exo-is/governance-reporting-on-listed-companies huggingface dataset:
Keyword: governance
-Sustainable Innovation and Product Stewardship Governance 
   -Precautionary Approach
Principle 8: Undertake initiatives to promote greater environmental responsibility
Principle 9: Encourage the development and diffusion of environmentally friendly technologies
Anti-corruption principles
Principle 10: Business should work against corruption in all its forms, including extortion and bribery
• Code of Conduct
• Supplier Code of Conduct
• 2022 Sustainability Report
  -Employee Training and Development
98
Our Sustainability & ESG Focus 
ESG Indexes
Our Business
Executive Summary
ESG Disclosures
Introduction
Corteva Agriscience 2022 Sustainability & ESG Report
98
GRI Content Index
SASB Index
COP Index
TCFD Index
SDG Index
Additional References
Topic
Recommended disclosures
Sustainability and ESG Repo
Keyword: governance
1. Governance: Disclosure of the organization’s 
governance and climate-related risks and 
opportunities
Describe the Board’s oversight of climate-related risks and opportunities
Pg. 37 - Board of Directors and Board Committee ESG Governance
Pg. 49 - GHG Governance
Describe management’s role in assessing and managing climate-related risks and opportunities
2. Strategy: Disclosure of the actual and potential 
impacts of climate-related risks and opportunities 
on the organization’s business, strategy, and 
financial planning where such information is 
material.
Describe the climate-related risks and opportunities the organization has identified over the short-, 
medium-, and long-term.
Pg. 9 - Our Actions and Impact
Pg. 11 - Our Advantaged Product Highli
Keyword: governance
activities related to environmental, social and governance topics 
that we consider “essential business practices” are discussed 
within this report where relevant.
Corteva engaged accredited third-party verifier SGS to complete 
limited external assurance on specific information within this 
Sustainability and ESG Report related to certain environmental 
and social metrics. SGS is a world’s leading inspection, 
verification, testing and certification company. A separate 
statement outlining the scope and results from this  
engagement is provided on our website. Certain additional 
reported data was compiled, evaluated or verified by third 
parties such as nonprofit partners. If a restatement is required,  
it is explained and noted in text and footnotes in the 
Sustainability and ESG Report or r
Keyword: bribe
conflicts of interest, bribery, 
corruption, sustainability and 
citizenship.
We also have a Code of 
Financial Ethics, which applies 
to the principal executive 
officers, principal financial 
officers, principal accounting 
officers and controllers. In 
addition, we continue to engage 
suppliers through our Code 
of Business Conduct, which 
communicates our mandatory 
requirements and expectations 
that all suppliers are compliant 
with applicable regulations and 
Dow’s values.
Learn more about Dow’s 
Respect & Responsibility 
and Anti-Bribery and Anti-
Corruption policies.
TWO-DIRECTIONAL FEEDBACK
Corporate Governance
DOW   |   2023 Progress Report   |   71
DRIVING ACCOUNTABILITY AND BEST-IN-CLASS PERFORMANCE
Reporting & Disclosures
GRI Disclosure Report
GRI Disclo
Keyword: bribe
ranging from health and safety in the workplace, to conflicts of interest, bribery, corruption, sustainability and citizenship. The Board also adopted a Code of Financial Ethics for the 
principal executive officer, principal financial officer, principal accounting officer and controller. 
All Dow Directors, officers and employees are required to complete an annual ethics and compliance certification, which includes training on ethical standards and questions 
concerning potential conflicts of interest. All responses are reviewed by the Office of Ethics and Compliance (OEC). When an actual or apparent conflict is disclosed, action is taken 
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DOW  I  2023
Keyword: bribe
• Dow can be subject to anti-competitive activities, fraud and requests for bribery, kickbacks and facilitation of payments. Any misconduct can cause financial and reputational 
damage and consequently negatively impact Dow’s financial results. (negative)
• Dow can be impacted by the business practices of its business partners (e.g., suppliers, distributors) where ethical and sustainable practices can positively impact Dow, while 
violations of the law and misconduct can cause Dow reputational harm. (positive/negative)
Dow complies with all applicable laws and has in place robust procedures to ensure compliance with applicable regulations. Certain countries where Dow operates may have higher 
levels of corruption risk, which can result in Dow’s employees being exposed to practices not supported by Dow. Dow has over 35,000
Keyword: bribe
interest, bribery, corruption, sustainability and citizenship. The Code applies to all Directors, officers, and full- and part-time employees of Dow and its wholly owned subsidiaries, 
as well as joint ventures that adopt the Code. The Code is public and has been made available in 16 languages. The Office of Ethics and Compliance (OEC) reviews the Code 
periodically and all suggested changes are submitted to the Board of Directors for approval. The Code was amended by the Board in 2023 to further align with industry best 
practices.
• The Code of Business Conduct for Suppliers↗ contains Dow’s mandatory requirements and expectations that all suppliers (including independent contractors and suppliers 
providing contract labor) globally are compliant with appl
Keyword: bribe
• Dow has detailed policies in many areas covered by the Code of Conduct, such as anti-bribery and anti-corruption, antitrust, gifts and entertainment, respect and responsibility, 
insider trading, substance-free workplace, data protection, information-handling and social media, among others. Dow has adopted public positions about certain topics, such as 
anti-bribery and anti-corruption↗ and respect and responsibility↗.  
