Accenture CEO Study United Nations Global Compact

CONTENTS “This is not a time to sit on the sidelines. Introduction 04 It is a time for resolve, determination, and - yes - even hope. Study Participants 06 Because despite the limitations and The Global Sustainability long odds, we are working to push back Agenda is Off Track 12 against despair, to fight back against disillusion and to find real solutions. Sustainability has Emerged as the Core of Resilience 30 Not perfect solutions – not even always pretty solutions – but practical Unlocking Opportunity: Initiatives solutions that are making a meaningful for Business to Build Resilience 60 difference to people’s lives. The Road to 2030: Business Asks Solutions that must put us on a pathway of Policymakers 76 to a better, more peaceful future.” Industry Insights 88 António Guterres United Nations Secretary-General Glossary 122 End of Year Remarks, December 2022 Acknowledgments 126

CONTENTS “This is not a time to sit on the sidelines. Introduction 04 It is a time for resolve, determination, and - yes - even hope.Study Participants 06 Because despite the limitations and The Global Sustainability long odds, we are working to push back Agenda is Off Track 12 against despair, to fight back against disillusion and to find real solutions.Sustainability has Emerged as the Core of Resilience 30 Not perfect solutions – not even always pretty solutions – but practical Unlocking Opportunity: Initiatives solutions that are making a meaningful for Business to Build Resilience 60 difference to people’s lives. The Road to 2030: Business Asks Solutions that must put us on a pathway of Policymakers 76 to a better, more peaceful future.” Industry Insights 88 António Guterres United Nations Secretary-GeneralGlossary 122 End of Year Remarks, December 2022 Acknowledgments 126

Accenture CEO Study United Nations Global Compact - Page 3

INTRODUCTION This year marks the 15th anniversary competitors, and governments to of our partnership and the 12th joint accelerate progress on a wider publication of the United Nations scale. However, these efforts are Global Compact-Accenture CEO far from enough. CEOs are calling Study on sustainability. Drawing for more concrete commitments on insights from over 2,600 CEOs to sustainability, working across across 18 industries and 128 stakeholder lines to avert countries, including over 130 in-depth global catastrophe. Sanda Ojiambo interviews, this milestone represents Assistant Secretary-General, the largest research effort in the The CEO Study pursued two Executive Director and CEO UN Global Compact history of the partnership. principal strands of research. First, we conducted a quantitative It also comes at a critical time. As assessment of 2,668 CEOs through we approach the halfway mark an online survey, translated into nine to achieve the UN Sustainable languages. Second, we conducted Development Goals (SDGs) by 2030, 133 in-depth one-to-one interviews the message from CEOs is painfully with CEOs, chairpersons and clear: we must accelerate our work presidents of UN Global Compact in sustainability to build a more member companies. resilient future if we are to rescue Peter Lacy the SDGs. We are once again indebted to Global Sustainability the UN Global Compact teams, Services Lead. Our 2021 CEO Study found that and in particular to Sean Cruse Chief Responsibility Officer, Global Management business leaders were severely and Bo Yang. We also recognize Committee member off track to deliver on their the leadership of the Accenture Accenture sustainability and climate goals. team, in particular: UN programs Today, the situation is even more Lead, Michael Hughes; Study Lead, tenuous. Facing continued fallout Emilia Hull; and authors Grant from the pandemic, coupled with the Lurie, Malgorzata Pietrzyk, Emily effects of Russia’s war in Ukraine, Weaver, and Lorenzo Lewis. We broader geopolitical uncertainty, would also like to acknowledge the inequality, and climate change, considerable contributions of the CEOs report heightened frustration many other UN Global Compact and and uncertainty in preparing for Accenture colleagues who are too what will happen next. numerous to mention. As a result, CEOs are now making Finally, on behalf of the UN Global sustainability a top priority in Compact and Accenture, we would their agendas, re-evaluating their like to express our profound thanks investment criteria and developing to the CEOs and chairpersons, innovative business models enabled business leaders and other by technology to drive change. stakeholders who participated in the They are also increasingly study, making this work possible in partnering with communities, the interests of a better future. 4 5

INTRODUCTION This year marks the 15th anniversary competitors, and governments to of our partnership and the 12th joint accelerate progress on a wider publication of the United Nations scale. However, these efforts are Global Compact-Accenture CEO far from enough. CEOs are calling Study on sustainability. Drawing for more concrete commitments on insights from over 2,600 CEOs to sustainability, working across across 18 industries and 128 stakeholder lines to avert countries, including over 130 in-depth global catastrophe. Sanda Ojiambointerviews, this milestone represents Assistant Secretary-General, the largest research effort in the The CEO Study pursued two Executive Director and CEO UN Global Compacthistory of the partnership.principal strands of research. First, we conducted a quantitative It also comes at a critical time. As assessment of 2,668 CEOs through we approach the halfway mark an online survey, translated into nine to achieve the UN Sustainable languages. Second, we conducted Development Goals (SDGs) by 2030, 133 in-depth one-to-one interviews the message from CEOs is painfully with CEOs, chairpersons and clear: we must accelerate our work presidents of UN Global Compact in sustainability to build a more member companies. resilient future if we are to rescue Peter Lacythe SDGs.We are once again indebted to Global Sustainability the UN Global Compact teams, Services Lead.Our 2021 CEO Study found that and in particular to Sean Cruse Chief Responsibility Officer, Global Management business leaders were severely and Bo Yang. We also recognize Committee member off track to deliver on their the leadership of the Accenture Accenture sustainability and climate goals. team, in particular: UN programs Today, the situation is even more Lead, Michael Hughes; Study Lead, tenuous. Facing continued fallout Emilia Hull; and authors Grant from the pandemic, coupled with the Lurie, Malgorzata Pietrzyk, Emily effects of Russia’s war in Ukraine, Weaver, and Lorenzo Lewis. We broader geopolitical uncertainty, would also like to acknowledge the inequality, and climate change, considerable contributions of the CEOs report heightened frustration many other UN Global Compact and and uncertainty in preparing for Accenture colleagues who are too what will happen next.numerous to mention. As a result, CEOs are now making Finally, on behalf of the UN Global sustainability a top priority in Compact and Accenture, we would their agendas, re-evaluating their like to express our profound thanks investment criteria and developing to the CEOs and chairpersons, innovative business models enabled business leaders and other by technology to drive change. stakeholders who participated in the They are also increasingly study, making this work possible in partnering with communities, the interests of a better future. 4 5

T H E 1 2 T H U N I STUDY PARTICIPANTS T E D N A T I We would like to thank the more than 2,600 CEOs, chairpersons and presidents for their insights in O N shaping this study, with particular gratitude to over 130 individuals who participated in one-to-one S G L O interviews. While the views expressed do not necessarily represent the totality of opinions received B A from all contributors, their participation and guidance have been critical. Giovanni Caforio, MD, Karen James, Natalia Cortez, Fernando Gonzalez, Ahmed Abdellatif, L C O Chairman of the Board and Chief Executive Ofﬁcer, President, Caliﬁcadora de Chief Executive Ofﬁcer, President, CTC Group M Chief Executive Ofﬁcer, Business for Development Riesgos Summaratings S.A. CEMEX [The Central Trading Company] P Bristol-Myers Squibb A C T - A C C E N T U R E C E O S T U D Y Anil Sardana, Maurici Lucena Betriu, Grace Kwok May Han, Roberto Funari, Sajida Hassan Shroff, Chuck Robbins, Sue Y. Nabi, Badr Jafar, James Boomgard, Ana Botín, Managing Director, Chairman of the Board of Chairman and Executive Director, CEO, Chief Execution Ofﬁcer, Chair and CEO, Chief Executive Ofﬁcer, CEO, President and CEO, Executive Chair, Adani Power Limited Directors and CEO, Aena Allied Sustainability and Environmental Alpargatas S.A. Altamont Group & EdWorX Cisco Coty Crescent Enterprises DAI Global, LLC Banco Santander Consultants Group Limited Consulting Luis Maroto, Paul Abbott, Peter Zaffino, Ronald Wuijster, Praveen Singhavi, Francesca Fondse, Rita Maria Zniber, Christophe Beck, Haruo Naito, Arturo Gonzalo Aizpiri, President and CEO, CEO, American Express Global Chairman & Chief Executive Executive Board Member, APG President, CEO, De Angelus Estates and Chairman & CEO, Chairman and CEO, Representative Corporate Chief Executive Ofﬁcer, Amadeus IT Group S.A. Business Travel (Amex GBT) Ofﬁcer, AIG, Inc. Group NV and Chief Executive APRIL Group Angelus Africa SD Projects Diana Holding Ecolab Ofﬁcer and CEO, Eisai Co., Ltd. Enagás Ofﬁcer, APG Asset Management Peter Oosterveer, Juan Luciano, Prasanna Rao, Atsushi Katsuki, Vineet Mittal, Sherif El Gabaly, Al Monaco, Francesco Starace, Clara Arpa, Assia Riccio, Chief Executive Ofﬁcer, Chairman & CEO, Co-founder and Managing President and CEO, Chairman, Chairman and CEO, President, Chief Executive Chief Executive Ofﬁcer and CEO, Founder, Evolvin’ Women Arcadis NV ADM Director, Arya.ag Representative Director, Avaada Group Enara Group Ofﬁcer and Director, General Manager, ARPA and Nia Trading Asahi Group Holdings, Ltd. Enbridge, Inc. Enel Group Malek Sukkar, Nitin Mantri, Thomas Buberl, Lorenzo Simonelli, Nadia Al Saeed, Rohit Kapoor, Mairead Lavery, Margaret Michaels, Viviane Martins, Sarfaraz Ahmed Rehman CEO, Group CEO, Chief Executive Ofﬁcer, Chairman & CEO, CEO, Vice Chairman & CEO, President and Chief Executive Founder, CEO, Managing Director and Chief Averda Avian WE AXA Baker Hughes Bank al Etihad EXL Ofﬁcer, Export Development Ezra Joel Group Corporation Falconi Executive Ofﬁcer, Fauji Fertilizer Canada Company Limited, (FFC) Sanjay Banka, D Narain, Betrand Schmitt, Robert Okine, Roberto Simões, Francisco Estupiñán, Mary Barra, Marika Lulay, Adrienne Doolan, Héctor Hernández-Pons Torres, Executive Chairman, President, Bayer South Asia & CEO, Founder & CEO, CEO, CEO, Chair and Chief Executive CEO, CEO, CEO, Banka BioLoo Limited Global Head of Smallholder Farming BDR Thermea Group Bewsys Braskem Fexlaw Lawyers Ofﬁcer, General Motors GFT Technologies SE Green Touches Grupo Herdez 6 7

T H E 1 2 T H U N I STUDY PARTICIPANTS T E D N A T I We would like to thank the more than 2,600 CEOs, chairpersons and presidents for their insights in O N shaping this study, with particular gratitude to over 130 individuals who participated in one-to-one S G L O interviews. While the views expressed do not necessarily represent the totality of opinions received B A from all contributors, their participation and guidance have been critical.Giovanni Caforio, MD,Karen James, Natalia Cortez, Fernando Gonzalez, Ahmed Abdellatif, L C O Chairman of the Board and Chief Executive Ofﬁcer, President, Caliﬁcadora de Chief Executive Ofﬁcer, President, CTC Group M Chief Executive Ofﬁcer, Business for Development Riesgos Summaratings S.A. CEMEX [The Central Trading Company] P Bristol-Myers Squibb A C T - A C C E N T U R E C E O S T U D Y Anil Sardana,Maurici Lucena Betriu, Grace Kwok May Han,Roberto Funari,Sajida Hassan Shroff,Chuck Robbins,Sue Y. Nabi,Badr Jafar, James Boomgard, Ana Botín, Managing Director,Chairman of the Board of Chairman and Executive Director, CEO, Chief Execution Ofﬁcer, Chair and CEO,Chief Executive Ofﬁcer,CEO, President and CEO, Executive Chair, Adani Power LimitedDirectors and CEO, AenaAllied Sustainability and Environmental Alpargatas S.A.Altamont Group & EdWorX CiscoCotyCrescent Enterprises DAI Global, LLC Banco Santander Consultants Group LimitedConsulting Luis Maroto, Paul Abbott, Peter Zaffino, Ronald Wuijster, Praveen Singhavi, Francesca Fondse,Rita Maria Zniber, Christophe Beck, Haruo Naito, Arturo Gonzalo Aizpiri, President and CEO,CEO, American Express Global Chairman & Chief Executive Executive Board Member, APG President, CEO, De Angelus Estates and Chairman & CEO,Chairman and CEO,Representative Corporate Chief Executive Ofﬁcer, Amadeus IT Group S.A.Business Travel (Amex GBT)Ofﬁcer, AIG, Inc.Group NV and Chief Executive APRIL GroupAngelus Africa SD ProjectsDiana HoldingEcolab Ofﬁcer and CEO, Eisai Co., Ltd. Enagás Ofﬁcer, APG Asset Management Peter Oosterveer,Juan Luciano, Prasanna Rao,Atsushi Katsuki,Vineet Mittal,Sherif El Gabaly,Al Monaco, Francesco Starace, Clara Arpa, Assia Riccio, Chief Executive Ofﬁcer,Chairman & CEO,Co-founder and Managing President and CEO, Chairman, Chairman and CEO,President, Chief Executive Chief Executive Ofﬁcer and CEO, Founder, Evolvin’ Women Arcadis NVADMDirector, Arya.agRepresentative Director, Avaada GroupEnara GroupOfﬁcer and Director, General Manager, ARPA and Nia Trading Asahi Group Holdings, Ltd. Enbridge, Inc. Enel Group Malek Sukkar,Nitin Mantri,Thomas Buberl, Lorenzo Simonelli,Nadia Al Saeed,Rohit Kapoor, Mairead Lavery, Margaret Michaels, Viviane Martins, Sarfaraz Ahmed Rehman CEO,Group CEO, Chief Executive Ofﬁcer,Chairman & CEO, CEO,Vice Chairman & CEO,President and Chief Executive Founder, CEO, Managing Director and Chief AverdaAvian WEAXABaker HughesBank al EtihadEXL Ofﬁcer, Export Development Ezra Joel Group Corporation Falconi Executive Ofﬁcer, Fauji Fertilizer Canada Company Limited, (FFC) Sanjay Banka,D Narain,Betrand Schmitt,Robert Okine,Roberto Simões,Francisco Estupiñán, Mary Barra, Marika Lulay, Adrienne Doolan, Héctor Hernández-Pons Torres, Executive Chairman,President, Bayer South Asia & CEO,Founder & CEO,CEO,CEO, Chair and Chief Executive CEO, CEO, CEO, Banka BioLoo LimitedGlobal Head of Smallholder FarmingBDR Thermea GroupBewsysBraskemFexlaw LawyersOfﬁcer, General MotorsGFT Technologies SE Green Touches Grupo Herdez 6 7

T H E 1 2 T H U N I T E D N A T I O N S G L O B A Carlos Roberto Rojas Sanjay Gupta, Gurpreet Singh Minhas, Arun Misra, José Ramón Vicente Rull, Rob Fauber, Susan Chodakewitz, Solange Ribeiro, Shinichi Odo, Hiroaki Shinya, L C O Aboumrad, MD and CEO, Director, Chief Executive Ofﬁcer, CEO, HLA Group & Managing President and CEO, President and CEO, Vice-president, Neoenergia and Representative Director Representative Director M CEO, Grupo Rotoplas S.A.B. National Commodities Management Harman Finochem Limited Hindustan Zinc Limited Director, HLA Moncloa Moody’s Nathan Associates Vice-chair of the Board, Chairman of the Board, and President, P de C.V. Services Limited (NCML) University Hospital UN Global Compact NGK Spark Plug Co., Ltd. Nippon Koei Co., Ltd. A C T - A C C E N T U R E C E O S T U D Y Ignacio Galán, Mohammed Akoojee Paddy Padmanathan, Kailash Lalpuria, James Thornton, Vaibhav Agrawal, Krishna Mohan Puvvada, Alexandre Ricard, Richard Wilson, Gimena Peña Malcampo, Executive Chairman, Group Chief Executive Ofﬁcer (CEO), Vice Chairman & CEO, CEO & Executive Director, CEO, CEO & Managing Director, Regional President & Business Chairman & Chief Executive CEO, CEO, Iberdrola Imperial and Group Chief Operating ACWA Power Indo Count Industries Intrepid Travel Norex Flavours Pvt. Ltd. Director, CB India, Novozymes Ofﬁcer, Pernod Ricard Physical Risk Solutions Pier2 Marketing Ofﬁcer (COO), DP World Logistics South Asia Pvt. Ltd. Sudhir Hoshing, Hemanth Kumar, NK Chaudhary, George Oliver, António Costa, Christos Megalou, Marco Tronchetti Provera, José Raúl González, Vidjongtius, Meshvara Kanjaya, Chief Executive Ofﬁcer, Partner, J.K.Sarawgi & Co., Social Entrepreneur, Chairman and CEO, CEO, Kaizen Institute Chief Executive Ofﬁcer, Piraeus Executive Vice Chairman and CEO, President Director, CEO, IRB Infrastructure Developers Ltd Chartered Accountants Chairman & Managing Director, Johnson Controls (Kaizen Institute Global Group Bank and Executive Member of CEO, Pirelli & C. S.p.A. Progreso PT Kalbe Farma Tbk. PT Supra Boga Lestari Tbk. Jaipur Rugs of Companies) Piraeus Bank’s Board of Directors Dr. David Kisa, Noke Kiroyan, Sandra Wu, Wen-Hsiu, Toshimitsu Taiko, Joost Farwerck, Bernard Tan, Lars Fruergaard Jørgensen, Robert Bellisle, Vaishali Nigam Sinha, Rohan Lunkad, General Manager, Executive Chairman & Chief Chairperson and CEO, President & CEO, CEO and Chairman Board Managing Director, Asia Pulp President and CEO, President & Chief Executive Chief Sustainability Ofﬁcer, Executive Director, Kenya Bixa Limited Consultant, PT Komunikasi Kokusai Kogyo Co., Ltd. Konica Minolta, Inc. of Management, Royal KPN N.V. & Paper (APP) Sinar Mas Novo Nordisk A/S Ofﬁcer, QSL Canada Inc. ReNew Power & Founding Chair, Rohan Builders Kinerja (Kiroyan Partners) ReNew Foundation Tony Lombardo, Dr. Bisi Bright, Eira Thomas, Derek Hydon, Ramkrishna Mukkavilli, Geraldine Matchett, Douglas L. Peterson, Fleetwood Grobler Ryuichi Isaka, Isao Teshirogi, Ph.D., Global Chief Executive Ofﬁcer CEO, President and Chief Executive President, Founder and Managing Director, Co-CEO and Member of President and CEO, Executive Director and President & Representative Chief Executive Ofﬁcer, and Managing Director, LiveWell Initiative LWI Ofﬁcer, Lucara Diamond Corp Ma Cher (USA) Inc. Maithri Aquatech Pvt Ltd the Managing Board, S&P Global President and CEO, Sasol Director, Seven & i Holdings Shionogi & Co., Ltd. Lendlease Royal DSM Co., Ltd. Ola Källenius, Alejandro Carrillo, Belén Garijo, Susan Lloyd-Hurwitz, Matt Kaufman, Eric Rondolat, Junichi Miyakawa, Ilham Kadri, Lara Olsen, Keiichi Iwata, CEO, CEO, Chair of the Executive Board CEO & Managing Director, CEO, Chief Executive Ofﬁcer, President & CEO, CEO and President of Managing Director, Representative Director Mercedes-Benz Masisa and CEO, Merck KGaA Mirvac MK Partners, Inc. Signify SoftBank Corp. the Executive Committee, South East Water (Australia) & President, Sumitomo Solvay Chemical Company, Ltd. 8 9

T H E 1 2 T H U N I T E D N A T I O N S G L O B A Carlos Roberto Rojas Sanjay Gupta,Gurpreet Singh Minhas,Arun Misra,José Ramón Vicente Rull,Rob Fauber, Susan Chodakewitz, Solange Ribeiro, Shinichi Odo, Hiroaki Shinya, L C O Aboumrad,MD and CEO,Director,Chief Executive Ofﬁcer,CEO, HLA Group & Managing President and CEO,President and CEO, Vice-president, Neoenergia and Representative Director Representative Director M CEO, Grupo Rotoplas S.A.B. National Commodities Management Harman Finochem LimitedHindustan Zinc LimitedDirector, HLA Moncloa Moody’sNathan AssociatesVice-chair of the Board, Chairman of the Board, and President, P de C.V.Services Limited (NCML)University Hospital UN Global Compact NGK Spark Plug Co., Ltd. Nippon Koei Co., Ltd. A C T - A C C E N T U R E C E O S T U D Y Ignacio Galán, Mohammed Akoojee Paddy Padmanathan, Kailash Lalpuria, James Thornton, Vaibhav Agrawal, Krishna Mohan Puvvada, Alexandre Ricard, Richard Wilson, Gimena Peña Malcampo, Executive Chairman,Group Chief Executive Ofﬁcer (CEO), Vice Chairman & CEO, CEO & Executive Director,CEO, CEO & Managing Director,Regional President & Business Chairman & Chief Executive CEO, CEO, IberdrolaImperial and Group Chief Operating ACWA PowerIndo Count IndustriesIntrepid TravelNorex Flavours Pvt. Ltd.Director, CB India, Novozymes Ofﬁcer, Pernod RicardPhysical Risk Solutions Pier2 Marketing Ofﬁcer (COO), DP World Logistics South Asia Pvt. Ltd. Sudhir Hoshing,Hemanth Kumar, NK Chaudhary,George Oliver,António Costa, Christos Megalou, Marco Tronchetti Provera, José Raúl González, Vidjongtius, Meshvara Kanjaya, Chief Executive Ofﬁcer, Partner, J.K.Sarawgi & Co., Social Entrepreneur, Chairman and CEO, CEO, Kaizen Institute Chief Executive Ofﬁcer, Piraeus Executive Vice Chairman and CEO,President Director, CEO, IRB Infrastructure Developers LtdChartered AccountantsChairman & Managing Director, Johnson Controls(Kaizen Institute Global Group Bank and Executive Member of CEO, Pirelli & C. S.p.A.ProgresoPT Kalbe Farma Tbk.PT Supra Boga Lestari Tbk. Jaipur Rugsof Companies) Piraeus Bank’s Board of Directors Dr. David Kisa, Noke Kiroyan, Sandra Wu, Wen-Hsiu, Toshimitsu Taiko, Joost Farwerck, Bernard Tan, Lars Fruergaard Jørgensen, Robert Bellisle, Vaishali Nigam Sinha, Rohan Lunkad, General Manager, Executive Chairman & Chief Chairperson and CEO,President & CEO,CEO and Chairman Board Managing Director, Asia Pulp President and CEO, President & Chief Executive Chief Sustainability Ofﬁcer, Executive Director, Kenya Bixa LimitedConsultant, PT Komunikasi Kokusai Kogyo Co., Ltd.Konica Minolta, Inc.of Management, Royal KPN N.V.& Paper (APP) Sinar MasNovo Nordisk A/SOfﬁcer, QSL Canada Inc.ReNew Power & Founding Chair, Rohan Builders Kinerja (Kiroyan Partners) ReNew Foundation Tony Lombardo, Dr. Bisi Bright,Eira Thomas, Derek Hydon, Ramkrishna Mukkavilli, Geraldine Matchett, Douglas L. Peterson, Fleetwood Grobler Ryuichi Isaka, Isao Teshirogi, Ph.D., Global Chief Executive Ofﬁcer CEO, President and Chief Executive President, Founder and Managing Director,Co-CEO and Member of President and CEO,Executive Director and President & Representative Chief Executive Ofﬁcer, and Managing Director, LiveWell Initiative LWIOfﬁcer, Lucara Diamond CorpMa Cher (USA) Inc.Maithri Aquatech Pvt Ltdthe Managing Board,S&P GlobalPresident and CEO, SasolDirector, Seven & i Holdings Shionogi & Co., Ltd. Lendlease Royal DSM Co., Ltd. Ola Källenius,Alejandro Carrillo, Belén Garijo, Susan Lloyd-Hurwitz, Matt Kaufman, Eric Rondolat, Junichi Miyakawa, Ilham Kadri, Lara Olsen, Keiichi Iwata, CEO,CEO,Chair of the Executive Board CEO & Managing Director,CEO, Chief Executive Ofﬁcer,President & CEO, CEO and President of Managing Director, Representative Director Mercedes-BenzMasisaand CEO, Merck KGaAMirvacMK Partners, Inc.Signify SoftBank Corp. the Executive Committee, South East Water (Australia) & President, Sumitomo Solvay Chemical Company, Ltd. 8 9

T H E 1 2 T H U N I T E D N A T I O N S G L O B A Takeshi Niinami, Gagandeep Bhullar, Girish Wagh, T V Narendran, CP Gurnani, L C O Chief Executive Ofﬁcer, Founder & CEO, Executive Director, CEO & MD, Managing Director and Chief M Suntory Holdings Limited SuperHuman Race Tata Motors Limited Tata Steel Executive Ofﬁcer, Tech Mahindra P A C T - A C C E N T U R E C E O S T U D Y Toshiki Kawai, Patrick Pouyanné, Ramesh S. Ramakrishnan, Suni Harford, Alan Jope, Representative Director, Chairman and Chief Executive Chairman, President Asset Management and Chief Executive Ofﬁcer, President & CEO, Ofﬁcer, TotalEnergies Transworld Group UBS Group Executive Board Lead Unilever Tokyo Electron Limited for Sustainability and Impact, UBS Jussi Pesonen, Anna Borg, Sunil Duggal, Hans Vestberg, Alexandre L’Heureux, President and CEO, President & CEO, Whole Time Director, Group Chairman and CEO, President & CEO UPM-Kymmene Corporation Vattenfall Safety Ofﬁcer & Group CEO, Verizon WSP Global Inc. Vedanta Limited Pat McCafferty, Anant Goenka, Kilala Tilaar, Managing Director, Yarra Valley Interim Managing Director, CEO and Chairman of Corporate Water, Melbourne, Australia ZenSar Technologies Creative and Innovative, Martha Tilaar Group 10 11

T H E 1 2 T H U N I T E D N A T I O N S G L O B A Takeshi Niinami, Gagandeep Bhullar, Girish Wagh, T V Narendran, CP Gurnani, L C O Chief Executive Ofﬁcer,Founder & CEO, Executive Director,CEO & MD,Managing Director and Chief M Suntory Holdings LimitedSuperHuman RaceTata Motors LimitedTata SteelExecutive Ofﬁcer, Tech Mahindra P A C T - A C C E N T U R E C E O S T U D Y Toshiki Kawai, Patrick Pouyanné, Ramesh S. Ramakrishnan, Suni Harford,Alan Jope, Representative Director, Chairman and Chief Executive Chairman, President Asset Management and Chief Executive Ofﬁcer, President & CEO, Ofﬁcer, TotalEnergiesTransworld GroupUBS Group Executive Board Lead Unilever Tokyo Electron Limitedfor Sustainability and Impact, UBS Jussi Pesonen, Anna Borg, Sunil Duggal, Hans Vestberg,Alexandre L’Heureux, President and CEO, President & CEO,Whole Time Director, Group Chairman and CEO, President & CEO UPM-Kymmene CorporationVattenfallSafety Ofﬁcer & Group CEO, VerizonWSP Global Inc. Vedanta Limited Pat McCafferty,Anant Goenka, Kilala Tilaar, Managing Director, Yarra Valley Interim Managing Director,CEO and Chairman of Corporate Water, Melbourne, AustraliaZenSar TechnologiesCreative and Innovative, Martha Tilaar Group 10 11

THE AL THE GLOBAL SUSTAINABILITY AGENDA IS OFF TRACK CEOS SOUND THE ALARM AS THE DRAMATIC RISE OF INTERLINKED ARM GLOBAL CHALLENGES IS FORCING LEADERS TO NAVIGATE NEW LEVELS OF UNCERTAINTY SOUNDING 12 13

T H E 1 2 T FIGURE 1: GEOPOLITICAL INSTABILITY SETS BACK SUSTAINABILITY IN OVER HALF (51%) H U AS WE APPROACH THE HALFWAY MARK TO ACHIEVE THE 2030 N I T OF DEVELOPING COUNTRIES E AGENDA, CEOS REMAIN COMMITTED TO DELIVERING THE SDGS. D N A T I YET THEY ARE SOUNDING THE ALARM THAT MORE ACTION AND O N SUPPORT ARE NEEDED TO RESCUE THE GLOBAL GOALS CEO Survey Question: To what extent do you agree or disagree with the following statements? S G L (Geopolitical instability has set back my company’s sustainability efforts) O B A L C O M P A THE WORLD CANNOT ACHIEVE THE SDGS – their highest level ever. Climate ﬁnance is C T - A ON OUR CURRENT TRAJECTORY still dangerously short of the USD 100 billion C C E goal. An additional 10 million hectares of forest N T U We are nearly at the halfway mark to 2030, R were destroyed in 2021, bringing nearly 40,000 E C the shared deadline when we plan to achieve 1 E species to be at risk of extinction.” O S the Sustainable Development Goals (SDGs). T U D While progress has been made, the world Global leaders recognize that this is the moment Y remains drastically behind where it needs to be. to take action. Secretary General of the United For example, the Paris Agreement sought to limit Nations, António Guterres, in his 2022 address global temperature rise to 1.5° Celsius by the to the UN General Assembly remarked, “A world end of the century, but the latest United Nations without extreme poverty, want or hunger is not Framework Convention on Climate Change an impossible dream. It is within reach. That is (UNFCCC) report illustrates that current climate the world envisaged by the 2030 Agenda and the pledges would put the world on track to reach Sustainable Development Goals. But it is not the 2.5° Celsius by 2100 — a scenario that would world we seem to have chosen. Because of our lead to cataclysmic impacts for the world. decisions, sustainable development everywhere is at risk. The SDGs are issuing an SOS.” 2 The instability of the past three years, marked by the global pandemic, climate change impacts, This sentiment is echoed by business leaders and geopolitical conﬂicts, has set the world in the private sector. As CEO of Intrepid Travel, Disagree Agree even further behind. As Susan Chodakewitz, James Thornton, states, “Businesses and President and Chief Executive Ofﬁcer of Nathan No data available Associates notes, “We are at the midpoint of governments still have a lot more to progress achieving the SDGs, and we are seeing a relapse on the SDGs. Unfortunately, inequalities are in terms of democratic systems and economic widening, and communities are being left more vulnerable.” “The world is not as resilient as we had hoped. as they grapple with competing priorities and achievements. When we look at the state of the Societal structures including democracy are limited resources.Nearly half (49%) of SME world, we are moving backwards.” failing us as we try to tackle huge challenges CEOs felt that their sustainability efforts have GLOBAL INSTABILITY IS FURTHER such as climate change and inequality.” been impacted, as opposed to 36% of the largest The UN Sustainable Development Goals Report RISKING THE SDGS, SETTING BACK 4 companies. As Gurpreet Singh Minhas, Director 2022 puts the situation in even more dire terms: SUSTAINABILITY PROGRESS Geopolitical instability is also amplifying of Harman Finochem Limited notes, “Our “Four years of poverty reduction has been erased existing pressures, such as expanding supply ability to achieve sustainability commitments is by the pandemic, with the working poverty rate While a variety of challenges in the last half chain disruptions, increasing price volatility, hindered by the lack of long-term commitments rising for the ﬁrst time in two decades. Women decade have inﬂuenced progress on the SDGs, and intensifying resource shortages. As CEOs from major stakeholders and policymakers, the accounted for 39% of global employment in current geopolitical instability risks their deal with these impacts in the short term, inaccessibility of useful technology, and lack 2019, but 45% of global employment losses in achievement. Globally, 87% of CEOs feel that sustainability efforts are being disrupted, as of access to affordable ﬁnance and resources.” 2020. Progress on electriﬁcation has slowed — current levels of geopolitical instability limit shown by the 43% of CEOs who agree that Karen James, Chief Executive Ofﬁcer of Business on today’s pace there would still be 679 million the world’s ability to achieve the SDGs. The geopolitical instability has set back their for Development, adds, “There is limited support people without electricity in 2030. Our reliance fallout is leaving CEOs with limited conﬁdence sustainability efforts. In particular, both from government and ﬁnancial institutions for on natural resources is only increasing — rising in multilateralism as they work to achieve the companies in the developing world, as well as SMEs, especially when it comes to sustainability. Global Goals. As the President and CEO of Novo 3 Their risk appetite is too low now, which makes it 65% globally between 2000 and 2019. Energy small and medium-sized enterprises (SMEs) related CO emissions increased 6% in 2021 Nordisk A/S, Lars Fruergaard Jørgensen, notes, globally, are facing the strongest headwinds difﬁcult for us to survive.” 2 1. The United Nations Economic Commission for Europe (2022) Halfway to 2030: UNECE report shows we must accelerate progress 3. Deﬁned as companies with less than USD 25 million in annual revenue. 14 to achieve SDGs in the region. 2. United Nations (2022) Secretary-General’s address to the General Assembly. 4. Deﬁned as companies with greater than USD 1 billion in annual revenue. 15

T H E 1 2 T FIGURE 1: GEOPOLITICAL INSTABILITY SETS BACK SUSTAINABILITY IN OVER HALF (51%) H U AS WE APPROACH THE HALFWAY MARK TO ACHIEVE THE 2030 N I T OF DEVELOPING COUNTRIES E AGENDA, CEOS REMAIN COMMITTED TO DELIVERING THE SDGS. D N A T I YET THEY ARE SOUNDING THE ALARM THAT MORE ACTION AND O N SUPPORT ARE NEEDED TO RESCUE THE GLOBAL GOALSCEO Survey Question: To what extent do you agree or disagree with the following statements? S G L (Geopolitical instability has set back my company’s sustainability efforts) O B A L C O M P A THE WORLD CANNOT ACHIEVE THE SDGS – their highest level ever. Climate ﬁnance is C T - A ON OUR CURRENT TRAJECTORYstill dangerously short of the USD 100 billion C C E goal. An additional 10 million hectares of forest N T U We are nearly at the halfway mark to 2030, R were destroyed in 2021, bringing nearly 40,000 E C the shared deadline when we plan to achieve 1 E species to be at risk of extinction.” O S the Sustainable Development Goals (SDGs). T U D While progress has been made, the world Global leaders recognize that this is the moment Y remains drastically behind where it needs to be. to take action. Secretary General of the United For example, the Paris Agreement sought to limit Nations, António Guterres, in his 2022 address global temperature rise to 1.5° Celsius by the to the UN General Assembly remarked, “A world end of the century, but the latest United Nations without extreme poverty, want or hunger is not Framework Convention on Climate Change an impossible dream. It is within reach. That is (UNFCCC) report illustrates that current climate the world envisaged by the 2030 Agenda and the pledges would put the world on track to reach Sustainable Development Goals. But it is not the 2.5° Celsius by 2100 — a scenario that would world we seem to have chosen. Because of our lead to cataclysmic impacts for the world.decisions, sustainable development everywhere is at risk. The SDGs are issuing an SOS.” 2 The instability of the past three years, marked by the global pandemic, climate change impacts, This sentiment is echoed by business leaders and geopolitical conﬂicts, has set the world in the private sector. As CEO of Intrepid Travel, Disagree Agree even further behind. As Susan Chodakewitz, James Thornton, states, “Businesses and President and Chief Executive Ofﬁcer of Nathan No data available Associates notes, “We are at the midpoint of governments still have a lot more to progress achieving the SDGs, and we are seeing a relapse on the SDGs. Unfortunately, inequalities are in terms of democratic systems and economic widening, and communities are being left more vulnerable.”“The world is not as resilient as we had hoped. as they grapple with competing priorities and achievements. When we look at the state of the Societal structures including democracy are limited resources.Nearly half (49%) of SME world, we are moving backwards.”failing us as we try to tackle huge challenges CEOs felt that their sustainability efforts have GLOBAL INSTABILITY IS FURTHER such as climate change and inequality.” been impacted, as opposed to 36% of the largest The UN Sustainable Development Goals Report RISKING THE SDGS, SETTING BACK 4 companies. As Gurpreet Singh Minhas, Director 2022 puts the situation in even more dire terms: SUSTAINABILITY PROGRESSGeopolitical instability is also amplifying of Harman Finochem Limited notes, “Our “Four years of poverty reduction has been erased existing pressures, such as expanding supply ability to achieve sustainability commitments is by the pandemic, with the working poverty rate While a variety of challenges in the last half chain disruptions, increasing price volatility, hindered by the lack of long-term commitments rising for the ﬁrst time in two decades. Women decade have inﬂuenced progress on the SDGs, and intensifying resource shortages. As CEOs from major stakeholders and policymakers, the accounted for 39% of global employment in current geopolitical instability risks their deal with these impacts in the short term, inaccessibility of useful technology, and lack 2019, but 45% of global employment losses in achievement. Globally, 87% of CEOs feel that sustainability efforts are being disrupted, as of access to affordable ﬁnance and resources.” 2020. Progress on electriﬁcation has slowed — current levels of geopolitical instability limit shown by the 43% of CEOs who agree that Karen James, Chief Executive Ofﬁcer of Business on today’s pace there would still be 679 million the world’s ability to achieve the SDGs. The geopolitical instability has set back their for Development, adds, “There is limited support people without electricity in 2030. Our reliance fallout is leaving CEOs with limited conﬁdence sustainability efforts. In particular, both from government and ﬁnancial institutions for on natural resources is only increasing — rising in multilateralism as they work to achieve the companies in the developing world, as well as SMEs, especially when it comes to sustainability. Global Goals. As the President and CEO of Novo 3 Their risk appetite is too low now, which makes it 65% globally between 2000 and 2019. Energy small and medium-sized enterprises (SMEs) related CO emissions increased 6% in 2021 Nordisk A/S, Lars Fruergaard Jørgensen, notes, globally, are facing the strongest headwinds difﬁcult for us to survive.” 2 1. The United Nations Economic Commission for Europe (2022) Halfway to 2030: UNECE report shows we must accelerate progress 3. Deﬁned as companies with less than USD 25 million in annual revenue. 14to achieve SDGs in the region. 2. United Nations (2022) Secretary-General’s address to the General Assembly.4. Deﬁned as companies with greater than USD 1 billion in annual revenue.15

GEOPOLITICAL TENSIONS ARE RESHAPING “Globalization is still very much THE GLOBAL ECONOMY alive. It would take a disastrous CEOs acknowledge the beneﬁts of globalization, yet global war to break up the global recognize that it has concentrated power and wealth supply chains we have in place. into the hands of a few to the detriment of many. It will, however, constantly be redesigned as the equilibrium Francesca Fondse, CEO of De Angelus Estates and of powers shift.” Angelus Africa SD Projects, explains, “The subject of globalization is a double-edged sword. It can be very Francesco Starace, good, but it has clearly not delivered the promise of Chief Executive Officer and progress for everyone.” Shinichi Odo, Representative General Manager of Enel Group Director Chairman of the Board of NGK Spark Plug Co., Ltd., adds, “Inequalities and extreme disparities have arisen due to excessive globalism. We have to develop a better system of globalization so those “Globalization until now has been disparities can be eliminated.” a way to optimize the economic models of some countries without However, globalization is still a necessity, as 80% considering the needs of others. of CEOs feel that the world needs globalization to Everyone is now waking up and achieve the SDGs. Globalization must therefore creating an environment in which their own voices are heard. We are be rebalanced as it starts to take on a new shape seeing a rebalancing of power.” – one that’s inclusive and delivers shared value. CEO of Crescent Enterprises, Badr Jafar, shares, Thomas Buberl, “Globalization is far from dead, but it is rapidly Chief Executive Officer of AXA evolving into a more complex system. This multipolar world will generate new rule books which companies will have to ﬁgure out and navigate in order to thrive.” “Globalization has had positive and negative side effects to society, but it is here to stay. Nationalism may be rising temporarily, but the benefits of the global economy to all of us, especially the developing world, are too great to pass up.” José Ramón Vicente Rull, CEO of HLA Group & Managing Director of HLA Moncloa University Hospital “Geopolitical instability is creating multiple externalities – it’s increasing energy costs, distorting supply chains, and restricting access to materials.” Toshimitsu Taiko, President & CEO of Konica Minolta, Inc. 16 17

