exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: governance
Governance
Disclose the organization’s governance around climate-related risks and opportunities.
(a) Describe the board’s 
oversight of climate-related 
risks and opportunities.
CDP Climate 
Change,
C1.1, C1.1a, C1.1b
As stated in its charter, the Governance and Sustainability 
(GS) Committee of the Board of Directors is tasked with formal 
responsibility and oversight of matters related to environmental, 
health and safety (EHS), environmental, social and governance 
(ESG) and sustainability issues at onsemi. The committee 
also oversees ESG, climate-related and sustainability-related 
initiatives regarding related strategy, risk management, 
opportunities, major capital expenditure and investments.
The GS Committee holds at least four regular meet
Keyword: governance
Governance
(b) Describe 
management’s role in 
assessing and managing 
climate-related risks and 
opportunities.
CDP Climate 
Change, 
Questions 
C1.2, C1.3, 
C1.3a
At onsemi, climate-related risks and opportunities are assessed, 
managed and realized at the highest level of the organization. We 
believe that the responsibility of operationalizing mitigation and 
adaptation strategies in response to climate-related risks and 
opportunities must be integrated at every level of the company, 
ensuring the success of our risk management program and giving us 
the ability to act nimbly at all levels when needed.
Our ERM program is overseen by a Risk Committee comprising the 
CEO, CLO, CFO, CSO and EVP of Operations & Manufacturing. The 
Risk Committee is
Keyword: governance
3. Governance
2-9
Governance structure and 
composition
See Overview of our Corporate Governance Practice and 
Committees of the Board in our 2024 Proxy Statement, pg. 
12-13, 16-19.
2-10
Nomination and selection of the 
highest governance body
See the Charter of the Governance and Sustainability 
Committee and 2024 Proxy Statement, pg. 14-15.
Table of Contents
Introduction 
Our Business
Protecting Our Planet and Environment
Ensuring Workplace Social Responsibility
Impacting Our Community Through Giving
Committing to a Responsible Business
Appendix
2023 Sustainability Report	 	
	
Appendix  |     98
Global Reporting Initiative (GRI) Index
GRI STANDARD
DISCLOSURE
CROSS REFERENCE OR ANSWER
2-11
Chair of the highest governance 
body
Alan Campbell is a non-e
Keyword: governance
of the Board. See Overview of our Corporate Governance 
Practice in our 2024 Proxy Statement, pg. 12.
2-12
Role of the highest governance 
body in overseeing the 
management of impacts
See Amended and Restated ON Semiconductor Corporation 
Corporate Governance Principles.
2-13
Delegation of responsibility for 
managing impacts
The Board of Directors effectively views each of its committees 
as key in managing the company’s impacts on the economy, 
environment and people. The Board of Directors delegates 
responsibility by empowering and entrusting its various 
committees to handle specific matters tailored to each 
committee’s allotted areas of expertise.
While management is responsible for the day-to-day 
management of our risk, the Board plays an ongoing and 
active role in the oversight of
Keyword: governance
Role of the highest governance 
body in sustainability reporting
The company's internal ESG team oversees drafting and 
publishing the company's annual Sustainability Report; 
however, the team receives input, guidance and, ultimately, 
approval, from members of the Board before publishing the 
Report and its data. This naturally flows from the Board’s role 
in overseeing climate, sustainability and other ESG-related 
initiatives. Particularly as climate change continues to impact 
the company's operations and, in turn, factor into its strategy 
moving forward, the Board of Directors has taken a heightened 
interest in the company's emissions mitigation strategies and 
sustainability reporting.
See the Corporate Governance section of our 2023 
Sustainability Report, pg.
Keyword: governance
highest governance body
The Governance and Sustainability Committee of the 
board is tasked with encouraging and facilitating directors' 
continuing education, including coordinating training sessions 
and informative presentations from external parties for the 
directors on various topics and aspects related to corporate 
governance and other aspects of board service. The company 
allows and encourages directors to select continuing director 
education offerings to attend, so directors are empowered to 
further develop their skillsets and attend offerings that will 
serve to complement their existing knowledge bases.
GRI STANDARD
DISCLOSURE
CROSS REFERENCE OR ANSWER
2-18
Evaluation of the performance 
of this highest governance body
See the Corporate Govern
Keyword: governance
percentage of governance body 
members that the organization’s 
anti-corruption policies 
and procedures have been 
communicated to
All ten (10) board members (100%) received materials 
communicating the company’s anti-corruption policy by their 
annual review of the company Code of Business Conduct 
training, which includes the topic of anti-corruption, in 2023.
(b) Total number and 
percentage of employees 
that the organization’s 
anti-corruption policies 
and procedures have been 
communicated to
onsemi’s anti-corruption policy has been communicated to all 
approximately 32,000 employees (100%) through their annual 
review of the company Code of Business Conduct training. In 
addition, a targeted anti-bribery and anti-corruption course 
was communicated to app
Keyword: governance
percentage of governance body 
members that have received 
training on anti-corruption
All ten (10) board members (100%) completed our Code of 
Business Conduct annual training, which includes a module on 
anti-corruption, in 2023.
(e) Total number and 
percentage of employees that 
have received training on anti-
corruption
Approximately 32,000 employees have received the annual 
Code of Business Conduct training which included a module on 
anti-corruption. 
Our completion rate for this training in 2023 was 97%. In 
addition, a targeted anti-corruption training course was 
communicated to approximately 2,800 employees, such 
employees including corporate and administrative functions, 
sales and marketing, manufacturing management, procurement 
management and qual
Keyword: governance
Tax governance, control and risk 
management
See 2024 Global Tax Strategy, sections 2.3, 2.3.1 and 3.1.
See Opinions on the Financial Statements and Internal Control over 
Financial Reporting in our 2023 SEC Form 10-K, pg. 55. 
207-3
Stakeholder engagement and 
management of concerns 
related to tax.
See 2024 Global Tax Strategy, sections 2.3.3 and 3.1.
For details regarding our approach to public policy advocacy on tax, 
see GRI 415-1. In addition, we also collect information from external 
stakeholders through our investor relations group at 
investor@onsemi.com and through our ESG group at 
sustainability@onsemi.com.
207-4
Country by country reporting
We do not publicly disclose this information.
GRI 301: Materials
301-1
Materials used by weight or 
v
Keyword: governance
Diversity of governance bodies 
and employees
See the Our Employees and Corporate Governance sections 
of our 2023 Sustainability Report, pg. 41 and pg. 63.
405-2
Ratio of basic salary and 
renumeration of women to men
onsemi does not publicly disclose this information.
GRI 406: Non-discrimination
406-1
Incidents of discrimination and 
actions taken
onsemi cannot disclose this information at this time due to 
specific legal prohibition as this is attorney-client privileged 
information.
GRI 407: Freedom of association and collective bargaining
407-1
Operations and suppliers in 
which the right to freedom 
of association and collective 
bargaining may be at risk 
We work with suppliers in countries where the risk of violating 
labor and human rights standards is r
Keyword: governance
See the Corporate Governance section of 
our 2023 Sustainability Report, pg. 63.
Board expertise on climate-
related issues
See the Corporate Governance section of 
our 2023 Sustainability Report, pg. 63.
Executive management 
accountability and feedback 
mechanisms
See the TCFD section in the Appendix of our 
2023 Sustainability Report, pg. 90.
Executive incentives linked to 
climate performance indicators
See the Corporate Governance section of 
our 2023 Sustainability Report, pg. 63.
Strategy
Existence of a “1.5C world” 
aligned transition plan within 
business strategy and 
shareholder feedback
See the Net Zero Goal section of our 2023 
Sustainability Report, pg. 16.
Link between identified and 
potential climate-related risks, 
opportunities and company 
strategy
Keyword: bribe
bribery), fair competition and antitrust rules 
	– Respect the legitimate proprietary rights 
and intellectual property (IP) rights of Otis 
and others
 
