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Otis Issues Inaugural Report on Governance, Social and Environmental Responsibility

Otis Issues Inaugural Report on Governance, Social and Environmental Responsibility

The cover of Otis Worldwide Corp.'s inaugural ESG Report.

Report’s “Sustaining Connections” theme highlights Otis’s ability to build connections that help people, societies, and environments thrive.

FARMINGTON, Conn., March 31, 2022 /PRNewswire/ — Otis Worldwide Corp. (NYSE: OTIS.) Today’s launch of its first Report on Environmental, Social, and GovernanceAs an independent company. The report includes updates on 13 ESG targets that are aligned with selected United Nations Sustainable Development Goals. It also discloses information to the Global Reporting Initiative standard, as well as against the Sustainability Accounting Standards Board and Task Force on Climate-Related Financial Disclosures frameworks. Otis is the global leader in elevator and escalator manufacturing and installation.

The cover of Otis Worldwide Corp.'s inaugural ESG Report.

Otis Worldwide Corp.’s initial ESG Report covers.

Otis gives people the freedom to connect and thrive in an ever-changing world. Our first ESG report shows how we are putting this vision into motion and bringing our purpose alive through actions such as reducing our greenhouse gas emissions and expanding our STEM-focused activities. Made to Move CommunitiesOtis Chair & Chief Executive Officer stated that the signature social impact program is advancing Diversity, Equity & Inclusion programmes globally.” Judy Marks. “ESG is an integral part of our strategy and culture. We are committed in advancing these initiatives as we create value for all stakeholders.”

Otis conducted a thorough materiality assessment last year to identify which ESG topics were most important to it and its stakeholders. The company then set measurable goals for and took strategic actions in relation to its four ESG focus areas, Health & Safety; Environment & Impact; People & Communities; Governance & Accountability. Otis’ progress towards its ESG targets will be shown through 2021.

  • Four years ahead of the target, all global factories have achieved ISO 14001 certification.

  • Scope 1 and Scope2 emissions have been reduced by 7% compared to their 2019 baseline. Otis has set a goal to reduce its Scope 1 emissions and Scope 2 emissions by half off by 2030.

  • Reaching its annual goal of educating 100 percent of Otis field workers and subcontractor firms in Otis’ life-saving Cardinal Rules.

  • 78% of Otis employees worldwide have access the Employee Assistance Program. Otis now aims to have 100% coverage for its global colleagues by 2022, one year ahead from its original goal.

  • Globally, 36% of executive level positions are held by women. Otis was The first company in its industry to signParadigm For Parity’s gender parity commitment, which aims for gender parity within its executive ranks by 2030.

  • Achieving its annual >20% target of U.S supplier spend to diverse suppliers*

Otis was also awarded these milestones in 2021 ESG. Signatory to the U.N. Global Compact, completed its CDP disclosure and launched the second year Made to Move Communities. The winners of this challenge are announced in April 2022.

The complete ESG Report is available here www.otis.comAnd www.otisinvestors.com

* Diverse supplier is defined as a minority owned, small businesses and/or operating in an economically-challenged zone.

About Otis

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Otis is the global leader in elevator and escalator manufacturing and installation. We move over 2 billion people per day and have more that 2.1 million customers worldwide. We also have the largest Service portfolio in the industry. Headquartered here Connecticut, USAOtis employs 70,000 people, including 41,000 field personnel, who are all dedicated to meeting the diverse needs and interests of passengers and customers in more than 200 countries and regions around the world. Visit www.otis.com for more information. www.otis.comFollow us on LinkedIn, Instagram, FacebookAnd Twitter @OtisElevatorCo.

Cautionary Statement
This release contains forward looking statements (including statements made under the securities law as forward-looking statements). These statements include statements regarding our intent to achieve certain sustainability, governance, and governance targets, goals, and future climate change risks. These forward-looking statements reflect management’s current expectations and plans for our future operating performance. They are based on assumptions currently believed valid. Forward-looking statements can be affected by risks and uncertainties. Our future results of operations may differ materially from those reflected in these forward-looking statements. Forward-looking statements are subjected to future events and risks, uncertainties, and other factors. Many of these factors are beyond the company’s control. These forward-looking statements are only accurate as of the date made. We are not required to publicly revise or update any forward-looking statements except as required by law.

Media Contact:
Ray Hernandez
+1-860-674-3029
Ray.Hernandez@otis.com

Contact us for Investor Relations
Michael Rednor
+1-860-676-6011
investorrelations@otis.com

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SOURCE Otis Worldwide Corporation

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