On a shared
mission2021 UL Sustainability ReportContents
CEO message
A message from Jennifer Scanlon, president
and chief executive officer, UL Inc.

On us
Our competence imparts confidence

2021 showed us that increased cooperation, caring and competency playessential roles in solving our shared challenges and ensuring thriving
communities. In this report, you’ll see how UL partners with purpose,sharing our mission to make an impact on planet, people and prosperity.
We create collaborative and innovative solutions with our customers
and stakeholders and apply our trusted abilities in safety science toward
helping to make the world a safer, more secure and sustainable place.

Our approach
We invite our customers and stakeholders toshare in our mission as we work for a safer world

PlanetPartnering to apply our safety science leadershiptoward addressing climate change

PeoplePartnering to improve the safety, security
and sustainability of people’s lives everywhere

Prosperity
Partnering to approach the world’s
challenges with purposeful solutions

GRI index

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CEO message

On us

CEO message

Our approachthat our solutions meet the new challenges
presented by each era’s latest technologies.
This evolution brings us to today’s era, where
our purpose also incorporates sustainability
and environmental, social and governance(ESG) efforts for our customers, our employees
and in the communities where we operatearound the world.

PlanetPeopleProsperity

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Jennifer Scanlon
president and chief executive officer

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We help create standards, build safe andinclusive work environments, improve local
communities and provide services and data
platforms to help our customers achieve their
ESG goals.

As a mission-driven company that hasendured for 128 years — through theGreat Depression, two world wars and,most recently, a global pandemic — UL
continues to mobilize its connections
with our employees, customers,
numerous stakeholders and the publicat large with the goal of multiplying
our impact as we work together for amore sustainable future.

UL’s employees have felt inspired to createa sustainable future for all, and they play asignificant role in our sustainability journey
through volunteerism and advocacy.

We’ve contributed to a sustainable world forour entire history. Safety is our heritage andour future. We’ve always kept up with how
we need to apply science and evolve to ensure

We are united in the pursuit of sustainability
to improve our quality of life, protect our
ecosystems and preserve our natural resources
for future generations.

Whether it was our first-ever global volunteer
initiative to clean 125 streams around theworld during our 125th anniversary year orhow, even during COVID-19, we volunteered
to lead clean-ups and other initiatives in ourneighborhoods, UL’s employees have displayed
passion and commitment to sustainability.

This year, our employees helped us quantify
our performance, gathering the data to
determine our energy and carbon baselines —critical work for enabling UL to establish ourcommitment to the Science Based Targets
initiative (SBTi) in 2021.
Our work is backed by the dependability of oursafety science and the durability of our historyof service. Our mission of working for a safer
world has guided our actions and priorities.
This year’s report celebrates the criticalpartnerships we support for the benefit ofpeople, planet and prosperity.
“Partnering for people” means improving the
lives of all people. This principle forms the heartof our mission. In my inaugural year as CEO, I
felt proud to join more than 2,000 signatory
CEOs leading their companies toward equity inan ongoing pledge to CEO Action for Diversity
and Inclusion™.
“Partnering for planet” points to efforts toprotect our planet and its natural resources.
We support energy transition efforts anddecarbonization both in our operations and byhelping our customers bring their innovations
in renewables to the market safely, securely
and sustainably.

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GRI index“Partnering for prosperity” speaks to the value
our services deliver, helping our customers
bring innovative solutions to market. We see
our success inextricably tied to our customers’
success; we do well by helping them.
From our employees to management andleadership, up to and including our Boardof Directors, UL takes an integrated andcomprehensive approach to sustainability
and ESG. This year we involved our stakeholders
in our 2021 materiality assessment. We look
to reaffirm and accelerate our sustainability
efforts considering those social, environmental
and economic topics deemed material to ouroperations and service solutions, which we
believe afford us license to operate as an ESG
enabler for our stakeholders.
UL is no exception to the broader
macroeconomic trends that impact allorganizations, yet we have remained steadfast
in our sustainability goals. We addressed
the challenges inherent in COVID-19 and theebb and flow of regulations as we developed
return-to-work plans customized to each
office location. We have brought greater focus
to safety within UL, adding the concept of
psychological safety to our diversity, equity andinclusion (DEI) principles of full inclusivity.
We’ve identified meaningful targets to evaluate
our performance, measured quarterly throughour key results.

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Safety Starts Here represents our enterprisewide commitment to setting the highest
standards for the safety of our operations.

•

Employee Engagement focuses on creating anenvironment where our employees bring theirbest, full selves to work every day.

•Customer Centricity recognizes that westay in business to serve our customers by
anticipating and exceeding their expectations.

•

UL One Digital identifies the effective
deployment of digital tools to make us
more efficient.

•

Profitable Growth defines our commitment
to operate our business as a growth company.

At UL, we celebrate science, fostering a cultureof continuous improvement, operational
excellence and innovation. We continue toinvest in our people, our partnerships and ourshared prosperity.
I am exceedingly proud to lead a companyof mission-driven employees committed tomaking the world a safer, more secure andmore sustainable place to build a better future
for all.

Jennifer Scanlon
Pronouns: she, her, herspresident and chief executive officer

UL is proudto declare its
commitment
to reducing
global carbon
emissions in linewith climatechange science.
Jennifer Scanlon, president andchief executive officer

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Our competence
imparts confidence.
In this report, we share oursustainability journey, goals andimpacts with our stakeholders.
We strive to report on whatmatters most to you and tolisten, learn and evolve as welead. We affirm that transparency
is fundamental to maintaining
trust. What we know, we share;
what we don’t know, we seek tounderstand. In facing the future,
we will always leverage thebest of our understanding andexpertise to secure a safe andsustainable world, forever seeking
the next and best solution.

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Who we are
Our people foster trusted partnerships led by purposeand backed by competence. Our safety science
expertise and 128-year track record of imparting
trust and dependability through our dedicatedservices and offerings help keep our ever-evolving
world moving forward. We trust in each other and inscience and believe in our contribution to an abundant
shared future.
Our founding mission of working for a safer worldinforms every partnership we undertake and every
goal we set. We find purpose in our mission, and weknow our stakeholders do, too. Our reputation rests on
our history of working for public safety and preventing
countless risks.
What we’ve learned by navigating the complexitiesof our history we apply to meeting today’s needs andenabling the optimistic future that we envision andintend to help protect for generations to come.

Our people
In 2021, UL Inc. employed more than 14,000
permanent employees and more than 2,000
contractors. We employ contractors as needed toserve our customers around the world in areas where
we may not have a legal entity and during instancesthat require additional support.

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Leadership representation

Our approach

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We source this data from our HR database. In some cases, information from responsible HR teams
supplements the data. No significant variations have occurred and no assumptions have been made.

UL employees offer distinct cultural andgenerational perspectives to each otherand the work they perform, adding value
and an important diversity of thought
to the projects we undertake and thecommunities where we work and live. We’remaking progress on our DEI initiatives andrewarding and developing our people as
they expand possibilities for themselves andfor our customers.
In 2021, UL redesigned its global humanresources function to align with thecompany’s new operating model andour goal to lead as an employer of choicefor the world’s top talent. The resultsfrom our 2021 materiality assessment
reinforce our prioritization of this pursuitand demonstrate its importance to all
stakeholders as we work to attract andretain the talented people we need to fulfill

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our mission. While we operate globally, we
incorporate regional and local perspectives
to inform the best-fitting experiences forour colleagues and provide a safe, secure,sustainable and inclusive workplace. UL
is committed to enabling and engaging
our people across our enterprise andcontinuously improving their overall work
experience. Our company culture prioritizes
inclusiveness, simplicity, innovationand efficiency.
We value every perspective and voice,creating the welcoming, safe and supportive
environment needed to allow problemsolving to thrive. This environment offers
our highly skilled, enthusiastic and ethicalcolleagues the opportunity to apply their
passion and expertise to our purpose,
helping secure the safety of all people inevery environment.

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Planet

Where we are
Headquartered in Northbrook (NBK), Illinois, U.S., UL Inc. maintains offices and laboratories in more than 40 countries around the world. Wherever we work,
we match the local communities’ needs, offering customer service in local languages and nurturing the critical governmental and regulatory relationshipsthat allow us to keep abreast of changing trends and provide efficiencies to our customers.

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Number of UL employees worldwide

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What we do
Since our founding in 1894, UL has worked to make the world safer. Thishistoric commitment began with the commercialization of electricity
in the late 19th century and continues today. We remain in position to
support the profound economic, environmental and social opportunities
and impacts that electricity and transformational advances in science andtechnology have brought to the world. Our daily work, service offerings
and technical expertise also contribute directly toward and operate
in concert with national laws and relevant internationally recognized
standards. In this way, we ensure that we continue to improve economic,
environmental and social well-being, leveraging safety science, standards
and transparency.

UL’s testing, inspection and certification; software; advisory and risk
management services; decision-making tools; training; and businessintelligence offerings help our customers, based in more than 100 countries,
solve today’s business challenges and prepare for tomorrow’s opportunities.
In 2021, markets, regulators, customers, consumers, suppliers, employees
and shareholders converged globally with a clear demand for an expanding
set of requirements for continued sustainability advancement. We’reencouraged by the collaboration and partnership in both the public andprivate sectors intent on accelerating action and enabling ESG progress
across global markets, standards, ecosystems, supply chains and businesses.

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Automotive and mobility — From Electric Vehicle (EV) andInfrastructure Testing and Certification to Vehicle Interior Air
Quality Testing, we test and validate automotive materials
and help our customers manage their supply chains, bringing
safer products to market all around the world.

PlanetPeopleProsperity

Building and construction — From Architecture, Engineeringand Construction testing, inspection and certification to
Building Products and Systems, we help enable smarter, safer
and more sustainable buildings.

Healthcare and life sciences — From medtech topharmaceuticals and biotech, we work with our customers
to help bring needed medical innovations to market safely
and efficiently.

Industrial products and systems — From Electrical
Distribution Services to Industrial Automation and Control
System Cybersecurity, we help our customers gain acomprehensive view of product and process efficiency
within any given system to help prevent potential hazards
and failures.

GRI index

Chemicals and materials — From Innovative Environmental
Product Claims Validation to Chemical Policy Management,
we help manufacturers, distributors, importers and retailers
manage chemicals to safeguard human health and theenvironment.

Energy and utilities — From Battery and Energy Storage
Testing to Offshore Wind Energy Services, our expertise instorage and renewables helps both established and emerging
energy markets meet growing demands, while protecting
people and the environment.

Financial and investment services — From Secure Mobile
Payment Solutions to Sustainability Management Software,
our offerings empower consumer trust and help strengthen
security in an interconnected world.

Government services — From Building Sustainability andEnergy Advisory Services to Marketing Claim Verification, we
help drive sustainability, public safety and trade.

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Life safety and security — From Fire and Emergency
Apparatus Testing to Personal Flotation Device Certification,
our services help protect first responders, people and property.
Our research and insights in this industry lead the way to
discovering new ways to prevent and defend against threats.

Products and components —­ From Photovoltaic (PV) and
Solar Lighting to Beauty and Personal Care Product Testing,
we help our customers solidify trust and deliver safer, moresustainable products to market.

Retail — Through offerings like Analytical and Chemical
Testing for Consumer Products and Children’s Furniture
Testing, we take a proactive approach to protecting
consumers and the brands they trust. Our analytic andmanagement software solutions address sourcing, safety,
environmental and quality challenges.

Technology and electronics — From Recycled Plastics
Solutions to Certification to Greenhouse Gas Verification
to ISO 14064-3, we help our customers improve theirinfrastructure and bring sustainable innovations to market.

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Our integrity
While mobilizing our shared mission, our colleagues worldwide embrace and embody
the principles of integrity, honesty, quality and fairness. These values unite us and areessential to maintaining and imparting trust as we operate. We maintain a proud cultureof integrity, nurtured and backed by UL’s Legal and Ethics and Compliance offices.
Around the world, every colleague and Board member receives training on our Standardsof Business Conduct (SoBC), distributed in nine languages and signed by 100% of ourmore than 14,000 employees. Our code of conduct compels us to act with respect forour business, property, people and planet.
We hold each other accountable for acting with integrity and reporting potential issues
or concerns. UL’s Ethics and Compliance office handles any reports of alleged fraud or
policy violations, and our SoBC protect would-be reporters against retaliation. Colleagues
can share concerns without limitation through the management chain or by directly
contacting HR, Legal, Internal Audit, Finance or Ethics and Compliance. The Ethics andCompliance office accepts reports directly via email, phone hotline or our Ethics Point
web portal. These reports may remain anonymous to the extent allowed by applicablelaw. Additionally, our Ethics and Compliance office maintains a website with additional
resources for education about ethical and lawful behavior and organizational integrity
for colleagues seeking more information.
Our four policies related to bribery risk — Anti-Bribery and Corruption Policy, Giftand Entertainment Policy, Engagement of Government Officials Policy and Conflictof Interest Policy — are easily accessible to all UL associates. Integrated controls
surrounding UL’s expense reimbursement, meeting planning and charitable giving
processes support these policies.
Across our enterprise we continuously and rigorously assess all of our operations forpotential risks related to corruption. The most significant corruption risks for UL areassociated with our inspection/certification services. In 2021, our Ethics and Complianceoffice received 82 allegations cases. None of these reports were substantiated and no
employees were dismissed or disciplined for corruption. Although we did not conduct aformal, comprehensive, written risk assessment pertaining to corruption this year, ourmost recent formal assessment continues to guide ongoing mitigation measures.
We discontinued our relationship with two clients in 2021 for corruption-related issues.
Our dedication to integrity as we operate is unwavering.

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Our supply chain

Responsible sourcing

Our Global Sourcing team supports our
supply chain needs by working with ourbusiness partners across 43 countries todevelop global sourcing and procurement
strategies, which we implement regionally or
locally. Those strategies support our broader
business strategy, including sustainabilityrelated improvements. UL has approximately
11,000 suppliers. The majority of our suppliers
provide equipment and consumables for our
testing and certification work; the nextlargest group of suppliers covers contingent
workforce resources to support either
seasonal spikes or specific customer-based
requirements in addition to our current teams.

We are working to implement a best-in-class Supplier
Code of Conduct for UL to ensure responsible sourcingof our goods and services. Due to the Global Sourcing
restructuring, we did not progress as far as we had
anticipated toward our responsible sourcing objectives
in 2021. However, we will move forward in 2022 withmore effective cross-functional collaboration and a welldefined governance structure. This working team now
serves as an established task force under our Corporate
Sustainability Council’s oversight.

As a result of the global pandemic, somegoods and services have experienced delivery
delays. However, we have had no significant
changes in our supply chain, whether inlocation, type, production, size or structure.
In 2021, we restructured our Global Sourcing
team to support a centrally led sourcing
model in tandem with regional procurement
support in EMEA, LATAM and APAC regions.
We moved transactional procurement andsupplier management activities to a newly
created team in India.

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To ensure this project’s success, we are leveraging ourinternal expertise and consulting with two UL divisions
that do this work for our customers: Responsible
Sourcing (RS) and UL 360. As we identify risks, we seek
to learn as much as possible to empower us to develop
mitigation approaches that align with our business andoperational goals.
In Phase 1, we will develop a newly revised, best-in-class
Supplier Code that aligns with our Standards of BusinessConduct. Our next steps include defining specificguidelines and requirements for high-risk suppliers.
In Phase 2, we’ll provide coordinated requests to our
suppliers for risk assessments required to do businesswith UL as we introduce a monitoring program, develop
and distribute supplier assessments and provide reportingand dashboard views of risks and remediation status.

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Privacy
The success of our business and our public safety mission depends on our ability
to protect confidential UL and customer information. Our customers entrust us
with confidential information that we must secure as we use it to provide ourservices. We also create our own confidential information. Every person at UL
must accept the responsibility for safeguarding this information. All colleagues
are responsible for familiarizing themselves and complying with all of UL’s
policies, procedures and standards dealing with information security. Our
Global Security function provides many resources and communications, regularly
updating colleagues with training and information regarding security.
Security threats originate from a wide variety of sources, including computerassisted fraud, industrial espionage, sabotage, vandalism and natural disasters.
Computer viruses, unethical hacking and denial of service attacks are becoming
increasingly more common, ambitious and sophisticated.
We understand that security is everyone’s responsibility. Maintaining aneffective and efficient security posture requires a proactive security stance fromeveryone, and we commit to ongoing education, engagement and training withour colleagues to ensure their confidence and competence on security issues.
Security permeates our culture as we continuously work to improve our security
awareness and protection throughout our organization and infrastructure.

Our Information Security Program and Policy arise from three core principles:13

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Confidentiality

Integrity

Availability

Preventing the disclosureof confidential information
to unauthorizedindividuals or systems

Maintaining andassuring the accuracy
and consistency ofdata in UL’s systems

Providing access to
information systems anddata when and where
authorized users need them

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that shelter and serve us. This led
us to launch Impact 100, a global
campaign to reignite our One UL
spirit and to show our gratitude andsupport for our communities’ safety
and well-being. During Impact 100,
UL employees connected throughvolunteerism and organized acts ofcaring and kindness within our local
communities and around the world.

Targets initiative (SBTi). This public
commitment offers a clearly
defined pathway to enable a lowcarbon future for UL. It helps us
prioritize our investments, improvebusiness continuity and resilience,
hold ourselves accountable anddeliver on our mission: working
for a safer, more secure andsustainable world.
This year, we’ve elevated ourenvironmental, social andgovernance (ESG) reporting withmore evidence-based data acrossall material disclosures.

In completing our third year ofsustainability reporting, we’ve
gained increased awareness of andappreciation for the impacts wemake on our people, our planet,
our prosperity and our need toconnect with one another throughpartnerships.

In 2021, we witnessed both thestrength and vulnerability ofour planet. As a science-based
company, we understand that wemust reduce carbon emissions
in line with climate science tomitigate the worst impacts ofclimate change. The 26th UN
Climate Change Conference of
the Parties (COP 26) focusedon recognizing the need to set
more ambitious targets to reducegreenhouse gas emissions by 2030,
pivoting to a renewed decade ofclimate action.

