exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: governance
Governance Metrics 25+ years 1% 1% 1%
Median Age 40 40 41
2021 2022 2023
Attrition Rate 5% 4% 5%
Independent Board Members 73% 73% 91%
1 As defined by the U.S. Equal Employment Opportunity Commission.
As of June 2024, ten of our 11 board members (91%) qualify as independent under NYSE standards and SEC regulations.
2 Marginal difference compared to total headcount in EEO-1 due to timing for the calculations.
Women Board Members 27% 27% 36%
EXCEL DOWNLOAD
As of June 2024, four women (36%) serve on our board of directors, including the chair of Devon’s Audit Committee.
Contributions - Trades and Political (thousands) $2,520 $4,347 $4,024
With the increased scale of the company following the Devon-WPX merger, Devon’s trade association dues increased.
Lo
Keyword: governance
85 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
TCFD
Recommendations of the Task Force on Climate-
related Financial Disclosures (October 2021)
Striving for increased transparency
The TCFD seeks to develop recommendations for voluntary climate-related financial
disclosures as a tool for investors and other stakeholders to assess risks associated
This report was prepared with content correlated
to voluntary frameworks and standards established with climate change. Devon published its fourth Climate Change Assessment Report
by the Task Force on Climate-Related Financial in 2023, a direct result of our ongoing commitment to transparency.
Disclosures (TCFD), Ipieca, Sustainability Accounting
Standards Board (SASB) and United Nations CORE ELEME
Keyword: governance
Governance climate-related risks and opportunities. SR-Climate Change, SR-Governance Overview,
top-of-mind for our stakeholders, as we believe ESG SR-Corporate Governance, SR-Enterprise Risk
Disclose the organization’s Management, SR-Shareholder Engagement
transparency is important to building a sustainable and
governance around climate
economically competitive company. -related risks and opportunities. b) Describe management’s role in C OC veA rR vi, e C wD , P S RC -l Cim limat ae t R e e Cs hp ao nn gs ee ,, SS RR -- GEn ov vi ero rnn am ne cn et
assessing and managing climate-
Overview, SR-Enterprise Risk Management, SR-
related risks and opportunities. Shareholder Engagement
a) Describe the climate-related risks and
opportunities the organization has CCAR, CDP Climate Response, Form 10-K, SR-
Environment Overview, SR-
Keyword: governance
86 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
IPIECA ISSUE INDICATORS REFERENCE
continued
ENV-3: Biodiversity policy and strategy EHS Philosophy, SR-Environment Overview, SR-Land Conservation & Biodiversity, SR-Human Rights
Biodiversity
ENV-4: Protected and priority areas for
EHS Philosophy, SR-Land Conservation & Biodiversity
biodiversity conservation
Ipieca Air Emissions ENV-5: Emissions to air CCAR, SR-Environment Overview, SR-Climate Change, SR-Air Emissions, SR-Performance Metrics
Sustainability reporting guidance for the oil and gas industry (4th edition, 2020) Spills ENV-6: Spills to the environment CCAR, SR-Environment Overview, SR-Spill Prevention, SR-Performance Metrics
Materials Management ENV-7: Materials management CCAR, SR-
Keyword: governance
Governance and Business Ethics Process Safety SHS-6: Process safety SR-Safety Overview, SR-Workforce Safety, SR-Performance Metrics
Climate Change Assessment Report (CCAR), CDP Climate Response, Form 10-K, Proxy Statement, Security SHS-7: Security risk management SR-Corporate Governance, SR-Enterprise Risk Management, SR-Cybersecurity,
GOV-1: Governance approach Corporate Governance Guidelines, Code of Business Conduct and Ethics, Sustainability Report SR-Emergency Preparedness
(SR)-Message from Our Board, SR-Report Summary, SR-Governance Overview, SR-Corporate
Governance, SR-Enterprise Risk Management, SR-Shareholder Engagement, SR-Public Advocacy Social
Governance and
Management Systems Climate Change Assessment Report (CCAR), CDP Climate Response,
Keyword: governance
Corporate Governance Guidelines, SOC-1: Human rights due diligence Ethics and Compliance Helpline, Statement on Human Rights, SR-Ethics and Integrity, SR-Human Rights
Code of Business Conduct and Ethics, Code of Ethics for the Chief Executive Officer, Chief Financial
GOV-2: Management systems Officer and Principal Accounting Officer, SR-About this Report, SR-Message from Our Board, SR-Report Human Rights
Summary, SR-Workforce Safety, SR-Cybersecurity, SR-Governance Overview, SR-Corporate Governance, SOC-2: Suppliers and human rights Statement on Human Rights, Supplier Qualification Requirements, SR-Human Rights
Management
SR-Enterprise Risk Management, SR-Ethics and Integrity, SR-Emergency Preparedness
SOC-3: Security and human rights SR-Human Rights
Ethics an
Keyword: governance
Transparency to host governments Not applicable SOC-5: Workforce diversity and inclusion EEO-1 Report, Form 10-K, SR-Corporate Governance, SR-STEM, SR-Philanthropy, SR-Workforce
Overview, SR-Our Employee Experience, SR-Diversity, Equity and Inclusion
GOV-5: Public advocacy and lobbying P So Rl -it Pic ea rfl oA rc mti av nit cy e a n Md e L tro icb sbying Report, SR-Governance Overview, SR-Public Advocacy, Labor Practices SOC-6: Workforce engagement E Et xh pic es ri e& n cC eo , m SRp -li Dan ivc ee rs H ite y,l p El qin ue i, t yS R an-W d o Inr ck lf uo src ioe n Overview, SR-Ethics & Integrity, SR-Our Employee
Climate Change and Energy CCAR, Form 10-K, SR-Report Summary, SR-Waste Management, SR-Spill Prevention, SR-Safety &
SOC-7: Workforce training and development Security Overview, SR-Workforce Safety, SR-Cybersecurity, SR-Ethics and Integrity, SR-Emergency
CCAR, CDP C
Keyword: governance
CCE-1: Climate governance and strategy Overview, SR-Climate Change, SR-Governance Overview, SR-Corporate Governance, SR-Enterprise
Climate Strategy and Risk Risk Management, SR-Shareholder Engagement SOC-8: Workforce non-retaliation Ethics and Compliance Helpline, SR-Ethics and Integrity, SR-Human Rights
and grievance mechanisms
