All of our efforts to attract,develop, engage and retain employees, aswell as our efforts to embed inclusion anddiversity (I&D) across the company, aredesigned with this foundation in mind. Our
Core Behaviors also serve as a roadmap to
integrate employees as we grow throughhiring and acquisitions.
Our Core Behaviors:
Act with integrity and treat
everyone with respect
Innovate to solve customer needs
Execute with thoroughness
and rigor
Help others achieve their objectives

38

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Inclusion and Diversity
At Marvell, we strive to create a workplace
where every employee, regardless ofbackground, feels respected and valued
for who they are as an individual. This isa Core Behavior that guides our work. We
also believe that a diverse, inclusive andequitable culture brings unique value to thework we do, as individuals and as a company.

Putting Our Strategy
to Work
Our I&D strategy aims to leverage the powerof inclusion, diversity and equity to create
the workplace of the future, where every
person can fully realize their potential andbe empowered to do their best work.

Our Strategy and Approach
Since 2016, we have embarked on a holistic,
strategic and intentional path towardbuilding a more inclusive company.
Our Inclusion & Diversity (I&D) strategy
is realized through cross-functional
partnerships between Learning andDevelopment, Talent Acquisition,
Philanthropy, Total Rewards
and individual business units.
We have been refining our I&D strategy
and approach through conversations with
employees, to understand key issues,concerns and areas of opportunity. Basedon this input, we have designed a balanced
approach to the way we execute our
I&D strategy.
Our I&D approach is centered on three
key aspects:• Interconnected Across the Company:
Embedding inclusivity in every function
and in everything we do• Full Participation & Responsibility:
Empowering all our employees to dotheir part toward creating a welcoming
and inclusive environment• Globally Aligned & Locally Relevant:Adjusting our global strategic framework
to meet specific regional and local
site needs

Marvell Technology, Inc.

FY 2023 ESG Report

39

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

Appendix

Marvell’s Inclusion & Diversity Strategy

Business
Outcomes

Pillars

Activate & Empower
Leaders

Create an Inclusive
Best Place to Work

Cultivate a Diverse
Workforce

Lead in the Marketplace& Community

Enhance
Skillsets

FosterCommunity

Attract & Nurture
TalentBuild New
Partnerships

Activate and Empower Leaders
To build a strong ethic of inclusion, we
continue to roll out Unconscious Bias
training for our employees and managers
worldwide. We have also introduced our
Building High-Performing Teams ThroughInclusion program, which started as a skillsbuilding workshop for a single team and is
now being expanded to other teams. The
program, which involves employees at alllevels, includes a workshop where employees
come together to focus on building a strong
culture. Throughout the interactive program,
employees have transparent conversations,deepen trust and create shared agreements
for an inclusive and respectful workplace.
To further employees’ skills and passions
within the I&D space, we offer our Cultural
Ambassador program. This program provides
all employees the option, voluntarily, tobecome a part of the team that designs andimplements both regional and global culturalawareness events.

Marvell Technology, Inc.

FY 2023 ESG Report

We also have a growing number of learningand development programs for our women
employees, including RISE Up! In India. This
four-part program provided courses that arealigned to addressing the specific culturaland professional needs of Indian women.

Create an Inclusive
Best Place to Work
To foster a sense of belonging andcommunity, we engage employees incultural events around the world. For
example, in the U.S. and Canada, wecelebrated Black History Month by hosting
several activities. This included a keynote
event called “The Journey of Black
Inventors and Scientists,” highlighting
notable Black Americans and theircontributions, which have helped to shape
the technology space for over 100 years.

CulturalAmbassadors are
given exposure
and opportunities
to build skills,
knowledge andexpand their
network beyond
their regularscope of work.

We also celebrate International Women’s
Day annually. The theme in FY23 was“#BreakTheBias,” to raise awareness of bias
and take action to create a gender-equal
world. During the event, we showcased our40Introduction

Our Approach to ESG

Environment

partnership with TechWomen, an initiative
to empower the next generation of womenleaders in STEM fields that is supportedby the U.S. Department of State’s Bureauof Educational and Cultural Affairs (ECA).
Our professional mentorship included 12
mentors and seven next-generation female
leaders in STEM from six countries.
We also celebrated the history,
accomplishments, heritage and cultureof Asian Americans and Pacific Islanders,and hosted A Celebration of Inclusivity
Within the Americas, highlighting thebrilliance and diversity of Hispanic andLatinx/a/o cultures across the many
countries represented.

SocialGovernanceAppendix

Back to Table of Contents

Lead in the Marketplace
and Community
We recognize that to truly drive change, weneed to build on our efforts within our own
workforce and help to lead our industry
and our communities. One of the key ways
to advance I&D externally is by developing
partnerships beyond our four walls. We havepartnerships with several organizations,
including the Global Semiconductor
Alliance Women’s Leadership Initiative and
TechWomen. Through these relationships,
we are investing in the long-term STEM
pipeline, creating more opportunities for girls
and young women globally in these fields.

Throughout the year, we also hosted aseries of cultural events and conversations
for our employees, including VeteransDay, International Day of People With
Disabilities and Pride Month.

Cultivate a Diverse Workforce
As part of our I&D strategy, we aim to bedeliberate in widening our network andattracting and retaining talent from diverse
backgrounds around the world. In FY23,
we continued to focus on diversifying
our talent. Prioritizing underrepresented
groups offers our biggest opportunities forenhancing diversity, and we are deploying
several initiatives to attract these groups
to Marvell.

Advancing Pay Equity
To promote diversity, eliminate gender bias and support equal
opportunity, we have focused on gender pay equity across ourcompany. Over the past five years, we have performed an annual
pay equity analysis to look at gender globally, and more recently,
at ethnicity in the U.S., to identify potential pay inequities andthen proactively address them.

Goal
Perform pay equity analysis globally(Annual)CompleteMarvell Technology, Inc.

FY 2023 ESG Report

41

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

Appendix

Diversity in Marvell’s FY23 Workforce
Ethnicity (U.S. only)

Total Employees

Gender

Generation

Region*21% Women

12% Baby Boomers

49% Americas

79% Men

38% Gen X

40% APAC & India

46% Gen Y

11% EMEA

4% Gen Z*Americas includes U.S., Canada and Argentina

Asian

57.9%

Black/African American

1.1%

Hispanic/Latinx/a/o

3.7%

Multiracial

0.7%

Native Hawaiian/
Pacific Islander

0.1%

Native American/
Alaska Native

0.1%

White

33.9%

Declined to state

2.5%

Asia Pacific (APAC) & India includes India, China, Singapore, Taiwan, Vietnam and others.
Europe, the Middle East and Africa (EMEA) includes Israel, Germany, Romania, Italy and others.

Marvell Technology, Inc.

FY 2023 ESG Report42

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

AppendixGlobal Representation by Job Level
Board
Members

Executive
Staff

Management

Technical

Individual
Contributors

Women

27%

7.1%

15%

16.8%

23.4%

Men

73%

92.9%

85%

83.2%

76.6%

Baby Boomers (born 1946–1964)

64%

14.3%

17.2%

11.3%

9.9%

Gen X (born 1965–1980)

36%

85.7%

64.0%

35.4%

29.1%

Gen Y (Millennial) (born 1981–1996)

0%

0%

18.8%

48.3%

55.1%

Gen Z (born 1997–2012)

0%

0%

0%

5.1%

5.9%

Asian

0%

23.1%

55.9%

62.3%

58.9%

Black/African American

9%

0%

0.7%

0.7%

1.3%

Hispanic/Latinx/a/o

0%

0%

2.5%

1.9%

4.3%

Multiracial

0%

0%

0.5%

0.4%

0.9%

Native Hawaiian/Pacific Islander

0%

0%

0.1%

0.1%

0.1%

Native American/Alaska Native

0%

0%

0.1%

0.1%

0.1%

White

91%

76.9%

37.7%

31.9%

31.9%

Declined to state

0%

0%

2.5%

2.6%

2.5%

Gender

Generation*

Ethnicity (U.S. only)

Figures above do not include fixed-term employees, interns or contingent workers.
Executive Staff: Includes CEO and CEO’s staff
Management: includes regular employees at all management levels across Marvell globally
Technical and Individual Contributors: Includes all regular employees across Marvell globally*

Percentage may not total 100%, due to rounding and/or undisclosed information from employees

Marvell Technology, Inc.

FY 2023 ESG Report

43

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Talent Attraction,
Development, Engagement
and Wellbeing
Our ability to enable industry-defining
advances depends on our ability to attract
and retain diverse talent, grow and develop
our people, build a great place to work, andfoster team and organization health. To
do so, we actively recruit top talent, offer
competitive compensation, provide career
growth opportunities and support ouremployees’ engagement and wellbeing.

Attracting and Retaining
the Best Talent
We continue to invest in attracting andrecruiting the best talent from acrossthe world. By developing new sourcing
strategies, we are ensuring a continuous
flow of talent, despite the competitivemarket in tech talent. In FY23, global hiringcontinued, with 1,314 hires that included
291 (22%) women. We conduct annual talentreviews and succession planning, and the
Executive Compensation Committee of theBoard receives regular updates from senior
management on these matters as well as
attrition and employee survey results. Our
executive team also regularly reviews thecompany’s human capital initiatives andprogress.

