GOVE R NANCE The Novolex Board of Directors is the highest governing body with oversight of our progress and impact on environmental, social and governance (ESG) issues. Board members have extensive experience in the global packaging industry, finance, global supply chain and ESG-related disciplines relevant to Novolex operations and that are applicable to stakeholders. During quarterly meetings, the Board receives and evaluates the management of the organization’s impacts on the economy, environment and people, makes recommendations and receives follow-up on implementation at subsequent meetings.
Leadership The Senior Leadership Team (SLT) at Novolex has nine members, including the Chairman and CEO, the presidents of the Food & Delivery and Performance Solutions business segments, the Chief Financial Officer, and other function heads responsible for Technology, Procurement, Human Resources, Legal and Corporate Affairs. Together, they are responsible and accountable for identifying and executing sustainability projects that advance Novolex ESG goals. The SLT holds weekly meetings and conducts comprehensive monthly business reviews, where the team discusses topics that pertain to the company’s ESG performance. Additionally, the SLT discusses a range of ESG topics during other functional and
Board Composition
business planning meetings as needed. The Senior Vice President of Corporate Affairs on the SLT
There are eight members of the Board, which was established in April 2022, including Chairman
who specializes in sustainability.
coordinates all sustainability initiatives and objectives, while also receiving support from a director
and CEO Stanley (Stan) Bikulege. There are three standing committees of the Board: the Audit Committee, the Compensation Committee and the Sustainability & Environment, Health and Safety (S&EHS) Committee.
Partners
The S&EHS Committee is responsible for the company’s strategy and performance around
In 2022, Apollo Global Management (“Apollo”) acquired majority ownership of Novolex from Carlyle,
ESG matters, including the company’s advancement of key performance indicators that
with Carlyle maintaining minority ownership. Both Apollo and Carlyle uphold a strong commitment to
align with the three Novolex sustainability pillars: products, operations, and people and
addressing ESG initiatives in their portfolio companies. With the support of our partners, Novolex will
communities. The S&EHS Committee is comprised of three members of the Board. The
continue to drive sustainability progress.
committee provides direction on evolving expectations that could affect the company's awareness of and performance against its ESG goals as well as assesses the impacts of ESG projects on stakeholders. The committee meets quarterly to receive updates from the Novolex Senior Leadership Team (SLT), including the Chairman and CEO, and other company subject matter experts, on ESG-related topics. In 2022, the committee considered a number of topics including efforts to meet the company's greenhouse gas emissions reduction target, product sustainability strategy, employee health and safety metrics, employee training and development, and expectations of stakeholders regarding the circular economy, among other subjects. The Products, Operations and People and Communities sections of this report provide more information on these topics.
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