As more UL employees worldwide
returned to the workplace, weshared a deepened appreciation
for the homes and communities

To do our part, UL’s subject
matter experts performed thecritical work to establish ourcommitment to the Science Based

As we began returning toour physical workspaces andreconnecting with colleagues inperson, hope, backed by science,
replaced our former fears anduncertainty.

Our approach

Barbara R. Guthrievice president corporate sustainability

We invite our customers andstakeholders to share in our
mission as we work for asafer world.
2021 represented a pivotal year for
us all. The development, approval
and ultimate distribution of the
COVID-19 vaccines helped us
improve public safety and provided
chances to resume a sense of
normalcy in our daily lives. We
were able to enhance messagesof lockdowns, mask mandates,
quarantining and social distancing
to include information about lifesaving vaccines.

A new normal emerged — a hybridof our pre-pandemic lives blended
with innovations in our work androutines. This new normal offeredkinship based on all that we had
shared, and it fostered gratitude foropportunities to be together.
UL’s sustainability journey madegreat strides in 2021, too.

We operationalized our ESG datacollection processes, employing
the reporting capabilities of
UL’s ESG software solution, 360
Sustainability, to the fullest. We
submitted our first Advanced
Communication on Progress to theUnited Nations Global Compact
and are sharing our Global
Reporting Initiative (GRI) index
for stakeholders, delivering on
the continuous improvement andcomprehensiveness of our
ESG reporting.

Throughout the pandemic, we’ve gained awareness and admiration for the powerof positive societal impact when we partner together.
Barbara R. Guthrie, vice president corporate sustainability

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We believe in the power of purposefulpartnerships and have exercised
this power through our corporate
sustainability strategy, optimizing ourhuman capital, our brand capital and ourfinancial capital as we share our mission.
We also mobilized our in-house experts
in safety, security and sustainability todrive operational excellence.
We are grateful to have completed our2021 materiality assessment, listening
and learning from all our stakeholders,both internal and external, aboutsustainability issues as we continuously
validate or refine our strategies andfocus moving forward.
Our 2021 Sustainability Report reflects
our progress and measurable impact
toward sustainable development in thispivotal year.
I am so proud of how far we have comein our sustainability journey, and I
am so excited about what the futureholds. Lastly, I am so thankful we get
to be together, working on our shared
mission for a safer, more secure andsustainable world.

Barbara R. Guthrie
Pronouns: she, her, hers
vice president corporate
sustainability

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Our reporting

PlanetOur commitment to reporting our operations’impact on planet, people and prosperity began
in 2019 with the publication of our firstsustainability report. 2021 marks our third
annual report, published on Earth Day ofthe subsequent year. We have grown in
our coverage, in our understanding of
our many stakeholders’ interests and in
Impactour ability to capture and analyze datafrom across the enterprise. This year,
we submitted our first Advanced
Communication on Progress(CoP) to the United Nations
Global Compact, demonstrating
Prosperity
Peopleour support and alignment to its
Ten Principles focused on humanrights, labor, the environment andanti-corruption. As a committed Participant,we’ll continue to submit our progress to the
As a private entity, we do not publish financial
Compact each year in addition to publishing
information, but we attempt to disclose as
our own reporting.
clearly as possible on other sustainability topics
As a purpose-driven organization, we alignour reporting in accordance with the Global
Reporting Initiative (GRI). Stakeholder input
defines material topics, as does relevance to
our industry and fulfillment of our mission
and company strategy. The GRI equally values
double materiality as a guiding principle.
Therefore, the GRI guides companies to reporton topics that may not only be financiallymaterial and impactful to the value of theorganization, or may positively — or negatively— impact the environment, people andeconomy in general or both.

and activities material to our stakeholders.
We operate in support of the United Nations
Sustainable Development Goals (UN SDGs),
aligning our sustainability strategy andinitiatives toward progressing all 17 Global
Goals, and striving to quantify and share our
impact. We recognize that our core operations
make the largest impact on Goals #3, #11
and #12 and continually seek to measure
the combined impact of our Corporate
Sustainability initiatives and our ESG-enablingcustomer solutions as we mature in our datagathering and analytical capacity along ourreporting journey.

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PlanetScope and boundaries
The scope of this Sustainability Report covers the UL Inc. enterprise,
including all subsidiary entities for the year beginning Jan. 1, 2021,
and ending Dec. 31, 2021. Where possible, we provide measurable
key performance indicators (KPIs). All previous reports are available todownload on our Corporate Sustainability page for reference.

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Watch
the video

Data management
We use our own award-winning 360 Sustainability,
ESG reporting software to collaborate with colleagues
effectively across our global locations to report, track,
analyze, assess and maintain data governance at every
step in preparation for reporting. The tool enables us
to capture framework-specific disclosures as well as
energy, water and waste data. The 360 advisory teamworks alongside the Corporate Sustainability teamto assist our sustainability reporting and enable ourscience-based target commitment.

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Our strategy
Corporate Sustainability mobilizes UL’s mission to work for a safer,more secure and sustainable world. We view our customers andstakeholders as partners to our purpose and prioritize collaborationand collective impact as we empower them to achieve and sharein our mission. Applying our human, brand and financial capital toprogress the world’s well-being represents the foundation of our
Corporate Sustainability strategy. UL’s Corporate Sustainability teamincludes a designated vice president of Corporate Sustainability andtwo senior managers responsible for UL’s environmental and social
sustainability strategies and initiatives. Our dedicated ESG reporting
lead carries the responsibility for UL’s annual sustainability reportingand ESG disclosures provided to additional sustainability platforms
and frameworks.
Corporate Sustainability leads UL’s sustainability journey anddrives enterprise impact and a company culture of sustainability
via thought leadership, functional and operational integration,
supportive communications, educational opportunities andcommunity outreach. This creates a culture of sustainability
mindset across our organization and within our communities,
ultimately delivering significant value to our businesses, services
and society.   
Globally, we partner with other responsible businesses aligning to
the UN SDGs and the Ten Principles of the United Nations Global
Compact. We invite the public to share in our journey and progress
via sustainability reporting and community outreach. Our global
colleagues and internal sustainability experts help us define andmeet our objectives through the Corporate Sustainability Council
and various SME task forces.
With every objective we undertake, we seek to optimize ourhuman, financial and brand capital to make a durable positive andsustainable impact on the stakeholders we serve, including all ofsociety. We focus on the UN SDGs where our culture, behavior andbusinesses can best amplify and achieve progress.

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Our stakeholders
We regularly engage with our stakeholders in an ongoing fashion by publishingresearch, white papers, webinars and tutorials on UL.com and through our subject
matter experts’ engagement at conferences and industry events, both virtual andin-person. Our Customer Advocacy group works directly on issues that impact
our customers’ overall experience with UL, ensuring that all UL functions andgeographies proactively address any issues that may impact the fulfillmentof our services and overall customer satisfaction. We include customers
and other stakeholders at regular roundtables and annual meetings likeindustry and association policy meetings.
We survey our global colleagues annually and offer them multiple
ways to voice concerns and ideas, whether through one of ourreporting platforms, through the HR, Legal and Ethics andCompliance offices or via Corporate Sustainability initiatives
and task forces. UL University (ULU) supports advanced
training and education, while our company intranet,
employee-led Business Resource Groups (BRGs) anddevelopment portal offer even more avenues forcolleagues to inform and influence our culture anddecision-making.
Our social sustainability projects engage us with our local
community members and NGOs while UL’s Global Government
Affairs group consults on public policy and politicaldevelopments, nurturing critical relationships with local
governments across our geographies. Our onboarding
process and engagement with our Standards of BusinessConduct (SoBC), Supplier Code of Conduct andadditional policies support our supplier relationships.
We regularly address topics raised by stakeholders’concerns during UL’s monthly Corporate
Sustainability Council meetings and in thecompany’s public reporting, including
UL’s Annual Report, DEI Report andSustainability Report, as well as at theorganization’s annual meetings andother opportunities in alignment with
our SoBC.

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Planet2021 materiality assessment
In 2021, we conducted a comprehensive, third-party materiality assessmentwith ERM to consult with our stakeholders on environmental, economic andsocial topics. We had previously conducted materiality assessments in 2014 and2018 that informed our foundational sustainability strategy.

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The Global Reporting Initiative’s(GRI) Reporting Principles guided
our process. We also considered theSustainability Accounting Standards
Board’s (SASB) Conceptual Frameworkand other global reporting frameworks
to identify relevant topics for inclusionin the assessment. This assessment
determined the relative importance of
ESG topics to UL and our internal andexternal stakeholders, based on the
topic’s potential risk, opportunity andthe significance of UL’s impact.

world participating, along with 20
stakeholders representing customers,
NGOs, industry groups, owners,
standards organizations, academia
and sustainability allies. UL’s regionaland global leadership and Chairman of
the Board gave interviews to provide
direct operational and strategic
insights. We reviewed and approved
the results of the assessment during
validation workshops involving our
executive leadership, ERM and the
Corporate Sustainability Council.

This assessment included desk
research of peers, macro trends,
sustainability industry standards andinvestor sustainability assessments.
The assessment providers also
surveyed and interviewed internaland external stakeholders, with nearly
500 UL employees from around the

The results support the strategy
that we’ve held since forming our
Corporate Sustainability function
while providing current additional
perspective and prioritization andallowing that the importance of any
given topic may fluctuate with timeand changing context.

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Outcomes

CEO message

Relative priority of topics
On us

Materiality matrix

Environmental

SocialGovernance
1. Customer satisfaction and ESG enablement

Our approach

2. Talent attraction and engagement
PlanetCustomer satisfaction and ESG enablement

7.00

PeopleGeopoliticalstability

Importance to external stakeholders

5. Diversity, equity, inclusion and gender equality

Talent attraction and engagement

6. Corporate governance

6.00
GRI index

4. Energy

Corporate governance

Prosperity

3. Health, safety and well-being

Ethics and compliance
Health, safety and well-being

Cyber security
and data privacy

5.00

7. Ethics and compliance

8. Geopolitical stability
EnergySustainableprocurement

4.00

Diversity, equity, inclusionand gender equality

9. Cyber security and data privacy
10. Sustainable procurement
11. Innovation and researchInnovation and research

3.00

12. Regulatory engagement

Tier 3 (High priority: Sustain, communicate)

Regulatory engagement

Decarbonization

13. Community investment and impact

Community
investment and impact

Climate resilience

2.00

14. Decarbonization

Human rights

16. Human rights

Water management
and reuse

Outdoor air quality

1.00

15. Water management and reuse

17. Climate resilience

Biodiversity
sustainable land use

Tier 4 (Priority: Monitor, comply, manage)
18. Waste

0.00

19. Outdoor air quality

0.00

1.00

2.00

3.00

4.00

5.00

Importance to the company

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6.00

7.00

20. Biodiversity and sustainable land use

Environmental

SocialGovernanceContents

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GRI index

Analysis
The sustainability materiality assessment results solidified our strategic
focus on UN SDGs #3 (Good Health and Well-being), #11 (Sustainable Cities
and Communities) and #12 (Responsible Consumption and Production)with health, safety and wellbeing, energy, and ESG enablement all
identified within Tier 1, our highest priority ESG topics. We are excited andencouraged by the validation of our focus with customer satisfaction and
ESG enablement measuring as the highest priority topic for our internaland external stakeholders. This aligns with our operating strategy and thefulfillment of our mission.
The high prioritization of talent attraction and engagement and diversity,
equity, inclusion and gender equality authenticate the importance of ourongoing efforts to nurture and reward our talent across the enterprise
while affirming our commitment to do more. Given our mission-driven
history and high-integrity business and culture, we are pleased to seethat ethics and compliance continue to hold high value as we maintain our
uncompromising focus to exceed stakeholder expectations.
Considering the global challenges we faced in 2021, we understand theelevation of cybersecurity and data privacy and geopolitical stability, now
measuring between Tier 1 (highest priority: drivers for ESG strategy) and Tier
2 (continuing internal efforts).
The insights and observations brought forth in this 2021 materiality
assessment motivate us. While the highest-priority topics shall drive ournear-term strategy and resource investment, each ESG topic is valuable toour success and we will continue to monitor and incorporate them into UL’s
enterprise risk management as well as our Corporate Sustainability strategy
and objectives.

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Ensure healthy lives and promote wellbeing for all at all ages.
Public safety and the reduction of
preventable deaths has been our priority
since UL was founded in 1894.

Make cities and human settlements
inclusive, safe, resilient and sustainable.
UL’s work helps support the kinds ofinnovative, secure and safe living andworking environments that our people,
planet and future prosperity require.

Ensure sustainable consumption andproduction patterns.
UL addresses our own consumption of
resources with dedicated environmental
task forces; while our services andofferings enable our customers to reduce
waste, employ sustainable businesspractices, explore circularity, achieve
supply chain transparency and adopt thesafe proliferation of renewable energy.

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CEO message

On us

Our approach

Planet

ENVIRONMENTAL

PeopleMaterial ESG topics
Prosperity

GRI index

Our 2021 assessment incorporated anddefined these topics as material to UL
based on the assessment team’s research.
The definition of materiality used is the
GRI approach to double materiality,
meaning that these topics may befinancially material and impactful tothe value of the organization, or may
positively — or negatively — impact
the environment, people and economy
in general, or both. Not all of theidentified topics are financially material
to our business, operations or financial
statements. They are listed here inalphabetical order by category.
The concept of materiality used in thisreport, including where we use the word“material” or “materiality,” is basedon definitions of materiality specific to
UL. While certain matters discussed
in this report may be significant, not
all matters are material. Furthermore,some material discussions may requirea level of estimation and assumptionthat may make the resulting disclosuresinherently uncertain.

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Biodiversity
and sustainable
land use

Protecting biodiversity and healthy ecosystems, which provide food,medicine and natural resources

Climate resilience

Managing the physical, transitional, financial risks and opportunities
presented by climate adaptation and resilience, both within ouroperations and regarding our customers’ needs

Decarbonization

Managing and reducing greenhouse gas (GHG) emissions throughout
the company’s value chain, including Scope 1, 2 and 3 emissions

EnergyReducing our worldwide usage of fossil fuels and transitioning
to renewable energy generation and purchasing

Outdoor air quality

Managing and improving outdoor air quality (related to non-GHG
emissions) including ozone-depleting pollutants related to emissions
into the atmosphere from UL’s operations

Sustainableprocurement

Monitoring and strengthening environmental management
throughout our supply chain and addressing key areas of risk andopportunity

Waste

Responsibly managing both hazardous and non-hazardous waste in ouroperations, diverting waste from landfills and engaging in responsible,
collaborative and innovative methods to repurpose the materials thatleave our owned and operated locations

Water

Effectively managing water by reducing our worldwide water
consumption with a focus on water-stressed regions; finding new ways
to recapture, recycle and reuse water in our operations

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CEO message

On us

Our approach

PlanetPeopleCommunity
investment
and impact

Supporting sustainable development,
resilience and equity in global communities
through volunteering and philanthropy

Customersatisfaction and
ESG enablement

Delivering world-class services to ourcustomers to support them in achieving theirorganizational ESG goals

Diversity, equity,
inclusion andgender equality

Fostering diversity, equity and inclusion within
our workforce, supply chain and communities
worldwide. Building a workforce representativeof the communities in which we operate,establishing and supporting programs bothinternally and globally that support women’s
empowerment and gender equality

Health, safety
and well-being

Managing and improving mental and physicalhealth, safety and well-being for our employees,
customers and suppliers; creating a safetyfocused culture including managing incidents
and minimizing operational risk; indoor air
quality, utilizing digital tools to operationalize
health and safety management

Prosperity

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GOVERNANCE

SOCIAL

Human rights

Respecting human rights throughout our value
chain consistent with international norms andremedying any breaches within our operations,
including (but not limited to) respecting theright to collective bargaining, fair labor practices
and working conditions for direct UL employees
and those within UL’s supply chain

Talent attractionand engagement

Hiring, managing, developing and retaining
diverse talent through an inclusive culture,enhanced learning and development
opportunities and a supportive benefits
program, including volunteerism

Corporate
governance

Maintaining the standards, structures,and processes to ensure the diversity andindependence of the Board of Directors as wellas the effective governance of UL and its ESG
strategy, goals and programs

Cybersecurity
and data privacy
and protection

Effectively managing digital security to prevent
unauthorized access to UL's systems; managing
our internal systems and customer services
in a manner that protects the collection,
analysis, use, storage, transfer and sharing
of information from unwanted parties,
unauthorized access and security threats,
including cyberattacks

Ethics andcompliance

Promoting stringent ethical standards andcombating corruption in all of our businessinteractions, including in joint ventures andwith business partners, customers and suppliers

Geopoliticalstability

Monitoring both national and international
geopolitical volatility and its subsequent
impacts on the transition to a more sustainable
world, engaging with governments on material
sustainability issues where appropriate

Innovation
and research

Investing in research and development andleveraging new and emerging technologies
to develop new products and services thatfacilitate the transition to a more sustainable
world

Regulatory
engagement

Engaging with regulators and policymakers on
issues material to UL’s interests

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Next steps
Our 2021 materiality assessment confirms that our sustainability journey ison course while providing us with additional directives to consider. As ourwork and the world evolve, we’ll continue to engage with our stakeholders
to assess our strategy and make certain we remain conscious of whatmatters most. Going forward, we’ll continue to prioritize managing these
ESG topics within our comprehensive corporate sustainability strategy andintegrate their management into our businesses, advancing our operations
and the services we offer.
We are enthusiastic about new programmatic improvements, stretching
our capabilities, holding ourselves accountable and exemplifying
sustainability through our words, actions and services.  

As our stakeholders expect, we will work to meet the increasing global
need for ESG service solutions and to apply our safety science expertiseto renewable resources, environmental stewardship, supply chain
management, diversity and inclusion, workplace conduct, human rights,
philanthropy and support for our local communities. Our mission,
strategy and operational focus revolve around continuing to advance oursustainability leadership to meet the world’s demands. We will continue
to invest in and focus our science-based expertise on addressing thesustainability trends, risks and opportunities fundamental to our longterm prosperity.