Early Career Programs
To develop the next generation, in 2017,
we established an annual internshipprogram, which has been a strong sourceof talent for our company. The programis built with the intent to hire interns
into full-time roles after they graduate
from college, and managers aim to help

Marvell Technology, Inc.

FY 2023 ESG Report44

Introduction

Our Approach to ESG

Environment

them grow and mature with our productofferings and technology. In FY23, theprogram hired more than 300 interns at
25 different locations across 13 countries.
The representation of women in our
incoming intern class exceeded the average
representation of women graduating within
the STEM degrees we targeted.

SocialGovernanceAppendix

Back to Table of Contents

By developing new sourcing strategies,
we are ensuring a continuous flow oftalent, despite the competitive market
in tech talent.

We also attract a diverse workforce
through our university recruiting program,which helps us hire students across all
degree levels from a number of universities
around the world. This strategy helps
ensure diversity of knowledge and uniqueapproaches to solving technologicalchallenges.

Talent Retention
We are actively focused on retaining ourpeople through our rewards, benefits,
employee engagement and development
programs, as well as by fostering an
inclusive culture where our employees
feel appreciated and purposeful. We arecommitted to offering our employees
a comprehensive benefits package,competitive compensation, a range ofwellness offerings, flexibility in hybrid work
options and a safe work environment. Our
efforts at retention also include measuring
and evaluating employee turnover rates toobtain insights into employee dissatisfaction
and to influence our actions and improve
our internal policies.
We benchmark our compensation andbenefits programs annually against ourpeers, and we also conduct employee
satisfaction surveys to inform ourprograms and identify potential gaps
and opportunities. In FY23, we created a
new role of Global Director of Site Health.
This new business function is focusedon obtaining data-driven insights into
employees’ satisfaction through regularin-person, one-on-one interviews
conducted globally.

Marvell Technology, Inc.

FY 2023 ESG Report

For more on our organizational
and team health, see the Building
a Great Place to Work sub-section

45

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Hires by Gender
FY22

FY23

Women

22.4%

21.6%

Men

76.5%

78.2%

Numbers may not add up to 100%, as a small proportion of
employees might have chosen not to disclose their data.

Voluntary Turnover in FY23
FY22

FY23

Global Total

9.0%

9.6%

Women

9.4%

9.5%

Men

8.9%

9.6%

Voluntary Turnover by Ethnicity (U.S. only)
Ethnicity

FY22

FY23

Asian

8.8%

10.4%

Black/African American

19.0%

3.0%

Hispanic/Latinx/a/o

9.5%

11.6%

Biracial/Multiracial

24.4%

13.2%

Native Hawaiian/Pacific Islander

0.0%

0.0%

Native American/Alaska Native

0.0%

0.0%

White

6.7%

9.9%

Declined to state

17.6%

10.4%

Marvell Technology, Inc.

FY 2023 ESG Report46

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Growing and Developing
Our People
At Marvell, we pride ourselves on a cultureof continuous learning, where we invest in
the professional growth and careers of ouremployees. We have a variety of offerings
including workshops, coaching, mentoringand educational resources, to develop
employees so that they have the skills
they need to deliver on our current andfuture business priorities. In FY23, 88%of our new directors were promoted fromwithin Marvell, rather than hired in fromoutside Marvell. This is a testament toour commitment to growing the careersof our employees.
We provide many opportunities for
employees to develop a rewarding career at
Marvell over the long term. Our Employee
Mobility Policy makes it easier for employees
to transfer to different open positions within
the company, to help them develop theircareers. As part of the program, employees
can work with their managers to identify
areas of interest and explore opportunities
for advancement that align with thoseinterests. We also provide employees withcomprehensive learning and development
initiatives, including online training andtuition reimbursement.

Career Conversations
People leaders engage in careerconversations with their team members.
We want these to happen not less than
twice a year. These conversations center on
feedback, accountability and development
and provide an opportunity for all employees
to discuss their annual and long-term careergoals and aspirations with their managers
and to co-develop learning and career plans.

Coaching and Mentorship
Employees have access to professional,
personalized coaching through 1:1 coaches
and through a third-party coaching
platform. Mentoring programs provide

Marvell Technology, Inc.

FY 2023 ESG Report

Our Employee Mobility Policy makes
it easier for employees to transfer
to different open positions within
the company, to help them develop
their careers.

Cultivating Engineering Talent at Marvell
Engineers and technical professionals make up roughly 85%
of our employee population; this group grew by about 16% in
FY23. To support and develop our engineers, we offer avenues topursue either technical or managerial career tracks at Marvell. We
have also developed a suite of programs and events that provide
opportunities for engineers to learn new skills, mentor colleagues
and participate in activities that build our technical community
around the world.
• The Marvell Engineering Essential Technology (MEET2022)
conference had 3,800 attendees learn, engage, ask questions
and provide feedback.
• Our new Technical Leadership Mentoring Program (TLMP)
has our most senior technical leaders mentoring our technicalexperts through 1:1 meetings, training and 360-degree
feedback sessions.
• We deliver multiple, customized technical training sessions
throughout the year, ranging from sessions on specific topics toshorter “Tech Talks” events. These workshops provide valuableknowledge-sharing and global networking opportunities acrossour business units, to support innovation and build technicalexpertise.
• We offer English-language skills training to help those
who want it, in order to support employees working withinternational teams.

47

Introduction

Our Approach to ESG

Environment

opportunities for employees to learn fromsenior leaders and technical professionals,
become more confident in their roles andsolve problems in a manner that aligns withour culture and Core Behaviors.

Leadership Enablement
People leaders are supported in their criticalrole to foster a healthy team that executes
on, and delivers, business results throughtraining programs, leader meetings,
resources and other enablement efforts.
One way we do this is through signatureleadership workshops for each level ofmanagement. In FY23, we launched theMarvell Executive Program, a customized,
internally developed program sponsoredby our CEO, to develop high-potential andemerging executives to become business
managers.

SocialGovernance

Back to Table of Contents

Appendix

Employee Training by Typein FY23
39% Engineering
18% Professional Development
14% Leadership/Management
13% Culture and Compliance
12% Information Technology
4% Other

Building a Great Place
to Work
The mental, emotional and physicalwellbeing of our employees is a top priority
for our company. To create a safe workplace
where people thrive, we continue to listen to
our employees and evolve with their needs.

Putting Mental Health at the Center
Balancing work and life can be stressful,and we also acknowledge the growing issueof mental health challenges on families,
and in particular young people. We work toprovide employees support during timesof mental stress or emotional challenges
through a range of mental health resourcesand education. In the U.S. and Canada, welaunched the Stronger You, Stronger Us
campaign, to bring attention to mental
health and to combat stigma around this
topic. To support the growing youth mental
health crisis, we formed a partnership witha leading provider to deliver global accessto high-quality mental health support not
only for parents but for the entire family.
Additionally, we provide managers with a

Marvell Technology, Inc.

FY 2023 ESG Report48

Introduction

Our Approach to ESG

Environment

guide to having conversations with theirteams about mental health. In responseto the war in Ukraine, we implemented a
support line for Marvell offices in the region.
Another way we support employees isthrough paid time off for wellness. For
example, we provide three recharge
weekends throughout the year — which
are four-day weekends — for our global
employees, that allow them to focus on
self-care, minimizing the risk of burnout
and boosting productivity. These recharge
weekends began at the start of thepandemic, and we have continued thembecause of the overwhelmingly positive
response from our employees.

SocialGovernanceAppendix

Back to Table of Contents

We launched the Stronger You,
Stronger Us campaign, to bringattention to mental health andto combat stigma around this topic.

As part of our Workplace of the Future
concept, we are developing a new
guidebook that takes into accountsustainable buildings standards, such as
WELL, Fitwel and LEED, and we also work
to incorporate criteria around employee
wellbeing and productivity. For example,
we are exploring topics such as ergonomics,
biophilic elements, air quality and private
spaces within our offices, with the goal of
creating a work environment that enhances
employee productivity and wellbeing.

For more details on
our Global Workplace
Guidelines, see theWater and Waste section

Marvell Technology, Inc.

FY 2023 ESG Report49

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

A Focus on Families
We know that juggling work and parental
responsibilities is not easy, and we havebeen thoughtful in our approach to how
we can best support our people in the
different stages in their lives. We continue
to introduce programs to support working
parents, both globally and by country. For
example, we have created a phased plan toimplement a global parental leave policy,
with a minimum standard of 12 weeks in all
countries where we operate. This plan will
cover all employees, regardless of gender,
gender identity, or how a child comes intoa family.
In the U.S., we have expanded benefits forfamilies, including financial support for
adoption and surrogacy, bereavement leave,
counseling and other support resources.
We also provide gender-affirming benefits.
We also want to support employees
who come back after a leave. In FY23,
we introduced a flexible return-to-work
program for employees in the U.S. after
their maternity or paternity leave, so they
can have additional support ramping up
their hours as they return to work.
In addition, in the U.S., we offer tutoring
and college admissions support for children
and families, and up to 10 backup caredays for children, adults and pets. In Israel,
employees are invited to enroll theirchildren in a summer camp where scienceand math lessons are mixed with games
and recreation.

