WARNER MUSIC GROUP BECOMES FIRST MAJOR MUSIC COMPANY TO RELEASE IN-DEPTH ESG REPORT – PRNewswire

WARNER MUSIC GROUP BECOMES FIRST MAJOR MUSIC COMPANY TO RELEASE IN-DEPTH ESG REPORT PRNewswireWARNER MUSIC GROUP BECOMES FIRST MAJOR MUSIC COMPANY TO RELEASE IN-DEPTH ESG REPORT PRNewswire

NEW YORK (February 1, 2022 /PRNewswire/ — Warner Music Group (WMG), today released its first Environment Social Governance (ESG), report. The report is the first of its kind and is used to communicate with key stakeholders. It also serves as a baseline for WMG in measuring its ESG progress in areas such as employee wellbeing, diversity, equity, and inclusion. Sims joined WMG in August 2021 as the first head of ESG. She spent more than eighteen years developing and driving PVH Corp.’s sustainability plan. Steve Cooper (CEO, WMG), stated: “Becoming more equitable and sustainably compliant is a moral and commercial imperative. WMG has operations in more than 70 countries, each with its own customs, cultures 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’s a long-term commitment and accountability to action. Sims added: “All stakeholders, from investors to our people, have become more concerned about global environmental and social challenges. This has led them to expect businesses to be more proactive in addressing ESG risks and opportunities. I am extremely proud to have collaborated with teams from all over the globe to create WMG’s first ever ESG report. Dr. Maurice A. Stinnett, WMG’s Global Head for Diversity, Equity and Inclusion, said that the past two years have been a highlight of the global fights against racism, social justice, and equitable healthcare. He also spoke out about the need for ethical workplaces and creative solutions. The report outlines our company-wide DEI obligations 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. “The report highlights include:EnvironmentWMG calculated its first direct greenhouse gas emissions footprint (including emissions from Scopes 1 and 2, as well as employee travel) and will propose a target to the Science-based Targets initiative in 2022. WMG was a founding signatory to the Music Climate Pact. This Pact was developed with the support of the UN Environment Programme. It aims to collectively address the industry’s environmental impact. The company produced 100% recycled vinyl records for Coldplay, Ed Sheeran and Gorillaz. This allowed them to avoid using 46 tons of virgin material. SocialWMG increased its investments in learning and development, mental health, and technology to support its employees in light of the effects of the pandemic. WMG was a Great Place to WorkTM in the U.S. in 2021. It was also included in the Human Rights Campaign’s Corporate Equality Index in 2021. WMG set up a number of DEI commitments for north stars, provided support to its 45 Employee Resource Group chapters, as well as developed new educational and recruitment programs to encourage inclusive thinking and behavior. The company pioneered mental health initiatives in its creative community. It will also launch a legacy unrecouped advance program for eligible artists/songwriters who signed with WMG prior to 2000 but didn’t receive an advanced during or after 2000. Other royalty participants, such as engineers, mixers, remixers, and producers, will also be benefited by the program. It will be in effect for royalty periods beginning July 2022. WMG contributed to over 20 non-profits worldwide during the pandemic. This was to assist frontline workers, small business owners and out of work concert/tour staff as well as others 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. GovernanceThe company increased the number of independent directors on its Board committees and ESG is now under the control of the Board’s Nominating and Corporate Governance Committee. Click here to view the report.
Warner Music Group (WMG), a company with a history that spans over 200 years, brings together musicians, songwriters, entrepreneurs, and artists to make entertainment culture a better place. WMG also counts Warner Music Entertainment, a storytelling powerhouse, and IMGN, the social media content creator, among its many brands.
James Steven
[email protected]Mackenzie Aliano
[email protected]SOURCE Warner Music Group Corp.

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