Contents

CEO message

On us

GovernanceOur approach

PlanetPeopleProsperity

GRI index

Across the enterprise, we regularly review key global market challenges
and opportunities, including sustainability and ESG trends. We do thisduring the normal course of serving our customers, delivering a broad
range of safety, security and sustainability service offerings through ourinteractions with standards, regulatory and government forums, and our
global strategic planning and risk management work. We incorporate
the increasing demand for sustainability and ESG solutions and thecorresponding commercial opportunities directly into our strategic,
investment and operational plans.

Board of Directors and CEOUL Inc.’s board of directors (BOD) oversees the company’s management
and affairs through board actions and standing committees. Board
committees include the audit committee, compensation committee,
finance committee and governance committee. The BOD and CEO offer
oversight and approval for UL’s corporate sustainability strategy, activities,
commitments and ESG reporting.

Corporate Sustainability Council (CSC)
This highly engaged employee council representing all businesses, functions
and geographies governs and implements our sustainability strategy,
initiatives and integration. Every council member makes a personalcommitment to help develop a culture of sustainability and to help integratesustainability goals within their respective functions.
The CSC defines key sustainability goals and contributes to thought
leadership internally and externally. The CSC analyzes social, environmental
and economic opportunities to support UL’s sustainability strategy andensures business alignment. The Council launches and governs employee
task forces focusing on sustainability issues as needed.
Council members contribute data to UL’s ESG reporting through 360 andvalidate and govern quality ESG data. UL’s chief financial officer and chiefmarketing officer co-sponsor the Council.

Corporate Sustainability teamThis focused team led by UL’s vice president of Corporate Sustainability
creates and manages the implementation of UL’s sustainability strategy. The
team sits on the CSC and leads all employee environmental task forces andemployee engagement groups, setting the goals and defining the projects
to integrate sustainable practices into the heart of our operations. They
work to apply UL’s human, financial and brand capital to drive UL’s social andenvironmental programs and achieve our sustainability purpose. They direct
and communicate our ESG progress through reporting and data governance,
providing transparency to our stakeholders and clarity on our journey.

Social sustainability initiatives help create healthier communities while positively engaging our employees and creating
healthier workplaces. Even the smallest projects can make a large impact.
Heather Eliff, director, NBK site lead, USA site coordinator, North America’s region lead and CSC member

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CEO message

Their work mobilizes our mission to help address
the critical challenges of our world with active andcommitted expertise.

across the organization. Our environmental task
forces advise SEEDs, who report to the CSC throughUL’s environmental sustainability manager.

ESG Community of Practice

Advancing sustainability requires the leadershipand support of our stakeholders and the inclusionof every UL colleague in every role. In addition to our
corporate governance structure, we hold ourselves
accountable to our mission, our sustainability
alliances and allies, and our code of conduct.

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This group of dedicated ESG SMEs from acrossthe global organization meets to enhance UL’s
ESG expertise, leadership, influence, preparedness
and adaptive response Discussions center oncontinuously improving UL’s ESG reporting and ESG
enablement. The group focuses on understanding
evolving trends, risks and reporting and uncovering
leading-edge opportunities.
Social Sustainability Regional Leads
Across our enterprise, we’ve integrated a global
network of employee volunteers to progresssocietal impact in our communities. Regional leads
from Greater China, ASEAN, EMEALA and North
America operationalize this network of more than
75 social sustainability champions. These leads
represent our employees on the CSC and report toour senior manager of Social Sustainability.
Sustainable Environment Excellence Drivers (SEEDs)
UL’s SEEDs group comprises 165 passionate
global colleagues trained to develop and launch
environmental pilots and initiatives at the local levelto address relevant environmental challenges at oursites around the world and to level up best practices

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UL.com/sustainability-reportSocial Sustainability Champions
Our global Social Sustainability Champions support
our enterprise volunteer initiatives and lead
their colleagues in local efforts to improve theircommunities and advance progress on UL’s targeted
SDGs. They report their impact to their Sustainability
Region Leads who represent them on the CSC.
SME task forces
These employee-driven task forces consist of
subject matter experts who help activate thestrategic direction of UL’s sustainable impact
areas such as field engineering, responsible
sourcing, energy and carbon, water and waste
and materials. These task forces provide insight
into external best practices and act as an advisory
team to ensure the progress and maturation of
corporate sustainability objectives.

From the HR perspective, the work of the corporate
sustainability council fosters awareness for ourvalue-orientation and our continuous improvement
to thrive, as a true people company that helps makethe world a safer place.

Even in the early stages of our sustainability
journey, we are approaching our effort withthe same mission-driven intention, leadership
ambition, and science-based mindset that will leadto meaningful outcomes.

Sarah Au, manager, human resources, CSC member

Khoi Do, director, market development and innovation,
CSC member

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CEO message

On us

Our approach

PlanetPeoplePartners with purpose
Sustainability demands collaboration from everyone and a shared belief in the possibilities of aprosperous and secure future. While we may instinctively prioritize personal, business or national
objectives, a growing collective consciousness understands that, as citizens of this one, sharedplanetary ecosystem, we all impact each other. To preserve and improve our planet and humanity
moving forward, we must all commit to a higher purpose and a shared mission greater than ourown individual goals. We proudly support and embody SDG 17, Partnerships for the Goals, in thework we undertake every day as we aim to steward this planet and its people to health and wellbeing in a way that does not endanger future generations.

Prosperity

GRI index

These valued partnerships help us improve and demand more of ourselves and our contribution
to sustainable progress:

United Nations Global Impact

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Science-based Targets initiative (SBTi)

UL is a Participant in the United Nations Global
Compact, voluntarily joining more than 15,000
companies committed to the Ten Principles of
responsible business and to taking strategic action to
help meet the global challenge issued in the SDGs. In
2021, we shared our first Advanced Communication
on Progress with the Compact. This report details our strategy, governance andengagement with the SDGs while ensuring that we mindfully address humanrights, labor, anti-corruption and environmental issues across our organization.
This global partnership helps us challenge ourselves as we model a businessleadership culture that endorses positive social and environmental impact.

We’re excited to share that we joined the
SBTi in 2021, committing to reduce our global
carbon emissions in line with climate science
to do our part to keep the global temperature
increase below 1.5 degrees Celsius. The SBTi
represents a collaboration among the Climate
Disclosure Project (CDP), the United Nations Global Compact (UNGC),
World Resources Institute (WRI) and the World Wide Fund for Nature(WWF) with more than 2,000 business members committing to help
reduce GHG emissions and prevent the worst impacts of climate change.

Ellen MacArthur Foundation

World Economic Forum (WEF)

We’re committed to advancing the principles and the science behind circularity.
UL introduced the first Standard for circular economy initiatives, UL 3600, theOutline of Investigation for Measuring and Reporting Circular Economy Aspectsof Products, Sites and Organizations, which measures circularity at the product,
facility and company level. As a Member of the Ellen MacArthur Foundation,
we lend our expertise to projects that have the potential to change the way
materials are utilized and disposed of at the system level, moving away fromloss to landfill to return value to the economy.

UL was the first testing, inspection and certification WEF member.
Within the Advanced Manufacturing and Production Platform, we’ll
work to accelerate inclusive technology, carbon reduction, resilient
supply systems and sustainability and innovation in manufacturing.
Our contributions to this partnership help shape the future ofadvanced manufacturing and value chains.

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UN SDG Action Campaign
CEO message

Every year, we find new ways to support sustainability
and inspire action among our global colleagues
during the Global Week to Act4SDGs. In 2021,
Corporate Sustainability partnered with ULU tooffer environmental and social sustainability
training courses and modules through our company
learning management system. Colleagues received
professional development credit while adding to theworld’s collective knowledge base and understandingof critical sustainability topics.

On us

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PlanetPeopleProsperity

In addition, we’re committed to working with ourindustry and trade partners to promote safety,
security and sustainability. Our colleagues actively
engage with associations around the world, applying
our scientific expertise and safety, security andsustainability purpose to a multitude of local
and global challenges. These partners include
the International Science Reserve, the National
Association of Manufacturers and the Retail Industry
Leaders Association.

GRI index

Boston College Center for Corporate
Citizenship (BCCCC)
With more than 500 member companies, BCCCC provides
education, forums and training to help organizations aligncorporate citizenship objectives with business goals. BCCCC
members have collaborated to support UL’s sustainability council
and reporting. The BCCCC hosts the International Corporate
Citizenship Film Festival; in 2021, UL Corporate Sustainability
won Best in Show at the film festival for our submission“Shining Light on a Sustainable Future,” detailing our partnershipwith Watts of Love.

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Watch
the video

Contents

CEO message

On us

Our approach

CEOs for SDGs | IEC
CEO and President of UL Inc., Jenny Scanlon,
shared UL’s sustainability purpose andcommitment to the SDGs with the International
Electrotechnical Commission (IEC), with thisfilmed message: CEOs for SDGs | IEC.

PlanetPeopleProsperity

Watch
the video

GRI index

In December, UL’s VP of Corporate
Sustainability Barbara R. Guthrie partneredwith other senior executives in sustainability
at an IEC panel entitled Strategic Dialogue
on the UN Sustainable Development Goals(UN SDGs). These senior leaders discussed
the organizational value in supporting theSDGs as well as what standards may needto exist and how the IEC can make a greater
impact on SDG progress.

Watch
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CEO message

On us

PlanetOur approach

PlanetPeopleProsperity

GRI index

Partnering to apply our safety
science leadership toward
addressing climate change

Environmental
sustainability
Our incredible planet offers usable energy in many
forms, which have powered humanity throughout
history. Traditional energy sources — fossil fuels
like oil and coal — have a finite limit; they do notnaturally replenish as quickly as humans depletethem. Additionally, the continued extraction andusage of these energy sources comes with long-term
consequences. Economic growth is often singled out
as the most important factor driving climate change
and the causal chain is clear: increased economic
growth corresponds with increased energy use.
Fortunately, our planet offers abundant sources ofrenewable energy — energy that we can derive fromthe sun, wind, rain, tides and more; energy that theplanet’s natural activities create. This type of energy
replenishes naturally and is available in many moregeographies than fossil fuels.

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CEO message

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Our approach

PlanetPeopleProsperity

GRI index

At UL, we consider climate change a defining
issue of our time, and one that poses perhaps thegreatest potential threat to the safety, security
and sustainability of our world. Therefore, we
believe that supporting the secure transition of
our world’s energy usage from climate-damaging
fossil fuels to clean, renewable energy represents
one of our most needed contributions to safety
science and engineering.

Our commitment

We also believe that we must examine our own
operations and improve them to align with thelatest climate science and robustly reduce our
global carbon footprint. In 2021, UL committed to
set near-term company-wide emissions reduction
targets in line with climate science with the
Science Based Targets initiative (SBTi).*

To demonstrate our commitment clearly, we are aligning our business with theParis Agreement’s ambitious aim: to limit global temperature rise to 1.5° C above
pre-industrial levels and help offer humanity the best chance at avoiding the worst
impacts of climate change.

We’ve publicly shared our science-basedtarget commitment through SBTi, honoring ourdedication to sharing our sustainability journeytransparently. The next step will be submitting
our targets for validation and having our targets
officially validated by the SBTi.* Additionally, we
intend to manage our enterprise waste, energy
consumption and water usage, and to raiseawareness of these environmental challenges
among all of our global colleagues. With
continued education and understanding, we
can all become more mindful of our individual
impacts and discover more opportunities forcollective improvement.
From how we conduct our daily business to thesolutions we offer our customers, we fully invest
our efforts in helping to guide our planet to acleaner, clearer and more stable future.

*Language updated per the SBTi on March 15, 2024.

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To meet our science-based target commitment and other environmental goals, we’ll
address and improve operational efficiency across all our sites. As a professional
services organization operating laboratories around the world to fulfill our safety
science mission, our facility energy use represents the greatest contributor to ourcarbon emissions. Our stakeholders understand this; energy took the top-ranked
spot as a material environmental topic in our 2021 materiality assessment. We must
optimize our energy efficiency to reduce carbon emissions.

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Our journey
As the year unfolded, we took on the challenge of systematically collecting
site-level environmental metrics and partnering with our site leaders to
identify opportunities to reduce energy consumption and limit greenhousegas (GHG) emissions. Our dedicated group of employee subject matter
experts (SMEs) making up our Energy and Carbon Task Force served asadvisers, uncovering and helping to prioritize initiatives to reduce energy
consumption globally.

operational carbon emissions, accelerated both by their expertise and by 360
Sustainability technology.

A core SME project team assembled and met weekly for months,
passionate about this project as something vital not just to ourorganization, but to all our stakeholders. Region leads, facilities and financeteams participated in data-gathering and analysis to understand ourcurrent impact and potential reduction.

The journey to this commitment required a truly enterprise-wide
collaboration, utilizing the best of our solutions and advisory skills to manage
the project’s scope and ensure the highest achievable accuracy in our
approach. We feel enthusiastic about our short- and long-term next steps
as we work to meet this commitment and participate in the global business
partnership to help protect our planet.

Through their partnership and dedication to UL’s sustainability journey,
our project team developed a foundational understanding of our

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By operationalizing best-in-class systems and processes for environmental
data management, validation and storage in 360 Sustainability, we’re alreadybeginning to reap the business improvements that will coalesce with thisundertaking over time.   

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Operationalizing environmental impact

Indoor air quality (IAQ) assessments

In service to people, planet and prosperity, we continue to apply our
in-house expertise and sustainability solutions to ourselves, sharing
our sustainability journey alongside our customers, adhering to ourown rigorous standards and requirements.
Indoor air quality (IAQ) assessments
In 2021, our Verified Healthy Buildings team of experts completed
indoor environmental quality assessments at our high occupancy
North America office locations in preparation for our employees toreturn to the workplace.
They evaluated each building against rigorous methodologies toassess indoor air quality and established policies for the continual
advancement of IAQ. The team also inspected heating, ventilation
and air conditioning (HVAC) systems to verify preventative
maintenance while focusing on ventilation, filtration and hygiene tohelp ensure continuous excellent IAQ.  

Employee safety is always a priority. We
take our commitment to our employees very
seriously, and we are dedicated to providing
a safe, comfortable environment thatprioritizes health, well-being and productivity.
Linda Chapin, executive vice president and chief humanresources officer, UL

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Toronto, ON, Canada

Research Triangle Park, NC

Melville, NY

Fremont, CA

Northbrook, IL

Brea, CA

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CEO message

Energy efficiency audits
On us

Our approach

Auditing a building’s energy usage is a key first step in building a solid plan for improving energy efficiency,
reducing energy consumption and thereby reducing carbon emissions. Our Verified Healthy Buildings
team completed the American Society of Heating, Refrigeration and Air-Conditioning Engineers (ASHRAE)
energy audits at our global headquarters to identify energy efficiency and consumption improvements.

PlanetPeopleProsperity

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These energy
audits identified:

360 Sustainability software
We employ our own sustainability software, 360 Sustainability, tocapture and analyze our sustainability data for reporting and to track ourenvironmental progress. This enables us to effectively collect and validate
our quantitative and qualitative data from around the world and engages
our employees in a collaborative effort to contribute to improving ourenvironmental impact. We also utilize the Frameworks module within
the software to collect and govern all our environmental, social andgovernance (ESG) disclosures for the Global Reporting Initiative (GRI). In
2021, 360 Sustainability continued its Gold-level Carbon Disclosure Project(CDP) Software Partner status for the 10th consecutive year, the CDP’s
highest ranking for an accredited software provider.

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CEO message

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Our people and the planet
UL’s employees care passionately about the planet.
To provide opportunities for them to pursue theinnovative environmental projects
that capture their excitement
and enrich their ability to increase
our positive impact, we offer
an environmental sustainability
initiative, Sustainable Environment
Excellence Drivers (SEED). One hundred
sixty-five colleagues worldwide are registered
SEEDs, committing to create and lead local
actions for environmental improvements at theirsites across six environmental initiative categories.
All SEEDs receive environmental education throughUL University to improve their knowledge base andhelp them foster a company culture of environmental
responsibility. In 2021, 83 SEEDs completed training
on energy conservation and carbon reduction.
In 2022, we will offer additional coursework
on reducing water consumption andwaste management.

We can measure our effect on our environment through our energyuse, water consumption and waste generation. As we perform tests
in our laboratories, conduct field evaluations and help our customers
improve their product and system safety, security and sustainability, ouroperations offer meaningful opportunities to investigate ways to improve
our impact.
In the past year, working environments around the world have changed,
requiring adjustments to how we provide our services. Like many other34

UL.com/sustainability-reportbusinesses, we reevaluated our own real estate footprint, strategicallydecreasing unnecessary square footage and simultaneously increasing
opportunities for hybrid and remote working.
These cultural changes have led to a decrease in commercial energy
consumption and an increase in residential energy use. As we work to
determine the environmental impacts this shift to remote and hybrid
work has, we’ll need to consider the carbon footprint, energy use and GHG
emissions associated with working from home.

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CEO message

On us

Our approach

PlanetPeopleEnergyWe’re committed to reducing our worldwide energy usage, improving
efficiency in our facilities and shifting service delivery to risk-basedmodeling and virtual services. Notably, 2021 saw altered energy
consumption with avoided emissions from decreasing business travel,
conducting virtual and remote compliance audits and an increase in digitalalternatives to in-person services and meetings. Our global laboratories
remained in operation throughout the reporting year, which our energy
consumption reflects.

In 2019, we launched our reporting journey by disclosing our available datafrom our global headquarter campus in Northbrook, Illinois (NBK), withthe largest footprint of any of our offices and sites around the world. The
data from this site, representing a wide range of our service offerings andtesting facilities, served as the starting point to inform our strategy on our
global operational impact. In 2021, our 111-acre NBK campus continues tooperate on 100% Green-e®-certified carbon offsets.  