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DOW  I  2023 PROGRESS REPORT  I  85
Ethics & Compliance
2023 Actions Taken
Training
Dow provides supplemental training on Dow’s policies to all full-time and part-time 
employees and officers in different formats (including video conferencing, on-
Keyword: bribe
bribery and ensures that the Company holds itself to the highest ethical standards. It also provides Dow’s position on a wide array of topics, including equal employment opportunity, 
respect in the workplace and environment, health and safety. All Dow employees are expected to understand and comply with all Company policies and applicable laws. As part of 
this expectation, Dow has a program to train all employees (including part-time employees) annually on the Code to ensure that they understand and abide by its requirements. The 
Code training is mandatory and presents content and expectations including but not limited to diversity, inclusion, discrimination and harassment. In addition, in-depth training is 
provided to employees based on job p
Keyword: bribe
targeted anti-bribery training to employees who are gatekeepers of third-party risk to increase awareness and compliance with the ACDD process. Dow also expects each contract 
labor supplier to ensure its employees understand Dow’s policies and applicable laws.
See GRI 205-2 Communication and training about anti-corruption policies and procedures to understand training on the Code of Conduct.
In addition to the commitments regarding bribery and corruption contained in the Code, Dow also maintains a standalone Anti-Bribery & Anti-Corruption (AB&AC) policy intended to 
provide further detail and guidance regarding Dow’s anti-bribery positions, policies and procedures. The AB&AC policy supports the ACDD process and provides guidelines related to 
Dow’s position on
Keyword: bribe
bribery as well as specific processes that must be followed when interacting with third parties and government officials. Dow also expects its business partners to 
commit to similar values and standards. This position (Anti-Bribery & Anti-Corruption | Code of Conduct | Dow Corporate↗) outlines Dow’s commitment to complying with laws that 
prohibit bribery, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, state anti-bribery laws, and the anti-bribery and anti-corruption laws of any of the other countries 
in which Dow operates.
Dow has an unwavering commitment to ethical behavior and stands in opposition to any form of sexism, racism, discrimination and harassment (sexual and non-sexual). Dow’s 
Respect and Responsibility poli
Keyword: bribe
and compliance trainings, which also encompass anti-corruption and anti-bribery expectations. Dow also recognizes the potential compliance risks associated with the use of third-
party intermediaries. To mitigate risk to Dow, the Company has robust due diligence and risk mitigation programs in place. All third-party intermediaries providing services on Dow’s 
behalf are assessed for compliance risk through Dow’s Anti-Corruption Due Diligence (ACDD) process. Higher-risk third parties are subject to periodic due diligence reviews to 
ensure compliance with applicable laws and Dow’s ethical standards. These due diligence reviews inform risk mitigation strategies, including providing training and oversight, to 
ensure that all Dow intermediaries are acting in a manner that is consistent with all applicable laws and Dow’s
Keyword: bribe
annual ethics and compliance certification, which includes questions concerning the Code, anti-trust, bribery, gifts and entertainment and potential conflicts of interest. In 2023, the 
certification process was rolled out to global employees during the second quarter. Instances of non-compliance were escalated to leaders and considered in the employee’s annual 
performance evaluation. For information on the communication of the anti-corruption policies to business partners, see GRI 308: Supplier Environmental Assessment.
In addition to prohibitions on bribery and corrupt actions contained in the Code, Dow also has a standalone Anti-Bribery & Anti-Corruption (AB&AC) policy. The AB&AC policy 
supports the ACDD process and provides guidelines related to Dow’s position on bribery as well as specific processes that must be followed when interacting wi
Keyword: bribe
and safety in the workplace, to conflicts of interest, bribery, corruption, sustainability, inclusion and diversity, equal opportunity and respect in the workplace, and citizenship.
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DOW  I  2023 PROGRESS REPORT  I  155
Human Rights Management
2023 Actions Taken 
Environmental Justice: License to Operate
• Completed external (REA) to assess how Dow’s U.S. operations, policies and services 
support racial equity and the Company’s ID&E strategy. Dow REA Report 
(q4cdn.com)↗
• Conducted environmental justice assessments on seven sites and plans to generate 
dashboards for its 10 largest U.S. sites by the end of 2024. 
• Organized environm
Keyword: corruption
corruption, sustainability and 
citizenship.
We also have a Code of 
Financial Ethics, which applies 
to the principal executive 
officers, principal financial 
officers, principal accounting 
officers and controllers. In 
addition, we continue to engage 
suppliers through our Code 
of Business Conduct, which 
communicates our mandatory 
requirements and expectations 
that all suppliers are compliant 
with applicable regulations and 
Dow’s values.
Learn more about Dow’s 
Respect & Responsibility 
and Anti-Bribery and Anti-
Corruption policies.
TWO-DIRECTIONAL FEEDBACK
Corporate Governance
DOW   |   2023 Progress Report   |   71
DRIVING ACCOUNTABILITY AND BEST-IN-CLASS PERFORMANCE
Reporting & Disclosures
GRI Disclosure Report
GRI Disclosure Report -
Keyword: corruption
ranging from health and safety in the workplace, to conflicts of interest, bribery, corruption, sustainability and citizenship. The Board also adopted a Code of Financial Ethics for the 
principal executive officer, principal financial officer, principal accounting officer and controller. 