CCE-2: Climate risk and opportunities CCAR, CDP Climate Response, CDP Water Response, Form 10-K, SR-CEO Letter, SR-Report Summary,
SR-Performance Targets and Progress, SR-Environment Overview, SR-Climate Change, SR-Air Emissions SR-CEO Letter, SR-Message from Our Board, SR-Report Summary, SR-Water Management, SR-Land
SOC-9: Local community impacts Conservation and Biodiversity, SR-Emergency Preparedness, SR-Public Advocacy, SR-Social Overview,
Technology CCE-3: Lower-carbon technology C SRC -A CR li, m C aD teP CC hlim ana gte e
Keyword: governance
87 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
continued
SASB SASB TOPIC CODE ACCOUNTING/ACTIVITY METRIC REFERENCE
Oil and Gas Exploration and Production Sustainability Accounting CCAR, CDP Climate Response, GEPP Board Committee
Description of environmental management policies and practices Charter, EHS Philosophy, SR-Environment Overview, SR-Air
Standard (version 2023-12) EM-EP-160a.1 for active sites Emissions, SR-Land Conservation and Biodiversity, SR-Water
Management, SR-Waste Management, SR-Spill Prevention, SR-
Governance Overview, SR-Enterprise Risk Management
Biodiversity
Impacts Number and aggregate volume of hydrocarbon spills, volume in Arctic, volume SR-Environment Overview, SR-Spill Prevention,
The Sustainability Accounting S
Keyword: governance
88 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
continued
United Nations Sustainable Development Goals American Exploration & Production Council Framework
At Devon, one way we reflect on our role in society is by viewing our The American Exploration and Production Council (AXPC) is a national trade association
work through the lens of the U.N. Sustainable Development Goals, representing the largest independent oil and natural gas exploration and production companies
or SDGs. The SDGs are the globally agreed-upon action plan for in the United States. To promote transparency and consistency in ESG reporting among U.S.
providing affordable and clean energy, protecting our planet, and upstream exploration and production companies, AXPC launche
Keyword: governance
89 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
continued
American Exploration & Production Council Framework continued American Petroleum Institute Framework1
TOPIC METRIC 2021 2022 2023 ADDITIONAL COMMENTS TOPIC NO. INDICATOR UNITS 2021 2022 2023
Spill Intensity 1.1 Direct GHG Emissions (Scope 1) - All GHGs (million metric tons COe) 3.95 4.59 4.37
Spills 0.024 0.033 0.019 2
Produced Liquids Spilled (Bbl)/Total Produced Liquids (MBbl)
1.1.1 Upstream - All GHGs (million metric tons COe) 3.95 4.59 4.37
2
Fresh Water Intensity Began disclosing freshwater for
Fresh Water Consumed (Bbl)/Gross Annual Production (Boe)
— 0.031 0.023 r ne op to ar vt ain ilg
a
by le ear 2022; prior years 1.1.1.1 CH4 (million metric tons CO 2e) 0.51 0.52 0.50
1.1.1
Keyword: governance
90 Devon Energy 2024 Sustainability Report ReportingOverview Environment Safety & Security Governance Social Workforce Reporting
Reporting Frameworks
continued
American Petroleum Institute Framework continued
materially, and adversely, from the forward-looking statements contained
TOPIC NO. INDICATOR UNITS 2021 2022 2023
herein. Readers should not place undue reliance on any forward-looking
statement. Moreover, many of the assumptions, standards, metrics
5. Indirect GHG Emissions
and measurements used in preparing this report continue to evolve
from Consumers’ Use of 5.1 Indirect GHG Emissions from Use of Sold Products (Category 11) (million metric tons COe) 84 90 97
2 and are based on assumptions believed to be reasonable at the time of
Products (Scope 3)
preparation, but should not be considered guarantees or promises of
future performan
Keyword: tax
costs, royalties, and taxes and earn an acceptable return on
$50
investment—for the plays in which Devon operates. ICF used
Enverus’ median breakeven prices for Devon’s assets.14
$40
Since our 2021 Climate Change Assessment Report, Devon
acquired assets formerly owned by RimRock Oil, which are
located in the Williston basin, and Validus Energy, which Avg. WTI 2025-2050, IEA Net Zero Emissions, $30/Bbl
$30
operated in the Eagle Ford Shale. In 2022-23, the RimRock
Avg. WTI 2025-2050, ICF Net Zero Emissions, $25/Bbl
assets are expected to produce 35-40 thousand barrels of oil
equivalent (Mboe) per day in its Williston basin wells, while
the Validus Energy assets are expected to produce 20 Mboe $20
per day in its Eagle Ford wells. The Eagle Ford has the second-
lowest br
Keyword: governance
Governance and Risk Management 6
Business Strategy 9
Climate Change Resilience Analysis: Market Risk Assessment 12
Analytical Approach and Results of the Assessment 13
Climate Change Resilience Analysis: Physical Risk Assessment 21
Climate-Related Risks and Opportunities 24
Metrics and Targets 33
Performance Targets and Progress 35
TCFD Summary Table 36
Methodological Appendix 37
Disclaimer 38Back to Contents
Message from the CEO
Climate change presents a diverse and largely It is clear to us that the world needs an “all of the above” resiliency of our portfolio to both transition and physical
unpredictable set of risks to the world and to our approach to energy production to meet growing global energy risks related to climate change. This report con
Keyword: governance
applying new technology and resilient in adapting to evolving 2. Disclose our progress and strengthen governance
Contribute to market conditions, regulations and increasing stakeholder practices around climate change risks and opportunities
secure, affordable, We are confident that our business strategy, financial strength,
expectations. Our work helping to supply reliable, affordable
reliable energy 3. Evaluate opportunities to create value in the transition innovative spirit, and commitment to provide low-cost, low-
energy enables Devon to create jobs, strengthen our
to ever-cleaner forms of energy, with thoughtful capital carbon energy the world needs will allow us to succeed in
communities, contribute to local, state, federal, and global
allocation meeting the energy demands of today – and of tomorrow.
