Snap-on Inc
For the period ended Apr 25, 2024. Filed Mar 12, 2024.
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Apr 25, 2024 · Filed Mar 12, 2024
Contents
Sustainability Commitment
Snap-on
is committed to conducting business and making decisions honestly, ethically, fairly and within the law, and is guided by the Company’s “Who We Are” mission statement, which is translated into multiple languages and prominently displayed in its facilities around the world.
Snap-on
is dedicated to earning and keeping the trust and confidence of its shareholders, customers, franchisees, distributors, retirees and associates, as well as of the communities where the Company does business.
Code of Business Conduct and Ethics provides guidelines and a framework for conducting business in an ethical manner. These beliefs go beyond
Snap-on
and are expected of our suppliers as detailed in the Company’s Supplier Code of Conduct.
Snap-on
has adopted policies that seek to eliminate human trafficking, slavery, forced labor and child labor from its global supply chain, and has formalized its commitment to protecting human rights in the Company’s Human Rights Policy.
Snap-on
prioritizes continuous improvement in all facets of its operations, including environmental matters and health and safety. The Company strives to protect environmental quality and human welfare in its workplaces and communities by implementing sound policies designed to prevent, mitigate and reduce
impact on the environment. Our commitment reaches into all aspects of our operations, product development and supply chain, and is intended to promote sustainability.
The internal Environmental, Social and Governance Committee (“ESGC”) supports the Company’s ongoing commitment to the environment, health and safety, social responsibility, governance and sustainability (collectively, “ESG”). The ESGC is a cross-functional management committee assigned to focus on: (i) maintaining a framework for addressing ESG matters and recommending general strategy relating to such matters; (ii) advising on policy development to implement the approved strategy, and recommending appropriate methods to monitor resulting initiatives; (iii) coordinating and facilitating communications with business and operating units, employees, investors and stakeholders with respect to ESG matters; and (iv) monitoring and assessing developments relating to ESG matters. The ESGC, which is currently chaired by the Vice President, Environmental, Social and Governance, reports to the Chief Executive Officer and updates the Corporate Governance and Nominating Committee about its plans and actions at least two times per year. The full Board has ultimate oversight of the Company’s strategy related to ESG matters and receives regular reports on the subject from the Corporate Governance and Nominating Committee.
Feedback on the evaluation of risks and/or opportunities related to ESG matters identified by the ESGC and by the Company’s operating units is included and discussed as part of the Company’s quarterly operations reviews with senior management.
sustainability framework is focused on key areas impacting our industry, including energy management, employee health and safety, and material management, and is aligned with the principles of the International Financial Reporting Standards Foundation (formerly known as the Sustainability Accounting Standards Board or “SASB”), which has been consolidated into the International Financial Reporting Standards Foundation.
Below is a discussion of the pillars of Snap-on’s sustainability commitment:
| • | Economic |
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Snap-on connects with its customers—serious professionals performing critical tasks, often in harsh and punishing conditions, where the penalty for failure is high. The Company serves the makers and the fixers, the hard-working men and women who move our world forward. Since the 1920 invention of the original Snap-on interchangeable socket set, the Company’s principal value-creating mechanism has been to observe work, to translate insights gained and to provide solutions that make essential tasks easier. Snap-on is committed to creating high quality products, to providing a safe and healthy workplace, and to acting as an environmentally responsible neighbor. The Company’s makes health, safety and the environment priorities as it manages existing, and develops new, products and processes. The Company believes that setting environmental goals as part of its daily operations promotes its economic health and operational growth, and, as such, should help safeguard natural resources and the environment.
| ○ | Design for the Environment – Snap-on aims to manufacture its products efficiently while maintaining high quality and remaining competitive in the global marketplace. The Company implements product innovation and design practices aimed at reducing the impact on the environment, including reducing packaging and using wood handles certified according to the Forest Stewardship Council. |
| ○ | Product Safety – Snap-on believes the safety of customers and users of its products is of the highest importance. The Company’s commitment to safety begins with the design and manufacture of products that meet or exceed applicable standards. The breadth of Snap-on’s offerings provides the right variety of tools and equipment for each job, including a wide array of safety equipment to protect users at times when they need to be in harm’s way. In addition to other safety features, many of the Company’s tools are ergonomically designed to mitigate repetitive motion injuries for users. |
| ○ | Product Regulatory Compliance – Product regulatory compliance for Snap-on includes safety approvals and certifications, radio transmission certification, electromagnetic compatibility (EMC) compliance and environmental requirements, including those related to energy efficiency. Snap-on’s suppliers are required to comply with all applicable product requirements and undergo periodic audits conducted by Snap-on, or a third party, to verify compliance with applicable product requirements. |
| • | Environmental |
|---|
Snap-on is committed, as a part of its daily operations, to safeguarding natural resources and the environment.
