Quest Diagnostics Upholds Strong Governance and Ethics With Robust Oversight, ESG Integration, and Comprehensive Risk Management
Quest Diagnostics has released details about its corporate governance and ethics framework in its 2023 Corporate Responsibility Report. The company, with over 56 years of experience and 70 billion data points, maintains strong oversight through its Board of Directors and Executive Leadership team.
Key highlights include:
- Board composition featuring 50% women and/or diverse race/ethnicity representation, with 9 independent members
- Six specialized board committees overseeing various aspects of operations
- 2023 achievements including $343 million spent with small and diverse US businesses
- Over 95% employee completion rate for compliance training
The company has set ambitious 2025/2026 goals, including expanding ESG risk assessments of key suppliers and growing spend with small and diverse suppliers to $500 million. Quest's ESG Council meets quarterly to drive integration of ESG initiatives, while the Enterprise Risk Management program promotes risk awareness throughout operations.
Quest Diagnostics ha pubblicato i dettagli sul suo framework di governance aziendale ed etica nel Rapporto di Responsabilità Sociale Aziendale 2023. L'azienda, con oltre 56 anni di esperienza e 70 miliardi di punti dati, mantiene una forte supervisione attraverso il suo Consiglio di Amministrazione e il team di Leadership Esecutiva.
I punti salienti includono:
- Composizione del consiglio con il 50% di donne e/o rappresentanza di razza/etnia diverse, con 9 membri indipendenti
- Sei comitati di consiglio specializzati che sovrintendono a vari aspetti delle operazioni
- Risultati del 2023, tra cui 343 milioni di dollari spesi con piccole e diverse imprese statunitensi
- Oltre il 95% di tasso di completamento della formazione per la conformità da parte dei dipendenti
L'azienda ha fissato obiettivi ambiziosi per il 2025/2026, tra cui l'espansione delle valutazioni dei rischi ESG dei fornitori chiave e l'aumento della spesa con piccoli e diversi fornitori a 500 milioni di dollari. Il Consiglio ESG di Quest si riunisce trimestralmente per guidare l'integrazione delle iniziative ESG, mentre il programma di Gestione del Rischio Enterprise promuove la consapevolezza dei rischi in tutte le operazioni.
Quest Diagnostics ha publicado detalles sobre su marco de gobernanza corporativa y ética en su Informe de Responsabilidad Corporativa 2023. La empresa, con más de 56 años de experiencia y 70 mil millones de puntos de datos, mantiene una sólida supervisión a través de su Junta Directiva y su equipo de Liderazgo Ejecutivo.
Los aspectos destacados incluyen:
- Composición de la junta con un 50% de mujeres y/o representación de razas/etnias diversas, con 9 miembros independientes
- Seis comités de la junta especializados que supervisan varios aspectos de las operaciones
- Logros de 2023, incluyendo 343 millones de dólares gastados con pequeñas y diversas empresas de EE. UU.
- Tasa de finalización de formación en cumplimiento de más del 95% entre los empleados
La empresa ha establecido objetivos ambiciosos para 2025/2026, incluyendo la expansión de las evaluaciones de riesgos ESG de proveedores clave y aumentar el gasto con pequeños y diversos proveedores a 500 millones de dólares. El Consejo ESG de Quest se reúne trimestralmente para impulsar la integración de iniciativas ESG, mientras que el programa de Gestión de Riesgos Empresariales promueve la concienciación sobre los riesgos en todas las operaciones.
퀘스트 다이애그노스틱스는 2023년 기업 책임 보고서에서 기업 거버넌스 및 윤리 프레임워크에 대한 세부 정보를 발표했습니다. 56년 이상의 경험과 700억 개의 데이터 포인트를 보유한 이 회사는 이사회와 경영진 팀을 통해 강력한 감독을 유지하고 있습니다.
주요 하이라이트는 다음과 같습니다:
- 여성 및/또는 다양한 인종/민족 대표가 50%인 이사회 구성, 독립 이사 9명
- 운영의 다양한 측면을 감독하는 6개의 전문 위원회
- 2023년 성과로 3억 4천3백만 달러를 소규모 및 다양한 미국 기업에 지출
- 직원 준수 교육 이수율 95% 이상
회사는 2025/2026년에 대한 야심 찬 목표를 설정했으며, 주요 공급업체의 ESG 위험 평가를 확장하고 소규모 및 다양한 공급업체에 대해 5억 달러로 지출을 증가시키는 것을 목표로 하고 있습니다. 퀘스트의 ESG 위원회는 ESG 이니셔티브 통합을 추진하기 위해 분기마다 회의하며, 기업 위험 관리 프로그램은 모든 운영에서 위험 인식을 촉진합니다.
