Chegg Publishes Annual Environmental, Social, and Governance (ESG) Report

Rhea-AI Summary

Chegg, a leading student-first learning platform, published its third annual ESG report for 2023, detailing its Environmental, Social, and Governance (ESG) initiatives. The report includes a full Scope 1, 2, and 3 greenhouse gas (GHG) inventory and aligns with GRI and SASB reporting frameworks. Key highlights include the launch of a new global corporate matching program for charitable donations, over $600,000 donated to non-profits, and significant impact from its Global Day of Impact. Chegg received an AAA rating from MSCI for ESG and recognition from S&P Global as an Industry Mover and Sustainability Yearbook Member.

Positive

• Chegg completed its first full Scope 1, 2, and 3 GHG inventory for 2023.
• Launched a new global corporate matching program for employees’ charitable donations.
• Chegg.org Impact Fund donated over $600,000 to non-profits in 2023.
• Rated AAA by MSCI for ESG, the highest possible rating.
• Received recognition from S&P Global as an Industry Mover and Sustainability Yearbook Member.
• Significant impact from the second annual Global Day of Impact, including packaging over 73,000 pounds of food and assembling STEAM learning kits for over 2,000 students.

Negative

• The report indicates only a assurance on emissions disclosures, which might raise concerns about the comprehensiveness of the data.
• No specific financial performance metrics or growth figures were disclosed, making it hard to assess the financial impact of these initiatives.

Chegg published its third annual ESG report for 2023, including a complete Scope 1, 2, and 3 greenhouse gas (GHG) inventory

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Chegg, Inc. (NYSE:CHGG), the leading student-first connected learning platform, published its third annual Environmental, Social, and Governance (ESG) report for the 2023 reporting year. The report covers key milestones, policies, programs, and disclosures across the company’s six ESG pillars: Focus on People, Act Responsibly, Help Learners, Operate Sustainably, Give Back, and Govern Effectively. The report also aligns disclosures to various reporting frameworks (GRI and SASB) and addresses our program’s alignment with the U.N. Sustainable Development Goals (SDG).

2023 Chegg Environmental Social & Governance Report (Graphic: Business Wire)

“In the face of global challenges over the last few years, Chegg has deepened our commitment to putting our students first and creating a positive impact for all our stakeholders through our ESG practices,” said Nathan Schultz, president and CEO of Chegg, Inc. “Helping learners succeed is our guiding principle, and we know that we can serve more learners, innovate faster, and deliver better business results when we prioritize employee well-being, foster diverse and inclusive environments, and champion sustainable practices.”

“By actively addressing our material ESG issues, we mitigate risks, enhance operational efficiency, and foster trust among stakeholders,” said Tracey Ford, VP, Investor Relations and ESG at Chegg. “Embracing ESG isn’t just the right thing to do; it’s a strategy imperative that drives shareholder value.”

Among the many highlights in the 2023 ESG report, Chegg:

• Completed its first full Scope 1, 2, and 3 GHG inventory for the 2023 reporting year, and 2023 represents our second year in which we engaged an external third party to provide limited assurance on our emissions disclosures.
• Launched a new global corporate matching program for employees’ charitable donations.
• Chegg.org Impact Fund donated over $600,000 to non-profits in 2023¹ with a focus on the following U.N. SDGs: Quality Education, Good Health & Wellbeing, and Decent Work & Economic Growth.
• Achieved impressive impact and engagement from our second annual Global Day of Impact, including packaging over 73,000 pounds of food and assembling STEAM learning kits for over 2,000 students, and much more.

Chegg is rated AAA by MSCI for ESG, the highest possible rating, with the most recent ESG report updated in May 2024. Chegg is also categorized as an Industry Mover and Sustainability Yearbook Member by S&P Global as a part of its annual Corporate Sustainability Assessment.

To learn more about Chegg’s commitment to ESG efforts, view the report in full here, and view our ESG website.

About Chegg

Millions of people all around the world learn with Chegg. No matter the goal, level, or style, Chegg helps learners learn with confidence. We provide 24/7 on-demand support, and our personalized learning assistant leverages the power of artificial intelligence (“AI”), more than a hundred million pieces of proprietary content, as well as a decade of learning insights. Our platform also helps learners build essential life and job skills to accelerate their path from learning to earning, and we work with companies to offer learning programs for their employees. Chegg is a publicly held company and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com.

¹ Chegg.org Impact Fund is run through the Tides Foundation

View source version on businesswire.com: https://www.businesswire.com/news/home/20240606876047/en/

ir@chegg.com

Source: Chegg

FAQ

What are the highlights of Chegg's 2023 ESG report?

The highlights include a new global corporate matching program for charitable donations, over $600,000 donated to non-profits, and significant impact from its Global Day of Impact.

How did Chegg perform in its ESG ratings?

Chegg received an AAA rating from MSCI for ESG and was recognized as an Industry Mover and Sustainability Yearbook Member by S&P Global.

What is included in Chegg's GHG inventory for 2023?

Chegg's 2023 GHG inventory includes a full Scope 1, 2, and 3 greenhouse gas emissions assessment.

How much did Chegg donate to non-profits in 2023?

Chegg.org Impact Fund donated over $600,000 to various non-profits in 2023.

What specific initiatives were part of Chegg's Global Day of Impact?

During the Global Day of Impact, Chegg packaged over 73,000 pounds of food and assembled STEAM learning kits for over 2,000 students.