TD SYNNEX Demonstrates Progress on Corporate Citizenship Goals in its Latest Report

Rhea-AI Summary

TD SYNNEX (NYSE: SNX) has released its latest Corporate Citizenship Report, highlighting significant progress in environmental, social, and governance commitments. Key achievements include:

- Approximately 30% reduction in combined Scope 1 & 2 emissions in FY 2023
- Increase in electricity from renewable sources to about 31%
- Approval of emissions-reduction targets by Science Based Targets Initiative (SBTi)
- EcoVadis silver medal and CDP Management (B-) rating
- Certification as a Great Place to Work® in 10 countries
- 50% of new hires from underrepresented groups
- Introduction of a Global Human Rights Policy
- Enhanced cybersecurity measures and data privacy initiatives

The report underscores TD SYNNEX's commitment to sustainability, diversity, and ethical business practices across its operations and the IT channel.

Positive

• Achieved approximately 30% reduction in combined Scope 1 & 2 emissions in FY 2023
• Increased electricity derived from renewable sources to approximately 31%
• Emissions-reduction targets approved by Science Based Targets Initiative (SBTi)
• Received EcoVadis silver medal and CDP Management (B-) rating for environmental commitments
• Certified as a Great Place to Work® in 10 countries in 2023
• 50% of new hires were from underrepresented groups
• Doubled Business Resource Group (BRG) participation two years ahead of schedule
• Introduced a Global Human Rights Policy
• Implemented new automated cybersecurity platform for enhanced risk management

Negative

• None.

Insights

Environmental Sustainability Expert

TD SYNNEX's latest Corporate Citizenship Report showcases significant progress in environmental sustainability. The company achieved a 30% reduction in Scope 1 & 2 emissions, primarily through increased use of renewable energy. Now, 31% of their electricity comes from renewable sources, with their subsidiary Hyve Solutions reaching 100% renewable electricity at major sites. This aligns with their Science Based Targets Initiative (SBTi) approved goals, making them a frontrunner in the tech aggregator sector.

Their commitment extends beyond internal operations, with a focus on industry-wide impact. The sustainability badge program, educating both workforce and partners, is a smart move. Targeting 90% of suppliers and 58% of customers for science-based targets by 2028 could create a ripple effect in the IT channel. However, the real test will be maintaining this momentum and translating these efforts into tangible, long-term environmental benefits.

Corporate Governance Analyst

TD SYNNEX's governance initiatives demonstrate a holistic approach to corporate responsibility. The addition of two new Board members enhances leadership diversity and expertise, potentially improving decision-making. The introduction of a Global Human Rights Policy is particularly noteworthy, signaling a commitment to ethical practices beyond mere compliance.

The company's focus on cybersecurity and data privacy is timely and crucial. The harmonization of cybersecurity controls and the new automated platform show proactive risk management. Self-certification for the EU-U.S. Data Privacy Framework Principles is a smart move, especially given increasing global data regulations. These steps not only protect the company but also build trust with stakeholders. However, the real test will be in the consistent application and ongoing evolution of these governance practices in response to emerging challenges.

Diversity and Inclusion Specialist

TD SYNNEX's social commitments show tangible progress in diversity and inclusion. Achieving 50% of new hires from underrepresented groups is significant, demonstrating a commitment to diverse talent acquisition. The doubling of Business Resource Group participation two years ahead of schedule indicates strong employee engagement in inclusion initiatives.

The focus on women's representation and development is particularly noteworthy. The global business resource group Elevate, mentoring programs across regions and targeted career development initiatives for women are comprehensive approaches to gender equity. However, the report doesn't provide specific figures on current representation or progress towards goals, which would offer more context.

The company's efforts to bridge the digital divide by providing skills, devices and connectivity to underserved communities show a broader social impact. This initiative not only benefits communities but could also expand TD SYNNEX's future talent pool and market reach. Overall, these social commitments appear well-rounded, addressing both internal workforce diversity and external community impact.

Report highlights both an increase in electricity derived from renewable sources and a combined Scope 1 & 2 emissions reduction by approximately 30 percent

FREMONT, Calif. & CLEARWATER, Fla.--(BUSINESS WIRE)-- TD SYNNEX (NYSE: SNX) today released its latest Corporate Citizenship Report, marking another milestone in the company’s ongoing commitment to social responsibility initiatives. This year’s report builds on the comprehensive framework established in the inaugural report and details the strides made in embedding these priorities into operational practices.

“It's exciting to reflect on a year of growth and corporate citizenship progress for TD SYNNEX amid rapid technological change. In addition to working with our partners, we engaged co-workers across business units and regions to further our environmental and social commitments throughout the past year,” said TD SYNNEX CEO Patrick Zammit. “Our co-workers are all in on these efforts. From the work of our global Green Teams and our community volunteers, they’ve demonstrated a passion for making a difference at TD SYNNEX and far beyond.”

Environmental Commitments:

In 2023, TD SYNNEX’s ambitious emissions-reduction targets were approved by the Science Based Targets Initiative (SBTi), making it one of the first technology aggregators to achieve this recognition. Additionally, because of its environmental commitments, TD SYNNEX has been recognized with a silver medal from EcoVadis and a Management (B-) rating from CDP.