GEOPOLITICAL TENSIONS ARE RESHAPING “Globalization is still very much THE GLOBAL ECONOMY alive. It would take a disastrous CEOs acknowledge the beneﬁts of globalization, yet global war to break up the global recognize that it has concentrated power and wealth supply chains we have in place. into the hands of a few to the detriment of many. It will, however, constantly be redesigned as the equilibrium Francesca Fondse, CEO of De Angelus Estates and of powers shift.” Angelus Africa SD Projects, explains, “The subject of globalization is a double-edged sword. It can be very Francesco Starace, good, but it has clearly not delivered the promise of Chief Executive Officer and progress for everyone.” Shinichi Odo, Representative General Manager of Enel Group Director Chairman of the Board of NGK Spark Plug Co., Ltd., adds, “Inequalities and extreme disparities have arisen due to excessive globalism. We have to develop a better system of globalization so those “Globalization until now has been disparities can be eliminated.” a way to optimize the economic models of some countries without However, globalization is still a necessity, as 80% considering the needs of others. of CEOs feel that the world needs globalization to Everyone is now waking up and achieve the SDGs. Globalization must therefore creating an environment in which their own voices are heard. We are be rebalanced as it starts to take on a new shape seeing a rebalancing of power.” – one that’s inclusive and delivers shared value. CEO of Crescent Enterprises, Badr Jafar, shares, Thomas Buberl, “Globalization is far from dead, but it is rapidly Chief Executive Officer of AXAevolving into a more complex system. This multipolar world will generate new rule books which companies will have to ﬁgure out and navigate in order to thrive.” “Globalization has had positive and negative side effects to society, but it is here to stay. Nationalism may be rising temporarily, but the benefits of the global economy to all of us, especially the developing world, are too great to pass up.” José Ramón Vicente Rull, CEO of HLA Group & Managing Director of HLA Moncloa University Hospital “Geopolitical instability is creating multiple externalities – it’s increasing energy costs, distorting supply chains, and restricting access to materials.” Toshimitsu Taiko, President & CEO of Konica Minolta, Inc. 16 17

T H E 1 2 T FIGURE 2: THE MAJORITY OF CEOS (93%) ARE DEALING WITH TEN OR MORE GLOBAL H U BUSINESS AS USUAL IS NO MORE – TODAY’S OPERATING N I T CHALLENGES TO THEIR BUSINESS E ENVIRONMENT IS DEFINED BY CONSTANT DISRUPTION D N A T I O N CEO Survey Question: What level of impact are the following global challenges having on your S G L business today? O CEOS ARE FACING AN ESCALATING shortages, geopolitical issues, inﬂation, water B A NUMBER OF CHALLENGES and energy crisis.” CEO of ARPA, Clara Arpa, L C O M SIMULTANEOUSLY adds, “It seems that every day we wake up with a P A C T different problem, and none of the previous ones - A Inflation and price volatility 58% 33% 7% 2% C CEOs are operating in an unchartered new world, have been solved.” C E N which is treacherous to navigate. The sheer Talent scarcity 38% 16% 4% T 42% U R number of challenges facing the private sector is CEOs are overwhelmed by the sheer number of E C Threats to public health 41% 38% 17% 5% E breaking new boundaries. From a non-exhaustive challenges they are required to address, coupled O S T list of global challenges facing businesses, 93% Climate change 33% 36% 24% 7% U with the uncertainty of the future. Case in point, D of CEOs said they are dealing with the impacts 91% of CEOs say that too many competing Y Trade regulation 31% 36% 25% 8% of 10 or more (Figure 2). Even more alarming, priorities hinder progress in building resilience. 46% of CEOs stated that they were dealing with According to Ramesh S. Ramakrishnan, Lack of relevant skills for the future of work 30% 43% 21% 6% all 17 challenges surveyed in some capacity. Chairman of Transworld Group, “The world Warfare and conflict 30% 33% 24% 13% As Christophe Beck, Chairman and CEO of Ecolab, today is ﬁlled with so many challenges, I don’t notes, “Disruption has been huge over the last think there is anyone that can predict the future. Political polarization 26% 37% 27% 10% few years, and what’s really unique right now I don’t even know if historical data is as helpful Cybercrime 25% 36% 30% 9% is that none of those disruptive forces have anymore, when the world has evolved so much. gone away – starting with COVID, to the supply We need new solutions for new problems.” Air, water, and land pollution 23% 34% 32% 11% Insufficient and degrading infrastructure 23% 33% 31% 13% Corruption 23% 29% 32% 16% Biodiversity loss 17% 31% 36% 16% Spread of misinformation 16% 29% 38% 17% Protectionism 16% 32% 36% 16% Social inequality 11% 27% 42% 20% Refugee crises 10% 16% 41% 38% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT This overwhelming number of issues has However, other CEOs are doubling down on caused some companies to focus on what’s long-term strategies. As Jussi Pesonen, right in front of them. Kilala Tilaar, CEO and President and CEO of UPM-Kymmene Corporation, Chairman of Corporate Creative and Innovative notes, “If you organize the company based on at Martha Tilaar Group, shares, “We adapted our long- term trends, such as sustainability and strategy to medium-term rather than strong economic performance, you have the long-term as we face a rapidly changing, ability to maneuver throughout all kinds of volatile world. We now evaluate our progress challenges ahead. Nobody can predict what will by quarters, in order to adapt ourselves to happen, but you can have an operating system the environment.” that allows you to absorb disruptions.” 18 19

T H E 1 2 T FIGURE 2: THE MAJORITY OF CEOS (93%) ARE DEALING WITH TEN OR MORE GLOBAL H U BUSINESS AS USUAL IS NO MORE – TODAY’S OPERATING N I T CHALLENGES TO THEIR BUSINESS E ENVIRONMENT IS DEFINED BY CONSTANT DISRUPTION D N A T I O N CEO Survey Question: What level of impact are the following global challenges having on your S G L business today? O CEOS ARE FACING AN ESCALATING shortages, geopolitical issues, inﬂation, water B A NUMBER OF CHALLENGES and energy crisis.” CEO of ARPA, Clara Arpa, L C O M SIMULTANEOUSLYadds, “It seems that every day we wake up with a P A C T different problem, and none of the previous ones - A Inflation and price volatility 58% 33% 7% 2% C CEOs are operating in an unchartered new world, have been solved.” C E N which is treacherous to navigate. The sheer Talent scarcity 38% 16% 4% T 42% U R number of challenges facing the private sector is CEOs are overwhelmed by the sheer number of E C Threats to public health 41% 38% 17% 5% E breaking new boundaries. From a non-exhaustive challenges they are required to address, coupled O S T list of global challenges facing businesses, 93% Climate change 33% 36% 24% 7% U with the uncertainty of the future. Case in point, D of CEOs said they are dealing with the impacts 91% of CEOs say that too many competing Y Trade regulation 31% 36% 25% 8% of 10 or more (Figure 2). Even more alarming, priorities hinder progress in building resilience. 46% of CEOs stated that they were dealing with According to Ramesh S. Ramakrishnan, Lack of relevant skills for the future of work30%43% 21% 6% all 17 challenges surveyed in some capacity. Chairman of Transworld Group, “The world Warfare and conflict30%33% 24% 13% As Christophe Beck, Chairman and CEO of Ecolab, today is ﬁlled with so many challenges, I don’t notes, “Disruption has been huge over the last think there is anyone that can predict the future. Political polarization26%37% 27% 10% few years, and what’s really unique right now I don’t even know if historical data is as helpful Cybercrime25%36% 30% 9% is that none of those disruptive forces have anymore, when the world has evolved so much. gone away – starting with COVID, to the supply We need new solutions for new problems.” Air, water, and land pollution23%34% 32% 11% Insufficient and degrading infrastructure 23% 33% 31% 13% Corruption 23% 29% 32% 16% Biodiversity loss 17% 31% 36% 16% Spread of misinformation 16% 29% 38% 17% Protectionism 16% 32% 36% 16% Social inequality 11% 27% 42% 20% Refugee crises 10% 16% 41% 38% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT This overwhelming number of issues has However, other CEOs are doubling down on caused some companies to focus on what’s long-term strategies. As Jussi Pesonen, right in front of them. Kilala Tilaar, CEO and President and CEO of UPM-Kymmene Corporation, Chairman of Corporate Creative and Innovative notes, “If you organize the company based on at Martha Tilaar Group, shares, “We adapted our long- term trends, such as sustainability and strategy to medium-term rather than strong economic performance, you have the long-term as we face a rapidly changing, ability to maneuver throughout all kinds of volatile world. We now evaluate our progress challenges ahead. Nobody can predict what will by quarters, in order to adapt ourselves to happen, but you can have an operating system the environment.” that allows you to absorb disruptions.” 18 19

T H E 1 2 T TODAY’S CHALLENGES ARE ALSO DIFFERENT H U and Chief Executive Ofﬁcer of Export Development N I T – THEY SPAN BEYOND TRADITIONAL E Canada, shares, “CEOs have become a more trusted D N BUSINESS BOUNDARIES source of information and policy than governments or A “If you don’t give back, don’t T I O contribute, and do not rise up to other traditional institutions.” N CEOs are not only challenged by the multitude of S G the social disparities, then you’re L O problems they are facing, but also by the breadth of B not part of the evolving society.” Failure to address inequality, corruption, climate A issues falling outside the traditional business sphere, L C O Anil Sardana, change, and degrading infrastructure has undermined M with 70% of challenges selected going beyond usual P Managing Director of Adani Power Limited A conﬁdence in public institutions, with CEOs emerging C proﬁtability concerns. While the greatest challenges T - as a trusted voice. CEO of Alpargatas S.A., Roberto A C for CEOs are inﬂation and price volatility (98%), along C E Funari, shares, “There is a declining trust in N with talent scarcity (96%), the next two challenges T U institutions, and people now look to the private sector, R are threats to public health and climate change – two E C activists, and NGOs to ﬁll that gap.” E “My role has not changed when it challenges that reach past the historic bounds that O S T comes to financial performance, CEOs have had to manage (Figure 2). As Rob Fauber, U D but my role has re-balanced to President and Chief Executive Ofﬁcer of Moody’s, CEOs are increasingly expected to step into that new Y weigh more equally between the notes, “Today’s leaders face a complex, interlinked role, straddling the line between public and private people and financial performance.” world of risks. From rising inﬂation, economic responsibilities. As Managing Director of South East Belén Garijo, uncertainty, and geopolitical tensions to the pandemic, Water (Australia), Lara Olsen, shares, “A CEO’s role Chair of the Executive Board and the climate crisis, and cyberattacks, they are looking is no longer just about fulﬁlling your organizational CEO of Merck KGaA for solutions to help navigate an unprecedented goals and activities, but increasingly about your period of uncertainty and build resilience.” engagement with your broader community locally, nationally, THE RISE OF “S” IN ESG IS REDEFINING THE and globally to make a positive contribution.” “As a CEO, you don’t want to ROLE THAT BUSINESS IS EXPECTED TO PLAY impose your values or political THE CEO ROLE IS SHIFTING BASED ON views on your team, or your From these challenges, the most notable change has CHANGING EXPECTATIONS organization. You must remain been the rise of social sustainability expectations objective because a team is made on CEOs and businesses. As Chairman and CEO of These rising expectations for CEOs are changing the way of individuals with differing world Ecolab, Christophe Beck, states, “We have a social they interact with the public. For example, 70% of CEOs views. However, CEOs do need to be role that’s growing in an incredible way. It can be feel it is their role to speak out publicly on potentially more vocal on the things that are important for an organization, and global questions like water resilience and access, divisive social issues. Per Arcadis NV’s Chief Executive lead through those values.” public safety, or homelessness. I used to think that’s Ofﬁcer, Peter Oosterveer, “There is an expectation for government’s role and I don’t have to do anything CEOs to speak out on a lot of things - understandably so, Gimena Peña Malcampo, about it – that’s not true anymore.” CEOs are taking because we have a larger role to play now. Nevertheless, CEO of Pier2 Marketing this shift in expectations to heart: 91% of CEOs believe there are a lot of grey areas, so we have to be selective that their role is to protect local communities in the on which societal issue to speak out on.” regions they operate. D Narain, President of Bayer South Asia & Global Head of Smallholder Farming, CEOs in the developing world feel this pressure most “We’re in a crisis of leadership now. notes, “Companies increasingly recognize they have strongly, with 77% of CEOs feeling that they should The problems that we’re working a critical role to play in not only addressing complex speak out publicly on potentially divisive issues, in to solve are solvable, so our role - problems like climate change, but also in improving the whether it be business leaders or world—environmentally, socially, and economically.” comparison to the 63% of CEOs in the developed political leaders - is to lead with world. CEOs of African companies feel most strongly passion and come together to This rise in CEO expectations is coupled with a that they need to speak out (78% agree) while those implement solutions.” in Europe (65% agree) and North America (54% agree) loss of conﬁdence in governments and multilateral are less convinced. Assia Riccio, Founder of Evolvin’ George Oliver, institutions. According to the Edelman Trust Chairman and CEO of Johnson Controls Barometer, business has emerged as the most Women and Nia Trading, states, “CEOs working in the trusted institution (61%), followed by NGOs (59%) social impact space, should engage in international 5 speaking opportunities to respond to the issues of the and governments (52%). Mairead Lavery, President moment.” As CEOs’ daily responsibilities compound with increasing pressure from the public, CEOs are being held to a new standard of leadership. 20 5. Edelman (2022) 2022 Edelman Trust Barometer: The Cycle of Distrust. 21

T H E 1 2 T TODAY’S CHALLENGES ARE ALSO DIFFERENT H U and Chief Executive Ofﬁcer of Export Development N I T – THEY SPAN BEYOND TRADITIONAL E Canada, shares, “CEOs have become a more trusted D N BUSINESS BOUNDARIESsource of information and policy than governments or A “If you don’t give back, don’t T I O contribute, and do not rise up to other traditional institutions.” N CEOs are not only challenged by the multitude of S G the social disparities, then you’re L O problems they are facing, but also by the breadth of B not part of the evolving society.” Failure to address inequality, corruption, climate A issues falling outside the traditional business sphere, L C O Anil Sardana, change, and degrading infrastructure has undermined M with 70% of challenges selected going beyond usual P Managing Director of Adani Power Limited A conﬁdence in public institutions, with CEOs emerging C proﬁtability concerns. While the greatest challenges T - as a trusted voice. CEO of Alpargatas S.A., Roberto A C for CEOs are inﬂation and price volatility (98%), along C E Funari, shares, “There is a declining trust in N with talent scarcity (96%), the next two challenges T U institutions, and people now look to the private sector, R are threats to public health and climate change – two E C activists, and NGOs to ﬁll that gap.” E “My role has not changed when it challenges that reach past the historic bounds that O S T comes to financial performance, CEOs have had to manage (Figure 2). As Rob Fauber, U D but my role has re-balanced to President and Chief Executive Ofﬁcer of Moody’s, CEOs are increasingly expected to step into that new Y weigh more equally between the notes, “Today’s leaders face a complex, interlinked role, straddling the line between public and private people and financial performance.” world of risks. From rising inﬂation, economic responsibilities. As Managing Director of South East Belén Garijo, uncertainty, and geopolitical tensions to the pandemic, Water (Australia), Lara Olsen, shares, “A CEO’s role Chair of the Executive Board and the climate crisis, and cyberattacks, they are looking is no longer just about fulﬁlling your organizational CEO of Merck KGaAfor solutions to help navigate an unprecedented goals and activities, but increasingly about your period of uncertainty and build resilience.” engagement with your broader community locally, nationally, THE RISE OF “S” IN ESG IS REDEFINING THE and globally to make a positive contribution.” “As a CEO, you don’t want to ROLE THAT BUSINESS IS EXPECTED TO PLAY impose your values or political THE CEO ROLE IS SHIFTING BASED ON views on your team, or your From these challenges, the most notable change has CHANGING EXPECTATIONS organization. You must remain been the rise of social sustainability expectations objective because a team is made on CEOs and businesses. As Chairman and CEO of These rising expectations for CEOs are changing the way of individuals with differing world Ecolab, Christophe Beck, states, “We have a social they interact with the public. For example, 70% of CEOs views. However, CEOs do need to be role that’s growing in an incredible way. It can be feel it is their role to speak out publicly on potentially more vocal on the things that are important for an organization, and global questions like water resilience and access, divisive social issues. Per Arcadis NV’s Chief Executive lead through those values.” public safety, or homelessness. I used to think that’s Ofﬁcer, Peter Oosterveer, “There is an expectation for government’s role and I don’t have to do anything CEOs to speak out on a lot of things - understandably so, Gimena Peña Malcampo, about it – that’s not true anymore.” CEOs are taking because we have a larger role to play now. Nevertheless, CEO of Pier2 Marketingthis shift in expectations to heart: 91% of CEOs believe there are a lot of grey areas, so we have to be selective that their role is to protect local communities in the on which societal issue to speak out on.” regions they operate. D Narain, President of Bayer South Asia & Global Head of Smallholder Farming, CEOs in the developing world feel this pressure most “We’re in a crisis of leadership now. notes, “Companies increasingly recognize they have strongly, with 77% of CEOs feeling that they should The problems that we’re working a critical role to play in not only addressing complex speak out publicly on potentially divisive issues, in to solve are solvable, so our role - problems like climate change, but also in improving the whether it be business leaders or world—environmentally, socially, and economically.”comparison to the 63% of CEOs in the developed political leaders - is to lead with world. CEOs of African companies feel most strongly passion and come together to This rise in CEO expectations is coupled with a that they need to speak out (78% agree) while those implement solutions.”in Europe (65% agree) and North America (54% agree) loss of conﬁdence in governments and multilateral are less convinced. Assia Riccio, Founder of Evolvin’ George Oliver, institutions. According to the Edelman Trust Chairman and CEO of Johnson ControlsBarometer, business has emerged as the most Women and Nia Trading, states, “CEOs working in the trusted institution (61%), followed by NGOs (59%) social impact space, should engage in international 5 speaking opportunities to respond to the issues of the and governments (52%). Mairead Lavery, President moment.” As CEOs’ daily responsibilities compound with increasing pressure from the public, CEOs are being held to a new standard of leadership. 205. Edelman (2022) 2022 Edelman Trust Barometer: The Cycle of Distrust. 21

T “I worry that we operate in silos, H E 1 treating environment and human rights 2 T as different elements. Yet these are very H U THESE GLOBAL CHALLENGES EXACERBATE ONE ANOTHER, CREATING N I much linked. A climate crisis is a human T E COMPOUNDING IMPACTS, AND EXPOSING THE FRAGILITY OF THE WORLD rights crisis. A human rights crisis is a D N A T climate crisis.” I O N These global challenges result in even greater and create inequities between the developed Mairead Lavery, S G L O impacts as they compound one another, exposing and developing world. Vaishali Nigam Sinha, President and Chief Executive Officer of Export B A the underlying dependencies – and fragilities – of Chief Sustainability Ofﬁcer of ReNew Power & Development Canada L C O our current system. Chief Executive Ofﬁcer of Founding Chair of ReNew Foundation, sums it up, M P A C AXA, Thomas Buberl, adds, “Today, we must face “Governments and global ﬁnancial institutions T - A discrete challenges, with the added complexity have made promises to fund innovations for C C “Each year, citizens everywhere see E N of the interlinkages between these challenges. the energy transition, but it hasn’t happened. T the increasingly tangible effects of U R The climate crisis will only make things worse.” Developing countries need those funds to bridge climate change. And yet we are still only E C E Below are just three examples of how this is the gap.” experiencing a fraction of the disruption O S T playing out: that lies ahead – more natural disasters, U D GEOPOLITICS AND CLIMATE CHANGE ARE further decline of the earth’s natural Y CLIMATE CHANGE IS INTENSIFYING DEEPENING THE FOOD CRISIS resources, as well as the displacement GLOBAL INEQUALITIES of communities and threats to societal The cascading crises of the war in Ukraine, paired stability. While humanity is resilient, climate change is a crisis we must never Communities are already experiencing climate with the effects of the climate crisis and the let fully unfold.” change impacts, with the poorest, most pandemic are deepening current food shortages climate vulnerable areas being most impacted. – not only destabilizing economies, but risking Eric Rondolat, According to the World Bank, climate change lives and livelihoods. Furthermore, as food is core Chief Executive Officer of Signify left unchecked will push 130 million people into to a functioning society, when food insecurity poverty and could cause upwards of 200 million arises, tensions can mount even further, thereby people in developing economies to be driven from straining geopolitical relations and perpetuating “Global distribution of wealth has their homes due to intensiﬁed climate change a vicious cycle. As the World Food Programme become a much more visible challenge impacts and natural disasters.6 notes, “A global food crisis fueled by conﬂict, in the last couple of years, and To date, 91% of unfortunately the inequities have the global deaths from natural disasters since climate shocks and the COVID-19 pandemic is only continued to widen.” 7 growing because of the ripple effects of the war 1970 have occurred in developing countries. in Ukraine driving rising prices of food, fuel and Sajida Hassan Shroff, Businesses in the developing world desperately fertilizer. Millions of people across the world are Chief Execution Officer of Altamont Group need support – CEOs and regulators alike are at risk of being driven into starvation unless action & EdWorX Consulting 10 calling for urgent action. At the UN General is taken now to respond together and at scale.” Assembly in September, Secretary General António Guterres noted, “Last year in Glasgow, Business leaders are echoing this message, “Equity is an important topic that the developed countries agreed to double adaptation with Unilever’s Chief Executive Ofﬁcer, Alan business world is not used to handling. funding by 2025. This must be delivered in Jope, commenting, “The current global focus It has often been viewed as the full, as a starting point. Resilience-building in is on energy, but the food system is where the government’s domain. However, now, developing countries is a smart investment – in shock is going to be felt, especially in the Global private companies are re-thinking what reliable supply chains, regional stability, and South.” Shifting commodity prices destabilize the their role should be in the public sphere, and whether it is our job to be addressing 8 orderly migration.” At COP26 in Glasgow, G20 ability of the agriculture industry to deliver basic a topic like equity.” leaders agreed to commit USD 40 billion in ingredients and increase the cost of production climate ﬁnancing to the developing world, but the for various industries using agricultural inputs, Geraldine Matchett, funding is yet to arrive. A year later, at COP27 in impacting food accessibility and affordability. Co-CEO and Member of the Managing Board of Royal DSM Sharm El-Sheikh, a breakthrough agreement was ADM’s Chairman & CEO, Juan Luciano, adds, reached to provide “loss and damage” funding for “Good nutrition is key to a number of health countries hit hard by climate disasters.9 However, challenges and access to nutrition is key to until the funding arrives, climate change impacts unlocking progress on social issues, such as “I don’t think that we can actually solve will continue to further drive economic divides inequality or education. Food is the foundation.” climate change if we don’t solve inequality.” Peter Oosterveer, 6. World Bank (2021) When poverty meets climate change: A critical challenge that demands cross-cutting solutions. Chief Executive Officer of Arcadis NV 7. World Meteorological Organization (2021) Weather-related disasters increase over past 50 years, causing more damage but fewer deaths. 8. The United Nations (2022) Secretary-General’s address to the General Assembly 9. UNFCCC (2022) COP27 Reaches Breakthrough Agreement 22 on New “Loss and Damage” Fund for Vulnerable Countries 10. World Food Programme (2022) War in Ukraine drives global food crisis. 23

T “I worry that we operate in silos, H E 1 treating environment and human rights 2 T as different elements. Yet these are very H U THESE GLOBAL CHALLENGES EXACERBATE ONE ANOTHER, CREATING N I much linked. A climate crisis is a human T E COMPOUNDING IMPACTS, AND EXPOSING THE FRAGILITY OF THE WORLD rights crisis. A human rights crisis is a D N A T climate crisis.” I O N These global challenges result in even greater and create inequities between the developed Mairead Lavery, S G L O impacts as they compound one another, exposing and developing world. Vaishali Nigam Sinha, President and Chief Executive Officer of Export B A the underlying dependencies – and fragilities – of Chief Sustainability Ofﬁcer of ReNew Power & Development Canada L C O our current system. Chief Executive Ofﬁcer of Founding Chair of ReNew Foundation, sums it up, M P A C AXA, Thomas Buberl, adds, “Today, we must face “Governments and global ﬁnancial institutions T - A discrete challenges, with the added complexity have made promises to fund innovations for C C “Each year, citizens everywhere see E N of the interlinkages between these challenges. the energy transition, but it hasn’t happened. T the increasingly tangible effects of U R The climate crisis will only make things worse.” Developing countries need those funds to bridge climate change. And yet we are still only E C E Below are just three examples of how this is the gap.” experiencing a fraction of the disruption O S T playing out: that lies ahead – more natural disasters, U D GEOPOLITICS AND CLIMATE CHANGE ARE further decline of the earth’s natural Y CLIMATE CHANGE IS INTENSIFYING DEEPENING THE FOOD CRISIS resources, as well as the displacement GLOBAL INEQUALITIES of communities and threats to societal The cascading crises of the war in Ukraine, paired stability. While humanity is resilient, climate change is a crisis we must never Communities are already experiencing climate with the effects of the climate crisis and the let fully unfold.” change impacts, with the poorest, most pandemic are deepening current food shortages climate vulnerable areas being most impacted. – not only destabilizing economies, but risking Eric Rondolat, According to the World Bank, climate change lives and livelihoods. Furthermore, as food is core Chief Executive Officer of Signify left unchecked will push 130 million people into to a functioning society, when food insecurity poverty and could cause upwards of 200 million arises, tensions can mount even further, thereby people in developing economies to be driven from straining geopolitical relations and perpetuating “Global distribution of wealth has their homes due to intensiﬁed climate change a vicious cycle. As the World Food Programme become a much more visible challenge impacts and natural disasters.6notes, “A global food crisis fueled by conﬂict, in the last couple of years, and To date, 91% of unfortunately the inequities have the global deaths from natural disasters since climate shocks and the COVID-19 pandemic is only continued to widen.” 7growing because of the ripple effects of the war 1970 have occurred in developing countries. in Ukraine driving rising prices of food, fuel and Sajida Hassan Shroff, Businesses in the developing world desperately fertilizer. Millions of people across the world are Chief Execution Officer of Altamont Group need support – CEOs and regulators alike are at risk of being driven into starvation unless action & EdWorX Consulting 10 calling for urgent action. At the UN General is taken now to respond together and at scale.” Assembly in September, Secretary General António Guterres noted, “Last year in Glasgow, Business leaders are echoing this message, “Equity is an important topic that the developed countries agreed to double adaptation with Unilever’s Chief Executive Ofﬁcer, Alan business world is not used to handling. funding by 2025. This must be delivered in Jope, commenting, “The current global focus It has often been viewed as the full, as a starting point. Resilience-building in is on energy, but the food system is where the government’s domain. However, now, developing countries is a smart investment – in shock is going to be felt, especially in the Global private companies are re-thinking what reliable supply chains, regional stability, and South.” Shifting commodity prices destabilize the their role should be in the public sphere, and whether it is our job to be addressing 8 orderly migration.” At COP26 in Glasgow, G20 ability of the agriculture industry to deliver basic a topic like equity.” leaders agreed to commit USD 40 billion in ingredients and increase the cost of production climate ﬁnancing to the developing world, but the for various industries using agricultural inputs, Geraldine Matchett, funding is yet to arrive. A year later, at COP27 in impacting food accessibility and affordability. Co-CEO and Member of the Managing Board of Royal DSM Sharm El-Sheikh, a breakthrough agreement was ADM’s Chairman & CEO, Juan Luciano, adds, reached to provide “loss and damage” funding for “Good nutrition is key to a number of health countries hit hard by climate disasters.9 However, challenges and access to nutrition is key to until the funding arrives, climate change impacts unlocking progress on social issues, such as “I don’t think that we can actually solve will continue to further drive economic divides inequality or education. Food is the foundation.”climate change if we don’t solve inequality.” Peter Oosterveer, 6. World Bank (2021) When poverty meets climate change: A critical challenge that demands cross-cutting solutions. Chief Executive Officer of Arcadis NV 7. World Meteorological Organization (2021) Weather-related disasters increase over past 50 years, causing more damage but fewer deaths. 8. The United Nations (2022) Secretary-General’s address to the General Assembly 9. UNFCCC (2022) COP27 Reaches Breakthrough Agreement 22on New “Loss and Damage” Fund for Vulnerable Countries 10. World Food Programme (2022) War in Ukraine drives global food crisis. 23

T H E 1 2 T BIODIVERSITY LOSS INCREASES THE RISK OF HEALTH H U N I T ISSUES, YET REMAINS LOW ON THE CEO AGENDA E “The unsustainable D N A T I exploitation of the natural Biodiversity continues to be overlooked on the CEO O N resources of our planet just agenda. In our 2021 CEO Study, Climate Leadership S G L doesn’t make sense. We have O in the Eleventh Hour, just one in ﬁve CEOs (21%) B A to change the way we think saw biodiversity loss as a risk to their business. L C about food and natural O M One year later, protecting and restoring biodiversity P systems, otherwise we will be A C remains a low priority for CEOs, with only 18% of CEOs T - forced into doing so because A prioritizing it, ranking as the lowest of all sustainability C of biodiversity collapse.” C E N initiatives. Ana Botín, Executive Chair of Banco Santander, T U Rita Maria Zniber, R Chairman & CEO of Diana Holding highlights, “It’s impressive the progress we’ve made on E C E understanding the climate agenda in the last years. O S T We still need to go through that journey on biodiversity.” U D Y Biodiversity is still not fully understood, and lack of action “There isn’t enough dialogue could come at a high cost. It could not only exacerbate around quantifying the costs climate impacts and further deteriorate relations among of nature and biodiversity countries as they compete over increasingly limited loss. We should help people resources, but can also affect other issues such as human understand the true cost of health or agricultural production. For example, biodiversity this rather than encouraging loss is already increasing risks to human health. Haruo compliance to standards.” Naito, Representative Corporate Ofﬁcer and CEO of Eisai Mairead Lavery, Co., Ltd., shares: “The connection between climate change President and Chief Executive Officer and health is clear. Take mosquito-borne tropical diseases of Export Development Canada – these have been eliminated in our country, but rising temperatures could cause such diseases to resurface in many countries, including Japan, posing signiﬁcant health risks.” The impacts of biodiversity loss are signiﬁcant and “By valuing and improving widespread – yet action has been woefully limited. If the biodiversity, we can show moment isn’t met with urgency, the consequences could that sustainable development be even more catastrophic. is perfectly compatible with economic development.” Some CEOs are taking action, with 35% of respondents stating that they are initiating nature protection and José Raúl González, restoration projects. However, even when biodiversity CEO of Progreso makes it onto the agenda, CEOs often do not know where to start and lack the support from government in this area. As Ronald Wuijster, Executive Board Member of APG Group NV and Chief Executive Ofﬁcer of APG “Recently global challenges Asset Management, says, “Biodiversity is much more such as the pandemic have complicated than climate because it has so many confirmed that we need to angles.” Takeshi Niinami, Chief Executive Ofﬁcer of dedicate time and resources Suntory Holdings Limited, adds, “Biodiversity protection to biodiversity.” is a key part of the climate equation, but it’s challenging Maurici Lucena Betriu, to address. A private entity with passion and awareness Chairman of the Board of Directors can make an impact, but it can only succeed when it is and CEO of Aena supported by a strong framework or system developed by the government.” 24 25

T H E 1 2 T BIODIVERSITY LOSS INCREASES THE RISK OF HEALTH H U N I T ISSUES, YET REMAINS LOW ON THE CEO AGENDA E “The unsustainable D N A T I exploitation of the natural Biodiversity continues to be overlooked on the CEO O N resources of our planet just agenda. In our 2021 CEO Study, Climate Leadership S G L doesn’t make sense. We have O in the Eleventh Hour, just one in ﬁve CEOs (21%) B A to change the way we think saw biodiversity loss as a risk to their business. L C about food and natural O M One year later, protecting and restoring biodiversity P systems, otherwise we will be A C remains a low priority for CEOs, with only 18% of CEOs T - forced into doing so because A prioritizing it, ranking as the lowest of all sustainability C of biodiversity collapse.” C E N initiatives. Ana Botín, Executive Chair of Banco Santander, T U Rita Maria Zniber, R Chairman & CEO of Diana Holdinghighlights, “It’s impressive the progress we’ve made on E C E understanding the climate agenda in the last years. O S T We still need to go through that journey on biodiversity.” U D Y Biodiversity is still not fully understood, and lack of action “There isn’t enough dialogue could come at a high cost. It could not only exacerbate around quantifying the costs climate impacts and further deteriorate relations among of nature and biodiversity countries as they compete over increasingly limited loss. We should help people resources, but can also affect other issues such as human understand the true cost of health or agricultural production. For example, biodiversity this rather than encouraging loss is already increasing risks to human health. Haruo compliance to standards.” Naito, Representative Corporate Ofﬁcer and CEO of Eisai Mairead Lavery, Co., Ltd., shares: “The connection between climate change President and Chief Executive Officer and health is clear. Take mosquito-borne tropical diseases of Export Development Canada– these have been eliminated in our country, but rising temperatures could cause such diseases to resurface in many countries, including Japan, posing signiﬁcant health risks.” The impacts of biodiversity loss are signiﬁcant and “By valuing and improving widespread – yet action has been woefully limited. If the biodiversity, we can show moment isn’t met with urgency, the consequences could that sustainable development be even more catastrophic. is perfectly compatible with economic development.” Some CEOs are taking action, with 35% of respondents stating that they are initiating nature protection and José Raúl González, restoration projects. However, even when biodiversity CEO of Progreso makes it onto the agenda, CEOs often do not know where to start and lack the support from government in this area. As Ronald Wuijster, Executive Board Member of APG Group NV and Chief Executive Ofﬁcer of APG “Recently global challenges Asset Management, says, “Biodiversity is much more such as the pandemic have complicated than climate because it has so many confirmed that we need to angles.” Takeshi Niinami, Chief Executive Ofﬁcer of dedicate time and resources Suntory Holdings Limited, adds, “Biodiversity protection to biodiversity.” is a key part of the climate equation, but it’s challenging Maurici Lucena Betriu, to address. A private entity with passion and awareness Chairman of the Board of Directors can make an impact, but it can only succeed when it is and CEO of Aena supported by a strong framework or system developed by the government.” 24 25

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y CEOS CALL FOR A NEW ROADMAP TO ACHIEVE THE SDGS, OVERCOME UNCERTAINTY, AND BOLSTER RESILIENCE CEOS ARE READY TO ACT, BUT FEEL barrier to building a resilient business. As Chief Ofﬁcer of Lucara Diamond Corp., Eira Thomas, basis for work, but it is up to companies, and in GOVERNMENTS’ SHORT-TERM FOCUS IS Executive Ofﬁcer of Unilever, Alan Jope, shares, explains that she “…found the SDGs grounding particular sector leaders, to seize and transcribe INHIBITING PROGRESS “Short-term thinking results in short-term policy and very helpful. In particular, they are useful in them into their business language.” responses, such as raising interest rates. Long- communicating the impact Lucara is trying to CEOs are ready to step up and take action on term, our focus needs to be on productivity and achieve with our overall sustainability strategy.” To accelerate action over the coming decade, sustainability, but say they need government supply side. We as a society need to embrace However, CEOs also recognize the limitations of CEOs are asking for a new roadmap to rescue action to accelerate progress. The vast majority no-regret moves, such as investing in renewable the SDGs. Arya.ag’s Co-Founder and Managing the SDGs. In particular, business leaders want to (90%) of CEOs feel that limited support from energy, and encourage our policymakers to do Director, Prasanna Rao, says, “Assessing be able to measure the impact of their actions government in building a resilient business is the same at pace.” Badr Jafar, CEO of Crescent progress on the SDGs is difﬁcult because it is so on progress towards the SDGs. Lars Fruergaard negatively impacting their ability to navigate Enterprises, adds, “Depending on where you are multidimensional – it has to be broken down into Jørgensen, President and CEO of Novo Nordisk current global challenges. As Global Chief in the world, government agendas operate on actionable, measurable objectives.” A/S, states, “What gets measured, gets done. Executive Ofﬁcer and Managing Director of varying timelines. Many challenges require long- We should be documenting what we’re doing, Lendlease, Tony Lombardo, notes, “Government’s term solutions by nature and cannot be solved The majority (92%) of CEOs still feel that the whether it is in relation to progress on SDGs or role is to set the vision and the policies businesses world will be able to achieve the SDGs by 2030. ESG metrics, for investment funds.” need to execute on this vision – helping guide with election-cycle thinking.” CEOs also acknowledge the role they must play change and how we operate in a just way.” in achieving the SDGs. For example, 41% of CEOs One thing is clear: with the variety and complexity CEOS REMAIN HOPEFUL WE CAN STILL feel that business is already playing a critical role of challenges today, the solutions of the past will In particular, CEOs are dissatisﬁed with the ACHIEVE THE SDGS, BUT A NEW ROADMAP to achieve the SDGs, with 50% of CEOs of the not be able to deliver the future of tomorrow. We short-term focus of governments because it IS NEEDED TO RESCUE THEM BY 2030 11 largest companies supporting this position. Yet, must chart a new course to embed sustainability discourages ﬁnding long-term solutions for 51% of all surveyed CEOs believe that business across the private sector and realize the vision for complex global challenges. For instance, 93% In a world where CEOs are incapable of preparing could play a critical role, but only with increased a more equitable, just, and sustainable world that of CEOs feel that short-term pressures limit for all possible scenarios, they are looking to commitment and action. Patrick Pouyanné, the SDGs have laid out for us. their ability to invest in long-term resilience global frameworks like the SDGs to help them Chairman and Chief Executive Ofﬁcer of actions. Of those, 22% feel this is a high-impact chart a course. President and Chief Executive TotalEnergies, remarks, “The SDGs form a broad 26 11. Deﬁned as companies with greater than USD 1 billion in annual revenue. 27

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y CEOS CALL FOR A NEW ROADMAP TO ACHIEVE THE SDGS, OVERCOME UNCERTAINTY, AND BOLSTER RESILIENCE CEOS ARE READY TO ACT, BUT FEEL barrier to building a resilient business. As Chief Ofﬁcer of Lucara Diamond Corp., Eira Thomas, basis for work, but it is up to companies, and in GOVERNMENTS’ SHORT-TERM FOCUS IS Executive Ofﬁcer of Unilever, Alan Jope, shares, explains that she “…found the SDGs grounding particular sector leaders, to seize and transcribe INHIBITING PROGRESS“Short-term thinking results in short-term policy and very helpful. In particular, they are useful in them into their business language.” responses, such as raising interest rates. Long-communicating the impact Lucara is trying to CEOs are ready to step up and take action on term, our focus needs to be on productivity and achieve with our overall sustainability strategy.” To accelerate action over the coming decade, sustainability, but say they need government supply side. We as a society need to embrace However, CEOs also recognize the limitations of CEOs are asking for a new roadmap to rescue action to accelerate progress. The vast majority no-regret moves, such as investing in renewable the SDGs. Arya.ag’s Co-Founder and Managing the SDGs. In particular, business leaders want to (90%) of CEOs feel that limited support from energy, and encourage our policymakers to do Director, Prasanna Rao, says, “Assessing be able to measure the impact of their actions government in building a resilient business is the same at pace.” Badr Jafar, CEO of Crescent progress on the SDGs is difﬁcult because it is so on progress towards the SDGs. Lars Fruergaard negatively impacting their ability to navigate Enterprises, adds, “Depending on where you are multidimensional – it has to be broken down into Jørgensen, President and CEO of Novo Nordisk current global challenges. As Global Chief in the world, government agendas operate on actionable, measurable objectives.” A/S, states, “What gets measured, gets done. Executive Ofﬁcer and Managing Director of varying timelines. Many challenges require long-We should be documenting what we’re doing, Lendlease, Tony Lombardo, notes, “Government’s term solutions by nature and cannot be solved The majority (92%) of CEOs still feel that the whether it is in relation to progress on SDGs or role is to set the vision and the policies businesses world will be able to achieve the SDGs by 2030. ESG metrics, for investment funds.” need to execute on this vision – helping guide with election-cycle thinking.” CEOs also acknowledge the role they must play change and how we operate in a just way.”in achieving the SDGs. For example, 41% of CEOs One thing is clear: with the variety and complexity CEOS REMAIN HOPEFUL WE CAN STILL feel that business is already playing a critical role of challenges today, the solutions of the past will In particular, CEOs are dissatisﬁed with the ACHIEVE THE SDGS, BUT A NEW ROADMAP to achieve the SDGs, with 50% of CEOs of the not be able to deliver the future of tomorrow. We short-term focus of governments because it IS NEEDED TO RESCUE THEM BY 203011 largest companies supporting this position. Yet, must chart a new course to embed sustainability discourages ﬁnding long-term solutions for 51% of all surveyed CEOs believe that business across the private sector and realize the vision for complex global challenges. For instance, 93% In a world where CEOs are incapable of preparing could play a critical role, but only with increased a more equitable, just, and sustainable world that of CEOs feel that short-term pressures limit for all possible scenarios, they are looking to commitment and action. Patrick Pouyanné, the SDGs have laid out for us. their ability to invest in long-term resilience global frameworks like the SDGs to help them Chairman and Chief Executive Ofﬁcer of actions. Of those, 22% feel this is a high-impact chart a course. President and Chief Executive TotalEnergies, remarks, “The SDGs form a broad 26 11. Deﬁned as companies with greater than USD 1 billion in annual revenue. 27