All Dow Directors, officers and employees are required to complete an annual ethics and compliance certification, which includes training on ethical standards and questions 
concerning potential conflicts of interest. All responses are reviewed by the Office of Ethics and Compliance (OEC). When an actual or apparent conflict is disclosed, action is taken 
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DOW  I  2023 PROGRESS REP
Keyword: corruption
levels of corruption risk, which can result in Dow’s employees being exposed to practices not supported by Dow. Dow has over 35,000 employees. Individual employees may decide 
to act in violation of Dow’s policies. Dow’s constant training and communication aim to prevent these situations.
As part of Dow’s operations, Dow may retain third parties to act on behalf of Dow. These third parties may not have robust ethics and compliance programs in place and may also be 
subject only to the laws and standards of a specific country, some of which may be less stringent than the laws and standards that apply to Dow.
Commitments
• Dow trains all full-time and part-time employees on the content of the Dow Code of Conduct Policy | Public Policy | Dow Corporate↗ (the “Code
Keyword: corruption
interest, bribery, corruption, sustainability and citizenship. The Code applies to all Directors, officers, and full- and part-time employees of Dow and its wholly owned subsidiaries, 
as well as joint ventures that adopt the Code. The Code is public and has been made available in 16 languages. The Office of Ethics and Compliance (OEC) reviews the Code 
periodically and all suggested changes are submitted to the Board of Directors for approval. The Code was amended by the Board in 2023 to further align with industry best 
practices.
• The Code of Business Conduct for Suppliers↗ contains Dow’s mandatory requirements and expectations that all suppliers (including independent contractors and suppliers 
providing contract labor) globally are compliant with applicable regul
Keyword: corruption
• Dow has detailed policies in many areas covered by the Code of Conduct, such as anti-bribery and anti-corruption, antitrust, gifts and entertainment, respect and responsibility, 
insider trading, substance-free workplace, data protection, information-handling and social media, among others. Dow has adopted public positions about certain topics, such as 
anti-bribery and anti-corruption↗ and respect and responsibility↗.  
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DOW  I  2023 PROGRESS REPORT  I  85
Ethics & Compliance
2023 Actions Taken
Training
Dow provides supplemental training on Dow’s policies to all full-time and part-time 
employees and officers in different formats (including video conferencing, on-site and on-
demand
Keyword: corruption
Anti-Corruption Due Diligence
Dow has a robust global risk-based Anti-Corruption Due Diligence (ACDD) process 
established to identify potential risks associated with engaging with third parties to act on 
behalf of Dow. Comprehensive due diligence is mandatory for any third party acting on 
behalf of Dow who is assessed to be high risk based on Dow’s risk-based program. For 
more information on the due diligence process, please see GRI 205-1 Operations 
assessed for risks related to corruption.
Periodic audits are conducted by Dow Corporate Audit to identify ACDD in-scope third 
parties that require ACDD screening to ensure compliance with Dow’s ACDD program. 
Additionally, verification of adherence to the ACDD process is conducted every quarter 
and fol
Keyword: corruption
See GRI 205-2 Communication and training about anti-corruption policies and procedures to understand training on the Code of Conduct.
In addition to the commitments regarding bribery and corruption contained in the Code, Dow also maintains a standalone Anti-Bribery & Anti-Corruption (AB&AC) policy intended to 
provide further detail and guidance regarding Dow’s anti-bribery positions, policies and procedures. The AB&AC policy supports the ACDD process and provides guidelines related to 
Dow’s position on bribery as well as specific processes that must be followed when interacting with third parties and government officials. Dow also expects its business partners to 
commit to similar values and standards. This position (Anti-Bribery & Anti-Corruption | Code of Conduct | Dow Corporate↗) outlines Dow’s
Keyword: corruption
prohibit bribery, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, state anti-bribery laws, and the anti-bribery and anti-corruption laws of any of the other countries 
in which Dow operates.
Dow has an unwavering commitment to ethical behavior and stands in opposition to any form of sexism, racism, discrimination and harassment (sexual and non-sexual). Dow’s 
Respect and Responsibility policy sets expectations on how individuals interact with each other in the workplace to achieve Dow’s goals and maintain its high ethical standards. Dow 
commits to providing a work environment where everyone feels valued and can achieve their full potential.
Dow also maintains a Global Gifts & Entertainment policy that provides guidelines as to acceptable gifts given and received, as well as specific processes that must be followed 
when employees consider providing to, or are offered
Keyword: corruption
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks related to corruption
As previously mentioned in 3-3 Management approach – Ethics & Compliance, Dow has a commitment to ensure its operations, including employees, have access to robust ethics 
and compliance trainings, which also encompass anti-corruption and anti-bribery expectations. Dow also recognizes the potential compliance risks associated with the use of third-
party intermediaries. To mitigate risk to Dow, the Company has robust due diligence and risk mitigation programs in place. All third-party intermediaries providing services on Dow’s 
behalf are assessed for compliance risk through Dow’s Anti-Corruption Due Diligence (ACDD) process. Higher-risk third parties are subject to periodic du
Keyword: corruption
205-2 Communication and training about anti-corruption policies and procedures
See GRI 2-24 Embedding policy commitments, which describes Dow’s Code that includes anti-corruption. All Dow Directors, officers and employees are required to complete an 
annual ethics and compliance certification, which includes questions concerning the Code, anti-trust, bribery, gifts and entertainment and potential conflicts of interest. In 2023, the 
certification process was rolled out to global employees during the second quarter. Instances of non-compliance were escalated to leaders and considered in the employee’s annual 
performance evaluation. For information on the communication of the anti-corruption policies to business partners, see GRI 308: Supplier Environmental Assessment.
