MAGNA INTERNATIONAL INC
For the period ended Dec 31, 2023. Filed Mar 28, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Mar 28, 2024
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Contents
EX-1 · Introduction
Introduction
At Magna we are committed to making a difference through our products and processes, as well as care and concern for our people and the communities in which they live.
Magna’s Climate Change Commitment
We recognize the reality of climate change and its impact on the planet. As a result, we are focused on doing the right things today so that our corporate interests do not come at the expense of the viability of life for the generations that follow. Although combating climate change requires a collective global response, Magna is determined to play its part in addressing this existential threat to our planet. We took a significant step in 2023 when we submitted our near-term andnet-zero emission reduction targets for validation by the Science-Based Targets initiative (“SBTi”).
The details of Magna’s SBTinet-zero commitment are outlined in Section 1.4 of this Sustainability Report.
Approach to Sustainable Value Creation
Overall, our approach to sustainable value creation involves:
| ◾ | designing, engineering, manufacturing and delivering innovative product solutions for our customers, which achieve shared goals of reduced weight, lower fuel consumption and reduced carbon emissions; |
| ◾ | optimizing and innovating our manufacturing processes for resource and input efficiency, as well as product quality; |
| ◾ | enhancing the energy efficiency of our plants and transitioning to 100% renewable energy by 2030 to achieve our SBT requirement to reduce scope 1 and 2 emissions by 42% from a 2021 baseline; |
| ◾ | engaging our supply chain to reduce Scope 3 emissions 25% by 2030 from a 2021 baseline; |
| ◾ | staying focused on our net-zero commitment to reduce Scope 1, 2 and 3 emissions 90% by 2050 from a 2021 baseline; |
| ◾ | treating our employees fairly and looking out for their health, safety and general well-being; |
| ◾ | serving as a good community partner, particularly in the communities in which our employees live and work; and |
| ◾ | enhancing the sustainability of our supply chain with respect to human rights and working conditions through communication, monitoring, and where necessary, corrective action. |
This Sustainability Report aims to provide our stakeholders with a better understanding of how we approach the creation of sustainable, long-term value and our management of sustainability-related risks. The report has been structured to align with the International Sustainability Standards Board (ISSB) IFRS S1 and S2 Climate Related Disclosures Standards, as well as the Sustainability Accounting Standards Board’s (“SASB”) Auto Parts accounting standard, where possible. This includes, for the first time, reporting of our (2021 baseline) Scope 3 emissions. While this report may not currently provide stakeholders with all the information sought through the ISSB and SASB frameworks; we continue to evolve and enhance our disclosure as our collection and validation of the applicable data improves. While the ISSB and SASB Auto Parts frameworks primarily address climate-related factors, this Sustainability Report aims to go beyond such items to give stakeholders a better understanding of the broad range of environmental, social and governance initiatives that define our approach to sustainable value creation.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.