Quest Diagnostics a publié des détails sur son cadre de gouvernance d'entreprise et d'éthique dans son Rapport de Responsabilité Sociétale des Entreprises 2023. L'entreprise, forte de plus de 56 ans d'expérience et de 70 milliards de points de données, maintient une supervision solide à travers son Conseil d'Administration et son équipe de direction.
Les points clés incluent:
- Composition du Conseil avec 50 % de femmes et/ou de personnes issues de divers groupes raciaux/ethniques, avec 9 membres indépendants
- Six comités spécialisés supervisant divers aspects des opérations
- Réalisations de 2023, notamment 343 millions de dollars dépensés auprès de petites entreprises et d'entreprises diverses aux États-Unis
- Taux d'achèvement de la formation sur la conformité de plus de 95 % des employés
L'entreprise a fixé des objectifs ambitieux pour 2025/2026, y compris l'expansion des évaluations des risques ESG des fournisseurs clés et l'augmentation des dépenses auprès de petits fournisseurs diversifiés à 500 millions de dollars. Le Conseil ESG de Quest se réunit chaque trimestre pour promouvoir l'intégration des initiatives ESG, tandis que le programme de Gestion des Risques Entreprise favorise la sensibilisation aux risques dans toutes les opérations.
Quest Diagnostics hat Einzelheiten zu seinem Corporate Governance- und Ethikrahmen in seinem Corporate Responsibility Report 2023 veröffentlicht. Das Unternehmen, das über 56 Jahre Erfahrung und 70 Milliarden Datenpunkte verfügt, hält durch seinen Vorstand und sein Führungsteam eine starke Aufsicht aufrecht.
Hauptpunkte sind:
- Zusammensetzung des Vorstands mit 50 % Frauen und/oder Vielfalt in Rasse/Ethnie sowie 9 unabhängige Mitglieder
- Sechs spezialisierte Ausschüsse des Vorstands, die verschiedene Aspekte des Betriebs überwachen
- Erfolge im Jahr 2023, einschließlich 343 Millionen Dollar, die für kleine und vielfältige US-amerikanische Unternehmen ausgegeben wurden
- Über 95 % Abschlussquote bei der Compliance-Schulung der Mitarbeiter
Das Unternehmen hat ehrgeizige Ziele für 2025/2026 gesetzt, darunter die Erweiterung der ESG-Risikoassessments für wichtige Lieferanten und die Steigerung der Ausgaben für kleine und vielfältige Lieferanten auf 500 Millionen Dollar. Der ESG-Rat von Quest trifft sich vierteljährlich, um die Integration von ESG-Initiativen voranzutreiben, während das Enterprise Risk Management-Programm das Risikobewusstsein in den gesamten Betrieben fördert.
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Originally published in Quest Diagnostics' 2023 Corporate Responsibility Report
NORTHAMPTON, MA / ACCESSWIRE / December 23, 2024 / For more than 56 years, Quest has been a leading provider of diagnostic information services with over 70 billion data points based on de-identified patient results. Robust corporate governance has been crucial to our success.
Our Board of Directors and Executive Leadership guide our high standards of business ethics and integrity, including in our supply chain. The Board oversees our ESG and critical business priorities by establishing governance structures that create accountability, affirm leadership commitment to these issues, and help us deliver best-in-class care to our patients.
Governance and ethics
2025/2026 goals
Expand ESG risk assessments of key suppliers that comprise the majority of our total spend
Grow our spend with small and diverse suppliers in the US to
$500 million by 2026
2023 progress
Over
53% of suppliers based on annual spend successfully completed their assessmentsQuest purchased
$343 million in goods and services from small and diverse US businesses
Governance
Quest's corporate governance structure helps us maintain high-integrity operating standards in everything we do.
Our executive leadership team adopts and executes policies and procedures that promote ethical, transparent, and purposeful business practices. Our Board of Directors oversees our executive leadership team and receives regular, quarterly updates on progress toward our identified priorities and objectives, including our ESG goals.