In addition to prohibitio
Keyword: corruption
ns on bribery and corrupt actions contained in the Code, Dow also has a standalone Anti-Bribery & Anti-Corruption (AB&AC) policy. The AB&AC policy 
supports the ACDD process and provides guidelines related to Dow’s position on bribery as well as specific processes that must be followed when interacting with third parties and 
government officials.
Dow also maintains a Global Gifts & Entertainment Policy that provides guidelines as to acceptable gifts given and received, as well as specific processes that must be followed 
when employees consider providing to, or are offered anything of value from, a government official.
205-3 Confirmed incidents of corruption and actions taken
There were zero confirmed incidents or cases of corruption in 2023.
GRI 206: Anti-competitive Behavior 2016
206-1 Legal actions for anti-competitive behavior, anti-trust, and mo
Keyword: corruption
and safety in the workplace, to conflicts of interest, bribery, corruption, sustainability, inclusion and diversity, equal opportunity and respect in the workplace, and citizenship.
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DOW  I  2023 PROGRESS REPORT  I  155
Human Rights Management
2023 Actions Taken 
Environmental Justice: License to Operate
• Completed external (REA) to assess how Dow’s U.S. operations, policies and services 
support racial equity and the Company’s ID&E strategy. Dow REA Report 
(q4cdn.com)↗
• Conducted environmental justice assessments on seven sites and plans to generate 
dashboards for its 10 largest U.S. sites by the end of 2024. 
• Organized environmental justic
Keyword: corruption
Anti-corruption
See GRI 205-2 Communication and training about anti-corruption policies and procedures and GRI 205-3 Confirmed incidents of corruption and actions taken.
Protected ethics advice and reporting mechanisms
See GRI 2-26 Mechanisms for seeking advice and raising concerns.
Risk and Opportunity Oversight
Integrating risk and opportunity into business process 
The enterprise risk management (ERM) process is a company-wide, cross-functional assessment that identifies, assesses, manages and mitigates both climate-related and non-
climate-related risks on an annual basis. Two risks highlighted in Dow’s periodic reports include cybersecurity threats and operational events. For further details related to ERM and 
climate-related risks, see TCFD Risk Ma
Keyword: tax
GRI 207: Tax 2019
207-1 Approach to tax
Tax is included in the material topic of Transparency & Reporting. Dow’s tax strategy is to be lawful, ethical and socially responsible in all business practices. Dow’s global tax policy 
reflects those same principles and can be found here: Corporate Taxation Policy | Dow↗. To understand more about the Company's tax governance, see GRI 207-2 Tax governance, 
control, and risk management.
Dow’s obligations to shareholders, employees and the communities in which it operates are critical to its success and therefore Dow is guided by the following principles:
• Economic Substance: Dow’s customers and market demands determine where it operates and consequently where it pays taxes. Dow undertakes transactions for comm
Keyword: tax
and business purposes only. Dow does not use so-called tax havens, nor does it transfer value to low-tax jurisdictions for tax avoidance purposes. Dow transfer pricing policies 
reflect the economic substance of its global footprint and the activities being performed in each jurisdiction. Dow engages outside consultants to assist with benchmarking to 
determine appropriate intercompany rates. Dow regularly reviews local requirements to ensure ongoing compliance and analyzes the tax laws and regulations as part of its robust 
compliance process. 
• Compliance and Reporting: Dow, together with its subsidiaries, files thousands of tax returns, multiple statutory financial statements and supplemental disclosures in the 
countries around the world in which it operates. Dow tax compliance efforts focus on ensuring payment of the required amount of tax, to the right tax
Keyword: tax
involves disclosing relevant facts and circumstances to the tax authorities and claiming relief and incentives when appropriate. Tax filings are examined by tax authorities and, as 
such, could inherently result in a different interpretation of applicable laws and regulations resulting in uncertainties on the amounts of taxes owed. In certain cases, the ultimate 
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DOW  I  2023 PROGRESS REPORT  I  94
resolution of any such uncertainties can take several years. In such situations, the Company evaluates the uncertainty according to the relevant accounting standards and adjusts 
its financial statements to properly reflect the risk. See Dow’s consolidated financial statements for discourse around its accounting policies and relevant fi
Keyword: tax
• Approach Toward Tax Planning: Tax planning is an important element of Dow’s overall business strategy. Dow’s tax planning team works closely with the businesses and 
functions to support reasoned and compliant structures that complement Dow’s global operations. Dow’s global tax organization provides critical jurisdictional perspective into all 
planning decisions, giving Dow a strategic advantage compared with a more centralized tax organization. To support Dow in complying with its tax policy, advice from external 
service providers and experts may be sought in relation to tax planning or complex circumstances. In cases where the tax guidance is unclear or Dow does not feel it has the 
necessary internal expert knowledge to assess the tax consequences adequately, external advice may be sought to support Dow’s decision-making process. Dow acts in 
ac
Keyword: tax
207-2 Tax governance, control, and risk management
Dow’s tax policy, emerging risks and controversy items are reviewed at least annually by the Board of Directors with oversight of the Dow Inc. Audit Committee. 