economies and support federal and global ene
Keyword: governance
Governance
North American oil and natural gas production plays a
In addition, Devon retained ClimeCo2 to enhance the large role in meeting that demand. Low-cost oil and natural
company’s alignment to the recommendations of the Task gas resources in the basins in which Devon operates are
Strategy
Force on Climate-related Financial Disclosure (TCFD), an expected to be some of the most resilient in the aggressive
international, multi-industry-led initiative launched to develop low-carbon scenarios modeled in this report.
Risk recommendations for voluntary disclosure of climate-related
Management risk. Consistent with the core elements of the TCFD framework, D ue to changes in the International Energy Agency’s
this report is guided by the structure outli
Keyword: governance
recommendations and focuses on governance, strategy, risk reports’ Sustainable Development Scenario (SDS) carbon-
accounting, greenhouse gas mitigation, climate change,
Metrics
management and metrics, and targets. This report includes constrained scenario with an Announced Pledges Scenario and resilience planning. ICF was retained as an independent
and Targets
additional metrics and disclosures corresponding to the TCFD’s (APS), which limits global median temperature rise in consultant to generate pricing scenarios.
updated 2021 implementation guidance, demonstrating our 2100 to about 1.7 °C. This report also added a Net Zero
2 Global Affairs Associates (GAA), a ClimeCo Company is a
support for the ongoing efforts of the TCFD. Emissions (NZE) by 2050 Scenario, which includes steep
Keyword: governance
D evon has established ambitious environmental Board Governance Committee in March 2021 to reflect
performance targets focused on reducing the carbon its oversight of environmental and public policy matters
intensity of our operations, minimizing freshwater use and (among other items). The Governance Committee was
engaging constructively with our value chain. These targets renamed the Governance, Environmental, and Public
reflect our dedication and commitment to achieving Policy (GEPP) Committee and its charter was also updated
meaningful emissions reductions while pursuing our to reflect such changes and more comprehensive and
ultimate goal of net zero Scope 1 and 2 GHG emissions. structured oversight. The GEPP Committee’s updated
Devon is committed to achieving net zero operational charter includes o
Keyword: governance
risk category in its Enterprise Risk Management (ERM) D evon’s disclosure practices for the governance,
process. Although the company has for some time management, and disclosure of climate-related risks and
recognized the risks of climate change, including within its opportunities are guided by the recommendations of the
ERM process, the addition of climate change as standalone TCFD, and we continually work to enhance our disclosures.
risk category reflects our focus on continuing to monitor For example, in 2023, Devon partnered with ICF to
and identify mitigation tactics for climate-related risks. perform a robust scenario analysis of physical climate
risk as recommended by the TCFD and expanded our
transition risk analysis to include the Net Zero Emissions
by 2050 Scenario.
4 Devon Energy 2023 Climate Change Assessment ReportBack to Cont
Keyword: governance
Governance and Risk Management
Board Oversight of Climate Risks and Opportunities
Board of Directors
Devon’s Board of Directors (Board) has primary responsibility
Climate and ESG Metrics are
for oversight of the company’s risk management efforts,
Actively Linked to Executive
including oversight of our climate risk assessment and
GOVERNANCE,
AUDIT RESERVES COMPENSATION
strategy. The Board maintains standing committees for specific ENVIRONMENTAL, AND and Employee Compensation
COMMITTEE COMMITTEE COMMITTEE
PUBLIC POLICY COMMITTEE
areas of risk: Audit, Compensation, Reserves, and Governance,
Environmental, and Public Policy (GEPP). The work of those To encourage progress toward our long-term
committees with respect to climate matters is described at a Ex
Keyword: governance
corporate governance; reviews policies and performance oversight activities include determining the compensation merits of the technologies and considering the potential to & Community Engagement” goal with a 15%
relating to Devon’s EHS efforts and social responsibility for Devon’s senior executives, including metrics relating to incorporate and scale the use of technologies in Devon’s weighting—together accounting for 30% of the
programs; reviews stakeholder engagement on key ESG topics; ESG and environmental performance, and providing oversight operations. Through regular engagement, the Board provides company’s overall performance scorecard that
determines cash bonuses. These performance-
advises the Board on significant public policy issues; and of the com
Keyword: governance
Governance and Risk Management
continued
Board Committee oversight of
climate-related activities, including Oversight of Public Policy Activity
but not limited to:
As a participant in local, state, national, and global economies, Devon
recognizes our responsibility to advocate for laws and regulations that
E ndorse use of TCFD-aligned climate scenario analysis
meet business and societal needs. We take a transparent and comprehensive
(beginning in 2018)
approach to engaging in public policy, governed by strong oversight.