T H E 1 2 T “We can’t give up on the SDGs. It’s important “The SDGs provide a good common language H U N I to take stock, draw a line, and publicize that for people from different parts of the world T E so we can clearly state: this is where we are, for when they want to discuss sustainable D N A T this is where we need to go, and look at this development and the impact of their efforts.” I O N massive space for the world to participate in.” S G Grace Kwok May Han, L O Chairman and Executive Director of Allied Sustainability B Paddy Padmanathan, A Vice Chairman & CEO of ACWA Power and Environmental Consultants Group Limited L C O M P A C T - A “I believe that it’s the responsibility of every C C E “I think now is the time for us to fall back business to align their internal business N T U on the universal principles, such as the practices with the SDGs and see how many R of those practices they can adapt to and E C Global Compact 10 Principles and the SDGs, E to really reflect. The 10 Principles are follow consistently. Once you change your O S T U already two decades old, but today we processes, it will build momentum as your D still face the same issues.” employees and culture follow along.” Y Sandra Wu, Wen-Hsiu, Vineet Mittal, Chairperson and CEO of Kokusai Kogyo Co., Ltd. Chairman of Avaada Group “So far we’re yet to make the progress we “I think this pandemic has shown us that we need to on the SDGs, but you never know have to raise our ambition on a global scale. what surprises will arise. If there were It is clear that if we don’t quickly address stronger regulatory requirements, or issues around food, clothing, shelter, and increased funding from banking institutions, health, we will once more face crisis. If we then we will be able to achieve the SDGs work towards the 17 SDGs successfully, much faster.” then we have a chance.” Sudhir Hoshing, Isao Teshirogi, Ph.D., Chief Executive Officer of IRB Infrastructure Chief Executive Officer of Shionogi & Co., Ltd. Developers Ltd “There is still a gap between the ambition taken “We really believe in the SDGs. Looking and the impact created to achieve Agenda beyond 2030, those are still very useful 2030 due to the production of fossil fuels and targets for companies to set their own the use of non-renewable energy in many targets against. Even after we achieve them, countries. To bridge the gap, governments we need to make sure that progress will last.” and organizations must come together to Dr. David Kisa, build technology to track, reduce emissions, General Manager of Kenya Bixa Limited and boost renewable sources of energy.” CP Gurnani, Managing Director and Chief Executive Officer of Tech Mahindra “The sustainable development goals that the United Nations created enabled us to have some consistency in our sustainability plans. “I think there’s still a long way to go when Had those not existed, our sustainability it comes to the SDGs. But unless we have a plans would have been in disarray, with no set of goals and move towards it, we’ll never semblance of uniformity across the globe.” make progress.” Arun Misra, Hemanth Kumar, Chief Executive Officer of Hindustan Zinc Limited Partner at J.K.Sarawgi & Co., Chartered Accountants 28 29

OF RESILIENCE SUSTAINABILITY HAS EMERGED AS THE CORE OF RESILIENCE IT IS NOT ONLY A CLIMATE IMPERATIVE, BUT ALSO THE FOUNDATION FOR SECURITY, GROWTH, AND RESILIENCE THE CORE 30 31

T H E 1 2 T FIGURE 3: IN NEARLY A DECADE OF RESEARCH, CEOS NOW UNEQUIVOCALLY FEEL IT IS H U SUSTAINABILITY IS THE ONLY PATH TO BUILD A TRULY N I T THEIR ROLE TO MAKE THEIR BUSINESS MORE SUSTAINABLE (98% AGREE) E RESILIENT COMPANY D N A T I O N CEO Survey Question: Which of the following do you think is the role of a CEO? S G L O SUSTAINABILITY RISES AS A COMPETITIVE create a better, more stable world.” ZenSar B A DIFFERENTIATOR AND PROMISING Technologies’ Interim Managing Director, Anant L C O M Goenka, adds, “The amount of focus that I now P BUSINESS MODEL A C T personally put on ESG compared to even a year - A C Amidst global volatility, sustainability has ago has gone up to 3x. Before, it was an esoteric C E N skyrocketed to the top of the CEO agenda. In +15% T topic – now, it has become core to how we U 83% 98% R the 2013 edition of the UN Global Compact- do business.” E C E Accenture CEO Study, 83% of CEOs said they felt O S T U accountable for the sustainability performance In fact, the degree to which CEOs agree has D of their company. Today, 98% of CEOs believe also shifted – in 2013 only 19% of CEOs strongly Y it is their role to make their businesses more agreed that they were accountable for their sustainable. Luis Maroto, President and CEO of ﬁrm’s sustainability performance, but in 2022 Amadeus IT Group S.A., shares, “Sustainability that percentage has leapt to 72%. Betrand was part of our agenda during the pandemic, Schmitt, CEO of BDR Thermea Group, states, and will continue to be core to our agenda “These days, sustainability is an integral part of moving forward. We need to keep the focus on doing business. CEOs must be able to discuss sustainability despite uncertainty as it will help and implement a full sustainability agenda.” 2013 2022 CEO Study Question CEO Study Question As CEO, I am accountable for the It is the role of a CEO to make sustainability performance of my company my business more sustainable Sustainability is, therefore, clearly at the top As CEOs recognize the opportunity sustainability of the CEO agenda, as it presents a path to presents, over half of CEOs across industries protect companies against the rising tide of (63%) are launching new sustainable products uncertainty and unlocks opportunities for greater or service offerings (Figure 4). CEOs in competitiveness. As Sunil Duggal, Whole Time communications and media (75%), ﬁnancial Director, Group Safety Ofﬁcer & Group CEO of services (74%), and travel (74%) are leading the 12 Vedanta Limited, says, “A sustainable business is charge. Kailash Lalpuria, CEO & Executive a proﬁtable business, and you are only going to Director of Indo Count Industries, notes, “Being stay relevant if you are pursuing the sustainable sustainable is no longer a cost of doing business; agenda.” Chief Executive Ofﬁcer of Coty, Sue Y. it is a catalyst for innovation, growth, new market Nabi, adds, “Sustainability is the ultimate driver opportunity, and wealth creation.” of innovation. I believe it is the most signiﬁcant business imperative of our time.” 32 12. For further information, please reference our industry cuts beginning on 88. 33

T H E 1 2 T FIGURE 3: IN NEARLY A DECADE OF RESEARCH, CEOS NOW UNEQUIVOCALLY FEEL IT IS H U SUSTAINABILITY IS THE ONLY PATH TO BUILD A TRULY N I T THEIR ROLE TO MAKE THEIR BUSINESS MORE SUSTAINABLE (98% AGREE) E RESILIENT COMPANY D N A T I O N CEO Survey Question: Which of the following do you think is the role of a CEO? S G L O SUSTAINABILITY RISES AS A COMPETITIVE create a better, more stable world.” ZenSar B A DIFFERENTIATOR AND PROMISING Technologies’ Interim Managing Director, Anant L C O M Goenka, adds, “The amount of focus that I now P BUSINESS MODEL A C T personally put on ESG compared to even a year - A C Amidst global volatility, sustainability has ago has gone up to 3x. Before, it was an esoteric C E N skyrocketed to the top of the CEO agenda. In +15% T topic – now, it has become core to how we U 83% 98% R the 2013 edition of the UN Global Compact-do business.” E C E Accenture CEO Study, 83% of CEOs said they felt O S T U accountable for the sustainability performance In fact, the degree to which CEOs agree has D of their company. Today, 98% of CEOs believe also shifted – in 2013 only 19% of CEOs strongly Y it is their role to make their businesses more agreed that they were accountable for their sustainable. Luis Maroto, President and CEO of ﬁrm’s sustainability performance, but in 2022 Amadeus IT Group S.A., shares, “Sustainability that percentage has leapt to 72%. Betrand was part of our agenda during the pandemic, Schmitt, CEO of BDR Thermea Group, states, and will continue to be core to our agenda “These days, sustainability is an integral part of moving forward. We need to keep the focus on doing business. CEOs must be able to discuss sustainability despite uncertainty as it will help and implement a full sustainability agenda.” 2013 2022 CEO Study Question CEO Study Question As CEO, I am accountable for the It is the role of a CEO to make sustainability performance of my company my business more sustainable Sustainability is, therefore, clearly at the top As CEOs recognize the opportunity sustainability of the CEO agenda, as it presents a path to presents, over half of CEOs across industries protect companies against the rising tide of (63%) are launching new sustainable products uncertainty and unlocks opportunities for greater or service offerings (Figure 4). CEOs in competitiveness. As Sunil Duggal, Whole Time communications and media (75%), ﬁnancial Director, Group Safety Ofﬁcer & Group CEO of services (74%), and travel (74%) are leading the 12 Vedanta Limited, says, “A sustainable business is charge. Kailash Lalpuria, CEO & Executive a proﬁtable business, and you are only going to Director of Indo Count Industries, notes, “Being stay relevant if you are pursuing the sustainable sustainable is no longer a cost of doing business; agenda.” Chief Executive Ofﬁcer of Coty, Sue Y. it is a catalyst for innovation, growth, new market Nabi, adds, “Sustainability is the ultimate driver opportunity, and wealth creation.” of innovation. I believe it is the most signiﬁcant business imperative of our time.” 32 12. For further information, please reference our industry cuts beginning on 88. 33

T H E 1 2 T FIGURE 4: CEOS ARE PRIORITIZING SUSTAINABILITY ACTIONS TO BUILD RESILIENCE H U N I T E D N A T CEO Survey Question: What changes are you making in your business in response to these challenges? I O N S G L O B A L C O M P A STRATEGY Launching new product and/or service offerings for sustainability 63% C T - A Strengthening scenario planning and analysis capabilities 62% C C E Increasing R&D funding for sustainable innovation 39% N T U R E C E O S T U D GOVERNANCE Engaging in long-term strategic partnerships 66% Y Re-evaluating my company’s core purpose 41% Linking my leadership’s remuneration to sustainability targets 34% Increasing the diversity of my company’s board of directors 31% Disclosing climate risk in my company’s financial statements 24% WORKFORCE Upskilling/reskilling my workforce for the future labor market 74% Offering physical and/or mental wellness resources for my workforce 58% Increasing workforce diversity 56% VALUE CHAIN Strengthening visibility into the social impacts of my company’s value chain 54% ing our value chain Duplicating and diversify 37% Reducing our total scope 3 emissions 34% Incentivizing ESG outcomes for our value chain 33% Conducting value chain vulnerability assessments 33% Localizing our value chain 21% Assessing my company’s impact on biodiversity across the value chain 21% TECHNOLOGY Digitizing business processes 72% Improving cybersecurity to minimize hacks and data leakages 57% Enhancing sustainability data collection capabilities across our value chain 55% Transitioning to cloud infrastructure to enhance efficiencies 48% Implementing artificial intelligence for real-time risk analysis 17% OPERATIONS Investing in renewable energy sources to reduce our dependency on fossil fuels 49% Transitioning to circular business models 49% Initiating nature protection and/or restoration projects 35% 34 35

T H E 1 2 T FIGURE 4: CEOS ARE PRIORITIZING SUSTAINABILITY ACTIONS TO BUILD RESILIENCE H U N I T E D N A T CEO Survey Question: What changes are you making in your business in response to these challenges? I O N S G L O B A L C O M P A STRATEGYLaunching new product and/or service offerings for sustainability63% C T - A Strengthening scenario planning and analysis capabilities62% C C E Increasing R&D funding for sustainable innovation39% N T U R E C E O S T U D GOVERNANCEEngaging in long-term strategic partnerships66% Y Re-evaluating my company’s core purpose41% Linking my leadership’s remuneration to sustainability targets34% Increasing the diversity of my company’s board of directors31% Disclosing climate risk in my company’s financial statements24% WORKFORCEUpskilling/reskilling my workforce for the future labor market74% Offering physical and/or mental wellness resources for my workforce58% Increasing workforce diversity56% VALUE CHAINStrengthening visibility into the social impacts of my company’s value chain54% ing our value chain Duplicating and diversify37% Reducing our total scope 3 emissions34% Incentivizing ESG outcomes for our value chain33% Conducting value chain vulnerability assessments33% Localizing our value chain21% Assessing my company’s impact on biodiversity across the value chain21% TECHNOLOGYDigitizing business processes72% Improving cybersecurity to minimize hacks and data leakages57% Enhancing sustainability data collection capabilities across our value chain55% Transitioning to cloud infrastructure to enhance efficiencies48% Implementing artificial intelligence for real-time risk analysis17% OPERATIONSInvesting in renewable energy sources to reduce our dependency on fossil fuels49% Transitioning to circular business models49% Initiating nature protection and/or restoration projects35% 34 35

T H E 1 2 T “Institutional investors and other STAKEHOLDERS ARE HELPING DRIVE H U CEO of Mercedes-Benz, Ola Källenius, adds, both risks and opportunities. The ﬁnancial N I stakeholders are now asking T SUSTAINABILITY TO THE TOP OF CEO “The investor has become one of my primary services industry is in a unique position to help E for reporting across the entire D N AGENDAS sustainability advocates. Without a credible companies address both of those things.” A T value chain. This wider reporting I O decarbonization plan, my stock may be affected, N footprint is changing how we As CEOs create their sustainability agenda, the S G which is a direct ﬁnancial implication This increasing stakeholder support of L operate and view our business.” O stakeholders who inﬂuence their sustainability B — a powerful driver of change in businesses.” sustainability has served to de-risk sustainability, A Robert Bellisle, plans have shifted. Today, CEOs are increasingly L C enabling CEOs to feel more conﬁdent in investing O M President & Chief Executive Officer of QSL catering to customers and investors, demonstrating P Banks and insurers are also rising stakeholders in sustainability transformations. Shionogi & A Canada Inc. C how sustainability has evolved from a regulatory T when it comes to sustainability, from 6% of CEOs Co., Ltd.’s, Chief Executive Ofﬁcer, Isao Teshirogi, - A C compliance issue to an opportunity to better engage C stating they were a top inﬂuencing stakeholder Ph.D., describes, “Rather than worrying about E N with key stakeholders. T in 2021 to 21% in 2022. Suni Harford, President the proﬁt and loss statement for a single ﬁscal U R of Asset Management and UBS Group Executive year, we now have dialogue with investors about E C E “For the last three years, 60-70% of Customers remain at the top, with 68% of CEOs Board Lead for Sustainability and Impact, where things will be in three years or ﬁve years. O S my conversation with shareholders T stating that customers are the most impactful U shares, “Demand from our clients is such that Investors now agree on the need of planning for the D pertain to ESG.” stakeholder inﬂuencing their company’s sustainability sustainability is a business imperative, presenting long-term, rather than just this year or next year.” Y Peter Oosterveer, agenda. Marco Tronchetti Provera, Executive Arcadis NV’s Chief Executive Officer Vice Chairman and CEO of Pirelli & C. S.p.A., notes, “Competition used to be based on cost of performance. Now one of the key attributes FIGURE 5: CEOS FEEL THAT GOVERNMENTS MUST STEP UP AND WORK WITH THE PRIVATE customers are looking for is sustainability.” SECTOR – OVER HALF OF CEOS FEEL GOVERNMENTS WILL BE A TOP INFLUENCING “Distributed decision making is STAKEHOLDER IN THE NEXT HALF-DECADE a part of resilience that I think a Of all stakeholders, governments had the largest lot of people miss. You need to increase in their inﬂuence on the CEO sustainability talk to people, have town halls, agenda, nearly doubling since 2021 (31% in 2021 vs. CEO Survey Question: Which stakeholder group do you believe will have the greatest impact and make sure everyone is 52% in 2022). As governments increasingly adopt on the way you manage sustainability over the next five years? aligned on the message.” green policies, including incentives for renewables, Juan Luciano, infrastructure projects, and sustainability reporting Chairman & CEO of ADM guidelines, CEOs are feeling the pressure to transition % their businesses and work with government leaders Consumers | 68% to do so. Viviane Martins, CEO of Falconi, explains, “I believe governments can really stimulate resilience, 6% “Investment is necessary. And especially through innovation, if they work with Governments | 52% large investors – especially from business leaders.” 5% developed countries – care about ESG. Businesses in the developing Investors remain signiﬁcantly inﬂuential as they 4% world, therefore, need to quickly increasingly engage in discussions on long-term adapt; otherwise we will not grow.” Investment Community | 34% growth and sustainability when making investment 3% Employees | 33% Natalia Cortez, decisions. In our 2021 study, CEOs felt that President of Calificadora de Riesgos investors had more inﬂuence on how they manage Boards | 22% Summaratings S.A. sustainability than ever before, nearly doubling 2% Banks and Insurers | 21% in just a ﬁve-year period (31% in 2021 vs. 18% in 2016). This trend has continued today, with 34% of 1% CEOs indicating that investors are a top inﬂuencing “We are going to see more tribalism stakeholder. Giovanni Caforio, MD, Chairman of the % in the future. We should learn from Board and Chief Executive Ofﬁcer of Bristol Myers 2013 2016 2019 2021 2022 countries that have experienced Squibb, says, “There are more discussions today when that and were able to get different I speak to our shareholders about climate than there groups of people to be able to work have ever been before. And there are more vocal **Stakeholders that came in at less than 20% were excluded from the ﬁgure above. These stakeholder categories include: together for a common good.” Communities (20% in 2022), Suppliers (16% in 2022), Competitors (11% in 2022), the United Nations (10% in 2022), expectations from our employees as well.” NGOs and Media (7% in 2022), Family (4% in 2022), and Organized labor (2% in 2022). James Boomgard, President and CEO of DAI Global, LLC 36 37

T H E 1 2 T “Institutional investors and other STAKEHOLDERS ARE HELPING DRIVE H U CEO of Mercedes-Benz, Ola Källenius, adds, both risks and opportunities. The ﬁnancial N I stakeholders are now asking T SUSTAINABILITY TO THE TOP OF CEO “The investor has become one of my primary services industry is in a unique position to help E for reporting across the entire D N AGENDAS sustainability advocates. Without a credible companies address both of those things.” A T value chain. This wider reporting I O decarbonization plan, my stock may be affected, N footprint is changing how we As CEOs create their sustainability agenda, the S G which is a direct ﬁnancial implication This increasing stakeholder support of L operate and view our business.” O stakeholders who inﬂuence their sustainability B — a powerful driver of change in businesses.” sustainability has served to de-risk sustainability, A Robert Bellisle, plans have shifted. Today, CEOs are increasingly L C enabling CEOs to feel more conﬁdent in investing O M President & Chief Executive Officer of QSL catering to customers and investors, demonstrating P Banks and insurers are also rising stakeholders in sustainability transformations. Shionogi & A Canada Inc. C how sustainability has evolved from a regulatory T when it comes to sustainability, from 6% of CEOs Co., Ltd.’s, Chief Executive Ofﬁcer, Isao Teshirogi, - A C compliance issue to an opportunity to better engage C stating they were a top inﬂuencing stakeholder Ph.D., describes, “Rather than worrying about E N with key stakeholders. T in 2021 to 21% in 2022. Suni Harford, President the proﬁt and loss statement for a single ﬁscal U R of Asset Management and UBS Group Executive year, we now have dialogue with investors about E C E “For the last three years, 60-70% of Customers remain at the top, with 68% of CEOs Board Lead for Sustainability and Impact, where things will be in three years or ﬁve years. O S my conversation with shareholders T stating that customers are the most impactful U shares, “Demand from our clients is such that Investors now agree on the need of planning for the D pertain to ESG.” stakeholder inﬂuencing their company’s sustainability sustainability is a business imperative, presenting long-term, rather than just this year or next year.” Y Peter Oosterveer, agenda. Marco Tronchetti Provera, Executive Arcadis NV’s Chief Executive OfficerVice Chairman and CEO of Pirelli & C. S.p.A., notes, “Competition used to be based on cost of performance. Now one of the key attributes FIGURE 5: CEOS FEEL THAT GOVERNMENTS MUST STEP UP AND WORK WITH THE PRIVATE customers are looking for is sustainability.”SECTOR – OVER HALF OF CEOS FEEL GOVERNMENTS WILL BE A TOP INFLUENCING “Distributed decision making is STAKEHOLDER IN THE NEXT HALF-DECADE a part of resilience that I think a Of all stakeholders, governments had the largest lot of people miss. You need to increase in their inﬂuence on the CEO sustainability talk to people, have town halls, agenda, nearly doubling since 2021 (31% in 2021 vs. CEO Survey Question: Which stakeholder group do you believe will have the greatest impact and make sure everyone is 52% in 2022). As governments increasingly adopt on the way you manage sustainability over the next five years? aligned on the message.” green policies, including incentives for renewables, Juan Luciano, infrastructure projects, and sustainability reporting Chairman & CEO of ADMguidelines, CEOs are feeling the pressure to transition % their businesses and work with government leaders Consumers | 68% to do so. Viviane Martins, CEO of Falconi, explains, “I believe governments can really stimulate resilience, 6% “Investment is necessary. And especially through innovation, if they work with Governments | 52% large investors – especially from business leaders.” 5% developed countries – care about ESG. Businesses in the developing Investors remain signiﬁcantly inﬂuential as they 4% world, therefore, need to quickly increasingly engage in discussions on long-term adapt; otherwise we will not grow.” Investment Community | 34% growth and sustainability when making investment 3% Employees | 33% Natalia Cortez, decisions. In our 2021 study, CEOs felt that President of Calificadora de Riesgos investors had more inﬂuence on how they manage Boards | 22% Summaratings S.A.sustainability than ever before, nearly doubling 2% Banks and Insurers | 21% in just a ﬁve-year period (31% in 2021 vs. 18% in 2016). This trend has continued today, with 34% of 1% CEOs indicating that investors are a top inﬂuencing “We are going to see more tribalism stakeholder. Giovanni Caforio, MD, Chairman of the % in the future. We should learn from Board and Chief Executive Ofﬁcer of Bristol Myers 20132016201920212022 countries that have experienced Squibb, says, “There are more discussions today when that and were able to get different I speak to our shareholders about climate than there groups of people to be able to work have ever been before. And there are more vocal **Stakeholders that came in at less than 20% were excluded from the ﬁgure above. These stakeholder categories include: together for a common good.” Communities (20% in 2022), Suppliers (16% in 2022), Competitors (11% in 2022), the United Nations (10% in 2022), expectations from our employees as well.” NGOs and Media (7% in 2022), Family (4% in 2022), and Organized labor (2% in 2022). James Boomgard, President and CEO of DAI Global, LLC 36 37

T H E 1 2 T CEOS SAY THAT GLOBAL CHALLENGES “As a business, you need to completely H U N I embrace decarbonization for all the T ARE, PARADOXICALLY, ACCELERATING E obvious reasons, namely that climate D N THE GREEN TRANSITION A T change is it the biggest and most I O N Global challenges, while highly disruptive, urgent problem. However, hiding behind S G L decarbonization are many opportunities O are accelerating sustainability overall. B A CEOs recognize this moment in time as an that companies can take advantage of.” L C O M unprecedented opportunity: “The sustainability Ola Källenius, P A CEO of Mercedes-Benz C transition is a once-in-a-lifetime shift, and T - A brings with it huge opportunities for those who C C E N are willing to see and act,” says Girish Wagh, T U R Executive Director of Tata Motors Limited. “This ever-changing environment E C E Chief Executive Ofﬁcer of AXA, Thomas Buberl, provides us the chance to identify new O S T adds, “We may look back on this period and U opportunities, pivot toward new ideas, D realize that it has been the biggest accelerator further embrace diverse perspectives, Y in our shift towards a more sustainable and reshape our purpose.” world. Let’s use this moment now to properly invest in long-term sustainable solutions.” Sue Y. Nabi, Chief Executive Officer of Coty Simultaneously, the idea of a ‘sustainability premium’ is breaking down. CEOs are increasingly realizing that sustainability “We need to develop programs that action can drive operational competitiveness, enable the monetization of sustainability excellence, and efﬁciency, while providing actions and create the financial businesses potential new growth avenues, incentives for companies to become spurring innovation, and attracting top-tier more sustainable.” talent. APRIL Group’s President, Praveen Rohan Lunkad, Singhavi, conﬁrms, “Achieving our sustainability Executive Director of Rohan Builders goals improves our costs, grows our business and provides jobs and growth opportunities alongside the beneﬁts to climate and nature.” For example, by embracing renewable energy, “In order to be resilient, one must be CEOs are future-prooﬁng their business from committed to a sustainable goal and energy ﬂuctuations and building operational creative enough to reach it. Now is the efﬁciency and reliability. Sustainability also helps moment where we can take action companies maintain their license to operate, and make a difference, but without as sustainability is also seen as a measure of the support of the public sector, responsible corporate action by communities, it’s impossible.” customers, and governments. Clara Arpa, CEO of ARPA CEOs are therefore accelerating their progress towards sustainability goals because of, not despite, global challenges such as geopolitics “UPM’s valuation is no longer based just and climate change. ZenSar Technologies’ on earnings or growth anymore. The other Interim Managing Director, Anant Goenka, big part of the valuation is based on conﬁrms, “These global challenges are sustainability, leadership, culture, amplifying and accelerating the march towards and the values that you represent.” the ESG goals that we set for ourselves.” Jussi Pesonen, President and CEO of UPM-Kymmene Corporation 38 39

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y Energy Spotlight FIGURE 6: CEOS ARE ADOPTING RENEWABLE ENERGY AT VARYING RATES, WITH ENERGY AND AUTOMOTIVE INDUSTRIES LEADING THE WAY The Acceleration of a Decarbonized Future In particular, the energy sector is experiencing in a very long timeframe, not an inversion of Companies who chose investing in renewable energy sources to reduce dependency on fossil pronounced impacts due to geopolitical the trend toward renewables.” fuels as a change they are making in response to global challenges instability. With energy at the heart of the global economy, CEOs are re-evaluating their Despite current geopolitical conflict, dependence on fossil fuels, especially from a the private sector remains confident in a single source. Russia in particular, accounting renewable future. As Anna Borg, President for 14% of the world’s total oil supply, is driving and CEO of Vattenfall, notes, “Everything 13 increased uncertainty in energy markets. originates from the strategy of enabling fossil Johnson Controls’ Chairman and CEO, free living within one generation. And that’s George Oliver, notes, “Energy security is not a sustainability strategy, it’s a business national security. You can tie the current strategy that is sustainable.” Energy sector energy scarcity directly to geopolitical CEOs in particular are doubling down on instability happening right now.” decarbonization, accelerating the clean energy To bridge short term energy needs, European transition. 71% of CEOs in the energy industry countries including Germany, the Netherlands, are investing in renewable energy sources to France, and Austria are temporarily bringing reduce their dependency on fossil fuels, and coal plants back online to survive the winter. 93% feel that renewable energy will have Though these mitigating actions appear to a moderate to high impact in transforming backtrack on climate goals, the effects will be their industry’s ability to contend with global minimal from a climate perspective, amounting challenges. It is an unprecedented moment to a net increase in emissions of less than 1% in which global challenges are coalescing to globally.14 Francesco Starace, Chief Executive create momentum. In the words of Ignacio Officer and General Manager of Enel Group, Galán, Executive Chairman of Iberdrola: remarks, “This move towards survival, of “For the first time, competition, clean energy, bringing coal plants online to keep the lights and security are intersecting, and renewables on, should be understood for what it is – a blip are now the solution to this trilemma.” 13. IEA (2022) Energy Fact Sheet: Why does Russian oil and gas matter? 14. IEA (2022) Defying expectations, CO2 emissions 40 from global fossil fuel combustion are set to grow in 2022 by only a fraction of last year’s big increase. 41

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y Energy Spotlight FIGURE 6: CEOS ARE ADOPTING RENEWABLE ENERGY AT VARYING RATES, WITH ENERGY AND AUTOMOTIVE INDUSTRIES LEADING THE WAY The Acceleration of a Decarbonized Future In particular, the energy sector is experiencing in a very long timeframe, not an inversion of Companies who chose investing in renewable energy sources to reduce dependency on fossil pronounced impacts due to geopolitical the trend toward renewables.” fuels as a change they are making in response to global challenges instability. With energy at the heart of the global economy, CEOs are re-evaluating their Despite current geopolitical conflict, dependence on fossil fuels, especially from a the private sector remains confident in a single source. Russia in particular, accounting renewable future. As Anna Borg, President for 14% of the world’s total oil supply, is driving and CEO of Vattenfall, notes, “Everything 13 increased uncertainty in energy markets.originates from the strategy of enabling fossil Johnson Controls’ Chairman and CEO, free living within one generation. And that’s George Oliver, notes, “Energy security is not a sustainability strategy, it’s a business national security. You can tie the current strategy that is sustainable.” Energy sector energy scarcity directly to geopolitical CEOs in particular are doubling down on instability happening right now.”decarbonization, accelerating the clean energy To bridge short term energy needs, European transition. 71% of CEOs in the energy industry countries including Germany, the Netherlands, are investing in renewable energy sources to France, and Austria are temporarily bringing reduce their dependency on fossil fuels, and coal plants back online to survive the winter. 93% feel that renewable energy will have Though these mitigating actions appear to a moderate to high impact in transforming backtrack on climate goals, the effects will be their industry’s ability to contend with global minimal from a climate perspective, amounting challenges. It is an unprecedented moment to a net increase in emissions of less than 1% in which global challenges are coalescing to globally.14 Francesco Starace, Chief Executive create momentum. In the words of Ignacio Officer and General Manager of Enel Group, Galán, Executive Chairman of Iberdrola: remarks, “This move towards survival, of “For the first time, competition, clean energy, bringing coal plants online to keep the lights and security are intersecting, and renewables on, should be understood for what it is – a blip are now the solution to this trilemma.” 13. IEA (2022) Energy Fact Sheet: Why does Russian oil and gas matter? 14. IEA (2022) Defying expectations, CO2 emissions 40from global fossil fuel combustion are set to grow in 2022 by only a fraction of last year’s big increase. 41

T H E 1 2 T H U N “The current energy crisis presents I T E an opportunity for both companies D N and governments to accelerate A T I O energy savings and to mobilize the N capital needed to build tomorrow’s S G L O energy system.” “Digital acceleration and global B A decarbonization are key to L C O Patrick Pouyanné, protecting our environment and M P Chairman and Chief Executive Officer A society for future generations.” C T of TotalEnergies - A C Toshiki Kawai, C E N Representative Director President T U R and CEO of Tokyo Electron Limited E C E O S T U D “By supporting renewables and Y moving to a renewable based energy system, we will have less geopolitical uncertainty, we will avoid the worst climate scenarios and we will reduce the price of “Energy associations are a growing energy, improving customer’s voice, but it’s imperative that affordability.” all stakeholders collaborate to build cohesion in the regulatory Ignacio Galán, environment to capitalize on the Executive Chairman of Iberdrola momentum in decarbonization. Recognizing this gap, we collaborated with ecosystem partners to establish the Energy Council of South Africa to be the voice for the energy sector and help ensure a “The geopolitical challenges collaborative, just transition.” of today will be a setback in the short-term, but an escalation of Fleetwood Grobler, the pace of sustainable change Executive Director and President in the mid-term and long-term.” and CEO of Sasol Anna Borg, President and CEO of Vattenfall “Geopolitical uncertainty has “In the last year, the discussion accelerated the renewable energy on the clean energy transition has transition and opened up new become more pragmatic. People opportunities for us.” are slowly understanding that it’s called a transition for a reason Sherif El Gabaly, – because it will take time, and Chairman and CEO of Enara Group there’s no stopping the increasing demand for energy.” Lorenzo Simonelli, Chairman & CEO of Baker Hughes 42 43

T H E 1 2 T FIGURE 7: INCREASED COSTS OF RAW MATERIALS AND SUPPLY CHAIN DISRUPTIONS ARE H U CEOS ARE EMBEDDING N I T THE TOP BUSINESS IMPACTS RESULTING FROM GLOBAL CHALLENGES E SUSTAINABILITY AT THE CORE OF D N A T THEIR EVOLVING SUPPLY CHAINS I O N CEO Survey Question: What are the top three impacts to your business resulting S G L from these challenges today? O B A L C INTERCONNECTED IMPACTS FROM O M P GLOBAL CHALLENGES CAN BE SEEN MOST A C T - CLEARLY IN SUPPLY CHAINS A C C E N T Supply chains remain top of mind for CEOs, as TOP 3 IMPACTS BY REGION U R businesses continue to feel the severe impacts E C E of disruptions. Climate change, the pandemic, O S T and geopolitical instability are merging to rattle U D supply chains, both exposing their fragility Y and causing disruption that is rippling across industries. These supply chain disruptions, as thern well as ﬁnancial instability and inﬂation, have urope Global Africa Asia E Latin America& the CaribbeanNor America Oceania also caused the cost of raw materials to be a primary concern for CEOs. Globally, CEOs report the increased cost of raw materials as their top 1 impact, and supply chain disruptions as the second greatest impact on their businesses (Figure 7). Globally, 17% of CEOs stated that supply chain disruptions had the greatest impact on their 2 businesses. Overall, CEOs realize the necessity of making their supply chains more resilient. Chuck Robbins, Chair and CEO of Cisco, remarks, “Supply chains were built for economics of 3 speed and a global marketplace – a massively, complicated system that is no longer what we need. While efﬁciency was once the priority, resilience and durability are now at the forefront.” While introducing diversiﬁcation and redundancy KEY within the supply chain can be more expensive, Limited access Increased costs of Inability to attract CEOs are appreciating the “strong correlation to financing raw materials and retain employees between diversiﬁcation and building resilience,” as Alexandre L’Heureux, President and CEO of Supply chain Loss of demand for Increased WSP Global Inc. says. disruption goods and services energy costs 44 45

T H E 1 2 T CEOS RECOGNIZE THE NEED TO RE-EVALUATE SUSTAINABLE BUSINESS MODELS ARE H U Case Study Case Study N I T THE GLOBAL DEPENDENCIES IN THEIR BUILT ON RESPONSIBLE SUPPLY CHAINS E ADM NOVO NORDISK D N SUPPLY CHAIN A T Focusing on a sustainable supply chain is a critical I O N As CEOs are looking to reimagine their supply step for CEOs to address other sustainability S G Building Supply Chain Resilience Circularity in Pharma L chains, they are also evaluating how to best priorities, such as lowering greenhouse gas (GHG) O B A build resilience. As part of this process, business emissions (50% of CEOs are prioritizing this) or L C ADM, a multinational food processing Novo Nordisk, a Danish multinational O leaders are exploring how to improve global reducing Scope 3 emissions (34% are taking this M P company, is a leader in supply chain visibility pharmaceutical company, is embedding A structures while considering the possibility of action to build resilience). Leading companies are C T - and resilience. ADM procures crops from an end-to-end responsible business model A embracing regionalization. going a step further, embedding circularity in their C C a global network of farmers; transports by considering healthcare’s sustainability E supply chain to enact radical change. N T the crops to places in need around the impacts across different stages of the product U Approximately one quarter (21%) of CEOs are R world as well as to crop storage facilities lifecycle. One area of focus for Novo Nordisk is E C turning to localization to build resilience. CEO Nearly half of CEOs (49%) are transitioning to E and processing units; and then to global medical device waste. To reduce their impact, O S of Grupo Herdez, Héctor Hernández-Pons Torres, circular business models to build resilience, with T U customers. ADM’s unique footprint allows Novo Nordisk is piloting a model for a cross- D them to continuously manage through supply notes, “The pandemic made us see that the local CEOs in the chemicals sector adopting circularity industry take-back program in a range of Y 15 and regional approach is more important than at the highest rates (64%). CEOs view circularity and demand imbalances to ensure crops we thought. Now more than ever, it is important in supply chains as a guardrail to protect against countries, with the goal of reusing components get to where they are needed most in the to diversify supply sources and long-term market and geopolitical volatility, as well as proactively such as glass, plastics, and metals from world. Throughout this process, they have relationships with all members of the value chain.” mitigate resource availability risk. By reusing injection pens after disposal by patients. incorporated multiple redundancies to build materials from existing products, companies can Novo Nordisk actively engages with patients supply chain resilience. For instance, ADM Other CEOs are exploring how to strengthen reduce their materials cost, limit their impact on the and providers to educate them about the has multiple transportation options available their global supply chains, with 37% of CEOs environment through resource extraction, and importance of adopting circular business models at a moment’s notice: if shipments can’t duplicating and diversifying elements of their maintain greater control over their supply chains. and lowering their environmental footprint. be transported via barge, rail cars can be supply chains to build resilience. Verizon’s Managing Director of South East Water (Australia), deployed, and if the railway is not an option, Chairman and CEO, Hans Vestberg, states, Lara Olsen, shares, “As we see more volatile events, Novo Nordisk is also reviewing their entire trucks are on standby. Having these types of “We spend an enormous amount of time on we’re starting to look at where our waste goes product portfolio, rethinking fundamental redundancies allows ADM to have an agile securing our supply chain – all the way from and how to try to re-use as much as possible from products and operations. For example, by supply chain that can pivot instantaneously. high-end products, to very, very small things a circular economy perspective. Our customers focusing innovation efforts on less frequent It also enables them to support food security, like bolts and screws. We’re not only making expect this as well.” Malek Sukkar, CEO of injections in diabetes care, a patient will need safety, and traceability throughout, which is sure to have redundancy built in, but also that Averda, adds, “The localization of supply chains fewer devices. Another focus area for the deeply appreciated by customers, and enables we have diversity in our supply chain.” supports circularity, and can also help boost job company is innovation in durable devices, ADM to create a competitive advantage. opportunities in local markets. Circularity can be which can be used for a longer period of time. SUPPLY CHAIN VISIBILITY LIES AT THE a great force of equalization in the world.” In both cases, treatment will be less resource HEART OF SUSTAINABLE SUPPLY CHAINS intensive and the environmental footprint smaller. However, to truly be a sustainable business, social Whether they choose to focus on a global or local impacts and human rights must also be taken into model, CEOs are prioritizing sustainability when account. CEOs are increasingly aware of supply improving their supply chains. Nearly half (47%) chain social impacts that they need to address, of CEOs state that building a responsible supply such as promoting human rights and paying a chain is part of their sustainability strategy, living wage. More than half (54%) of CEOs are particularly in Asia and Oceania (51% and strengthening visibility into the social impacts of 59% respectively). their supply chain, with agriculture and high tech CEOs leading the way (63% and 62% respectively). A key underlying factor to improving supply As José Ramón Vicente Rull, CEO of HLA Group chains is supply chain visibility. Ramesh S. & Managing Director of HLA Moncloa University Ramakrishnan, Chairman of Transworld Group Hospital, describes, “In the past, society was okay notes, “I see more and more CEOs delving into with a business providing a product or service their supply chain. What has become clear, regardless of its environmental or labour impacts. however, is that everyone is lacking visibility. Now, it is table stakes for company leaders to think Supply chain transparency is just not there.” of societal impacts of their business operations.” 15. For further information, please reference our Industry Insights 46 beginning on page 88. 47

T H E 1 2 T CEOS RECOGNIZE THE NEED TO RE-EVALUATE SUSTAINABLE BUSINESS MODELS ARE H U Case Study Case Study N I T THE GLOBAL DEPENDENCIES IN THEIR BUILT ON RESPONSIBLE SUPPLY CHAINS E ADM NOVO NORDISK D N SUPPLY CHAIN A T Focusing on a sustainable supply chain is a critical I O N As CEOs are looking to reimagine their supply step for CEOs to address other sustainability S G Building Supply Chain Resilience Circularity in Pharma L chains, they are also evaluating how to best priorities, such as lowering greenhouse gas (GHG) O B A build resilience. As part of this process, business emissions (50% of CEOs are prioritizing this) or L C ADM, a multinational food processing Novo Nordisk, a Danish multinational O leaders are exploring how to improve global reducing Scope 3 emissions (34% are taking this M P company, is a leader in supply chain visibility pharmaceutical company, is embedding A structures while considering the possibility of action to build resilience). Leading companies are C T - and resilience. ADM procures crops from an end-to-end responsible business model A embracing regionalization. going a step further, embedding circularity in their C C a global network of farmers; transports by considering healthcare’s sustainability E supply chain to enact radical change. N T the crops to places in need around the impacts across different stages of the product U Approximately one quarter (21%) of CEOs are R world as well as to crop storage facilities lifecycle. One area of focus for Novo Nordisk is E C turning to localization to build resilience. CEO Nearly half of CEOs (49%) are transitioning to E and processing units; and then to global medical device waste. To reduce their impact, O S of Grupo Herdez, Héctor Hernández-Pons Torres, circular business models to build resilience, with T U customers. ADM’s unique footprint allows Novo Nordisk is piloting a model for a cross- D them to continuously manage through supply notes, “The pandemic made us see that the local CEOs in the chemicals sector adopting circularity industry take-back program in a range of Y 15 and regional approach is more important than at the highest rates (64%). CEOs view circularity and demand imbalances to ensure crops we thought. Now more than ever, it is important in supply chains as a guardrail to protect against countries, with the goal of reusing components get to where they are needed most in the to diversify supply sources and long-term market and geopolitical volatility, as well as proactively such as glass, plastics, and metals from world. Throughout this process, they have relationships with all members of the value chain.” mitigate resource availability risk. By reusing injection pens after disposal by patients. incorporated multiple redundancies to build materials from existing products, companies can Novo Nordisk actively engages with patients supply chain resilience. For instance, ADM Other CEOs are exploring how to strengthen reduce their materials cost, limit their impact on the and providers to educate them about the has multiple transportation options available their global supply chains, with 37% of CEOs environment through resource extraction, and importance of adopting circular business models at a moment’s notice: if shipments can’t duplicating and diversifying elements of their maintain greater control over their supply chains. and lowering their environmental footprint. be transported via barge, rail cars can be supply chains to build resilience. Verizon’s Managing Director of South East Water (Australia), deployed, and if the railway is not an option, Chairman and CEO, Hans Vestberg, states, Lara Olsen, shares, “As we see more volatile events, Novo Nordisk is also reviewing their entire trucks are on standby. Having these types of “We spend an enormous amount of time on we’re starting to look at where our waste goes product portfolio, rethinking fundamental redundancies allows ADM to have an agile securing our supply chain – all the way from and how to try to re-use as much as possible from products and operations. For example, by supply chain that can pivot instantaneously. high-end products, to very, very small things a circular economy perspective. Our customers focusing innovation efforts on less frequent It also enables them to support food security, like bolts and screws. We’re not only making expect this as well.” Malek Sukkar, CEO of injections in diabetes care, a patient will need safety, and traceability throughout, which is sure to have redundancy built in, but also that Averda, adds, “The localization of supply chains fewer devices. Another focus area for the deeply appreciated by customers, and enables we have diversity in our supply chain.” supports circularity, and can also help boost job company is innovation in durable devices, ADM to create a competitive advantage.opportunities in local markets. Circularity can be which can be used for a longer period of time. SUPPLY CHAIN VISIBILITY LIES AT THE a great force of equalization in the world.”In both cases, treatment will be less resource HEART OF SUSTAINABLE SUPPLY CHAINS intensive and the environmental footprint smaller. However, to truly be a sustainable business, social Whether they choose to focus on a global or local impacts and human rights must also be taken into model, CEOs are prioritizing sustainability when account. CEOs are increasingly aware of supply improving their supply chains. Nearly half (47%) chain social impacts that they need to address, of CEOs state that building a responsible supply such as promoting human rights and paying a chain is part of their sustainability strategy, living wage. More than half (54%) of CEOs are particularly in Asia and Oceania (51% and strengthening visibility into the social impacts of 59% respectively). their supply chain, with agriculture and high tech CEOs leading the way (63% and 62% respectively). A key underlying factor to improving supply As José Ramón Vicente Rull, CEO of HLA Group chains is supply chain visibility. Ramesh S. & Managing Director of HLA Moncloa University Ramakrishnan, Chairman of Transworld Group Hospital, describes, “In the past, society was okay notes, “I see more and more CEOs delving into with a business providing a product or service their supply chain. What has become clear, regardless of its environmental or labour impacts. however, is that everyone is lacking visibility. Now, it is table stakes for company leaders to think Supply chain transparency is just not there.”of societal impacts of their business operations.” 15. For further information, please reference our Industry Insights 46 beginning on page 88. 47

