Stoneridge Releases Inaugural Sustainability Report

Rhea-AI Summary

Stoneridge, Inc. releases its inaugural sustainability report showcasing progress in environmental, social, and governance initiatives, including a significant reduction in GHG emissions and achievement of various sustainability goals.

Positive

• Stoneridge, Inc. demonstrates an 18.6% reduction in Absolute Scope 1 and Scope 2 GHG Emissions compared to a 2019 baseline, surpassing the targeted reduction by 3.6%.
• The company achieves a B score on CDP Climate Change Disclosure, indicating a strong commitment to environmental sustainability.
• Formation of Diversity, Equity, and Inclusion (DEI) committee structure and strategy reflects Stoneridge's dedication to fostering a diverse and inclusive workplace.
• Publication of the first Task Force for Climate-Related Financial Disclosures (TCFD) Report showcases Stoneridge's transparency in addressing climate-related risks and opportunities.
• Stoneridge discloses its first Sustainable Accounting Standards Board (SASB) Standards Index, highlighting its alignment with industry-specific sustainability standards.
• The company's alignment with United Nations (UN) Sustainable Development Goals underlines its commitment to global sustainability efforts.
• The sustainability report signifies Stoneridge's commitment to integrating sustainable practices across its business operations, emphasizing a positive impact on the environment and society.

Negative

• None.

Highlights Progress on Environmental, Social, and Governance Initiatives

NOVI, Mich., April 10, 2024 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today published its inaugural sustainability report  which highlights the company's global progress related to its environmental, social, and governance (ESG) initiatives through fiscal year 2023.

"Stoneridge's inaugural Sustainability Report is a milestone in our company's history as it reflects our commitment to integrating sustainable practices throughout our business," said Jim Zizelman, president and CEO, Stoneridge, Inc. "We're proud of the progress we have made thus far and look forward to continuing to share the work Stoneridge is doing to positively impact the world around us."

The Company's four sustainability pillars – Our Products, Our Operations, Our People, and Our Governance – are the foundation of this report, and the areas in which Stoneridge reports its performance.

Accomplishments highlighted in the 2023 Sustainability report include:

• 18.6% reduction of Absolute Scope 1 and Scope 2 GHG Emissions against a 2019 baseline, exceeding initial targeted reduction by 3.6%
• Achievement of a B score on CDP Climate Change Disclosure
• Formation of Diversity, Equity, and Inclusion (DEI) committee structure and strategy
• Published first Task Force for Climate-Related Financial Disclosures (TCFD) Report
• Disclosed first Sustainable Accounting Standards Board (SASB) Standards Index
• Alignment with United Nations (UN) Sustainable Development Goals

For more information on the company's sustainability initiatives and to view the full 2023 report, visit www.Stoneridge.com/Sustainability. 

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components, and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at Stoneridge.com.

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SOURCE Stoneridge, Inc.

FAQ

What is the significance of Stoneridge's 2023 Sustainability Report?

Stoneridge's sustainability report highlights the company's progress in environmental, social, and governance initiatives, showcasing achievements in reducing GHG emissions, climate change disclosure, diversity and inclusion efforts, and alignment with sustainable development goals.

What is the percentage reduction in Absolute Scope 1 and Scope 2 GHG Emissions reported by Stoneridge?

Stoneridge demonstrates an 18.6% reduction in Absolute Scope 1 and Scope 2 GHG Emissions compared to a 2019 baseline, exceeding the targeted reduction by 3.6%.

What score did Stoneridge achieve on CDP Climate Change Disclosure?

Stoneridge achieves a B score on CDP Climate Change Disclosure, indicating a strong commitment to environmental sustainability.

What committee structure did Stoneridge form as part of its sustainability initiatives?

Stoneridge formed a Diversity, Equity, and Inclusion (DEI) committee structure and strategy to promote diversity and inclusivity in the workplace.

What report did Stoneridge publish for climate-related financial disclosures?

Stoneridge published its first Task Force for Climate-Related Financial Disclosures (TCFD) Report, demonstrating transparency in addressing climate-related risks and opportunities.

What sustainability standards index did Stoneridge disclose?

Stoneridge discloses its first Sustainable Accounting Standards Board (SASB) Standards Index, showcasing alignment with industry-specific sustainability standards.

How is Stoneridge aligned with United Nations Sustainable Development Goals?

Stoneridge's alignment with United Nations Sustainable Development Goals emphasizes the company's commitment to global sustainability efforts.

Where can one find more information on Stoneridge's sustainability initiatives and the full 2023 report?

For more information on Stoneridge's sustainability initiatives and to access the full 2023 report, visit www.Stoneridge.com/Sustainability.