A pprove company-wide environmental targets (2021) and This priority is enhanced by the role of the Board’s GEPP Committee and
oversee progress toward goals reflected in our annual Political Activity and Lobbying Report, which
R eview
Keyword: governance
Governance and Risk Management
Devon’s ERM
continued Board oversight Enterprise risk inventory
framework Periodic reporting to Documentation covering
the board, executive each risk category including
Our risk management process committee and risk-mitigation activities
enabled us to prepare for and management
respond quickly to the COVID-19
Risk workshops Annual ERM survey
Management’s Role members hold regular roundtable discussions with field pandemic and subsequent
Frequent risk Annual survey of board,
Devon’s leadership team is responsible for managing the production leaders to help them stay current with the rapid economic crisis, while executing discussions executive committee,
our business strategy and management and
company’s asset portfolio a
Keyword: governance
carbon-constrained scenarios, oil and natural gas Decrease the carbon intensity of our operations by reducing Scope 1 and Scope 2 GHG emissions to net Disclose our progress and strengthen governance practice around climate change risk.
production remains a crucial component for fulfilling zero by 2050, prioritizing the reduction of flaring and methane emissions.
Since approving Devon’s environmental targets in 2021, our Board has maintained oversight of strategic
global energy demand. North American oil and natural
In June 2021, Devon reinforced our commitment to proactively manage climate-related risks and planning and progress toward these long-term goals. Devon’s climate-related targets directly inform how
gas production play a large role in meeting that demand.
opportunities by establishing several environmental performance targets to limit GHG and methane we allocate capital, employ new technologies, optimize production from our
Keyword: governance
industry practices and stakeholder priorities. These targets, endorsed by the Board of Directors, are stakeholders through our reports and public disclosures. Key governance and disclosure activities include:
effects of climate change and the energy transition, Devon
the following:
will adapt and evolve in a way that enables us to continue
Ongoing oversight from the Board and the GEPP Committee on climate-related opportunities, risks,
to be an industry leader. Achieve net zero GHG emissions for Scope 1 and 2 by 2050 and performance
Reduce Scope 1 and 2 GHG emissions intensity by 50% by 2030 (from a 2019 baseline) Elevated importance of ESG through the position of ESG, EHS, & Measurement, and the creation of the
Devon executes our strategic plans based on rigorous ESG team led by the ESG Manager
Reduce methane emissions intensity by 65% by 2030 (from a 2019 baseline)
analysis of the global outlook for energy an
Keyword: governance
decreasing demand for oil governance GEPP Board Committee Annual Report
conditions change often, and to be flexible and responsive to those changes, Reputation Transition & gas C limate strategy V oluntary emissions reductions C DP Water Response
Devon must be prepared to consider risks over short time frames. Typically, Devon I ncreasing capital or S takeholder V oluntary ESG-related reporting S ustainability Report
categorizes risks to our business as medium-term, or between one and three years. operational costs engagement
While Devon may recognize and analyze risks over a longer period, we typically
categorize risks out to a five-year window. This report includes risks that may only
Strong financial
arise over a far longer time horizon, and which are associated with more
Keyword: governance
emissions alongside climate-related risks, governance, and by near-term goals.
targets, among other topics. Governmental authorities are I mproving our data precision and reporting methodologies
also increasing their scrutiny of climate-related disclosures, through development of a carbon accounting platform.
focusing on misleading or false claims.
For more on our emissions reduction strategy,
see the Strategy section of this report or
1 United Nations Environment Programme (2020). Global
Devon’s 2023 Sustainability Report.
Climate Litigation Report: 2020 Status Review. Retrieved
April 5, 2023, from https://wedocs.unep.org/bitstream/
handle/20.500.11822/34818/GCLR.pdf
25 Devon Energy 2023 Climate Change Assessment ReportBack to Contents
Climate-Related Risks and Opportunities
continued
Public
Keyword: governance
Transition Risk: Reputation Mitigation: Strong Governance, Climate Strategy, and Disclosure represents another key aspect of our climate
Concerns regarding climate change may influence global Engagement strategy and our ability to bring stakeholders along with us
perceptions of the oil and gas industry and contribute to Devon’s reputation has been built through years of responsible in our progress. Devon will continue to share our progress
the stigmatization of the sector. Negative perceptions may operations. We aim to preserve this legacy by maintaining against our environmental commitments through our annual
cause customers to pursue low-emission alternatives, such as robust corporate oversight, pursuing our climate strategy, and Sustainability Report and CDP response. To bolster the
renewable
Keyword: governance
concerned about climate change may limit their investment in Strong corporate governance structures help ensure that developed a comprehensive carbon accounting database to
oil and natural gas, making it difficult or more expensive for Devon maintains corporate values and a social license to facilitate high quality disclosure of our operational emissions.