Specific to Quality:
•	 Have quality assurance processes and controls 
to identify defects, notify Otis and correct 
them to ensure delivery of products and 
services that meet all contractual, legal and 
regulatory requirements
•	 Properly complete all inspection and testing 
requirements performed by appropriately 
authorized and qualified individuals
•	 Complete required certifications accurately
 
We also require our suppliers to:  
•	 Provide regular training to their employees and 
conduct reasonable due diligence to ensure 
compliance with the Supplier Code of Conduct 
•	 Ensure timely rep
Keyword: bribe
anti-bribery. Completion rate for our quarterly online 
modules for salaried colleagues was more than 
97% in 2023. In addition, approximately 97% of our 
salaried colleagues have attested, through an annual 
certification in 2023, that they have read, understood 
and are committed to complying with The Otis 
Absolutes and Otis policies.
New hire training: We assign newly hired salaried 
colleagues a suite of online courses geared to 
key compliance risk areas that we require them to 
complete within the first 30 days of employment. 
In addition, we assign these colleagues a custom-
built course called Living our Absolutes, Today and 
Every Day that introduces our company’s values and 
commitments to ethical practices. In 2023, over 90% 
of new hires c
Keyword: bribe
on anti-bribery, anti-corruption, trade compliance 
and antitrust.
Stakeholder 
engagement
We are committed to working for the global good 
of our colleagues, customers, passengers and 
society. That means we take necessary steps to 
understand stakeholder concerns. We regularly 
consult with our stakeholders on ESG topics to 
learn from one another.
Colleagues: We believe that engaged colleagues 
deliver better service to our customers. We 
measure engagement by conducting colleague 
surveys. The results, which are reported to our 
Board and management, help us assess how 
colleagues feel about working for Otis. We use 
the survey results to develop action plans to 
address areas of concern. Engagement surveys, 
which anonymize the data, cover topics suc
Keyword: bribe
prevention of: (1) corruption and bribery and 
(2) anti-competitive behaviour
Discussion and Analysis 
n/a
RT-EE-510a.1
2023 ESG Report > Governance & Accountability > Ethics and integrity; Responsible supply chain 
Otis Anti-Corruption Policy
Total amount of monetary losses as a result 
of legal proceedings associated with bribery 
or corruption
Quantitative
Presentation currency
RT-EE-510a.2
Not reported 
Total amount of monetary losses as a 
result of legal proceedings associated with anti-
competitive behaviour regulations
Quantitative
Presentation currency
RT-EE-510a.3
Not reported 
Workforce Health 
and Safety*
(1) Total recordable incident rate (TRIR),
(2) fatality rate, and (3) near miss frequency 
rate (NMFR) for (a) direct employees and 
(b) contract employees
Quantitati
Keyword: corruption
– Respect anti-corruption (including anti-
bribery), fair competition and antitrust rules 
	– Respect the legitimate proprietary rights 
and intellectual property (IP) rights of Otis 
and others
 
