Warner Music Group [1,944 articles]” href=”https://www.musicbusinessworldwide.com/companies/access-industries/warner-music-group/”>Warner Music Group (WMG) has today released its inaugural Environment Social Governance (ESG) report. You can It is available in its entirety here.
In what it calls a “first-of-its-kind standalone report” by a major music company, the document measures Warner’s ESG progress in areas including employee wellbeing, Diversity, Equity, and Inclusion, social impact, and climate change.
The report was spearheaded by Samantha Sims (Vice president, ESG) & WMGs ESG Executive Oversight Committee. It was created with input from more than 70 employees.
Sims joined WMG August 2021 to become its first ESG head. She has previously spent more eight years developing and driving PVH Corp.’s sustainability program.
Steve Cooper [144 articles]” href=”https://www.musicbusinessworldwide.com/people/steve-cooper/”>Steve Cooper (CEO, WMG) said: Becoming a more equitable and sustainable company is a moral, commercial, and creative imperative. WMG operates in over 70 countries around the globe, each with their own cultures, customs, and regulations. Our global, sustained approach to ESG demands that we have a sophisticated local, individual line of action. We are exploring how to create positive change for our company, our artists, songwriters, as well as the wider community. Although we have made great strides, this report is not a snapshot of our progress to date. It is a long-term commitment and accountability to take action.
Sims stated that the increased attention to global environmental and social problems has prompted everyone involved, from investors to employees, to expect businesses and other stakeholders to take a proactive approach to ESG risks. WMG’s first ever ESG report was a collaborative effort between teams from around the globe. It is an honor to be part of this team. This report demonstrates our commitment to creating an ESG platform that has measurable targets to drive positive societal change and engage more stakeholders.
Dr. Maurice A. Stinnett, WMGs Global Head for Diversity, Equity and Inclusion, stated: The past two-years have been a highlight of the global fights against social justice, antiracism, and equal healthcare. He also stressed the need for ethical workplaces and creative solutions. The report outlines our company-wide DEI goals to create a culture shift. We are excited to adapt these commitments for our teams at all our locations. We can all reflect on our past and learn from each other to make the best decisions together.
Warner says the report highlights:
Environment
- WMG calculated its first direct greenhouse gases emissions footprint (including emissions from Scopes 1 & 2) and will propose a target for the Science-based Targets initiative by 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 produced 100% recycled vinyl records for Coldplay, Ed Sheeran and Gorillaz.
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 royalty participants, such as engineers, mixers, remixers, and producers, will also be benefited by the program. It is effective for royalty periods that begin July 2022.
- WMG donated to more than 20 non profit organizations around the globe during the pandemic. These included frontline workers and small business owners, as well as staff from out of work concerts/tours and others who needed assistance in this difficult time.
- Since its establishment in 2020, the $100 million Warner Music Group/Blavatnik Family Foundation Social Justice Fund have pledged $22.5million in grant commitments for 24 organizations.
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.
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