Keeping Fit
Across the globe, many of our offices host
events dedicated to employee fitness. In
FY23, we held our ninth annual global 5K
event, resuming in person where local law
allowed, and with a virtual option for allother employees. The event attracted over
2,000 participants. In addition, we won
the Fittest Firm award at the Silicon Valley
Turkey Trot, for the seventh consecutive
year. This is an annual event whose mission
is to uplift and improve the quality of life

Marvell Technology, Inc.

FY 2023 ESG Report50

Introduction

Our Approach to ESG

Environment

for the less fortunate in Silicon Valley. It isawarded to the company that drives themost registrations for the Turkey Trot, andthe beneficiaries of the event include the
Healthier Kids Foundation, Housing Trust
Silicon Valley, Second Harvest of Silicon
Valley Food Bank and the Health Trust.
In FY23, Marvell was awarded the Austin
Mayor’s Health and Fitness Council Moving
the Needle Workplace Award for Emotional/
Mental Health & Wellbeing programming.

Safety First

SocialGovernanceAppendix

Back to Table of Contents

We also are building the structure forconsistency across our offices on healthand safety issues, through employee
training on topics targeted to certain
job responsibilities, maintenance, hazard
reporting mechanisms and developmentof emergency action plans. We have active
Regional and Local EHS leads for our offices
and associated EHS Committees. Because
more employees have been working on-siterather than at home in the last year, we haveadjusted our policies for ergonomics andemergency preparedness and response.

Everyone deserves a safe workplace, andthis includes our employees, contractors
and visitors. While our workplaces aremainly office facilities, with limited safety
hazards, we recognize the importance ofpreventing and addressing any risks that
may occur.
We conduct internal audits andinspections to identify hazards and risks
in the workplace, which are conducted byqualified internal personnel, consultants
and/or regulatory agencies. Their findings
and observations are communicatedto responsible personnel for corrective
or preventive action. Employees canreport health or work-related hazards
by prescribed methods to management,
human resources, facilities, security, EHS
and/or compliance. We will not retaliate andwill not tolerate retaliation against anyone
for making a good-faith report. Incident
reports are completed to conductroot-cause analysis and to determine
corrective or preventive actions.
We work to prevent injury by focusing on
ergonomics. Some of our sites have R&D
labs where product prototypes aredeveloped, and there are unique risks
related to electrical hazards and use ofchemicals. We require that all employees
working in this environment follow strictlab guidelines for safety.

Marvell Technology, Inc.

FY 2023 ESG Report51

Introduction

Our Approach to ESG

Environment

Fostering Organizational
and Team Health
Nurturing the health of our company andteams starts with listening to and engaging
with our employees globally. Recognizingthat listening to our employees is critical toidentifying opportunities to enhance ourculture, we consistently look for new ways
to solicit employees’ feedback.

Listening to Our Employees

SocialGovernanceAppendix

In FY23, the survey resulted in an annual
employee engagement (ESAT) score of 78,
which is higher than the Glint Technology
Industry Benchmark.
In addition, we measure levels of
engagement in individual teams bygathering feedback from employees
through a Manager 180 Survey. This helps
us to ensure our people managers haveaccess to quality feedback and can focus on
the areas that will have the biggest impact
on their specific team’s engagement.

In FY23, we established a new business
function led by our Global Director of Site
Health, who conducts regular in-person,
one-on-one interviews with employees
across all our regions. Individual reports
containing score cards, summaries andemployees’ anonymous feedback, andcomments are shared with our seniorleadership, providing visibility on various
issues and helping to inform decision
making. Approximately 1,000 employees
across 13 countries and 11 businessorganizations within the company wereinterviewed in the first year the process
was set up.

Flexible Workplace Experience

We also measure levels of engagement
through our annual Voice of the Employee
Survey, which helps us better understandemployee needs and opportunities for
improvement, and to develop action plansto address them.

To enable our employees’ successin a hybrid work environment, wedeveloped Hybrid Work Best Practices
Handbooks for employees and people
managers, to help them to learn andembrace new behaviors and to beeffective with tools and technology.

Goal
Maintain an annual employee
engagement (ESAT) score that is higher
than Glint’s Technology Industry
Benchmark (Annual)CompleteMarvell Technology, Inc.

FY 2023 ESG Report

Back to Table of Contents

How we work at Marvell is central to ourculture. In FY22, we implemented a hybrid
work model and established a Hybrid Work
Policy, redefining how, when and where wework. Our hybrid model allows flexibility for
employees to work from home some of thetime, while maintaining Marvell offices asa destination to collaborate, socialize with
their teams, and engage customers. Our
goal is to foster a dynamic workplace for our
employees working from homes and offices
all over the world, enabled by technology
and powered by our core behaviors.

Working in a hybrid environment makes
it challenging for people managers torecognize the signs of burnout in theirteam. To enable our employees to manage
stress points when working in a hybrid
mode or remotely, we provide a wide rangeof programs and resources to support
employees’ wellbeing. For example, weoffer a flexible vacation policy in the U.S.,
recharge weekends, the Year-End Shutdown
and other benefits that enhance employee
health, wellbeing and productivity.

52

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Human Rights
We work to protect human rights and laborrights across our direct operations andsupply chain by upholding strong standards
and policies, developing and implementing
rights-respecting management practices,and by responding promptly to concerns andviolations when they arise. As a member of
the United Nations Global Compact (UNGC),
we support various standards behind
UNGC’s human rights principles, including
the Rio Declaration on Environment andDevelopment and the United Nations
Convention Against Corruption. Our
membership in the Responsible Business
Alliance (RBA) helps us to further global
human rights standards. Our Human Rights
Policy outlines the company’s commitment
to respecting human rights, both in ouroperations and supply chain, and it isaligned with the Universal Declaration of
Human Rights and the International Labour
Organization’s Declaration on Fundamental
Principles and Rights at Work.
In FY23, we conducted our first formal
Human Rights Impact Assessment (HRIA),
to identify potential human rights risks
and impacts across our business. To
ensure that our HRIA was inclusive andcomprehensive, we engaged subject matter
experts and executive leaders across thecompany. We also engaged reputable
third-party organizations and experts

Goal

working in the field of business and humanrights to provide us with their insights on
potential risks. Based on the assessment’s
key findings, we identified several areasof human rights risks, including those
associated with the workplace practicesof our direct suppliers, as well as risks
associated with upstream chip component
and raw material supply chains. We also
identified potential risks associated withthird-party service workers supporting ouroffices and associated with the unethicaluse of technology. We are working to further
strengthen our due diligence measures tomitigate these risks and advance respectfor human rights across all parts of ourvalue chain.

Conduct a formal Human Rights Impact
Assessment and develop action plansto address impacts of our value chain(FY25)
CompleteMarvell Technology, Inc.

FY 2023 ESG Report

53

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Holding Our Suppliers
Accountable

Setting Standards
for Employees

Our policies hold our suppliers, independent
contractors, consultants and anyone whodoes business with us to the highest levelof human rights standards in several ways.

We educate every employee at Marvell
on the importance of human and laborrights, through Code of Business Conduct
training. We also establish standards forour employees and members of our Boardof Directors through our Global Human
Rights Policy and the Code of BusinessConduct.

Our Supplier Code of Conduct explicitly
spells out requirements for the protectionof human rights and fair labor practices,
including standards on freedom of
association, preventing abuse andharassment and prohibiting involuntary
and underage labor. Additionally, as amember of the RBA, we hold suppliers to
RBA’s Code of Conduct, which stipulates
certain human rights and labor standards.
Our suppliers are also audited through the
RBA Validated Assessment Program to
identify risks relating to human rights andlabor issues.

For more on our work through
RBA, see the Supply Chain
Engagement section

Marvell Technology, Inc.

FY 2023 ESG Report

The Code articulates our position on childlabor, forced labor and overall humanrights. The Code of Conduct and its related
policies are regularly revised, so they remain
relevant and aligned with the world aroundus. If employees witness others not living
up to these values, we expect them to raise
concerns. Our confidential concern line
offers employees, business partners andother stakeholders an opportunity to reportany violations of human rights. All concerns
or grievances reported are assigned forinvestigative review, which is conductedin a fair, impartial, thoughtful andconfidential manner.

Back to Table of Contents

We develop policies
and standards forour own employees,
train them onthese standards,
and provide themeans of reporting
concerns.

54

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of ContentsCommunity Engagement
At Marvell, we strive to make positive
contributions in the communities
where we work and live, and to provide
opportunities for our employees to get
involved with causes they care about andsupport organizations working in our key
pillars: humanitarian endeavors, STEM
and community giving as we believe thiscontributes to our culture and important
to many employees. In FY23, we launched a
global volunteer time-off program, allowing
up to three days paid time, and a new
employee match program offering up to$500 in charitable match contributions per
employee per year. We continue monitoring
company-wide participation in these
programs, and we will be reportingon our progress going forward.