This year, we’re sharing our Scope 1 and 2 Carbon Emissions for all our
North America facilities, both owned and leased, representing 66% of
our global footprint. At this time, we are still collecting, validating anddisclosing enterprise-wide carbon emissions to include our EMEA and Asia
facilities with accuracy. We intend to use this additional data to support
our science-based target commitment.  

Completeness – 100% of owned and leased facilities in North America andCanada: 2.3 million square feet, 66% of UL’s total square footage.

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Consistency – Our third-party service provider deployed a consistent andauditable process to collect electricity and natural gas consumption data.
Accuracy – Our third-party service provider collects data directly from theutility suppliers and reports to UL monthly.

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US +Canada**
GHG Emissions
Scope 1 and 2Contents

CEO message

On us

Our approach

Northbrook* - GHG Emissions/Scope 1 and 2

Planet5%

PeopleYoYchange-19%

Prosperity

YoYchangeGRI index

36,293.14

38,199.00

30,984.84

45,752.18

2019

2020

2021

2021

kg CO2e per sq ft.

kg CO2e per sq ft.

kg CO2e per sq ft.

kg CO2e per sq ft.

Tonnes of CO2e

38kg

Tonnes of CO2e

40kg

Tonnes of CO2e

32kg

Tonnes of CO2e

20kg

*This chart shows Scope 1 and 2 emissions calculated from meter data.
**This chart shows emissions calculated from calendarized data provided by third-party utility bill management (UBM) and converted to CO2e via 360 Sustainability software.

We continue to evaluate increasing energy efficiency at our sites worldwide, prioritizing opportunities to improve our building system performance overallwith a specific focus on high energy consumption in owned laboratory facilities in North America.
Currently, our Denmark office and laboratory operate on 100% renewable energy.
While renewable energy projects cover our Scope 2 emissions, UL has a significant Scope 1 carbon footprint due to certain testing procedures that require theuse of stationary gases. Our SMEs in energy technologies are exploring applying data and predictive modeling to enhance our traditional testing.

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UL.com/sustainability-reportGlobal - GHG Emissions/Scope 3
Contents

Global - GHG Emissions/Scope 3

2,938.94

2019

2020

2021

Total tonnes of CO2e

Total tonnes of CO2e

Total tonnes of CO2e

2019

2020

2021

Total tonnes of CO2e

Total tonnes of CO2e

Total tonnes of CO2e

Train

Hotel stays

Tonnes of CO2e

2019

Tonnes of CO2e

853

2020

Tonnes of CO2e2020

Tonnes of CO2e2021

Tonnes of CO2e2021

Tonnes of CO2e

0.4

Car

1,701.16
1,701.16

Plane

21.42 21.42

Business travel by853

Hotel stays

4,441.987
4,441.987

Train

107.09107.09

Car

8.59 8.59

Plane

29,805.97
29,805.97

Business travel by

18.9 18.9

5,278.96

0.4

30,993.31

1,218 1,218

2,938.94

2019

UL.com/sustainability-report

YoYchange5,278.96

GRI index

37

-56%

30,993.31

3,210 3,210

Prosperity-17%

Our Scope 3 emissions includes all
business travel: plane, car, train, andhotel stays. In 2021, the pandemic
largely restricted international travel,and our data reflects that restriction.

YoYchangeYoYchangeOur approach

People-56%

YoYchangeOn us

Planet-17%

1.24 1.24

CEO message

Behaving sustainably
benefits ourorganization, ourcustomers and society.
UL has embraced the sustainability expertiseembedded across our organization andimplemented our own sustainability solutions.
Being a part of the team supporting the sciencebased target commitment, fostered collaborations
and motivates me to be a catalyst to make theorganization more efficient.
Evelyne Saelens, ESG advisory services manager, and Energy
and Carbon Task Force member

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PlanetPeopleProsperity

GRI index

Operational boundary• Scope 1 includes emissions from natural gas.

The reporting boundary for this reporting cycle includes all UL’s owned
and leased locations in North America for the calendar year. Due to thenature of our operations, UL maintains a variety of facility types, including
laboratories, offices, warehouses and combination facilities.

• Scope 2 includes our emissions from purchased electricity.  

• Laboratories: Much of our leading safety, security and sustainability
work happens in our laboratories, where our engineers and laboratory
technicians utilize testing equipment and instruments to complete
their work.
• Offices: Many UL employees work in offices. This office-use spaceconsumes less energy than our laboratory-use space, where tests may
run for multiple days, consuming energy both day and night. Our offices
typically have lower energy consumption during non-working hours.
• Warehouses: These locations have minimal utility usage as theyfunction as storage.
Emissions boundary• Scope 3 includes our emissions from business travel (category 6).*

Carbon footprint reporting methodology
Energy and Carbon Task ForceThe Energy and Carbon Task Force reports up to the Corporate Sustainability
Council and consists of SMEs from across the business tasked withexamining improvements to our energy consumption. In 2021, this grouphelped develop the processes and solutions to commit UL to a science-basedtarget. In 2022, this employee task force will offer guidance on strategic
virtual power purchase agreements for the organization, installing electricvehicle (EV) charging stations at select offices and performing behind-themeter (BTM) studies to determine the optimal energy mix.
*Scope 3 for our 2021 report only includes category 6 emissions In future reporting cycles, we will
include other Scope 3 categories covering UL’s fuel and energy-related activities (category 3) and
upstream leased assets (category 8).

UL’s carbon footprint encompasses Scope 1 (direct), Scope 2 (indirect)
greenhouse gas emissions from electricity production, and Scope 3 (indirect)
from business activity.

It is critically important for UL to commit to setting a science-based target, demonstrating our commitment to driving change andreducing our impact on the environment. I am immensely proud to be part of the project team that is helping to accelerate ourprogress to a more sustainable future.
Tino Kretschmer, 360 configuration specialist II and Energy and Carbon Task Force member

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CEO message

Water

On us

We’re committed to reducing our worldwide water usage. Water usage in 2021 did not decrease significantly
as our global laboratories remained in operation throughout the year. Certain critical testing processes that we
perform depend on water. Personal protective equipment (PPE) testing is highly water-intensive, as is appareland footwear, outdoor fixtures and furniture and washing appliances testing. For example, liquid penetration
testing, which measures the ability of protective clothing or protective ensembles to resist liquid penetration in
the form of a shower spray, requires up to 300 liters of water.

Our approach

PlanetPeopleWe are keenly aware that water scarcity affects certain
communities where we live and work daily. We are committed
to preserving this precious resource. Where we need water toperform our services, we will prioritize our efforts to monitor
water consumption and plan and adjust based on potential water
risks as we continue to find ways to implement water efficiency
best practices at all locations. We’re also seeking new ways toreduce, recapture and reuse water as an important next step in
mitigating our impact on water resources.

Prosperity

GRI index

US+Canada
Water usage

Northbrook – Water usage

-13%

-3%

23,995,785

21,291,041

20,744,041

46,501,070

2019

2020

2021

2021

water used per sq ft.

water used per sq ft.

water used per sq ft.

water used per sq ft.

YoYchangeTotal gallons

25 gallons

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Total gallons

22.18 gallons

YoY
changeTotal gallons

21.61 gallons

Total gallons

23.43 gallons

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GRI index

Taking action in Tokyo: Reducing waste and boosting
information security
Our Tokyo-based colleagues are committed
to growing a culture of sustainability attheir workplace. Most offices struggle withpaper-based waste, and these UL employees
tackled this challenge with a creative andcomprehensive, systems-based approach.
Digitization is accelerating across ourenterprise. Going digital reduces paperbased waste while improving customer
data security. The global pandemic
proliferated digitization efforts at UL,
including at Tokyo’s seven laboratory andoffice facilities, especially as colleagues
there began working off-site more.
In Tokyo, our colleagues have done more
to manage paper-based waste than tosimply add “consider the environment”
email footers and a few more recycling bins
around the office. Their holistic approach
included multiple strategic approaches
that accomplished both sustainability andsecurity goals.
Emiko Ohtsuka, administrative services
manager, coordinated these efforts among
many different divisions, job types andfacilities. Partnering with the building
owner, Mori Trust Co. Ltd., Emiko and her
office colleagues now sort six different
types of paper waste: copy paper, colored/
glossy paper, newspaper, cardboard,confidential documents and other40

UL.com/sustainability-reportpaper waste. The simple and convenientsorting system leaves employees feelingproud about the small extra steps theyeach take to make a larger collective
difference. Since 2017, colleagues in the
Aichi electromagnetic compatibility (EMC)
laboratory have reduced paper waste bydigitizing electronic reports, saving dozensof sheets of paper per project. These
practices multiplied in 2021, and now many
more divisions and groups use web-based
processes to approve, update or stamp
documents. Every sheet saved makesa difference.
The rising headcount in our Tokyo offices
puts space at a premium. To safely
accommodate more people, Emiko andher team have also slimmed down storage
space, reducing the number of drawers per
employee. This approach reduces printing
and encourages digital filing while ensuring
greater security around confidential
information. The strength of theirinformation security processes helped UL in
Japan achieve ISO 27001 compliance.
Employees like Emiko mobilize our missionof working for a safer, more secureand sustainable world beyond our coreproducts and services. Our Tokyo colleagues
exemplify our mission-driven people all
around the world.

UL Tokyo Office
Marunouchi Trust Tower Main Building

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Waste
We are examining ways to divert waste from our landfills and seeking responsible,
collaborative and innovative methods to repurpose the materials that leave ourfacilities. As we meet increased needs for testing, we face the challenge of deploying
responsible methods to dispose of the materials that leave our laboratories.

PlanetPeopleProsperity

GRI index

To test the safety and performance of products, our engineers need to conduct
stringent, robust and repetitive tests. These tests may involve extreme heat, duress
or other stressors to prove product safety and durability. Those tested products
often become part of our waste stream, along with any temporary structures createdto perform specific tests.
When possible, we divert our waste from landfills through methods such as recycling
and incineration. However, we prioritize collaboration with our business partners tofind even more ways to responsibly dispose of or repurpose our waste. In 2022, wewill specifically evaluate our sample waste streams to seek innovative methods torepurpose samples that the testing process does not destroy. At both an enterpriseand local level, we will provide educational opportunities to our employees to help
reduce our overall waste.

Northbrook – Nonhazardous waste

Total Landfill

Total Recycled

23%
YoYchange1%
YoYchange51%
YoYchange-65%
YoYchange1,290.49

1,126.61

2019 Metric tonnes

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1,299.66

396.492020 Metric tonnes

1592.2598.862021 Metric tonnes

Contents

Waste and Materials Task Force
CEO message

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Our approach

In 2021, we expanded our Waste and Materials Task Force to include
global representatives to help us improve our waste and material
management internationally. This task force will identify opportunities
to reduce waste generated from operations, provide guidance on
systemic waste reduction practices and develop tools to simplify andsustain recycling efforts across our laboratories and global sites.

PlanetPeopleProsperity

GRI index

Every day is Earth Day: Global cleanup
From Washington to North Carolina and from the U.K. to Hong
Kong, our people don’t let Earth Day pass without paying
respect to our planet. Every year, we publish our corporate
sustainability report on Earth Day, and every day, we provide
opportunities for our people to actively participate in oursustainability journey by taking time off to volunteer and model
our mission within the communities where we work and live.
In 2021, more than 150 employees in 10 countries tackled waste
in their communities on Earth Day.
As our colleague Brian Leonhardi in Minnesota rightly states,“Not all heroes wear capes, but some wear UL shirts.”

UL colleagues contribute to
Earth Day cleanups at (left)
the seafront in Bray, Ireland;(center) Carson Beach in South
Boston, Massachusetts and(right) a beach in Taiwan.

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UL.com/sustainability-reportContents

CEO message

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PlanetPeopleProsperity

GRI index

Environmental compliance
We maintain a robust environmental compliance program as a critical aspect of our long-term success. UL generates air emissions, stormwater,
wastewater, hazardous and non-hazardous waste and manages hazardous chemicals. Our stakeholders, including our global colleagues, neighbors
and surrounding communities, suppliers and customers, as well as society at large, consider responsibly stewarding these outputs of critical importance.
We manage our environmental compliance at an enterprise level. As part of UL’s Environmental Health and Safety (EHS) team, these programs function
as a strategic arm of a detailed EHS plan including short- and long-term goals for environmental compliance.
As the global safety science leader,
we embrace the strictest compliancepolicies at all our global sites,
implementing internal policies andprocedures often more stringently
than the local governing bodies.
We have committed to an enhanced
environmental management
system (EMS) to upgrade how wemanage environmental complianceobligations. This new system will
enable us to generate meaningful
metrics and key performanceindicators for EHS.  
Our EHS team ensures that
we operate with the appropriate
environmental liability insurance,
and we evaluate environmental
compliance liabilities during
due diligence of future
potential acquisitions.
In 2021, we did not identify any
noncompliance with environmental
laws or regulations at any UL sites
and therefore faced no fines ormonetary sanctions.  

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CEO message

On us

PeopleOur approach

PlanetPeopleProsperity

GRI index

Partnering to improve the safety,
security and sustainability ofpeople’s lives everywhere
Our responsibility to people means caring forthe needs and interests of our colleagues,
customers and stakeholders, including the
public we serve. Our people partner withpurpose to advance diversity, equity andinclusion; support safety and well-being;
provide professional development and training;participate in volunteer opportunities; andoffer donations to positively impact those in
the communities where we operate. Our social
sustainability initiatives support a safe andengaging work culture where everyone canthrive and feel that they belong. We believe thatgiving back fosters personal growth, well-being
and kindness. We apply our human, brandand financial capital to local and global issues
relating to our mission of working for a safer
world so that we can achieve progress on the
United Nations Sustainable Development
Goals (SDGs).

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GRI index

Building a safer, more secure and sustainable planet must number among
the concerns of every person invested in future generations’ success andprosperity. Outside our walls, our people mobilize our mission and makepersonal connections with their communities. We think that a fulfilling
career also includes purpose-driven, individual opportunities to make apositive impact. To that end, we encourage our people to contribute to
the causes that matter to them, whether they activate internally throughour Business Resource Groups or identify them externally throughvolunteerism and donations.
UL’s colleagues connect with each other and their communities throughour global network of more than 75 Social Sustainability Champions
and our signature program Community ConnectionsTM, which provides
every full-time employee at UL two paid days off a year to volunteer.
Supporting volunteerism allows us to partner with purpose to better
sustain each other and the places where we work and live. The paid
volunteer time off (VTO) we provide every UL employee demonstrates
our commitment to supporting our employees’ active engagement withthe world, resulting in thousands of dedicated acts of caring, educationand collaboration annually.
Corporate Sustainability supports, strategizes and reports on our business
functions impacting social dimensions including human resources (HR);diversity, equity and inclusion (DEI); global sourcing; environmental healthand safety (EHS); ethics and compliance; talent and UL University (TULU);
and our social sustainability efforts.

Serving our talent
In our 2021 materiality assessment, talent attraction and engagement anddiversity, inclusion, equity and gender equality arose as top-tier strategic
priorities for our internal and external stakeholders. We believe we canattribute this to both the increased understanding of the importance of
these topics globally and economically and our efforts to address theirsignificance internally.
We continue to consider attracting and engaging the highest-quality talenta strategic priority, fundamental to our success as the global safety science45

UL.com/sustainability-reportleader. With every generation and innovation, we work to understandour stakeholders’ challenges and priorities. We’ve held steadfastly to our
mission through wartime, the advent of television, the dawn of renewableenergy, a global pandemic and more, adapting to meet the safety science
demands of the moment as well as the changing needs of our people.
Our promise and commitment to the safety and security of our people atwork, including their psychological safety and comfort, never falters. We’rededicated to providing a work environment where our employees can bethemselves, feel that they belong and perform at their best.
As described in our Standards of Business Conduct, we do not tolerate
any form of discrimination; we actively manage discrimination risks whileproviding myriad opportunities for employees to increase their education
and awareness and take meaningful action to advance an inclusive culture.

Contents

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PlanetPeopleDiversity, Equity and Inclusion (DEI)
We feel passionate about protecting our people as they apply their
passion to fulfilling our shared mission. We’re dedicated to providing
a psychologically and physically safe and enjoyable workplace and tosupporting the various local similarities and differences within ourcommunities and customer base, leading with purpose and principle. We
believe that diversity serves as a force multiplier, improving outcomes
and increasing possibilities.

Prosperity

Our pledges:

GRI index• The Equity Principles of the Chicago Network: To work toward achieving
gender equity in leadership roles throughout our organization by 2030

This council serves as our employees’ voice, representative of our regional
ambassadors and Business Resource Group leaders.
UL-hosted annual Diversity, Equity and Inclusion Leadership Summits
feature internal and external thought leaders, advocates and businessleaders in DEI. These discussions help us connect and innovate the ways webuild our globally inclusive culture.

• The CEO Action for Diversity and Inclusion™ Pledge: To advance diversity
and inclusion within the workplace — We are committed to cultivatinga workplace that supports diversity and inclusion and unconscious bias
training through important dialogues, plans
and actions.
• The Human Rights Campaign’s Business Coalition for The Equality Act:To support federal legislation protecting LGBTQ+ individuals alongside
400 other major U.S. corporations• We ask our employees to sign the UL Inclusion Promise and commit
to doing their part in making our workplaces more inclusive aroundthe world.

Two global councils shape our DEI strategy:
DEI Executive Council: The executive council drives and supports DEI
through strategic decisions, guidance and promotion of DEI within
their respective areas. This council serves as a governing body for DEI
and consists of UL’s CEO and other senior leaders representing various
divisions, functions and regions.
DEI Leadership Council: The leadership council provides input on, aligns
with and implements DEI priorities, initiatives and programs.

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Advancing equity
In 2020, we announced our commitments to advancing equity within UL.
These commitments address some of the representation gaps as well
as systemic and programmatic initiatives to build an inclusive culture,
behaviors and Ways of Working. Learn more about our journey and progresson these commitments in our DEI Report.