companies in our sector to fund operations. These negative operate. Board-level oversight of climate and ESG topics in Devon is also participating in multiple cross-sector initiatives to
perceptions could also have a compound effect by increasing particular helps integrate these issues into Devon’s strategy, enhance and standardize the reporting of methane emissions,
policy and litigation risk as described above, impacting the goals, and business activities. The creation of t
Keyword: governance
that Devon’s governance structures continue to evolve with
the business. Beyond disclosure, Devon actively engages with a broad
range of stakeholders to understand their diverse viewpoints
Devon’s broader climate strategy to decarbonize, disclose, on ESG issues, our sector, and our operations. This includes
and diversify reduces exposure to reputational risk by listening to and collaborating with federal and state regulators,
differentiating Devon within the oil and gas industry. nongovernmental organizations, academic institutions, and
Through our targets, strategies, and progress, Devon publicly community groups. We have joined various cross-industry
demonstrates our commitment to reducing greenhouse initiatives and think tanks focused on issues of shared
gas e
Keyword: governance
governance, see the Governance and
Risk Management section or Devon’s
2023 Sustainability Report.
29 Devon Energy 2023 Climate Change Assessment ReportBack to Contents
Climate-Related Risks and Opportunities
continued
Transition Risk: Market Devon’s premier, multi-basin portfolio allows us to operate at
Changes to global supply and demand for oil and gas drives a scale that increases profitability, reducing our risk exposure.
fluctuations in the price of these products. Historically, many Our commodity mix balances exposure to oil and natural gas
factors outside of Devon’s control have contributed to this prices with access to premium markets, as our production is
volatility, from geopolitical risks to inflation. In the future, distributed across crude oil (~50%), natur
Keyword: governance
Governance
related risks and opportunities. SR-Environment Overview, SR-Climate Change,
SR-Governance Overview, SR-Corporate Governance,
Disclose the organization’s SR-Enterprise Risk Management, SR-Shareholder Engagement
governance around climate
-related risks and opportunities. b) Describe management’s role in assessing CCAR, CDP Climate Response, SR-Environment Overview,
and managing climate-related risks and SR-Climate Change, SR-Governance Overview, SR-
opportunities. Enterprise Risk Management, SR-Shareholder Engagement
a) Describe the climate-related risks and
opportunities the organization has CCAR, CDP Climate Response, Form 10-K, SR-Climate
Change, SR-Air Emissions, SR-Water Management
identified over the short, medium, and
long term.
Stra
Keyword: governance
for identifying and assessing climate- Overview, SR-Climate Change, SR-Corporate Governance,
related risks. SR-Enterprise Risk Management
Risk Management
b) Describe the organization’s processes C EmCA isR si,
o
C nD s,P
S
C Rl -i Cm lia mte
a
tR ee Csp ho an ns ge e,
,
F So Rr -m
En
1 t0 e- rK p,
r
iS sR e- RA ii sr
k
Disclose how the organization for managing climate-related risks. Management,
identifies, assesses, and manages
climate-related risks. c) Describe how processes for identifying,
assessing, and managing climate-related CCAR, CDP Climate Response, SR-Climate Change,
SR-Air Emissions, SR-Water Management, SR-Enterprise
risks are integrated into the organization’s
Risk Management
overall risk management.
a) Disclose the metrics used by the CCAR, CDP Climate Response, CDP Water Response, Form
organization to assess clim
Keyword: governance
ESG - Environment, Social, Governance
Instead, the scenarios are meant to examine the potential update the forward-looking statements as a result of new Report are subject to additional layers of uncertainty due to
EWI - Energy Water Initiative
effects of several regulatory, economic, and societal conditions; information, future events, or otherwise. the extensive timelines involved and the levels of estimation
FEMA - Federal Emergency Management Agency
they do not provide a comprehensive description of all possible and extrapolation necessary to produce data, and therefore
GHGs - Greenhouse gases
future outcomes and there can be no assurance that the Forward-looking statements are often identified by use of the are likely to change, potentially materially, in the future. Give
Keyword: bribe
form of bribery or corruption. Eaton suppliers must affirm their 
commitment to Eaton’s Code of Ethics and Supplier Code of 
Conduct. Third-party distributors and sales agents must also 
confirm their adherence to Eaton’s Supplier Code of Conduct 
and Anti-corruption Policy.
Speaking up: The Ethics Help Line 
Employees who have concerns or questions about ethics 
and compliance are encouraged to speak up. Managers and 
other leaders are encouraged to listen up by encouraging the 
reporting of questions and concerns. They—along with the 
Ethics and Compliance team—follow up by responding to 
employees’ questions and concerns and taking  
necessary actions. 
Eaton’s Ethics Help Line is an independent, anonymous 
whistleblower hotline with legal protection a
Keyword: bribe
languages. Our Anti-corruption Policy strictly prohibits bribes, 
kickbacks or other corrupt payments, as well as facilitation 
payments. The policy requires that Eaton, its third-party 
representatives and other business partners comply with 
all applicable anti-corruption laws, including the U.S. Foreign 
Corrupt Practices Act, U.K. Bribery Act and similar laws. Eaton’s 
Gift and Entertainment Policy, also an important component 
of our anti-corruption strategy, prohibits lavish or inappropriate 
gifts, entertainment or travel and requires disclosure of gifts, 
entertainment and travel that meet certain thresholds. These 
policies apply to all employees, contingent workers, officers and 
directors of Eaton and its subsidiaries and affiliates, and also to 
Eaton’s third-party representatives and other
Keyword: bribe
Anti-Bribery Ethics Policy (y/n)
Y
Y
Y
Employee Protection/Whistle Blower Policy (y/n)
Y
Y
Y
Number of calls to helpline (whistleblower line)
1,888
1,641
1,931
Total amount of monetary losses as a result of 
legal proceedings associated with bribery or 
corruption
RT-EE-510a.2
No material 
losses
No material 
losses
Total amount of monetary losses as a result of 
legal proceedings associated with anti-competitive 
behavior regulations
RT-EE-510a.3
No material 
losses
No material 
losses
Product
Safety
Number of recalls issued, total units recalled
RT-EE-250a.1
1 recall issued,  
8,958 [3] units
No recalls
Total amount of monetary losses as a result of 
legal proceedings associated with product safety
RT-EE-250a.2
No material 
losses
No material 
losses
Keyword: corruption
corruption. We expect that all employees, officers and directors know 
and comply with the Code and live up to the standards set forth in 
its ten principles. In addition to launching our refreshed Code, we 
also launched a communications campaign to update ethics signage 
and messaging across the organization, focusing on speaking up and 
ethical decision-making.