Today there are over 300 nonprofits
participating in our volunteer time-off
and employee match programs.

Supporting Humanitarian
Endeavors
We live in a connected world, and wehave a responsibility to act when our hostcommunities are affected by adverse events.
During the ongoing war in Ukraine, we raised
about $280,000 in employee donations
and the company match for the Ukraine
Relief Fund. These funds supported several
nonprofit organizations providing food, aid,
shelter, education, health care or protection.
We also continued our long-standing
partnership with Second Harvest of Silicon
Valley, a food bank located near our offices
in Santa Clara, California. In addition, whenrelevant, we update our global database of
nonprofits that are supporting issues thatmatter to our world, such as racial equity,
inclusion and education, so that they can also
obtain support from us and our employees.

Marvell Technology, Inc.

FY 2023 ESG Report55

Introduction

Our Approach to ESG

Environment

Investing in STEM
As a technology company, we strive toinvest in STEM education to create the next
generation of technologists and engineers,with a focus on diversifying the industry
by reaching underrepresented groups in
our industry.
Our engineers partnered with San Jose State
University and participated in the Silicon
Valley Women in Engineering Conference,talking to college students about careerdevelopment and opportunities with us.
Employees also volunteered with the Tech
Interactive, a California-based science andtechnology center, to support the Tech
Challenge competition, where students ingrades 4-12 use the engineering design
process to solve real-world problems. In
addition, we participated in the Young
Women@The Tech luncheon to support
the future generation of female engineers.

SocialGovernanceAppendix

time-off program. We are raising awarenessof the program with our employees andhave a goal to reach a 20% participation
rate by by FY25, as we believe our employees,
our teams and our company as a whole thrive
when our people feel connected to theircommunity.
Another area of growth is our matching
program. When the program started, it
was limited to 30 organizations. Thanks toemployees nominating organizations thatmatter to them, today there are over 300
nonprofits to choose from, and in FY23,
more employees engaged in our annual
Season of Giving than ever before.

Back to Table of Contents

San Francisco Business
Times’ Top 100 Bay
Area Corporate
Philanthropists List
Silicon Valley
Business Journal’s
Top 50 Corporate
Philanthropists List

Giving Back to Communities
Our global reach extends to our engagementwith communities where we live and work.
In FY23, we launched a new volunteer timeoff program for all employees, which offers
up to three days or 24 hours of paid time
off per year to help organizations working
in our pillar areas. From Israel to India, ouremployees find time to give back in many
ways, and in FY23, 7% of our employees
globally participated in our volunteer

Goal
Achieve 20% participation in employee
volunteerism (FY25)
In progress

Marvell Technology, Inc.

FY 2023 ESG Report

56

Introduction

Our Approach to ESG

Environment

SocialGovernance

Back to Table of Contents

AppendixGlobal Community Engagement Projects

1
2

4

5

3

1

2

3

4

5

U.S.

U.S.

Argentina

IsraelIndia

As part of nearly
15-year partnershipwith Second Harvestof Silicon Valley,
a food bank locatednear our Santa Clara,
California, offices,
our donations havehelped provide over
3.7 million meals forthe community andour employees havevolunteered over 1,300
hours since 2008.

Marvell employeescelebrated National
Rebuilding Day
by supporting ourlongstanding partner
Rebuilding Together
Peninsula with repairs,
renovations andsafety modifications
to improve the livesof disadvantaged
communities in
East Palo Alto.

Employees havebeen working with alocal environmentalorganization dedicatedto native forest
restoration in Córdoba
and overall, planted over
400 native trees in local
nature reserves thathave been significantly
affected by land-use
driven deforestation.

In FY23, nearly 300
Marvell employees
contributed a total of
1,088 volunteer hours
that supported over
20 projects with local
nonprofit organizations.
The projects include
a local forest cleanup,
providing care for shelter
animals, volunteering ina food bank and helping
a local nonprofit withrenovations and repairs.

Employees in Bangalore,
Chennai and Hyderabad
dedicated their timeand expertise to MagicBus India Foundation.
The foundation runs
a holistic, life skillsbased employability
linked education andtraining program tosupport young people
who are first-time
job seekers comingfrom underprivileged
communities.

Marvell Technology, Inc.

FY 2023 ESG Report57

Introduction

Our Approach to ESG

Environment

Q&A: Alicia Ruiz, SeniorCorporate Philanthropy
Officer, Second Harvest
Silicon Valley Food Bank
Our EVP and Chief Legal Officer, Mark Casper,
spoke with Alicia Ruiz about the crucial
work of the food bank’s commitment to gethealthy meals into the community, and themutual benefits of working together.
Mark Casper: Tell us about the communitythat you serve.
Alicia Ruiz: We are serving an average of
460,000 people every month, reaching an
average of 500,000 per month at the heightof the pandemic, and we are currently seeing
those numbers go back up. We’re proud that
we have no restrictions on who we serve. In
Silicon Valley, the cost of living is so high that
it often isn’t enough to cover basic expenses.
For a lot of people who live on a fixed income,the bills come first. So, the first thing to cut
back is the food budget. That’s where we canstep in and help fill the gap.
Mark: What are some examples of the people
who come to you?
Alicia: There are so many, and they are alldifferent — from a family of five whose
mother has had several heart attacks andcan’t work, to a college student who lives
with his sister in a one-bedroom apartment.

SocialGovernanceAppendix

Back to Table of Contents

Mark: Can Marvell employees get involved
beyond donations?
Alicia: Yes, we have many Marvell employees
who volunteer. They come in groups
and most commonly help pack and sort
produce, and get them ready to distribute.
Getting food out into the community is the
top priority for us, and if we didn’t havevolunteers, we couldn’t do it as effectively.
Mark: Why are these kinds of private
non-profit partnerships important?
Alicia: They are incredibly important! From
the nonprofit side, the partnership exposes
us to so many people, gives us a bigger voice
and adds to our credibility. Marvell is a great
advocate on our behalf. On the Marvell side, it
enables the company to provide meaningful
volunteer experiences and keep the cultureof giving back, front and center. It’s mutually
beneficial.
Mark: What do you envision for the future ofthis partnership?
Alicia: We are excited to get even more
Marvell volunteers and to continue tohelp grow and strengthen each other’sorganizations. It’s an opportunity to becreative and I believe that as we continue thispartnership, we can continue to help eachother reach our goals.

Mark: What is the history of the longstanding partnership between Marvell andSecond Harvest?
Alicia: Our relationship began in 2008. Since
we started our partnership, Marvell has
donated and fundraised nearly $2 million for
Second Harvest. Every dollar helps provide
enough food for two nutritious meals, so
since the inception of our partnership,
Marvell has contributed the equivalent of
3.7 million meals.

Marvell Technology, Inc.

FY 2023 ESG Report58

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

GOVERNANCE
We are built on a foundation of strong governance and commitment to operatewith rigorous ethical standards in our business and among our suppliers,
customers and other stakeholders. We believe that it is important to foster aculture of integrity, transparency and respect wherever we operate, including
our responsibility for data protection and privacy.

Marvell Technology, Inc.

FY 2023 ESG Report59

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Ethics and Compliance
We are committed to the highest ethicalstandards and to strict compliance withall applicable laws and regulations. The
model of sound governance starts fromour leadership, and we believe that every
employee is responsible for helping tomaintain this commitment.
The Code of Business Conduct and Ethics
is our principal guide for the way we dobusiness. The Code includes requirements
on a wide range of business practices,
workplace policies and employee behavior.
Because of its central importance, we
ensure that the Code reaches all employees
on at least a yearly basis. Each year,
employees certify that they have read,understood and agree to abide by theCode, and all new employees are trainedon the Code as part of their onboarding
experience. Every other year, employees
complete supplemental training on theCode, which includes subjects such as antibribery and corruption, reporting concernsand our core values.

Goals
Aim for 100% of employees certified toour annual Code of Business Conduct(Annual)Near Complete

Maintain zero monetary losses as aresult of legal proceedings associatedwith anti-competitive behavior
regulations (Annual)

The Code of Business Conduct andEthics applies to our entire ecosystem,
including our employees, vendors
and Board of Directors.

CompleteMarvell Technology, Inc.

FY 2023 ESG Report60

Introduction

Our Approach to ESG

Environment

This training is tailored to different
regions or business units, as needed.
Our employees are required to comply
with the Code and cooperate with any
internal inquiry or investigation. They
are encouraged to speak up if they haveconcerns regarding compliance with theCode or law. We do not tolerate retaliation
against any employee for making a goodfaith report of a potential violation of ourCode, of company policy or the law, or forparticipating in an investigation.
Our Ethics and Compliance organizationconsists of a set of integrated programs,
including Trade Compliance, and is
led by our Chief Ethics & Compliance
Officer (CECO). The CECO reports to theChief Legal Officer and has a dottedline reporting relationship to the Audit
Committee. We are committed tocontinuous improvement of our Ethics andCompliance program, and we established
an Ethics and Compliance committee,
which brings together senior leaders,
including our Chief Financial Officer, Chief
Legal Officer, Chief Human Resources
Officer, on a quarterly basis or more
frequently, as needed. The committee
meetings cover Ethics and Compliance
Program strategy, goals and objectives,
key metrics, compliance and regulatory
developments, and investigations.

