DULUTH, Ga., July 26, 2023 (GLOBE NEWSWIRE) — On Wednesday, Fox Factory released its 2022 global sustainability report which highlights the company’s strategy and achievements to date. The company also introduced the next stage of its sustainability journey by setting 2030 aspirations for positive impacts across its operations and communities.
“It’s incredible to see how far we’ve come since formally embarking on our sustainability journey in 2021, yet it feels like we’re just getting started,” said Mike Dennison, Chief Executive Officer. “I’m excited about the aspirations all being win-win visions in areas that are important to both our business and stakeholders. We’re finding the sweet spot of creating better outcomes for people and the environment, while increasing our performance.”
Key highlights from 2022:
Planet – Protecting Our Global Playground
- Awarded over $1.2 million USD in grants to 85 nonprofit organizations focused on sustainable adventure for all through their signature community outreach initiative, Trail Trust
- Conducted a comprehensive climate risk and opportunity assessment aligned with the Task Force on Climate-Related Financial Disclosures framework
- Became the official suspension partner of Extreme E, the world’s most sustainable extreme racing series
People – United in Shared Well-being and Adventure
- Achieved 69% engagement score on the global employee survey, a 5% increase from 2021
- Launched the Women’s Interactive Network Employee Resource Group with over 75 members
- Provided over $180,000 USD in donations and corporate matches to 550 nonprofits through the employee giving program
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Product – Redefining Sustainable Performance
- Rolled out a Supplier Code of Conduct to all Tier 1 suppliers, outlining expectations for responsible and ethical practices
- Increased pre-production testing volume by 40% for the Specialty Sports Group and 100% for the Powered Vehicles Group in order to ensure optimal product quality
- Achieved ISO 14001 certification at the largest manufacturing facility (Gainesville, Georgia), demonstrating a commitment to responsible environmental management in operations
Business Fundamentals – Driving High Standards
- Began developing a new Enterprise Risk Management framework and Compliance Management System
- Achieved a 100% completion rate for Code of Ethics training by Director-level and above employees
- Developed a comprehensive Information Technology Policy, reinforcing defenses against cyber threats and upholding the highest data security standards
Building on progress to date, industry best practices, and stakeholder priorities, Fox Factory developed the following aspirations for 2030 which are detailed in the report.
Inclusion, Diversity, and Engagement: Consistently achieve top quartile employee engagement scores and attain increased representation internally and externally
Sustainable Product Mindset: Introduce cost-effective sustainable thinking into 100% of new development projects as well as packaging material usage and design
Social Impact: Globally grant $10 million USD and expand access to 100,000 underrepresented adventurers through Trail Trust and achieve 35% employee giving participation in global giving program
Carbon Emissions: Achieve 25% reduction in operational emissions (Scope 1 & 2), from 2022 baseline
Supply Chain: Ensure that at least 90% of our Tier 1 supply chain partners have signed our Supplier Code of Conduct
For more details, read the full 2022 Sustainability Report here.