Specific to Quality:
•	 Have quality assurance processes and controls 
to identify defects, notify Otis and correct 
them to ensure delivery of products and 
services that meet all contractual, legal and 
regulatory requirements
•	 Properly complete all inspection and testing 
requirements performed by appropriately 
authorized and qualified individuals
•	 Complete required certifications accurately
 
We also require our suppliers to:  
•	 Provide regular training to their employees and 
conduct reasonable due diligence to ensure 
compliance with the Supplier Code of Cond
Keyword: corruption
and anti-discrimination, and anti-corruption and 
anti-bribery. Completion rate for our quarterly online 
modules for salaried colleagues was more than 
97% in 2023. In addition, approximately 97% of our 
salaried colleagues have attested, through an annual 
certification in 2023, that they have read, understood 
and are committed to complying with The Otis 
Absolutes and Otis policies.
New hire training: We assign newly hired salaried 
colleagues a suite of online courses geared to 
key compliance risk areas that we require them to 
complete within the first 30 days of employment. 
In addition, we assign these colleagues a custom-
built course called Living our Absolutes, Today and 
Every Day that introduces our company’s values and 
commitments to ethical practices. In 2023, over 9
Keyword: corruption
on anti-bribery, anti-corruption, trade compliance 
and antitrust.
Stakeholder 
engagement
We are committed to working for the global good 
of our colleagues, customers, passengers and 
society. That means we take necessary steps to 
understand stakeholder concerns. We regularly 
consult with our stakeholders on ESG topics to 
learn from one another.
Colleagues: We believe that engaged colleagues 
deliver better service to our customers. We 
measure engagement by conducting colleague 
surveys. The results, which are reported to our 
Board and management, help us assess how 
colleagues feel about working for Otis. We use 
the survey results to develop action plans to 
address areas of concern. Engagement surveys, 
which anonymize the data, cover topics such 
as safety, eth
Keyword: corruption
Anti-Corruption Policy
Conflicts Mineral Policy governing the Otis Supply Chain
Privacy Policy
Norway Transparency Act statement
German Supply Chain Act (click here and here).
2-24
Embedding policy commitments
2023 ESG Report > Environmental, Social and Governance (ESG) pillars and their alignment 
with our business strategy
2023 ESG Report > Governance & Accountability > Responsible supply chain; 
Ethics and integrity
2024 Proxy Statement, pgs. 18-20
2-25
Processes to remediate negative impacts: Identify and address grievances 
2023 ESG Report > Governance & Accountability > Responsible supply chain; 
Ethics and integrity
2-26
Mechanisms for seeking advice and raising concerns: Process in raising concerns about the organization's code of conduct
2023 ESG
Keyword: corruption
GRI 205: Anti-corruption
3-3
Management of material topic
2023 ESG Report > Governance & Accountability > Responsible supply chain; Ethics 
and integrity
205-1
Operations assessed for risks related to corruption: Measures the extent of the risk assessment’s implementation 
across an organization
2023 ESG Report > Governance & Accountability > Ethics and integrity
205-2
Communication and training about anti-corruption policies and procedures: Total number and percentage of 
anti-corruption training
2023 ESG Report > Governance & Accountability > Ethics and integrity
205-3
Confirmed incidents of corruption and actions taken: Total number and nature of confirmed incidents of corruption
2023 ESG Report > Governance & Accountability > Ethics and integrity > 
Independen
Keyword: corruption
prevention of: (1) corruption and bribery and 
(2) anti-competitive behaviour
Discussion and Analysis 
n/a
RT-EE-510a.1
2023 ESG Report > Governance & Accountability > Ethics and integrity; Responsible supply chain 
Otis Anti-Corruption Policy
Total amount of monetary losses as a result 
of legal proceedings associated with bribery 
or corruption
Quantitative
Presentation currency
RT-EE-510a.2
Not reported 
Total amount of monetary losses as a 
result of legal proceedings associated with anti-
competitive behaviour regulations
Quantitative
Presentation currency
RT-EE-510a.3
Not reported 
Workforce Health 
and Safety*
(1) Total recordable incident rate (TRIR),
(2) fatality rate, and (3) near miss frequency 
rate (NMFR) for (a) direct employees and 
(b) contract employee
Keyword: tax
•	 Tax-advantaged accounts 
•	 Short-term and long-term disability coverage 
•	 Life insurance, accidental death and 
dismemberment, and business travel 
accident coverage 
•	 Retirement programs, including defined 
benefit pension plans and defined contribution 
plans, such as a 401(k) plan 
•	 Employee Assistance Program and 
wellness program 
•	 Paid sick, bereavement, vacation, family and 
parental leaves
•	 Adoption assistance
•	 Certain voluntary benefits, such as accident 
and critical illness insurance 
 
We also provide financial assistance to eligible 
colleagues who are severely affected by natural 
disasters and humanitarian crises (e.g., civil unrest 
or terrorist actions), through the Otis Colleague 
Disaster Relief Fund (detailed f
Keyword: governance
Environmental, Social and 	Governance 
(ESG) pillars and their alignment with 
our business strategy
6	
Key performance indicators 
(KPIs) summary
8	
2023 and 2024 Otis awards 
and accolades
	
