CORPORATE RESPONSIBILITY AND SUSTAINABILITY POLICY FOR IDEAL OF SWEDEN
IDEAL OF SWEDEN is a Swedish fashion and lifestyle brand for cellphone accessories that was born out of innovation and curiosity. We strive to deliver the highest quality in all that we do. In line with the trends that are changing the global economy, we keep transforming our business towards sustainability and decarbonization: from product design and quality to establishing trusting relations and creating value for our various stakeholders.
The purpose of this Policy is to define the framework for the sustainability approach at IDEAL OF SWEDEN and provide a governing platform for the company’s sustainability agenda for all business activities.
The Policy applies to IDEAL OF SWEDEN and covers the company’s business activities and operations globally.
4. POLICY STATEMENT
IDEAL OF SWEDEN recognizes the importance of sustainable development and the significant role it has in creating long-term value for the planet and society in general. Our ambition is to achieve positive change not only throughout our total value chain but also to contribute to the goals and commitments set in the United Nations 2030 Agenda for Sustainable Development. IDEAL OF SWEDEN’s Corporate Responsibility and Sustainability Policy contributes to achieving IDEAL OF SWEDEN sustainability strategy. Our core values are embedded in our Code of Ethics and in our sustainability guiding principles: 1.
Integration of sustainability considerations into all our business decision-making
2. Compliance with applicable legislation, governance regulations and codes of practice 3. Ensure transparency in the company’s sustainability efforts 4. Manage risks throughout the company’s total value chain related to environmental, social and governance aspects 5. Manage initiatives to continuously improve social, environmental and economic impact with a special focus on climate, resource efficiency and social inclusion 6. Engage with IDEAL OF SWEDEN’s stakeholders and establish partnerships that are instrumental to the success of IDEAL OF SWEDEN sustainability efforts 7. Report publicly on IDEAL OF SWEDEN’s sustainability performance in conjunction with the Annual Report
5. CORPORATE SUSTAINABILITY OBJECTIVES
In order to put these principles into action and achieve the goals set in IDEAL OF SWEDEN sustainability strategy that are based on the triple bottom line approach, (Environment, Society and Economy), IDEAL OF SWEDEN has set clear performance objectives: Environment: 1.
Continuously track sustainability metrics throughout IDEAL OF SWEDEN operations
2. Measure Scope 1, Scope 2 and Scope 3 CO2 emissions annually and implement emission reduction initiatives 3. Achieve compliance with the IDEAL OF SWEDEN standards for raw material sourcing and manufacturing processes for Tier 1 and Tier 2 suppliers. Society: 1.
Provide a safe work environment to nurture diversity and equality of our employees
2. Contribute to social progress in geographies of IDEAL OF SWEDEN business operations Economy: 1.
Ensure IDEAL OF SWEDEN profitability through risk mitigation and evaluate ESG considerations in the company’s investment strategy
2. Achieve working conditions that promote, support and engage our employees, and work towards an extended working life
6. GOVERNANCE Introduction IDEAL OF SWEDEN’s Sustainability Manager presents the sustainability strategy and execution agenda to the CEO and the Board of Directors (the “Board”). The Board decides on Ideal of Sweden’s final strategy and sustainability approach. Upon such approval, the Sustainability Manager presents to the Senior Management the activities and execution agenda for the corporate sustainability approach approved by the CEO and the Board. The Sustainability Manager is a member of the Senior Management which includes senior representatives from business divisions of the company. Operations The Sustainability Manager is responsible for: •
Setting the sustainability agenda and presenting a strategy, including but not limited to approach, ambitions and targets, to the CEO and the Board for approval;
Coordinating and driving the overall sustainability agenda within IDEAL OF SWEDEN, ensuring implementation in accordance with the directives of the Board, and for reporting on progress;
Recommending and presenting policy decisions that are formally adopted by the CEO, or the Board.
The Senior Management is responsible for: •
Each Senior Management member is responsible for driving the sustainability agenda in their respective division or unit and responsible for ensuring that activities carried out and instructions adopted are in accordance with this Policy.
Formation of each initiative’s stakeholder group, that should be a cross-section of the organisation, from senior management to front-line employees.
• Report progress to the Sustainability Manager to ensure optimal collaboration and integration. Control The responsibility for implementing the sustainability principles and execution on the activities in order to succeed with IDEAL OF SWEDEN’s Sustainability Strategy lies with each division, business area, business unit, and staff function. IDEAL OF SWEDEN is working actively with engaging every part of its cooperation in order to reach the standards and goals set out. Each business division may report on identified risk factors to Management or Senior Management. Senior Management responds to the risk factors in an efficient, effective manner with the support of Sustainability Manager. IDEAL OF SWEDEN’s adherence to sustainability principles, policies and strategy is embedded in the Risk Management and Compliance review and the progress and outcome is reported to the Board in accordance with established routines.
Decision Initiatives Implementation
BOARD OF DIRECTORS
7. INTERNATIONAL COMMITMENTS IDEAL OF SWEDEN recognises the importance of participating in and supporting international commitments that enable businesses to operate in a more sustainable way. IDEAL OF SWEDEN is committed to the following guiding external policies: •
Principles of the UN Global Compact
Universal Declaration of Human Rights
UN Guiding Principles on Business and Human Rights
The eight ILO Core Conventions on Labour Standards
UN Convention on the Rights of the Child
The Children’s Rights and Business Principles
OECD Guidelines for Multinational Enterprises
8. REFERENCES TO ASSOCIATED DOCUMENTS
Apart from this Corporate Responsibility and Sustainability Policy, IDEAL OF SWEDEN has a number of related company policy documents. •
Code of Ethics
Code of Conduct for Business Partners to IDEAL OF SWEDEN
Product Quality Policy
Company Communications Policy
Company Recruitment Policy
Company internal IT Policy
IDEAL OF SWEDEN expects that each employee, vendor and visitor will follow the above practices to ensure that IDEAL OF SWEDEN meets its Sustainability Strategy goals. This Corporate Responsibility and Sustainability Policy has ultimate lineage to IDEAL OF SWEDEN’s Code of Ethics and Code of Business Conduct for Partners to IDEAL OF SWEDEN as well as from all Board and senior level management policies. Violation of this policy may, in IDEAL OF SWEDEN’s sole discretion, result in the termination of our business relationship with a licensee, affiliate, partner, or vendor.