Through the Corporate Taxation Policy↗, Code of Conduct↗ and Code of Financial Ethics↗, Dow’s control framework establishes high ethical standards for all its employees. 
Employees can raise concerns about the Company's business conduct through the ethics reporting processes described in GRI 2-26 Mechanisms for seeking advice and raising 
concerns. For additional information of Dow’s control framework, see GRI 3-3 Management approach – Ethics & Compliance.
Dow has strong internal controls and procedures that govern its tax processes and lowe
Keyword: tax
r its risk profile. Dow’s approach to managing tax risk is formalized in a Global Risk 
Management Framework, reviewed and approved by the chief tax officer and the tax leadership team. The framework is the guide to consistent review and documentation of the 
following areas: 
• Acquisitions, dispositions, joint ventures, restructurings and other transactions resulting in a gain or loss. 
• Significant changes in transfer pricing practices or operating profile. 
• Changes in tax accounting methods or policies. 
• Audit adjustments or unfavorable decisions in tax administrative appeals or litigation. 
• Other significant events that could negatively affect the reputation of Dow or its Board.
Given the size and complexity of its business and the volume of tax obligations, tax risk arises rel
Keyword: tax
ative to the interpretation of tax laws. Dow analyzes the tax consequences of 
transactions and events before they are undertaken and determines proper reporting required in tax filings. When necessary, Dow seeks the advice and counsel of tax experts 
around the world. 
For a description of the assurance around the tax related disclosures in connection with Form 10-K filed with the SEC, see Report of Independent Registered Public Accounting Firm 
beginning on page 58 of the Dow Inc. Annual Report on Form 10-K~.
207-3 Stakeholder engagement and management of concerns related to tax
Dow engages tax authorities with honesty, integrity, respect and fairness, and in a spirit of cooperative compliance. Dow seeks to resolve disputed matters through proactive and 
transparent discussion and negotiation, but
Keyword: tax
is prepared to litigate or exercise alternative rights to defend its position. Where Dow disagrees with a ruling or decision of a tax authority, 
its aim is to be professional, constructive and to maintain transparent disclosure in its relationships with tax authorities, recognizing that early resolution of risks is in the best interests 
of Dow and the tax authorities. Dow makes its tax returns as clear as possible and it tries to raise important issues proactively so that tax authorities can focus its resources 
effectively. If it is unclear how a tax law should be applied, Dow may engage with tax authorities in advance of undertaking transactions to confirm the correct application of such tax 
law. Tax laws are highly complex and, if Dow’s interpretation of the law differs from that of the tax authority, it seeks to resolve the differences in a professional, timely ma
Keyword: tax
Dow believes that good tax policy fosters economic stability and better lives for people around the world. Dow advocates for pro-growth tax policies that establish and maintain 
competitive tax rates with a focus toward simplifying and harmonizing tax laws around the world. Dow’s engagement with trade organizations and policymakers is based on the drive 
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DOW  I  2023 PROGRESS REPORT  I  95
to implement sustainable tax policies that avoid disadvantaging certain taxpayers to the benefit of others. Dow’s overriding goal is a level playing field for all taxpayers, no matter the 
jurisdiction or taxpayer size.
For more information on how Dow engages stakeholders, see 2-29 Approach to stakeholder engagement.
207-4 C
Keyword: tax
Values in the following table include taxes paid by region. Numbers are not shown for 2021 due to lack of granular data related to certain categories of taxes paid.
Payments to Government by Region
2023
2022
2021
($MM)
($MM)
($MM)
Europe, Middle East, Africa and India
$ 
600 $ 
771 
Asia Pacific
$ 
379 $ 
373 
North America
$ 
896 $ 
513 
Latin America
$ 
171 $ 
555 
Total
$ 
2,046 $ 
2,212 
OMISSION 207-4 Country-by-country reporting
Confidentiality constraints. Dow will continue to assess if additional disclosures are warranted on an annual basis.
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DOW  I  2023 PROGRESS REPORT  I  96
GRI 300 Environmental standards
GRI 301: Materials 2016
3-3 Management Approach
Environmental Compliance
Key Impacts
• Environmental compliance wi
Keyword: tax
2 2023 and 2022 figures were refined to include customs and duties, excise taxes and payroll taxes paid by the Company. 2021 figure has not been updated to include these items.
3 Includes charitable cash and in-kind donations and represents only a portion of the total value of Dow community contributions, which also includes volunteer time as well as other forms of
  financial support.
4 Negative economic value retained results from more economic value being distributed than retained for the period.
Financial investment contribution
In 2023, capital expenses (CapEx) were $2.4 billion and Dow’s Operating Return on Capital (ROC)1 was 6.4%. Dow returned over $2.6 billion to shareholders in the form of 
dividends and share repurchases. For additional information, see Dividends and Share Repurchase Program on pages 45-46 of the Dow Inc. Annu
Keyword: tax
Total tax paid
The total payments to government were $2,046 million. See disclosure GRI 207-4 Country-by-country reporting for regional breakdown of this spend.