Health & Safety	
9
10	
Goals and performance
12	
The safety of our colleagues
14	
The safety of our passengers
	
Environment & Impact	
15
16	
Climate
23	
Waste and water
25	
Environmental management
People & Communities	
26
27	
Goals and performance
28	
Workforce composition, talent hiring, 
development and retention
31	
Employment policies, conditions 
and labor relations
31	
Workforce inclusion
33	
Furthering STEM learning and 
charitable giving in our communities
35	
Otis colleagues giving back – 
volunteering at Otis
Governance & Accountability	
36
37	
Goals and performance
37
Keyword: governance
Corporate and ESG governance
39	
Inclusion accountability
39	
Cybersecurity, data privacy and 
intellectual property
40	
Quality
40	
Responsible supply chain
42	
Ethics and integrity
43	
Stakeholder engagement
Appendix	
44
45	
GRI disclosures
56	
SASB disclosures
59	
TCFD disclosures
63	
Third-party assurance
68	
Company names, trademarks 
and trade names
68	
Cautionary statement
	
2023 ESG highlights
HEALTH & SAFETY
Launched a targeted safety campaign 
focused on global jobsite risk mitigation and 
subcontractor accountability
Hosted over 200,000 individual 
engagements globally with colleagues and 
subcontractors through our fourth annual 
Season of Safety
Implemented a standard learning 
management system designed to make 
training materials more accessible
Raise
Keyword: governance
GOVERNANCE & ACCOUNTABILITY
Conducted regular reviews of our ESG 
programs and progress with the ESG 
Council composed of senior leaders, which 
reports to our CEO
Achieved goal by awarding over 20% 
of annual U.S. supplier spend to 
diverse suppliers
Recognized as Top Company for Board of 
Directors diversity by Fair360
	 *	 Includes 3 EPDs that were completed in Q1 2024 with the EPD international library.
2023 ESG REPORT
1
ESG at Otis
Health & Safety
Environment & Impact
People & Communities
Governance & Accountability
Appendix
A message from our CEO
Judy Marks, Chair, Chief Executive Officer and President
At Otis, ESG has been part of our culture for decades, integral 
to setting our vision in motion and embedded in our long-
term strategy. We are
Keyword: governance
People & Communities and Governance & Accountability. As 
we progress on these goals, we are advancing our business 
and driving value for our key stakeholders, including our 
colleagues, customers, partners and shareholders.
Whether supporting the physical and mental well-being of our 
colleagues, developing more sustainable products and services 
for our customers, or fostering an inclusive culture where our 
colleagues feel safe to innovate and nurtured to rise to their true 
potential, we are keenly aware that the actions we take today will 
have a profound impact on future generations. 
As we continue to make progress building upon our strong 
legacy, we are being recognized for our efforts. 
We were named one of the World’s Most Trustworthy 
Companies and one of Americ
Keyword: governance
Governance & Accountability
Appendix
	 *	 Based on internal estimates.
About Otis
Otis is the world’s leading elevator and escalator manufacturing, 
installation and service company, a pioneer of elevator safety – 
and the industry – for more than 170 years. Today, with 71,000 
Otis colleagues, we move 2.3 billion people a day around the 
world. We have a global scale and local focus, with over 1,400 
branches and offices and a direct physical presence in more 
than 70 countries. And we maintain the world’s largest portfolio 
of elevators and escalators, with approximately 2.3 million 
customer units globally.
Growth of the vertical transportation industry is driven by 
increased urbanization, which in turn is led by economic 
growth and expansion of
Keyword: governance
Governance & Accountability
Appendix
Our strategic pillars
This business model is supported by our strategic pillars that 
guide our day-to-day operations. In 2023, we added a fifth 
strategic pillar, Deliver Modernization Value. We believe in 
the growth opportunity that modernization presents and are 
committed to making our operations repeatable, scalable and 
more proactive in this segment. We will utilize our successes 
in New Equipment to leverage synergies between these 
two segments and drive further acceleration through digital 
tools. This is an important addition to our existing strategic 
pillars of sustaining New Equipment growth, accelerating our 
maintenance portfolio growth, focusing and empowering 
our organization, while advancing d
Keyword: governance
Environment & Impact, People & Communities and Governance 
& Accountability – are the basis that we drive and execute within 
the business. 
In 2023, we delivered strong financial performance and 
continued to support the evolving needs of our colleagues, 
customers, passengers, shareholders and other stakeholders. 
Read more about Otis’ financial performance in our 2023 
Annual Report.
SUSTAIN NEW EQUIPMENT GROWTH
New Equipment is the starting point of a full equipment lifecycle, positioning us well for future service and 
modernization contracts. To support our customers and grow our business, we strive to deliver products that 
meet our customers’ needs for a smarter, safer and/or more environmental-friendly world.
ACCELERATE SERVICE PORTFOLIO GROWTH
A key component for our Service portfolio g
Keyword: governance
Governance & Accountability
Appendix
	 *	 Based on internal estimates.
Environmental, Social and Governance (ESG) pillars and their 
alignment with our business strategy
The four pillars of our ESG strategy are intertwined with our guiding principles – The Otis Absolutes of Safety, Ethics and Quality – and 
our business strategy. Together, they drive value for all our stakeholders and the broader communities where we live and work. 
Health & Safety: Safety is at the heart of our business. 
Every day we prioritize the health and safety of our 
passengers and colleagues, including 42,000 highly 
experienced field professionals who install and service 
equipment at jobsites around the world. We abide 
by the highest safety standards and educate our fiel
Keyword: governance
Governance & Accountability: Our Otis Absolutes 
of Safety, Ethics and Quality uphold high standards of 
governance and integrity. These guiding principles govern 
how we make decisions and act every day, everywhere. 
Otis management is responsible for executing our 
business strategy, including our ESG strategy, and the 
Otis Board of Directors actively engages with management, 
providing strong oversight and guidance with a focus 
on long-term shareholder value creation. This strong 
governance helps us grow our business and build trust 
with our stakeholders.
2023 ESG REPORT
5
ESG at Otis
Health & Safety
Environment & Impact
People & Communities
Governance & Accountability
Appendix
Key performance indicators (KPIs) summary
In 2021, we established
Keyword: governance
Governance & Accountability
Appendix
Goal
2023 results (continued)
Aligned SDGs
People & Communities
Achieve gender parity in our executive ranks by 2030
38.3% female executives (a 2.3-percentage-point increase from 2021)
 