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PlanetPeopleProsperity

GRI index

Communicating with each otherIn 2021, we welcomed nearly 3,000 new faces to thecompany from different generations, racial/ethnic
backgrounds, geographies, genders, sexual orientations andphysical abilities. Each person strengthens our organizational
culture as we work toward a more equitable workforce,
workplace and marketplace.
Treating our employees with respect and integrity requires
open and honest conversations and communication throughmany channels and on many platforms, from informal
employee social platforms to enterprise-wide town halls
and surveys. Our CEO shares her weekly blog on relevantorganizational topics and insights, and all global colleagues
attend quarterly meetings and regional and divisional town
halls and meetings. In addition, employees meet regularly with
their managers locally. When we shift course to meet new
or additional strategic objectives, we inform all our people
about changes well before implementation. As well as ongoing
employee surveying, we conduct employee focus groups togather insights and capture feedback on significant changes
before, during and after implementation.
As a company with global representation, we observe thedifferent notification periods required by law in various
countries insofar as local legislation regulates them. For all
countries with binding collective bargaining agreements inplace, we specify and include notice periods and provisions
for consultation. In countries with national legislation about
freedom of association and collective bargaining, we takeaction to adhere.
As employees leave the organization through retirement or
termination, UL provides outplacement services for qualifying
employees around the world according to local needs to help
prepare them for the transition.

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UL.com/sustainability-reportContents

CEO message

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PlanetPeopleProsperity

GRI index

Business Resource Groups (BRGs)
Employees around the world create and run our ever-expanding and highly
active BRGs. They function as voluntary, leadership-supported associations
that help UL foster an inclusive workplace by supporting diverse
perspectives and empowering community advocacy and transformation.
BRGs improve our workplace culture and help inform business strategy
and growth. Each BRG has a stated goal related to progressing UL’s
commitment to community outreach and investing in and advancing
diversity, equity and inclusion for under-resourced communities across theenterprise. Our BRGs include more than 2,600 members worldwide.
Black BRG (BBRG)
The BBRG drives inclusion by accelerating UL’s commitment to engaging
African American/Black employees and those with diverse backgrounds,
skills and capabilities. Its focus includes furthering UL’s commitment tocorporate social responsibilities in African American/Black communities
and developing and retaining African American/Black employees bydeveloping skills, increasing representation in leadership and executivelevel roles and growing the talent pipeline among prospective candidates.
Military BRG
The Military Business Resource Group (MBRG) consists of a global
community of employees who either served in the military, are affiliatedwith someone who has served or still serves, as well as other members
supportive of military and veteran issues. The MBRG provides its memberswith meaningful networking opportunities, positively promotes UL’s
culture through veteran career fairs, honors our veterans for their service
and supports veteran causes. Whether one served on a voluntary or
compulsory basis, now or in the past, all are welcome to join the MBRG.
PRIDE BRG
PRIDE stands for People Recognizing Identities and Differences for
Equality. PRIDE UL works to increase awareness and understandingof our LGBTQ+ community. This BRG strives to create a positive andsupportive work environment and helps deliver UL’s commitment to DEI
through recruiting and retaining LGBTQ+ talent and supporting customer
engagement.
Latino BRG
The UL Latino BRG promotes the heritage of Hispanic and Latinx UL

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employees by sharing their culture through educational opportunities,
networking, cultural events and social gatherings. This BRG also supports
professional development and leadership opportunities for Latinx and
Hispanic team members to help recruit and retain top talent.
UL Parents BRG
Working parents make up a large contingency of UL’s employee population.
The UL Parents BRG wants to encourage a workplace where caregivers canfind support and expert guidance while advocating for a healthy work-lifebalance. This supportive community helps increase employee engagement,
productivity and retention, all of which have a positive impact on UL’s
business goals.
Tribal Voices BRG
Tribal Voices is our newest Business Resource Group, formed in November
2021 to support the needs and identities of American Indians/Native
Americans at UL. By sharing stories about identity, history and connection
to Mother Earth, Tribal Voices aims to promote awareness, foster allyshipand support career development for Native American employees.
Women in Leadership BRG (WILBRG)
The WILBRG helps accelerate the advancement of women working at UL bycultivating a strong community of female leaders. The BRG helps members
develop their leadership skills and personal and business networks.
Members share business best practices and thought leadership andpromote career opportunities for women.
Young Professionals BRG
The Young Professionals Group (YPG) BRG seeks to build and nurture an
inclusive environment that engages young professionals in support of
UL’s mission and business. The group aims to attract, develop and retain
young professional talent, build an internal support system for young
professionals, develop personal and professional growth opportunities andhelp grow and digitize the business.
Corporate Sustainability offers employee donation matching in support ofBRG campaigns. In 2021, we matched donations to designated nonprofit
organizations supporting PRIDE Month, the Juneteenth campaign,
Memorial Day and International Women’s Day.

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PlanetPeopleEmpowering our people
When our talent understands the important cultural and legal
differences in the countries where we operate, we can provide themost meaningful support and attention to all our stakeholders.
All UL people leaders undergo training to learn key aspects of local
legislation where their team members operate, adhering to global
management principles emphasized in our trainings and manuals aswell as certain core values, including:

Prosperity• Consistently treating employees with respect and dignity
GRI index• Encouraging employee participation in decisions that impact
their work lives• Providing caring, thoughtful management that advocates forthe individual• Communicating openly and honestly with employees• Resolving workplace concerns and issues in a timely andequitable manner• Recognizing and rewarding individual and team performance
Implementing these core values through sound leadership andpartnership with our people is the best way of ensuring ourcompany’s integrity and our talent’s well-being, reinforcing that we
can effectively make decisions to achieve the best outcome for all.
Only a small percentage of our workforce’s compensation
depends on collective agreements. We attribute this to our total
rewards and flexible work programs designed with our employees’
well-being in mind, including annual salary reviews, attractive
bonus and recognition programs, valuing important lifetime events,
flexible work arrangements, ongoing compensation studies andadaptation to market conditions. We employ all these elements
to satisfy our employees and provide responsive support for theirneeds, which may explain why few choose to engage externalorganizations to represent them.

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CEO message

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Our approach

PlanetPeopleProsperity

GRI index

Safely working for a safer world
Honoring our public safety mission means making an equally strong
commitment to protecting the health and safety of our employees,
customers and other stakeholders. Every day, our colleagues come to workwith the understanding that Safety Starts Here, our operating philosophy
and a key result. Nearly every meeting at UL begins with a Safety Moment,
where we elevate safety and share ideas. The health, safety and well-beingof all our stakeholders, including the public, holds a place as a recognizedstrategic top priority in our 2021 materiality assessment.
Across the enterprise, we work to exemplify best-in-class operational
health and safety with improved incident reporting and investigation,
Safety Moments, designated health and safety committees, culture-based
safety training, risk-based safety trainings, Stop Work Authority Policy,
COVID-19 health and safety protocols and more. Our Safety Committees
meet regularly to share new information and discuss safety measures attheir site or in their business. These groups work to support our Safety
Starts Here key result and play an important role in maintaining a safe
workplace. However, we are all responsible for our own and our colleagues’safety and health. We encourage every UL employee and visitor to identify,
report and correct any potential hazards.
We maintain a robust EHS compliance program foundational to oursafety science leadership. This team oversees the implementation ofa newly detailed EHS strategic plan, which will include an incident
management system (IMS) that will track actions to completion andsupport meaningful KPIs. In 2021, we expanded our enterprise-level
EHS leadership by adding a global environmental compliance manager,
a global training manager and additional field specialists to support our
growing business.
Our EHS programs address the potential risks involved in performing
our laboratory and field services. We offer many custom trainings andprograms to support our people’s needs as they take on the necessary taskof fulfilling our safety mission. All colleagues receive training on reporting
risks, unsafe conditions, behaviors and near misses. We identify andimplement corrective actions as needed to ensure a safe environment.
We also require visitors to report any observed health and safety risks.
In combination with audits and inspections, we examine any reports to50

UL.com/sustainability-reportconduct trend analysis and identify areas of improvement. We encourage
safety reporting with a strict anti-harassment policy that protects our
employees from reprisals.
Our Stop Work Authority Policy empowers any UL colleague to stop or
not start their work if they feel it is unsafe. Specific to our fieldwork,
our colleagues who visit customer sites follow strict health and safety
guidelines to keep themselves and their customers safe. We also instructfield employees to stop work or not perform their work if they judge it
unsafe. They work with our customers to correct any risk prior to beginningor continuing the work.
Job Safety Analyses (JSA) are completed by relevant personnel with
EHS assistance to ensure that colleagues perform tasks safely; they also
evaluate new tests to ensure that they pose no danger before conducting
them. Employees receive regular communications regarding engagementin EHS activities and functions.

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GRI index

Health and safety training
In 2021, Training Industry identified us as a top
employee health, safety and wellness training
company in recognition of our global training
library. This resource offers more than 1,500
employee health and safety training courses
in more than 18 languages to help our people
preserve their and each other’s safety at work.
UL’s health and safety management systems
apply to all locations where we conduct workand to those who conduct work on our behalf.
Directly supervised contractors (temporary or
contingent workers) follow the same risk-based
training program as full-time UL employees.
Colleagues undergo training on paid time
via UL’s learning management system (LMS)
or in instructor-led courses with the Site
Safety Officer or the relevant supervisor. The
supervisor monitors training effectiveness withan analysis of leading and lagging indicators.

Well-being and security
Employees may request to participate in aquality dedicated health program — e.g.,
respiratory protection, hearing conservation,lead monitoring, etc. — at any time, andEHS contacts those colleagues to set up thenecessary testing. Collected information
helps ensure the participants’ safety, withrequired training and acknowledgements forparticipants on how to access their records andhow the system stores those records. Employee
health records are kept in strict confidentiality
by the EHS department on a secure server with

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limited access to those who need to see therecords in the course of performing their duties.
EHS provides non-occupational medical andhealthcare services at our Taipei, Taiwan,
facility, where we have an occupational nurse
on staff. The company also offers access to
smoking cessation, mental health awarenessand other programs through our Employee
Assistance Program.
At other facilities, insurance plans support
and cover non-occupational services andtreatments. All employee health records remain
secure and confidential.
We adhere to the strictest public guidance
and applicable local requirements to ensure
the safety of our facilities and our people as
the world continues to respond to the risks
associated with COVID-19. We regularly
evaluate our workplaces and provide updated
protocols and notices. We share COVID-19
safety guidance with all of our stakeholders in
the Start Safe Playbook.
We apply the National Institute ofOccupational Health and Safety’s Hierarchy ofControls to address noise issues, environmental
exposures (chemicals, smoke, etc.), vibrationand issues related to falls from height.
Keeping our people safe at every site requires
managing security needs while maintaining
respect for individuals. One hundred percent
of our security personnel, including third-party
security personnel, have received training on
human rights policies and procedures.

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Growing opportunity
Talent and UL University (TULU)
Human Resources (HR) now includes ULU in
the Talent division, which focuses on ensuringthat our people have the latest training andeducational opportunities to engage theircuriosity and support their career ambitions andpersonal and professional development. Under
the leadership of UL’s vice president of HR, Talentand ULU, the newly formed TULU projects include
executive development; employee training design,development and delivery; regional training
centers; UL’s LMS administration and support;
performance management; competencies;
career development; career coaching; leadershipdevelopment; talent assessment and reviews; andsuccession planning.
Continuing ULU’s legacy of providing best-in-classeducation and training, as our multiple Association
for Talent Development (ATD) Best Awards
demonstrate, we are raising the bar for ourselves in
2022 and beyond. In Q2 of 2021, the newly formed
TULU announced the pilot of the Leadership
Program Redesign Project, intended to align our
Leadership and Management programs with
our new organizational structure and operating
strategy. We assembled global cross-functional
teams to redefine or replace senior leadershipprograms, regional and business nontechnicalprograms, and Leadership Development programs
to support the business’s changing needs.
A comprehensive career development frameworkprovides a structured learning path for new
and existing employees to follow as they growthroughout their careers. We’ve designed theprogram to develop all employees, from individual
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the organization, through a series of career
stages, each one carefully designed to support
ongoing development needs while remaining
flexible enough to keep pace with changes tothe organization. A key feature of the redesign
project is the close partnership with our internalTalent and Learning Champions (TLC) team —thought leaders throughout the organization witha passion for learning and for developing theirteams to create strong bench strength throughout
UL. This helps ensure operational sustainability
and continuous revenue growth. With muchanticipation, we’ve scheduled the inaugural pilot
sessions for Q2 of 2022.
As 2021 began, many UL colleagues continued
working remotely. In response, TULU expanded
virtual instructor-led and self-directed learning
opportunities to ensure that our employees
continued to feel supported, remaining dedicatedto providing best-in-class education and training.
The team quickly adapted many of our legacy
courses and professional development training

modules to virtual platforms so they could
continue uninterrupted and remain available to all
our people.
In addition to offering learning programs, TULU
also supports major initiatives throughout theorganization — including DEI, change management,sustainability and our growing number of
BRGs — with trainings to help operationalize
our commitment to creating a safe, welcoming
environment where everyone can thrive.

Continuous collaboration
Navigate My Career (NmC) represents our global
approach to performance management. The
program provides regular quarterly performancecheck-ins, a clear goal setting process withstrong alignment to our operational strategy,
key results and identified behaviors for success.
NmC allows for continuous feedback andmeaningful dialogue to support optimal careerdevelopment and employee engagement.

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Above and beyond
UL Mark of Excellence
Since 2007, we have awarded the UL Mark of Excellence annually to employees whose
colleagues have nominated them for truly exceptional work that inspires us and contributes
to strengthening our business. Winners embody our core values and have demonstrated
integrity while pursuing the innovations and projects that propel our success. This
meaningful, peer-nominated award is one of the many ways we recognize and reward ourworld-class talent.
By 2020, 900 UL colleagues contributing to 71 winning projects had received the Mark of
Excellence award. In 2021, we expanded our selection criteria for the award to include not
only nominations for operational accomplishments but also projects impacting our workcommunity, demonstrating accomplishments related to safety, sustainability, diversity, equity
and inclusion. We’re currently reviewing 2021’s nominations.

William Henry Merrill Society(WHMS)
Established in 2006, thissociety named after UL’s
founder recognizes thecritical role played by
UL’s technical staff in
fulfilling our mission
through the application ofscience, hazard-based safetyengineering and data acumen.
It serves as a celebration of UL’s technicalleadership and passion for the science of safety— a way to formally recognize those in ourorganization who have made a significant andsustained contribution to the advancement ofsafety science and safety engineering.
Colleagues nominate their peers for theirwork experience, technical achievements,
publications, patents, professional affiliations
and overall contributions to UL’s mission topromote safe, secure and sustainable living andworking environments for people. Members of
the William Henry Merrill society are designatedCorporate Fellows or Distinguished Members ofTechnical Staff (DMTS).
Induction into the society as a Corporate Fellow
confers a lifetime honor. Retired members
have an open invitation to participate in
WHMS meetings, attend UL’s annual meetingand continue to share their knowledge andexperience with staff, mentoring othercolleagues who might someday also become
Corporate Fellows.

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Social responsibility
Fulfilling William Henry Merrill’s founding legacy, to “do something forhumanity” means that we extend our purpose beyond the work andprojects we undertake. Our people mobilize our mission and advance social
progress within our communities through volunteerism, donations, skillsbased initiatives and more.
As a Participant in the United Nations Global Compact, we apply theirdefinition of social sustainability to our own strategy and actions:“Social Sustainability refers to the proactive way a company identifies andmanages business impacts on employees, workers in the supply chain,customers and communities.” United Nations Global Compact
Social sustainability acts as a strategic arm of our Corporate Sustainability
team to promote social responsibility initiatives and collaborate with our
Corporate Sustainability Council (CSC), HR, DEI, TULU, Ethics and Compliance,
Global Sourcing and EHS teams to make a positive impact on human rights,
labor, the environment and anti-corruption. They do this through:• Volunteering – We connect the positive impact of volunteerism to
our mission to make the world a safer, more secure, sustainable andinclusive place to live. All full-time employees receive two paid volunteer
time off (VTO) days per year. Regular part-time salaried employees cantake advantage of prorated VTO based on the number of hours theemployee works.
• Disaster relief – When a disaster or crisis occurs, we mobilize our
mission by helping those affected recover and rebuild in a safe, secureand sustainable way. UL donates to various nonprofit organizations thatprovide disaster relief and through employee matching campaigns. In
2021, we supported disaster relief for many natural disasters, including
the catastrophic floods in Germany, Hurricane Ida and the devastating
tornadoes in the U.S., Super Typhoon Rai in the Philippines and theAfghan refugee crisis.
• Philanthropy – We donate to important causes that progress the United
Nations’ SDGs, such as Habitat for Humanity, which aligns with Goals
No. 6, 7 and 17. All organizations that we support financially must have
501(C)3 tax-exempt status or be the equivalent of a U.S. charity as
outlined in UL’s Corporate Giving Guidelines.
• Responsible sourcing – We expect our suppliers to practice responsible
sourcing, foster safe work environments, exhibit transparency and ensure
the secure distribution of goods.
• Anti-counterfeiting – UL collaborates with law enforcement agencies
around the world to combat counterfeit goods to help protect the public
and the supply chain.
• Nonprofit partnerships – We selectively partner with local nonprofit
organizations to learn from their expertise as we make a difference in thecommunities where we work and live.
UL’s Ethics and Compliance office helps promote and maintain our valuesdriven culture, integrating the principles of integrity, honesty, quality andfairness into our business practices on a consistent basis around the world.

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PlanetPeopleCommunity ConnectionsTM VTO Program
Our social sustainability efforts connect local and global issues directly to our
mission and provide volunteer engagement opportunities for our people to makea personal and lasting impact on advancing social progress. This deepens ourconnection with each other and with the communities where we work and live.
The VTO policy:• Meets UL’s commitment to diversity, equity and inclusion

Prosperity

GRI index• Supports UL’s Corporate Sustainability mission to positively impact our planet, its
people and prosperity• Advances the UN SDGs
• Provides employees with satisfying work/life integration and meaningful
opportunities to make a difference in their community
All UL employees worldwide can take part in the Community Connections
program. Full- and part-time employees can utilize up to two paid time off days
per year to volunteer virtually or in person with theorganizations and causes that matter most tothem and their communities. Colleagues
may volunteer individually or together ingroups as teambuilding and skill-sharing
exercises. Through our sustainability
engagement platform, colleagues cansearch for opportunities, record
their efforts and uploadand share their storiesof impact.