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DOW  I  2023 PROGRESS REPORT  I  196
Analyst Data Summary
Scope 1 GHG Emissions1
millions metric tons CO2e
26.48
27.29
28.39
Scope 1 GHG Emissions - Excluding Emissions Associated with the Production of 
Power and Steam Not Consumed by the Company1
millions metric tons CO2e
21.48
21.84
22.55
Scope 2 GHG Emissions - Market Based2
millions metric tons CO2e
3.20
4.19
5.80
Scope 2 GHG Emissions - Location Based2
millions metric
Keyword: tax
‘+ Provision (credit) for income taxes
$ 
(4) $ 
1,450 $ 
1,740 
Income before income taxes
$ 
656 $ 
6,090 $ 
8,145 
‘- Interest income
$ 
229 $ 
173 $ 
55 
‘+ Interest expense and amortization of debt discount
$ 
746 $ 
662 $ 
731 
‘- Significant Items
$ 
(1,605) $ 
(11) $ 
(712) 
Operating EBIT (non-GAAP)
$ 
2,778 $ 
6,590 $ 
9,533 
Depreciation and amortization
$ 
2,611 $ 
2,758 $ 
2,842 
Operating EBITDA (non-GAAP)
$ 
5,389 $ 
9,348 $ 
12,375 
Reconciliation of “Cash provided by operating activities - continuing operations” to “Free cash flow” and “Cash flow conversion”
TWELVE MONTHS ENDED DECEMBER 31 In millions (Unaudited)
2023
2022
2021
Cash provided by operating activities - continuing operations (GAAP)
$ 
5,164 $ 
7,486 $ 
7,069 
Capital expenditures
$ 
(2,356) $ 
(1,
Keyword: tax
Significant items, after tax
$ (1,017.00) $ 
(22.00) $ 
(459.00) 
Operating net income available for Dow Inc. common shareholders (non-GAAP)
$ 
1,606.00 $ 
4,604.00 $ 
6,770.00 
Net income attributable to noncontrolling interests
$ 
71.00 $ 
58.00 $ 
94.00 
Gross interest expense
$ 
834.00 $ 
725.00 $ 
790.00 
Imputed interest expense - operating leases
$ 
62.00 $ 
56.00 $ 
67.00 
Tax on gross interest expense
$ 
(232.00) $ 
(179.00) $ 
(211.00) 
Operating net operating profit after tax (non-GAAP)
$ 
2,341.00 $ 
5,264.00 $ 
7,510.00 
Average total capital (non-GAAP)
$ 36,800.00 $ 34,935.00 $ 33,481.00 
Operating return on capital (non-GAAP)
 6.4 %
 15.1 %
 22.4 %
Non-GAAP Financial Measures 
This document includes financial information that does not conform to GAAP an
Keyword: tax
• Operating EBIT is defined as earnings (i.e., “income before income taxes”) before interest, excluding the impact of significant items.
• Operating EBITDA is defined as earnings (i.e., “income before income taxes”) before interest, depreciation and amortization, excluding the impact of significant items.
• Cash Flow Conversion is defined as “cash provided by operating activities – continuing operations” divided by operating EBITDA. Management believes cash flow conversion is 
an important financial metric as it helps the Company determine how efficiently it is converting its earnings into cash flow.
• Free Cash Flow is defined as “on cash flow provided by operating activities – continuing operations,” less capital expenditures. Under this definition, free cash flow represents the 
cash generated by Dow from oper
Keyword: tax
• Operating Net Income is defined as net income, excluding the after-tax impact of significant items.
• Operating Return on Capital (“ROC”) is defined as net operating profit after tax, excluding the impact of significant items, divided by total average capital, also referred to as 
ROIC.
Industry Peer Group
To assess the diversity of Dow’s Board and executive team, we examined the executive leadership teams of industry peers to determine the percentage of female and U.S. ethnic 
minority representatives. 
“Industry peers” refers to Arkema SA, BASF Corporation, Borealis Exploration Ltd, Celanese Corporation, Chevron Phillips, Covestro AG, Eastman Chemical Co., Exxon Chemicals, 
Huntsman Corporation, LyondellBasell Industries N.V., Shin-Etsu Chemical Co. Ltd., and Wacker Chemie AG.
___       ---------___________
Keyword: governance
Corporate Governance
64	 Accountability in Action Through Corporate 
Governance
65	 Balanced, Effective Board Leadership
66	 An Independent, Qualified and Diverse Board
67	
Driving Performance With Strong Oversight 
Responsibilities and Leadership Engagement
68	 Engaging With Stakeholders
69	 Enterprise Risk Management Approach and 
Process
70	
Supporting Our Company Priorities Through Our 
Compensation Practices
71	
Ensuring a Culture of Integrity
Reporting & Disclosures
73	
GRI Disclosure Report 
168	 GRI Assurance Statement
169	 Greenhouse Gas (GHG) Protocol Disclosure 
Report
175	 GHG Protocol Assurance Statement
176	 Task Force on Climate-related Financial 
Disclosures (TCFD) Report
188	 Sustainability Accounting Standards Board 
(SASB) Disclosure Report
Keyword: governance
we continued to strengthen our governance practices and further our commitment to 
transparency and accountability throughout 2023. 
•	 We enhanced disclosures for Board of Director qualifications, enterprise risk 
management and leadership succession planning.
•	 We refreshed the Dow Code of Conduct in alignment with industry best practices.
•	 Our 2023 environmental, social and governance disclosures were aligned to five 
leading standards and frameworks – Global Reporting Initiative, Greenhouse 
Gas Protocol, Taskforce on Climate-related Financial Disclosures, Sustainability 
Accounting Standards Board and World Economic Forum Stakeholder Capitalism 
Metrics. 