 
 
 
 
 
   
Increase the score for the inclusive culture category in the company’s colleague engagement 
survey by 4 points by 2025 (against a baseline score of 71) 
73 (a 2-point increase from our baseline)
Direct 50% of total global giving to science, technology, engineering and math (STEM) 
programs by 2025
>55% of giving directed to STEM organizations and initiatives
Impact 15,000 students globally through STEM-focused programming across the learning and 
vocational training continuum to improve livelihoods and help build th
Keyword: governance
Governance & Accountability
Award at least 20% of U.S. supplier spend annually to diverse suppliers*
More than 20% awarded
 
ESG standards
We are a signatory of the United Nations Global Compact, and we report under the following frameworks: Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB) 
guidelines for the Resource Transformation sector (with Electrical and Electronic Equipment and Industrial Machinery and Goods as subsectors, when applicable), and the Task Force on Climate-related 
Financial Disclosures (TCFD) recommendations. We engage third parties for limited assurance covering certain health & safety, environment & impact, and people & community metrics (see pages 63-67 
in the Appendix).
	 * 	Dive
Keyword: governance
Governance & Accountability
Appendix
2023 and 2024 Otis awards and accolades*
•	 Best-managed Companies – Wall Street Journal, 2023
•	 America’s Most Responsible Company – Newsweek, 2023 and 2024
•	 World’s Most Trustworthy Companies – Newsweek, 2023
•	 Most Trustworthy Companies in America – Newsweek, 2023
•	 America’s Greenest Companies – Newsweek, 2023
•	 World’s Most Admired Companies – FORTUNE, 2023 and 2024
•	 Noteworthy Companies – Fair360 (formerly DiversityInc), 2023
•	 Top Companies for Board of Directors – Fair360 (formerly DiversityInc), 2023
•	 Global Inclusion Index (Australia, Brazil, Chile, China, Colombia, France, Mexico, Singapore 
and United Kingdom) – Seramount, 2023
•	 Inclusion Index (United States) – Seramount, 2023
•	 Japan PR
Keyword: governance
•	 Award for Excellence in Governance, 2023 HACR Corporate Inclusion Index – Hispanic Association 
on Corporate Responsibility, 2023
•	 INNOSTAR –  Korean Management Registration, 2023
•	 Project of the Year: Elizabeth Line, London – Elevator World, January 2024
•	 Project of the Year: Singapore MRT – Elevator World, January 2024
•	 Top 100 Global Innovators – Clarivate, 2023
	 *	 Global and regional recognition received in 2023 and in Q1 of 2024, which was based off 2023 performance. This list is not inclusive of all global, regional and local awards received.
Otis won a 2023 award for Excellence in 
Governance from the Hispanic Association on 
Corporate Responsibility. The award was part 
of the HACR Corporate Inclusion Index.
2023 ESG REPORT
8
ESG at Otis
Health & Safety
En
Keyword: governance
Governance & Accountability
Appendix
Health 
& Safety
Safety is an Otis Absolute, and we take pride in our position as a health and 
safety leader in an industry where these principles are essential. Our founder, 
Elisha Graves Otis, invented the first elevator safety brake in 1852, and we 
have continued to innovate and exemplify our dedication to safety practices for 
more than 170 years. We focus on keeping our workplaces free of hazards and 
empowering our colleagues and subcontractors to speak up and stop work if they 
have concerns about the safety of a task or jobsite. Equally important, we design 
our products and our service protocols with the highest safety standards for the 
riding public and anyone who interacts with Otis equipment.
2023
Keyword: governance
Governance & Accountability
Appendix
Goals and performance
Goal: Commit to achieve a zero-harm workplace
Every day our colleagues, customers, partners and 
passengers put their trust in us. One way we work 
toward our commitment to a zero-harm workplace is 
through our health and safety management program, 
which focuses on four key strategic elements:
•	 Governance and systems – cultivating a 
sustainable framework to ensure safe work 
practices and principles are applied consistently
•	 Risk management – developing error-resistant 
systems that identify, prevent and control 
significant risks on all jobsites
•	 Culture – growing a continuous learning culture 
that continuously evolves through technological 
and theoretical advancements
•	 Education
Keyword: governance
Governance & Accountability
Appendix
Goal: Educate all field professionals and field subcontractors* annually 
on life-saving Cardinal Rules
During 2023, we educated our field professionals and field subcontractors 
on our Cardinal Rules through safety training, safety events and other 
engagement channels.
Our fundamental work-safety principles are the Cardinal Rules. We require 
our field professionals and subcontractors to follow our Cardinal Rules 
to address hazards in our industry – from avoiding falls in the hoistway to 
controlling equipment movement during service and to adhering to electrical 
safe work practices. When these rules are not followed, the potential for 
tragic events increases significantly. Violations are fully investigated a
Keyword: governance
Governance & Accountability
Appendix
The safety of our colleagues 
Field professionals who install, modernize or service 
elevators and escalators make up the majority of 
our dedicated workforce, using a range of methods 
and tools. Variations can present risks, which we 
work to mitigate through global standard processes, 
such as minimum global safety and high-risk work 
activity standards.
Updates to our global health and safety standards 