matters through our whistleblower 
hotline and other reporting channels
In 2023, Eaton employees  
spoke up by reporting
1,931
Eaton Business System (EBS)
How does a company our size and breadth accelerate 
growth and improve performance? By mobilizing the 
power of the enterprise under a shared culture and unified 
practices. The Eaton Business System is our culture in 
action, and its fou
Keyword: corruption
and Anti-corruption Policy.
Environmental resources 
Eaton’s manufacturing operations require environmental 
resources beyond critical materials mentioned above. Eaton 
uses water, electricity, natural gas and other fuels to run 
our manufacturing processes and transport our sales and 
services teams. Eaton’s MESH program is the management 
program for how Eaton uses and reduces our consumption of 
environmental resources and manages them appropriately. 
Employees and community
Employees: Eaton has approximately 94,000 employees 
globally. The Global Talent and Learning and Total Rewards 
COEs set the approach for executing our strategy to attract, 
engage, develop and retain talent in a growth culture in an 
integrated talent model. The Global Talent and Lea
Keyword: corruption
on anti-corruption, labor and human rights issues as well as 
protecting the environment. 
We are an affiliate member of the Responsible Business 
Alliance (RBA), and fully support the vision and mission of 
the RBA. Eaton has committed to progressively align its own 
operations with the provisions of the RBA Code of Conduct 
and to support and encourage its own first-tier suppliers to 
do the same. Wherever possible, Eaton will seek to adopt 
the RBA approach and tools in practical ways in the spirit of 
the industry’s common goals. The standards set out in the 
RBA Code of Conduct reference international norms and 
standards including the Universal Declaration of Human 
Rights, ILO International Labor Standards, OECD Guidelines 
for Multinational Enterpris
Keyword: corruption
corruption.
	
We obey the law 
	
We respect and obey the laws, rules and regulations that 
apply to our businesses around the world. 
We accurately record and report our results 
	
We properly maintain accurate and complete financial and 
business records. We communicate full, fair, accurate, 
timely and understandable financial results and other 
material information. We maintain and adhere to a system 
of internal controls designed to preserve the integrity of 
our records and information. 
CYBERSECURITY/BUSINESS CONDUCT
72
EATON 2023 Sustainability Report 
Introduction
Environment
Social
Governance
ESG Disclosures
	
We compete ethically 
	
We gain a competitive advantage through superior 
performance. We do not engage in unethical or illegal
Keyword: corruption
corruption laws and prohibits suppliers from engaging in any 
form of bribery or corruption. Eaton suppliers must affirm their 
commitment to Eaton’s Code of Ethics and Supplier Code of 
Conduct. Third-party distributors and sales agents must also 
confirm their adherence to Eaton’s Supplier Code of Conduct 
and Anti-corruption Policy.
Speaking up: The Ethics Help Line 
Employees who have concerns or questions about ethics 
and compliance are encouraged to speak up. Managers and 
other leaders are encouraged to listen up by encouraging the 
reporting of questions and concerns. They—along with the 
Ethics and Compliance team—follow up by responding to 
employees’ questions and concerns and taking  
necessary actions. 
Eaton’s Ethics Help Line is an in
Keyword: corruption
topics such as corruption, cybersecurity, data privacy, quality, 
harassment free workplace, conflict of interests, human rights 
and forced labor and other key legal and regulatory areas.
Enterprise Risk Management (ERM)
Eaton’s Enterprise Risk Management (ERM) program is the 
company’s coordinated framework to ensure that enterprise-
wide, event-based key risks are identified, assessed and 
mitigated. Eaton’s ERM process requires a broad understanding 
of internal and external factors that can impact the company’s 
objectives and the ability to adapt to an evolving risk landscape. 
The risk assessment process is managed and led by the Ethics 
and Compliance and Internal Audit teams. 
Eaton believes that effective risk management requires 
strong leadership suppor
Keyword: corruption
Anti-corruption strategy: a multi-faceted approach
A crucial part of Eaton’s overall ethics and compliance program 
is its multi-faceted anti-corruption strategy. The first principle in 
our Code of Ethics emphasizes that acting with integrity means 
that we hold ourselves to the highest ethical standards in every 
situation and that by doing business right and avoiding corruption, 
we reinforce our reputation as a highly ethical company. 
Anti-corruption and related policies
Eaton’s strict prohibition against corruption is embodied in our 
Anti-corruption Policy, which is publicly available in multiple 
languages. Our Anti-corruption Policy strictly prohibits bribes, 
kickbacks or other corrupt payments, as well as facilitation 
payments. The policy requ
Keyword: corruption
all applicable anti-corruption laws, including the U.S. Foreign 
Corrupt Practices Act, U.K. Bribery Act and similar laws. Eaton’s 
Gift and Entertainment Policy, also an important component 
of our anti-corruption strategy, prohibits lavish or inappropriate 
gifts, entertainment or travel and requires disclosure of gifts, 
entertainment and travel that meet certain thresholds. These 
policies apply to all employees, contingent workers, officers and 
directors of Eaton and its subsidiaries and affiliates, and also to 
Eaton’s third-party representatives and other business partners.