SocialGovernanceAppendix

Back to Table of Contents

99%

of employees certified
to the Code of BusinessConduct and Ethics

100%of targeted employees
completed additional
compliance certification
every quarter

We are an active member of organizations
that promote ethics and compliancethought leadership, including the Business
Ethics Leadership Alliance (BELA) and theHigh Tech Compliance Group (HTCG).

Marvell Technology, Inc.

FY 2023 ESG Report

61

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Responding to Concerns
We have a responsive and efficient system
in place to address employees’ concerns
about any activity suspected of violating
the law, our Code of Conduct or any
other company policy. We make sure toinvestigate and address each incident,
grievance or concern, and we have acommittee of senior management that
reviews the results of the investigations
and any resulting disciplinary actions.
We take necessary action, keep internal
stakeholders informed, and involve
management and relevant governmental
authorities when appropriate.

Our Approach to
Political Advocacy
We engage with government representatives
to provide information and education on
issues that affect our industry. While we
do provide insight and expertise in our
focus areas, we do not: make contributions
to political campaigns through money, timeor in-kind contributions; have a politicalaction committee; or make contributions
to third-party committees, organizationsor special funds.

Marvell Technology, Inc.

FY 2023 ESG Report

Ways to Report a Concern
At Marvell, we encourage feedback through multiple avenues andensure that employees have awareness of and access to all ourchannels to raise an ethical or legal concern:
Anonymous, 24/7 concern line via local phone number
in all countries where employees reside

File an anonymous web-based report

Email Compliance@marvell.com

Speak directly to an executive, manager or memberof the legal department

62

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Data Privacy and Security
We are deeply committed to therelationship and trust we have with ourcustomers, employees and business
partners, and we take our data protection
and privacy responsibilities seriously.

Protecting Data Privacy
and IP
We consider the protection of personal
information against inappropriate use,
unauthorized access and accidental
destruction to be critical for building
and preserving trust with our customers,
employees and business partners.
Our privacy policies address how we
handle personal information and inform
vendors, customers and other business
partners about using and protecting
their information.
We process data per applicable privacy
regulations and comply with contractual
obligations with business partners,
including those regarding confidentiality
and nondisclosure. Indirect suppliers thatprovide labor services to us are required
to acknowledge our Supplier Code of
Conduct, complete a questionnaire toaddress cybersecurity and privacy risks,and go through a 100-point information
technology (IT) and data security andprivacy check.
We provide notices that explain how wecollect, use, process and transfer personal
information. Our Code of Business Conduct& Ethics additionally outlines our approachto handling employee personal information.

Marvell Technology, Inc.

FY 2023 ESG Report

63Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

We are also deeply committed toprotecting our innovations and intellectual
property (IP), respecting the IP of others
and supporting fair and open competitionin our industry. In addition, we strictly
comply with U.S. antitrust laws, as well as
the competition laws of all countries inwhich we do business.
We ensure robust IP protection inseveral ways:• Patent protection. We have over 10,000
patents and pending patent applications
in a number of jurisdictions throughout
the world, which cover various aspectsof our technology.
• Protections associated with trade secrets,
trademarks and copyrights to safeguard
our innovations, IP and the Marvell brand,
from our customers and third-party
vendors.
• Security controls to protect our
digital systems that hold proprietary
information, such as firewalls withthreat protection, endpoint detection
and response capabilities; data loss
prevention for identifying IP; threat
and vulnerability management with
continuous scanning; secure email withreal-time threat monitoring and filtering;
cloud access controls; and a 24/7 security
operations center.

ESG-related IP Submissions
We believe our IP is also an important place for us to innovateon reducing both our environmental footprint and those of ourcustomers. This is reflected in our innovation. In FY23, 40% of ourpatent submissions had at least one environmental consideration,
an increase of about 30% on FY22.

Percentage of patent submissions that had at least one
environmental consideration

FY22

28%

Marvell Technology, Inc.

FY 2023 ESG Report

FY23

40%

64

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Securing Our Data Systems

Product Security

Our Security Operations Center is designed
to continuously monitor, prevent, detect,investigate and respond to cyber threatsaround the clock. Our cybersecurity
program is built to international standards,
including ISO 27001:2022 and the National
Institute of Standards and Technology
Cybersecurity Framework (NIST CSF). We
have a global team of internal experts
focused on protecting our business fromcybersecurity threats. Our program isoverseen by our Chief Information Security
Officer and our internal IT security
organization, which covers information
risk management, security operations
and cloud security.

Our product development puts security
front and center, starting with evaluating
security criteria in early-stage innovations.
This focus continues as the process moves
forward, incorporating security safeguards
throughout the entire product development
lifecycle. These safeguards include
protections for the IP used in products,
and overall controls to secure the hardware
and software products from external
threats and unauthorized access during
development, as well as post-production.
Our product security policy covers best
security practices, from development toproduct launch in the field. Finally, we work
directly with our customers to integrate
our products into their systems to ensure
best-in-class protection at system level.

When it comes to protecting data, we takea proactive approach. We must remain
vigilant and regularly conduct risk
assessments and internal audits to identify
and mitigate risks and ensure we arecompliant with regulatory requirements.
We also partner with reputable external
security firms to audit our cybersecurity
program, including how we protect our IP
and information assets. Frequent thirdparty vulnerability assessments andpenetration tests are conducted to simulate
attacks and validate our security controls.
Our employees are an integral part ofour enterprise-wide approach to security
and privacy. To foster a strong cultureof cybersecurity awareness, we engage
employees across the company to adhere
to security best practices. Employees
worldwide are required to participate in
our cybersecurity training and are regularly
engaged in educational campaigns. In
addition, we host an annual CyberAware
Month, which raises awareness of phishingattacks and the importance of good
cybersecurity practices to protect ourconfidential information, our customers andour business partners. In FY23, over 1,000
employees globally participated in at least
one of our awareness sessions.

Marvell Technology, Inc.

FY 2023 ESG Report

Back to Table of Contents

In addition to integrating security into our
product development process, we also offer
a full, comprehensive suite of industryleading advanced data encryption andtargeted security solutions, which provide
security for a wide range of cloud, enterprise
and automotive applications. For example,
our LiquidSecurity 2 hardware security
module (HSM) adapter performs encryption,
key management, authentication, anda range of other HSM services in the cloud.
This adapter offers a unified solution tomeet General Purpose, Payments andCompliance requirements by securely
storing millions of cryptographic keys andhandling hundreds of thousands of complex
encryption operations simultaneously,
enabling billions of transactions, andproviding performance scalability for themost demanding cloud applications. It
is undergoing the process of achieving
Federal Information Processing Standards(FIPS 140-3) certification and is in the final
stage of completing certification with the
FIPS 140-2 standard. The module will also
support Post-Quantum algorithms, tomitigate the effects of incoming quantum
computing.

65Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Appendix

Marvell Technology, Inc.

FY 2023 ESG Report66Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

About This Report
This ESG Report provides information on our performance in relation to Environmental,
Social and Governance (ESG) issues that are important to our key stakeholders. It covers
company performance for fiscal year 2023 (FY23), which began on January 30, 2022, andended on January 28, 2023. In some cases, where noted within the report, updates from early
FY24 were also included. Data from previous fiscal years is provided in some instances for
additional context, especially on environmental topics. Performance data and activities cover
all of Marvell Technology, Inc., and our subsidiaries.
This is our second annual ESG report and was released in August 2023. To read our first
ESG report, released in August 2022, visit our website. The data within the report aligns
with the company’s financial report, unless otherwise noted.
We used several reporting frameworks to inform this report. It was produced in accordancewith the Global Reporting Initiative (GRI) Universal Standards. An Appendix is provided
for disclosures aligned with GRI, the Sustainability Accounting Standards Board (SASB)
Semiconductor Industry Standard and the Task Force on Climate-related Financial
Disclosures (TCFD) recommendations.
Marvell is responsible for the preparation of this Report and the accuracy of its contents.
Subject matter experts, internal audit and leaders within Marvell have reviewed the Reportcontent and data. Marvell has also obtained external assurance from APEX for our GHG
inventory. The external assurance statement can be found on pg. 84.
The rest of the data has not been subject to external assurance, but Marvell believes
it to be accurate.
We welcome feedback on this Report along with our ESG initiatives and performance.
To share comments, please email al-esg@marvell.com.
DISCLAIMER STATEMENTS*The use by Marvell of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and theuse of MSCI logos, trademarks, service marks or index names herein, do not constitute asponsorship, endorsement, recommendation, or promotion of Marvell by MSCI. MSCI services
and data are the property of MSCI or its information providers, and are provided ‘as-is’
and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
**Copyright 2023 Morningstar Sustainalytics. All rights reserved. This publication contains
information developed by Sustainalytics (www.sustainalytics.com). Such information anddata are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) andare provided for informational purposes only. They do not constitute an endorsement of any
product or project, nor an investment advice and are not warranted to be complete, timely,
accurate or suitable for a particular purpose. Their use is subject to conditions available athttps://www.sustainalytics.com/legal-disclaimers.