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Inspired to make an impact
We have operationalized a global network of employee
volunteers to drive sustainability initiatives at the local
level in their communities. These Social Sustainability
Champions support our enterprise volunteer initiatives
and regional campaigns to progress the SDGs andother local volunteer efforts put forth by employees
at their locations. In 2021, led by our network of Social
Sustainability Champions, we launched a new global
campaign, Impact 100, designed to reignite our UL spirit
and reconnect us through supporting our communities
as many of us returned to the office environment for
the first time since the pandemic’s onset.

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Impact 100
When we put the power of all of us into practice, we can
impact the world — one community at a time.
Impact 100 launched in November of 2021 and ran for 100 days through February 2022,
offering colleagues 100 ways to make an impact through volunteering and supporting
their communities. Whether taking action to help protect the environment or making
donations to support vulnerable groups, our people came together to create organized actsof caring and kindness across the world, with more than 600 employee leaders recording
donations and volunteer initiatives so far on our sustainability engagement platform.
Employees who completed an action shared their efforts by adding the Impact 100
statement to their email signature, inspiring their colleagues and contacts to do the same.
During the campaign, UL matched individual employee donations up to $100 to thefollowing global nonprofits progressing the SDGs in our communities: Doctors Without
Borders, Safe Water Network, UNICEF, Watts of Love and Direct Relief.

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Community Connections™
I made a difference as part of
UL’s Impact 100 campaign.

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Hong Kong employees partner up to give globally
Building a sustainable relationship with a charitable partner starts
with empowering employees to find organizations with missions
that inspire them to authentically connect and engage. With the rightpartner, the possibilities for making a measurable impact multiply.

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Colleagues in Hong Kong identified a local organization called the
Crossroads Foundation where they wanted to make a difference.
Crossroads Foundation helps advance multiple SDGs by collecting
new and gently used items for distribution to 95 nongovernmentalgroups around the world, reducing environmental impact while
supporting those in need. Crossroads Foundation connects people
living in dire poverty with essential items, from school supplies tohousewares, while also reducing landfill waste.
Vicky Lee, administrative services manager, serves as our local
Sustainability Champion in Hong Kong. For Impact 100, sheorganized a winter donation drive and on-site volunteer activity
with the charity. Her Hong Kong colleagues contributed morethan 450 items, including books, computer items, children’s
products and personal protective equipment. UL contributed
100 sets of stationery that the Crossroads Foundation requested.
Lee led 25 of her colleagues in on-site volunteerism. The group of
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Crossroads Foundation. They handled every donated item with thesame care and expertise that they apply to their daily work at UL,
adding value to each gift and helping improve quality of life for every
recipient.
This volunteer experience created a rich opportunity for the
Hong Kong team to make a deep connection with the organization.
“We were so impressed with Crossroads Foundation’s volunteer
staff,” said Lee. “Our employees learned a lot about how ourdonations would be used locally and around the world.”
We know that this is just the beginning of an ongoing andpurposeful partnership between our Hong Kong teammates
and the Crossroads Foundation.

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NBK employees provide 100,000 meals for Impact 100
At our global headquarters in Northbrook,
Illinois (NBK), employees set an ambitious
goal to pack 100,000 meals for local families
in need of support.
UL partnered with The Outreach Program,a nonprofit organization based in Union, Iowa, that organizes
food packing events throughout the country. The Outreach Programprovided nutritionally fortified meals and packing supplies. Everymeal prepared provides six complete servings.

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It was personally rewarding to volunteer
as part of UL’s Impact 100 campaign. I’m
thankful for the opportunity to give backto our communities.
Todd Denison, SVP Americas

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On Dec. 14 and 15, more than 150 UL NBK volunteers came together
to package the meals on-site in the cafeteria. They organized into
teams and had to work quickly to meet the challenging goal.
The meals were delivered to the Northern Illinois Food Bank anddistributed to food-insecure families in the Chicagoland area.
This is the ninth year NBK has hosted a volunteer meal-packing
event. Including the 100,000 meals packed in 2021 for the Impact
100 campaign, UL volunteers have now packed and donated a totalof 500,000 meals.

I appreciate the opportunities
where we as UL can come together
to serve others while building/increasing our connectivity.
Lynn Hancock, EVP and chieftransformation officer

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Community investment
When investing in our communities, whether through volunteerism or
charitable donations, we apply our corporate sustainability strategy,
which focuses on optimizing our human, brand and financial capital toprogress the SDGs. We identify and partner with nonprofit organizations(NGOs) that can help us support vulnerable groups and meet local
community needs.
We focus our investments in areas and with groups where we can makethe greatest impact and help achieve our purpose to positively impact
people, planet and prosperity. Through our regular stakeholder interaction
and materiality assessments, we work to understand pressing global
and local issues and align them with our mission, values, business andcorporate sustainability objectives.
UL’s Corporate Giving Guidelines govern our community investments.
These guidelines:• Support UL’s commitment to improving the quality of life in communities
where UL employees live and work

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safe living and working environments for people• Reflect UL’s commitment to science, technology, engineering andmathematics (STEM) education• Advance diversity, equity and inclusion• Align with UN SDGs and the Ten Principles of the United Nations
Global Compact• Promote corporate social responsibility and sustainability
UL’s Community Investment strategy operationalizes through employee-led
teams, beginning with the Corporate Sustainability team, the CSC, our Social
Sustainability Region Leads and Champions and sustainability task forces.

Community Investment Task Force:
The Community Investment Task Force ensures that investments align with
our established Corporate Giving Guidelines. Members continually assess
these guidelines and recommend strategic adjustments.

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PlanetPartnering for progress
Watts of Love
Watts of Love’s UL Certified solar lights eliminate
dependency on dangerous and toxic kerosene as a lightsource, improving the health and well-being of each
recipient, their family and their community.

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Watts of Love’s impact is self-sustaining. Through the Watts of Lovefinancial literacy program, every light recipient learns how to saveand redirect the funds they previously used for kerosene to invest inthemselves, their families and their businesses.
As a result, whole communities can create a better future for themselvesand generations to follow. The Watts of Love financial literacy program
empowers independence and alleviates poverty, while the solar light
powers innovations, small businesses and education and improves healthand safety outcomes.
One gift of a UL Certified Watts of Love solar light helps:• Protect children and adults from dangerous fires and toxic fumes• Secure a safe and productive home or working environment• Elevate equity through savings and financial literacy education• Reduce greenhouse gas emissions and indoor air pollution• Progress all 17 Sustainable Development Goals

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In 2021, we donated $100,000 (USD) to Watts of Love, impacting 17,500
lives. Each light impacts an average of seven people — in this ruralcommunity, households often contain large multi-generational families. For
those living on less than $2 (USD) a day in Malawi, these lights change lives.
UL provided pro bono testing and evaluation and offers ongoing follow-up
services to ensure the safe operation, compliance and longevity of Wattsof Love renewable solar-powered lights. We shared this project in our 2020
Sustainability Report in the video Shining Light on a Sustainable Future,and the UL colleagues who contributed earned the Mark of ExcellenceAward for their dedication.
Our partnership with Watts ofLove intertwines deeply with
our identity as a company, ourfounding history in helping
ensure safe lighting, ourongoing work in fire safety,
and our safety expertise inlithium-ion batteries andrenewables. Most importantly,
this partnership helps fulfill
our shared mission with ourcustomers and stakeholders towork for a safer, more secureand sustainable world.

“Nearly 1 billion people around the world are without
electricity and live in darkness. They spend up to 30% of theirincome on dangerous fuel sources just to have light, and it
keeps them in a cycle of poverty. It leaves them powerless.”

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For Inspiration and Recognition of Scienceand Technology (FIRST) Robotics
FIRST® Robotics inspires young people to become science andtechnology leaders and innovators by engaging them in exciting
mentor-based programs that build these skills and foster selfconfidence, communication and leadership.
UL and FIRST Safety Learning Portal
We partner with FIRST Robotics to promote
inclusive and equitable quality safety education,
helping progress SDG No. 4, Quality Education.
With support from UL’s LearnShare platform, we
provide in-kind safety training and educationalcourses to all FIRST Robotics and FIRST Tech
Challenge students and teams through the UL and FIRST Robotics Safety
Learning Portal.

In 2021, teams submitted videos aligning with the theme “Safety is
Caring.” Strong teams create an environment where everyone feels safe
to do their best work. We understand how critically important physicalsafety is for working teams, and we make sure their environments areclean, organized and hazard-free. However, safety also involves caring
for each other’s feelings and mental well-being, or psychological safety.
2021 Best Overall winner: Team 6348 from Colima, Mexico
A team of UL volunteers who review more than 100 submissions
annually select the Safety Animation Award winners, choosing theentries that best meet the competition criteria. UL provides grants
to the winning teams, and all FIRST competitions during the season
showcase the overall winner.

Since the portal’s launch in 2020, FIRST students have completed
nearly 10,000 safety learning courses, preparing them with the safetyskills required for many STEM-related careers. Courses include Fire
Extinguisher Safety Awareness, Hand and Power Tool Safety Awareness,
Hearing Conservation Awareness, Personal Protective Equipment (PPE)
Awareness, the FIRST Robotics Safety Manual training and more.
Safety Animation Award
Each year, UL challenges all FIRST Robotics Teams to develop theirtechnical skills by competing in the Safety Animation Award
competition. FIRST teams work together to create short, animatedvideos focused on various safety topics.

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Watch
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Habitat for Humanity
We consistently support Habitat for Humanity’s work through volunteer
efforts and charitable contributions, donating to fund employee builddays at Habitat for Humanity homes. In 2021, we partnered with Habitatfor Humanity Northern Fox Valley to build a duplex in Carpentersville,
Illinois, for two families who are first-generation immigrants to the U.S. ULvolunteers helped build the home from the ground up and take great pridein knowing they created a new home for generations to come.

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Prosperity

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Partnering to approach the world’s
challenges with purposeful solutions

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We define prosperity as the opportunity for a thriving,abundant future for all. Our mission to work for asafer world and our founding legacy to “do somethingfor humanity” offers us a meaningful part in helping
to secure this future we envision. We do our partby working together and applying scientific rigor
to ensure the safety, security and sustainability ofthe products and processes we evaluate, test andcertify. Our advisory and data intelligence helps ourcustomers actively address their business challenges,
discover new solutions and protect their efforts.
Every day, our people engage their expertise across awide range of industries with a passion for problemsolving and optimism for our shared future.
We help our customers establish and maintain trust
by imparting confidence in their goods and services.
Traditional definitions of safety have expanded toinclude security and sustainability, and our services
have mirrored that growing scope of concerns. As
we work to address quality and safety, we have anadditional opportunity and responsibility to promotesustainable practices per our mission. Indeed, ourcustomers share our desire to uncover even more
ways to advance trust and improve future economic,
social and environmental outcomes.

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Customer centricity and environmental, social and governance (ESG)
enablement took the top-priority spot among strategic topics identified by
all stakeholders, internal and external, in our 2021 materiality assessment.
Our stakeholders expect and embrace our ongoing efforts to meet thegrowing need for ESG solutions and collaboration to address climatechange, renewable resources, environmental stewardship, supply chain
management, safety, diversity and inclusion, workplace conduct, humanrights, philanthropy and support for local communities.
We focus our strategy and operational efforts on continuing to advanceour leadership in applying safety, security and sustainability science tomeet this worldwide demand. We will invest in and focus our sciencebased expertise on addressing critical sustainability trends, risks andopportunities fundamental to our collective long-term prosperity.

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Continual evolution
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health, safety and well-being and a deepened understanding of both
our vulnerabilities and our collaborative strengths. More than ever, we
recognize the interdependence of people, planet and prosperity and theimportance of our sustainability purpose.
• Our mission to help make the world a safer place anchors our efforts toenact our purpose to partner with our stakeholders and apply science tothe safety, security and sustainability challenges they face.
• The COVID-19 pandemic response affirmed and demonstrated our corecapabilities in safety science, the importance of our strategic and digital
evolution amid a global crisis to come out stronger, and our focus on
customers and employees to drive partnerships and innovation.
• Our corporate sustainability purpose, strategy and alignment push us
to remain responsible and lead ESG enablement through our words,
actions and the services we provide.
• We will continue performing, transforming and expanding in response
to our stakeholders’ needs, working for a safer world by finding
solutions to challenges and driving positive change.

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Trends and connections
In 2021, we identified multiple key trends where our services have the opportunity to make an immediate and long-term positive impact:

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Trend: The COVID-19 pandemic

Trend: Customer expectations for innovative technology

The pandemic shifted priorities aroundbusiness and community resilience. The
challenges COVID-19 presented expanded
the world’s definition of safety andcreated an imperative for companies
to reconfigure their operations withincreased digital technology collaboration
and adoption. As companies transformed
operations to work virtually and remotely
during the pandemic, the accelerated
digital transformation of business brought gains, improving resilienceand sustainability performance. However, the increased reliance onmobile and internet connectivity also elevates security concerns.

Customer expectations continue to drive investments
in innovation and technology to keep up with thepace of today’s digital transformation. Investment
in technology is at an all-time high as customers
demand digital experiences. Businesses work hard at
accelerating their digital transformation with increased
automation, remote working, personalized customer
experiences and the strengthened cybersecurity theseadaptations necessitate.

COVID-19 forced businesses to address new risks like exposure risks
that frontline health workers face and mental health and ergonomics
challenges for remote employees. A safe, resilient workplace must
manage operational health and safety along with psychologicalsafety. Meanwhile, remote work, automation and human resources
technology continue to push organizations to adapt their processes
and practices.

These innovations must also meet social aims to foster equal and affordable
access to technology and address the digital divide with inclusive solutions andopportunities for all stakeholders, including consumers, employees and suppliers.
As digital tools improve, stakeholder transparency expectations increase regarding
disclosures, data, analytics and reporting as businesses work to increase andmaintain trust with consumers.

Connection: Increasing digital technology
collaboration and adoption plays an essential rolein modern work and life. Our services and solutions
addressing COVID-19, employee health and safety
and training, digital security and business resilience
connect with and serve this key trend.

Connection: Helping to ensure innovative technology’s safety,
security and sustainability represents one of our business’s corefeatures. Our research on innovation safety, AI and inclusivetechnology, as well as services and solutions in wireless testing,autonomous vehicles and cybersecurity, connect with and serve thiskey trend.

UL’s Innovation Safety Survey revealed the top five
trends in innovation safety in 2021. Customer expectations remain a key factor forthe third consecutive year, highlighting the consumer importance of innovation.

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Trend: ESG reporting landscape evolution
With a rising awareness of social justice issues,
extreme weather events, worker safety andother sustainability topics, stakeholders’expectations for reporting transparency
on ESG issues also rise. Effective January2023, the Global Reporting Initiative (GRI)
has released a significant update on the
Universal Standards with additions to material
topic disclosures, sustainability governancerequirements and new Sector Standards toexpand reporting coverage. These updates are intended to align withother reporting frameworks and meet emerging regulatory reporting
requirements, such as the EU Corporate Sustainability Reporting Directive
and the International Financial Reporting Standards Foundation (IFRS).
At the 26th UN Climate Change Conference of the Parties (COP26),

the IFRS formed the International Sustainability Standards Board (ISSB)
to create a global baseline for the financial markets for corporate
sustainability disclosures, helping investors and other stakeholders assesssustainability performance and related risks. The ISSB will consolidate
the Climate Disclosure Standards Board (CDSB) and the Value Reporting
Foundation (VRF) into the IFRS Foundation.
These changes reflect the growing desire for stakeholders and investors
to gain clarity on the management of sustainability topics like climatechange, human rights and supply chain from business. ESG reporting
helps stakeholders understand how companies can address and impact
sustainability topics and how relevant sustainability topics can also
impact a company’s value and resilience. We’ll continue advancing UL’s
sustainability reporting to remain aligned with the GRI’s new Universal
Standards, which enable us to focus on all external impacts we may haveon society and the environment and our contributions toward sustainable
development in addition to enterprise value creation and financial impacts.

Connection: We work with our customers to support their ESG reporting and implementation journey with product solutions,
responsible sourcing and tools and advisory services services to help them track, manage and report on ESG throughout their businesses
and supply chains and disclose that data using a variety of frameworks, including the Sustainability Accounting Standards Board (SASB),
the Climate Disclosure Project (CDP), the Global Reporting Initiative (GRI) and more. Our services and solutions for navigating thechanging global regulatory environment, promoting supply chain compliance and validating environmental product claims connect withand serve this key trend.

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Trend: A caring and equitable workplace

Trend: Investor demand for ESG data

In today’s human-centered workplace poised
to attract and retain talent, employees expect
support for their health and well-being,
professional development and family needs.
The pandemic highlighted the importance of
employees’ physical and mental health and wellbeing, with many businesses responding withincreased support, health and safety measuresand flexible working options. Still, inequities grewwith COVID-19 as women faced, on average, twotimes higher rates of job loss globally.

With the success of ESG investing,investors are putting pressure oncompanies to include key ESG topics likeclimate risk, human capital management,
workforce and board diversity, board
effectiveness and strategy and resiliencein business models.

Sustainability efforts to remedy racial, gender and generational inequity,
unconscious bias and lack of diversity at each organizational level
represent DEI imperatives critical to attracting and engaging talent. Gen
Z and millennial employees help drive these comprehensive changes tocorporate culture by prioritizing working for companies thatalign with their personal values. Businesses are adapting to changes
brought on by the pandemic that shifted workplaces and established theneed and opportunity for flexible and remote work.