T H E 1 2 T SUPPLY CHAIN IMPROVEMENTS HINGE H U Spotlight N I T ON GREATER COLLABORATION WITH E D N SUPPLIERS, ESPECIALLY SMALL AND A T I MEDIUM ENTERPRISES Living Wage in Supply Chains O N S G L O Businesses’ relationship with their suppliers and Securing a living wage, defined as a wage B A distributors is shifting. To anticipate changes and sufficient to afford a decent standard of living L C O M adapt quickly, companies are looking to increase for workers and their dependents, has long P A C cooperation with their supply chain partners. been acknowledged as a crucial challenge T - A Lorenzo Simonelli, Chairman & CEO of Baker C facing the private sector when it comes to C E N Hughes, describes, “Supply chain challenges responsible supply chains. Business leaders T U R are requiring people to coordinate and work are increasingly expressing their commitments E C E closer with their supply base so that we can to providing a living wage, and they are O S T anticipate what’s going to change and what’s beginning to take meaningful action both in- U D required. And it comes down to moving away house and across their supply chains. Actions Y from just transactional to strategic partnerships such as including living wage considerations with your suppliers.” Ryuichi Isaka, President & in purchasing practices or enhancing pay Representative Director of Seven & i Holdings systems to assess wage gaps help implement Co., Ltd. adds: “For a resilient business model, a living wage across a company’s strategy. sustainable and reliable sourcing is essential. We are working with our suppliers on new Beyond the societal benefits, ensuring a production and procurement that take advantage of living wage can constitute a strong business innovative technology as well as on multi-sourcing.” investment, fostering a competitive advantage through increased retention and motivation, Furthermore, as CEOs recognize that a large bolstered supply chain resilience, and part of their carbon footprint lies in their supply intangible brand and commercial recognition chains, CEOs are also focused on encouraging from investors, consumers, and regulators. their suppliers to adopt sustainable behaviors, Supporting living wage goals can also catalyze with 33% of companies now incentivizing ESG a wider range of SDG achievement, specifically outcomes for their supply chain. António Costa, by mitigating gender inequity and reducing CEO of Kaizen Institute (Kaizen Institute Global global poverty. Group of Companies), shares, “When you try to ﬁnd a new partner, or a new supplier, your ﬁrst thought is no longer only about cost. We have to For further information on Living Wage, visit consider the sustainability implications of who the UN Global Compact website: Improving we’re working with in the future.” Wages to Advance Decent Work in Supply Chains. 16 CEOs of SMEs , representing companies that constitute a signiﬁcant part of the supply chain, are also conﬁrming their commitment to sustainability, but often do not have sufﬁcient resources or support to prioritize it. Nearly all (99%) CEOs of SMEs feel it is their role to make their business more sustainable, but a majority (85%) suggest that they need educational resources to build business resilience. 48 16. Deﬁned as companies with less than USD 25 million in annual revenue. 49

T H E 1 2 T SUPPLY CHAIN IMPROVEMENTS HINGE H U Spotlight N I T ON GREATER COLLABORATION WITH E D N SUPPLIERS, ESPECIALLY SMALL AND A T I MEDIUM ENTERPRISES Living Wage in Supply Chains O N S G L O Businesses’ relationship with their suppliers and Securing a living wage, defined as a wage B A distributors is shifting. To anticipate changes and sufficient to afford a decent standard of living L C O M adapt quickly, companies are looking to increase for workers and their dependents, has long P A C cooperation with their supply chain partners. been acknowledged as a crucial challenge T - A Lorenzo Simonelli, Chairman & CEO of Baker C facing the private sector when it comes to C E N Hughes, describes, “Supply chain challenges responsible supply chains. Business leaders T U R are requiring people to coordinate and work are increasingly expressing their commitments E C E closer with their supply base so that we can to providing a living wage, and they are O S T anticipate what’s going to change and what’s beginning to take meaningful action both in- U D required. And it comes down to moving away house and across their supply chains. Actions Y from just transactional to strategic partnerships such as including living wage considerations with your suppliers.” Ryuichi Isaka, President & in purchasing practices or enhancing pay Representative Director of Seven & i Holdings systems to assess wage gaps help implement Co., Ltd. adds: “For a resilient business model, a living wage across a company’s strategy. sustainable and reliable sourcing is essential. We are working with our suppliers on new Beyond the societal benefits, ensuring a production and procurement that take advantage of living wage can constitute a strong business innovative technology as well as on multi-sourcing.” investment, fostering a competitive advantage through increased retention and motivation, Furthermore, as CEOs recognize that a large bolstered supply chain resilience, and part of their carbon footprint lies in their supply intangible brand and commercial recognition chains, CEOs are also focused on encouraging from investors, consumers, and regulators. their suppliers to adopt sustainable behaviors, Supporting living wage goals can also catalyze with 33% of companies now incentivizing ESG a wider range of SDG achievement, specifically outcomes for their supply chain. António Costa, by mitigating gender inequity and reducing CEO of Kaizen Institute (Kaizen Institute Global global poverty. Group of Companies), shares, “When you try to ﬁnd a new partner, or a new supplier, your ﬁrst thought is no longer only about cost. We have to For further information on Living Wage, visit consider the sustainability implications of who the UN Global Compact website: Improving we’re working with in the future.” Wages to Advance Decent Work in Supply Chains. 16 CEOs of SMEs , representing companies that constitute a signiﬁcant part of the supply chain, are also conﬁrming their commitment to sustainability, but often do not have sufﬁcient resources or support to prioritize it. Nearly all (99%) CEOs of SMEs feel it is their role to make their business more sustainable, but a majority (85%) suggest that they need educational resources to build business resilience. 4816. Deﬁned as companies with less than USD 25 million in annual revenue. 49

T H E 1 2 T “The pandemic revealed our dependency H U Case Study Furthermore, 82% of SME CEOs feel they need N I on imported raw materials, which for both T increased access to ﬁnancial resources to build E CENTRAL TRADING COMPANY government and business made us rethink D N resilience. President of Ma Cher (USA) Inc., Derek A T how we get those critical materials in a I O Hydon, elaborates: “Companies often require N time of disruption.” S G Localization, Scenario Planning, suppliers have certain certiﬁcations, but don’t L O B and Supplier Involvement provide the tools to learn the business case, or Vidjongtius, A President Director of PT Kalbe Farma Tbk. L C engage with stakeholders, or the basic principles O M P of impact measurement. Without education and A To build safety into their supply chain planning C T support, suppliers will not be able to step up.” - and ensure food security, Central Trading A C C Company (CTC) – a diversified, industrial “Supply chain disruptions have been an E N T Ramkrishna Mukkavilli, Founder and Managing opportunity, as businesses have not just been U small-medium enterprise (SME) in Sudan – R collaborates with its customers and suppliers Director of Maithri Aquatech Pvt Ltd., adds, sourcing new suppliers, but also improving their E C E to implement a process for supply chain “Large corporations have a responsibility to supply chain resilience to face all these issues.” O S T U scenario planning. be the ﬁrst movers to adopt cutting-edge D technologies to make it scalable. They have António Costa, Y CEO of Kaizen Institute (Kaizen Institute Global For data-driven scenario planning, CTC gathers the advantage in terms of knowledge and Group of Companies) data from several sources, including the CTC organizational capacity and will allow others infield teams and information collected from to follow.” their app and technical support center. This “We must make the SDGs applicable to all data is collected and refined before being Larger companies recognize this ﬁnancing and companies – it’s not fair to expect SMEs to used to explore multiple different scenarios educational gap and are expressing the need to use the latest technology that is prohibitively for the upcoming year. These scenarios and take action. As Global Chief Executive Ofﬁcer and expensive or for a small farmer to switch to the subsequent discussions are used as the Managing Director of Lendlease, Tony Lombardo, regenerative farming practices overnight. primary tool for forecasting and supply chain highlights: “SMEs appreciate our support in We as enterprises must support these planning for agricultural inputs, an issue that helping guide their sustainability strategies, as people working in motivated but resource- is of crucial importance – especially when lead they future-proof their own businesses for the constrained SME supply chains.” times can be over nine months for essential long-term. Large companies have a role to play Takeshi Niinami, items such as seeds. By providing more in helping SMEs collaborate across their Chief Executive Officer of Suntory Holdings Limited visibility in an inherently opaque environment, value chains.” scenario planning allows CTC to empower their farmers to make better informed To embed sustainability throughout their supply decisions, thereby improving the yield, chains, larger companies are realizing the “Large organizations already understand sustainability, and resilience of the Sudanese importance of providing pathways for SMEs to stakeholder priorities and have mandatory adopt sustainability in their organizations. “It’s reporting. When we talk about SMEs, they agricultural ecosystem. are still under no obligation to do so. Yet, if especially important to educate SMEs about they feel it is the wish of the consumer, sustainable development so that they can easily they may start to adhere to requirements.” For more information on fostering meaningful embed it in their processes. Now is the time to transition for them, as it’s easier to incorporate Vaibhav Agrawal, SME engagement on sustainability, please sustainability into operations when you are a CEO & Managing Director of Norex Flavours Pvt. Ltd. refer to the UN Global Compact’s SME small company,” says Robert Okine, Founder & Engagement Strategy. CEO of Bewsys. “Addressing issues such as female empowerment, global talent attraction, and diversification of businesses are interconnected with and made more complicated by supply chain issues.” Junichi Miyakawa, President & CEO of SoftBank Corp. 50 51

T H E 1 2 T “The pandemic revealed our dependency H U Case StudyFurthermore, 82% of SME CEOs feel they need N I on imported raw materials, which for both T increased access to ﬁnancial resources to build E CENTRAL TRADING COMPANY government and business made us rethink D N resilience. President of Ma Cher (USA) Inc., Derek A T how we get those critical materials in a I O Hydon, elaborates: “Companies often require N time of disruption.” S G Localization, Scenario Planning, suppliers have certain certiﬁcations, but don’t L O B and Supplier Involvementprovide the tools to learn the business case, or Vidjongtius, A President Director of PT Kalbe Farma Tbk. L C engage with stakeholders, or the basic principles O M P of impact measurement. Without education and A To build safety into their supply chain planning C T support, suppliers will not be able to step up.” - and ensure food security, Central Trading A C C Company (CTC) – a diversified, industrial “Supply chain disruptions have been an E N T Ramkrishna Mukkavilli, Founder and Managing opportunity, as businesses have not just been U small-medium enterprise (SME) in Sudan – R collaborates with its customers and suppliers Director of Maithri Aquatech Pvt Ltd., adds, sourcing new suppliers, but also improving their E C E to implement a process for supply chain “Large corporations have a responsibility to supply chain resilience to face all these issues.” O S T U scenario planning. be the ﬁrst movers to adopt cutting-edge D technologies to make it scalable. They have António Costa, Y CEO of Kaizen Institute (Kaizen Institute Global For data-driven scenario planning, CTC gathers the advantage in terms of knowledge and Group of Companies) data from several sources, including the CTC organizational capacity and will allow others infield teams and information collected from to follow.” their app and technical support center. This “We must make the SDGs applicable to all data is collected and refined before being Larger companies recognize this ﬁnancing and companies – it’s not fair to expect SMEs to used to explore multiple different scenarios educational gap and are expressing the need to use the latest technology that is prohibitively for the upcoming year. These scenarios and take action. As Global Chief Executive Ofﬁcer and expensive or for a small farmer to switch to the subsequent discussions are used as the Managing Director of Lendlease, Tony Lombardo, regenerative farming practices overnight. primary tool for forecasting and supply chain highlights: “SMEs appreciate our support in We as enterprises must support these planning for agricultural inputs, an issue that helping guide their sustainability strategies, as people working in motivated but resource- is of crucial importance – especially when lead they future-proof their own businesses for the constrained SME supply chains.” times can be over nine months for essential long-term. Large companies have a role to play Takeshi Niinami, items such as seeds. By providing more in helping SMEs collaborate across their Chief Executive Officer of Suntory Holdings Limited visibility in an inherently opaque environment, value chains.” scenario planning allows CTC to empower their farmers to make better informed To embed sustainability throughout their supply decisions, thereby improving the yield, chains, larger companies are realizing the “Large organizations already understand sustainability, and resilience of the Sudanese importance of providing pathways for SMEs to stakeholder priorities and have mandatory adopt sustainability in their organizations. “It’s reporting. When we talk about SMEs, they agricultural ecosystem. are still under no obligation to do so. Yet, if especially important to educate SMEs about they feel it is the wish of the consumer, sustainable development so that they can easily they may start to adhere to requirements.” For more information on fostering meaningful embed it in their processes. Now is the time to transition for them, as it’s easier to incorporate Vaibhav Agrawal, SME engagement on sustainability, please sustainability into operations when you are a CEO & Managing Director of Norex Flavours Pvt. Ltd. refer to the UN Global Compact’s SME small company,” says Robert Okine, Founder & Engagement Strategy.CEO of Bewsys. “Addressing issues such as female empowerment, global talent attraction, and diversification of businesses are interconnected with and made more complicated by supply chain issues.” Junichi Miyakawa, President & CEO of SoftBank Corp. 50 51

T H E 1 2 T H U CEOS RECOGNIZE THAT THEIR WORKFORCE IS A CRUCIAL LEVER TO N I T E BUILD RESILIENCE, AS EMPLOYEES ARE THE ENGINE OF ANY BUSINESS D N “If you want the best people to A T I work for you, you have to have O N diversity. And it needs to have top S G L O THE TALENT CRISIS IS THREATENING period, and an 85% net proﬁt increase over a sustainability, it would have to be fully embedded management buy in. If you don’t B A 18 do that, you’re not going to be L C BUSINESSES’ ABILITY TO OPERATE ﬁve-year period, reports Gallup. Krishna Mohan within organizations. Leaders would be compensated O successful.” M Puvvada, Regional President & Business Director, based on sustainability outcomes, and each division P A C Globally, 96% of CEOs report talent scarcity as a CB India, of Novozymes South Asia Pvt. Ltd., would have speciﬁc goals. These are the actions T Solange Ribeiro, - A top global challenge impacting their business — C adds, “I think resilience is linked to a purpose. If we need.” Vice-president of Neoenergia and Vice-chair C E of the Board of the UN Global Compact N the second highest of all global challenges organizations are purposeful, and if you’re able T U R surveyed. Furthermore, 94% of CEOs feel to communicate that purpose, and employees A DIVERSE WORKFORCE IS A KEY MARKER E C E that the resilience of their businesses is being believe and develop a strong attachment for the OF AN INNOVATIVE COMPANY O S T impacted by employees lacking the relevant purpose, I think the chances of high employee U D skills for the future of work, with 91% pointing productivity and retention – and thus resilience – Companies that embrace diversity, equity, and Y to lack of sustainability talent. Giovanni Caforio, are much higher.” As proof, 41% of CEOs stated inclusion (DEI) are not only taking action on their “Sustainability also means how MD, Chairman of the Board and Chief Executive that they were reevaluating their companies’ sustainability values, but also building resilience. much humanity, compassion, and Ofﬁcer of Bristol Myers Squibb, explains, “We feel core purpose to build resilience. Over half (56%) of CEOs are increasing their workforce empathy your business has for your that for the ﬁrst time we are competing for talent diversity to build resilience. Cultivating a diverse employees. It’s important to include internally and externally with the same intensity. workforce with varied mindsets is more likely to all these criteria into sustainability We’ve spent as much time retaining our current ORGANIZATIONAL ALIGNMENT TO in order to bring out the potential SUSTAINABILITY IS A KEY LEVER create meaningful innovations and attract stronger and creativity of your employees.” workforce as we are recruiting from outside, and OF RESILIENCE talent to strengthen resilience. Sandra Wu, Wen-Hsiu, the number of business functions where this is Chairperson and CEO of Kokusai Kogyo Co., Ltd., NK Chaudhary, happening has increased as well.” Companies that embed sustainability in their explains, “As a corporation, we need innovation to Social Entrepreneur, Chairman & DNA are better suited to adapt to the challenges survive. And innovation comes from a diverse group Managing Director of Jaipur Rugs CEOS ARE HARNESSING THE POWER of the future. CEO of Intrepid Travel, James of minds. Creating something together, bringing in OF VALUES-ORIENTED CULTURE TO Thornton, states, “Sustainability attracts new different experiences and knowledge, values, and CULTIVATE A STRONGER WORKFORCE talent to our business. Having high performing, backgrounds, paired with an open minded and level engaged staff is critical for our business environment, is key.” Given the talent crisis, CEOs recognize the resilience, and the more we do in sustainability “Being sustainable is now part of need to develop a business that attracts and and purposeful projects, the more we see growth However, as part of an inclusive workforce, companies the Amadeus value proposition for retains talent. This is especially true in times in the engagement of our people.” must also take care of their people. To that end, 58% employees. We also see that being of turbulence, where having a committed of companies are offering physical and/or mental a responsible company is top of workforce and attracting and retaining top talent Forward-thinking CEOs are embedding a wellness resources for their workforce. Chuck Robbins, mind for new hires these days.” are both linked directly to business resilience sustainable mindset throughout all levels of Chair and CEO of Cisco, emphasizes: “Culture Luis Maroto, and proﬁtability. Per Gallup’s annual report on their company and reinforcing that philosophy matters a lot more than people think. We do several President and CEO of Amadeus IT Group S.A. employee engagement, companies with a highly through tangible objectives and goals. As Belén tactical things to contribute to our culture, such as engaged workforce have 21% higher proﬁtability Garijo, Chair of the Executive Board and CEO of maintaining transparency, granting great ﬂexibility on 17 on average. Merck KGaA, shares, “The workforce is crucial work location, and embracing mental health.” While it for mobilizing on sustainability plans. Each and is heartening to see the private sector taking mental Creating a strong culture aligned with company every business leader in an organization has to health more seriously, there is vast inequality in “Our view on sustainability values that resonate with employees is a be contributing to the sustainability priorities treatment options globally. As reported by the encompasses promoting female key differentiator for companies. It helps and goals.” World Health Organization, 70% of individuals with leaders within our organization as attract and retain talent, build resilience, and mental health disorders receive treatment in well as promoting gender equality empower employees to make decisions aligned To ensure accountability to sustainability high-income countries, compared to only 12% in with our suppliers.” with business interests, thereby increasing a targets, 34% of companies are linking leadership 19 low-income countries. Meshvara Kanjaya, company’s effectiveness. Companies with a remuneration to sustainability targets. Business CEO of PT Supra Boga Lestari Tbk. strong organizational culture experienced a for Development’s Chief Executive Ofﬁcer, Karen 25% growth in workforce over a three-year James, states, “For leaders to truly embrace 52 17. Gallup (2022) Bring your company culture to life to create results 18. Ibid. 19. United Nations (2022) Nearly one billion people have a mental disorder: WHO. 53

T H E 1 2 T H U CEOS RECOGNIZE THAT THEIR WORKFORCE IS A CRUCIAL LEVER TO N I T E BUILD RESILIENCE, AS EMPLOYEES ARE THE ENGINE OF ANY BUSINESS D N “If you want the best people to A T I work for you, you have to have O N diversity. And it needs to have top S G L O THE TALENT CRISIS IS THREATENING period, and an 85% net proﬁt increase over a sustainability, it would have to be fully embedded management buy in. If you don’t B A 18 do that, you’re not going to be L C BUSINESSES’ ABILITY TO OPERATEﬁve-year period, reports Gallup. Krishna Mohan within organizations. Leaders would be compensated O successful.” M Puvvada, Regional President & Business Director, based on sustainability outcomes, and each division P A C Globally, 96% of CEOs report talent scarcity as a CB India, of Novozymes South Asia Pvt. Ltd., would have speciﬁc goals. These are the actions T Solange Ribeiro, - A top global challenge impacting their business — C adds, “I think resilience is linked to a purpose. If we need.” Vice-president of Neoenergia and Vice-chair C E of the Board of the UN Global Compact N the second highest of all global challenges organizations are purposeful, and if you’re able T U R surveyed. Furthermore, 94% of CEOs feel to communicate that purpose, and employees A DIVERSE WORKFORCE IS A KEY MARKER E C E that the resilience of their businesses is being believe and develop a strong attachment for the OF AN INNOVATIVE COMPANY O S T impacted by employees lacking the relevant purpose, I think the chances of high employee U D skills for the future of work, with 91% pointing productivity and retention – and thus resilience – Companies that embrace diversity, equity, and Y to lack of sustainability talent. Giovanni Caforio, are much higher.” As proof, 41% of CEOs stated inclusion (DEI) are not only taking action on their “Sustainability also means how MD, Chairman of the Board and Chief Executive that they were reevaluating their companies’ sustainability values, but also building resilience. much humanity, compassion, and Ofﬁcer of Bristol Myers Squibb, explains, “We feel core purpose to build resilience. Over half (56%) of CEOs are increasing their workforce empathy your business has for your that for the ﬁrst time we are competing for talent diversity to build resilience. Cultivating a diverse employees. It’s important to include internally and externally with the same intensity. workforce with varied mindsets is more likely to all these criteria into sustainability We’ve spent as much time retaining our current ORGANIZATIONAL ALIGNMENT TO in order to bring out the potential SUSTAINABILITY IS A KEY LEVER create meaningful innovations and attract stronger and creativity of your employees.” workforce as we are recruiting from outside, and OF RESILIENCE talent to strengthen resilience. Sandra Wu, Wen-Hsiu, the number of business functions where this is Chairperson and CEO of Kokusai Kogyo Co., Ltd., NK Chaudhary, happening has increased as well.” Companies that embed sustainability in their explains, “As a corporation, we need innovation to Social Entrepreneur, Chairman & DNA are better suited to adapt to the challenges survive. And innovation comes from a diverse group Managing Director of Jaipur Rugs CEOS ARE HARNESSING THE POWER of the future. CEO of Intrepid Travel, James of minds. Creating something together, bringing in OF VALUES-ORIENTED CULTURE TO Thornton, states, “Sustainability attracts new different experiences and knowledge, values, and CULTIVATE A STRONGER WORKFORCE talent to our business. Having high performing, backgrounds, paired with an open minded and level engaged staff is critical for our business environment, is key.” Given the talent crisis, CEOs recognize the resilience, and the more we do in sustainability “Being sustainable is now part of need to develop a business that attracts and and purposeful projects, the more we see growth However, as part of an inclusive workforce, companies the Amadeus value proposition for retains talent. This is especially true in times in the engagement of our people.”must also take care of their people. To that end, 58% employees. We also see that being of turbulence, where having a committed of companies are offering physical and/or mental a responsible company is top of workforce and attracting and retaining top talent Forward-thinking CEOs are embedding a wellness resources for their workforce. Chuck Robbins, mind for new hires these days.” are both linked directly to business resilience sustainable mindset throughout all levels of Chair and CEO of Cisco, emphasizes: “Culture Luis Maroto, and proﬁtability. Per Gallup’s annual report on their company and reinforcing that philosophy matters a lot more than people think. We do several President and CEO of Amadeus IT Group S.A. employee engagement, companies with a highly through tangible objectives and goals. As Belén tactical things to contribute to our culture, such as engaged workforce have 21% higher proﬁtability Garijo, Chair of the Executive Board and CEO of maintaining transparency, granting great ﬂexibility on 17 on average.Merck KGaA, shares, “The workforce is crucial work location, and embracing mental health.” While it for mobilizing on sustainability plans. Each and is heartening to see the private sector taking mental Creating a strong culture aligned with company every business leader in an organization has to health more seriously, there is vast inequality in “Our view on sustainability values that resonate with employees is a be contributing to the sustainability priorities treatment options globally. As reported by the encompasses promoting female key differentiator for companies. It helps and goals.” World Health Organization, 70% of individuals with leaders within our organization as attract and retain talent, build resilience, and mental health disorders receive treatment in well as promoting gender equality empower employees to make decisions aligned To ensure accountability to sustainability high-income countries, compared to only 12% in with our suppliers.” with business interests, thereby increasing a targets, 34% of companies are linking leadership 19 low-income countries. Meshvara Kanjaya, company’s effectiveness. Companies with a remuneration to sustainability targets. Business CEO of PT Supra Boga Lestari Tbk. strong organizational culture experienced a for Development’s Chief Executive Ofﬁcer, Karen 25% growth in workforce over a three-year James, states, “For leaders to truly embrace 5217. Gallup (2022) Bring your company culture to life to create results 18. Ibid.19. United Nations (2022) Nearly one billion people have a mental disorder: WHO.53

T H E 1 2 T CEOS ARE HYPER-FOCUSED ON ARMING THEIR WORKFORCE WITH H U N I T THE RIGHT SKILLS TO BUILD RESILIENCE FOR THE LONG-RUN E D N A T I Of all the actions CEOs are taking to build investing in the circular economy could result in O N 21 S G resilience, the top action is to upskill or reskill a net job gain of 24 million jobs by 2030. L O their workforce for the future labour market B A (75%). President & CEO of SoftBank Corp., Investing in the workforce not only allows L C O M Junichi Miyakawa, remarks, “To ensure our CEOs to access new markets and develop new P A C workforce is prepared for the fourth industrial products, but also makes them more resilient. T - A revolution, we are investing directly in educating CEOs are prioritizing workforce education as C C E N young people to be artiﬁcial intelligence (AI)-capable a sustainability priority, in turn making them T U R – it is up to companies to act and ﬁll that gap.” more resilient, with 57% of CEOs placing skills E C E development in their top three sustainability O S 22 T CEOs recognize that the markets of the future priorities, and 80% of larger companies doing U D 20 Y require new skillsets focused on sustainability. so. CEO of Crescent Enterprises, Badr Jafar, Krishna Mohan Puvvada, Regional President remarks, “Building resilience is securing the & Business Director, CB India, of Novozymes skills required to address the world’s unforeseen South Asia Pvt. Ltd., suggests, “The skill sets of challenges. The greatest challenge as a CEO tomorrow will be very different. We are already is ensuring that we attract or cultivate the seeing it right in front of us, and it is going to be a right skills to address various challenges and dramatic shift in the workplace.” To contend with uncertainties.” Mohammed Akoojee, Group Chief this shifting environment, CEOs are investing Executive Ofﬁcer of Imperial and Group Chief in ensuring a just transition, which will lead Operating Ofﬁcer of DP World Logistics, adds, to a net gain in jobs, alongside environmental “We sometimes forget that the human element improvements, reductions in social inequalities, is necessary. People are the core of business, and and enhancements in job quality. Research connecting with them, nurturing them, ensuring from the International Labor Organization (ILO) that they know a company takes care of them, has shown that implementing the necessary is essential to promoting a strong culture, which measures towards the Paris Agreement and leads to resilience.” Case Study KAIZEN INSTITUTE The Future of the Workforce Kaizen Institute, a consulting firm headquartered Beyond attracting, retaining, and educating in Switzerland, is piloting a four-day work week employees, this initiative contributes to the across its offices in the UK, France, Portugal wellbeing of Kaizen Institute’s workforce by and Spain to increase employee retention and granting employees flexibility. In addition, productivity. As part of this program, employees this program supports the development of can spend their time aiding small startups neighboring small and medium business and that have received investments from Kaizen offers pathways to new potential revenue Institute. Kaizen Institute invests in startups in sources. This innovative program showcases related fields, allowing employees to develop new ways companies can engage with their relevant skills while pursuing creative outlets. workforce and build business resilience. 20. Gallup (2022) Culture Transformation. 21. International Labour Organization (2022) What is Just Transition? 54 22. Deﬁned as companies with greater than 50K employees by headcount. 55

T H E 1 2 T CEOS ARE HYPER-FOCUSED ON ARMING THEIR WORKFORCE WITH H U N I T THE RIGHT SKILLS TO BUILD RESILIENCE FOR THE LONG-RUN E D N A T I Of all the actions CEOs are taking to build investing in the circular economy could result in O N 21 S G resilience, the top action is to upskill or reskill a net job gain of 24 million jobs by 2030. L O their workforce for the future labour market B A (75%). President & CEO of SoftBank Corp., Investing in the workforce not only allows L C O M Junichi Miyakawa, remarks, “To ensure our CEOs to access new markets and develop new P A C workforce is prepared for the fourth industrial products, but also makes them more resilient. T - A revolution, we are investing directly in educating CEOs are prioritizing workforce education as C C E N young people to be artiﬁcial intelligence (AI)-capable a sustainability priority, in turn making them T U R – it is up to companies to act and ﬁll that gap.” more resilient, with 57% of CEOs placing skills E C E development in their top three sustainability O S 22 T CEOs recognize that the markets of the future priorities, and 80% of larger companies doing U D 20 Y require new skillsets focused on sustainability. so. CEO of Crescent Enterprises, Badr Jafar, Krishna Mohan Puvvada, Regional President remarks, “Building resilience is securing the & Business Director, CB India, of Novozymes skills required to address the world’s unforeseen South Asia Pvt. Ltd., suggests, “The skill sets of challenges. The greatest challenge as a CEO tomorrow will be very different. We are already is ensuring that we attract or cultivate the seeing it right in front of us, and it is going to be a right skills to address various challenges and dramatic shift in the workplace.” To contend with uncertainties.” Mohammed Akoojee, Group Chief this shifting environment, CEOs are investing Executive Ofﬁcer of Imperial and Group Chief in ensuring a just transition, which will lead Operating Ofﬁcer of DP World Logistics, adds, to a net gain in jobs, alongside environmental “We sometimes forget that the human element improvements, reductions in social inequalities, is necessary. People are the core of business, and and enhancements in job quality. Research connecting with them, nurturing them, ensuring from the International Labor Organization (ILO) that they know a company takes care of them, has shown that implementing the necessary is essential to promoting a strong culture, which measures towards the Paris Agreement and leads to resilience.” Case Study KAIZEN INSTITUTE The Future of the Workforce Kaizen Institute, a consulting firm headquartered Beyond attracting, retaining, and educating in Switzerland, is piloting a four-day work week employees, this initiative contributes to the across its offices in the UK, France, Portugal wellbeing of Kaizen Institute’s workforce by and Spain to increase employee retention and granting employees flexibility. In addition, productivity. As part of this program, employees this program supports the development of can spend their time aiding small startups neighboring small and medium business and that have received investments from Kaizen offers pathways to new potential revenue Institute. Kaizen Institute invests in startups in sources. This innovative program showcases related fields, allowing employees to develop new ways companies can engage with their relevant skills while pursuing creative outlets. workforce and build business resilience. 20. Gallup (2022) Culture Transformation. 21. International Labour Organization (2022) What is Just Transition? 5422. Deﬁned as companies with greater than 50K employees by headcount. 55

T H E 1 2 T H U TO WITHSTAND THE VOLATILITY OF THE FUTURE, CEOS NEED N I T E THE RIGHT TOOLS AND STRATEGIES TO ENABLE RESILIENCE D N A T I O “Business cannot succeed on N CEOs have started to take action towards Nine in ten CEOs (91%) report that insufﬁcient S G its own, we must foster deep L integrating sustainability to build their resilience. technology solutions are a barrier to building O B partnerships to sustain growth.” A However, some express concern around the resilience in their businesses. Yet, conversations L C O speed and scale at which change is occurring. with CEOs show that they have the tools they Sherif El Gabaly, M P A As Ma Cher (USA) Inc., President, Derek Hydon, need, but lack the ﬁnancial ability or people to Chairman and CEO of Enara Group C T - A states, “I am deeply concerned that we won’t implement these tools at scale. António Costa, C C E take action until the last second. And this CEO of Kaizen Institute (Kaizen Institute Global N T U means that we will have to rely signiﬁcantly on Group of Companies), describes, “We already R E C technology to solve some of these problems that have ideas and technologies on how to address E “By enabling open-source tools O S can be handled with nature-based solutions and sustainability. But it is putting them into practice T and platforms and creating U D habit change today.” To unlock change, CEOs are that will prove to be challenging.” Keiichi Iwata, opportunities to build a local Y looking to step up in certain areas, while looking Representative Director & President of ecosystem and technological for support to achieve the progress necessary. Sumitomo Chemical Company, Ltd., adds, infrastructure, we can harness “Zeroing out emissions only a few years before the full potential of the start-up CEOS ARE HARNESSING AVAILABLE 2050 wouldn’t curb global temperature rise. ecosystem for digital, innovative, TOOLS AND TECHNOLOGIES, BUT We should immediately start implementing the and sustainable transformation. ADVANCEMENTS ARE NEEDED TO world’s best available technologies to cut as Providing mentorship and much emissions as possible until 2030. At the partnership to co-create WEATHER FUTURE CHALLENGES solutions can strengthen the same time, we should also accelerate the global ecosystem of start-ups CEOs have started to make progress in data development of breakthrough technologies and and unicorns.” management, scenario planning, and preparation. deploy them across the world beyond 2030. However, the adoption of these tools and We need this two-pronged approach to achieve zero CP Gurnani, technologies needs to be vastly accelerated to emissions by 2050 and limit temperature rise.” Managing Director and Chief Executive Officer of Tech Mahindra help with global business resilience. Although many CEOs are making strides on Currently, 87% of CEOs say they need the tools for core technology actions, most are yet to take stronger scenario planning and analysis. According transformational action. Three fourths of CEOs (72%) to CEO & Managing Director of Mirvac, Susan are digitizing business processes – a strong initial “Governments and international Lloyd-Hurwitz, “As a response to increasingly step; however, only a few (17%) are implementing organizations can help the adverse climate events, we are making artiﬁcial intelligence (AI) for real-time risk analysis innovation ecosystem by investments in robust climate risk assessments and less than half (48%) are transitioning to cloud decentralizing support. Currently, and scenario modeling to understand potential infrastructure to enhance efﬁciencies. To address in India, becoming a part of the future realities. We are leveraging this to educate the gap in current technologies, most CEOs (88%) innovation ecosystem requires our executive team, and creating our overall express the need for increased research and a certain level of scale and resources. If resources & support organizational resilience strategy, which will feed development (R&D) for technological innovation to (e.g., staff augmentation, capital, into all other strategy-making at Mirvac.” enable greater resilience, with 40% of companies revenue opportunities) are offered increasing their R&D funding for sustainable more intentionally, this would The ability to implement scenario planning tools innovation. As Alexandre Ricard, Chairman & benefit not only our company is not uniform. Although developing countries Chief Executive Ofﬁcer of Pernod Ricard, shares, but also the broader innovation report scenario planning as the top enabler “A sustainability roadmap is only worth whatever ecosystem.” needed to build resilience, many do not have the KPIs are worth. This is why it is so important Gagandeep Bhullar, the resources to weave the practice into daily to tie every single goal to clear, measurable Founder & CEO of SuperHuman Race business operations. targets and invest in tracking data.” The ability to track progress and manage data is therefore Another barrier, according to CEOs, is the a barrier as well as an opportunity for growth, widespread implementation of technology. as companies bring their sustainability to life. 56 57

T H E 1 2 T H U TO WITHSTAND THE VOLATILITY OF THE FUTURE, CEOS NEED N I T E THE RIGHT TOOLS AND STRATEGIES TO ENABLE RESILIENCE D N A T I O “Business cannot succeed on N CEOs have started to take action towards Nine in ten CEOs (91%) report that insufﬁcient S G its own, we must foster deep L integrating sustainability to build their resilience. technology solutions are a barrier to building O B partnerships to sustain growth.” A However, some express concern around the resilience in their businesses. Yet, conversations L C O speed and scale at which change is occurring. with CEOs show that they have the tools they Sherif El Gabaly, M P A As Ma Cher (USA) Inc., President, Derek Hydon, need, but lack the ﬁnancial ability or people to Chairman and CEO of Enara Group C T - A states, “I am deeply concerned that we won’t implement these tools at scale. António Costa, C C E take action until the last second. And this CEO of Kaizen Institute (Kaizen Institute Global N T U means that we will have to rely signiﬁcantly on Group of Companies), describes, “We already R E C technology to solve some of these problems that have ideas and technologies on how to address E “By enabling open-source tools O S can be handled with nature-based solutions and sustainability. But it is putting them into practice T and platforms and creating U D habit change today.” To unlock change, CEOs are that will prove to be challenging.” Keiichi Iwata, opportunities to build a local Y looking to step up in certain areas, while looking Representative Director & President of ecosystem and technological for support to achieve the progress necessary.Sumitomo Chemical Company, Ltd., adds, infrastructure, we can harness “Zeroing out emissions only a few years before the full potential of the start-up CEOS ARE HARNESSING AVAILABLE 2050 wouldn’t curb global temperature rise. ecosystem for digital, innovative, TOOLS AND TECHNOLOGIES, BUT We should immediately start implementing the and sustainable transformation. ADVANCEMENTS ARE NEEDED TO world’s best available technologies to cut as Providing mentorship and much emissions as possible until 2030. At the partnership to co-create WEATHER FUTURE CHALLENGES solutions can strengthen the same time, we should also accelerate the global ecosystem of start-ups CEOs have started to make progress in data development of breakthrough technologies and and unicorns.” management, scenario planning, and preparation. deploy them across the world beyond 2030. However, the adoption of these tools and We need this two-pronged approach to achieve zero CP Gurnani, technologies needs to be vastly accelerated to emissions by 2050 and limit temperature rise.”Managing Director and Chief Executive Officer of Tech Mahindra help with global business resilience. Although many CEOs are making strides on Currently, 87% of CEOs say they need the tools for core technology actions, most are yet to take stronger scenario planning and analysis. According transformational action. Three fourths of CEOs (72%) to CEO & Managing Director of Mirvac, Susan are digitizing business processes – a strong initial “Governments and international Lloyd-Hurwitz, “As a response to increasingly step; however, only a few (17%) are implementing organizations can help the adverse climate events, we are making artiﬁcial intelligence (AI) for real-time risk analysis innovation ecosystem by investments in robust climate risk assessments and less than half (48%) are transitioning to cloud decentralizing support. Currently, and scenario modeling to understand potential infrastructure to enhance efﬁciencies. To address in India, becoming a part of the future realities. We are leveraging this to educate the gap in current technologies, most CEOs (88%) innovation ecosystem requires our executive team, and creating our overall express the need for increased research and a certain level of scale and resources. If resources & support organizational resilience strategy, which will feed development (R&D) for technological innovation to (e.g., staff augmentation, capital, into all other strategy-making at Mirvac.” enable greater resilience, with 40% of companies revenue opportunities) are offered increasing their R&D funding for sustainable more intentionally, this would The ability to implement scenario planning tools innovation. As Alexandre Ricard, Chairman & benefit not only our company is not uniform. Although developing countries Chief Executive Ofﬁcer of Pernod Ricard, shares, but also the broader innovation report scenario planning as the top enabler “A sustainability roadmap is only worth whatever ecosystem.” needed to build resilience, many do not have the KPIs are worth. This is why it is so important Gagandeep Bhullar, the resources to weave the practice into daily to tie every single goal to clear, measurable Founder & CEO of SuperHuman Race business operations. targets and invest in tracking data.” The ability to track progress and manage data is therefore Another barrier, according to CEOs, is the a barrier as well as an opportunity for growth, widespread implementation of technology. as companies bring their sustainability to life. 56 57

