Signet Jewelers Joins United Nations Global Compact

Rhea-AI Summary

Signet Jewelers (NYSE: SIG) announced its commitment to the United Nations Global Compact, joining over 12,000 companies worldwide to promote sustainability and corporate responsibility. This initiative emphasizes human rights, labor practices, and anti-corruption. CEO Virginia C. Drosos highlighted the alignment with their corporate values. Key initiatives include raising the minimum wage to $15/hour and increasing diversity on the Board. Signet remains committed to sustainability, evidenced by its inclusion in the Bloomberg Gender Equality Index for three consecutive years and its responsible sourcing practices.

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• Joining the United Nations Global Compact reflects a commitment to sustainability and corporate responsibility.
• Raising minimum wage to $15/hour for all U.S. employees by 2022 enhances employee satisfaction and retention.
• Inclusion in the Bloomberg Gender Equality Index demonstrates a strong commitment to gender equality.
• Increased Board diversity, with 59% representation of women and persons of color, promotes varied perspectives.

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AKRON, Ohio, March 15, 2021 /PRNewswire/ -- Signet Jewelers (NYSE: SIG) today announced it has joined the United Nations Global Compact, the world's largest corporate sustainability initiative, underscoring the Company's purpose-driven growth strategy. With this commitment, Signet joins more than 12,000 member companies in more than 160 countries that are aligning their operations and strategies with universal principles on human rights, labor, environment and anti-corruption, and taking strategic action towards broader societal goals such as the UN Sustainable Development Goals. For example, Signet believes SDG 5 - gender equality - is not only a fundamental human right, but a necessary foundation for a peaceful, prosperous and sustainable world. 

"Our core belief at Signet is that Love Inspires Love.  Signet's Purpose - Inspiring Love - infuses our work with meaning, and is a standard of responsibility to which we hold ourselves accountable. It extends beyond our walls to our industry and our stakeholders across the globe," said Signet Jewelers CEO Virginia C. Drosos. "It's with that deeply held belief in mind that we are proudly joining the UN Global Compact initiative as a way to further demonstrate that the actions of our company align with our purpose and values. Signet employees in every part of our business are inspired by the opportunity to be the change we want to see the world, and it is on their behalf that we step up in visible support of human and labor rights, sustainability and anti-corruption practices."

We are now accelerating our long-standing Corporate Social Responsibility strategy with Environmental, Social, and Governance (ESG) initiatives, including recent highlights:

• For the third-consecutive year, the Bloomberg^® Gender Equality Index included Signet, the only specialty retail jeweler to earn that distinction.
• Signet recently announced it is raising its minimum wage to $15/hour for all U.S. employees by 2022. It also provided Love Takes Care™ Appreciation Awards to full-time and part-time U.S. employees serving customers in stores as they reopened during the COVID-19 pandemic.
• Signet joined the Sustainability Accounting Standards Board (SASB) Alliance.
• Signet deepened its commitment to Diversity, Equity, and Inclusion by adding two new Directors to its Board, increasing the Board's representation of women and persons of color to 59% percent.
• Signet became Great Place to Work-Certified^®, as a result of the company's commitment to its employees.

"Joining the UN Global Compact further expresses our commitment to our multi-year strategy to drive business awareness and action in support of achieving the Sustainable Development Goals by 2030," said Eugenia Ulasewicz, Chair of Signet's Board-level Corporate Citizenship and Sustainability Committee. "I'm proud of Signet's sustainability progress, such as with our renowned responsible sourcing practices which span more than two decades, and I look forward to helping expand our societal impact even further."

The Company's sustainability journey began before 2000, with more than two decades of Signet playing an instrumental role in helping establish international responsible sourcing trade associations, such as the World Diamond Council, the industry arm of the Kimberley Process, an ongoing commitment to remove conflict diamonds from the global supply chain.  The Company is also a Founding and Certified Member, and current Chair of the Responsible Jewellery Council, while providing support to the Diamond Development Initiative, and Diamonds Do Good.

In 2011, Signet was named to the Organization for Economic Cooperative Development (OECD) Conflict Minerals Working Group. And Signet's Responsible Sourcing Protocol has been in line with the UN Guiding Principles on Business and Human Rights since 2011. With that work, Signet has led hundreds of suppliers in implementing the UN Guiding Principles for more than a decade, and in line with OECD Due Diligence Guidance since 2016.

About Signet Jewelers 
Signet Jewelers Limited is the world's largest retailer of diamond jewelry. As a purpose-driven and sustainability-focused company, Signet is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business.  Signet is a Best Places to Work certified ™ company and has been named to the Bloomberg Gender Equality Index for three consecutive years.  Signet operates approximately 2,900 stores primarily under the name brands of Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com as well as digital marketplaces under the URLs www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.peoplesjewellers.com, www.pagoda.com, and www.jamesallen.com.

For more information, contact:

David Bouffard, Signet Jewelers 
david.bouffard@signetjewelers.com

 

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SOURCE Signet Jewelers Ltd.

FAQ

What is the significance of Signet Jewelers joining the United Nations Global Compact?

Joining the UN Global Compact allows Signet Jewelers to align with global principles on human rights, labor, and environmental sustainability.

What new wage policy has Signet Jewelers announced?

Signet Jewelers announced it will raise its minimum wage to $15 per hour for all U.S. employees by 2022.

How does Signet Jewelers promote gender equality?

Signet was included in the Bloomberg Gender Equality Index for three consecutive years, highlighting its commitment to gender equality.

What initiatives does Signet Jewelers have for diversity and inclusion?

Signet has increased the diversity on its Board to 59% representation of women and persons of color.

What is the Bloomberg Gender Equality Index?

The Bloomberg Gender Equality Index tracks the performance of public companies dedicated to supporting gender equality in the workplace.