Warner Music Group (WMG), has released its first Environment Social Governance (ESG), report. The report is a standalone document that Warner Music Group (WMG) has released. It helps communicate with key stakeholders and serves as a baseline for WMG’s ESG progress in areas like employee wellbeing, diversity, equity and inclusion, social impact, and climate change.
ESG Vice President Simone Spearheads Samantha Sims, and WMGs ESG Executive Oversight Committee. The report also includes input from more that 70 employees.
Steve CooperWMG’s CEO, Michael Grainger, said: Becoming more equitable and sustainable is a moral and commercial imperative. WMG has operations in more than 70 countries, each with its own customs, cultures and regulations. To sustain a global approach to ESG, we need to be able to take a sophisticated, localized, and individual approach. We are exploring how to create positive change for our company, our artists, songwriters, as well as the wider community. We have made great progress so far, but this report doesn’t just show what we’ve done so far. It also outlines a long-term commitment for action and accountability.
Sims says: All stakeholders, from investors to people, have become more aware of the importance of global environmental and social challenges. They expect businesses to be more proactive in addressing ESG risks and opportunities. I am proud to have collaborated with teams from all over the globe to create WMG’s first annual ESG Report. This report demonstrates our commitment to creating an ESG platform that has measurable targets to drive positive societal change and engage more stakeholders.
The two-years that have passed have been particularly important in highlighting the global fight for anti-racism, social justice, and equitable health care. Dr. Maurice A. StinnettWMG’s Global Head for Diversity, Equity, and Inclusion. “Weve set out in the report our company-wide DEI commitments to help create a cultural shift, and were excited to translate these commitments to the needs of our teams in all our locations. We can all reflect on our past and learn from each other to make the best decisions together.
Here are some highlights of the ESG report:
Environment
WMG calculated its first direct footprint of greenhouse gas emissions (including emissions from Scopes 1 & 2 and employee travel) and will submit a target to Science-based Targets in 2022.
WMG was a founding signatory to the Music Climate Pact. It was developed with support from UN Environment Programme in order to collectively address the industry’s environmental impacts.
The company used 46 tons of virgin plastic to produce 100% recycled vinyl records. This was for artists such as Coldplay and Ed Sheeran, Gorillaz and Biffy Clyro.
Social
WMG increased its investments in mental health programs, learning, development, and technology to support its employees in light of the effects of the pandemic.
WMG was recognized as a Great Workplace in France and the U.S. in 2021. WMG also made it into the Human Rights Campaigns Corporate Equality Index, for the third year in succession.
WMG set up a set of north-star DEI commitments, provided new support for its 45 Employee Resources Group chapters, and created new recruitment and educational programs in order to encourage inclusive thinking and behavior.
The company also pioneered mental wellness initiatives for its creative community. It will also launch a legacy unrecouped advances programme for eligible artists and writers who signed with WMG prior to 2000 but didn’t receive an advance during 2000 or thereafter. Other participant artists in the royalty program, such as engineers and mixers, as well as remixers, will also benefit from this program. It will be in effect for royalty periods beginning July 2022.
WMG supported more than 20 non-profits in the world during the pandemic. This was to assist frontline workers, small-business owners, out-of-work concert/touring staff and anyone else who needed assistance during this difficult time.
The $100 million Warner Music Group/Blavatnik Family Foundation Social Justice Fund has made $22.5 million in grants commitments to 24 organizations since its inception in 2020.
Governance
The company increased the representation on its Board committees of independent directors and the Boards Nominating and Corporate Governance Committee took over oversight of ESG.
Click here for the full report