Stanley Black & Decker Joins Council for Inclusive Capitalism

Rhea-AI Summary

Stanley Black & Decker (NYSE: SWK) announced CEO Jim Loree's membership in the Council for Inclusive Capitalism, a nonprofit aimed at fostering an inclusive and sustainable economic system. This commitment aligns with the company's purpose of making a positive impact and emphasizes its focus on environmental, social, and governance (ESG) responsibilities. The company has set ambitious goals, including achieving gender parity in leadership and donating $10.5 million by 2025 to support racial equity initiatives, as part of its broader Corporate Social Responsibility strategy.

Positive

• Commitment to join the Council for Inclusive Capitalism enhances company reputation.
• Ambitious ESG goals set, including gender parity in leadership and $10.5M commitment to racial equity by 2025.
• Aim to become carbon positive and improve 500 million lives by 2030 through various initiatives.

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• None.

NEW BRITAIN, Conn., June 30, 2021 /PRNewswire/ -- Stanley Black & Decker (NYSE: SWK) announced today that CEO Jim Loree has joined the Council for Inclusive Capitalism. Launched in December 2020, the Council is a global nonprofit organization that joins moral and market imperatives to build a more inclusive, sustainable and trusted economic system that addresses the needs of people and the planet.

Stanley Black & Decker's decision to join the Council reflects the company's deep commitment to its purpose – "For Those Who Make the World" – as well as its focus on environmental, social and governance (ESG) responsibility and advocacy for business to be a force for good.

"Business has an important role to play in building a better world, delivering sustainable value and societal good," said Jim Loree, Chief Executive Officer of Stanley Black & Decker. "The Council for Inclusive Capitalism brings together business leaders who share a commitment to ESG and provides a powerful forum for progress. I look forward to working with my peers in the Council to generate significant positive impact for the world."

The Council for Inclusive Capitalism is rooted in action and led by CEOs and global leaders who commit their organizations to tactics that create long-term value for all stakeholders. Council members are accountable for their actions. Members' commitments are measurable and made public on the Council's online platform. These commitments are intended to motivate and challenge others to bring their own reform ideas to the movement.

"I am excited to welcome Jim Loree to the Council and look forward to working with Stanley Black & Decker to ensure a better future for us all," said Meredith Sumpter, Chief Executive Officer of the Council for Inclusive Capitalism. "It will take the conscious and collective action of all business leaders to scale the impact needed for capitalism to become more inclusive and sustainable. That's why every Council member is committing to making progress toward that goal. As a leading advocate for stakeholder capitalism and corporate social responsibility, Stanley Black & Decker will be an important contributor to the Council's agenda."

As part of Stanley Black & Decker's Corporate Social Responsibility (CSR), it has developed a strategy that consists of three pillars: Create a More Sustainable World, Innovate with Purpose and Empower Makers. Through these efforts, the company aims to become a carbon positive organization, address unmet societal needs to improve the lives of 500 million people and empower 10 million makers through STEAM education, vocational and trade skills, makerspace training, and develop resources for employee career mobility – all by 2030. In its participation on the Council, it has also issued a series of commitments rooted in its existing ESG goals, including achieving gender parity in leadership and donating at least $10.5 million by 2025 to racial equity-related organizations. These targets are also aligned with the United Nations Sustainable Development Goals (UN SDGs).

To learn more about Stanley Black & Decker's ESG efforts, please visit its recent Environment, Social & Governance report.

About Stanley Black & Decker
Stanley Black & Decker, an S&P 500 company, is a leading $14.5 billion global diversified industrial with 53,000 employees in more than 60 countries who make the tools, products and solutions to deliver on its Purpose, For Those Who Make The World. The Company operates the world's largest tools and storage business featuring iconic brands such as DEWALT, STANLEY, BLACK+DECKER and CRAFTSMAN; the world's second largest commercial electronic security company; and is a global industrial leader of highly engineered solutions within its engineered fastening and infrastructure businesses. Learn more at www.stanleyblackanddecker.com.

Stanley Black & Decker Media Contact:
Debora Raymond
Vice President, Public Relations
Debora.Raymond@sbdinc.com
(203) 640-8054

 

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SOURCE Stanley Black & Decker

FAQ

What is Stanley Black & Decker's recent announcement regarding SWK?

Stanley Black & Decker announced CEO Jim Loree's membership in the Council for Inclusive Capitalism, focusing on sustainable economic practices.

What are the ESG goals set by Stanley Black & Decker as of June 2021?

The company aims for gender parity in leadership and to donate $10.5 million to racial equity organizations by 2025.

What is the purpose of the Council for Inclusive Capitalism?

The Council aims to create a more inclusive and sustainable economic system by aligning moral and market imperatives.

How does Stanley Black & Decker plan to impact society by 2030?

The company plans to become carbon positive and improve the lives of 500 million individuals through various initiatives.