Reservoir Media Releases Its Fiscal 2023 ESG Report

Rhea-AI Summary

RSVR: Reservoir Media, Inc. Releases Fiscal 2023 ESG Report Detailing Global Objectives and Progress. Golnar Khosrowshahi, Founder and CEO, emphasizes the company's commitment to ESG principles, environmental impact, social responsibility, diversity, and governance. Key highlights include a focus on combatting climate change, electronic royalty distributions, gender equality in the workforce, and experienced leadership on the Board.

Positive

• Reservoir's commitment to combatting climate change and minimizing environmental impact through electronic royalty distributions showcases a forward-thinking approach. The company's emphasis on gender equality and high employee satisfaction reflects a positive work culture and social responsibility. The experienced leadership on the Board demonstrates strong governance and oversight.

Negative

• None.

Details Company’s Continued Efforts to Support Inclusion, Accountability, Compliance, and Combatting Climate Change

NEW YORK, July 26, 2023 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today issued its fiscal 2023 Environmental, Social, and Governance (ESG) Report, which details the Company’s global ESG objectives and progress made against those objectives, and reinforces the Company’s strong commitment to corporate social responsibility.

Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir, stated, “We are pleased to share our second ESG report since becoming a public company two years ago. The principles behind ESG have been embedded in our company’s culture and business practices since inception, and through them, we continue to support the positive influence music has on communities around the world through the remarkable efforts of our team, artists, songwriters, and creators.”

Highlights from the report include:

Environmental Impact and Combatting Climate Change

• Reservoir remains a physical asset-light company, with only 17% of Recorded Music revenue related to the sale of physical product.
  
• 99% of royalty distributions are sent electronically, and approximately 94% of royalty sources pay electronically.
  

Social Responsibility and Diversity

• Reservoir employees are split equally across gender, with nearly 48% identifying as female, 50% identifying as male, and 2% preferring to self-describe or not to say. In addition, almost 40% of senior management identify as female.
  
• The Company conducted an Employee Satisfaction Survey in 2023, with a 100% response rate. Notably, 94% of respondents agree or strongly agree with the following statement: “The work I do is meaningful.” Additionally, 88% of respondents agree or strongly agree with the statement “I enjoy the culture at my company.”
  

Governance and Oversight

• On average, Reservoir Board members have 20 years of leadership experience across music, entertainment, and finance.
  
• 33% of Reservoir’s Board of Directors identify as a woman and 33% identify as part of an underrepresented community.
  

About Reservoir Media, Inc.

Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi. Reservoir is the first female-founded and led publicly traded independent music company in the U.S. Founded as a family-owned music publisher in 2007, Reservoir has grown to represent over 150,000 copyrights and 36,000 master recordings with titles dating as far back as 1900 and hundreds of #1 releases worldwide. Reservoir holds a regular Top 10 U.S. Market Share according to Billboard’s Publishers Quarterly, was twice named Publisher of the Year by Music Business Worldwide’s The A&R Awards, and won Independent Publisher of the Year at both the 2020 and 2022 Music Week Awards.

Reservoir also represents a multitude of recorded music through Chrysalis Records, Tommy Boy Records, and Philly Groove Records and manages artists through its ventures with Blue Raincoat Music and Big Life Management.

Source: Reservoir Media, Inc.

FAQ

What are the key highlights of Reservoir Media, Inc.'s fiscal 2023 ESG Report?

The key highlights include a focus on combatting climate change, electronic royalty distributions, gender equality in the workforce, and experienced leadership on the Board.

How does Reservoir Media, Inc. support environmental impact and combat climate change?

Reservoir remains a physical asset-light company, with a focus on electronic royalty distributions and minimizing physical product sales.

What is the gender distribution in Reservoir Media, Inc.'s workforce?

Reservoir employees are split equally across gender, with nearly 48% identifying as female, 50% identifying as male, and 2% preferring to self-describe or not to say.

What is the experience level of Reservoir Media, Inc.'s Board members?

On average, Reservoir Board members have 20 years of leadership experience across music, entertainment, and finance.