I’m proud of what Team Dow accomplished in 2023 to create value and advance 
our ambition. Our colleagues are shaping a
Keyword: governance
Strong corporate governance through 
transparency, risk management, effective 
leadership, ethical compliance and 
behavior, and stakeholder feedback and 
management
Transform plastic waste and other 
forms of alternative feedstocks to 
commercialize 3 million metric tons 
of circular and renewable solutions 
annually
Enable 100% of Dow products sold into 
packaging applications to be designed 
for reusability and recyclability3
Reduce net annual carbon emissions
1 
by 5 million metric tons versus our 2020 
baseline1 (15% reduction)
Implement a robust land management 
strategy
Our top 20 water-dependent sites will 
have water stewardship plans, and 10 of 
those sites will be water-resilient2
All Dow sites will have water 
stewardship plans
Be carbon neutral (Scopes 1
Keyword: governance
Governance Steering Team
	
▼Dow Company Foundation Board
	
▲Inclusion metrics included in our 
Annual Performance Award program 
for approximately 3,000 people 
leaders and senior leaders
	
▲Annual employee survey includes 
ID&E questions to track and drive 
progress
	
▲Volunteer-based employee resource 
groups (ERGs)
	
▲Team Dow engaged and empowered 
to advance inclusion around the Dow 
world
Top-Down Commitment
Bottom-Up Alignment and Action
GOVERNANCE
Institutionalize an  
ALL INclusive culture 
and equitable practices
REPUTATION
Establish a leadership 
position and be 
recognized as a great 
place to work for all
CUSTOMERS
Positively impact  
the customer experience
COMMUNITIES
Strengthen communities 
where we live, work  
and do business
TALENT
Keyword: governance
and Governance
	- Leading Disability Employer Seal 
by the National Organization on 
Disability
	- Top score on the Disability 
Equality Index
® 
	- Named among the PEOPLE 
Companies that Care
® by Great 
Place To Work® and PEOPLE
Recognized Externally as a Leader in ID&E
Dow Wins Ascend ERG Impact Award 
In 2023, Dow received the ERG Impact Award from Ascend, a global network that promotes the 
advancement of Pan-Asian professionals in the workplace. The award recognized the efforts of 
Dow’s Asian Diversity Network (ADN) to provide opportunities for Pan-Asian employees to be heard 
and to reach their full potential. 
ERG SPOTLIGHT
Improved 
Workforce Diversity 
Representation
	- 28.1% U.S. ethnic minority 
representation (+0.6% 
points since 2022)
	- 2
Keyword: governance
education around our pay policies and improving governance of our pay practices, 
with a deliberate focus on ensuring equitable pay and opportunities for all.
99¢
Amount women 
earn compared 
to every dollar 
men earn.
98¢
Amount U.S. 
ethnic minorities 
earn compared to 
every dollar non-
minorities earn.
1 Base pay is calculated as the average base pay salary. 
2 STI is calculated based on the actual STI award paid.
3 LTI is calculated based on the actual LTI granted to 
eligible roles. 
4 Gender is evaluated globally excluding Germany and 
ethnic minority is evaluated for the United States only.
For more information, see the annual total compensation ratio section on p. 82 of the GRI report in Reporting & Disclosures.
DOW   |   2023 Progress Report   |   43
CULTIVATING A THRIVING TEAM AND COMMU
Keyword: governance
Accountability in Action Through Corporate Governance
Our approach to corporate governance is centered on our core values and helps us create and maintain a culture that supports our long-term success, 
strengthens decision-making and builds trust in our Company.
Implemented enhanced disclosures of Board member 
qualification and leadership succession planning 
Expanded disclosure of our enterprise risk 
management approach and process
Continued our emphasis on Board oversight and 
responsibility for environmental, social and governance 
(ESG) performance
Refreshed the Dow Code of Conduct in alignment with 
industry best practices and formalized the role of chief 
compliance officer as a corporate officer
Continued to outpace industry peers with the 
percentage of Board members and executive
Keyword: governance
governance principles, best 
practices and framework.
2023 Highlights
Guidelines, 
Practices and 
Policies 
Corporate Governance Guidelines
Bylaws
Certificate of Incorporation
Director Independence Standards 
Board Committee Charters and Membership
Dow Code of Conduct
Code of Financial Ethics 
Human Rights 
Responsible Sourcing: Conflict Minerals 
U.S. Public Policy and Political Engagement
Corporate Governance
DOW   |   2023 Progress Report   |   64
DRIVING ACCOUNTABILITY AND BEST-IN-CLASS PERFORMANCE
Balanced, Effective Board Leadership
Dow’s leadership starts with our diverse and highly skilled Board of Directors. Among other duties, the Board 
oversees and guides Dow’s strategy, environmental, social and governance priorities, and risk
Keyword: governance
Corporate Governance
Chair & CEO
Jim Fitterling
Balanced Leadership Structure
Extensive industry experience and knowledge of  
business operations, risks and strategy
Liaison between shareholders, Directors and employees 
with accountability for company performance
Independent Lead Director
Richard K. Davis
Corporate governance guidelines require clear responsibilities to ensure independent Board oversight 
•	 Governance practices ensure a strong and independent Board. 
•	 Effective leadership protects long-term interests of shareholders and strengthens management accountability.