T H E 1 2 T H U FIGURE 8: CEOS ACROSS THE GLOBE FEEL THAT THEY NEED STRONGER SCENARIO FOR SPEED AND SCALE, CEOS NEED Case Study N I T PLANNING AND ANALYSIS CAPABILITIES TO BUILD RESILIENCE TO UNLOCK THE POWER OF THEIR E ASAHI D N ECOSYSTEMS A T I O N CEO Survey Question: What do you need to make your business more resilient? CEOs realize the power of harnessing S G Open Innovation For All L O their broader ecosystem to foster open B A innovation, unlock unprecedented value, and L C Asahi Group, the global beverage business from O M accelerate progress on the SDGs. Haruo P Japan, is not just pushing the envelope with A C Naito, Representative Corporate Ofﬁcer and T - TOP 3 NEEDS FOR CEOS TO MAKE THEIR BUSINESSES MORE RESILIENT ACROSS REGIONS innovation, but is sharing those innovations with A CEO of Eisai Co., Ltd., shares, “Taking action is C C the globe to build more resilient communities. E N not limited to just one company. Cross-sector T Open sourcing innovation allows the private U R partnerships are important for solving social sector to be more agile and efficient in E C E DEVELOPING COUNTRIES DEVELOPED COUNTRIES issues such as global health. It should involve addressing the world’s most pressing problems O S T the entire ecosystem, including international U and catalyzes deeper innovation. D organizations, governments, and the private Y 1. Scenario Analysis 1. Transparent Stakeholder Dialogue sector.” 2. R&D for Innovation 2. R&D for Innovation At the Ibaraki plant of Asahi breweries, 3. Transparent Stakeholder Dialogue 3. Scenario Analysis To start, most (87%) CEOs say they need more a proprietary process has been developed transparent dialogue to truly understand the that utilizes biomethane gas from the plant’s needs of their stakeholders. As Geraldine wastewater to generate electricity using fuel Matchett, Co-CEO and Member of the Managing cells. The company plans to open up this NORTH AMERICA EUROPE Board of Royal DSM, notes, “The only way we technology without patenting it to expand its can truly move the dial and be resilient is through impact, and many of the firm’s partners and 1. Scenario Analysis 1. Transparent Stakeholder Dialogue competitors have already shown interest. 2. R&D for Innovation 2. R&D for Innovation developing a much better ability to work with 3. Industry Consortiums to 3. Industry Consortiums to Deﬁne Scenario Analysis each other transparently.” Furthermore, Asahi group believes in Deﬁne Resilience Targets government partnership to expand their To encourage open sharing of insights, some impact, as there is a limit to what one company CEOs are turning to international coalitions. can achieve. The company established a Héctor Hernández-Pons Torres, CEO of Grupo partnership with a local government to use Herdez, notes, “Partnerships and engagements a biomaterial from their brewing process in global organizations such as the UN Global that improves the rooting of rice plants, and ASIA Compact have been an important source of protects the plant from species that eat at the inspiration as well as access to best practices roots like the jumbo snail (channeled apple 1. R&D for Innovation and learning, which has allowed us to take 2. Transparent Stakeholder advantage of others’ experiences to advance snail). This process is non-toxic and doesn’t Dialogue with greater speed to face various challenges.” negatively impact biodiversity like some other 3. Scenario Analysis fertilizers. Asahi has shared the process with The only way the world will be able to make Australian farmers that were having similar any progress on sustainability is together. problems, multiplying its benefit globally. LATIN AMERICA As CEO of Braskem, Roberto Simões, explains, & THE CARIBBEAN AFRICA OCEANIA “In order to achieve the sustainability commitments 1. Scenario Analysis 1. Scenario Analysis 1. R&D for Innovation that we deﬁned, we have to work together 2. R&D for Innovation 2. Access to Financial Resources 2. Support from Government with competitors, suppliers, the customers 3. Educational Resources on Resilience 3. Support from Government 3. Scenario Analysis – everybody. And, for the ﬁrst time, in every industrial sector, and the chemical and petrochemical sector especially, we have to ﬁnd technological solutions in the very short term in order to address these challenges.” 58 59

T H E 1 2 T H U FIGURE 8: CEOS ACROSS THE GLOBE FEEL THAT THEY NEED STRONGER SCENARIO FOR SPEED AND SCALE, CEOS NEED Case Study N I T PLANNING AND ANALYSIS CAPABILITIES TO BUILD RESILIENCETO UNLOCK THE POWER OF THEIR E ASAHI D N ECOSYSTEMS A T I O N CEO Survey Question: What do you need to make your business more resilient?CEOs realize the power of harnessing S G Open Innovation For All L O their broader ecosystem to foster open B A innovation, unlock unprecedented value, and L C Asahi Group, the global beverage business from O M accelerate progress on the SDGs. Haruo P Japan, is not just pushing the envelope with A C Naito, Representative Corporate Ofﬁcer and T - TOP 3 NEEDS FOR CEOS TO MAKE THEIR BUSINESSES MORE RESILIENT ACROSS REGIONS innovation, but is sharing those innovations with A CEO of Eisai Co., Ltd., shares, “Taking action is C C the globe to build more resilient communities. E N not limited to just one company. Cross-sector T Open sourcing innovation allows the private U R partnerships are important for solving social sector to be more agile and efficient in E C E DEVELOPING COUNTRIESDEVELOPED COUNTRIESissues such as global health. It should involve addressing the world’s most pressing problems O S T the entire ecosystem, including international U and catalyzes deeper innovation. D organizations, governments, and the private Y 1. Scenario Analysis1. Transparent Stakeholder Dialoguesector.” 2. R&D for Innovation2. R&D for Innovation At the Ibaraki plant of Asahi breweries, 3. Transparent Stakeholder Dialogue3. Scenario AnalysisTo start, most (87%) CEOs say they need more a proprietary process has been developed transparent dialogue to truly understand the that utilizes biomethane gas from the plant’s needs of their stakeholders. As Geraldine wastewater to generate electricity using fuel Matchett, Co-CEO and Member of the Managing cells. The company plans to open up this NORTH AMERICAEUROPEBoard of Royal DSM, notes, “The only way we technology without patenting it to expand its can truly move the dial and be resilient is through impact, and many of the firm’s partners and 1. Scenario Analysis1. Transparent Stakeholder Dialogue competitors have already shown interest. 2. R&D for Innovation2. R&D for Innovationdeveloping a much better ability to work with 3. Industry Consortiums to 3. Industry Consortiums to Deﬁne Scenario Analysiseach other transparently.” Furthermore, Asahi group believes in Deﬁne Resilience Targets government partnership to expand their To encourage open sharing of insights, some impact, as there is a limit to what one company CEOs are turning to international coalitions. can achieve. The company established a Héctor Hernández-Pons Torres, CEO of Grupo partnership with a local government to use Herdez, notes, “Partnerships and engagements a biomaterial from their brewing process in global organizations such as the UN Global that improves the rooting of rice plants, and ASIA Compact have been an important source of protects the plant from species that eat at the inspiration as well as access to best practices roots like the jumbo snail (channeled apple 1. R&D for Innovationand learning, which has allowed us to take 2. Transparent Stakeholder advantage of others’ experiences to advance snail). This process is non-toxic and doesn’t Dialogue with greater speed to face various challenges.” negatively impact biodiversity like some other 3. Scenario Analysis fertilizers. Asahi has shared the process with The only way the world will be able to make Australian farmers that were having similar any progress on sustainability is together. problems, multiplying its benefit globally. LATIN AMERICA As CEO of Braskem, Roberto Simões, explains, & THE CARIBBEANAFRICAOCEANIA“In order to achieve the sustainability commitments 1. Scenario Analysis1. Scenario Analysis1. R&D for Innovationthat we deﬁned, we have to work together 2. R&D for Innovation2. Access to Financial Resources2. Support from Governmentwith competitors, suppliers, the customers 3. Educational Resources on Resilience3. Support from Government3. Scenario Analysis– everybody. And, for the ﬁrst time, in every industrial sector, and the chemical and petrochemical sector especially, we have to ﬁnd technological solutions in the very short term in order to address these challenges.” 58 59

OPPORTUNITY INITIATIVES FOR BUSINESSES TO BUILD RESILIENCE CEOS WHO ARE EMBEDDING SUSTAINABILITY ACROSS THEIR BUSINESS WILL CHART THE COURSE FOR A STRONGER PRIVATE SECTOR UNLOCKING 60 61

T H E 1 2 T H U SUSTAINABILITY IS THE KEY TO BUILDING BUSINESS RESILIENCE N I T E INGREDIENTS FOR AND UNLOCKING A NEW WAVE OF OPPORTUNITY D N A T I O N Global challenges will continue and likely rise as a society to take more aggressive actions S G L RESILIENCE in number and complexity in the years ahead. towards reaching the SDGs by 2030. To achieve O B A Companies therefore need a strong foundation the Global Goals, CEOs recognize the importance L C O to survive and grow in these uncertain times of actionable, measurable steps for the Global M P A To build true resilience, CEOs must embed protections across their business – in their strategy, and weather the storm. By choosing to invest Goal’s achievement. As AIG, Inc.’s Chairman & C T - A workforce, supply chains, and greater ecosystems. in sustainability, companies can build their own Chief Executive Ofﬁcer, Peter Zafﬁno, describes, C C E resilience and agility to respond to upcoming, “With sustainability, it’s important to make N T U unknown challenges. This strategy is critical short-term and medium-term commitments in R E C for a company’s ability to thrive in a competitive addition to having long-term goals. Setting 2050 E O S environment. As Rob Fauber, President and Chief objectives is great, but if there’s no measurement T U D Executive Ofﬁce of Moody’s, states, “Building a between now and then, are they really that Y resilient business means embedding responsible meaningful?” Taking these steps towards the STRATEGY WORKFORCE & SUPPLY CHAIN ECOSYSTEM and sustainable decision-making across our ﬁrm.” SDGs will allow CEOs to build resilience in the ORGANIZATION & DATA MANAGEMENT short-term, and the achievement of the SDGs Adopting sustainability, however, moves beyond will ensure a more resilient future. just building resilience. It offers opportunities for industry transformation, business INGREDIENTS OF RESILIENCE competitiveness, and new growth. Redeﬁning ADVANCE THE supply chains, rethinking production, and Based on the insights of over 2,600 CEOs, ADOPT INVEST IN THE COLLECTION OF ENGAGE IN reimagining core business offerings catalyzes one theme came through clearer than any: SUSTAINABLE MENTAL AND STANDARDIZED, STRATEGIC innovation, allowing companies who successfully BUSINESS PHYSICAL HEALTH HIGH-QUALITY PARTNERSHIPS ambitious commitments to the SDGs are a MODELS OF EMPLOYEES DATA embrace sustainability to gain a competitive great ﬁrst step, but now is the time to focus on edge. As Alan Jope, Unilever’s Chief Executive how we achieve them and build resilience to the Ofﬁcer, shares, “In this decisive decade, we are complex slate of challenges the private sector redoubling our efforts on sustainability rather must navigate. This research yielded a set of than backing down.” core initiatives CEOs should look to embed ESTABLISH ADVOCATE FOR AMBITIOUS, BUILD AND ENGAGE ENHANCE SUPPLY STRONG across the strategy, workforce, supply chain, SCIENCE-BASED A REPRESENTATIVE CHAIN VISIBILITY SUSTAINABILITY Embedding sustainability helps build a more and greater ecosystem of their business that CLIMATE TARGETS WORKFORCE AND ENGAGEMENT AND RESILIENCE resilient private sector, which is required for us are critical to building resilience. POLICY ADOPT A UPSKILL AND/OR APPLY ANALYTICS- NATURE-POSITIVE RESKILL YOUR DRIVEN SCENARIO BUSINESS WORKFORCE FOR PLANNING IN STRATEGY THE GREEN BUSINESS TRANSITION PROCESSES ALIGN LEADERSHIP ACCELERATE INCLUDE ESG INCENTIVES TO EMBED ADOPTION OF IMPACTS IN SUSTAINABILITY- SUSTAINABILITY RENEWABLE ENERGY INVESTMENT BASED VALUES CRITERIA INTO R&D TO SECURE YOUR DECISIONS AND OUTCOMES ENERGY SUPPLY 62 63

T H E 1 2 T H U SUSTAINABILITY IS THE KEY TO BUILDING BUSINESS RESILIENCE N I T E INGREDIENTS FOR AND UNLOCKING A NEW WAVE OF OPPORTUNITY D N A T I O N Global challenges will continue and likely rise as a society to take more aggressive actions S G L RESILIENCE in number and complexity in the years ahead. towards reaching the SDGs by 2030. To achieve O B A Companies therefore need a strong foundation the Global Goals, CEOs recognize the importance L C O to survive and grow in these uncertain times of actionable, measurable steps for the Global M P A To build true resilience, CEOs must embed protections across their business – in their strategy, and weather the storm. By choosing to invest Goal’s achievement. As AIG, Inc.’s Chairman & C T - A workforce, supply chains, and greater ecosystems.in sustainability, companies can build their own Chief Executive Ofﬁcer, Peter Zafﬁno, describes, C C E resilience and agility to respond to upcoming, “With sustainability, it’s important to make N T U unknown challenges. This strategy is critical short-term and medium-term commitments in R E C for a company’s ability to thrive in a competitive addition to having long-term goals. Setting 2050 E O S environment. As Rob Fauber, President and Chief objectives is great, but if there’s no measurement T U D Executive Ofﬁce of Moody’s, states, “Building a between now and then, are they really that Y resilient business means embedding responsible meaningful?” Taking these steps towards the STRATEGYWORKFORCE &SUPPLY CHAINECOSYSTEM and sustainable decision-making across our ﬁrm.”SDGs will allow CEOs to build resilience in the ORGANIZATION & DATA MANAGEMENT short-term, and the achievement of the SDGs Adopting sustainability, however, moves beyond will ensure a more resilient future. just building resilience. It offers opportunities for industry transformation, business INGREDIENTS OF RESILIENCE competitiveness, and new growth. Redeﬁning ADVANCE THE supply chains, rethinking production, and Based on the insights of over 2,600 CEOs, ADOPTINVEST IN THECOLLECTION OFENGAGE INreimagining core business offerings catalyzes one theme came through clearer than any: SUSTAINABLE MENTAL ANDSTANDARDIZED,STRATEGICinnovation, allowing companies who successfully BUSINESS PHYSICAL HEALTHHIGH-QUALITYPARTNERSHIPS ambitious commitments to the SDGs are a MODELSOF EMPLOYEESDATAembrace sustainability to gain a competitive great ﬁrst step, but now is the time to focus on edge. As Alan Jope, Unilever’s Chief Executive how we achieve them and build resilience to the Ofﬁcer, shares, “In this decisive decade, we are complex slate of challenges the private sector redoubling our efforts on sustainability rather must navigate. This research yielded a set of than backing down.” core initiatives CEOs should look to embed ESTABLISHADVOCATE FOR AMBITIOUS,BUILD AND ENGAGEENHANCE SUPPLYSTRONG across the strategy, workforce, supply chain, SCIENCE-BASEDA REPRESENTATIVECHAIN VISIBILITYSUSTAINABILITYEmbedding sustainability helps build a more and greater ecosystem of their business that CLIMATE TARGETSWORKFORCEAND ENGAGEMENTAND RESILIENCEresilient private sector, which is required for us are critical to building resilience. POLICY ADOPT AUPSKILL AND/ORAPPLY ANALYTICS- NATURE-POSITIVERESKILL YOURDRIVEN SCENARIO BUSINESSWORKFORCE FORPLANNING IN STRATEGYTHE GREENBUSINESS TRANSITIONPROCESSES ALIGN LEADERSHIPACCELERATE INCLUDE ESGINCENTIVES TOEMBEDADOPTION OF IMPACTS INSUSTAINABILITY-SUSTAINABILITYRENEWABLE ENERGY INVESTMENTBASED VALUES CRITERIA INTO R&DTO SECURE YOUR DECISIONSAND OUTCOMESENERGY SUPPLY 62 63

T H E 1 2 T H U N I T E STRATEGY D N A T I O N S G L O B ADOPT SUSTAINABLE ESTABLISH AMBITIOUS, SCIENCE- ADOPT A NATURE-POSITIVE President, CEO, and Representative Director of A L C BUSINESS MODELS BASED CLIMATE TARGETS BUSINESS STRATEGY Asahi Group Holdings, Ltd., states, “As a group O M P of companies that operates businesses using A To embed sustainability into their core strategy, In our 2021 CEO Study, Climate Leadership in C While biodiversity has been overlooked on T the blessings of nature, including water and - A CEOs are adopting sustainable business models the Eleventh Hour, 57% of CEOs felt they were the CEO agenda, leading CEOs are taking C agricultural products, we at Asahi show C E to transform their businesses for long-term making sufﬁcient efforts to limit the global rise sustainable business models to the next level N T sensitivity to biodiversity. Now that the TNFD U growth. As Chairman of the Board of Directors in temperature to 1.5°C above pre-industrial R by championing nature-positive strategies. framework has been put in place, we are working E C and CEO of Aena, Maurici Lucena Betriu, explains, levels. Yet only 2% of those same CEOs had a E Leading examples holistically account for a to assess our impact on biodiversity to accelerate O S “Being part of the sustainable transformation validated target in line with the Science-Based business’ potential impacts on biodiversity. T our efforts. However, biodiversity protection is U D is now necessary. Due to regulations, as well Targets Initiative (SBTi). As Lucara Diamond Most CEOs (80%) currently feel that they have something individual companies cannot do alone Y as the science of climate change, we know we Corp’s President and Chief Executive Ofﬁcer, a strong understanding of how their business – we must work together as a whole industry and need to be a reliable company for our clients and Eira Thomas, shares, “It’s easy to talk about impacts biodiversity, and 72% of CEOs say that as whole society.” customers.” your ambitions, but it’s much more difﬁcult to they understand how to leverage nature-based put in place tangible, achievable targets and solutions within their company. However, only More than half of the CEOS (63%) are launching programs that are realistic when it comes to 35% of CEOs are initiating nature protection and/ INCLUDE ESG IMPACTS IN new products and service offerings for sustainability. balancing sustainable development with other or restoration projects, indicating that this is a INVESTMENT DECISIONS Embracing sustainability is therefore not only company priorities.” high-growth space. Adopting a systems-thinking spurring innovation, but also helping open new approach that looks at relationships rather To ensure that investment decisions are markets and attract or retain customers. To maintain a competitive edge and stay ahead than components across an ecosystem helps made with long-term value in mind, CEOs of regulations and industry norms, business companies understand their holistic impact and are reassessing how they evaluate capital Other CEOs are making more transformative leaders must adopt sustainability targets aligned encourages long-term strategic planning. allocations. In particular, leading CEOs are changes, transitioning to circular business with the SBTi. SBTi reports that 35% of CEOs Embracing a nature-positive business strategy going beyond economic returns, and embedding models (49%). There are signiﬁcant efﬁciency agree that setting science-based targets helps helps companies proactively address risks, ESG criteria in their investment decisions gains that come with a transition to a circular companies increase resilience against upcoming evaluate their overall impact, and often to deliver broader societal value from their 24 economy, with the United Nations Industrial regulation. Furthermore, 55% of CEOs share encourages collaboration with other industry capital. As Atsushi Katsuki, President, CEO, and Development Organization (UNIDO) estimating they’ve gained competitive advantages from and government partners. As Keiichi Iwata, Representative Director of Asahi Group Holdings, 25 that by 2025, around $1 trillion could be saved setting science-based targets. Going through Representative Director & President of Ltd., states, “One way of building resilience is 23 in materials under circular business models. this rigorous process ensures companies are Sumitomo Chemical Company, Ltd., says, evaluating investments in a new way – not just Not only do these circular models reduce taking the time to think about their holistic “Nature positive is a concept or approach that the proﬁt or cost reduction potential, but the waste ﬂows, but they also increase businesses’ impact, track and gather data, and set a plan encompasses carbon neutrality. Mitigating and value it provides for society and sustainability.” resilience to supply chain shocks through reducing in motion to reduce emissions aligned with the reversing the loss of the components of nature, Some CEOs are embedding this ESG mindset in their dependence on limited raw materials. 1.5°C target, helping them craft their overall such as air, water and soil, is a pressing issue internal projects – from developing sustainable sustainability strategy. faced by humanity, and we should meet this products, to modernizing factories, to acquiring New, sustainable business models will challenge head-on, placing utmost and equal talent. In addition, some CEOs considering also facilitate structural transformation, importance on each of those components.” mergers & acquisitions (M&A) are integrating creating jobs in resource recovery, repair, and ESG criteria into their due diligence process – a remanufacturing. However, it is equally important Recently, the Taskforce on Nature-related lever companies can use to acquire the skills, to ensure workers share in the beneﬁts of these Financial Disclosures pilot program has launched products, and services they need to build a sustainable models, with an emphasis on living with 23 member companies. The hope is that this sustainable future. Consequently, CEOs can wages and sustainable skills. standard can set the tone and assist companies ensure all ventures have net-neutral or positive in measuring and curbing their impacts on sustainability impacts, thereby proactively nature, and drive further uptake of nature- mitigating risks and building a compelling case positive business strategies. As Atsushi Katsuki, for investment decisions. 23. United Nations (2021) The circular economy, cooperatives and the social and solidarity economy. 64 24. Science Based Targets (2018) Six business beneﬁts of setting science-based targets. 25. Ibid. 65

T H E 1 2 T H U N I T E STRATEGY D N A T I O N S G L O B ADOPT SUSTAINABLE ESTABLISH AMBITIOUS, SCIENCE-ADOPT A NATURE-POSITIVE President, CEO, and Representative Director of A L C BUSINESS MODELSBASED CLIMATE TARGETSBUSINESS STRATEGY Asahi Group Holdings, Ltd., states, “As a group O M P of companies that operates businesses using A To embed sustainability into their core strategy, In our 2021 CEO Study, Climate Leadership in C While biodiversity has been overlooked on T the blessings of nature, including water and - A CEOs are adopting sustainable business models the Eleventh Hour, 57% of CEOs felt they were the CEO agenda, leading CEOs are taking C agricultural products, we at Asahi show C E to transform their businesses for long-term making sufﬁcient efforts to limit the global rise sustainable business models to the next level N T sensitivity to biodiversity. Now that the TNFD U growth. As Chairman of the Board of Directors in temperature to 1.5°C above pre-industrial R by championing nature-positive strategies. framework has been put in place, we are working E C and CEO of Aena, Maurici Lucena Betriu, explains, levels. Yet only 2% of those same CEOs had a E Leading examples holistically account for a to assess our impact on biodiversity to accelerate O S “Being part of the sustainable transformation validated target in line with the Science-Based business’ potential impacts on biodiversity. T our efforts. However, biodiversity protection is U D is now necessary. Due to regulations, as well Targets Initiative (SBTi). As Lucara Diamond Most CEOs (80%) currently feel that they have something individual companies cannot do alone Y as the science of climate change, we know we Corp’s President and Chief Executive Ofﬁcer, a strong understanding of how their business – we must work together as a whole industry and need to be a reliable company for our clients and Eira Thomas, shares, “It’s easy to talk about impacts biodiversity, and 72% of CEOs say that as whole society.” customers.”your ambitions, but it’s much more difﬁcult to they understand how to leverage nature-based put in place tangible, achievable targets and solutions within their company. However, only More than half of the CEOS (63%) are launching programs that are realistic when it comes to 35% of CEOs are initiating nature protection and/INCLUDE ESG IMPACTS IN new products and service offerings for sustainability. balancing sustainable development with other or restoration projects, indicating that this is a INVESTMENT DECISIONS Embracing sustainability is therefore not only company priorities.” high-growth space. Adopting a systems-thinking spurring innovation, but also helping open new approach that looks at relationships rather To ensure that investment decisions are markets and attract or retain customers. To maintain a competitive edge and stay ahead than components across an ecosystem helps made with long-term value in mind, CEOs of regulations and industry norms, business companies understand their holistic impact and are reassessing how they evaluate capital Other CEOs are making more transformative leaders must adopt sustainability targets aligned encourages long-term strategic planning.allocations. In particular, leading CEOs are changes, transitioning to circular business with the SBTi. SBTi reports that 35% of CEOs Embracing a nature-positive business strategy going beyond economic returns, and embedding models (49%). There are signiﬁcant efﬁciency agree that setting science-based targets helps helps companies proactively address risks, ESG criteria in their investment decisions gains that come with a transition to a circular companies increase resilience against upcoming evaluate their overall impact, and often to deliver broader societal value from their 24 economy, with the United Nations Industrial regulation. Furthermore, 55% of CEOs share encourages collaboration with other industry capital. As Atsushi Katsuki, President, CEO, and Development Organization (UNIDO) estimating they’ve gained competitive advantages from and government partners. As Keiichi Iwata, Representative Director of Asahi Group Holdings, 25 that by 2025, around $1 trillion could be saved setting science-based targets. Going through Representative Director & President of Ltd., states, “One way of building resilience is 23 in materials under circular business models. this rigorous process ensures companies are Sumitomo Chemical Company, Ltd., says, evaluating investments in a new way – not just Not only do these circular models reduce taking the time to think about their holistic “Nature positive is a concept or approach that the proﬁt or cost reduction potential, but the waste ﬂows, but they also increase businesses’ impact, track and gather data, and set a plan encompasses carbon neutrality. Mitigating and value it provides for society and sustainability.” resilience to supply chain shocks through reducing in motion to reduce emissions aligned with the reversing the loss of the components of nature, Some CEOs are embedding this ESG mindset in their dependence on limited raw materials.1.5°C target, helping them craft their overall such as air, water and soil, is a pressing issue internal projects – from developing sustainable sustainability strategy.faced by humanity, and we should meet this products, to modernizing factories, to acquiring New, sustainable business models will challenge head-on, placing utmost and equal talent. In addition, some CEOs considering also facilitate structural transformation, importance on each of those components.”mergers & acquisitions (M&A) are integrating creating jobs in resource recovery, repair, and ESG criteria into their due diligence process – a remanufacturing. However, it is equally important Recently, the Taskforce on Nature-related lever companies can use to acquire the skills, to ensure workers share in the beneﬁts of these Financial Disclosures pilot program has launched products, and services they need to build a sustainable models, with an emphasis on living with 23 member companies. The hope is that this sustainable future. Consequently, CEOs can wages and sustainable skills.standard can set the tone and assist companies ensure all ventures have net-neutral or positive in measuring and curbing their impacts on sustainability impacts, thereby proactively nature, and drive further uptake of nature- mitigating risks and building a compelling case positive business strategies. As Atsushi Katsuki, for investment decisions. 23. United Nations (2021) The circular economy, cooperatives and the social and solidarity economy. 6424. Science Based Targets (2018) Six business beneﬁts of setting science-based targets. 25. Ibid. 65

T H E 1 2 T H U Case Study N I T E ECOLAB WORKFORCE & ORGANIZATION D N A T I O N S G Leveraging technology and L O B expertise to enable circularity INVEST IN THE MENTAL AND A UN Global Compact annual survey, 83% of L C PHYSICAL HEALTH OF EMPLOYEES O companies surveyed noted that gender equality M P A Ecolab, the global leader in water, hygiene, Part of building a resilient workforce today was embedded in their corporate sustainability C T - and infection prevention solutions and services, strategy. Rohit Kapoor, Vice Chairman & CEO A is addressing the mental and physical health C C is helping companies leverage the power of E needs of employees. More than half (58%) of of EXL, shares, “The more diverse candidates N T U water to respond to climate change, water CEOs are offering physical and/or mental health we can attract, the more we are seen as a good R scarcity and the energy crisis, while also E C resources to their workforce in response to home for diverse candidates.” E advancing sustainable profitable growth. O S global challenges, with this number increasing T U D to 71% for CEOs of large companies. As Royal Attracting and engaging a representative Y Water must be moved, heated, cooled and DSM’s Co-CEO and Member of the Managing workforce also helps build ties with the treated to be fit for commercial use, all of Board, Geraldine Matchett, says, “We prioritized community, which contributes to resilience in which require energy. Ecolab Water for physical safety and resilience. However, we now the long run. As Viviane Martins, CEO of Falconi, Climate™ is a program that helps companies realize that we need to also look at psychological says, “Not only do our team members expect us save water and energy—ultimately reducing safety and mental resilience. Strategies beyond to do concrete things to improve our diversity and greenhouse gas emissions and costs. the regular inclusion and diversity agenda are inclusion polices and plans, but our customers The program provides holistic solutions needed to remain resilient.” expect this as well. The people we are recruiting including auditing, consulting, engineering, also look to our practices and our diversity and advanced chemistries and digital technologies Taking these actions not only strengthens the inclusion (D&I) policies.” that support water reduction, re-use, and current employee base, but also helps attract recycling strategies across an enterprise. top-tier talent in today’s discerning market. To fully beneﬁt from having a diverse workforce, Carlos Roberto Rojas Aboumrad, CEO of Grupo leaders must also be willing to adopt an open By gathering data, improving water use and Rotoplas S.A.B. de C.V., adds, “Today, it’s very mindset, embracing ideas regardless of origin, quantifying the impact on energy, greenhouse important to consider the wellbeing of your especially when it comes to sustainability. As gas emissions and the bottom line, Ecolab workforce, which requires a lot of empathy Lorenzo Simonelli, Chairman & CEO of Baker customers can advance their climate and from leadership.” Hughes, notes, “As a CEO, as a leader, one of your business goals all at once. In fact, Ecolab key traits must be a willingness to learn, and be has helped many companies achieve their BUILD AND ENGAGE A open to feedback. And sustainability is one of the net zero goals through more efficient water REPRESENTATIVE WORKFORCE key areas that you have to learn about these days, management, saving 215 billion gallons and you have to be open to the feedback.” Noke of water and 3.6 million metric tons of Building a representative workforce, inclusive of Kiroyan, Executive Chairman & Chief Consultant greenhouse gas emissions last year alone. different genders, ethnicities, and backgrounds, of PT Komunikasi Kinerja (Kiroyan Partners), is key for companies to attract the best talent adds, “We have to constantly listen to what our as well as cultivate the most innovative ideas. team members say. A company that imposes However, recruiting a diverse workforce is top-down measures is doomed to fail.” This not enough – companies must engage their learning mindset and open communication is employees in problem-solving and solutions, to not only key for innovation, but also resilience. reap the beneﬁts of having diverse experiences As Marika Lulay, CEO of GFT Technologies SE, and thoughts at the table. In our 2021 CEO shares, “Including employees in conversations is a Study, Climate Leadership in the Eleventh Hour, matter of resilience. Leadership cannot anticipate 76% of CEOs said that they were building a everything: therefore, by including employees, representative workforce in the communities you strengthen your ability to brainstorm and where they operate. Furthermore, in this year’s identify promising ideas and potential risks.” 66 67

T H E 1 2 T H U Case Study N I T E ECOLAB WORKFORCE & ORGANIZATION D N A T I O N S G Leveraging technology and L O B expertise to enable circularityINVEST IN THE MENTAL AND A UN Global Compact annual survey, 83% of L C PHYSICAL HEALTH OF EMPLOYEES O companies surveyed noted that gender equality M P A Ecolab, the global leader in water, hygiene, Part of building a resilient workforce today was embedded in their corporate sustainability C T - and infection prevention solutions and services, strategy. Rohit Kapoor, Vice Chairman & CEO A is addressing the mental and physical health C C is helping companies leverage the power of E needs of employees. More than half (58%) of of EXL, shares, “The more diverse candidates N T U water to respond to climate change, water CEOs are offering physical and/or mental health we can attract, the more we are seen as a good R scarcity and the energy crisis, while also E C resources to their workforce in response to home for diverse candidates.” E advancing sustainable profitable growth. O S global challenges, with this number increasing T U D to 71% for CEOs of large companies. As Royal Attracting and engaging a representative Y Water must be moved, heated, cooled and DSM’s Co-CEO and Member of the Managing workforce also helps build ties with the treated to be fit for commercial use, all of Board, Geraldine Matchett, says, “We prioritized community, which contributes to resilience in which require energy. Ecolab Water for physical safety and resilience. However, we now the long run. As Viviane Martins, CEO of Falconi, Climate™ is a program that helps companies realize that we need to also look at psychological says, “Not only do our team members expect us save water and energy—ultimately reducing safety and mental resilience. Strategies beyond to do concrete things to improve our diversity and greenhouse gas emissions and costs. the regular inclusion and diversity agenda are inclusion polices and plans, but our customers The program provides holistic solutions needed to remain resilient.” expect this as well. The people we are recruiting including auditing, consulting, engineering, also look to our practices and our diversity and advanced chemistries and digital technologies Taking these actions not only strengthens the inclusion (D&I) policies.” that support water reduction, re-use, and current employee base, but also helps attract recycling strategies across an enterprise. top-tier talent in today’s discerning market. To fully beneﬁt from having a diverse workforce, Carlos Roberto Rojas Aboumrad, CEO of Grupo leaders must also be willing to adopt an open By gathering data, improving water use and Rotoplas S.A.B. de C.V., adds, “Today, it’s very mindset, embracing ideas regardless of origin, quantifying the impact on energy, greenhouse important to consider the wellbeing of your especially when it comes to sustainability. As gas emissions and the bottom line, Ecolab workforce, which requires a lot of empathy Lorenzo Simonelli, Chairman & CEO of Baker customers can advance their climate and from leadership.” Hughes, notes, “As a CEO, as a leader, one of your business goals all at once. In fact, Ecolab key traits must be a willingness to learn, and be has helped many companies achieve their BUILD AND ENGAGE A open to feedback. And sustainability is one of the net zero goals through more efficient water REPRESENTATIVE WORKFORCE key areas that you have to learn about these days, management, saving 215 billion gallons and you have to be open to the feedback.” Noke of water and 3.6 million metric tons of Building a representative workforce, inclusive of Kiroyan, Executive Chairman & Chief Consultant greenhouse gas emissions last year alone.different genders, ethnicities, and backgrounds, of PT Komunikasi Kinerja (Kiroyan Partners), is key for companies to attract the best talent adds, “We have to constantly listen to what our as well as cultivate the most innovative ideas. team members say. A company that imposes However, recruiting a diverse workforce is top-down measures is doomed to fail.” This not enough – companies must engage their learning mindset and open communication is employees in problem-solving and solutions, to not only key for innovation, but also resilience. reap the beneﬁts of having diverse experiences As Marika Lulay, CEO of GFT Technologies SE, and thoughts at the table. In our 2021 CEO shares, “Including employees in conversations is a Study, Climate Leadership in the Eleventh Hour, matter of resilience. Leadership cannot anticipate 76% of CEOs said that they were building a everything: therefore, by including employees, representative workforce in the communities you strengthen your ability to brainstorm and where they operate. Furthermore, in this year’s identify promising ideas and potential risks.” 66 67

T H E 1 2 T H U Case Study UPSKILL AND RESKILL YOUR WORKFORCE Case Study N I T FOR THE GREEN TRANSITION E ENEL APRIL GROUP D N A T I Upskilling and reskilling their workforce are primary O N actions CEOs are taking to build resilience (74%). S G Just Transition in Energy Workforce Sustainability Education L O With industry shifts, digitalization, and rapidly changing B A workforces, companies need to invest in their people. L C Enel, the Italian energy provider, To create strong company alignment to a O This can beneﬁt companies by (1) helping current M P is a leader in the renewable energy values-based culture, Singapore-headquartered A C employees stay competitive and valuable, (2) attracting T - transition, and is advocating for this forestry and paper company APRIL, A high-quality employees looking to continue to build their C C transition to happen in a just and engages all levels of their workforce in their E N own skill sets, and (3) educating the future generation of T equitable manner for their workforce. sustainability commitments, not only those U R As the ILO defines it, the just transition the workforce to ensure the skills needed for the future. in the boardroom. Before setting its 2030 E C E refers to “greening the economy in As Takeshi Niinami, Chief Executive Ofﬁcer of Suntory commitments and targets (APRIL 2030), O S T Holdings Limited, puts it, “The most important thing a U a way that is as fair and inclusive as the company ran a series of workshops D possible to everyone concerned, while workforce needs to build resilience is high quality training with management teams focused on Y creating decent work opportunities.” programs, to adapt to future markets and increase digital determining ambitious targets to ensure skill knowledge for greater innovation and efﬁciency.” buy-in. This process helped educate the teams Enel, in their transition to producing With sustainability also being a top priority for on how sustainability targets could sustain renewable energy, embarked on the CEOs, it is important that part of the upskilling and and even improve business performance and challenge of gradually shutting down reskilling process includes educating the workforce helped recognize the contribution APRIL 2030 its coal power plants and replacing on sustainability and equipping them with the skills makes to the SDGs. them with renewables. Instead of needed for a green transition. As CEO of BDR Thermea leaving their coal workers by the Group, Betrand Schmitt, shares, “Unless we have APRIL completed workshops over 18 months, wayside, they rethought how the sufﬁcient HVAC installers with the right skills, the energy involving managers and their teams across the transition to a decarbonized economy transition in heating isn’t going to happen. The ﬁrst step organization, to understand joint aspirations will be offset by new opportunities for is upskilling HVAC installers so that they’re able to do and innovate actions to achieve the firm’s employment and for the requalification the work that’s required. The second step is making the 18 ambitious targets, designed to have a of various sectors of society. Enel job more attractive for young people.” positive impact on climate, nature, and people reskilled the workforce from these by 2030. This included the identification of historic coal plants, ensuring that their champions to own each commitment and business maintained a strong culture ALIGN LEADERSHIP INCENTIVES related targets. The company continues and continuity, always committed to TO SUSTAINABILITY-BASED to track and demonstrate its performance implementing reskilling programs VALUES AND OUTCOMES against the targets as part of its commitment during the transition. to transparency and disclosure, supported by Sustainability needs to be one of the core values of cascaded awareness-driven communications. a company today, and leaders need to reﬂect those company values – including sustainability. Already In these ways, strong company alignment 98% of CEOs feel that it is their role to make their to a value-driven culture breeds resilience, business more sustainable. To ensure that leaders are with positive company change stemming from not only advocating for sustainability, but also taking employees who are motivated by purpose. the necessary actions to achieve concrete progress, CEOs recommend tying leadership incentives – such as bonus payments and promotions – to sustainability objectives and outcomes. Al Monaco, President, Chief Executive Ofﬁcer and Director of Enbridge, Inc., says, “At Enbridge we’ve tied our sustainability objectives and priorities to compensation across the entire organization, demonstrating our commitment and accountability to what we believe in and the value of all Enbridge employees.” 68 69

T H E 1 2 T H U Case StudyUPSKILL AND RESKILL YOUR WORKFORCE Case Study N I T FOR THE GREEN TRANSITION E ENEL APRIL GROUP D N A T I Upskilling and reskilling their workforce are primary O N actions CEOs are taking to build resilience (74%). S G Just Transition in Energy Workforce Sustainability Education L O With industry shifts, digitalization, and rapidly changing B A workforces, companies need to invest in their people. L C Enel, the Italian energy provider, To create strong company alignment to a O This can beneﬁt companies by (1) helping current M P is a leader in the renewable energy values-based culture, Singapore-headquartered A C employees stay competitive and valuable, (2) attracting T - transition, and is advocating for this forestry and paper company APRIL, A high-quality employees looking to continue to build their C C transition to happen in a just and engages all levels of their workforce in their E N own skill sets, and (3) educating the future generation of T equitable manner for their workforce. sustainability commitments, not only those U R As the ILO defines it, the just transition the workforce to ensure the skills needed for the future. in the boardroom. Before setting its 2030 E C E refers to “greening the economy in As Takeshi Niinami, Chief Executive Ofﬁcer of Suntory commitments and targets (APRIL 2030), O S T Holdings Limited, puts it, “The most important thing a U a way that is as fair and inclusive as the company ran a series of workshops D possible to everyone concerned, while workforce needs to build resilience is high quality training with management teams focused on Y creating decent work opportunities.”programs, to adapt to future markets and increase digital determining ambitious targets to ensure skill knowledge for greater innovation and efﬁciency.” buy-in. This process helped educate the teams Enel, in their transition to producing With sustainability also being a top priority for on how sustainability targets could sustain renewable energy, embarked on the CEOs, it is important that part of the upskilling and and even improve business performance and challenge of gradually shutting down reskilling process includes educating the workforce helped recognize the contribution APRIL 2030 its coal power plants and replacing on sustainability and equipping them with the skills makes to the SDGs. them with renewables. Instead of needed for a green transition. As CEO of BDR Thermea leaving their coal workers by the Group, Betrand Schmitt, shares, “Unless we have APRIL completed workshops over 18 months, wayside, they rethought how the sufﬁcient HVAC installers with the right skills, the energy involving managers and their teams across the transition to a decarbonized economy transition in heating isn’t going to happen. The ﬁrst step organization, to understand joint aspirations will be offset by new opportunities for is upskilling HVAC installers so that they’re able to do and innovate actions to achieve the firm’s employment and for the requalification the work that’s required. The second step is making the 18 ambitious targets, designed to have a of various sectors of society. Enel job more attractive for young people.” positive impact on climate, nature, and people reskilled the workforce from these by 2030. This included the identification of historic coal plants, ensuring that their champions to own each commitment and business maintained a strong culture ALIGN LEADERSHIP INCENTIVES related targets. The company continues and continuity, always committed to TO SUSTAINABILITY-BASED to track and demonstrate its performance implementing reskilling programs VALUES AND OUTCOMES against the targets as part of its commitment during the transition. to transparency and disclosure, supported by Sustainability needs to be one of the core values of cascaded awareness-driven communications. a company today, and leaders need to reﬂect those company values – including sustainability. Already In these ways, strong company alignment 98% of CEOs feel that it is their role to make their to a value-driven culture breeds resilience, business more sustainable. To ensure that leaders are with positive company change stemming from not only advocating for sustainability, but also taking employees who are motivated by purpose. the necessary actions to achieve concrete progress, CEOs recommend tying leadership incentives – such as bonus payments and promotions – to sustainability objectives and outcomes. Al Monaco, President, Chief Executive Ofﬁcer and Director of Enbridge, Inc., says, “At Enbridge we’ve tied our sustainability objectives and priorities to compensation across the entire organization, demonstrating our commitment and accountability to what we believe in and the value of all Enbridge employees.” 68 69