| ○ | EH&S Management System & Compliance Reviews – The Snap-on Environment, Health and Safety (“EH&S”) Management System serves as the organizing framework that is intended to enable the Company to achieve and sustain its environmental, operational and business objectives. The EH&S System, which is applied worldwide, is based upon continual improvement and is certified to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018. Internal environmental compliance reviews are conducted regularly at all Snap-on facilities. |
| ○ | Conservation & Recycling – Snap-on’s facilities seek to conserve energy and natural resources through the prudent use of energy and water, the elimination or reduction of pollution at its source and the proper disposal or effective treatment of any waste that is not recycled. |
| ○ | CDP – In 2008, Snap-on began voluntarily quantifying and reporting greenhouse gas (“GHG”) emissions to the CDP (formerly known as the Carbon Disclosure Project) on an annual basis. The Company’s participation allows it to better integrate climate risks and opportunities into its business practices and to inform interested parties regarding its environmental performance. In 2023, the Company’s total Scope 1 and Scope 2 GHG emissions of 99,021 metric tons of carbon dioxide equivalent (“CO2e”) reflected an intensity of 20.9 (metric tons of CO2e, divided by net sales in millions). |
| • | Social Responsibility |
|---|
Snap-on is committed to earning and keeping the trust and confidence of our shareholders, customers, franchisees, distributors and associates. This trust and confidence is critical to Snap-on’s continued success.
| ○ | Safety Philosophy – Snap-on remains committed to non-negotiable product and workplace safety. As a permanent and priority agenda item at all operational meetings, safety comes first. |
| ○ | Global Safety Metrics – Snap-on establishes and monitors safety objectives and targets to drive continual improvement, and the Company encourages its associates to participate, develop, and maintain exemplary health and safety management systems and performance. |
| ○ | Our People – The passion and character of the Company’s people are what makes Snap-on a global leader. With diverse talents and deep pride in the Snap-on family of brands, associates drive innovation to help create value. |
| ○ | Healthy Lifestyles – Snap-on provides many valuable programs that benefit associates throughout their careers with Snap-on and in retirement. The Company encourages associates to make healthy lifestyle choices and it offers a full array of health, welfare and other benefit programs. |
| ○ | Continuous Associate Education and Training – Snap-on encourages internships for early career and job training, as well as internal development and outside educational programs for associates. Annual worldwide online compliance training is provided to associates based on position, location and job responsibilities, and includes, among other topics, information security, anti-corruption, anti-slavery and anti-human trafficking training. |
| ○ | Upskilling the Workforce – Snap-on is deeply dedicated to honoring and celebrating the dignity of work. The Company supports upskilling the workforce through collaborations with Career and Technical Education (CTE) schools across the United States and throughout the world, and with SkillsUSA and World Skills to engage youth in order to enable and promote technical careers. Additionally, the Company is a founding partner of the National Coalition of Certification Centers (NC3), which aims to more effectively match technical school curricula with the precise needs of the current and future workplace by developing, implementing and sustaining industry-recognized certifications with programs in automotive, aviation, energy, oil and gas, manufacturing and other critical industries. To date, over 300,000 students have earned Snap-on certifications, preparing them for successful and satisfying careers across various technical disciplines. |
| ○ | Community Involvement – Snap-on focuses its philanthropic priorities on non-profits in communities where the Company has a significant presence. The Company works diligently to give back to such communities. |
| ○ | Human Rights – Paramount to Snap-on’s commitment to integrity and social responsibility is the way the Company treats its associates and the way others within the Company’s supply chain treat their associates. The Company’s Code of Business Conduct and Ethics makes it clear that Snap-on will not tolerate and will not condone the use of slavery, forced, involuntary or coerced labor, child labor, human trafficking or sex trafficking by any employee, agent, subcontractor or supplier in the operation or support of the Company’s business or the manufacture and distribution of its products. As part of its efforts to ensure compliance with these beliefs, Snap-on requires its suppliers, regardless of location, to conduct business consistent with the Company’s standards and to adhere to its Supplier Code of Business Conduct in order to ensure that working conditions in Snap-on’s supply chain are safe, that workers are treated with respect and dignity, that no supplier will engage in human trafficking, slavery, forced labor or child labor, and that business operations are environmentally responsible. Snap-on’s Human Rights Policy formalizes its commitment to protecting human rights. |
| ○ | Anti-Bribery and Anti-Corruption Efforts – When it comes to bribery and corruption, Snap-on’s policy is simple: zero tolerance. Snap-on is committed to maintaining high standards of business conduct in the United States and abroad. The Company and its associates must comply with all national and local laws |
of the countries in which the Company conducts business, applicable international and inter-governmental regulations and all U.S. laws that apply to international activities. Snap-on’s anti-bribery and anti-corruption efforts are overseen by the Company’s Vice President, General Counsel and Secretary.
Additional information regarding Snap-on’s sustainability commitment is available under “Sustainability Commitment,” and the Company’s SASB Index, other climate-related data and Snap-on’s most recent EEO-1 data are presented under “ESG Reporting,” in the “Investors” section of the Company’s website at www.snapon.com.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.