are set and managed by cross-functional teams of 
subject matter experts at Otis, who form: 
•	 Field Safety Council: Composed of global 
and regional leaders from Environment, 
Health & Safety (EH&S), field operations and 
engineering departments, the council develops 
standardized procedures and measures aime
Keyword: governance
Safety governance
As part of Otis policy, colleagues must report all 
incidents of any severity or type to their supervisors. 
In turn, supervisors must formally report serious 
incidents – defined as injuries involving lost time 
or requiring medical treatment beyond first aid – 
in our safety data management system. Incident 
investigations are then coordinated by the 
impacted operation. When fatal or serious events 
occur, we identify and implement immediate 
corrective actions and track these to closure. 
We also assess their applicability for global 
implementation. An example of a corrective action 
plan (CAP) for 2023 was the implementation of a 
targeted campaign focused on global jobsite risk 
mitigation and subcontractor accountability. This in
Keyword: governance
Governance & Accountability
Appendix
Educating and engaging colleagues 
and field partners
In 2023, Otis field professionals and subcontractors 
participated in training and other educational 
activities to reinforce the importance of our 
Cardinal Rules through real-world examples and 
shared colleagues’ past experiences. 
We also held our fourth annual safety campaign 
– Season of Safety – for all Otis colleagues and 
subcontractor partners. Themed “Next Level 
Safety,” the campaign spanned approximately 
three months and focused on reinforcing our 
safety culture and practices, and, more specifically, 
enhancing hazard-recognition skills on jobsites. 
Topics included introduction to refreshed Otis 
Safety Standards and the sharing of fatality and
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Remote safety software: Our Gen360 platform 
includes cyber-secure safety software to seamlessly 
and remotely update elevator software to ensure 
compliance with internal and industry safety 
standards. We also can deploy new safety features 
using the same secure data link to improve the 
customer and passenger experience.
Colleagues’ well-being
At times, our colleagues may experience situations 
that affect their well-being and personal and 
professional productivity. We are proud of our 
global Otis Care EAP offering, providing access 
to a broad range of mental health and well-being 
resources to support their unique needs. Our Otis 
Care EAP offers the following services:
•	 24/7 live support in multiple lan
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Environment 
& Impact
At Otis, we understand that promoting sustainability in our business benefits our 
customers and communities and strengthens our long-term resilience against 
environmental challenges. Serving more than 200 countries and territories, we are 
committed to designing, manufacturing, installing and servicing our equipment 
responsibly and effectively. Our efforts extend to our more than 1,400 branches 
and offices, 17 factories and a global fleet of approximately 22,000 vehicles, 
as we strive to reduce our environmental footprint while continuing to serve 
customers worldwide. 
We continue to identify opportunities to manage our impact on the environment 
while aligning our products and services
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Climate
In November 2023, we submitted our near-term 
science-based targets (SBTs) to the SBTi for 
validation. These new targets are in alignment with 
the Paris Agreement objectives of limiting global 
warming to no more than 1.5 degrees Celsius 
above preindustrial levels. Our near-term targets, 
which were validated by SBTi in April 2024, are: 
•	 Reduce absolute scope 1 and 2 GHG 
emissions 55% by 2033 from 2021 base year.*
•	 Reduce absolute scope 3 GHG emissions 
from purchased goods and services, business 
travel, and use of sold products 33% within 
the same timeframe.
Our new SBTs replace our GHG target of 50% 
reduction in scope 1 and 2 GHG emissions by 2030 
from 2019 base year. Our pathway to achievin
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In 2023, we reduced GHG emissions from our own operations (scope 1 and 2) by 12% from 2021 base 
year. Our reduction in GHG emissions is the direct result of major initiatives implemented over the 
past few years that focus on energy management and operational efficiency across our factories, real 
estate and fleet. This is discussed in more detail later in this section. For scope 3 GHG emissions, we 
track our performance for three categories: Category 1, Purchased Goods and Services (includes the 
top 80% of our suppliers based on spend, encompassing approximately 1,500 individual suppliers 
for 2023), Category 6, Business Travel, and Category 11, Use of Sold Products. Although in 2023 
our scope 3 GHG emissions
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Scope
Definition
Impact in our Operations
1
Direct 
emissions
Most of our scope 1 GHG emissions 
(87%) come from our fleet vehicles. Our 
two largest fleets are concentrated in the 
Americas and EMEA regions. They are used 
by Otis mechanics to travel to customer 
sites to install and/or service elevators, 
escalators and moving walkways. Our 
other source of scope 1 GHG emissions is 
fuel (i.e., natural gas, propane and fuel oil) 
used in industrial processes at our factories 
and for heating our offices and branches 
(natural gas).
Otis contributors to scope 1 and 2 
GHG emissions in 2023
 