Marvell Technology, Inc.

FY 2023 ESG Report67Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Global Reporting Initiative (GRI) Content Index
GRI Standard

Response / Report Page and/or Link

General disclosures
2-1

Organizational details

Marvell Technology Inc.
About Marvell

2-2

Entities included in the organization’ssustainability reporting

About This Report

2-3

Reporting period, frequency and contact point

About This Report2-4

Restatements of information

About This Report

2-5

External assurance

About This Report

2-6

Activities, value chain andother business relationships

About Marvell
Supply Chain Engagement
FY23 Form 10-K

2-7

Employees

2-8Workers who are not employees

Our People
Inclusion and Diversity
Talent Attraction, Development,
Engagement and Wellbeing
About Marvell

2-9Governance structure and composition

ESG GovernanceCorporate Governance and ESG
Board of Directors
Board Committees

2-10Nomination and selection of thehighest governance body

Nominating and Governance Committee Charter

2-11

Chair of the highest governance body

The chair of the board, Matt Murphy, is Marvell's
President and Chief Executive Officer

2-12Role of the highest governance body in overseeing
the management of impacts

ESG Governance

2-13

Delegation of responsibility for managing impacts

ESG GovernanceMarvell Technology, Inc.

FY 2023 ESG Report

68Introduction

Our Approach to ESG

Environment

SocialGovernance

GRI Standard

Appendix

Back to Table of Contents

Response / Report Page and/or Link

General disclosures
2-14

Role of the highest governance body in sustainability
reporting

ESG Governance

2-15

Conflicts of interest

Code of Business Conduct and Ethics
FY23 Form 10-K - Related Party Transactions
FY23 DEF14A - Certain Relationships and Related Party
Transactions

2-16

Communication of critical concerns

Code of Business Conduct and Ethics
The number of critical concerns cannot be disclosed,
due to confidentiality constraints.

2-17

Collective knowledge of the highest governance body

ESG Governance

2-18

Evaluation of the performance of the highest
governance body

ESG Governance
FY23 DEF14A - Executive Compensation

2-19

Remuneration policies

FY23 DEF14A - Executive Compensation

2-20

Process to determine remuneration

FY23 DEF14A - Executive Compensation

2-21

Annual total compensation ratio

FY22 DEF14A - Chief Executive Officer Pay Ratio

2-22

Statement on sustainable development strategy

A Message From Our CEO

2-23

Policy commitments

ESG Governance

2-24

Embedding policy commitments

ESG Governance
Code of Business Conduct and Ethics
Supplier Code of Conduct
Global Human Rights Policy

2-25

Processes to remediate negative impacts

Human Rights
Global Human Rights Policy
Code of Business Conduct and Ethics

2-26

Mechanisms for seeking advice and raising concerns

ESG Governance
Code of Business Conduct and Ethics

Marvell Technology, Inc.

FY 2023 ESG Report69Introduction

Our Approach to ESG

Environment

SocialGovernance

GRI Standard

Appendix

Back to Table of Contents

Response / Report Page and/or Link

General disclosures
2-27

Compliance with laws and regulations

FY23 Form 10-K
Marvell has not identified any noncompliance with laws
and/or regulations during the reporting period.

2-28

Membership associations

Stakeholder Engagement
Memberships

2-29

Approach to stakeholder engagement

Stakeholder Engagement

2-30

Collective bargaining agreements

Marvell is committed to freedom of association andcollective bargaining and has several international
locations where employees are represented by unions/labor groups, including Germany, Italy, Vietnam andArgentina. Marvell does not publicly disclose this figure
for proprietary reasons.

Material topics
3-1

Process to determine material topics

ESG Priorities

3-2

List of material topics

ESG Priorities

Economic performance
3-3Management of material topics

Community Engagement
FY23 Form 10-K

201-1

Direct economic value generated and distributed

Community Engagement
FY23 Form 10-K

201-2

Financial implications and other risks andopportunities due to climate change

Climate Change

201-3

Defined benefit plan obligations and other retirement
plans

FY23 Form 10-K

201-4

Financial assistance received from government

FY23 Form 10-K

Procurement practices
3-3Management of material topics

Marvell Technology, Inc.

FY 2023 ESG Report

Supply Chain Engagement

70Introduction

Our Approach to ESG

Environment

SocialGovernance

GRI Standard

Appendix

Back to Table of Contents

Response / Report Page and/or Link

Anti-corruption
3-3Management of material topics

Ethics and Compliance
Code of Business Conduct and Ethics

205-2

Communication and training about anti-corruption
policies and procedures

Ethics and Compliance

205-3

Confirmed incidents of corruption and actions taken

Marvell experienced no confirmed incidents of corruption
in FY23.

Anti-competitive behavior
3-3Management of material topics

Ethics and Compliance
Code of Business Conduct and Ethics
IP Protection
FY23 Form 10-K

206-1

Legal actions for anti-competitive behavior,anti-trust, and monopoly practices

Marvell discloses any monetary losses as a result of legal
proceedings associated with anti-competitive behavior
regulations as we recognize the ways in which patents
and other IP protections have been misused by some as ameans of restricting competition in our industry. We had
zero monetary losses in FY23.

3-3

Management of material topics

Product Sustainability (Product Materials)

301-1

Materials used by weight or volume301-2

Recycled input materials used

Our approach is focused on reducing hazardous materials
and chemicals of concern in manufactured products. See
our SASB table, indicator TC-SC-410a.1, for more details.

301-3

Reclaimed products and their packaging materials

Materials

Energy3-3Management of material topics

Product Sustainability (Advancing Power Performance)

302-1

Energy consumption within the organization

Total energy consumption: 107,273 MWh
Total electricity consumption: 86,624 MWh
Climate Change

Marvell Technology, Inc.

FY 2023 ESG Report71Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

GRI Standard

Response / Report Page and/or Link

302-4

Reduction of energy consumption

Climate Change, page 28

302-5

Reductions in energy requirements of products
and services

Product Sustainability, pages 31-33

Back to Table of Contents

Water and effluents
3-3Management of material topics

Water and Waste, page 35

303-1

Interactions with water as a shared resource

Water and Waste, page 35

303-2

Management of water discharge-related impacts

Marvell has no internal standard for effluent discharges
but follows all local regulations for discharge to public
water systems.

303-3

Water withdrawal

Water and Waste, page 35

303-4

Water discharge

Water and Waste, page 35

303-5

Water consumption

Water and Waste, page 35

3-3Management of material topics

Climate Change, pages 26-28

305-1

Direct (Scope 1) GHG emissions

Climate Change, page 30

305-2

Energy indirect (Scope 2) GHG emissions

Climate Change, page 30

305-3

Other indirect (Scope 3) GHG emissions

Climate Change, page 30

305-4

GHG emissions intensity

Climate Change, page 30

305-5

Reduction of GHG emissions

Climate Change, page 30

3-3Management of material topics

Water and Waste, page 36

306-1

Waste generation and significant
waste-related impacts

Water and Waste, page 36

306-2

Management of significant waste-related impacts

Water and Waste, page 36

Emissions

Waste

Marvell Technology, Inc.

FY 2023 ESG Report72

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

GRI Standard

Response / Report Page and/or Link

306-4

Waste diverted from disposal

Water and Waste, page 36
Data available on diverted waste is available for Marvell'sSanta Clara, California, office. We believe that theamount of hazardous waste Marvell creates from its own
operations is minimal.

306-5

Waste directed to disposal

Water and Waste, page 36
Data available on diverted waste is available for Marvell'sSanta Clara, California, office. We believe that theamount of hazardous waste Marvell creates from its own
operations is minimal.

Supplier environmental assessment
3-3Management of material topics

Supply Chain Engagement
Supplier Code of Conduct
Water and Waste, pages 35-36

308-1

New suppliers that were screened using environmental
criteria

Supply Chain Engagement
All suppliers must adhere to the Marvell Supplier Codeof Conduct, which includes environmental standards.

308-2

Negative environmental impacts in the supply chain
and actions taken

Supply Chain Engagement

Employment
3-3Management of material topics

Our People
Talent Attraction, Development,
Engagement and Wellbeing

401-1

New employee hires and employee turnover

Talent Attraction, Development,
Engagement and Wellbeing

401-2

Benefits provided to full-time employees that are notprovided to temporary or part-time employees

Talent Attraction, Development,
Engagement and Wellbeing

401-3

Parental leave

Talent Attraction, Development,
Engagement and Wellbeing

Marvell Technology, Inc.

