Ashland achieves certification by Fair Wage Network
Ashland (NYSE:ASH) has achieved certification as a Global Living Wage Employer by the Fair Wage Network (FWN). Through rigorous analysis and data review, Ashland assessed and remediated pay gaps among its 3,800 global employees, ensuring wages meet or exceed living wage standards. This certification underscores Ashland's commitment to equitable compensation and supports its environmental, social, and governance (ESG) goals. The process involved anonymous compensation data reviews and employee surveys across various regions. CEO Guillermo Novo emphasized the company's dedication to fair wages and equal pay.
- Achieved certification as a Global Living Wage Employer by the Fair Wage Network.
- Ensured all 3,800 global employees receive wages that cover basic needs beyond local statutory minimums.
- Demonstrated a commitment to equitable compensation and ESG practices.
- Undertook a rigorous and thorough process to review and remediate pay gaps.
- Anonymous data review and comprehensive employee surveys were part of the certification process.
- Supports Ashland's compensation philosophy of providing living wages and equal pay for equal work.
- Enhances the company's reputation for social responsibility and sustainability.
- The certification process may have involved significant costs and resource allocation.
- Potential ongoing expenses to maintain living wage standards globally.
- Any identified pay gaps could reflect previously existing inequities within the company.
WILMINGTON, Del., June 18, 2024 (GLOBE NEWSWIRE) -- Ashland Inc. (NYSE:ASH) has strengthened its performance towards environmental, social and governance (ESG) practices and a more just and equitable society through a relationship with the Fair Wage Network (FWN) to understand living wages for the company’s 3,800 global employees. Following a rigorous and thorough process where compensation data for all employees was reviewed on an anonymous basis and steps were taken to remediate any pay gaps, Ashland achieved certification as a Global Living Wage Employer.
Distinct from an audit approach, Fair Wage is an economically rigorous standard and methodology designed to assess, develop and optimize wage policies. Fair Wage encompasses sustainability dimensions like Living Wage and Equal Salary but is more comprehensive and systematically correlates those indicators with performance and profitability indicators. As part of the process to verify results, surveys were sent to randomly selected Ashland employees by FWN in the many different regions in which the company operates.
A living wage is one that covers one’s basic needs such as housing, food, water, healthcare, transportation, clothing and education for the employee and their dependents. A living wage goes beyond simply fulfilling the local statutory minimum wage requirement.
“As part of Ashland’s compensation philosophy, we are committed to providing a living wage to all our solvers as well as equal pay for equal work,” said Guillermo Novo, chair and chief executive officer, Ashland. “This accreditation is a direct reflection of Ashland’s commitment to our philosophy and desire to raise the standard of living while decreasing bias in compensation practices.”
To learn more, visit Ashland.com/fairwage
About Ashland
Ashland Inc. (NYSE: ASH) is a global additives and specialty ingredients company with a conscious and proactive mindset for environment, social and governance (ESG). The company serves customers in a wide range of consumer and industrial markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care and pharmaceutical. Approximately 3,800 passionate, tenacious solvers – from renowned scientists and research chemists to talented engineers and plant operators – thrive on developing practical, innovative and elegant solutions to complex problems for customers in more than 100 countries. Visit ashland.com and ashland.com/ESG to learn more.
™ Trademark, Ashland or its subsidiaries, registered in various countries.
FOR FURTHER INFORMATION:
| Investor Relations: | Media Relations: |
| William Whitaker | Carolmarie C. Brown |
| +1 (614) 790-2095 | +1 (302) 995-3158 |
| wcwhitaker@ashland.com | ccbrown@ashland.com |
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