T H E 1 2 T H U N I T E SUPPLY CHAIN & DATA D N A T I O N S G L O B ADVANCE THE COLLECTION OF ENHANCE SUPPLY CHAIN VISIBILITY A L C STANDARDIZED, HIGH-QUALITY DATA AND ENGAGEMENT O M P A CEOs call for all companies to invest in the Building on strengthening a company’s data C T - A collection and standardization of data to enable strategy, CEOs want greater visibility into C C E visibility into their business and unlock the value their supply chain to help overcome current N T U of data-driven decision making. Nearly three challenges and better prepare for future ones. R E C fourths (72%) of CEOs are already digitizing Already, 54% of CEOs are strengthening visibility E O S their business, with 55% of CEOs enhancing into the social impacts of their company’s T U D sustainability data collection capabilities supply chain, as CEOs recognize the importance Y speciﬁcally across their supply chain to of a human-rights based approach to building build resilience. President and CEO of S&P resilience. Taking action helps businesses Global, Douglas L. Peterson, notes, “The most (1) map their supplier network, (2) identify social important competitive advantage in business, and environmental impacts and risks, and and speciﬁcally ESG reporting right now, is (3) identify geographic and resource risks. having access to high-quality, consistent data.” Greater visibility also helps companies collaborate Managing Director of Asia Pulp & Paper (APP) across their supply chain, empowering them Sinar Mas, Bernard Tan, expands, to make more sustainable and economical “Data is key to tracking progress and decisions. empowering leaders.” Greater visibility also helps CEOs decide where Having a single source of truth is crucial for to dedicate limited time and resources to build empowering CEOs to monitor data and KPIs, resilience, such as strategically introducing identify opportunities and vulnerabilities, and redundancy and potential regionalization at properly report progress to stakeholders. the greatest points of impact. To date, 37% of As Gagandeep Bhullar, Founder & CEO of CEOs are already duplicating and diversifying SuperHuman Race, remarks, “Technology does their supply chains to strengthen their agility. not look at human stories, it looks at data. CEO of Physical Risk Solutions, Richard Wilson, Organizations often use stories to show their describes, “To build resilience, we must have impact, but that only leads to anecdotal impact. a strong knowledge of existing threats, put To really address systemic inequalities, we need mitigation plans in place, and build local data analysis, thoughtful understanding of key relationships with companies and communities.” problems, and scalable solutions to cover larger populations.” 70 71

T H E 1 2 T H U N I T E SUPPLY CHAIN & DATA D N A T I O N S G L O B ADVANCE THE COLLECTION OF ENHANCE SUPPLY CHAIN VISIBILITY A L C STANDARDIZED, HIGH-QUALITY DATAAND ENGAGEMENT O M P A CEOs call for all companies to invest in the Building on strengthening a company’s data C T - A collection and standardization of data to enable strategy, CEOs want greater visibility into C C E visibility into their business and unlock the value their supply chain to help overcome current N T U of data-driven decision making. Nearly three challenges and better prepare for future ones. R E C fourths (72%) of CEOs are already digitizing Already, 54% of CEOs are strengthening visibility E O S their business, with 55% of CEOs enhancing into the social impacts of their company’s T U D sustainability data collection capabilities supply chain, as CEOs recognize the importance Y speciﬁcally across their supply chain to of a human-rights based approach to building build resilience. President and CEO of S&P resilience. Taking action helps businesses Global, Douglas L. Peterson, notes, “The most (1) map their supplier network, (2) identify social important competitive advantage in business, and environmental impacts and risks, and and speciﬁcally ESG reporting right now, is (3) identify geographic and resource risks. having access to high-quality, consistent data.” Greater visibility also helps companies collaborate Managing Director of Asia Pulp & Paper (APP) across their supply chain, empowering them Sinar Mas, Bernard Tan, expands, to make more sustainable and economical “Data is key to tracking progress and decisions. empowering leaders.” Greater visibility also helps CEOs decide where Having a single source of truth is crucial for to dedicate limited time and resources to build empowering CEOs to monitor data and KPIs, resilience, such as strategically introducing identify opportunities and vulnerabilities, and redundancy and potential regionalization at properly report progress to stakeholders. the greatest points of impact. To date, 37% of As Gagandeep Bhullar, Founder & CEO of CEOs are already duplicating and diversifying SuperHuman Race, remarks, “Technology does their supply chains to strengthen their agility. not look at human stories, it looks at data. CEO of Physical Risk Solutions, Richard Wilson, Organizations often use stories to show their describes, “To build resilience, we must have impact, but that only leads to anecdotal impact. a strong knowledge of existing threats, put To really address systemic inequalities, we need mitigation plans in place, and build local data analysis, thoughtful understanding of key relationships with companies and communities.” problems, and scalable solutions to cover larger populations.” 70 71

T H E 1 2 T H U Case Study APPLY ANALYTICS-DRIVEN SCENARIO keen to see more R&D into creating lower-carbon Case Study N I T PLANNING INTO BUSINESS PROCESSES materials to reduce industry emissions.” E BRISTOL MYERS SQUIBB VERIZON D N A T I Geopolitics, trade regulations, climate change O For CEOs to maximize the beneﬁts of sustainable N and weather events are increasing the range S G R&D with a Focus on Equity R&D, however, they will need to assess their full Renewables in Telecommunications L O and ambiguity of possible scenarios, driving B value chain from a sustainability perspective, A CEOs to adopt analytics-driven scenario L C Bristol Myers Squibb (BMS), an American not only their material sourcing and production. To help meet its climate-related O M planning to prepare for the future. Currently, P multinational pharmaceutical company, Leading CEOs are looking to reduce the footprint commitments and facilitate the transition A C 62% of CEOs are strengthening their scenario T - is committed to addressing inequity in of their products across the lifecycle including to a greener grid, Verizon, the global A planning and analysis capabilities, with a split C C healthcare, through providing equitable procurement, manufacturing, distribution, telecommunications company, embarked on E N of 57% for CEOs of SMEs and 69% of CEOs T access to medicines. For example, in product use, and reverse logistics phases. an ambitious renewable energy purchase U R 2020, BMS pledged to locate at least from larger companies. As Alejandro Carrillo, Malek Sukkar, CEO of Averda, shares, “There program and has become a leading corporate E C E 25% of US sites participating in new BMS CEO of Masisa, says, “In the new norm, we need is a transformation happening in materials. buyer of U.S. renewable energy. Verizon has O S T to perform more proactive risk analysis and U clinical trials in racially and ethnically We cannot treat materials the same way. We will entered into more than 20 renewable energy D diverse metro areas. By the end of 2021, learn quickly from our mistakes to empower our purchase agreements (REPAs). Verizon’s Y people to make decisions faster.” have to look at how we can reuse materials at the company exceeded its goal, locating every stage of the journey.” With the full product REPAs are long-term virtual power purchase 54% of US clinical trial sites in highly This serves the dual purpose of both helping lifecycle in mind, companies may explore paths agreements and generally are expected to diverse communities. Ensuring diversity of CEOs prepare for potential scenarios, but also such as refurbishing, reusing, and product sharing help finance the development of new third- clinical trials enables underrepresented test the potential beneﬁts and repercussions of models, which can reduce resource intensive party solar and wind facilities. The facilities communities to participate in the different courses of action. For more advanced manufacturing activities and dependence on virgin associated with Verizon’s REPAs span 12 development of critical and potentially analysis, 17% of CEOs are implementing artiﬁcial raw materials. This wider scope of assessment states and have a projected aggregate life-saving medicines, increasing healthcare intelligence for real-time risk analysis, with further opens the door for innovation, as companies capacity of approximately 2.8 GW. accessibility and equity by helping address the ﬁnancial services and high-tech industries can iterate throughout the entire process. 1 blind spots in the health system. Funding for these agreements is substantially leading the trend (28% each). supported by Verizon’s USD 4 billion green ACCELERATE ADOPTION OF Furthermore, the Bristol Myers Squibb President of CTC Group [The Central Trading RENEWABLE ENERGY TO SECURE bond program, which is one of the largest Foundation, an independent charitable Company], Ahmed Abdellatif, shares, “We need YOUR ENERGY SUPPLY among corporate issuers in the USD market. organization, started a trailblazing program stronger planning tools and analysis. We need The program operates in accordance with committed to training at least 250 clinical models that show, over a longer timeline, what is With cutting carbon emissions at the center of Verizon’s Green Financing Framework that trial investigators who are diverse and/ the impact you can have and how you are driving many sustainability plans, CEOs need to also aligns with internationally recognized green or committed to increasing diversity in towards it. That will help drive sustainability secure green sources of energy and ensure financing principles and advances relevant clinical trials in partnership with the implementation and building resilience.” the sustainability of their energy supply chain. U.N. Sustainable Development Goals. Verizon Virginia Commonwealth University and the Renewable energy generation is a promising has fully allocated the net proceeds from American Association for Cancer Research solution, both offering affordable energy the first USD 3 billion of issuances primarily (AACR) – a $100+ million dollar investment EMBED SUSTAINABILITY CRITERIA and removing dependence on fossil fuels – a to finance REPAs for new renewable energy 2 INTO RESEARCH & DEVELOPMENT over five years. volatile commodity in regard to pricing. As projects and provided related impact reporting. Research & development (R&D) is a clear driver Arturo Gonzalo Aizpiri, Chief Executive Ofﬁcer 1. https://www.bms.com/life-and-science/news-and-perspectives/ of growth and innovation in any company. It of Enagás, comments, “Security of supply and Verizon’s REPAs position it to achieve its fulﬁlling-out-role-in-increasing-clinical-trial-diversity.html 2. https://news.bms.com/news/philanthropy/2022/The-Robert- is therefore imperative that sustainability is decarbonization are two sides of the same coin.” goal to source or generate renewable A.-Winn-Diversity-in-Clinical-Trials-Award-Program-Announces- embedded in R&D criteria, to ensure all new energy equivalent to 50% of its total annual the-Second-Group-of-Physicians-to-be-Trained-in-the-114-Million- electricity consumption by 2025. Program/default.aspx innovations, as well as updates to existing CEOs recognize this promising opportunity, with products, have sustainability at their core. Already, 49% of CEOs investing in renewable energy sources 40% of CEOs are increasing their R&D funding for to reduce dependency on fossil fuels. Fleetwood sustainable innovation, with the automotive and Grobler, Executive Director and President and CEO chemical industries leading (58% agree in both). of Sasol, states, “At the heart of our pivot away As CEO & Managing Director of Mirvac, Susan from carbon-intensive fossil fuels is the advent of Lloyd-Hurwitz, elaborates: “We would like to see economically viable sustainable energy sources. sustainability requirements driving research and We can now rely on renewables to produce the development and innovation. For example, we are same products in a more sustainable way.” 72 73

T H E 1 2 T H U Case StudyAPPLY ANALYTICS-DRIVEN SCENARIO keen to see more R&D into creating lower-carbon Case Study N I T PLANNING INTO BUSINESS PROCESSESmaterials to reduce industry emissions.” E BRISTOL MYERS SQUIBB VERIZON D N A T I Geopolitics, trade regulations, climate change O For CEOs to maximize the beneﬁts of sustainable N and weather events are increasing the range S G R&D with a Focus on Equity R&D, however, they will need to assess their full Renewables in Telecommunications L O and ambiguity of possible scenarios, driving B value chain from a sustainability perspective, A CEOs to adopt analytics-driven scenario L C Bristol Myers Squibb (BMS), an American not only their material sourcing and production. To help meet its climate-related O M planning to prepare for the future. Currently, P multinational pharmaceutical company, Leading CEOs are looking to reduce the footprint commitments and facilitate the transition A C 62% of CEOs are strengthening their scenario T - is committed to addressing inequity in of their products across the lifecycle including to a greener grid, Verizon, the global A planning and analysis capabilities, with a split C C healthcare, through providing equitable procurement, manufacturing, distribution, telecommunications company, embarked on E N of 57% for CEOs of SMEs and 69% of CEOs T access to medicines. For example, in product use, and reverse logistics phases. an ambitious renewable energy purchase U R 2020, BMS pledged to locate at least from larger companies. As Alejandro Carrillo, Malek Sukkar, CEO of Averda, shares, “There program and has become a leading corporate E C E 25% of US sites participating in new BMS CEO of Masisa, says, “In the new norm, we need is a transformation happening in materials. buyer of U.S. renewable energy. Verizon has O S T to perform more proactive risk analysis and U clinical trials in racially and ethnically We cannot treat materials the same way. We will entered into more than 20 renewable energy D diverse metro areas. By the end of 2021, learn quickly from our mistakes to empower our purchase agreements (REPAs). Verizon’s Y people to make decisions faster.”have to look at how we can reuse materials at the company exceeded its goal, locating every stage of the journey.” With the full product REPAs are long-term virtual power purchase 54% of US clinical trial sites in highly This serves the dual purpose of both helping lifecycle in mind, companies may explore paths agreements and generally are expected to diverse communities. Ensuring diversity of CEOs prepare for potential scenarios, but also such as refurbishing, reusing, and product sharing help finance the development of new third- clinical trials enables underrepresented test the potential beneﬁts and repercussions of models, which can reduce resource intensive party solar and wind facilities. The facilities communities to participate in the different courses of action. For more advanced manufacturing activities and dependence on virgin associated with Verizon’s REPAs span 12 development of critical and potentially analysis, 17% of CEOs are implementing artiﬁcial raw materials. This wider scope of assessment states and have a projected aggregate life-saving medicines, increasing healthcare intelligence for real-time risk analysis, with further opens the door for innovation, as companies capacity of approximately 2.8 GW. accessibility and equity by helping address the ﬁnancial services and high-tech industries can iterate throughout the entire process. 1 blind spots in the health system. Funding for these agreements is substantially leading the trend (28% each). supported by Verizon’s USD 4 billion green ACCELERATE ADOPTION OF Furthermore, the Bristol Myers Squibb President of CTC Group [The Central Trading RENEWABLE ENERGY TO SECURE bond program, which is one of the largest Foundation, an independent charitable Company], Ahmed Abdellatif, shares, “We need YOUR ENERGY SUPPLY among corporate issuers in the USD market. organization, started a trailblazing program stronger planning tools and analysis. We need The program operates in accordance with committed to training at least 250 clinical models that show, over a longer timeline, what is With cutting carbon emissions at the center of Verizon’s Green Financing Framework that trial investigators who are diverse and/the impact you can have and how you are driving many sustainability plans, CEOs need to also aligns with internationally recognized green or committed to increasing diversity in towards it. That will help drive sustainability secure green sources of energy and ensure financing principles and advances relevant clinical trials in partnership with the implementation and building resilience.”the sustainability of their energy supply chain. U.N. Sustainable Development Goals. Verizon Virginia Commonwealth University and the Renewable energy generation is a promising has fully allocated the net proceeds from American Association for Cancer Research solution, both offering affordable energy the first USD 3 billion of issuances primarily (AACR) – a $100+ million dollar investment EMBED SUSTAINABILITY CRITERIA and removing dependence on fossil fuels – a to finance REPAs for new renewable energy 2INTO RESEARCH & DEVELOPMENT over five years. volatile commodity in regard to pricing. As projects and provided related impact reporting. Research & development (R&D) is a clear driver Arturo Gonzalo Aizpiri, Chief Executive Ofﬁcer 1. https://www.bms.com/life-and-science/news-and-perspectives/of growth and innovation in any company. It of Enagás, comments, “Security of supply and Verizon’s REPAs position it to achieve its fulﬁlling-out-role-in-increasing-clinical-trial-diversity.html 2. https://news.bms.com/news/philanthropy/2022/The-Robert-is therefore imperative that sustainability is decarbonization are two sides of the same coin.”goal to source or generate renewable A.-Winn-Diversity-in-Clinical-Trials-Award-Program-Announces-embedded in R&D criteria, to ensure all new energy equivalent to 50% of its total annual the-Second-Group-of-Physicians-to-be-Trained-in-the-114-Million- electricity consumption by 2025. Program/default.aspxinnovations, as well as updates to existing CEOs recognize this promising opportunity, with products, have sustainability at their core. Already, 49% of CEOs investing in renewable energy sources 40% of CEOs are increasing their R&D funding for to reduce dependency on fossil fuels. Fleetwood sustainable innovation, with the automotive and Grobler, Executive Director and President and CEO chemical industries leading (58% agree in both). of Sasol, states, “At the heart of our pivot away As CEO & Managing Director of Mirvac, Susan from carbon-intensive fossil fuels is the advent of Lloyd-Hurwitz, elaborates: “We would like to see economically viable sustainable energy sources. sustainability requirements driving research and We can now rely on renewables to produce the development and innovation. For example, we are same products in a more sustainable way.” 72 73

T H E 1 2 T H U N I T E ECOSYSTEM ENGAGEMENT D N A T I O N S G L O B ENGAGE IN STRATEGIC ADVOCATE FOR STRONGER A L C PARTNERSHIPS SUSTAINABILITY AND O M P RESILIENCE POLICY A Companies are engaging in collaborative C T - A partnerships within their industry, across other To fully live up to their company’s values, CEOs C C E industries, as well as throughout their entire must also take the lead in advocating for policies N T U supply chain. Already 66% of CEOs are engaging that align with their values and encourage R E C 26 in long-term strategic partnerships, with SMEs sustainable development. The majority (87%) E O S engaging in partnerships most to build resilience of CEOs feel they need greater government T U D (69% engage relative to the 62% of large support to build a more resilient business. Yet, in Y companies).27 Richard Wilson, CEO of Physical Risk areas including corruption, climate change, Solutions, explains: “As a SME, the relationships warfare, and refugee crises, where the private we build within our network is key for our sector requires government intervention to make survival and resilience.” meaningful progress, it is equally necessary for business leaders to advocate for what they Businesses also need to increase their believe in to help where governments should engagement with competitors and industry focus their attention. Margaret Michaels, Founder partners to foster a collaborative environment of Ezra Joel Group Corporation, notes, “If we that enables innovation and the sharing of come together, set aside our differences, and ideas, especially when it comes to addressing allow common sense to prevail, we can solve sustainability and building resilience for the the problems we’ve created.” private sector. Companies are recognizing that joint collaboration can unlock unprecedented Often industry consortiums and international value that is not possible when operating in governing bodies like the United Nations can play silos. As South East Water (Australia) Managing an intermediary role, translating business asks to Director, Lara Olsen, says, “Industry associations government ofﬁcials. Engaging in these forums and partnerships are key for gaining access will allow for more nuanced policy discussions to pockets of innovation.” Mary Barra, General and greater, more effective collaboration. The private Motors’ Chair and Chief Executive Ofﬁcer, and public sectors must operate in lock step expands, “We can’t make this transition on to build a world where we have a chance at our own. We need to work very closely with achieving the SDGs. governments and policymakers to ensure that we are coming up with solutions that are not just good for the businesses, but also for the people, the country, and the environment.” 26. Deﬁned as companies with less than USD 25 million in annual revenue. 74 27. Deﬁned as companies with greater than USD 1 billion in annual revenue. 75

AD TO 2030 BUSINESSES ASKS OF POLICYMAKERS THE RO 76 77

T H “I believe the market plays an E 1 2 T important role that is often overlooked. H U ROAD TO 2030: BUSINESS ASKS Government needs to set the boundaries N I T E ASKS OF POLICYMAKERS OF POLICYMAKERS and allow the private sector to work D N within those rules, so that the best A T I O solution comes forward.” N The voice of private sector CEOs is clear – S G L CEOs are calling on governments to support and enable the private sector to achieve ambitious government must establish a transparent, Ronald Wuijster, O B A sustainability targets. equitable, and actionable playing ﬁeld in which Executive Board Member of APG Group NV L C and Chief Executive Officer of APG Asset O businesses can take the reins and innovate. M P Management A Without collaboration between the public C T - A sector, private sector, international governing C C E organizations, and NGOs, the hope of making N T “If you’re following good governance, U any type of meaningful progress toward the R you will be more environmentally E C SDGs will almost certainly be lost. CEO of MK E ALIGN NDCS conscious and that will motivate you to O S Partners, Inc., Matt Kaufman, notes, “I want T AT 1.5°C U address critical issues and deliver on D more accountability. I want regulation. I want the your purpose commitments. But right Y PROVIDE EDUCATION COOPERATE pressure to have businesses report on how we now, the G in ESG is overlooked. So, until & FINANCING ON CARBON are meeting our goals regularly to hold the time we sort out the governance FOR SMES PRICING us accountable.” part, the rest will not get resolved.” While there is signiﬁcant progress to be made, Nitin Mantri, the European Union (EU) is serving as a guiding Group CEO of Avian WE light for how clear policy objectives can spur private sector action. Through the recently SUPPORT released Taxonomy Regulation, experts hope “We need more effective roundtables REALIZE A POLICY FOR BIODIVERSITY that investment will be accelerated massively that are held accountable. The UN and A JUST FRAMEWORK other global organizations need to help TRANSITION into climate action to support the transformation of the EU economy to meet its European Green keep companies accountable.” Deal objectives. The Taxonomy outlines six core Francisco Estupiñán, ASKS OF objectives: (1) climate change mitigation, (2) CEO of Fexlaw Lawyers POLICYMAKERS climate change adaptation, (3) sustainable use and protection of water and marine resources, (4) transition to a circular economy, (5) pollution “We are moving towards a global prevention and control, and (6) protection and context in which strong public-private INVEST IN 28 SUSTAINABLE ACTION ON restoration of biodiversity and ecosystems. policy networks are big contributors to BASIC ADAPTION Through this ambitious framework, a common FINANCING a more resilient world that is prepared INFRASTRUCTURE language has been established between for an uncertain future. The private investors, policymakers, and business leaders. sector must lend its expertise to help This helps investors to assess the alignment the public sector shape policy.” of their investments to robust climate plans Arturo Gonzalo Aizpiri, and targets. Chief Executive Officer of Enagás ALIGN While it is true that some countries have ENABLE THE REGULATORY CIRCULAR SYSTEMS TO FOSTER adopted new regulations and are investing in a ECONOMY INNOVATION sustainable future, outcomes from COP27 show “As regulations and governmental STANDARDIZE that we still have a long way to go. Building on policies shift, it is paramount that ESG REPORTING the policymaker asks of the 2021 CEO Study, businesses worldwide come together FRAMEWORKS to help each other thrive. If we come we have refreshed CEOs asks for policymakers together and collectively address to advance resilience and sustainability in policymakers, we will be able to drive today’s climate. positive change.” Margaret Michaels, Founder of Ezra Joel Group Corporation 78 28. Principles for Responsible Investment (2022) EU Taxonomy. 79

T H “I believe the market plays an E 1 2 T important role that is often overlooked. H U ROAD TO 2030: BUSINESS ASKS Government needs to set the boundaries N I T E ASKS OF POLICYMAKERSOF POLICYMAKERS and allow the private sector to work D N within those rules, so that the best A T I O solution comes forward.” N The voice of private sector CEOs is clear – S G L CEOs are calling on governments to support and enable the private sector to achieve ambitious government must establish a transparent, Ronald Wuijster, O B A sustainability targets.equitable, and actionable playing ﬁeld in which Executive Board Member of APG Group NV L C and Chief Executive Officer of APG Asset O businesses can take the reins and innovate. M P Management A Without collaboration between the public C T - A sector, private sector, international governing C C E organizations, and NGOs, the hope of making N T “If you’re following good governance, U any type of meaningful progress toward the R you will be more environmentally E C SDGs will almost certainly be lost. CEO of MK E ALIGN NDCS conscious and that will motivate you to O S Partners, Inc., Matt Kaufman, notes, “I want T AT 1.5°C U address critical issues and deliver on D more accountability. I want regulation. I want the your purpose commitments. But right Y PROVIDE EDUCATIONCOOPERATEpressure to have businesses report on how we now, the G in ESG is overlooked. So, until & FINANCINGON CARBON are meeting our goals regularly to hold the time we sort out the governance FOR SMESPRICINGus accountable.” part, the rest will not get resolved.” While there is signiﬁcant progress to be made, Nitin Mantri, the European Union (EU) is serving as a guiding Group CEO of Avian WE light for how clear policy objectives can spur private sector action. Through the recently SUPPORT released Taxonomy Regulation, experts hope “We need more effective roundtables REALIZE A POLICY FOR BIODIVERSITY that investment will be accelerated massively that are held accountable. The UN and A JUST FRAMEWORK other global organizations need to help TRANSITION into climate action to support the transformation of the EU economy to meet its European Green keep companies accountable.” Deal objectives. The Taxonomy outlines six core Francisco Estupiñán, ASKS OF objectives: (1) climate change mitigation, (2) CEO of Fexlaw Lawyers POLICYMAKERS climate change adaptation, (3) sustainable use and protection of water and marine resources, (4) transition to a circular economy, (5) pollution “We are moving towards a global prevention and control, and (6) protection and context in which strong public-private INVEST IN 28 SUSTAINABLEACTION ONrestoration of biodiversity and ecosystems. policy networks are big contributors to BASICADAPTION Through this ambitious framework, a common FINANCING a more resilient world that is prepared INFRASTRUCTURElanguage has been established between for an uncertain future. The private investors, policymakers, and business leaders. sector must lend its expertise to help This helps investors to assess the alignment the public sector shape policy.” of their investments to robust climate plans Arturo Gonzalo Aizpiri, and targets. Chief Executive Officer of Enagás ALIGN While it is true that some countries have ENABLE THEREGULATORY CIRCULARSYSTEMS TO FOSTERadopted new regulations and are investing in a ECONOMYINNOVATIONsustainable future, outcomes from COP27 show “As regulations and governmental STANDARDIZE that we still have a long way to go. Building on policies shift, it is paramount that ESG REPORTING the policymaker asks of the 2021 CEO Study, businesses worldwide come together FRAMEWORKS to help each other thrive. If we come we have refreshed CEOs asks for policymakers together and collectively address to advance resilience and sustainability in policymakers, we will be able to drive today’s climate. positive change.” Margaret Michaels, Founder of Ezra Joel Group Corporation 78 28. Principles for Responsible Investment (2022) EU Taxonomy. 79

T H E 1 2 T H U ALIGN NATIONALLY DETERMINED sustainable action through market methods. Case Study N I T CONTRIBUTIONS (NDCS) TO A 1.5°C As Ana Botín, CEO of Banco Santander, states, E IBERDROLA D N WARMING TRAJECTORY “If we want habits, decisions to be changed, A T I O we need to change incentives, pricing and N The ambition of global climate pledges needs to S G signals to the market.” Birds, Biodiversity and Wind Energy L O be raised. At today’s level of commitment, the B A world is on track to increase temperatures 2.5°C L C REALIZE A GLOBAL BIODIVERSITY Iberdrola, the Spanish renewable energy company, O M above industrial levels by the end of the century, P FRAMEWORK THAT SETS AMBITIOUS has announced a new objective of achieving a A C which could have disastrous repercussions. CEOs T - TARGETS TO HALT BIODIVERSITY LOSS net positive impact on biodiversity by 2030. A are therefore demanding more from governments, C C They are applying a comprehensive approach to E N asking them to align NDCs to the 1.5°C targets. The majority of CEOs (80%) recognize that their T new infrastructure construction, and integrating U R business impacts biodiversity, yet only 35% nature considerations into the impact assessment E C E Over 70 countries have pledged to reach net zero are initiating nature protection and restoration of new projects moving forward. O S T emissions, including some of the world’s largest projects in response to global challenges. As Bank U D emitters – such as the United States, China, and al Etihad CEO, Nadia Al Saeed, says, “Loss of Y the European Union – amounting to approximately biodiversity is an economic and ﬁnancial risk. As a leader in offshore and onshore wind 76% of global emissions.29 development, Iberdrola is focusing on its Despite these pledges, They both depend on the ecosystem services impact on birds and bats for all projects moving few governments have solidiﬁed NDCs that are provided by biodiversity and the environment. forward. By adopting more ambitious monitoring ambitious enough to make a 1.5°C future a reality. In turn, our investment decisions affect the programs, Iberdrola is able to better understand Recognizing this gap at COP26, the Glasgow biodiversity around us, and more companies how different species are interacting with their Climate Pact called on countries to strengthen need to adopt that lens when making assets. They are also looking to improve these their NDCs when returning the following year investment decisions.” monitoring systems, exploring how to deploy the to COP27. This effort fell short, however, with latest available technology and invest in emerging only 24 new or updated climate plans at COP27, CEO inaction can be traced back to the solutions, such as pairing cameras and radar with a strong contrast to the 163 countries offering uncertainty around the biodiversity business case AI, aerial monitoring, and GPS technology. no updated target. This highlights the need for as well as how to measure biodiversity impacts governments to take bold action and strengthen and actions. As Representative Director and their NDCs immediately. President of Nippon Koei Co., Ltd., Hiroaki Shinya, As an example, in their wind farm in Southern says, “Regarding biodiversity, there is no deﬁnite California, Iberdrola has implemented geofencing COOPERATE TO ESTABLISH as well as universally (commonly) accepted technology to monitor the risks to the California A GLOBAL CARBON PRICE criteria yet for judging which direction to proceed condor. A majority of condors in the southern for maintaining/conserving diversity. Therefore, California population have been equipped with CEOs consistently note that without a common, I feel that the majority of companies are still not radio frequency and GPS technologies to track equal set of standards, the world will never be sure how to act in relation to biodiversity.” their movements. When a condor fitted with a able to achieve the Global Goals, and climate transmitter crosses the geofence boundary, impacts will continue to intensify. Alexandre While the Taskforce on Nature-related Financial a third party remotely supervising the condor’s Ricard, Chairman & Chief Executive Ofﬁcer Disclosures (TNFD) is a start, there is a need movements notifies the Avangrid Renewables of Pernod Ricard, explains, “We have a basic for a globally accepted standard, supported National Control Center and by tracking the birds’ sustainability framework globally, but the playing by governments, to kickstart company action flight trajectory can decide to stop a particular ﬁeld is not level still. We have work to do.” on biodiversity conservation. Fortunately, at wind turbine to avoid a possible collision. COP15, nearly 190 countries approved a new Furthermore, Iberdrola looks to shutdown energy To encourage global action – and accountability United Nations agreement to prevent further generation in certain hours when bats are active to – on carbon emissions, CEOs are requesting biodiversity loss. Among a suite of 23 measures avoid collisions. These measures not only protect governments cooperate to establish a global to protect nature, the most notable is the 30x30 species, but also allows the company to better carbon price. The International Monetary Fund target, which aims to safeguard 30% of the understand the ecosystem and how species interact (IMF) notes, “An international ﬂoor price for world’s land and sea by the end of the decade. with its infrastructure. This information helps carbon could speed the world’s transition to Though the agreements at COP15 are a step Iberdrola, in collaboration with conservation green energy without compromising countries’ in the right direction for biodiversity protection, organizations, regional and national governments, 30 and research institutions, develop better competitiveness.” This would ensure further government regulation is needed to equal impact across sectors, and encourage mobilize private sector contributions. mitigation tactics to protect biodiversity. 29. United Nations (2022) For a livable climate: Net-zero commitments must be backed by credible action 80 30. IMF (2022) Why Countries Must Cooperate on Carbon Prices 81

T H E 1 2 T H U ALIGN NATIONALLY DETERMINED sustainable action through market methods. Case Study N I T CONTRIBUTIONS (NDCS) TO A 1.5°C As Ana Botín, CEO of Banco Santander, states, E IBERDROLA D N WARMING TRAJECTORY “If we want habits, decisions to be changed, A T I O we need to change incentives, pricing and N The ambition of global climate pledges needs to S G signals to the market.” Birds, Biodiversity and Wind Energy L O be raised. At today’s level of commitment, the B A world is on track to increase temperatures 2.5°C L C REALIZE A GLOBAL BIODIVERSITY Iberdrola, the Spanish renewable energy company, O M above industrial levels by the end of the century, P FRAMEWORK THAT SETS AMBITIOUS has announced a new objective of achieving a A C which could have disastrous repercussions. CEOs T - TARGETS TO HALT BIODIVERSITY LOSS net positive impact on biodiversity by 2030. A are therefore demanding more from governments, C C They are applying a comprehensive approach to E N asking them to align NDCs to the 1.5°C targets.The majority of CEOs (80%) recognize that their T new infrastructure construction, and integrating U R business impacts biodiversity, yet only 35% nature considerations into the impact assessment E C E Over 70 countries have pledged to reach net zero are initiating nature protection and restoration of new projects moving forward. O S T emissions, including some of the world’s largest projects in response to global challenges. As Bank U D emitters – such as the United States, China, and al Etihad CEO, Nadia Al Saeed, says, “Loss of Y the European Union – amounting to approximately biodiversity is an economic and ﬁnancial risk. As a leader in offshore and onshore wind 76% of global emissions.29 development, Iberdrola is focusing on its Despite these pledges, They both depend on the ecosystem services impact on birds and bats for all projects moving few governments have solidiﬁed NDCs that are provided by biodiversity and the environment. forward. By adopting more ambitious monitoring ambitious enough to make a 1.5°C future a reality. In turn, our investment decisions affect the programs, Iberdrola is able to better understand Recognizing this gap at COP26, the Glasgow biodiversity around us, and more companies how different species are interacting with their Climate Pact called on countries to strengthen need to adopt that lens when making assets. They are also looking to improve these their NDCs when returning the following year investment decisions.”monitoring systems, exploring how to deploy the to COP27. This effort fell short, however, with latest available technology and invest in emerging only 24 new or updated climate plans at COP27, CEO inaction can be traced back to the solutions, such as pairing cameras and radar with a strong contrast to the 163 countries offering uncertainty around the biodiversity business case AI, aerial monitoring, and GPS technology. no updated target. This highlights the need for as well as how to measure biodiversity impacts governments to take bold action and strengthen and actions. As Representative Director and their NDCs immediately. President of Nippon Koei Co., Ltd., Hiroaki Shinya, As an example, in their wind farm in Southern says, “Regarding biodiversity, there is no deﬁnite California, Iberdrola has implemented geofencing COOPERATE TO ESTABLISH as well as universally (commonly) accepted technology to monitor the risks to the California A GLOBAL CARBON PRICE criteria yet for judging which direction to proceed condor. A majority of condors in the southern for maintaining/conserving diversity. Therefore, California population have been equipped with CEOs consistently note that without a common, I feel that the majority of companies are still not radio frequency and GPS technologies to track equal set of standards, the world will never be sure how to act in relation to biodiversity.”their movements. When a condor fitted with a able to achieve the Global Goals, and climate transmitter crosses the geofence boundary, impacts will continue to intensify. Alexandre While the Taskforce on Nature-related Financial a third party remotely supervising the condor’s Ricard, Chairman & Chief Executive Ofﬁcer Disclosures (TNFD) is a start, there is a need movements notifies the Avangrid Renewables of Pernod Ricard, explains, “We have a basic for a globally accepted standard, supported National Control Center and by tracking the birds’ sustainability framework globally, but the playing by governments, to kickstart company action flight trajectory can decide to stop a particular ﬁeld is not level still. We have work to do.” on biodiversity conservation. Fortunately, at wind turbine to avoid a possible collision. COP15, nearly 190 countries approved a new Furthermore, Iberdrola looks to shutdown energy To encourage global action – and accountability United Nations agreement to prevent further generation in certain hours when bats are active to – on carbon emissions, CEOs are requesting biodiversity loss. Among a suite of 23 measures avoid collisions. These measures not only protect governments cooperate to establish a global to protect nature, the most notable is the 30x30 species, but also allows the company to better carbon price. The International Monetary Fund target, which aims to safeguard 30% of the understand the ecosystem and how species interact (IMF) notes, “An international ﬂoor price for world’s land and sea by the end of the decade. with its infrastructure. This information helps carbon could speed the world’s transition to Though the agreements at COP15 are a step Iberdrola, in collaboration with conservation green energy without compromising countries’ in the right direction for biodiversity protection, organizations, regional and national governments, 30 and research institutions, develop better competitiveness.” This would ensure further government regulation is needed to equal impact across sectors, and encourage mobilize private sector contributions.mitigation tactics to protect biodiversity. 29. United Nations (2022) For a livable climate: Net-zero commitments must be backed by credible action 8030. IMF (2022) Why Countries Must Cooperate on Carbon Prices 81

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y DELIVER ON THE COP26 GOAL TO stands at less than one-tenth of that amount.” In addition to removing harmful barriers, Foundation, sums it up, “We need to ﬁnd a DOUBLE INVESTMENT IN ADAPTATION Even with this drastic increase, ﬁnancing must companies are calling on governments to take commonly accepted framework that works for FINANCING FROM 2019 LEVELS BY 2025 go to the right sources to build a more resilient an active role in setting up incentive systems most people, otherwise all we will be doing future. Accelerating adaption and resilience that support the development of sustainable is translating one framework and reporting Companies around the world do not have equal ﬁnance is key to make sure that countries can practices and spur innovation, while allowing standard to another, wasting limited resources.” access to ﬁnance that will help them achieve keep up with and protect themselves from the for the market to determine the best path for CEOs hope that these new standards will their sustainability goals. In fact, 34% of CEOs in worst climate impacts. achieving the desired outcome. Incentivizing extend globally, not just to a country or region, developing countries feel that a lack of ﬁnancial programs like renewable energy infrastructure, to make sure that everyone is working towards resources is a high impact barrier to building a ALIGN INCENTIVE MECHANISMS disease discovery and prevention, sustainable the same goal. Luis Maroto, President and CEO resilient business, relative to just 18% of CEOs AND REGULATORY SYSTEMS TO food systems, and water conservation will of Amadeus IT Group S.A., explains, “Uniform of businesses in developed countries. Clearly, FOSTER INNOVATION drive towards delivery of a cleaner, more sustainability standards are necessary to this ﬁnancing gap must be addressed, otherwise, sustainable world. As Gimena Peña Malcampo, move everyone in the same direction. Different even with action in the developed world, the Today’s regulatory system perpetuates old habits CEO of Pier2 Marketing, explains, “I really think standards allow for different interpretations. world will still experience signiﬁcant climate and cycles, often prolonging existing problems that government encouraging businesses to To be able to keep everyone aligned and impacts. However, the question is not purely by propagating harmful subsidies, such as those follow sustainability principles would make a accountable, we need one uniﬁed standard. The about the amount of ﬁnance, but also where for fossil fuels, stiﬂing innovation, creativity, and difference. A lot of organizations voluntarily do ideal scenario would be if governments released the funds are ﬂowing. progress. As Krishna Mohan Puvvada, Regional it because they are passionate about it. Even those global standards.” Sanjay Banka, Executive President & Business Director, CB India of if the government cannot change laws and Chairman of Banka Bioloo Limited, adds, “There To meet the COP26 goal of doubling investments Novozymes South Asia Pvt. Ltd., states, “We regulations in the short-term, creating incentives has to be standardization of standards – both from 2019 levels by 2025 to help ﬁnance need to stop the subsidies of the past because to encourage behavior change is critical.” nationally and globally.” A standard framework adaption, speciﬁcally from climate impacts and that is not our future. We need a future that would not only help companies clarify what related effects, there need to be a signiﬁcant is very different. It’s a paradigm shift that we STANDARDIZE SUSTAINABILITY data and KPIs to track themselves, but also acceleration. The annual adaptation gap report need to make – governments, society, and other REPORTING FRAMEWORKS FOR increase transparency and ensure companies just released by UN Environment Program stakeholders – so that we can work towards GLOBAL ACCOUNTABILITY are fairly evaluated on their performances. Pat (UNEP) at COP27, estimates this gap to be this new future.” The IMF estimates that on McCafferty, Managing Director of Yarra Valley USD 160 billion to USD 340 billion by the end our current trajectory, fossil fuel subsidies will Companies are ﬁnding that multiple Water, Melbourne, Australia, remarks, “What of the decade, and up to USD 565 billion by 31 an sustainability frameworks are not only confusing, increase to over USD 7 trillion by 2025, gets measured get done. Efﬁcient measurement 2050. Secretary General Guterres reiterates, astronomic sum that remains one of the greatest but also taxing, as companies look to report and governance systems, holding countries and “Adaptation needs in the developing world are ﬁnancial barriers to the clean energy transition. information through multiple formats. Vaishali companies accountable, and providing roadmaps set to skyrocket to as much as USD 340 billion It is therefore imperative that global governments Nigam Sinha, Chief Sustainability Ofﬁcer of and progress reports will be key to unlocking the a year by 2030. Yet adaptation support today remove harmful subsidies of fossil fuels and coal. ReNew Power & Founding Chair of ReNew change, pace, and scale we need.” 82 31. IMF (2022) Fossil Fuel Subsidies 83