The Corporate Citizenship Report highlights TD SYNNEX’s progress from an environmental standpoint, including achieving a combined Scope 1 & 2 emissions reduction of approximately 30% in FY 2023, primarily driven by the transition of several facilities to renewable energy. TD SYNNEX has increased its electricity derived from renewable energy sources to approximately 31%, and its wholly owned subsidiary, Hyve Solutions, has successfully transitioned to 100% renewable electricity at its three largest manufacturing sites.

Additionally, TD SYNNEX is committed to the ongoing education of its workforce and industry partners in sustainability topics, through its industry-leading badge training programs, which cover Sustainability Essentials, Circular Economy, and Carbon, a new course added in FY23. Over 700 sustainability badges have been issued to date, supporting the goal of guiding 90% of suppliers and 58% of customers toward science-based targets by 2028.

“We believe in the power of every co‑worker at TD SYNNEX to lead positive change so we are invested in building a culture that fosters a sustainability mindset,” said Vice President of Corporate Citizenship and Sustainability Adam Rutstein. “At the same time, we aspire to see environmental progress take hold not only within our walls but throughout the IT channel. Based on our areas of expertise and the lessons we’ve learned, we have an opportunity to help others achieve their own sustainability goals.”

Social Commitments:

Certified™ as a Great Place to Work^® in 10 countries in 2023, TD SYNNEX is equally dedicated to supporting both its workforce and communities. The Corporate Citizenship Report details the company’s progress in increasing representation of underrepresented groups, doubling Business Resource Group (BRG) participation two years ahead of schedule, and closing the digital divide by providing underserved communities with digital skills, devices, and connectivity.

Through the company’s inclusive recruitment program, last year 50% of our new hires were from underrepresented groups and the company also announced progress on its commitments to increase the representation of people who identify as women in its workforce.

The company has also expanded programs to support women, including a global business resource group, Elevate, female mentoring programs in North America, Europe and APJ as well as launching career development programs designed to support their professional growth.

Governance Commitments:

TD SYNNEX is deeply committed to upholding its core values of inclusion, collaboration, integrity, and excellence, which form the foundation of its corporate governance practices. These values guide the company in maintaining high standards of accountability, transparency, and ethical conduct.

In 2023, TD SYNNEX made significant strides in enhancing its governance framework. The company bolstered its leadership team with the addition of two new Board members, bringing invaluable industry expertise to the table. It also introduced a Global Human Rights Policy, underscoring its dedication to ethical business practices, respect for human rights, and responsible sourcing. Further advancements included the harmonization of cybersecurity controls across all business operations, ensuring consistent and robust protection measures.

Additionally, TD SYNNEX began the process of self-certification to align with the EU-U.S. Data Privacy Framework Principles, reflecting its commitment to data privacy and compliance. The company has also invested in a new, automated cybersecurity platform to proactively track and mitigate risks, enhance threat detection, and facilitate cross-functional intelligence sharing.

For more information about and to download the TD SYNNEX Corporate Citizenship Report, visit https://www.tdsynnex.com/us/en/about-us/corporate-citizenship.html.

About TD SYNNEX

TD SYNNEX (NYSE: SNX) is a leading global distributor and solutions aggregator for the IT ecosystem. We’re an innovative partner helping more than 150,000 customers in 100+ countries to maximize the value of technology investments, demonstrate business outcomes and unlock growth opportunities. Headquartered in Clearwater, Florida, and Fremont, California, TD SYNNEX’s 23,000 co-workers are dedicated to uniting compelling IT products, services and solutions from 2,500+ best-in-class technology vendors. Our edge-to-cloud portfolio is anchored in some of the highest-growth technology segments including AI, cloud, cybersecurity, big data/analytics, IoT, mobility and everything as a service. TD SYNNEX is committed to serving customers and communities, and we believe we can have a positive impact on our people and our planet, intentionally acting as a respected corporate citizen. We aspire to be a diverse and inclusive employer of choice for talent across the IT ecosystem. For more information, visit www.TDSYNNEX.com, follow our newsroom or follow us on Twitter, LinkedIn, Facebook and Instagram.

Safe Harbor Statement

Statements in this news release that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 involve known and unknown risks and uncertainties which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward-looking statements contained in this release.

Copyright 2024 TD SYNNEX Corporation. All rights reserved. TD SYNNEX, the TD SYNNEX Logo, and all other TD SYNNEX company, product and services names and slogans are trademarks of TD SYNNEX Corporation. Other names and trademarks are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240905457092/en/

Emily Moseley

Global Corporate Communications

727-538-5864

Emily.Moseley@tdsynnex.com

Source: TD SYNNEX

FAQ

What progress has TD SYNNEX (SNX) made in reducing its carbon emissions?

TD SYNNEX achieved a combined Scope 1 & 2 emissions reduction of approximately 30% in FY 2023, primarily driven by transitioning several facilities to renewable energy.

How much of TD SYNNEX's (SNX) electricity comes from renewable sources?

TD SYNNEX has increased its electricity derived from renewable energy sources to approximately 31% as reported in their latest Corporate Citizenship Report.

What recognition has TD SYNNEX (SNX) received for its environmental efforts?

TD SYNNEX has been recognized with a silver medal from EcoVadis and a Management (B-) rating from CDP for its environmental commitments.

How is TD SYNNEX (SNX) promoting diversity in its workforce?

TD SYNNEX reported that 50% of its new hires in the past year were from underrepresented groups, and the company has expanded programs to support women, including global business resource groups and mentoring programs.