Training and communication 
Eaton’s e-learning curriculum also includes anti-corruption training. 
In addition, members of Eaton’s Ethics and Compliance team 
frequently train employees live
Keyword: corruption
on our Anti-corruption Policy and 
regularly include anti-corruption and related issues in reports and 
updates to leadership, including updates on relevant regulatory 
developments. We leverage our internal communication channels 
to periodically update employees on lessons learned, policies and 
developments relevant to anti-corruption. Anti-corruption-related 
issues are also discussed during employee training as part of 
Eaton’s required annual manager-led ethics training. 
Third-party management and due diligence  
We seek to do business with third parties who share our 
values and commitment to integrity and doing business right. 
Conducting appropriate diligence on third parties is therefore a 
core element of Eaton’s anti-corruption strategy. 
Eaton main
Keyword: corruption
identify potential risks, including those related to corruption. If 
a “red flag” is identified, further escalation and review takes 
place. Eaton monitors its third-party relationships on an ongoing 
basis for potential issues that may violate our Code of Ethics 
or Supplier Code of Conduct. In 2023, we launched a new and 
comprehensive Third-Party Playbook, which outlines the life cycle 
of third-party management and responsibilities of the various 
functions, including responsibilities related to selecting and 
screening third parties.
Risk assessments and audits 
In 2023, Eaton launched a comprehensive initiative to map Eaton 
businesses globally for corruption-related risk based on a number 
of relevant internal and external factors. The objective of these risk 
assessments is to identify where co
Keyword: corruption
“deep dive” corruption risk assessments of Eaton businesses 
depending on their risk profiles. Eaton’s Internal Audit team also 
routinely includes ethics and compliance topics within the scope 
of its audits. In 2022, 42% of audits included anti-corruption 
test steps. Internal Audit also monitors business expenses for 
irregularities and audits Eaton’s Gift Registry, the disclosure tool 
required for gifts and travel that meet certain thresholds. 
Measuring effectiveness
We continually measure the impact and effectiveness of our 
ethics and compliance program through a variety of data 
and metrics from our Help Line matters, leader feedback, 
benchmarking, employee surveys and external assessments. 
In 2023, we made improvements to our Ethics and Compliance 
p
Keyword: corruption
corruption
RT-EE-510a.2
No material 
losses
No material 
losses
Total amount of monetary losses as a result of 
legal proceedings associated with anti-competitive 
behavior regulations
RT-EE-510a.3
No material 
losses
No material 
losses
Product
Safety
Number of recalls issued, total units recalled
RT-EE-250a.1
1 recall issued,  
8,958 [3] units
No recalls
Total amount of monetary losses as a result of 
legal proceedings associated with product safety
RT-EE-250a.2
No material 
losses
No material 
losses
Percentage of products by revenue that contain 
IEC 62474 declarable substances[4]
RT-EE-410a.1
Eaton does not track products containing IEC 62474 
declarable substances by revenue. We have 72,480 saleable 
Electrical Sector finished products that con
Keyword: corruption
corruption 2016
205-1 Operations assessed for risks related to corruption
Sustainability Report  
page 71
205-2 Communication and training about anti-corruption policies and procedures
Sustainability Report Page 
38, 40 44, 65-72
205-3 Confirmed incidents of corruption and actions taken
Sustainability Report  
page 71
GRI 302:  
Energy 2016
302-1 Energy consumption within the organization
Sustainability Report  
page 55-56
302-2 Energy consumption outside of the organization
Sustainability Report  
page 56
302-4 Reduction of energy consumption
Sustainability Report  
page 55-56
302-5 Reductions in energy requirements of products and services
Sustainability Report ESG 
Databook Appendix page 54
GRI 303: Water and 
Effluents 2016
303-1 Interactions wit
Keyword: tax
Taxes and Finance Technology
Yan Jin 
Senior Vice President,  
Investor Relations
Raja Ramana Macha
Executive Vice President and  
Chief Technology Officer 
Kirsten M. Park 
Senior Vice President, Treasury 
Joe Rodgers 
Senior Vice President,  
Global Ethics and Compliance
Taras G. Szmagala Jr. 
Executive Vice President  
and Chief Legal Officer
Armando Tellez
Vice President, Total Quality 
and Continuous Improvement
Harold V. Jones 
Chief Sustainability Officer  
and Executive Vice President,  
Eaton Business System
Ernest W. Marshall Jr. 
Executive Vice President and  
Chief Human Resources Officer 
Katrina Redmond
Executive Vice President and  
Chief Information Officer 
Harpreet Saluja 
Senior Vice President, Corporate 
Development and Plann
Keyword: tax
as may uncertainty over carbon taxes and grid stability 
during a renewables transition. Despite these uncertainties, 
we believe Eaton is well positioned to capitalize on secular 
trends and market opportunities arising from these risks.
Climate change risks and management refers to Eaton's 
ability to act on our energy transition strategy and meet our 
climate action targets. Eaton's business strategy forecasts 
growth related to actions to address climate change 
including investments in electrification and the transition to 
renewable energy and growth in sustainable mobility. This 
sustainability matter is a potential transition risk, but also an 
identified opportunity. 
Mitigating our value chain GHG emissions, reducing our 
emissions, and conserving energy use is part
Keyword: tax
tax incentives in including Commercial clean vehicles 
(Sec. 45W), Alternative Fueling Infrastructure (30C). 
	
o	
Advocated for U.S. National Highway Transportation 
Safety Administration to include overcurrent protection 
requirements for electric vehicles in the Federal Motor 
Vehicle Safety Standards.