 64%  |  Fleet
 
 27%  |  Real Estate
 
 9%    |  Factories
2
Indirect 
emissions
Most of our scope 2 GHG emissions are
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Climate actions and opportunities – our roadmap 
2019
2026
2030
 Factory renewable energy 
target for electricity
2033
2033 and beyond
   Near term
Transition
Long term
Factories
•	 Focus on energy efficiency in process and operations 
•	 Transition to low carbon fuels
•	 Advance process optimization and electrification
•	 Improve buildings’ energy efficiency
•	 Expand on-site solar and Power Purchase Agreements (PPAs)
Transition to renewable electricity through thoughtful strategies: 
•	 Continue with on-site solar and PPAs
•	 Procure green energy procurement
•	 Invest strategically in renewable energy
Scope 1 GHG emissions
•	 Focus on electrification 
throughout our operations
Scope 2 GHG emissions
•	 Continue o
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Renewable energy strategy
Our current factory strategy is focused on using 
electricity generated from geothermal, solar, 
sustainably sourced biomass, including biogas, 
hydropower and wind energy as we progress 
towards our 2030 renewable energy goal.
Five of our 17 factories – one in Brazil, one in 
Germany and three in Spain – source 100% of their 
electricity from renewable sources through energy 
purchases. Our Vigo and San Sebastián, Spain, 
factories also generate energy from solar arrays.
Other factories are expanding their renewable 
energy footprint. For instance, our Bengaluru, 
India, factory added more on-site solar capacity to 
their already existing solar array. In places where 
owning on-site sola
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Factory sustainability
A cornerstone of our factory GHG emission 
reduction program is the implementation of energy 
management best practices, including but not 
limited to: 
•	 Upgrading lighting to high-efficiency LEDs
•	 Upgrading HVAC systems and boiler equipment
•	 Optimizing machinery use and shutdown time
•	 Transitioning to less carbon-intensive fuels and 
electrifying the processes
•	 Upgrading building material insulation and 
altering external airflow
•	 Adding building automation
By the end of 2023, we implemented over 75% 
of feasible energy management best practices at 
our factories globally. For example, our factory in 
San Sebastián, Spain, became the first factory in 
Spain to obtain LEED Platin
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Fleet sustainability
With over half of our scope 1 and 2 GHG emissions 
coming from our fleet of approximately 22,000 vehicles 
consuming about 12 million gallons of fuel per year, 
fleet composition and usage is a significant lever for 
Otis’ GHG reduction strategy. As of the end of 2023, 
we have deployed electric vehicles (EV) in 21 countries. 
Our EV strategy relies on assessing EV effectiveness 
and evaluating the right types of vehicles for our 
business. We are finding constraints due to vehicle 
range not always meeting the needs of our field 
professionals in all geographies, especially with the 
variability of charging infrastructure. In geographies 
where using EVs is challenging, we have focused on 
hy
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Environmental product declarations 
(EPDs)
Creating more efficient products is an important 
way to improve the health and sustainability of 
buildings and respond to the increasing demand 
of customers for environmental-friendly products. 
We publish information about the environmental 
impacts of our products through EPDs.
EPDs present transparent, verified and comparable 
information about the environmental impact of 
products and services throughout their lifecycle, 
which architects, designers and engineers find 
valuable. In addition, customers use EPDs to 
compare the impacts of various materials and 
products to help them select the most sustainable 
option. Click here for additional information and a 
ful
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We also achieved a milestone in this area with all three of our factories in Spain – Leganés 
(Madrid), San Sebastián and Vigo – obtaining the “Zero Waste” distinction from AENOR. This 
recognition certifies that more than 90% of the nonhazardous waste produced at these facilities is 
diverted from landfills.
Hazardous waste
In 2023, Otis generated 139 metric tons of hazardous waste from factories – a decrease of 2.8% from 
2022. The amount represents less than 1% of our total industrial waste generated. 
We define hazardous waste according to the environmental regulations of the facility’s location. 
Over the years, we have limited or eliminated the use of substances of concern during product 
development and man
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Since 2019, our water consumption has decreased 
by 9%. Otis drives water-use optimization, applying 
water management best practices and has an 
implementation strategy aligned with the amount 
of water used and customized to the applicable 
location's water-scarcity regional assessment. 
They include:
•	 Water balance
•	 Water leak management
•	 Elimination of once-through cooling
•	 Cooling tower management
•	 Flow meters
•	 Xeriscaping
•	 Rinse tank overflow
•	 Rainwater harvesting
•	 Recycle process water
•	 Low fixtures and flow restrictors
In 2023, we recycled approximately 4,600 cubic 
meters of water that had previously been used 
by Otis for non-drinkable reuse. We discharged 
only sanitary wastewater, w
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People 
& Communities
Otis is 71,000 colleagues strong – including 42,000 field professionals – committed 
to delivering excellence. We deem it mission critical to cultivate a safe, inclusive, 
equitable, accessible and innovative workplace. Our fundamental strength and 
ability to execute our business strategy stems from the multiple cultures, individual 
skillsets and diverse experiences of our team members.
In 2023, we continued to build on our inclusion strategies grounded in Our 
Commitment to Change framework,* which was established in 2020 to foster an 
environment where innovation and continuous improvement are rewarded, and 