T H E 1 2 T H U N I T E D N A T I O N S G L O B A L C O M P A C T - A C C E N T U R E C E O S T U D Y DELIVER ON THE COP26 GOAL TO stands at less than one-tenth of that amount.” In addition to removing harmful barriers, Foundation, sums it up, “We need to ﬁnd a DOUBLE INVESTMENT IN ADAPTATION Even with this drastic increase, ﬁnancing must companies are calling on governments to take commonly accepted framework that works for FINANCING FROM 2019 LEVELS BY 2025 go to the right sources to build a more resilient an active role in setting up incentive systems most people, otherwise all we will be doing future. Accelerating adaption and resilience that support the development of sustainable is translating one framework and reporting Companies around the world do not have equal ﬁnance is key to make sure that countries can practices and spur innovation, while allowing standard to another, wasting limited resources.” access to ﬁnance that will help them achieve keep up with and protect themselves from the for the market to determine the best path for CEOs hope that these new standards will their sustainability goals. In fact, 34% of CEOs in worst climate impacts.achieving the desired outcome. Incentivizing extend globally, not just to a country or region, developing countries feel that a lack of ﬁnancial programs like renewable energy infrastructure, to make sure that everyone is working towards resources is a high impact barrier to building a ALIGN INCENTIVE MECHANISMS disease discovery and prevention, sustainable the same goal. Luis Maroto, President and CEO resilient business, relative to just 18% of CEOs AND REGULATORY SYSTEMS TO food systems, and water conservation will of Amadeus IT Group S.A., explains, “Uniform of businesses in developed countries. Clearly, FOSTER INNOVATIONdrive towards delivery of a cleaner, more sustainability standards are necessary to this ﬁnancing gap must be addressed, otherwise, sustainable world. As Gimena Peña Malcampo, move everyone in the same direction. Different even with action in the developed world, the Today’s regulatory system perpetuates old habits CEO of Pier2 Marketing, explains, “I really think standards allow for different interpretations. world will still experience signiﬁcant climate and cycles, often prolonging existing problems that government encouraging businesses to To be able to keep everyone aligned and impacts. However, the question is not purely by propagating harmful subsidies, such as those follow sustainability principles would make a accountable, we need one uniﬁed standard. The about the amount of ﬁnance, but also where for fossil fuels, stiﬂing innovation, creativity, and difference. A lot of organizations voluntarily do ideal scenario would be if governments released the funds are ﬂowing.progress. As Krishna Mohan Puvvada, Regional it because they are passionate about it. Even those global standards.” Sanjay Banka, Executive President & Business Director, CB India of if the government cannot change laws and Chairman of Banka Bioloo Limited, adds, “There To meet the COP26 goal of doubling investments Novozymes South Asia Pvt. Ltd., states, “We regulations in the short-term, creating incentives has to be standardization of standards – both from 2019 levels by 2025 to help ﬁnance need to stop the subsidies of the past because to encourage behavior change is critical.”nationally and globally.” A standard framework adaption, speciﬁcally from climate impacts and that is not our future. We need a future that would not only help companies clarify what related effects, there need to be a signiﬁcant is very different. It’s a paradigm shift that we STANDARDIZE SUSTAINABILITY data and KPIs to track themselves, but also acceleration. The annual adaptation gap report need to make – governments, society, and other REPORTING FRAMEWORKS FOR increase transparency and ensure companies just released by UN Environment Program stakeholders – so that we can work towards GLOBAL ACCOUNTABILITY are fairly evaluated on their performances. Pat (UNEP) at COP27, estimates this gap to be this new future.” The IMF estimates that on McCafferty, Managing Director of Yarra Valley USD 160 billion to USD 340 billion by the end our current trajectory, fossil fuel subsidies will Companies are ﬁnding that multiple Water, Melbourne, Australia, remarks, “What of the decade, and up to USD 565 billion by 31 an sustainability frameworks are not only confusing, increase to over USD 7 trillion by 2025, gets measured get done. Efﬁcient measurement 2050. Secretary General Guterres reiterates, astronomic sum that remains one of the greatest but also taxing, as companies look to report and governance systems, holding countries and “Adaptation needs in the developing world are ﬁnancial barriers to the clean energy transition. information through multiple formats. Vaishali companies accountable, and providing roadmaps set to skyrocket to as much as USD 340 billion It is therefore imperative that global governments Nigam Sinha, Chief Sustainability Ofﬁcer of and progress reports will be key to unlocking the a year by 2030. Yet adaptation support today remove harmful subsidies of fossil fuels and coal.ReNew Power & Founding Chair of ReNew change, pace, and scale we need.” 8231. IMF (2022) Fossil Fuel Subsidies 83

T H E 1 2 T H U Case Study N I T E SASOL | AMEX GBT D N A T I O N S G Sustainable Aviation Fuel L O B A L C Sustainable aviation fuel (SAF), made from American Express Global Business Travel O M P renewable energy and sustainable carbon (Amex GBT), together with Shell and A C T - sources such as renewable biomass, waste Accenture, recently launched Avelia, one of the A C C resources and industrial carbon, has the world’s first blockchain-powered book-and- E N T potential to deliver the performance of claim digital platforms for SAF. Avelia is the U R petroleum-based jet fuel, but with a fraction largest pilot at launch with one million gallons E C E of its carbon footprint. SAF could have a of SAF to start – a meaningful step in the right O S T U massive impact on the future of transportation, direction for the industry. However, nearly 100 D but significant investment, R&D, and innovation billion gallons of jet fuel were consumed in Y are still required to make the widespread use 2019 (prior to pandemic), proving that progress of SAF a reality. requires acceleration by all. Sasol, the integrated energy and chemicals CEOs in the industry agree that government company from South Africa, is investing further must step up to create the infrastructure in catalyst research for production of SAF. for the SAF industry to take off. As Paul According to Sasol’s Executive Director and Abbott, CEO of Amex GBT, notes: “Sustainable President and CEO, Fleetwood Grobler, “Sasol’s technologies and innovations, such as proprietary, commercially proven Fischer sustainable aviation fuels, are the only way Tropsch technology, agnostic to the source of we can make significant progress. And that the carbon or hydrogen, and our expertise in won’t happen unless there is massive catalysts makes us the ideal partner to help the investment in infrastructure, primarily from world decarbonise the aviation sector and make governments, to drive long-term structural it sustainable over the long-term”. This process change.” Indeed, public-private-partnership may eventually allow for sourcing of carbon is mission critical. through direct air capture of CO . 2 84 85

T H E 1 2 T H U ENABLE THE CIRCULAR ECONOMY However, governments alone are not solely PROVIDE EDUCATION AND FINANCING N I T THROUGH ESTABLISHING STANDARDS responsible – businesses must be ready to do FOR SMALL AND MEDIUM-SIZED E D N FOR TRANSBOUNDARY MOVEMENT their part as well. President and CEO of S&P ENTERPRISES (SMES) A T I O Global, Douglas L. Peterson, expresses, “We need N Businesses are increasingly trying to move to a more Business leaders are looking to governments S G to see a much bigger emphasis on rebuilding, L O circular business models to not only counter current to support the private sector as a whole, not B upgrading, and modernizing infrastructure, but to A geopolitics, economic uncertainty, and increasing costs, only by engaging with the largest companies, L C ﬁnance this, we’re going to need public-private O but also proactively address future concerns, such as M but by supporting SMEs. CEOs of SMEs P partnerships – a combination of public sector A C resource shortages or upcoming regulations. feel that support has been limited: 82% of T ﬁnancing and private investment. - A 32 C SMEs feel that they need increased access C E N Governments are a key player in the circular transition to financial resources to build resilience T INCORPORATE WORKER AND U 33 R and have multiple levers to pull, including raising COMMUNITY IMPACTS INTO POLICY (relative to 72% of the largest companies), E C E standards for recycling and repairing products, DECISIONS and 85% feel they need educational resources O S T providing incentives for sustainable products and on business resilience (relative to 78% of U D services, and removing regulatory barriers. As CEO 34 Y To support business actions in the just transition, the largest companies). As Krishna Mohan of Braskem, Roberto Simões, says, “Support from CEOs are calling on governments to step up Puvvada, Regional President & Business governments and international bodies in supporting and facilitate a just transition for the global Director, CB India of Novozymes South Asia the circular economy and sustainability initiatives workforce. As Lucara Diamond Corp’s President Pvt. Ltd., explains, “The SMEs do not have the is key to speeding up the implementation of strong and Chief Executive Ofﬁcer, Eira Thomas, says, resources, and it becomes a responsibility actions for carbon reduction.” “Companies need to design sustainability of industry bodies, governments, and trade programs in collaboration with governments and associations to recognize that we need to Speciﬁcally, CEOs are calling on governments to local communities to ensure they are working learn and develop a language where [SMEs] develop standards for transboundary movement – the together to address their priorities and needs.” can connect with us. Today, the language movement of products/waste products across country of sustainability is still quite complex and or regional borders. Without internationally accepted A truly just transition can only be achieved with not everybody can understand it. If you’re standards for transboundary movement, companies collaboration. Government, businesses, and able to translate sustainability into impact, struggle with reclaiming their products, even if they workers must cooperate to ensure that, as the sustainability action into financial terms, are designed to be circular. These regulations, while economy transitions to embrace renewables and articulate measurement criteria, put in place to protect the public from toxic materials, and sustainability, the people currently sustainability starts to resonate a lot better.” are having an unintended consequence of limiting the powering our economy are not left behind. viability of a global, circular economy. CEOs highlight the criticality of the just Green Touches’ CEO, Adrienne Doolan, transition being community and worker-led. concurs, “SMEs are the backbone of the INVEST IN SUSTAINABLE BASIC Dr. Bisi Bright, CEO of LiveWell Initiative LWI, economy,” but currently they are at risk INFRASTRUCTURE, INCLUDING ROADS, notes, “The problem with governments is that of being left out of the picture. Without BRIDGES, AND ENERGY SYSTEMS people at the top often do not see the bottom SMEs, the SDGs will remain out of reach; clearly. To include the people’s voice, there governments therefore need to prioritize One of the most impactful levers that governments needs to be more collaboration between the assisting small and medium-sized business can pull is investing in sustainable infrastructure. With leaders of communities and government, owners to incorporate sustainable practices this investment in sustainable, equitable infrastructure, for example, through town hall meetings.” into their operations. there is not only an opportunity to make a positive environmental and social impact, but also the possibility of creating new markets for sustainable products, services, and processes. As Paul Abbott, CEO of American Express Global Business Travel (Amex GBT), says, “At the moment, sustainable technologies and innovations, such as sustainable aviation fuels, are the only way we can make signiﬁcant progress. And that won’t happen unless there is massive For more information on the role of business in ensuring a just transition, please refer to infrastructure investment, primarily from governments, the United Nations Global Compact’s Introduction to a Just Transition Business Brief. to drive long-term structural change.” 32. Deﬁned as companies with less than USD 25 million in annual revenue. 33. Deﬁned as companies with greater 86 than USD 1 billion in annual revenue. 34. Deﬁned as companies with greater than USD 1 billion in annual revenue. 87

T H E 1 2 T H U ENABLE THE CIRCULAR ECONOMY However, governments alone are not solely PROVIDE EDUCATION AND FINANCING N I T THROUGH ESTABLISHING STANDARDS responsible – businesses must be ready to do FOR SMALL AND MEDIUM-SIZED E D N FOR TRANSBOUNDARY MOVEMENT their part as well. President and CEO of S&P ENTERPRISES (SMES) A T I O Global, Douglas L. Peterson, expresses, “We need N Businesses are increasingly trying to move to a more Business leaders are looking to governments S G to see a much bigger emphasis on rebuilding, L O circular business models to not only counter current to support the private sector as a whole, not B upgrading, and modernizing infrastructure, but to A geopolitics, economic uncertainty, and increasing costs, only by engaging with the largest companies, L C ﬁnance this, we’re going to need public-private O but also proactively address future concerns, such as M but by supporting SMEs. CEOs of SMEs P partnerships – a combination of public sector A C resource shortages or upcoming regulations. feel that support has been limited: 82% of T ﬁnancing and private investment. - A 32 C SMEs feel that they need increased access C E N Governments are a key player in the circular transition to financial resources to build resilience T INCORPORATE WORKER AND U 33 R and have multiple levers to pull, including raising COMMUNITY IMPACTS INTO POLICY (relative to 72% of the largest companies), E C E standards for recycling and repairing products, DECISIONS and 85% feel they need educational resources O S T providing incentives for sustainable products and on business resilience (relative to 78% of U D services, and removing regulatory barriers. As CEO 34 Y To support business actions in the just transition, the largest companies). As Krishna Mohan of Braskem, Roberto Simões, says, “Support from CEOs are calling on governments to step up Puvvada, Regional President & Business governments and international bodies in supporting and facilitate a just transition for the global Director, CB India of Novozymes South Asia the circular economy and sustainability initiatives workforce. As Lucara Diamond Corp’s President Pvt. Ltd., explains, “The SMEs do not have the is key to speeding up the implementation of strong and Chief Executive Ofﬁcer, Eira Thomas, says, resources, and it becomes a responsibility actions for carbon reduction.”“Companies need to design sustainability of industry bodies, governments, and trade programs in collaboration with governments and associations to recognize that we need to Speciﬁcally, CEOs are calling on governments to local communities to ensure they are working learn and develop a language where [SMEs] develop standards for transboundary movement – the together to address their priorities and needs.” can connect with us. Today, the language movement of products/waste products across country of sustainability is still quite complex and or regional borders. Without internationally accepted A truly just transition can only be achieved with not everybody can understand it. If you’re standards for transboundary movement, companies collaboration. Government, businesses, and able to translate sustainability into impact, struggle with reclaiming their products, even if they workers must cooperate to ensure that, as the sustainability action into financial terms, are designed to be circular. These regulations, while economy transitions to embrace renewables and articulate measurement criteria, put in place to protect the public from toxic materials, and sustainability, the people currently sustainability starts to resonate a lot better.” are having an unintended consequence of limiting the powering our economy are not left behind. viability of a global, circular economy.CEOs highlight the criticality of the just Green Touches’ CEO, Adrienne Doolan, transition being community and worker-led. concurs, “SMEs are the backbone of the INVEST IN SUSTAINABLE BASIC Dr. Bisi Bright, CEO of LiveWell Initiative LWI, economy,” but currently they are at risk INFRASTRUCTURE, INCLUDING ROADS, notes, “The problem with governments is that of being left out of the picture. Without BRIDGES, AND ENERGY SYSTEMS people at the top often do not see the bottom SMEs, the SDGs will remain out of reach; clearly. To include the people’s voice, there governments therefore need to prioritize One of the most impactful levers that governments needs to be more collaboration between the assisting small and medium-sized business can pull is investing in sustainable infrastructure. With leaders of communities and government, owners to incorporate sustainable practices this investment in sustainable, equitable infrastructure, for example, through town hall meetings.”into their operations. there is not only an opportunity to make a positive environmental and social impact, but also the possibility of creating new markets for sustainable products, services, and processes. As Paul Abbott, CEO of American Express Global Business Travel (Amex GBT), says, “At the moment, sustainable technologies and innovations, such as sustainable aviation fuels, are the only way we can make signiﬁcant progress. And that won’t happen unless there is massive For more information on the role of business in ensuring a just transition, please refer to infrastructure investment, primarily from governments, the United Nations Global Compact’s Introduction to a Just Transition Business Brief. to drive long-term structural change.” 32. Deﬁned as companies with less than USD 25 million in annual revenue. 33. Deﬁned as companies with greater 86 than USD 1 billion in annual revenue. 34. Deﬁned as companies with greater than USD 1 billion in annual revenue. 87

INSIGHTS Y THE FUTURE OF INDUSTRIES WILL BE SHAPED BY CEOS’ ABILITY TO TRANSFORM THEIR BUSINESSES AND EMBRACE SUSTAINABILITY INDUSTR 88 89

T H E 1 2 T H U THE MOST PRESSING CHALLENGES AGRICULTURE CROSS INDUSTRY N I T E D N A 1 CLIMATE CHANGE 2 INFLATION & PRICE VOLATILITY 3 TRADE REGULATION T I O N S G L 26% 2% O  21% B A L C O 59% 59% 57% M 52% P E 33% 31% A C T - A C C Climate change, resource scarcity, E N T U and land deterioration, coupled R R CURRENT LANDSCAPE E C with an increase in demand due E O S to a rising population, creates T TOP RESILIENCE ACTIONS FOR AGRICULTURE CEOS U D a challenging environment for Y agriculture CEOs to provide of CEOs are of CEOs are of CEOs are upskilling or enhancing engaging in U 81% 73% 73% affordable, high-quality food for reskilling their workforce for sustainability data collection long-term strategic a growing world. Factors such the future labor market capabilities across their partnerships as supply chain disruptions and value chains price volatility, exacerbated T The agriculture industry operates on the front lines of the climate crisis, facing droughts, floods, and extreme weather patterns, along by geopolitical tensions, are with biodiversity loss, arable land deterioration, and growing water scarcity. All these factors impact daily operations, not only damaging compounding the pressure, crops, but also straining food system infrastructure. Agriculture CEOs are looking to technology to inform their decision making, starting by focusing on digitization and real-time data collection to identify risks and be more efficient in their use of natural resources. highlighting the need for a L As Sanjay Gupta, MD and CEO of National Commodities Management Services Limited (NCML), describes, “Value chain concerns have fundamental transformation been mitigated to some extent by advancements in technologies, such as internet of things, drones, mobility, cloud computing, big data, remote sensing, machine learning and logistics in agriculture and agri-bots which are playing a transformative role in converting of the global food system. traditional agriculture into data-driven, precision farming for generating sustainable profits.” U Connected technologies, such as drones or blockchain-based solutions, are transforming the industry to be able to react to impacts in real time. However, for a large-scale transformation, companies are cognizant that they must upskill their workforce on these new ways of working and engage with the smaller farmers who make up the majority of the supply chain. CEOs are, therefore, investing in C strengthening their partnerships with suppliers to enhance visibility and support the adoptions of digital and sustainable practices. WHERE IS THE INDUSTRY GOING? I TOP SUSTAINABILITY PRIORITIES FOR AGRICULTURE CEOS “The reality is we will have to produce of CEOs are of CEOs are of CEOs are constructing protecting and lowering more food in the next 40 years than 56% 48% 48% potentially the last 1,000 years, R a responsible supply chain restoring biodiversity GHG emissions which is an incredible challenge.” The future of agriculture calls for healthier, sustainable practices that create more food to satisfy the needs of rising populations with Juan Luciano, less impact on the natural environment. While digital practices are a strong first step, a wide-scale transformation is needed. Bold Chairman & CEO of ADM actions, such as adopting regenerative agriculture practices that take into consideration the entire ecosystem, are necessary to this G transformation. Regenerative practices not only reduce soil erosion and water usage, but also help protect and restore biodiversity. TRANSFORMATIVE INNOVATIONS A Regenerative agriculture practices 75% Seed technology 71% Digital agriculture 67% Advanced aquaculture 52% Controlled environment agriculture 35% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 90 91

T H E 1 2 T H U THE MOST PRESSING CHALLENGES AGRICULTURE CROSS INDUSTRY N I T E D N A 1 CLIMATE CHANGE 2 INFLATION & PRICE VOLATILITY 3 TRADE REGULATION T I O N S G L 26% 2% O  21% B A L C O 59% 59% 57% M 52% P E 33% 31% A C T - A C C Climate change, resource scarcity, E N T U and land deterioration, coupled R R CURRENT LANDSCAPE E C with an increase in demand due E O S to a rising population, creates T TOP RESILIENCE ACTIONS FOR AGRICULTURE CEOS U D a challenging environment for Y agriculture CEOs to provide of CEOs are of CEOs are of CEOs are upskilling or enhancing engaging in U 81% 73% 73% affordable, high-quality food for reskilling their workforce for sustainability data collection long-term strategic a growing world. Factors such the future labor market capabilities across their partnerships as supply chain disruptions and value chains price volatility, exacerbated TThe agriculture industry operates on the front lines of the climate crisis, facing droughts, floods, and extreme weather patterns, along by geopolitical tensions, are with biodiversity loss, arable land deterioration, and growing water scarcity. All these factors impact daily operations, not only damaging compounding the pressure, crops, but also straining food system infrastructure. Agriculture CEOs are looking to technology to inform their decision making, starting by focusing on digitization and real-time data collection to identify risks and be more efficient in their use of natural resources. highlighting the need for a LAs Sanjay Gupta, MD and CEO of National Commodities Management Services Limited (NCML), describes, “Value chain concerns have fundamental transformation been mitigated to some extent by advancements in technologies, such as internet of things, drones, mobility, cloud computing, big data, remote sensing, machine learning and logistics in agriculture and agri-bots which are playing a transformative role in converting of the global food system. traditional agriculture into data-driven, precision farming for generating sustainable profits.” U Connected technologies, such as drones or blockchain-based solutions, are transforming the industry to be able to react to impacts in real time. However, for a large-scale transformation, companies are cognizant that they must upskill their workforce on these new ways of working and engage with the smaller farmers who make up the majority of the supply chain. CEOs are, therefore, investing in C strengthening their partnerships with suppliers to enhance visibility and support the adoptions of digital and sustainable practices. WHERE IS THE INDUSTRY GOING? I TOP SUSTAINABILITY PRIORITIES FOR AGRICULTURE CEOS “The reality is we will have to produce of CEOs are of CEOs are of CEOs are constructing protecting and lowering more food in the next 40 years than 56% 48% 48% potentially the last 1,000 years, Ra responsible supply chain restoring biodiversity GHG emissions which is an incredible challenge.” The future of agriculture calls for healthier, sustainable practices that create more food to satisfy the needs of rising populations with Juan Luciano, less impact on the natural environment. While digital practices are a strong first step, a wide-scale transformation is needed. Bold Chairman & CEO of ADMactions, such as adopting regenerative agriculture practices that take into consideration the entire ecosystem, are necessary to this G transformation. Regenerative practices not only reduce soil erosion and water usage, but also help protect and restore biodiversity. TRANSFORMATIVE INNOVATIONS A Regenerative agriculture practices 75% Seed technology 71% Digital agriculture 67% Advanced aquaculture 52% Controlled environment agriculture 35% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 90 91

T H E 1 2 T H U THE MOST PRESSING CHALLENGES AUTOMOTIVE CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G 11% L O B 4% 4% A L C O 68% 57% M 46% P 42% 44% 40% A Global decarbonization efforts, C T - E A fueled by climate change concerns C C E N and fuel price changes, are T U R shaping the long-term outlook CURRENT LANDSCAPE E C E for the automotive industry. V O S T While companies are struggling TOP RESILIENCE ACTIONS FOR AUTOMOTIVE CEOS U D with logistics in the short term, I Y of CEOs are of CEOs are of CEOs are including price volatility, supply digitizing upskilling or enhancing 78% 76% 69% chain disruptions, and infrastructure business processes reskilling their workforce for sustainability data needs, they remain committed the future labor market collection capabilities to trends like electrification and circular product management to The energy crisis, rising gas prices, limited access to materials such as nickel and lithium, coupled with consumer pressure to address unlock the green transition. climate change and increasing restrictions from governments, is fueling change in the automotive industry. As a first step, CEOs are looking to increase their digital and data capabilities to build a more resilient supply chain, as well as upskill their people to support a OT just transition. Companies are also investing in affordable and accessible EV charging infrastructure. As Mary Barra, General Motors’ Chair and Chief Executive Officer, states, “We want to help make sure that the transition to a more sustainable economy is inclusive, focusing especially on offering EVs across price points and segments, as well as convenient access to the charging infrastructure.” Yet, they are calling on government to support the broad infrastructure investments needed. To truly transform, the automotive industry will need to take an ecosystem approach, not only collaborating with governments, but also partnering with the utilities and energy M sectors to make EVs convenient and affordable for consumers. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR AUTOMOTIVE CEOS “The automotive industry is experiencing an irreversible trend of CEOs are of CEOs are of CEOs are upskilling their prioritizing prioritizing 79% 69% 59% in electrification. This is key to workforce for the future lowering GHG emissions constructing a responsible achieving a net zero economy. labor market supply chain The magnitude of change electrification brings may have TO parallels drawn only to the In the future, sustainability in the automotive industry will go beyond switching from fossil-fuel engines to EVs, to addressing the entire transition from horse-drawn lifecycle of a vehicle, from design and manufacturing through to end-of-life. Circular product management, supported by strong digital carriages to internal combustion and data management capabilities to enable traceability, is a promising solution for CEOs. It not only satisfies the growing focus on engines in the early 1900s.” U sustainability, but also addresses issues such as resource scarcity and price volatility of raw materials. Girish Wagh, Executive Director of Tata Motors Limited TRANSFORMATIVE INNOVATIONS A Electriﬁcation 64% Circular vehicle lifecycle management 63% Software-connected vehicles 58% Real-time supply chain data management 51% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 92 93

T H E 1 2 T H U THE MOST PRESSING CHALLENGES AUTOMOTIVE CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G 11% L O B 4% 4% A L C O 68% 57% M 46% P 42% 44% 40% A Global decarbonization efforts, C T - E A fueled by climate change concerns C C E N and fuel price changes, are T U R shaping the long-term outlook CURRENT LANDSCAPE E C E for the automotive industry. V O S T While companies are struggling TOP RESILIENCE ACTIONS FOR AUTOMOTIVE CEOS U D with logistics in the short term, I Y of CEOs are of CEOs are of CEOs are including price volatility, supply digitizing upskilling or enhancing 78% 76% 69% chain disruptions, and infrastructure business processes reskilling their workforce for sustainability data needs, they remain committed the future labor market collection capabilities to trends like electrification and circular product management to The energy crisis, rising gas prices, limited access to materials such as nickel and lithium, coupled with consumer pressure to address unlock the green transition. climate change and increasing restrictions from governments, is fueling change in the automotive industry. As a first step, CEOs are looking to increase their digital and data capabilities to build a more resilient supply chain, as well as upskill their people to support a OT just transition. Companies are also investing in affordable and accessible EV charging infrastructure. As Mary Barra, General Motors’ Chair and Chief Executive Officer, states, “We want to help make sure that the transition to a more sustainable economy is inclusive, focusing especially on offering EVs across price points and segments, as well as convenient access to the charging infrastructure.” Yet, they are calling on government to support the broad infrastructure investments needed. To truly transform, the automotive industry will need to take an ecosystem approach, not only collaborating with governments, but also partnering with the utilities and energy M sectors to make EVs convenient and affordable for consumers. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR AUTOMOTIVE CEOS “The automotive industry is experiencing an irreversible trend of CEOs are of CEOs are of CEOs are upskilling their prioritizing prioritizing 79% 69% 59% in electrification. This is key to workforce for the future lowering GHG emissions constructing a responsible achieving a net zero economy. labor market supply chain The magnitude of change electrification brings may have TO parallels drawn only to the In the future, sustainability in the automotive industry will go beyond switching from fossil-fuel engines to EVs, to addressing the entire transition from horse-drawn lifecycle of a vehicle, from design and manufacturing through to end-of-life. Circular product management, supported by strong digital carriages to internal combustion and data management capabilities to enable traceability, is a promising solution for CEOs. It not only satisfies the growing focus on engines in the early 1900s.” Usustainability, but also addresses issues such as resource scarcity and price volatility of raw materials. Girish Wagh, Executive Director of Tata Motors LimitedTRANSFORMATIVE INNOVATIONS A Electriﬁcation 64% Circular vehicle lifecycle management 63% Software-connected vehicles 58% Real-time supply chain data management 51% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 92 93

T H E 1 2 T H U THE MOST PRESSING CHALLENGES CHEMICALS CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TRADE REGULATION 3 CLIMATE CHANGE T I O N S G 8% L O B A 10% 7% L C O 65% 57% M P 41% 31% 41% 34% A C T - A C C E As a large emitter of greenhouse N T U gases, the chemical industry is S R CURRENT LANDSCAPE E C facing intense pressure to reduce E O S T its environmental footprint. At the TOP RESILIENCE ACTIONS FOR CHEMICALS CEOS U D same time, as an energy-intensive L Y industry, it is disproportionately of CEOs are of CEOs are of CEOs are upskilling or engaging in digitizing 79% 73% 69% impacted by the volatility in the reskilling their workforce for long-term strategic business processes energy and resources markets. the future labor market partnerships CEOs are, therefore, looking to A sustainable business models and Digitization, new technologies, and innovations across the sector are at the heart of the sustainable transformation of the chemicals materials as a resilience booster industry. Actions such as embedding software-connected components into the manufacturing system help to better identify risks and decrease material waste, while investing in new materials with lower-emission footprints helps the industry decarbonize.. In particular, and growth path. plastics producers are developing new reusable and recyclable materials, addressing public scrutiny over plastic pollution. To enable C these industry shifts, chemical CEOs are taking a people-first approach, upskilling and reskilling employees to develop expertise in I sustainable production processes to ensure that their R&D and technology investments are implemented quickly and effectively. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR CHEMICALS CEOS of CEOs are of CEOs are of CEOs are lowering introducing new reducing waste M 72% 59% 53% GHG emissions and sustainable business models from products and operations “Climate neutrality, nature conservation, and social inclusion are critical for business. This is a The demand for green alternatives to traditional chemical products will continue to grow, as companies face increasing consumer transformational paradigm shift in and regulatory pressure. As Sarfaraz Ahmed Rehman, Managing Director and Chief Executive Officer of Fauji Fertilizer Company Limited, business management, and we need (FFC), states, “The reality is we don’t know if our industry will exist in 30 years’ time. We need to pursue a path of adaptability in a rapidly changing world.” To contend with this shift, chemicals CEOs are exploring new ways to harness renewable energy to fuel chemical to move from ambition to action.” processes for the short term, while looking towards larger-scale shifts, such as advanced recycling and circular business models, for the long-term. Not only will this unlock new avenues of sustainable growth for the chemicals industry, but will also accelerate overall Ilham Kadri, sustainability transformation in other industries as chemicals are a core component of most materials. CEO and President of the Executive Committee of Solvay CHE TRANSFORMATIVE INNOVATIONS Emerging fossil fuel alternatives to power chemical processes 58% Advanced recycling 57% Shift toward circular business models of production to limit virgin inputs 52% Carbon capture, utilization, and storage (CCUS) 46% iodegradable materials 35% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 94 95

T H E 1 2 T H U THE MOST PRESSING CHALLENGES CHEMICALS CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TRADE REGULATION 3 CLIMATE CHANGE T I O N S G 8% L O B A 10% 7% L C O 65% 57% M P 41% 31% 41% 34% A C T - A C C E As a large emitter of greenhouse N T U gases, the chemical industry is S R CURRENT LANDSCAPE E C facing intense pressure to reduce E O S T its environmental footprint. At the TOP RESILIENCE ACTIONS FOR CHEMICALS CEOS U D same time, as an energy-intensive L Y industry, it is disproportionately of CEOs are of CEOs are of CEOs are upskilling or engaging in digitizing 79% 73% 69% impacted by the volatility in the reskilling their workforce for long-term strategic business processes energy and resources markets. the future labor market partnerships CEOs are, therefore, looking to A sustainable business models and Digitization, new technologies, and innovations across the sector are at the heart of the sustainable transformation of the chemicals materials as a resilience booster industry. Actions such as embedding software-connected components into the manufacturing system help to better identify risks and decrease material waste, while investing in new materials with lower-emission footprints helps the industry decarbonize.. In particular, and growth path. plastics producers are developing new reusable and recyclable materials, addressing public scrutiny over plastic pollution. To enable C these industry shifts, chemical CEOs are taking a people-first approach, upskilling and reskilling employees to develop expertise in I sustainable production processes to ensure that their R&D and technology investments are implemented quickly and effectively. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR CHEMICALS CEOS of CEOs are of CEOs are of CEOs are lowering introducing new reducing waste M 72% 59% 53% GHG emissions and sustainable business models from products and operations “Climate neutrality, nature conservation, and social inclusion are critical for business. This is a The demand for green alternatives to traditional chemical products will continue to grow, as companies face increasing consumer transformational paradigm shift in and regulatory pressure. As Sarfaraz Ahmed Rehman, Managing Director and Chief Executive Officer of Fauji Fertilizer Company Limited, business management, and we need (FFC), states, “The reality is we don’t know if our industry will exist in 30 years’ time. We need to pursue a path of adaptability in a rapidly changing world.” To contend with this shift, chemicals CEOs are exploring new ways to harness renewable energy to fuel chemical to move from ambition to action.”processes for the short term, while looking towards larger-scale shifts, such as advanced recycling and circular business models, for the long-term. Not only will this unlock new avenues of sustainable growth for the chemicals industry, but will also accelerate overall Ilham Kadri, sustainability transformation in other industries as chemicals are a core component of most materials. CEO and President of the Executive Committee of Solvay CHE TRANSFORMATIVE INNOVATIONS Emerging fossil fuel alternatives to power chemical processes 58% Advanced recycling 57% Shift toward circular business models of production to limit virgin inputs 52% Carbon capture, utilization, and storage (CCUS) 46% iodegradable materials 35% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 94 95

T H E 1 2 T H U THE MOST PRESSING CHALLENGES COMMUNICATIONS & MEDIA CROSS INDUSTRY N I S T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 4% O 9% B N A & L C O 57% M 53% 51% P 42% 40% 40% A C T - A C C O E N T U The shift to digital has placed M R CURRENT LANDSCAPE E C the communications & media E O S T industry under severe stress. TOP RESILIENCE ACTIONS FOR COMMUNICATIONS & MEDIA CEOS U D To address the rise in demand, Y CEOs are investing heavily in TI of CEOs are of CEOs are of CEOs are digitizing upskilling or launching new 77% 76% 75% building resilient and efficient business processes reskilling their workforce for product and service offerings the future labor market for sustainability infrastructure, as well as fostering E a strong workforce and underlying A governance to be able to provide The COVID pandemic has elevated connectivity as a necessity to the global economy and the individual. Industry CEOs are therefore affordable, equitable access to all. tasked with providing this basic necessity in an affordable and equitable manner. As Joost Farwerck, CEO and Chairman Board of D Management of Royal KPN N.V., explains, “Our business comes with the responsibility of making our infrastructure available, accessible, and secure. Internet has become a lifeline. It serves as an engine for progress to connect everyone to a sustainable future.” Yet, talent C scarcity issues can inhibit progress. CEOs are, therefore, investing heavily in upskilling and reskilling their current workforce, while investing in enhancing diversity and inclusion initiatives to attract more top-tier talent in a competitive environment. CEOs are also advancing sustainability efforts, particularly new product and service offerings, to attract new customers and employees, thereby strengthening their competitiveness. I A WHERE IS THE INDUSTRY GOING? NI TOP SUSTAINABILITY PRIORITIES FOR COMMUNICATIONS & MEDIA CEOS “It is imperative that we bridge of CEOs are of CEOs are of CEOs are advancing investing in enhancing the digital divide, but the answer 69% 66% 59% isn’t just more broadband, it’s digital transformation skills development diversity and inclusion accessibility and affordability of devices, digital education, digital infrastructure – those are the In a rapidly evolving market, communications and media CEOs are investing in advancing their digital abilities, particularly in cloud- things that will change the world.” based capabilities, to grow at speed and scale. However, there are also rising governance concerns that the industry is navigating, including responsible media consumption, cybersecurity, and information validation to protect against misinformation. Hans Vestberg, Chairman and CEO of Verizon MU TRANSFORMATIVE INNOVATIONS Cloud-native cybersecurity 54% Virtualized, cloud-native communications infrastructure 52% Resources for responsible media consumption 48% M Information validation to protect against misinformation 47% Circular economy principles and responsible resource management 40% O HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT C 96 97

T H E 1 2 T H U THE MOST PRESSING CHALLENGES COMMUNICATIONS & MEDIA CROSS INDUSTRY N I S T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 4% O 9% B N A & L C O 57% M 53% 51% P 42% 40% 40% A C T - A C C O E N T U The shift to digital has placed M R CURRENT LANDSCAPE E C the communications & media E O S T industry under severe stress. TOP RESILIENCE ACTIONS FOR COMMUNICATIONS & MEDIA CEOS U D To address the rise in demand, Y CEOs are investing heavily in TI of CEOs are of CEOs are of CEOs are digitizing upskilling or launching new 77% 76% 75% building resilient and efficient business processes reskilling their workforce for product and service offerings the future labor market for sustainability infrastructure, as well as fostering E a strong workforce and underlying A governance to be able to provide The COVID pandemic has elevated connectivity as a necessity to the global economy and the individual. Industry CEOs are therefore affordable, equitable access to all.tasked with providing this basic necessity in an affordable and equitable manner. As Joost Farwerck, CEO and Chairman Board of D Management of Royal KPN N.V., explains, “Our business comes with the responsibility of making our infrastructure available, accessible, and secure. Internet has become a lifeline. It serves as an engine for progress to connect everyone to a sustainable future.” Yet, talent C scarcity issues can inhibit progress. CEOs are, therefore, investing heavily in upskilling and reskilling their current workforce, while investing in enhancing diversity and inclusion initiatives to attract more top-tier talent in a competitive environment. CEOs are also advancing sustainability efforts, particularly new product and service offerings, to attract new customers and employees, thereby strengthening their competitiveness. I A WHERE IS THE INDUSTRY GOING? NI TOP SUSTAINABILITY PRIORITIES FOR COMMUNICATIONS & MEDIA CEOS “It is imperative that we bridge of CEOs are of CEOs are of CEOs are advancing investing in enhancing the digital divide, but the answer 69% 66% 59% isn’t just more broadband, it’s digital transformation skills development diversity and inclusion accessibility and affordability of devices, digital education, digital infrastructure – those are the In a rapidly evolving market, communications and media CEOs are investing in advancing their digital abilities, particularly in cloud- things that will change the world.”based capabilities, to grow at speed and scale. However, there are also rising governance concerns that the industry is navigating, including responsible media consumption, cybersecurity, and information validation to protect against misinformation. Hans Vestberg, Chairman and CEO of VerizonMUTRANSFORMATIVE INNOVATIONS Cloud-native cybersecurity 54% Virtualized, cloud-native communications infrastructure 52% Resources for responsible media consumption 48% M Information validation to protect against misinformation 47% Circular economy principles and responsible resource management 40% O HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT C 96 97

T H E 1 2 T H U THE MOST PRESSING CHALLENGES CONSTRUCTION & MATERIALS CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N & S G L 13% O B A 8% 1% L C O M 70% P 57% 50% A 42% 41% 40% C T - A M C C E ON N T U R As one of the greatest consumers I E C E of raw materials globally, as CURRENT LANDSCAPE O S T U well as a major carbon emitter, D the construction & materials T TOP RESILIENCE ACTIONS FOR CONSTRUCTION & MATERIALS CEOS Y industry is radically altering A of CEOs are of CEOs are of CEOs are upskilling or digitizing strengthening 77% 71% 63% their business models, from the reskilling their workforce business processes scenario planning and materials they use to the design of for the future labor market analysis capabilities the buildings. Material shortages and price volatility, coupled CTE As supply chain disruptions hit the construction & materials industry, resulting in significant delays and backorders, CEOs are investing with stakeholder pressure, in digital tools and processes to strengthen their supply chain visibility, enable better scenario planning, and better prepare for are incentivizing a sustainable inflation and price volatility. In addition to challenges with sourcing raw materials, the industry is also facing talent shortages linked to the pandemic, hindering the industry’s ability to recover. Along with the disruption to the ways of working caused by the pandemic, revolution within the industry. U construction & materials companies are focusing on building strong, resilient cultures, fostering employee well-being, and adapting to hybrid work environments. WHERE IS THE INDUSTRY GOING? RRI TOP SUSTAINABILITY PRIORITIES FOR CONSTRUCTION & MATERIALS CEOS of CEOs are of CEOs are of CEOs are investing in introducing new lowering 59% 56% 55% skills development sustainable business models GHG emissions “We need to demonstrate that our A The United Nations Environment Programme estimates that the built environment accounts for 37% of CO emissions, pressuring the industry has a future in a carbon 2 1 neutral or low carbon economy, ST construction & materials industry to adopt low-emitting materials and practices to reduce their footprint. Construction & materials which is a tremendous challenge” CEOs are responding by investing in green alternatives to basic materials such as aluminum, steel, and concrete. To further accelerate their path to net zero, construction & materials CEOs are unlocking the power of innovative technologies, such as digital twins, 2 Fernando Gonzalez, to improve resource efficiency – from energy to water usage – across the entire lifecycle of infrastructure. These technologies and Chief Executive Officer of CEMEX L innovations are also fueling a modular component trend within the industry, enabling a more circular model to emerge as items can be disassembled, adapted, or reused for renovations or the construction of new buildings. S TRANSFORMATIVE INNOVATIONS 62% ON Innovative low-carbon materials Distributed renewable energy generation 58% Use of modular components designed for circularity 48% Water conservation appliances and systems 45% C Sensors and analytics to monitor building occupancy for operational efﬁciency 44% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 1. Accenture (2022) Sustainability in engineering and construction: The way forward. 98 2. UNEP (2022) 2022 Global Status Report for Buildings and Construction. 99