FY 2023 ESG Report73Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

GRI Standard

Back to Table of Contents

Response / Report Page and/or Link

Labor/management relations
3-3

Management of material topics

Global Human Rights Policy

402-1

Minimum notice periods regarding
operational changes

For our colleagues represented by unions/labor groups,
including in Germany, Italy, Vietnam and Argentina,
minimum notice periods are defined within eachcontractual agreement.

Occupational health and safety
3-3Management of material topics

Talent Attraction, Development,
Engagement and Wellbeing

403-1

Occupational health and safety management system

Talent Attraction, Development,
Engagement and Wellbeing

403-2

Hazard identification, risk assessment,
and incident investigation

Talent Attraction, Development,
Engagement and Wellbeing

403-3

Occupational health services

Talent Attraction, Development,
Engagement and Wellbeing

403-4

Worker participation, consultation, andcommunication on occupational health and safety

Talent Attraction, Development,
Engagement and Wellbeing

403-5

Worker training on occupational health and safety

Talent Attraction, Development,
Engagement and Wellbeing

403-6

Promotion of worker health

Talent Attraction, Development,
Engagement and Wellbeing

403-7

Prevention and mitigation of occupational health andsafety impacts directly linked by business relationships

Talent Attraction, Development,
Engagement and Wellbeing

403-8

Workers covered by an occupational
health and safety management system

Talent Attraction, Development,
Engagement and Wellbeing

403-9

Work-related injuries

Talent Attraction, Development,
Engagement and Wellbeing

Marvell Technology, Inc.

FY 2023 ESG Report74Introduction

Our Approach to ESG

Environment

SocialGovernance

GRI Standard

Appendix

Back to Table of Contents

Response / Report Page and/or Link

Training and education
3-3Management of material topics

Talent Attraction, Development,
Engagement and Wellbeing

404-2

Programs for upgrading employee skills
and transition assistance programs

Talent Attraction, Development,
Engagement and Wellbeing
Marvell provides retirement benefits but currently
does not have a program in place for supported
terminated employees.

404-3

Percentage of employees receiving regularperformance and career development reviews

Talent Attraction, Development,
Engagement and Wellbeing
This information is not calculated by genderor employee category.

Diversity and equal opportunity
3-3Management of material topics

ESG GovernanceInclusion and Diversity

405-1

Diversity of governance bodies and employees

FY23 DEF14A - Election of Directors
ESG GovernanceInclusion and Diversity

405-2

Ratio of basic salary and remuneration of women tomenInclusion and Diversity

Non-discrimination
3-3Management of material topics

Inclusion and Diversity

406-1

Incidents of discriminationand corrective actions taken

Marvell is committed to ending discrimination. As
expected for a global company of our size, from time
to time we receive reports of alleged discrimination.
Marvell investigates, reviews and responds to all
alegations of discrimination thoroughly, consistently
and in a timely manner. We maintain multiple policies
that demonstrate our commitment to ending
discrimination, including our Code of Business Conduct
and Ethics, Supplier Code of Conduct, Global Human
Rights Policy and other internal company policies.

Marvell Technology, Inc.

FY 2023 ESG Report75Introduction

Our Approach to ESG

Environment

SocialGovernance

GRI Standard

Appendix

Back to Table of Contents

Response / Report Page and/or Link

Freedom of Association and Collective Bargaining
3-3Management of material topics

Supplier Code of Conduct
Global Human Rights Policy

407-1

Operations and suppliers in which
the right to freedom of associationand collective bargaining may be at risk

We do not currently have any operations or suppliers inwhich the right to freedom of association and collective
bargaining may be at risk. We have requirements in our
Supplier Code of Conduct and Global Human Rights
Policy that reiterate the fundamental rights of workers
in the supply chain and in our operations.

3-3Management of material topics

Code of Business Conduct and Ethics
Supplier Code of Conduct
Global Human Rights Policy

408-1

Operations and suppliers at significant risk
for incidents of child labor

We do not currently have any operations or suppliers
for which child labor is a significant risk. We haverequirements in our Code of Business Conduct,
Supplier Code of Conduct and Global Human Rights
Policy that prevent child labor in the supply chain
and in our operations.

Child labor

Forced or compulsory labor
3-3Management of material topics

Code of Business Conduct and Ethics
Supplier Code of Conduct
Global Human Rights Policy

409-1

Operations and suppliers at significant risk
for incidents of forced or compulsory labor

We do not currently have any operations or suppliers
for which forced or compulsory labor is a significant risk.
We have requirements in our Code of Business Conduct,
Supplier Code of Conduct, and Global Human Rights
Policy that prohibit forced or compulsory labor.

Supplier social assessment
3-3Management of material topics

Supply Chain Engagement
Supplier Code of Conduct414-1

New suppliers that were screenedusing social criteria

Supply Chain Engagement
Supplier Code of Conduct

Marvell Technology, Inc.

FY 2023 ESG Report76Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

GRI Standard

Response / Report Page and/or Link

414-2

Supply Chain Engagement

Negative social impacts in the supply chain
and actions taken

Back to Table of Contents

Public policy
3-3Management of material topics

Ethics and Compliance
Code of Business Conduct and Ethics

415-1

Political contributions

Marvell does not make any political contributions.

Customer privacy
3-3Management of material topics

Data Security and Privacy

418-1

Substantiated complaints concerning breachesof customer privacy and losses of customer data0

Marvell Technology, Inc.

FY 2023 ESG Report77Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Sustainability Accounting Standards Board (SASB) Index:
Semiconductor Standard

Topic

Code

Accounting Metric

AnswerGreenhouse
Gas Emissions

TC-SC-110a.1(1) Gross global Scope 1 emissions(2) Amount of total emissions
from perfluorinated compounds(1) 4,645 mtCO₂e(2) 0TC-SC-110a.2

Discussion of long-term andshort-term strategy or plan
to manage Scope 1 emissions,emissions reduction targets
and an analysis of performanceagainst those targets(2) See Climate Change, pages 26-28

TC-SC-130a.1(1) Total energy consumed(2) Percentage grid electricity(3) Percentage renewableAs a fabless semiconductor company, Marvell
uses third-party manufacturers to manufacture,assemble and test our products, so this metric is
not relevant to our business. However, we trackenergy consumption across our operations and
we engage with suppliers on their environmental
efforts via the Responsible Business Alliance. See
more on page 22

EnergyManagement in
Manufacturing(1) Total energy consumption: 107,273 MWh
Total electricity consumption: 86,624 MWh(2) 72%(3) 28%
Water
Management

TC-SC-140a.1(1) Total water withdrawn,(2) Total water consumed,
percentage of each in regionswith High or Extremely HighBaseline Water Stress(1) 137 megaliters, 23%(2) 24 megaliters, 18%

WasteManagement

TC-SC-150a.1

Amount of hazardous
waste from manufacturing,
percentage recycled

As we are a fabless semiconductor company, Marvell
uses third-party manufacturers to manufacture,assemble and test our products, so this metric is not
relevant to our business. See Water & Waste (page 36)
for more details on how we manage waste in our own
facilities.

Marvell Technology, Inc.

FY 2023 ESG Report78Environment

SocialGovernance

Back to Table of Contents

Introduction

Our Approach to ESG

Topic

Code

Accounting Metric

Answer

Employee
Health &SafetyTC-SC-320a.1

Description of efforts toassess, monitor and reduce
exposure of employees tohuman health hazards

Talent Attraction, Development,
Engagement and Wellbeing, page 51

TC-SC-320a.2

Total amount of monetary losses
as a result of legal proceedings
associated with employee healthand safety violations

Marvell had zero monetary losses as a result of legal
proceedings associated with employee health andsafety violations.

Recruiting& Managing
a Global& Skilled
Workforce

TC-SC-330a.1

Percentage of employees that are(1) foreign nationals and(2) located offshore

Foreign nationals: 7.74%
Located offshore: 0.029%

Product
Lifecycle
Management

TC-SC-410a.1

Percentage of products byrevenue that contain IEC 62474
declarable substances

Percentage of products by revenue that contain
IEC 62474 declarable substances: 27%

Appendix

For more, please see Product Sustainability,
page 34 (Product Materials)

Materials
Sourcing

TC-SC-410a.2

Processor energy efficiency
at a system-level for(1) servers,(2) desktops and(3) laptops

Marvell does not have a single metric for processor
energy efficiency. See Product Sustainability,
page 31-33 for more information on our approach.

TC-SC-440a.1

Description of the managementof risks associated with the use ofcritical materials

See Product Sustainability (Product Materials),
page 34, Supply Chain Engagement, pages 22-23,
and the Marvell Policy Statement on the Sourcingof Minerals.

Marvell Technology, Inc.

FY 2023 ESG Report79Introduction

Our Approach to ESG

Environment

SocialGovernance

Topic

Code

Accounting Metric

AnswerIntellectual
Property
Protection &Competitive
Behavior

TC-SC-520a.1

Total amount of monetary losses
as a result of legal proceedings
associated with anticompetitive
behavior regulations$0

TC-SC-000.A

Total production

594,402,803 units shipped

TC-SC-000.B

Percentage of production
from owned facilities

0%

Appendix

Back to Table of Contents

Marvell also reports on the following disclosure from the SASB Hardware Standard that is material to its business.
Supply Chain
Management

TC-HW-430a.1

Marvell Technology, Inc.

