Keysight Releases 2023 Corporate Social Responsibility Report and Disclosures

Rhea-AI Summary

Keysight Technologies released its 2023 Corporate Social Responsibility (CSR) Report, highlighting advancements in environmental sustainability, social impact, ethical business practices, and governance. The report, aligned with GRI and SASB standards, showcases significant achievements, including surpassing social impact goals, making progress toward net zero emissions by 2040, and not incurring any material negative impacts from CSR-related matters. Highlights include the approval of near-term science-based targets, an increase in global renewable electricity to 5%, and engaging over 1.8 million students in STEM education. Keysight committed $319 million to community strengthening efforts and improved diversity and inclusion in its workforce.

Positive

• Surpassed social impact goals by engaging over 1.8 million students in STEM education.
• Committing $319 million to community strengthening, surpassing the $250 million target.
• Increased global renewable electricity portfolio to approximately 5% due to solar energy projects.
• Approved near-term science-based targets covering all emission scopes.
• No material negative impacts to income statement from CSR-related matters in FY2023.
• Met diversity and inclusion goals, increasing representation of women and underrepresented minorities in new hires.

Negative

• Progress toward net zero emissions by 2040 still ongoing, with significant work needed.
• Renewable electricity portfolio only at 5%, indicating much room for improvement.

• Report highlights progress in environmental, social, and governance efforts worldwide and details achievements in fostering an inclusive environment
• Keysight significantly surpassed many 2023 Corporate Social Responsibility key impact goals

 

SANTA ROSA, Calif.--(BUSINESS WIRE)-- Keysight Technologies, Inc. (NYSE: KEYS) released its 2023 Corporate Social Responsibility (CSR) Report, highlighting the company’s recent environmental sustainability, social impact, ethical business and governance, diversity, and equity achievements. The report, with its accompanying 2023 CSR Data Report, encompasses Keysight’s sustainability performance in fiscal year 2023 and includes operations worldwide, unless otherwise noted. Data includes disclosures that have been prepared with reference to the Global Reporting Initiative (GRI) revised universal topic standards and aligned to the Sustainability Accounting Standards Board (SASB) frameworks, as well as additional human capital metrics not included in the mentioned frameworks.

Keysight’s 2023 CSR Report showcases how the company progressed toward long-term goals, exceeded its key impact goals in the social space, and met its ethical business and governance goals. These goals were attained all while continuing to make positive contributions to purposeful technology and transparency with key environmental, social, and governance (ESG) reporting frameworks.

Made progress toward environmental sustainability goals

The company made progress in environmental sustainability related to its commitment to net zero emissions for business operations by the end of fiscal year 2040, aligning with the Paris Agreement's preferred goal of limiting global warming to 1.5°C. Highlights include:

• Approval of the company’s near-term science-based targets (SBTs) by the Science Based Targets initiative covering all three scopes of emissions.
• Completed the company's first quantitative climate-related scenario analysis, covering a range of warming trajectories from 1.5°C to 3.3°C.
• Continued its practice of transparency with the release of the company's first Taskforce on Climate-Related Financial Disclosures (TCFD) Report in 2023.
• Due to a full year of production from the Penang, Malaysia rooftop solar array, the company increased its total global renewable electricity portfolio to approximately 5%.
• Continuing progress toward its energy reduction goal, including the completion of an estimated 10,000 megawatt hours (MWh) of annual energy reduction projects.

Surpassed all social impact goals for fiscal year 2023

Keysight significantly surpassed its goals for positive social impact by focusing on community and education and advancing diversity and inclusion. Progress includes:

• Continued science, technology, engineering, and math (STEM) education efforts and partnerships to further extend the company’s reach and equity impact. This resulted in more than 1.8 million students, future engineers and technology skill learners engaged in fiscal year 2023 surpassing our goal of 1.5 million students.
• Committing more than $319 million in value to strengthen communities through philanthropic, volunteerism and community engagement actions, which surpassed its $250 million goal for the fiscal year.
• Exceeded goals to increase the percentage of new hires globally that identify as women, and new hires in the US that identify as underrepresented minorities¹, while moving towards more balanced representation overall and across our leadership team.

Met stated goals for ethical business and governance in fiscal year 2023

The company met its ethical governance goals by not incurring any material negative impacts to its income statement from CSR-related matters in fiscal year 2023. This achievement aligns to Keysight’s ethical operations and business commitments through the company’s robust governance, which is provided by its Standards of Business Conduct (SBC), corporate policies, board and risk oversight, and environmental, health, and safety programs to name a few.

Continued quest to build a better planet

The Keysight 2023 CSR and Data Reports demonstrate the company’s mission of accelerating innovation to connect and secure the world to help build a better planet through sustainably developed, leading-edge design, emulation, and test solutions. By providing these solutions, Keysight helps customers deliver breakthrough innovations in areas such as clean technology, social impact and wellness, and safety and security.

Looking forward, Keysight remains committed to its mid- and long-term targets supporting net zero emissions in its operations by the end of fiscal year 2040 and has announced another set of new metrics tracking progress in social impact — including DEI — and ethical governance throughout 2024 and into 2025.

Satish Dhanasekaran, President and Chief Executive Officer, Keysight, said: " Keysight has long strived to make a positive impact on society and fiscal year 2023 was no different. Through technology that accelerates innovation to connect and secure the world, and our practice of employing a global business framework of ethical, environmentally sustainable, and socially responsible operations, we remained steadfast in our commitment and are proud to have made material progress on our results.”

Resources

• 2023 CSR Data Report
• Keysight 2023 CSR Data Report
• 2023 TCFD Report
• Keysight CSR Website
• Keysight DEI Website
• Keysight CSR Resources Hub
• Keysight CSR News, Awards & Recognitions

¹Keysight uses the following definition of underrepresented minorities (URM): employees in the U.S. who identify as Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native Hawaiian, Native American, Alaska native, or two or more races, or as lesbian, gay, bisexual, or transgender.

About Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product life cycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240514308944/en/

Keysight Media Contacts

Paul Erwin

Americas

+1 248 430 9075

paul.erwin@keysight.com

Fusako Dohi

Asia

+81 42 660-2162

fusako_dohi@keysight.com

Jenny Gallacher

Europe

+44 (0) 7800 737 982

jenny.gallacher@keysight.com

Source: Keysight Technologies, Inc.

FAQ

What are the highlights of Keysight's 2023 CSR Report?

The report highlights advancements in sustainability, social impact, ethical business practices, and governance. Notable achievements include surpassing social goals, progress toward net zero emissions, and committing $319 million to community efforts.

How did Keysight perform in terms of environmental sustainability in 2023?

Keysight made progress towards net zero emissions for business operations by 2040, increased its global renewable electricity portfolio to 5%, and received approval for its near-term science-based targets covering all emission scopes.

What social impact goals did Keysight surpass in 2023?

Keysight engaged over 1.8 million students in STEM education and committed $319 million to community strengthening, surpassing their respective goals of 1.5 million students and $250 million.

Did Keysight meet its diversity and inclusion goals in 2023?

Yes, Keysight exceeded goals by increasing the percentage of new hires that identify as women globally and as underrepresented minorities in the U.S.

What are Keysight's future commitments as per the 2023 CSR report?

Keysight remains committed to achieving net zero emissions by 2040, and plans to track progress in social impact and ethical governance through 2024 and into 2025.