Context

We are committed to minimising our impact on the natural environment and to reducing our carbon footprint. We recognise national and international standards of environmental performance and provide relevant guidance both to our Maisons and to our suppliers in this regard.

Our approach

Our Environmental Code of Conduct is built on national and international norms and standards for environmental management. The Code addresses industry-specific issues, such as the environmental impacts of using gem stones, gold and leather, as well as universal environmental issues.

The Code sets a minimum applicable operating standard for all of the Group’s businesses. Each business is expected to implement its own environmental management system, tailored to suit its size and type of activity. Improving the quality and scope of our environmental data remains an area of focus.

The CSR Committee reviews environmental performance, determines new initiatives and reports progress to management and the Board.

Richemont’s Internal Audit function includes environmental considerations within its risk analysis and monitors compliance with the Code. Procedures are in place to ensure that non-compliance with the Code is followed up with a programme of remedial action. The number of internal audits and incidents of non-compliance are not disclosed. In addition, the on-going RJC certification process includes a review of environment matters. With a view to improving the overall management of risks, environmental audits of specific manufacturing sites in Switzerland were begun during the year under review. The results are used to drive continuous improvement plans at each location.

Environmental data is consolidated annually. This data includes the energy we use in our buildings, the fuel consumed as we travel and other elements necessary to calculate our carbon footprint. The results are disclosed in this CSR report and are communicated internally to employees via the CSR representatives.

Engaging employees

Our Maisons engage their staff directly on environment themes in a variety of ways. These range from communications on environmental good practice at work to incentivising staff to use public transport.

Through its Model Supplier Code, the Group’s operations encourage environment-friendly practices among its direct suppliers and their suppliers. Separately, through the RJC, the seven member Maisons participate in industry-wide efforts to reduce the long-term impact of mining on the environment.

The Group’s CSR Committee has noted the ever-growing number of environmental initiatives reported by local CSR representatives. These have occurred in markets such as the Middle East, the USA, Hong Kong and Switzerland. The initiatives range from reducing the consumption of electricity in offices to improving the thermal insulation of buildings.

The Group participates in the Carbon Disclosure Project’s annual data collection process.

Looking ahead

We continue to work on improving our infrastructure, energy management and travel policies to limit our emissions. Specifically, we will undertake further site studies to identify opportunities for improvement.