OpenText Zeroes-In on Ambitious ESG Targets and Programs
Company announces new initiative to help advance its environmental, social, and governance goals over the next several decades
WATERLOO, ON, Sept. 13, 2022 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today announced the launch of the OpenText Zero-In Initiative, the company's guiding framework to achieving global impact goals related to its Environmental, Social, and Governance (ESG) commitments and programs. Affirming the OpenText promise of harnessing the power of technology for the greater good, the OpenText Zero-In Initiative is focused on specific, measurable goals that will leverage data to enable the organization to help move the dial on critical global challenges.
"At OpenText, we believe the future of growth is both sustainable and inclusive," said Mark J. Barrenechea, OpenText CEO and CTO. "The OpenText Zero-In Initiative defines our long-term aspirations and outlines our tangible plans and programs to achieving our bold aspirations. OpenText is in a unique position to enable our customers to be climate innovators through digital transformation, as well as by leading by example. And we intend to do just that."
The OpenText Zero-In Initiative is centered around three pillars:
- Zero Footprint: OpenText is committed to an emissions reduction target of
50% by 2030 and net zero by 2040 for scope 1, 2, and 3 emissions from a baseline of fiscal year 2022 as well as zero-waste to landfill from operations by 2030. The company is also prioritizing helping customers move to the cloud. - Zero Barriers: OpenText is focused on the advancement of Equity, Diversity, and Inclusion (ED&I), by committing to having a majority ethnically diverse workforce by 2030, 50/50 gender parity within key roles by 2030, and
40% women in leadership positions at all management levels by 2030. - Zero Compromise: OpenText is committed to achieving its Zero Footprint and Zero Barrier goals via a values-based approach that is rooted in science, transparency, and integrity, supporting accountability, and continuing to help foster a culture of 'tech for good'.
OpenText recently released its annual Corporate Citizenship Report which outlines the OpenText Zero-In Initiative in detail and provides a baseline for tracking the business' success against its ESG aspirations. The OpenText Zero-In Initiative includes ambitious targets that OpenText believes will help drive real and lasting impact.
"The launch of the OpenText Zero-In Initiative enables us to continue to give back to our employees, our customers, and our communities, while zeroing-in on what matters most," added Barrenechea. "We intend to bring software and innovative technologies to market to enable our customers and ourselves to have a significant and immediate impact on ESG and climate goals."
Zeroing-in on stories that made an impact
Throughout the past year, OpenText has brought several initiatives and programs to life that closely align with and support the company's zero-in goals, including:
- The launch of the (ED&I) Navigator Internship program: This program included a partnership with Lakehead University to offer internship opportunities to Indigenous students enrolled at the university. The company welcomed its first cohort of interns this past spring as the students interned remotely in OpenText's software engineering, marketing, finance, IT, and human resource departments. The ED&I Navigator Internship program was also extended to several students from Howard University in the United States.
- Sponsoring schools in Poland that welcomed Ukrainian refugee children: OpenText has supported humanitarian efforts in Ukraine since March 2022 and has continued to find new ways to help the people of Ukraine throughout the ongoing crisis. Most recently, the company partnered with five schools in Poznan, Poland who between them, have welcomed more than 600 Ukrainian students into their classrooms. OpenText provided a financial donation to each school to help cover items such as laptops, Ukrainian textbooks, translation software, lockers, and sporting equipment.
- Enhancing benefits to support the wellbeing of employees: Throughout 2022, OpenText introduced several new employee benefits intended to better support the evolving needs of its employees. Examples of new benefits include enhanced maternity and parental leave, family care leave and adoption allowances for employees in Canada, the U.S., and India, as well as coverage and treatment for abortion, infertility, Gender Reassignment, mental health, and more for U.S. employees, regardless of which U.S. state they live in. Additionally, OpenText signed the HRC business statement earlier this year, which calls for public leaders to abandon or oppose efforts to enact anti-LGBTQ+ legislation.
- Supporting communities in times of need: Providing support for the communities where employees live and work is a priority for OpenText. As part of its corporate giving pillars, the company provides financial support for global disaster relief and introduces employee matching initiatives to help make a greater impact. Most recently, the company made a
$10,000 donation to the Kentucky Region American Red Cross in support of those impacted by the deadly floods in eastern Kentucky.
To complement the Zero-In initiative, OpenText has launched a global campaign titled "Be a Climate Innovator" to raise awareness of how companies can apply Information Management to innovate for a more sustainable future. Together with customers, OpenText is making a bold goal to save
To learn more about the OpenText Zero-In Initiative, the company's goals, plans, and programs that are already in place in support of those goals, visit Corporate Citizenship Report 2022: Introducing Our Zero-In Initiative - OpenText Blogs.
Read the 2022 Corporate Citizenship Report at this link.
Learn more about how to Be a Climate Innovator at this link.
About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.
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This press release contains forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, the Securities Act (Ontario) and Canadian securities legislation in each of the provinces of Canada. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. When we use words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "could," "would", "will" and variations of these words or similar expressions, we do so to identify forward-looking statements. In addition, any statements that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements, and are based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Legislative and regulatory changes, market developments and/or changes in data availability and reliability could materially affect the estimates, beliefs and assumptions used by us, and could materially affect the comparability of the information and data across industries or companies and from one reporting period to a subsequent reporting period. Any commitments, goals and targets discussed in this press release or our Corporate Citizenship Report, including our commitments, goals and targets related to our OpenText Zero-In Initiative, are aspirational and there can be no assurance that any such commitments, goals or targets will be achieved. These forward-looking statements are based on certain assumptions and involve known and unknown risks as well as uncertainties. The actual results that we achieve may differ materially from any forward-looking statements, which reflect management's current expectations and projections about future results only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements. Also, while certain matters discussed in this press release or our Corporate Citizenship Report may be of interest to other parties, the use of the terms "material", "significant", "important" or similar words or phrases should not be read as rising to the level of materiality used for purposes of our filings with the Securities and Exchange Commission (SEC) or other securities regulators. No part of this press release or our Corporate Citizenship Report shall be taken to constitute an invitation or inducement to invest in us and shall not be relied upon in any way in connection with any investment decision. For additional information with respect to risks and other factors which could occur, see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made.
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