•	
Electrical technology and grid modernization
	
o	
Advocated on the implementation of Inflation Reduction 
Act tax incentives including Energy efficient commercial 
buildings (Sec. 179D), Advanced energy projects 
(Sec. 48C), Investment tax credit (Sec. 48) to advance 
emissions reductions.
	
o	
Advocating for new residential energy efficiency and 
electrification programs.
	
o	
Supporting the implementation of new grid 
modernization p
Keyword: governance
GOVERNANCE
°	 Doing business right with transparency  
°	 Board and senior leadership team
°	 Ethics and compliance 
ESG DISCLOSURES
°	 General Disclosures
°	 Governance
°	 Environment 
°	 Social 
°	 ESG Databook and SASB Index
3
EATON 2023 Sustainability Report 
Introduction
Environment
Social
Governance
ESG Disclosures
entry in the record of humankind that shows climate change 
will continue to ravage the planet and its people.
And we deserve better. Every life on earth, every community 
people call home deserve better. So, we must do better. We 
have only one path forward, and that path involves doing our 
part to limit the increase in the planet’s temperature to below 
1.5 degrees Celsius.
At Eaton, we’re leveraging the full power of our emp
Keyword: governance
Governance
ESG Disclosures
ABOUT EATON
We’re an intelligent power management company committed to improving  
the quality of life and the environment. Our products, technologies and services 
make a difference in the world.
Mobility
Aerospace
Electrical Global
Electrical Americas
SALES ACROSS BUSINESS SEGMENTS
$23.2B
2023 net sales
1911
Founded
ETN
NYSE ticker
160+
countries
Customers in
90K+
employees 
around the 
world
Introduction
5
EATON 2023 Sustainability Report 
Environment
Social
Governance
ESG Disclosures
OUR SUSTAINABILITY STRATEGY
Engaging our employees and communities
Doing business right and transparency
Creating sustainable solutions
Reducing our footprint
• 	 80%+ employee engagement rating
• 	 12 hours training and development per
Keyword: governance
addresses environmental, social and governance issues and positions 
us to develop climate solutions that advance the world’s transition 
from fossil fuels to renewable sources of energy, accelerate the 
electrification of vehicles, airplanes, buildings and communities, and 
meet the exponential growth in society’s demand for software, data 
and intelligent insights with our digital solutions.
Introduction
6
EATON 2023 Sustainability Report 
Environment
Social
Governance
ESG Disclosures
2023 SUSTAINABILITY DASHBOARD
Goal: Suppliers representing 100% of supplier spend  
have affirmed our Code of Conduct
Suppliers
Goal: Share our minority and gender pay equity 
assurance results. Details at Eaton.com
Goal: Achieve Total 
Recordable Case 
Rate (TRCR) of 0.25
Goal: Achieve Days Away 
Case
Keyword: governance
Governance
ESG Disclosures
WE ADVANCE SUSTAINABLE DEVELOPMENT GOALS (SDGs)
Employee health and well-
being is a business priority. 
Our management of employee 
health and safety practices and 
our wellness initiatives further 
good health and well-being. 
Our power management 
technologies play a key role 
in updating infrastructure and 
retrofitting industries to make 
them more resource-efficient. 
Our products reduce emissions 
and waste and are also used in 
renewable energy, grid management 
and energy storage applications.
We are committed to pay equity and 
have established processes to drive 
equitable pay decisions, we aim to 
increase the representation of women 
within our salaried global workforce 
and we offer career transition  
program
Keyword: governance
Governance
ESG Disclosures
Environment
9
EATON 2023 Sustainability Report 
Shifting our portfolio
$1.3B
of 2023 sales we from 
sustainable solutions
71%
Investment in R&D aligned 
with our Positive Impact 
Framework since 2020.
Introduction
Environment
Social
Governance
ESG Disclosures
AROUND THE WORLD, Eaton solutions help solve 
global sustainability challenges and allow our customers to 
meet their ambitious climate action goals. Eaton engineers 
design solutions that enable our customers to conserve 
resources and make smart energy decisions. 
In our journey to optimize energy use worldwide, we’re 
focused on three key priorities: the energy transition to 
renewables, electrification and digitalization.
Positive impact products 
Eaton’s sustainab
Keyword: governance
Governance
ESG Disclosures
CREATING SUSTAINABLE SOLUTIONS
Discover more: 10 in 10 podcast 
Overcoming the challenges of a 
circular economy
The circular economy model has evolved quite 
significantly in the last five years, but the reality is 
a bit more challenging and the speed at which our 
economy is evolving isn’t moving fast enough. In 
our 10 in 10 Podcast, we speak with our own Jean 
Miyeli, EMEA segment & sustainability strategy 
director, and Delphine Clement, energy transition 
sales director, about how can we unlock these 
challenges and ultimately shift our mindsets from 
an economic model that is linear to one that is 
infinite and circular. Listen now. 
Continuing to expand our  
remanufactured products portfolio  
Eaton’s Mobility Gro
Keyword: governance
Governance
ESG Disclosures
CREATING SUSTAINABLE SOLUTIONS
Electrification: Powering the next generation of transportation
From airplane motion control technologies to electric vehicle (EV) transmissions, we’re dedicated to developing innovations that meet 
the needs of vehicle electrification today and tomorrow. Our engineers use material and process combinations to reduce weight, 
eliminate potential part failure points and enhance product features. We’re equipping the aerospace, passenger and commercial 
vehicle industries for success. 
Electric vehicle systems contain high levels of power that 
must operate safely and reliably. Our battery disconnect unit 
(BDU), featuring our Breaktor circuit protection, distributes 
power while acting as a safet