Connection: As we enhance our DEI commitments and seek tomeet our people’s health, safety and working needs, we alsooffer our customers ways to address employee health andsafety through our global EHS training — including mobile
learning — and support for the digital tools and innovations
that keep us connected. Our social sustainability initiatives,
BRGs and impact campaigns help us engage our talent andsupport their passion and values as we positively influence
our stakeholders and communities to connect with and serve
this key trend.

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ESG funds are growing exponentially.
The majority of ESG funds outperformed
S&P 500 in the first 12 months of the pandemic, highlighting the resiliency
of ESG-related funds and demonstrating the bottom-line value of ESG
management to business.
Societal pressure from COVID-19, demands for social justice and the urgencyof climate action represent top-priority ESG issues in reports issued byBlackRock, EY and the U.S. Securities and Exchange Commission.
Investors are increasingly demanding evidence supporting company
efforts to address climate change by setting emissions reduction goals andending plastic pollution, for example.

Connection: Our services and solutions enable ESG reportingand integration, carbon reporting, product sustainability,
responsible sourcing and more for our customers, helping
them validate and share their ESG management efforts withstakeholders. Our renewables advisory and certification
services help to accelerate companies’ climate action by
supporting renewable energy projects in all phases, including
feasibility, design, operations, funding and more to connect
with and serve this key trend.

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Risk strategy
and governanceOngoing efforts to identify potential risks andsustainability opportunities play a key role in the
integrated aspects of the business planning processes
that inform our global investment priorities. We assess
risks and opportunities in many ways throughout theyear, including in quarterly monitoring reports, ourannual enterprise risk survey and annual reviews andrefreshes of long-term strategic plans. Additionally, ourbusiness teams continuously analyze the likelihood andpotential impact the top opportunities and risks
may have on their activities.
We regularly review ESG trends and opportunities with our Operating
Committee and Board of Directors. Our Enterprise Risk Management
program categorizes global opportunities and risks based on the perceived
level of impact to the enterprise, with ESG opportunities and risks
evaluated by our Board of Directors. These evaluations include current
state assessments and mitigation plans.
Mirroring the results of our new materiality assessment, each of ourbusiness segments also identified the increased global demand for ESG
and sustainability services among their top opportunities and risks in 2021.

Customer centricity and ESG enablement
UL’s portfolio of ESG services and expertise, which has steadily expanded
over the past several decades to satisfy ESG market and customer demand,addresses the highest-rated topic in our 2021 materiality assessment.
We prioritize investment in a broad range of ESG-related testing, inspection
and certification (TIC), software and advisory services to support ourcustomers’ ESG journey including: energy efficiency, renewables, electric/autonomous vehicle, batteries and energy storage, material sourcing,chemical data management, supply chain and product stewardship andenvironmental health and safety, among many other services and capabilities.

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Whether initiating their ESG program or well on their way, our 360
Sustainability ESG reporting software supported by our expert advisory
team manages investment grade data to help our customers define their
ESG roadmap, identify material priorities, connect their value chain to
track Scope 3 carbon emissions, set science-based targets and create ESG
reports. Many UL customers also take concrete operational actions toensure healthy buildings, improve waste management, perform responsible
sourcing audits, adopt renewable energy, validate environmental claims,
and enhance worker safety.
Moving forward, we will further support the results of this assessment
across our business functions and alongside our partners. UL’s sustainability
subject matter experts play a critical role in advancing ESG science,developing future opportunities into customer service offerings anddeepening our capabilities to address future risks.
We feel excited about the potential these results represent for impactful
and measurable improvements to safety, security and sustainability for allof our stakeholders. At the same time, we remain resolved to help mitigate
potential risks for our planet, its people and prosperity in alignment with
our strategy and purpose. With customer centricity and ESG enablement
the top priority for all of our stakeholders, we’re eager to multiply thepossibilities of our collective societal impact.

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Supporting the SDGs
Our products and services meaningfully impact and help advance all
17 of the United Nations Sustainable Development Goals (UN SDGs),
contributing to overall prosperity as we work to fulfill our mission
and serve our customers. As we enable our customers to achieve
their sustainability commitments, we collectively and positively
improve environmental and social impact through our dedicated ESG
and sustainability solutions. UL offers many services that can help
companies contribute, measure and report on their SDG alignment
and progress:• Our ESG reporting and supply chain management tools provide
our customers line of sight into their operations and help them
report on their own sustainability journeys. (Goals No. 9, 10,
11, 12 and 17)• Our work in greenhouse gas (GHG) emissions, circular economy,
waste diversion, labor and human rights issues, performance
testing, environmental air quality and emissions, and the broad
range of ESG issues of concern to investors directly advance manyof the SDGs. (Goals No. 3, 6, 9, 11, 12, 13 and 15)• Our experience with product development and chemicals ofconcern, renewable energy and battery technologies, refurbishedand remanufactured products plays a vital role in protecting theplanet’s health and resources. (Goals No. 3, 7, 9, 11 and 12)
These capabilities and services help our customers enhance theirsustainability efforts, amplifying our impact as we work together tosafely progress society.

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Working to prevent childhood drowning
UN SDG No. 3, Good Health and Well-Being,
aims to “ensure healthy lives and promote
well-being for all, at all ages.” Every SDG also
identifies specific targets and indicators toachieve the goal. SDG Target 3.2 challenges
the world to end all preventable deaths inchildren under five years of age. According
to the World Health Organization (WHO),
childhood drowning represents a leading
cause of the accidental death of children worldwide. “The highest
drowning rates are among children 1-4 years, followed by children 5-9
years.” Among all age groups, drowning represents the third leading
cause of preventable death, with more than 236,000 drowning deaths
recorded annually, accounting for nearly 8% of total global mortality.
Nonfatal drowning incidents can also result in serious lifelong healthconcerns, including long-term disability.
Death by drowning is preventable; that’s where UL plays a critical role —by providing testing and certification services that span the global market
for personal floatation devices (PFDs) including life jackets, vests, rings,
suits and more. PFDs save lives by preventing drowning deaths. Most
children who die by drowning do so when they stray out of reach of adults

or outside of “touch supervision.” That’s why all children under the age of
5 should wear a PFD when they are in or near water.
As with all our processes, we take a meticulous and comprehensive
approach to testing PFDs. Our team maintains a thorough understandingof requirements, such as standards developed by the U.S. Coast Guard,
United Kingdom Conformity Assessment, European Directive (CE),
Wheelmark, PPE Recreational and more.
Testing procedures for PFDs accommodate different products, uses andusers, from infants just able to lift their heads to seniors with limited
mobility. This equitable approach means that we can provide testing
services that help manufacturers ensure that all users can accessproducts that fit their needs and bodies. UL’s employees often volunteer
as test subjects for our PFD testing, going above and beyond to fulfill oursafety mission.
We have also built sustainability into the design of our testing
environment to conserve water. Our PFD test tank uses precise watercapture techniques to provide a self-sustaining environment. Throughcareful chemical calibration, we maintain a safe and hygienic environment
for test subjects and staff accessing the tank, and we haven’t needed torefill the tank water since 2015. Advanced insulation helps maintain aconsistent temperature of approximately 91° F.

Watch
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Preventing accidental drownings, especially inchildren, is a Global Goal worth pursuing. We
appreciate our customers who manufacture
these life-saving devices to help keep peopleof all ages safe in and around water. We also
appreciate the opportunity to help ensurethat these products are of high quality and aresafe to use as we educate consumers on theirproper use.

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Measuring progress
Simple math cannot quantify the
impact all our services have on criticalsustainability issues. How do you
calculate the number of electricalshocks that never happened, fires
that didn’t light or accidents avoided
due to a device that operates safely
or a product that UL tested andcertified? Much of our mission-driven
work eliminates risks and dangers
before they can become statistics by
mitigating and helping prevent
their occurrence.

SDG NO. 3
Target 3.9 By 2030, substantially reduce the number of deaths and illnesses fromhazard chemicals and air, water and soil pollution and contamination
Through our Healthy Buildings services, UL supports our customers in theircommitments to improve the health and performance of the indoor spaces where
they live and work. The positive combined footprint of these services impacts morethan 552,000,000 square feet of occupied space, improving indoor air and water
quality and hygiene, directly progressing SDG No. 3, Target 3.9 to reduce the numberof illnesses from air and water contamination.

We know we have a profound andlikely immeasurable overall impact on
the quality and safety of human life.
However, there are elements we canmeasure that begin to quantify theoutcomes of ESG enablement and help
us communicate the positive impact ofour sustainability services on the SDGs
in concert with our customers.
UL operates from a remarkable position,
given the compounding effects of oursustainability efforts and impacts. As wehelp our customers achieve their existingand emerging sustainability goals, ourAssets and Sustainability Performance(ASP) Customer Operating Unit (COU)
houses many solutions that help enable
our customers to strengthen theirsustainability efforts.

Total area covered by UL solutions* in sq. ft.
*Conservative approximation to account for errors and overlap

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PlanetSDG NO. 7
Target 7.2 By 2030, increase
substantially the share of renewableenergy in the global energy mix
Target 7.2.1 Renewable energy sharein the total final energy consumption

PeopleProsperity

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Our Renewables advisory services enable the installation of clean energy projects
worldwide. We supported the financing for 70% of all new U.S. wind installationsin 2021. Our combined energy forecasted for wind and solar in the U.S. equaled
120 GW of renewable power.
To put that in perspective, 1 GW represents the power equivalent of 364 utilityscale wind turbines, or 1.3 million horsepower, to power 750,000 homes. UL playsa critical advisory role in helping to increase the renewable energy share in energy
consumption around the world, directly progressing SDG No. 7, Target 7.2.1.

Clean energy installation
Our combinedenergy forecasted
for wind and solar in
the U.S. equaled

120 GWof renewable
power.

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SDG NO. 8

Safety/Compliance training reach 2021

Target 8.8 Protect labour rights
and promote safe and secure working
environments for all workers, including
migrant workers, in particular women
migrants, and those in precarious
employment

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Through our LearnShare solution, UL supports safety andcompliance training for our customers and their employees,
resulting in safer work environments. In 2021, we made a significant
impact on safety training with more than 64 million courses
completed and more than 2 million hours spent training. These
efforts help secure safer working environments, directly progressing
SDG No. 8, Target 8.8.1.

SDG NO. 12
Target 12.6 Encourage companies,
especially large and transnational
companies, to adopt sustainable
practices and to integrate sustainability
information into their reporting cycle

Through our 360 Sustainability ESG software solution, we
support our customers’ data collection, planning, and tracking ofsustainability efforts. This software helps our customers evaluate
real-time risk analytics, monitor supply chain risks, capture carbon
emissions data and manage ESG reporting. Creating the tools to
help even large, complex companies manage this data allows themto integrate sustainability information into their reporting cycle,
directly progressing SDG No. 12, Target 12.6. In 2021, 176 companies,
including UL, used 360 Sustainability to support their ESG reporting.
In 2021, Verdantix, an independent research and consulting firmwith expertise in environment, health, safety, quality, operationalrisk and smart building technologies, ranked 360 Sustainability as a
top ESG software.

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Impact in 2021

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In shared pursuit of progress
As a company founded on sharing our scientific research and discoveries to make the world a safer place, our subject matter experts across the enterprisecontribute to essential global dialogues and sustainability research. SDG No. 17 reveals the need for cross-industry, public, private and civil society
partnerships to accomplish sustainability goals. We embrace this SDG through participating in collaborative research and thought leadership, working directlywith partners across the circularity value chain. We continue to increase our level of engagement and visibility within our key sustainability alliances to drive asustainability culture and advance the best science-based possibilities for our future.

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Sustainability research and scientific expertise
Circular economy for renewable energy technologies:

Our approach

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UL continues to work with the International Photovoltaic Quality
Assurance Task Force (PVQAT) to advance circular economy
aspects for solar energy technology, including sharing bestpractices for repurposed electric vehicle (EV) batteries and otherelectrical equipment, contributing to task forces and sitting on theadvisory board.
Cybersecurity for distributed energy resources:
UL collaborates with the National Renewable Energy Laboratory(NREL) to advance the cybersecurity of energy infrastructure,
improving approaches to deploying distributed energy resources(DERs) such as solar arrays and wind turbines to better resist
cyberattacks. As DERs proliferate, we must keep them cyber-secure
for a safe, reliable and resilient energy infrastructure. The groupdeveloped a white paper in 2021: Cybersecurity Certification
Recommendations for Interconnected Grid Edge Devices andInverter Based Resources.
DC microgrids:
UL joined the Current OS Foundation (https://currentos.
foundation/), a nonprofit, open, independent foundation working
to advance DC microgrids. The Foundation seeks to support wider
deployment of safe, effective microgrids, comprised of distributed
energy resources that can collaborate with the electric grid, or
which work independently to promote resilience and empower
energy consumers with customized use of renewable energy assets.
Department of Energy (DOE) research:
UL continues to work on a U.S. DOE three-year research grant
to further understand the life of photovoltaic (PV) modules incollaboration with team members from the NREL, National Instituteof Standards and Technology (NIST), academia and industry. This
project will inform the PV industry on optimal ways to design and75

UL.com/sustainability-reportdevelop materials and PV modules, promoting more durable PV
systems that exceed the current performance and financial aspectsof solar power. In 2021, numerous site visits helped measure realworld degradation in PV modules.
Energy equity:
UL collaborated with the American National Standards Institute(ANSI), USTDA’s Clean Energy Standards Program and USAID’s Power
Africa program to provide guidance for the effective and equitabledeployment of renewable energy technologies for people in Africa.
This includes supporting the Energy Storage Standards for Southern
Africa Workshop and the advancement of PV and microgrid
technologies in Senegal.
Energy Storage System (ESS) Safety:
Battery energy storage systems can prove vulnerable to thermal
runaway, where the electrochemical events inside the batteries
lead to catastrophic results including large-scale fires, explosions,sudden system failures, costly damage to equipment and personal
injury. UL continues to advance scientific characterization of energy
storage risks and proactively address them through solutions,safety requirements and code rules. In 2021, UL analyzed safetyincidents involving uncertified energy storage systems, issuing
an analysis and developing proposals for enhanced safety for first
responders. UL continues to advocate for safety in forums including
the American Clean Power Association (formerly Energy Storage
Association) and the California Energy Storage Alliance.
Green economy:
UL presented for the Organisation for Economic Co-operation andDevelopment (OECD) International Consumer Conference on The
Consumer Marketplace of the Future. The Consumers in the Green
Economy presentation advanced the concept of co-managing safety
and circularity to effectively meet the needs of global consumers,
resources and the environment.

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Hydrogen safety:
GRI index

UL joined the Hydrogen Safety Panel to support its mission
alongside other engineers, scientists and code officials to enable thesafe and timely transition to hydrogen and fuel cell technologies.
The group collaborates to provide recommendations on the safe
handling and use of hydrogen. UL also works with the Center for
Hydrogen Safety, assisting the safe and sustainable deployment ofclean hydrogen technologies for hydrogen fuel cells, zero-emission
vehicles (ZEVs) and green hydrogen solutions.
National Institute of Standards and Technology (NIST) andUL Workshop:
This biennial workshop co-hosted with NIST brings together leading
scientific experts in solar power from around the world to discussleading-edge ways to promote the best design, development,
assessment and usage of solar power technologies. At the 2021
NIST/UL Workshop on Photovoltaic Materials Durability, the global
scientific community addressed PV technology durability, efficacy,
circularity, resilience to severe weather, modeling, emerging
technology and other relevant topics.
SPIRETM Smart Buildings:
According to the World Green Building Council, the construction
sector holds responsibility for 35% of energy consumption globally,
as well as 38% of energy-related carbon emissions and 50% of76

UL.com/sustainability-reportresource consumption. UL and the Telecommunications Industry
Association (TIA) have launched a holistic framework to assess
smart buildings across six areas: life and property safety, healthand well-being, power and energy, cybersecurity, sustainability,
and connectivity. Smart buildings reduce environmental impact
by curbing energy use and using automated tools to monitor
temperature and lighting. SPIRE assessments provide insight into
smart building performance and can accelerate improvement in thebuilt environment by curbing energy use and improving the healthand well-being of occupants.
SolarAPP+:UL enthusiastically supported the formal scaled launch ofSolarAPP+ as outlined by U.S. Secretary of Energy Jennifer M.
Granholm. SolarAPP+ is an innovative software tool enabling
immediate permitting of residential rooftop solar installations.
An NREL-led coalition developed the software. This joint effort
promotes affordable solar power to accelerate cities’ andcommunities’ transition to local, clean, safe energy to powerhomes and buildings. NREL and UL executed a memorandum of
understanding toward advancing this important tool. In 2021,
SolarAPP+ expedited the permitting for solar installations forthousands of homes in many jurisdictions throughout the U.S.
SolarAPP+ updates include solar+storage installations as newfeatures to continue to ease the transition toward safe residential
solar power.

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Customers share their successOn us

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Our customers join us on a shared mission to work for a safer, more secureand sustainable world, entrusting us to effect demonstrable impacts on theindustries we serve. We honor our collaborative customer relationships and the
dedication to sustainable progress that we share. In 2021, our customers madeincredible progress on their sustainability commitments and demonstrated
reportable impacts on their ESG commitments and sustainability strategies. We
celebrate their goals and outcomes.

PlanetPeopleProsperity

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Sustainability commitments andreportable impacts
Sustainability Trends for Printing Inks Industry | UL
Read how ECOLOGO certification boosts printing inks’ sustainability
after a rigorous testing process.
UL’s ECV supports Thélios and Stella McCartney on
Sustainability | UL
UL issues the first Environmental Claim Validation in Europe for
eyewear to Thelios, the eyewear expert of LVMH Group.
UL Validated Recycled Ocean-bound Plastic in China Supports
Manufacturers’ Global Sustainability Goals | UL
Yonghong Regeneration Resources becomes the first recycling
plant in China to earn UL 2809 Environmental Claim Validation for
Recycled Content for ocean-bound plastics.
HHI First in Malaysia to Achieve UL 2809 Validation | UL
Heng Hiap is the first fully integrated recycling company in Malaysia
to achieve UL 2809 Validation for the use of ocean-bound plastic in
their products.