BOARD OF DIRECTORS*
The expertise of our Board of Directors helps us operate with the ambition and excellence our customers, employees, shareholders, and other stakeholders expect. Of Quest's Board members:
50% are women and/or represent a diverse race/ethnicity9 members are independent
Learn more about our Board of Directors and their experience.
BOARD COMMITTEES
The Board regularly reviews information regarding our business and industry through 6 committees.
Audit & Finance: Monitors the quality and integrity of Quest's financial statements and related disclosures and advises with regard to certain financing transactions and other significant financial policies and actions. Oversees compliance with securities and accounting laws and regulations, the internal audit function, audits by the independent registered public accounting firm, and enterprise risk management.
Compensation & Leadership Development: Reviews and approves corporate goals and objectives relevant to the compensation of the CEO and evaluates the performance of the CEO in light of those goals. Oversees the implementation of the total compensation package for Quest's executive leadership team and reviews the long-term incentive and equity compensation plans for employees, supports the Board in succession planning for Quest's CEO and senior management, and oversees talent management and leadership development.
Cybersecurity: Oversees Quest's cybersecurity policies, plans, programs and practices, and risks related to cybersecurity and data security. Reviews compliance with related legal and regulatory requirements.
Executive: May act for the Board, except with respect to certain major corporate matters such as mergers, the appointment of directors to fill vacancies, removal of the CEO, amendment of Quest's certificate of incorporation or by-laws, declaration of dividends, and matters delegated to other Board committees.
Governance: Identifies and recommends Board director nominees for election, assists the Board in the oversight of ESG matters, and monitors developments in corporate governance. Oversees the Board and Board committees' annual self-evaluation processes and engagement efforts with stockholders and other key stakeholders.
Quality & Compliance: Reviews Quest's compliance program and department, medical quality assurance programs and performance, and government affairs program. Monitors legal matters and compliance with legal and regulatory requirements, as well as significant investigations as they relate to possible violations of the law or medical quality complaints.
Review our full committee charters in our 2024 Proxy Statement.
CORPORATE RESPONSIBILITY GOVERNANCE
Our ESG Council consists of cross-functional leaders across the organization who are dedicated to supporting our evolving approach to ESG. The Council meets quarterly to drive integration of ESG initiatives, align them with business priorities and company purpose, provide insights on emerging topics, contribute to disclosure strategy and oversight, and keep our Board informed about our progress on ESG goals.
To further support this effort, in 2023 we formed internal committees to strengthen governance and rigor of our annual reporting. These committees provide oversight and guidance around our voluntary disclosures including our environmental footprint. We also expanded our investment in limited assurance in 2023, working with a third-party provider to verify several categories within our Scope 3 greenhouse gas emissions data. We believe such independent corroboration enhances the credibility and transparency of our environmental reporting.
ETHICS AND COMPLIANCE
Our Code of Ethics (the Code) is an important part of our commitment to integrity and sets out the principles and policies that apply to our employees, directors, executives, vendors, contractors, and business partners. A note from our CEO, Jim Davis, opens the Code, reinforcing our focus on fostering a culture of compliance across all levels of our workforce. Employees have a duty to speak up and flag issues by either reporting them directly to their supervisor or compliance staff or using CHEQline, our anonymous hotline and online reporting portal managed by a third-party vendor. We then open an investigation into these concerns and track them through to closure.
To help instill our culture of compliance, we conduct annual training for all employees and provide specific training for new hires, who must complete the online modules within 30 days of start date. In 2023, over
ENTERPRISE RISK MANAGEMENT
Quest's ERM program is designed to promote a culture of risk awareness throughout our key business operations and support functions, and is overseen by our Board of Directors and managerially driven by our executive leadership team. The program is integrated into our governance, performance management, and internal control frameworks and entails a formal and continuous risk assessment process. This process enables management to identify, evaluate, mitigate, and manage identified and emerging risks that are influenced by both internal and external conditions that could significantly impact business strategy and performance.
For additional details, visit our ERM page.
* This content reflects Board composition and committees as of report publish date.
View additional multimedia and more ESG storytelling from Quest Diagnostics on 3blmedia.com.
Contact Info:
Spokesperson: Quest Diagnostics
Website: https://www.3blmedia.com/profiles/quest-diagnostics
Email: info@3blmedia.com
SOURCE: Quest Diagnostics
View the original press release on accesswire.com
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