•	 The Board’s leadership structure is regularly reviewed, and it is recognized that the combination or separation of the CEO 
and chair roles is driven by the needs of the Company at
Keyword: governance
Significant experience with corporate governance  
and public company management
Liaison between the Board chair and the independent 
Directors; primary Board contact for shareholder 
communications with the independent Directors
Effective Board Leadership, Independent Oversight, Strong Corporate Governance
•	 11 of 12 Directors are independent
•	 Election of independent Lead Director with robust and well-defined responsibilities
•	 Robust committee structure composed of independent Directors
•	 Demonstrated Board refreshment, emphasizing diverse thought and experience
•	 Active Board and committee oversight of priorities, risk management and performance
Richard K. Davis joined Dow’s 
Board in 2015 and has served 
as Independent Lead Director 
since 2021. He brings a deep 
familiarity wi
Keyword: governance
business, corporate governance, 
risk management and leadership 
experience, particularly in industries 
subject to extensive regulation, as a 
former chairman and chief executive 
officer of U.S. Bancorp, one of the 
largest U.S. commercial banks. 
He has extensive experience and 
knowledge of international business 
operations, financial services and 
capital allocation. The clearly defined 
responsibilities of the Lead Director 
include: 
•	 Leading executive sessions with 
independent Directors with a focus 
on Board effectiveness
•	 Setting and approving the Board 
agenda and materials and calling 
Board meetings in consultation with 
the Board and committee chairs
•	 Facilitating communication between 
the Board and management 
•	 Serving as the focal point for 
s
Keyword: governance
Corporate Governance
An Independent, Qualified and Diverse Board
We are committed to maintaining a Board of Directors that is representative of society and is best equipped to help steward Dow’s strategy, performance 
and enterprise risk management. Collectively, our Directors provide a balance of perspectives and bring the relevant skills and expertise to help our Company 
compete, innovate and deliver. 
Dow’s Board continues to outpace 
the S&P 500 on U.S. ethnic minority 
diversity1
1	 Based on third-party benchmarking data.
2	 Reflects cumulative years served as a Dow Director, a 
TDCC-designated Director serving as a DowDuPont Inc. 
Director, a member of the DowDuPont Inc. Materials 
Advisory Committee, or a TDCC Director as applicable as 
of April 11, 2
Keyword: governance
Corporate Governance
	 Environment, Health, Safety & 
Technology
	 Committee Chair
	 Audit
Richard K. Davis
Independent Lead Director, Dow 
Former Executive Chairman and Chief 
Executive Officer, U.S. Bancorp
White/Male 
 
 
Samuel R. Allen 
Former Chairman and Chief Executive 
Officer, Deere & Company
White/Male  
 
Jill S. Wyant
President and Chief Executive Officer, 
Madison Air
White/Female  
 
Daniel W. Yohannes 
Former U.S. Ambassador to the Organisation 
for Economic Co-operation and Development
Black/Male  
 
Luis Alberto Moreno 
Managing Director, Allen & Co LLC;  
Former President, Inter-American 
Development Bank
Latino/Male  
 
Debra L. Dial
Former Senior Vice President, Chief 
Accounting Officer and Controller, AT&T Inc.
White/Female  
 
Jeff M. F
Keyword: governance
governance
Public policy
Environmental/
climate-related 
Social purpose
Marketing and 
brand management
DOW   |   2023 Progress Report   |   66
DRIVING ACCOUNTABILITY AND BEST-IN-CLASS PERFORMANCE
Driving Performance With Strong Oversight Responsibilities 
and Leadership Engagement
The Board actively oversees and engages with executive management in stewardship of the Company’s strategy, environmental, social and governance 
priorities, enterprise risk management and overall performance. Executive management leads cross-functional efforts to set strategy; oversees the activities 
related to assessing and managing relevant risks and opportunities; and engages key stakeholders across our priorities. 
Board committees composed of independent Directors a
Keyword: governance
The responsibilities of the Board and its committees are aligned with leadership accountability across environmental, social and governance priorities. 
Board Oversight
Environment, Health, Safety & Technology Committee
Compensation & Leadership  
Development Committee
Corporate 
Governance  
Committee
Audit Committee
The Board actively 
oversees and 
engages with 
management in 
stewardship of the 
Company’s strategy, 
risk management and 
overall performance
Environmental performance, health, safety, community, corporate citizenship, 
social responsibility, public policy, sustainability, climate, science and 
technology
Inclusion, diversity and equity, 
work environment and culture, 
remuneration and incentives 
to drive accountability and 
progress on the Company’s 
financial, environmental, social 
and governance performance
Corporate 
governance 
framework, Board 
composi
Keyword: governance
governance 
best practices, 
compliance with 
legal and regulatory 
requirements and 
reporting frameworks
External reporting, risk 
management, internal 
controls, compliance 
with legal and regulatory 
requirements and 
reporting frameworks
Management & 
Accountability
Environmental Performance
Community
Inclusion, Diversity  
& Equity
Corporate 
Governance
Company executive 
management 
actively leads cross-
functional efforts to 
set strategy, oversee 
the activities related 
to assessing and 
managing relevant 
risks/opportunities, 
and engage key 
shareholders across 
our priorities
•	 Environmental, Social and Governance 
Steering Team
•	 Climate Steering Team
•	 Sustainability Team
•	 Circularity Project Management Office
•	 Science & Technol