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Solar Applied Materials Technology Corp Becomes First in Precious
Metal Refining to Achieve UL 2809 Recycled Content Val | UL
Company supplies Taiwanese manufacturers with 100% recycledgold and indium, validated by UL.
GiA Smart Indoor Air Quality Sensing Controller Is First IAQ Sensor to
Achieve Environmental Claim Validation to UL 2905 | UL
Sensor achieves A rating for temperature, relative humidity,
carbon dioxide and particulate matter (PM2.5) monitoring, andadditionally evaluated to PM10, carbon monoxide, formaldehyde andTVOC.
GP Batteries Vietnam receives UL’s ZWTL Validation | ULDesigned to measure and validate companies’ commitments to
reduce and divert waste, UL’s Zero Waste to Landfill and Landfill
Diversion Validations offer third-party validation of reduced waste.
UL Helps Plastics Recycler Meet Demand for Safe Recycled
Materials in Asia Pacific Region with Certifications for Safety | ULWith UL’s certifications for sustainability and safety, MJ Materials
has established itself as a trusted source of recycled plastics for
manufacturers seeking to use more sustainable materials

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Power in partnership: La-Z-Boy®, UL and Habitat for Humanity
Many people encounter chemicals through the air they breathe
every day in their homes, offices, schools and other indoor
environments. These airborne chemicals — volatile organic
compounds (VOCs) — play a role in manufacturing and maintaining
building materials, indoor furniture, cleaning products and personalcare products.
Excessive exposure to VOCs indoors where we work and live canprove harmful to human health, causing symptoms ranging fromeye, nose and throat irritation to vomiting, visual disorders andmemory impairment. Researchers have found that some VOCs
cause cancer, particularly in the lungs.

Even pre-pandemic research estimated that people
spent more than 90% of their lives indoors andthat indoor air can have two to five times as manypollutants as outdoor air.
The products that we use to build and furnish our indoor
environments can have a significant impact on indoor air
pollution levels and our health. Products that have achieved UL’s
GREENGUARD Certification have undergone thorough scientificevaluation to demonstrate that they meet some of the world’s
most rigorous third-party chemical emissions standards, helping
to reduce the risk of chemical exposure and leading to healthierindoor environments.
To achieve GREENGUARD Certification, we place fully assembled,
unused furniture into a chamber where we can measure
VOC emissions.

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Once the testing is complete, we remove the furniture — not tobe sold, but still in perfect condition. Nora Vanderhoff, a ProjectManager based in Marietta, Georgia, recognized an opportunity to
reduce waste, create social value and build a stronger relationshipwith her customers. Nora approached Amy Vernon, Director of
Global Product Safety and Stewardship at La-Z-Boy Incorporated,with an idea to donate their furniture testing samples to the local
Habitat for Humanity in Smyrna, Georgia, following completion of
GREENGUARD Certification.
Vernon states that La-Z-Boy has a sustainability goal to keep its
products out of landfills and now measures Scope 3 emissions,
so beyond the obvious positive social impact of donating new
furniture to those in need, keeping tested furniture out of landfills
was “a no-brainer and the right thing to do.”
“La-Z-Boy is happy to be a part of this effort and grateful to Nora formaking the recommendation and coordinating the effort. We will
be adding more products for testing in 2022 and looking forward to
donating 100% of the tested products in the future.”
All the donated furniture earned GREENGUARD Certification,
providing peace of mind. La-Z-Boy has committed to donating
furniture test samples annually upon completing GREENGUARD
Certification.
This represents one example of how UL works to truly partner with
our stakeholders beyond our business objectives so we can share our
mission of working for a safer, more secure and sustainable world.

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In the third year of our sustainability reporting
journey, we take a moment to reflect on how
far we’ve come since our first year of reportingin 2019 and where we plan to go from here. The
global need for our safety science leadershipwas never more clear than with the outbreakof COVID-19. We supported the essential
protocols to help ensure vaccine and PPE
safety, met increasing supply chain demands
and cybersecurity needs, and expanded andadapted our response to effectively meet thesafety, security and sustainability demands ofthe moment.
Our continued commitment to our mission
represents an ongoing commitment to ourstakeholders. As our journey progresses, weresolve to keep working for a safer, more secureand sustainable world for all people, no matterthe challenges we face.
In the near term, we are eager to fulfill ourscience-based target commitment, doing ourpart to address climate change as yet anothercritical and shared global safety challenge
requiring our leadership. And, we are excited to
grow and evolve all our services and solutions
enabling our customers to meet their ESG andsustainability goals — it’s how we believe wecan continue to make a lasting and positive
impact on people, our planet and its prosperity.

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UL.com/sustainability-reportStatement of use: UL Inc. has reported
in accordance with the GRI Standards forthe period Jan. 1 through Dec. 31, 2021.

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Organizational profile

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GRI Standard

Disclosure

Location

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GRI 102: General
Disclosures102-1 Name of organization

ReportingPlanetGRI 102: General
Disclosures102-2 Activities, brands,
products, and services

What we do

GRI 102: General
Disclosures102-3 Location of headquarters

Where we are

GRI 102: General
Disclosures

102-4 Location of operations

Where we are

GRI 102: General
Disclosures102-5 Ownership and legal form

GRI 102: General
Disclosures102-6 Markets served

Where we are
What we do

GRI 102: General
Disclosures102-7 Scale of the organization

Who we are
Where we are
What we doPeopleProsperity

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Additional information and omissions

UL Inc. is a Delaware corporation. It is owned entirely by
ULS, Inc., a Delaware nonstock nonprofit corporation.

GRI 102: General
Disclosures

102-8 Information on employees
and other workers

Who we are

GRI 102: General
Disclosures

102-9 Supply chain

Our integrity

GRI 102: General
Disclosures102-10 Significant changes tothe organization and its supply
chain

Our integrity

GRI 102: General
Disclosures102-11 Precautionary Principle orapproach

PlanetGRI 102: General
Disclosures102-12 External initiatives

Partners
DEI

GRI 102: General
Disclosures102-13 Membership ofassociations

Partners
Research

Employee data is pulled from our Human Resources (HR)software. For some aspects, data has been manually
collected from the responsible HR teams in the different
countries. No assumptions have been made.

2020 UL Sustainability Report, pp. 24-32.

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Disclosure

Location

GRI 102: General Disclosures102-14 Statement from seniordecision-maker

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GRI 102: General Disclosures102-15 Key impacts, risks,and opportunities

Materiality
Key trends
ESG enablement

PlanetPeopleAdditional information and omissions

Prosperity

GRI Index

Ethics and integrity
GRI Standard

Disclosure

Location

Additional information and omissions

GRI 102: General Disclosures102-16 Values, principles,standards, and norms of behavior

Our integrity

Ethics and Compliance | UL

GRI 102: General Disclosures102-17 Mechanisms for advice
and concerns about ethics

Our integrity

Ethics and Compliance | ULGRI Standard

Disclosure

Location

Additional information and omissions

GRI 102: General Disclosures102-18 Governance structure

Governance

GRI 102: General Disclosures102-21 Consulting stakeholders on
economic, environmental,
and social topics

Strategy
Materiality

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GRI 102: General Disclosures

102-40 List of
stakeholder groups

Strategy

GRI 102: General Disclosures

102-41 Collective
bargaining agreements

DEI

GRI 102: General Disclosures

102-42 Identifying andselecting stakeholders

Materiality

GRI 102: General Disclosures

102-43 Approach to
stakeholder engagement

Materiality

GRI 102: General Disclosures

102-44 Key topics andconcerns raised

Materiality
Key trends
ESG enablement

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Location

GRI 102: General Disclosures

102-45 Entities included in
the consolidated financial
statements

As a private entity,
we do not publish
financial information.

PeopleGRI 102: General Disclosures

102-46 Defining reportcontent and topic Boundaries

Materiality
Reporting

Prosperity

GRI 102: General Disclosures

102-47 List of material topics

Materiality

GRI Index

GRI 102: General Disclosures

102-48 Restatements of
information

2021 is first year
reporting inaccordance with GRI.

GRI 102: General Disclosures

102-49 Changes in reporting

2021 is first year
reporting inaccordance with GRI.

GRI 102: General Disclosures102-50 Reporting period

Reporting

GRI 102: General Disclosures102-51 Date of most recent
reportReporting

GRI 102: General Disclosures102-52 Reporting cycle

Reporting

GRI 102: General Disclosures102-53 Contact point forquestions regarding the report

GRI 102: General Disclosures102-54 Claims of reportingin accordance with the GRI
Standards

Reporting

GRI 102: General Disclosures102-55 GRI content index

This table

GRI 102: General Disclosures102-56 External assurance

ReportingGovernanceOur approach

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Additional information and omissions

CorporateSustainability@ul.com
This report has been prepared inaccordance with the GRI Standards:
Core option.

We maintain strict internal controls toensure the integrity of the contents ofour reporting.

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Location

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GRI 103: Management
Approach103-1 Explanation of the material topic andits Boundary

Materiality

PlanetGRI 103: Management
Approach103-2 The management approach and its
components

Our integrity

Ethics and Compliance | UL

GRI 103: Management
Approach103-3 Evaluation of the management
approach

Our integrity

Ethics and Compliance | UL

GRI 205: Anti-corruption

205-1 Operations assessed for risks related
to corruption

Our integrity

GRI 205: Anti-corruption

205-2 Communication and training aboutanti-corruption policies and procedures

Our integrity

GRI 205: Anti-corruption

205-3 Confirmed incidents of corruption
and actions taken

Our integrity

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Additional information and omissions

Anti-competitive behavior

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Disclosure

Location

Additional information and omissions

GRI 103: Management
Approach103-1 Explanation of thematerial topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management
approach and its
components

Our integrity

Ethics and Compliance | UL

GRI 103: Management
Approach103-3 Evaluation of the
management approach

Our integrity

Ethics and Compliance | UL

GRI 206: Anti-competitive
behavior

206-1 Legal actions
for anti-competitive
behavior, anti-trust andmonopoly practices

In 2021, we did not identify any
legal actions related to anticompetitive behavior, anti-trust
and monopoly practices

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GRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic andits Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach andits components

Our approach
PlanetEnergyGRI 103: Management
Approach103-3 Evaluation of the
management approach

Materiality
Our approach
PlanetGRI 305: Emissions

305-1 Direct (Scope 1) GHG emissions

EnergyGRI 305: Emissions

305-2 Energy indirect (Scope 2)
GHG emissions

EnergyGRI 305: Emissions

305-3 Other indirect (Scope 3) GHG emissions

EnergyGRI 305: Emissions

305-4 GHG emissions intensity

EnergyGRI 305: Emissions

305-5 Reduction of GHG emissions

EnergyAdditional information and omissions

Environmental compliance86

UL.com/sustainability-reportGRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material
topic and its Boundary

Materiality

GRI 103: Management
Approach103-2 The management approachand its components

On us
Our approach
PlanetGRI 103: Management
Approach103-3 Evaluation of the management
approach

Materiality
On us
Our approach
Our commitment

GRI 307: Environmental
Compliance307-1 Non-compliance withenvironmental laws and regulations

Waste

Additional information and omissions

Ethics and Compliance | UL

Contents

CEO message

Labor/Management relations

On us

Our approach

PlanetPeopleProsperity

GRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic
and its Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach andits components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the management
approach

Materiality
On us
Our approach
PlanetGRI 402: Labor/management
relations402-1 Minimum notice periods
regarding operational changes

DEI

GRI Index

Additional information and omissions

Ethics and Compliance | UL

Occupational health and safety87

UL.com/sustainability-reportGRI Standard

Disclosure

Location

Additional information and omissions

GRI 103: Management
Approach103-1 Explanation of thematerial topic and its Boundary

Materiality

GRI 103: Management
Approach103-2 The management
approach and its components

On us
Our approach
SafetyEthics and Compliance | UL
Corporate Sustainability | UL

GRI 103: Management
Approach103-3 Evaluation of the
management approach

Materiality
On us
Our approach
SafetyEthics and Compliance | UL
Corporate Sustainability | UL

GRI 403: Occupational
Health and Safety403-1 Occupational health andsafety management system.

SafetyContents

CEO message

Occupational health and safety continued

On us

Our approach

PlanetPeopleProsperity

GRI Index

88

UL.com/sustainability-reportGRI Standard

Disclosure

Location

GRI 403: Occupational
Health and Safety403-2 Hazard identification,risk assessment and incident
investigation

SafetyGRI 403: Occupational
Health and Safety403-3 Occupational healthservices

SafetyGRI 403: Occupational
Health and Safety403-4 Worker participation,
consultation andcommunication on occupational
health and safety

SafetyGRI 403: Occupational
Health and Safety403-5 Worker training on
occupational health and safety

SafetyGRI 403: Occupational
Health and Safety403-6 Promotion of worker
healthSafetyGRI 403: Occupational
Health and Safety403-7 Prevention and mitigationof occupational health andsafety impacts directly linked bybusiness relationships

SafetyGRI 403: Occupational
Health and Safety

403-8 Workers covered by an
occupational health and safety
management system

SafetyGRI 403: Occupational
Health and Safety

403-9 Work-related injuries

In 2021, there were 0
work-related fatalities.

GRI 403: Occupational
Health and Safety403-10 Work-related ill health

In 2021, COVID-19 was
the main type of workrelated ill health.

Additional information and omissions

Contents

CEO message

Training and education

On us

GRI Standard

Disclosure

Location

Our approach

GRI 103: Management
Approach103-1 Explanation of the material topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach and its
components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the management approach

Materiality
On us
Our approach
Training

GRI 404: Training and
Education

404-1 Average hours of training per year per
employee

Training

GRI 404: Training and
Education

404-2 Programs for upgrading employee skills andtransition assistance programs

Training

GRI 404: Training and
Education404-3 Percentage of employees receiving regularperformance and career development review

Training

PlanetPeopleProsperity

GRI Index

Additional information and omissions

Ethics and Compliance | ULDiversity and equal opportunity

89

UL.com/sustainability-reportGRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach and its
components

On us
Our approach
DEI

GRI 103: Management
Approach103-3 Evaluation of the management approach

Materiality
Our approach
PeopleDEI

GRI 405: Diversity andEqual Opportunity

405-1 Diversity of governance bodies andemployees
405-2 Ratio of basic salary and remuneration of
women to men

Who we are

Additional information and omissions

Omission: As a private companey,
we do not disclose finanancial data.

Contents

CEO message

Non-discrimination

On us

Our approach

PlanetPeopleGRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of thematerial topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management
approach and its
components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the
management approach

Materiality
Our approach
PeopleGRI 406:
Nondiscrimination

406-1 Incidents of
discrimination andcorrective actions taken

We reviewed five reported incidents
of discrimination; one remediation
plan was implemented.

Prosperity

GRI Index

Additional information and omissions

Ethics and Compliance | UL

Freedom of association and collective bargaining

90

UL.com/sustainability-reportGRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic
and its Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach and its
components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the management
approach

Materiality
Our approach
DEI

GRI 407: Freedomof association andcollective bargaining

407-1 Operations and suppliers in which
the right to freedom of association andcollective bargaining may be at risk

DEI

Additional information and omissions

Ethics and Compliance | UL

Contents

CEO message

Security practices

On us

Our approach

PlanetPeopleProsperity

GRI Index

GRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of thematerial topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management
approach and its components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the
management approach

Materiality
Our approach
SafetyGRI 410: Security
practices410-1 Security personnel
trained in human rights
policies or procedures

SafetyAdditional information and omissions

Ethics and Compliance | UL

Rights of indigenous people

91

UL.com/sustainability-reportGRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of thematerial topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management
approach and its
components

On us
Our approach
Our integrity

GRI 103: Management
Approach103-3 Evaluation of the
management approach

Materiality
Our approach
Our integrity

GRI 411: Rights ofindigenous people

411-1 Incidents of violations
involving rights ofindigenous peoples

There were no reported
violations of the rights ofindigenous people.

Additional information and omissions

Ethics and Compliance | UL

Contents

CEO message

On us

Our approach

Human rights
GRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic and its
Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach and its
components

On us
Our approach
Our integrity
DEI

GRI 103: Management
Approach103-3 Evaluation of the management approach

Materiality
Our approach
Our integrity

GRI 412: Human rights
assessment

412-1 Operations that have been subject to humanrights reviews or impact assessments
412-2 Employee training on human rights policies
or procedures
412-3 Significant investment agreements andcontracts that include human rights clauses orthat underwent human rights screening

PlanetPeopleProsperity

GRI Index

92

UL.com/sustainability-report

Additional information and omissions

Ethics and Compliance | UL

Ommission: Information unavailable
at this time.
Our integrity
Our integrity

Ethics and Compliance | UL

Contents

CEO message

On us

Our approach

PlanetPeopleProsperity

Local communities
GRI Standard

Disclosure

Location

GRI 103: Management
Approach103-1 Explanation of the material topic
and its Boundary

Materiality

GRI 103: Management
Approach103-2 The management approach andits components

On us
Our approach
PeopleGRI 103: Management
Approach103-3 Evaluation of the management
approach

Materiality
PeopleSocial responsibility

GRI 413: Local
communities

413-1 Operations with local community
engagement, impact assessments, anddevelopment programs
413-2 Operations with significant actualand potential negative impacts on local
communities

GRI Index

Additional information and omissions

Ethics and Compliance | UL

Social responsibility
Social responsibility

Disclosure statement
Statements contained in this report that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of UL. Such statements involve
known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, certain information contained herein represents or isbased upon forward-looking statements or information, including ESG-based initiatives, and while UL believes such information is based on reasonable assumptions, forwardlooking statements are inherently uncertain and actual events or results may differ from those projected. Therefore, undue reliance should not be placed on such information.
In addition, statements in this report are based on UL’s views at the time that this report was drafted and do not represent a commitment to ensure that specific targets,policies, programs, or other forward-looking actions are achieved or to provide further updates.

93

UL.com/sustainability-report

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