all Otis colleagues feel safe, welcomed and heard. We strive to provide equal 
op
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Goals and performance
Goal: Achieve gender parity in our executive ranks 
by 2030 
Attracting, developing and retaining the best talent 
is essential – after all, our people are our most prized 
asset, critical to moving our business forward and 
unlocking future opportunities. We ended 2023 with a 
38.3% female executive representation, a 2.3 percentage 
point increase from 2021. We continue to prioritize 
matching the best talent to open roles, and we remain 
confident that our talent pipeline and recruitment and 
retention practices will allow us to meet our goal of 
closing the executive gender gap by 2030.
Goal: Increase the score for the inclusive culture 
category in the company’s colleague engagement 
surv
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Workforce 
composition, talent 
hiring, development 
and retention
At Otis, we focus on attracting, developing and retaining 
the best talent on the market. Through a variety of 
initiatives – from implementing inclusive recruiting 
practices to offering training, coaching, sponsorship and 
mentorship programs to promoting a workplace culture 
that recognizes our differences and embraces them as 
the vibrant tapestry that makes us unique – we are 
fostering an inclusive environment where every voice is 
heard and valued. And in the context of the structural 
and historical workforce composition challenges typical 
of our industry – particularly as they relate to our field-
based colleagues – we are reaching beyond
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Hiring
We have global hiring guidelines in place for our salaried and non-salaried workforce (i.e., factory and 
field operations) that promote broad outreach and inclusive applicant slates. We partner with universities 
and nonprofit organizations and use our Employee Resource Groups (ERGs) to broaden our hiring pool. 
By increasing access to broader talent pools, we can identify and hire more diverse candidates, help 
acknowledge and confront industry bias, and contribute to cultural change. Our efforts are global as 
illustrated by the initiatives undertaken in the past year, which include: 
Key partnerships: We continued to collaborate with organizations such as the Urban League in 
the U.S., to raise awarenes
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Retention
Recognizing good work is key to retaining talent. 
Through Otis RISE (Recognize, Impact, Success, 
Excellence), a service and recognition awards 
program in the United States and Canada, 
managers and colleagues can recognize team 
members for their personal excellence or team 
efforts with financial and nonfinancial means. It 
includes four key elements: 
•	 Kudos: A nonmonetary way to recognize a 
colleague with a note of appreciation for an 
accomplishment, contribution or support. 
•	 Milestones: A nonmonetary way to 
congratulate a colleague for an anniversary, 
birthday or other special event in their work or 
personal life. 
•	 Reward: A monetary way to recognize a non-
executive colleague with po
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Employment policies, conditions 
and labor relations  
We prioritize our colleagues’ well-being and offer 
fair employment conditions. We follow local labor 
laws that address working hours, minimum wages, 
insurance coverage of work-related accidents, 
severance pay and other employment provisions, 
including overtime and sick pay. We also offer flexible 
work arrangements to eligible salaried colleagues. 
We conduct global pay analyses to ensure that our 
nonunion colleagues are paid according to their 
abilities, responsibilities, qualifications, work location 
and experience. In addition to base pay, a portion 
of our nonunion workforce is eligible for short-term 
incentive bonuses and long-term incentive pay
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Focusing on accessibility
Our CEO is a signatory of the CEO Letter 
on Disability Inclusion with Disability:IN, an 
organization committed to accelerating 
corporate disability inclusion. 
In 2023, in line with this commitment, we 
continued to expand our focus on accessibility 
and disability inclusion.
•	 We launched a disability etiquette learning 
program with participation from more than 
350 Otis colleagues. 
•	 We established a global framework that 
simplifies and unifies our process for providing 
workplace adjustments and reasonable 
accommodations. 
•	 We continued to offer regularly scheduled 
meditation meetings and focused mental 
well-being initiatives for all our colleagues. 
•	 We have engaged an
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In 2023, we continued to expand our ERG offerings 
geographically. We recently launched chapters 
of the Otis Thrive ERG in several Latin American 
countries and in the U.K., EMBRACE in EMEA, 
and the Otis Women’s Network (OWN) in French-, 
Italian- and German-speaking countries. We also 
strengthened our ERGs by appointing six new 
executive sponsors, launching neurodiversity and 
well-being circles, and expanding the impact of our 
ERGs with new program offerings: 
•	 Forward, our ERG focused on women in field 
operations roles, developed a mentorship 
program in Latin America. 
•	 OWN, our women’s network ERG, launched in 
the EMEA a successful LinkedIn campaign to 
attract potential job candidates.
•	 EleVets,
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•	 In the U.S., we hosted our first-ever Digital Technology 
Hackathon with 50 students from the University of 
Connecticut teaming with 27 volunteer Otis mentors 
over two-and-a-half-days to tackle tough, real-world 
business issues. The three winning teams were 
awarded $10,000 in scholarship funding to learn about 
emerging technologies.
•	 In Hong Kong and Thailand, we introduced young 
students to STEM learning through the Little 
Engineer program. This program gives colleagues 
an opportunity to spend a few hours in a classroom 
introducing students ages 8-12 to the vertical 
transportation industry via interactive discussion, 
lectures and building elevator models. In 2023, 
we expanded our full-school-year