Percentage of Tier 1 supplierfacilities audited in the RBA
Validated Audit Process (VAP) or
equivalent, by(a) all facilities and(b) high-risk facilities

FY 2023 ESG Report(a) 83%(b) No facilities identified as high-risk.

80Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Task Force on Climate-related Financial Disclosures (TCFD) Index
Please note that some responses are in our CDP Climate Change 2023 Questionnaire, to be publicly released in December 2023.
TCFD Core Area

Disclosure Element

Disclosure

Governance

Describe the board's oversightof climate-related risks andopportunities.

ESG Governance2023 CDP Climate Change Questionnaire response, C1.1b

Describe management's role inassessing and managing climaterelated risks and opportunities.

ESG Governance2023 CDP Climate Change Questionnaire response, C1.2

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

Climate Change
2023 CDP Climate Change Questionnaire response,
C2.1a, C2.2a, C2.3, C2.3b, C2.4, C2.4a

Describe the impact of climaterelated risks and opportunities
on the organization's businesses,
strategy, and financial planning.

Climate Change
2023 CDP Climate Change Questionnaire response,
C2.3, C2.3b, C2.4, C2.4a, C3.1, C3.2b, C3.3, C3.4

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

Climate Change
2023 CDP Climate Change Questionnaire response,
C3.2, C3.2a, C3.2b

Describe the organization's
processes for identifying andassessing climate-related risks.

Climate Change
2023 CDP Climate Change Questionnaire response,
C2.1, C2.2, C2.2a, C2.3, C2.3b

Describe the organization's
processes for managing climaterelated risks.

Climate Change
2023 CDP Climate Change Questionnaire response,
C2.1, C2.2, C2.2a

Describe how processes for
identifying, assessing, andmanaging climate-related risks
are integrated into theorganization's overall risk
management.

Climate Change
Climate Change GovernanceOperational Resilience
2023 CDP Climate Change Questionnaire response, C2.1, C2.2

Strategy

RiskManagement

Marvell Technology, Inc.

FY 2023 ESG Report81Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

TCFD Core Area

Disclosure Element

Disclosure

Metrics &Targets

Disclose the metrics used by theorganization to assess climaterelated risks and opportunities
in line with its strategy and risk
management process.

Climate Change
2023 CDP Climate Change Questionnaire response,
C4.1, C4.1c, C4.2

Disclose Scope 1, Scope 2, andif appropriate, Scope 3 greenhousegas (GHG) emissions, and therelated risks.

Climate Change
2023 CDP Climate Change Questionnaire response,
C6.1, C6.3, C6.5, C6.5a

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

Climate Change
2023 CDP Climate Change Questionnaire response,
C4.1, C4.1c, C4.2

Marvell Technology, Inc.

FY 2023 ESG Report82Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

United Nations Sustainable Development Goals (UN SDGs)
As a signatory to the UN Global Compact, Marvell supports the UN SDGs. We have mapped our business to the 17 goals
and identified the key goals we feel we can best address.

Good Health and Well-Being (UN SDG 3)
We provide employees with a broad range of benefits, programs and support services to encourage
work-life balance and a holistic approach to mental, physical and emotional health.

Gender Equality (UN SDG 5)
We track global gender data throughout our workforce and across our Board of Directors. We are working
to improve representation of women in both technical roles and in senior leadership.

Decent Work and Economic Growth (UN SDG 8)
We uphold strong labor practices across our operations and have clear expectations on labor practices
for our suppliers, in adherence to the Responsible Business Alliance Code of Conduct and the UN Global
Compact Ten Principles.

Industry, Innovation and Infrastructure (UN SDG 9)
Our products are essential components of information and communication infrastructure. We are working
with our customers around the world to innovate and improve data infrastructure.

Responsible Consumption and Production (UN SDG 12)
We are working to improve the sustainability of our products and of our operations, including a focus onmaterials and minimizing waste sent to landfill.

Climate Action (UN SDG 13)
We set a Science-Based Target to reduce our greenhouse gas (GHG) emissions in line with a 1.5°Cemissions scenario. We are also working to improve product power efficiency, which will enable reductionsin GHG gas emissions.

Partnerships for the Goals (UN SDG 17)
We are partnering with our suppliers, customers, peers and others to address societal challenges,
through the Responsible Business Alliance, UN Global Compact and direct partnerships.

Marvell Technology, Inc.

FY 2023 ESG Report83Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Greenhouse Gas Emissions Verification Statement

Marvell Technology, Inc.

FY 2023 ESG Report84Introduction

Our Approach to ESG

Marvell Technology, Inc.

Environment

FY 2023 ESG ReportSocialGovernanceAppendix

Back to Table of Contents

85

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Forward-Looking Statements
This ESG Report contains forward-looking
statements regarding future events and our
future results that are subject to the safe
harbor created under the Private Securities
Litigation Reform Act of 1995 and othersafe harbors under the Securities Act of1933 and the Securities Exchange Act of1934. All statements other than statementsof historical fact are statements that could
be deemed forward-looking statements.
These statements are based on current
expectations, estimates, forecasts andprojections about the industries in which
we operate and the beliefs and assumptionsof our management.
Words such as “expects,” “anticipates,”“targets,” “goals,” “projects,” “intends,”“plans,” “believes,” “seeks,” “estimates,”“objectives,” “goals,” “strategy,” “continues,”“endeavors,” “strives,” “may,” “could”
and “will,” and variations of such words
and similar expressions are intended to
identify such forward-looking statements.
In addition, any statements that refer togoals, commitments, programs, timelines,
business plans, targets, initiatives andobjectives relating to our ESG endeavors;
future energy and water usage andemissions and waste reductions; projections
regarding our future financial performance;
the impacts and costs associated withchanges in ESG and similar regulations;
Marvell’s ability to monitor and accurately
report on ESG matters, our anticipatedgrowth opportunities and trends in ourbusinesses; our rapid growth; the effectsof business, economic, political, legal andregulatory impacts or conflicts upon our
global operations; general macroeconomic
conditions, or expectations of suchconditions, such as rising interest rates,
macroeconomic slowdowns, recessions,inflation and stagflation; changes indemand for semiconductors and therelated changes in demand and supply

Marvell Technology, Inc.

FY 2023 ESG Reportfor our products; our ability to define,design, develop and market products
for the Cloud and 5G markets, as well as
for Artificial Intelligence (AI) solutions;
our dependence on a small number ofcustomers; manufacturing delays, productavailability and supply chain disruptions
or component shortages; our reliance on
independent foundries and subcontractors
for the manufacture, assembly and testingof its products; recruiting or retaining
our personnel; our future liquidity,
capital needs and capital expenditures;
our development of technologies andresearch and development investments;
our future market position and expectedcompetitive changes in the marketplacefor our products; our expected tax rate; theeffect of changes in or the application of
new or revised tax or export laws; expected
cost savings; the effect of new accounting
pronouncements; integrating or realizing
the benefits or synergies expected ofacquired businesses and technologies; andother characterizations of future eventsor circumstances are forward-looking
statements.
Readers are cautioned that these forwardlooking statements are only predictions
and are subject to risks, uncertainties andassumptions that are difficult to predict,including those described in the “Risk
Factors” section of our Annual Reports
on Form 10-K, Quarterly Reports on Form
10-Q and other documents filed by us fromtime to time with the SEC. Therefore, actual
results may differ materially and adversely
from those expressed in any forwardlooking statements. We undertake no
obligation to revise or update any forwardlooking statements, including to reflect
events or circumstances occurring after thedate of this Report, except to the extent
required by law.
continued on the next page86

Introduction

Our Approach to ESG

Environment

SocialGovernanceAppendix

Back to Table of Contents

Any references to “material,” “priority” or“relevant” in this report are not intended
to have the same meaning as the terms“material” or “materiality” in the context offinancial statements or financial reportingor as defined by the SEC.
This report contains human capital
measures or objectives that may bedifferent from or are in addition to thehuman capital measures or objectives that
Marvell is required to disclose in its SEC
filings. For a discussion on human capital
measures or objectives that Marvell focuseson in managing its business, please see the“Human Capital” section in our most recent
Annual Report on Form 10-K.
While we believe that our ESG priorities andinitiatives are important to operating in asustainable manner, we do not believe thatsuch initiatives are material to our financial
results and results of operations, except
to extent disclosed in our SEC filings. For a
discussion of the risks that we believe could
materially affect our financial results andresults of operations, please see the “Risk
Factors” section of our Annual Reports on
Form 10-K and Quarterly Reports on Form
10-Q ."

Marvell Technology, Inc.

FY 2023 ESG Report87We welcome your comments andfeedback at al-esg@marvell.com© 2023 Marvell Technology, Inc. All Rights Reserved.

Marvell Technology, Inc.
5488 Marvell Lane
Santa Clara, CA 95054
www.marvell.com