T H E 1 2 T H U THE MOST PRESSING CHALLENGES CONSTRUCTION & MATERIALS CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N & S G L 13% O B A 8% 1% L C O M 70% P 57% 50% A 42% 41% 40% C T - A M C C E ON N T U R As one of the greatest consumers I E C E of raw materials globally, as CURRENT LANDSCAPE O S T U well as a major carbon emitter, D the construction & materials TTOP RESILIENCE ACTIONS FOR CONSTRUCTION & MATERIALS CEOS Y industry is radically altering A of CEOs are of CEOs are of CEOs are upskilling or digitizing strengthening 77% 71% 63% their business models, from the reskilling their workforce business processes scenario planning and materials they use to the design of for the future labor market analysis capabilities the buildings. Material shortages and price volatility, coupled CTEAs supply chain disruptions hit the construction & materials industry, resulting in significant delays and backorders, CEOs are investing with stakeholder pressure, in digital tools and processes to strengthen their supply chain visibility, enable better scenario planning, and better prepare for are incentivizing a sustainable inflation and price volatility. In addition to challenges with sourcing raw materials, the industry is also facing talent shortages linked to the pandemic, hindering the industry’s ability to recover. Along with the disruption to the ways of working caused by the pandemic, revolution within the industry. Uconstruction & materials companies are focusing on building strong, resilient cultures, fostering employee well-being, and adapting to hybrid work environments. WHERE IS THE INDUSTRY GOING? RRI TOP SUSTAINABILITY PRIORITIES FOR CONSTRUCTION & MATERIALS CEOS of CEOs are of CEOs are of CEOs are investing in introducing new lowering 59% 56% 55% skills development sustainable business models GHG emissions “We need to demonstrate that our AThe United Nations Environment Programme estimates that the built environment accounts for 37% of CO emissions, pressuring the industry has a future in a carbon 2 1 neutral or low carbon economy, STconstruction & materials industry to adopt low-emitting materials and practices to reduce their footprint. Construction & materials which is a tremendous challenge” CEOs are responding by investing in green alternatives to basic materials such as aluminum, steel, and concrete. To further accelerate their path to net zero, construction & materials CEOs are unlocking the power of innovative technologies, such as digital twins, 2 Fernando Gonzalez, to improve resource efficiency – from energy to water usage – across the entire lifecycle of infrastructure. These technologies and Chief Executive Officer of CEMEXLinnovations are also fueling a modular component trend within the industry, enabling a more circular model to emerge as items can be disassembled, adapted, or reused for renovations or the construction of new buildings. S TRANSFORMATIVE INNOVATIONS 62% ON Innovative low-carbon materials Distributed renewable energy generation 58% Use of modular components designed for circularity 48% Water conservation appliances and systems 45% C Sensors and analytics to monitor building occupancy for operational efﬁciency 44% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 1. Accenture (2022) Sustainability in engineering and construction: The way forward. 98 2. UNEP (2022) 2022 Global Status Report for Buildings and Construction. 99

THE MOST PRESSING CHALLENGES CPG RETAIL CROSS INDUSTRY T H 1 INFLATION & PRICE VOLATILITY 2 THREATS TO PUBLIC HEALTH 3 TRADE REGULATION E 1 2 T 10% H U N I T 4% E 6% D N CPG 67% A 57% T 44% 40% I 37% 31% O N S G L L O 1 INFLATION & PRICE VOLATILITY 2 TRADE REGULATION 3 THREATS TO PUBLIC HEALTH B A L C 10% O I M With consumer pressure putting P 17% A AIL 1% C T sustainability front and center - A 67% C 57% 48% C for the consumer-packaged RET 39% 40% E 31% N T goods (CPG) and retail industries, U R CEOs are increasingly looking E C A E to launch new sustainable CURRENT LANDSCAPE O S T U D products and offerings to increase TOP RESILIENCE ACTIONS FOR CPG & RETAIL CEOS Y competitiveness. Paired with of CEOs are upskilling or of CEOs are upskilling or reskilling their workforce reskilling their workforce supply chain disruptions, which T 72% 81% for the future labor market for the future labor market are creating resource instability AIL and price fluctuations, the CPG of CEOs are digitizing of CEOs are digitizing business processes business processes 70% 78% concept of circularity is becoming RET increasingly viable and attractive of CEOs are launching of CEOs are engaging new product and/or in long-term strategic 64% 75% for both sectors to build resilience service offerings for sustainability partnerships and embrace sustainability. Rising costs of goods, inconsistent trade regulations, labor shortages, and shifting consumer demand have placed pressure on the CPG and retail industries. However, sustainability offers a solution by providing new avenues for growth, enticing consumers while attracting employees, and even proactively addressing trade regulations. To innovate and launch these new products and service offerings, CEOs are investing in strategic cross-industry and cross-value chain partnerships to build networks of shared knowledge. These networks RE allow CEOs to plan for risks more effectively and scale their innovations to broader markets. In addition, CEOs are focused on upskilling their workforce to respond to the changing business environment and run their new, sustainable business models. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR CPG & RETAIL CEOS of CEOs are introducing new of CEOs are constructing sustainable business models a responsible supply chain “Changing our business to fit 55% 59% the needs of clients and the of CEOs are reducing waste AIL of CEOs are investing times is how we’re looking to from products and operations in skills development & CPG 55% 58% build resilience. If we adapt RET to changes in that way, we can also of CEOs are constructing of CEOs are introducing new a responsible supply chain sustainable business models induce changes in our supply chain 55% 50% and make sure we share a vision with the suppliers who support us.” G As consumer-facing industries, CPG and retail CEOs are under intense pressure to transform to more sustainable models. To unlock the promise of sustainability, a responsible value chain is the first step. CEOs are looking to map fully their supply chains, leveraging data to track ESG Ryuichi Isaka, metrics down to a product level for holistic transparency and to enable end-to-end traceability. Some CEOs are looking to take it a step further, President & Representative Director embracing circularity from product design to adopting bio-based materials to using digital product IDs to enable these circular practices. of Seven & i Holdings Co., Ltd. TRANSFORMATIVE INNOVATIONS ircular business models 55% Sustainable and reﬁllable packaging practices 45% Product-level ES data to follow for 43% End-to-end carbon calculators to help manage end-to-end supply chain traceability and report Scope 3 emissions with suppliers 45% ata integration across value chain partners 37% Artiﬁcial intelligence and predictive AIL analytics to efﬁciently drive merchandising 44% A and predictive analytics to efﬁciently drive 27% and production decisions CPG merchandising and production decisions Bio-based materials derived from waste by products 44% CP ynamic real-time inventory management 26% RET Product-level ES data to allow for 39% eolocation technology to map supply chain risk 24% end-to-end supply chain traceability Alternative proteins 15% igital product s to enable 33% circular business models HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 100 101

THE MOST PRESSING CHALLENGES CPG RETAIL CROSS INDUSTRY T H 1 INFLATION & PRICE VOLATILITY 2 THREATS TO PUBLIC HEALTH 3 TRADE REGULATION E 1 2 T 10% H U N I T 4% E 6% D N CPG 67% A 57% T 44% 40% I 37% 31% O N S G L L O 1 INFLATION & PRICE VOLATILITY 2 TRADE REGULATION 3 THREATS TO PUBLIC HEALTH B A L C 10% O I M With consumer pressure putting P 17% A AIL 1% C T sustainability front and center - A 67% C 57% 48% C for the consumer-packaged RET 39% 40% E 31% N T goods (CPG) and retail industries, U R CEOs are increasingly looking E C A E to launch new sustainable CURRENT LANDSCAPE O S T U D products and offerings to increase TOP RESILIENCE ACTIONS FOR CPG & RETAIL CEOS Y competitiveness. Paired with of CEOs are upskilling or of CEOs are upskilling or reskilling their workforce reskilling their workforce supply chain disruptions, which T 72% 81% for the future labor market for the future labor market are creating resource instability AIL and price fluctuations, the CPG of CEOs are digitizing of CEOs are digitizing business processes business processes 70% 78% concept of circularity is becoming RET increasingly viable and attractive of CEOs are launching of CEOs are engaging new product and/or in long-term strategic 64% 75% for both sectors to build resilience service offerings for sustainability partnerships and embrace sustainability. Rising costs of goods, inconsistent trade regulations, labor shortages, and shifting consumer demand have placed pressure on the CPG and retail industries. However, sustainability offers a solution by providing new avenues for growth, enticing consumers while attracting employees, and even proactively addressing trade regulations. To innovate and launch these new products and service offerings, CEOs are investing in strategic cross-industry and cross-value chain partnerships to build networks of shared knowledge. These networks RE allow CEOs to plan for risks more effectively and scale their innovations to broader markets. In addition, CEOs are focused on upskilling their workforce to respond to the changing business environment and run their new, sustainable business models. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR CPG & RETAIL CEOS of CEOs are introducing new of CEOs are constructing sustainable business models a responsible supply chain “Changing our business to fit 55% 59% the needs of clients and the of CEOs are reducing waste AIL of CEOs are investing times is how we’re looking to from products and operations in skills development & CPG 55% 58% build resilience. If we adapt RET to changes in that way, we can also of CEOs are constructing of CEOs are introducing new a responsible supply chain sustainable business models induce changes in our supply chain 55% 50% and make sure we share a vision with the suppliers who support us.”GAs consumer-facing industries, CPG and retail CEOs are under intense pressure to transform to more sustainable models. To unlock the promise of sustainability, a responsible value chain is the first step. CEOs are looking to map fully their supply chains, leveraging data to track ESG Ryuichi Isaka, metrics down to a product level for holistic transparency and to enable end-to-end traceability. Some CEOs are looking to take it a step further, President & Representative Director embracing circularity from product design to adopting bio-based materials to using digital product IDs to enable these circular practices. of Seven & i Holdings Co., Ltd. TRANSFORMATIVE INNOVATIONS ircular business models 55% Sustainable and reﬁllable packaging practices 45% Product-level ES data to follow for 43% End-to-end carbon calculators to help manage end-to-end supply chain traceability and report Scope 3 emissions with suppliers 45% ata integration across value chain partners 37% Artiﬁcial intelligence and predictive AIL analytics to efﬁciently drive merchandising 44% A and predictive analytics to efﬁciently drive 27% and production decisions CPG merchandising and production decisions Bio-based materials derived from waste by products 44% CP ynamic real-time inventory management 26% RET Product-level ES data to allow for 39% eolocation technology to map supply chain risk 24% end-to-end supply chain traceability Alternative proteins 15% igital product s to enable 33% circular business models HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 100 101

T H E 1 2 T H U THE MOST PRESSING CHALLENGES ENERGY CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CLIMATE CHANGE 3 TRADE REGULATION T I O N S G L 1% 23% O B A 9% L C O 58% 57% 57% M P 34% 40% 31% A C T - A C C The energy industry is enduring E N T massive disruption, with the U R CURRENT LANDSCAPE E C pandemic and the war in Ukraine E O S triggering spikes in energy prices T TOP RESILIENCE ACTIONS FOR ENERGY CEOS U D and threatening the security of Y supply. This disruption presents Y of CEOs are of CEOs are of CEOs are upskilling or digitizing investing in 75% 73% 71% a unique opportunity for CEOs to reskilling their workforce for business processes renewable energy sources accelerate their adoption of low- the future labor market to reduce their dependency carbon fuels, invest in innovations on fossil fuels to decarbonize, and expand energy G access and equity. Mounting pressure from geopolitical conflicts, as well as regulatory changes and consumer pressure to address climate change concerns, are accelerating the energy sector’s sustainability transition and decarbonization efforts. The volatile supply of fossil fuels is prompting the industry to reimagine a cleaner, more secure energy system for the future. To tackle the challenge of decarbonizing energy production, companies are embracing renewables, exploring cleaner production methods, and investigating carbon-capture methods. Taking action towards decarbonization in the energy industry in particular addresses both the demand and supply side of the net-zero equation. As part of the transformation, a top priority for CEOs is to ensure that they promote a just transition, not only for employees – which companies are prioritizing reskilling for clean energy jobs – but also for the wider society by striving to avoid new forms of inequity or infrastructure poverty. ER WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR INDUSTRIAL CEOS “Ten years ago I’m not sure how many CEOs would have said of CEOs are of CEOs are of CEOs are lowering enhancing investing in 69% 49% 49% sustainability is something they GHG emissions diversity and inclusion skills development would discuss with their board at every meeting, or even something they would focus on with their Energy sector CEOs are also looking at transformative ways to diversify their fuel sources, aiming to build a diversified, distributed employees. Now, it’s an essential energy system. In terms of diversification, CEOs are especially embracing low-carbon fuel sources like clean hydrogen fuels, and part of doing business.” biofuels (including sustainable aviation fuel). To further decarbonize the industry, the energy sector is exploring innovative avenues like carbon capture and storage (CCS) to produce and distribute energy as cleanly as possible. The removal of carbon from the energy Lorenzo Simonelli, EN system with CCS and industrial efficiency technologies provides significant potential in terms of emissions reduction and economic Chairman & CEO of Baker Hughes value. These innovations are redefining the energy industry, setting the stage for a more diverse, multi-fuel system. TRANSFORMATIVE INNOVATIONS Renewable energy 77% Energy storage and battery technology 69% Interconnected power girds (cross-country) 61% Carbon capture, utilization, and storage 51% Hydrogen fuel 46% Circular energy systems 46% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 102 103

T H E 1 2 T H U THE MOST PRESSING CHALLENGES ENERGY CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CLIMATE CHANGE 3 TRADE REGULATION T I O N S G L 1% 23% O B A 9% L C O 58% 57% 57% M P 34% 40% 31% A C T - A C C The energy industry is enduring E N T massive disruption, with the U R CURRENT LANDSCAPE E C pandemic and the war in Ukraine E O S triggering spikes in energy prices T TOP RESILIENCE ACTIONS FOR ENERGY CEOS U D and threatening the security of Y supply. This disruption presents Y of CEOs are of CEOs are of CEOs are upskilling or digitizing investing in 75% 73% 71% a unique opportunity for CEOs to reskilling their workforce for business processes renewable energy sources accelerate their adoption of low-the future labor market to reduce their dependency carbon fuels, invest in innovations on fossil fuels to decarbonize, and expand energy G access and equity. Mounting pressure from geopolitical conflicts, as well as regulatory changes and consumer pressure to address climate change concerns, are accelerating the energy sector’s sustainability transition and decarbonization efforts. The volatile supply of fossil fuels is prompting the industry to reimagine a cleaner, more secure energy system for the future. To tackle the challenge of decarbonizing energy production, companies are embracing renewables, exploring cleaner production methods, and investigating carbon-capture methods. Taking action towards decarbonization in the energy industry in particular addresses both the demand and supply side of the net-zero equation. As part of the transformation, a top priority for CEOs is to ensure that they promote a just transition, not only for employees – which companies are prioritizing reskilling for clean energy jobs – but also for the wider society by striving to avoid new forms of inequity or infrastructure poverty. ER WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR INDUSTRIAL CEOS “Ten years ago I’m not sure how many CEOs would have said of CEOs are of CEOs are of CEOs are lowering enhancing investing in 69% 49% 49% sustainability is something they GHG emissions diversity and inclusion skills development would discuss with their board at every meeting, or even something they would focus on with their Energy sector CEOs are also looking at transformative ways to diversify their fuel sources, aiming to build a diversified, distributed employees. Now, it’s an essential energy system. In terms of diversification, CEOs are especially embracing low-carbon fuel sources like clean hydrogen fuels, and part of doing business.”biofuels (including sustainable aviation fuel). To further decarbonize the industry, the energy sector is exploring innovative avenues like carbon capture and storage (CCS) to produce and distribute energy as cleanly as possible. The removal of carbon from the energy Lorenzo Simonelli, ENsystem with CCS and industrial efficiency technologies provides significant potential in terms of emissions reduction and economic Chairman & CEO of Baker Hughesvalue. These innovations are redefining the energy industry, setting the stage for a more diverse, multi-fuel system. TRANSFORMATIVE INNOVATIONS Renewable energy 77% Energy storage and battery technology 69% Interconnected power girds (cross-country) 61% Carbon capture, utilization, and storage 51% Hydrogen fuel 46% Circular energy systems 46% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 102 103

T H E 1 2 T H U THE MOST PRESSING CHALLENGES FINANCIAL SERVICES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CYBERCRIME 3 THREATS TO PUBLIC HEALTH T I O N S G SE L 6% O B 4% A 16% L C O 57% M 51% P 42% 44% 40% A 26% C CEOs in the financial services T - A C sector are in a unique position to C E N drive sustainability action, as they T U R have the power and capital to fuel CURRENT LANDSCAPE E C R E progress on global sustainability O S TOP RESILIENCE ACTIONS FOR FINANCIAL SERVICES CEOS T U goals, which are often hindered D by a lack of access to finance. Y of CEOs are of CEOs are of CEOs are digitizing launching new upskilling or While significant progress has L 75% 74% 73% been made in deploying capital for V business processes product and service offerings reskilling their workforces for sustainability for the future labor market sustainability progress, it is not uniform and is largely yet to reach Climate risk is here, and financial capital is needed to address the associated problems more urgently than ever before. The financial the Global South. AI services sector is in a distinct position to contribute through investment decisions. As Ana Botín, Executive Chair of Banco Santander, notes, “We are engaging with our customers in aviation, steel, oil & gas, and power generation because we want to support them in this transition, and we’re willing to help. However, we do have decarbonization targets, which means that we need to be prepared to say ICE no to customers or projects that do not fit our targets.” In addition, the financial services industry can accelerate the green transition and address the sustainable finance gap between developed and developing nations. The UN estimates that developing countries alone need $1 trillion per year to stave off the worst effects of climate change, with an additional USD 40 trillion investment by 2030 1 in infrastructure alone. Advancing digitization of the financial services industry will be an important enabler to address this gap, as it C improves financial accessibility for previously excluded groups and regions in the world. Christos Megalou, Chief Executive Officer and Executive Member of Piraeus Bank’s Board of Directors, explains, “As we digitize the economy, I think finance will become more equally available to all. The digital footprint helps democratize access to banking.” WHERE IS THE INDUSTRY GOING? “We are entering a new era where NS TOP SUSTAINABILITY PRIORITIES FOR FINANCIAL SERVICES CEOS the S side of ESG is on the rise. Investors and regulators are accelerating their demands on of CEOs are of CEOs are of CEOs are investing in enhancing advancing 61% 61% 60% reporting and disclosures on both skills development diversity and inclusion digital transformation climate change and social impact. A Investors’ consciousness has been raised, and now the reporting and As risks become more interconnected, complex, and volatile, financial services companies are investing in stronger risk analysis tools disclosure bar is being raised.” and methodologies to make better decisions. CEOs have also begun to integrate ESG assessment into these tools, which has proven challenging given the fragmentation of frameworks and standards globally. In addition, reporting requirements are becoming more Suni Harford, robust, with significant focus being placed on social impacts. As an effective, global framework is developed, financial services CEOs will President Asset Management and further embed data-driven innovations, from real-time portfolio risk analysis to AI-powered scenario analysis for climate change impact, to better understand the risks they face. These insights will allow financial services CEOs to be able to allocate capital and report to UBS Group Executive Board Lead for their stakeholders more effectively. Sustainability and Impact TRANSFORMATIVE INNOVATIONS FIN Real-time portfolio risk analysis 40% Standards to assess the risk proﬁle of private companies 39% Learning platforms for ESG upskilling 35% Artiﬁcial intelligence – empowered scenario analysis to mitigate climate risk 31% mpact underwriting 26% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 104 105

T H E 1 2 T H U THE MOST PRESSING CHALLENGES FINANCIAL SERVICES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CYBERCRIME 3 THREATS TO PUBLIC HEALTH T I O N S G SE L 6% O B 4% A 16% L C O 57% M 51% P 42% 44% 40% A 26% C CEOs in the financial services T - A C sector are in a unique position to C E N drive sustainability action, as they T U R have the power and capital to fuel CURRENT LANDSCAPE E C R E progress on global sustainability O S TOP RESILIENCE ACTIONS FOR FINANCIAL SERVICES CEOS T U goals, which are often hindered D by a lack of access to finance. Y of CEOs are of CEOs are of CEOs are digitizing launching new upskilling or While significant progress has L75% 74% 73% been made in deploying capital for Vbusiness processes product and service offerings reskilling their workforces for sustainability for the future labor market sustainability progress, it is not uniform and is largely yet to reach Climate risk is here, and financial capital is needed to address the associated problems more urgently than ever before. The financial the Global South.AIservices sector is in a distinct position to contribute through investment decisions. As Ana Botín, Executive Chair of Banco Santander, notes, “We are engaging with our customers in aviation, steel, oil & gas, and power generation because we want to support them in this transition, and we’re willing to help. However, we do have decarbonization targets, which means that we need to be prepared to say ICE no to customers or projects that do not fit our targets.” In addition, the financial services industry can accelerate the green transition and address the sustainable finance gap between developed and developing nations. The UN estimates that developing countries alone need $1 trillion per year to stave off the worst effects of climate change, with an additional USD 40 trillion investment by 2030 1 in infrastructure alone. Advancing digitization of the financial services industry will be an important enabler to address this gap, as it C improves financial accessibility for previously excluded groups and regions in the world. Christos Megalou, Chief Executive Officer and Executive Member of Piraeus Bank’s Board of Directors, explains, “As we digitize the economy, I think finance will become more equally available to all. The digital footprint helps democratize access to banking.” WHERE IS THE INDUSTRY GOING? “We are entering a new era where NSTOP SUSTAINABILITY PRIORITIES FOR FINANCIAL SERVICES CEOS the S side of ESG is on the rise. Investors and regulators are accelerating their demands on of CEOs are of CEOs are of CEOs are investing in enhancing advancing 61% 61% 60% reporting and disclosures on both skills development diversity and inclusion digital transformation climate change and social impact. A Investors’ consciousness has been raised, and now the reporting and As risks become more interconnected, complex, and volatile, financial services companies are investing in stronger risk analysis tools disclosure bar is being raised.”and methodologies to make better decisions. CEOs have also begun to integrate ESG assessment into these tools, which has proven challenging given the fragmentation of frameworks and standards globally. In addition, reporting requirements are becoming more Suni Harford, robust, with significant focus being placed on social impacts. As an effective, global framework is developed, financial services CEOs will President Asset Management and further embed data-driven innovations, from real-time portfolio risk analysis to AI-powered scenario analysis for climate change impact, to better understand the risks they face. These insights will allow financial services CEOs to be able to allocate capital and report to UBS Group Executive Board Lead for their stakeholders more effectively. Sustainability and Impact TRANSFORMATIVE INNOVATIONS FIN Real-time portfolio risk analysis 40% Standards to assess the risk proﬁle of private companies 39% Learning platforms for ESG upskilling 35% Artiﬁcial intelligence – empowered scenario analysis to mitigate climate risk 31% mpact underwriting 26% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 104 105

THE MOST PRESSING CHALLENGES HEALTH & LIFE SCIENCES CROSS INDUSTRY T H 1 THREATS TO PUBLIC HEALTH 2 INFLATION & PRICE VOLATILITY 3 TALENT SCARCITY E 1 2 T 28% H U 2% N I T E D N 68% A L 55% 57% T I 40% 42% 42% O N S G L O B A CURRENT LANDSCAPE L C IFE O M TOP RESILIENCE ACTIONS FOR HEALTH & LIFE SCIENCES CEOS P A C T of CEOs are upskilling or of CEOs are upskilling or - A C reskilling their workforce reskilling their workforce C The healthcare and life sciences 76% 81% E for the future labor market for the future labor market N T (LS) industries are undergoing U TH R a period of compressed of CEOs are engaging of CEOs are digitizing E C in long-term strategic business processes E 73% 77% transformation, driven by the partnerships O S HEAL T U global pandemic. In health, these D of CEOs are strengthening LIFE SCIENCES of CEOs are enhancing Y scenario planning and sustainability data collection changes focus on a more resilient, 71% 74% equitable healthcare system, & S analysis capabilities capabilities across our value chain that provide access to all. The LS In recent years, health and life sciences CEOs have been forced into the spotlight as the global pandemic spurred question on the world’s industry is focused on technology- ability to protect the human right of health in a safe, affordable, and equitable way. As Giovanni Caforio, MD, Chairman of the Board and enabled drug discovery and Chief Executive Officer of Bristol Myers Squibb notes, “The pandemic has highlighted in a very clear way, to policymakers, governments and to the private sector, the extent to which inequities of access can create challenges within individual countries, and then how development that provides better those impacts ripple around the world.” The pandemic clearly exposed the limits of the world’s global health infrastructure, with talent health outcomes and relieves C shortages leading to long wait times, facility closures, and ultimately lack of healthcare access. To strengthen the system, CEOs are engaging in cross-industry and public-private collaborations, as well as embedding data at the core, strengthening their scenario planning pressure on the global healthcare efforts to better predict the types of drugs and therapies they will need to provide, and how to deliver them more effectively. Furthermore, infrastructure. CEOs are embracing technologies like artificial intelligence and machine learning to improve R&D productivity and efficiency. CEOs in TH health and life sciences are extremely focused on the human element of their work, with leaders embedding diversity within their drug IE development, clinical trial, and disease diagnosis capabilities to enable a more inclusive and resilient health ecosystem. L WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR HEALTH & LIFE SCIENCES CEOS of CEOs are constructing of CEOs are investing in a responsible supply chain skills development 65% 61% A N TH of CEOs are investing in of CEOs are lowering skills development greenhouse gas emissions 61% 58% “Healthcare in the future should HEAL be personalized, and the basis of CEOs are introducing new of CEOs are enhancing sustainable business models diversity and inclusion initiatives 52% LIFE SCIENCES 52% of that is data. Proper collection C and management of that data is instrumental to our industry.” Precision medicine – tailored, predictive medicine based on unique individual characteristics enabled by data – is the future of the healthcare industry. With the massive investment placed on understanding the human genome over the past two decades, the industry is beginning to Isao Teshirogi, Ph.D., reach a point where precision medicine is viable – both from the perspective of tailored treatment options and for pharmaceutical production Chief Executive Officer of Shionogi E that is better tied to demand. The ability to unlock this shift hinges on the ability to collect high-quality, consistent data, and translate into HE usable insights. Data is also transforming the patient experience. Providers are using data to rework the patient process – triaging patients to & Co., Ltd. telehealth platforms where applicable – reducing pressure on the healthcare infrastructure and delivering faster, more affordable care. TRANSFORMATIVE INNOVATIONS S Digital health services delivery 63% Artiﬁcial intelligence to transform 48% precision medicine Artiﬁcial intelligence to transform 52% Biosynthetic drug production 42% precision medicine and diagnosis TH Augmented and virtual reality enabled 43% Machine learning to optimize drug 42% health services or patient care services candidate design Machine learning for Artiﬁcial intelligence for epidemic/pandemic modeling 42% efﬁcient clinical trials 39% HEALArtiﬁcial intelligence-enabled real time stafﬁng 31% Ecosystem regeneration to protect 39% and inventory monitoring nature-based drug ingredients Robot-assisted surgery and procedures 30% Data-sharing environments for information 39% sharing ith global health authorities LIFE SCIENCES irtual clinical trials 29% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT Digital tins of humans to model treatment hypotheses and test therapeutics 26% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT -D printed medical devices 23% 106 107

THE MOST PRESSING CHALLENGES HEALTH & LIFE SCIENCES CROSS INDUSTRY T H 1 THREATS TO PUBLIC HEALTH 2 INFLATION & PRICE VOLATILITY 3 TALENT SCARCITY E 1 2 T 28% H U 2% N I T E D N 68% A L 55% 57% T I 40% 42% 42% O N S G L O B A CURRENT LANDSCAPE L C IFE O M TOP RESILIENCE ACTIONS FOR HEALTH & LIFE SCIENCES CEOS P A C T of CEOs are upskilling or of CEOs are upskilling or - A C reskilling their workforce reskilling their workforce C The healthcare and life sciences 76% 81% E for the future labor market for the future labor market N T (LS) industries are undergoing U TH R a period of compressed of CEOs are engaging of CEOs are digitizing E C in long-term strategic business processes E 73% 77% transformation, driven by the partnerships O S HEAL T U global pandemic. In health, these D of CEOs are strengthening LIFE SCIENCES of CEOs are enhancing Y scenario planning and sustainability data collection changes focus on a more resilient, 71% 74% equitable healthcare system, & S analysis capabilities capabilities across our value chain that provide access to all. The LS In recent years, health and life sciences CEOs have been forced into the spotlight as the global pandemic spurred question on the world’s industry is focused on technology-ability to protect the human right of health in a safe, affordable, and equitable way. As Giovanni Caforio, MD, Chairman of the Board and enabled drug discovery and Chief Executive Officer of Bristol Myers Squibb notes, “The pandemic has highlighted in a very clear way, to policymakers, governments and to the private sector, the extent to which inequities of access can create challenges within individual countries, and then how development that provides better those impacts ripple around the world.” The pandemic clearly exposed the limits of the world’s global health infrastructure, with talent health outcomes and relieves Cshortages leading to long wait times, facility closures, and ultimately lack of healthcare access. To strengthen the system, CEOs are engaging in cross-industry and public-private collaborations, as well as embedding data at the core, strengthening their scenario planning pressure on the global healthcare efforts to better predict the types of drugs and therapies they will need to provide, and how to deliver them more effectively. Furthermore, infrastructure. CEOs are embracing technologies like artificial intelligence and machine learning to improve R&D productivity and efficiency. CEOs in TH health and life sciences are extremely focused on the human element of their work, with leaders embedding diversity within their drug IE development, clinical trial, and disease diagnosis capabilities to enable a more inclusive and resilient health ecosystem. L WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR HEALTH & LIFE SCIENCES CEOS of CEOs are constructing of CEOs are investing in a responsible supply chain skills development 65% 61% AN TH of CEOs are investing in of CEOs are lowering skills development greenhouse gas emissions 61% 58% “Healthcare in the future should HEAL be personalized, and the basis of CEOs are introducing new of CEOs are enhancing sustainable business models diversity and inclusion initiatives 52% LIFE SCIENCES 52% of that is data. Proper collection C and management of that data is instrumental to our industry.”Precision medicine – tailored, predictive medicine based on unique individual characteristics enabled by data – is the future of the healthcare industry. With the massive investment placed on understanding the human genome over the past two decades, the industry is beginning to Isao Teshirogi, Ph.D., reach a point where precision medicine is viable – both from the perspective of tailored treatment options and for pharmaceutical production Chief Executive Officer of Shionogi Ethat is better tied to demand. The ability to unlock this shift hinges on the ability to collect high-quality, consistent data, and translate into HE usable insights. Data is also transforming the patient experience. Providers are using data to rework the patient process – triaging patients to & Co., Ltd. telehealth platforms where applicable – reducing pressure on the healthcare infrastructure and delivering faster, more affordable care. TRANSFORMATIVE INNOVATIONS S Digital health services delivery 63% Artiﬁcial intelligence to transform 48% precision medicine Artiﬁcial intelligence to transform 52% Biosynthetic drug production 42% precision medicine and diagnosis TH Augmented and virtual reality enabled 43% Machine learning to optimize drug 42% health services or patient care services candidate design Machine learning for Artiﬁcial intelligence for epidemic/pandemic modeling 42% efﬁcient clinical trials 39% HEALArtiﬁcial intelligence-enabled real time stafﬁng 31% Ecosystem regeneration to protect 39% and inventory monitoring nature-based drug ingredients Robot-assisted surgery and procedures 30% Data-sharing environments for information 39% sharing ith global health authorities LIFE SCIENCES irtual clinical trials 29% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT Digital tins of humans to model treatment hypotheses and test therapeutics 26% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT -D printed medical devices 23% 106 107

T H E 1 2 T H U THE MOST PRESSING CHALLENGES HIGH TECH CROSS INDUSTRY N I T E D N A 1 TALENT SCARCITY 2 INFLATION AND PRICE VOLATILITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 11% O 11% B A 2% L C O 57% M 53% 46% P 42% 38% 40% A C T - A C C E High tech CEOs face ongoing N T U supply chain disruptions, R CURRENT LANDSCAPE E C inflationary pressure, trade E O S T wars, and geopolitical conflicts TOP RESILIENCE ACTIONS FOR HIGH TECH CEOS U D impacting profitability and Y business operations. In response, CH of CEOs are of CEOs are of CEOs are upskilling or digitizing engaging in 80% 74% 68% CEOs plan to decouple their reskilling their workforce business processes long-term strategic business from volatile regions for the future labor market partnerships by re-networking supply chains, doubling down on talent and The high tech industry creates foundational hardware and technologies for our increasingly connected and digital world. However, focusing on raw material there’s a limited pool of available hardware engineering talent, challenging high tech companies to retain, upskill and grow talent within the currents ranks by becoming an employer of choice in career path, corporate values, diversity partnerships and product innovation. procurement to strengthen their The Representative Director, President & CEO of Tokyo Electron Limited, Toshiki Kawai, agrees, “Ultimately, our corporate growth is business resiliency. enabled by people, and our employees both create and fulfill company values.” High tech CEOs put weight behind their words by ensuring that their workforce has the right skills to grow in a hypercompetitive market and investing in corporate values such as diversity, equity, and TE inclusion. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR HIGH TECH CEOS of CEOs are of CEOs are of CEOs are investing in enhancing advancing H 70% 63% 53% skills development diversity and inclusion digital transformation “We have been driving significant geographic diversity in our supply chain to eliminate reliance on any High tech companies face urgent calls to use more sustainable inputs to create greener outputs. The industry is natural resource- intensive, consuming a tremendous amount of raw materials. The rising scarcity of core inputs like rare earth metals, an increasingly country – a complicated action, G fragmented global supply chain, and pressure to report on Scope 3 emissions are driving high tech CEOs to focus on innovative solutions especially in the semiconductor to create a more resilient, transparent, and data-driven materials sourcing program. Innovation powered by AI and analytics to help industry.” drive sourcing and supply chain management, coupled with continued R&D investment, promotes industry resilience in the short-term. Longer-term initiatives such as circular business models require more time and investment. Toshimitsu Taiko, President & CEO of Chuck Robbins, Konica Minolta, Inc., observes, “Circular business models can have a significant impact for our industry, but we need them to be more Chair and CEO of Cisco economically viable.” Core to this viability is having visibility into supply chains to understand where various inputs are coming from, which processes can be made circular, which inputs can be replaced, and gain insight into their Scope 3 emissions footprint. HI TRANSFORMATIVE INNOVATIONS R&D to identify substitutes for existing material inputs 46% Development of recyclable components in products 43% Real-time supply chain data management 41% Circular business models 39% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 108 109

T H E 1 2 T H U THE MOST PRESSING CHALLENGES HIGH TECH CROSS INDUSTRY N I T E D N A 1 TALENT SCARCITY 2 INFLATION AND PRICE VOLATILITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 11% O 11% B A 2% L C O 57% M 53% 46% P 42% 38% 40% A C T - A C C E High tech CEOs face ongoing N T U supply chain disruptions, R CURRENT LANDSCAPE E C inflationary pressure, trade E O S T wars, and geopolitical conflicts TOP RESILIENCE ACTIONS FOR HIGH TECH CEOS U D impacting profitability and Y business operations. In response, CH of CEOs are of CEOs are of CEOs are upskilling or digitizing engaging in 80% 74% 68% CEOs plan to decouple their reskilling their workforce business processes long-term strategic business from volatile regions for the future labor market partnerships by re-networking supply chains, doubling down on talent and The high tech industry creates foundational hardware and technologies for our increasingly connected and digital world. However, focusing on raw material there’s a limited pool of available hardware engineering talent, challenging high tech companies to retain, upskill and grow talent within the currents ranks by becoming an employer of choice in career path, corporate values, diversity partnerships and product innovation. procurement to strengthen their The Representative Director, President & CEO of Tokyo Electron Limited, Toshiki Kawai, agrees, “Ultimately, our corporate growth is business resiliency.enabled by people, and our employees both create and fulfill company values.” High tech CEOs put weight behind their words by ensuring that their workforce has the right skills to grow in a hypercompetitive market and investing in corporate values such as diversity, equity, and TE inclusion. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR HIGH TECH CEOS of CEOs are of CEOs are of CEOs are investing in enhancing advancing H 70% 63% 53% skills development diversity and inclusion digital transformation “We have been driving significant geographic diversity in our supply chain to eliminate reliance on any High tech companies face urgent calls to use more sustainable inputs to create greener outputs. The industry is natural resource- intensive, consuming a tremendous amount of raw materials. The rising scarcity of core inputs like rare earth metals, an increasingly country – a complicated action, Gfragmented global supply chain, and pressure to report on Scope 3 emissions are driving high tech CEOs to focus on innovative solutions especially in the semiconductor to create a more resilient, transparent, and data-driven materials sourcing program. Innovation powered by AI and analytics to help industry.” drive sourcing and supply chain management, coupled with continued R&D investment, promotes industry resilience in the short-term. Longer-term initiatives such as circular business models require more time and investment. Toshimitsu Taiko, President & CEO of Chuck Robbins, Konica Minolta, Inc., observes, “Circular business models can have a significant impact for our industry, but we need them to be more Chair and CEO of Ciscoeconomically viable.” Core to this viability is having visibility into supply chains to understand where various inputs are coming from, which processes can be made circular, which inputs can be replaced, and gain insight into their Scope 3 emissions footprint. HI TRANSFORMATIVE INNOVATIONS R&D to identify substitutes for existing material inputs 46% Development of recyclable components in products 43% Real-time supply chain data management 41% Circular business models 39% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 108 109

T H E 1 2 T H U THE MOST PRESSING CHALLENGES INDUSTRIAL CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G 8% L O B A 3% 3% L C O 65% 57% M P L 39% 42% 37% 40% A C T - A Inflation, supply chain instability C C E N spurred by the pandemic, T U R and increasing consumption CURRENT LANDSCAPE E C E of technology products have O S A T TOP RESILIENCE ACTIONS FOR INDUSTRIAL CEOS U converged in the industrial sector D to create a difficult, volatile Y of CEOs are of CEOs are of CEOs are upskilling or digitizing launching new operating environment. To weather 75% 70% 60% the storm, CEOs are turning to reskilling their workforce business processes product and service offerings for the future labor market sustainable business models powered by strong sustainability RI Industrial CEOs were severely impacted by the pandemic. Shortages of key raw materials, compounded by limited slack in the system talent and responsible supply and price volatility, shed light on the weak spots of the industry’s value chains. CEOs are, therefore, reshaping their business models to chain practices. reduce their dependency on volatile markets by embracing sustainability, and launching new products while simultaneously improving existing products and processes. To support these new business models, CEOs are investing in skills development opportunities for the workforce. In addition, many CEOs are focusing on building a responsible supply chain, harnessing renewables for industrial manufacturing processes, and increasing transparency in supply chains through real-time tracking and data monitoring to predict T capacity issues. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR INDUSTRIAL CEOS “My understanding of a resilient S business is ‘responsive to change’. of CEOs are of CEOs are of CEOs are constructing a lowering introducing new There are two types of responsive 64% 56% 55% to change; one is abnormal responsible supply chain greenhouse gas emissions and sustainable business (challenging) time and the another models is normal (quiet) time. Resilient business must be able to respond To build the future of the industry, industrial CEOs believe in the transformative power of sustainable product design – reimagining their to both, but I think that resilience products to reduce environmental impact across the product lifecycle. To enable the development of these sustainable products, some industrial CEOs are investing in artificial intelligence (AI) and digital twin capabilities to understand where there may be sustainable is more on how to deal with it in improvements across the production chain. This end-to-end approach does not just focus on sourcing sustainable materials that reduce normal times in order to prepare for environmental impact, but also allows CEOs to understand product performance across the lifecycle down to product remanufacturing the challenges ahead.” and recycling at the end of life. Hiroaki Shinya, Representative Director TRANSFORMATIVE INNOVATIONS and President of Nippon Koei Co., Ltd. Sustainable products design 57% Circular business models 48% NDU R to identify new sources for sustainable material inputs 48% Low-or-no waste production processes 47% I Concentrated renewables for heavy industrial manufacturing 37% Alternative fuels 36% Materials passports for value chain transparency 34% Electriﬁcation 33% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 110 111

T H E 1 2 T H U THE MOST PRESSING CHALLENGES INDUSTRIAL CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G 8% L O B A 3% 3% L C O 65% 57% M P L 39% 42% 37% 40% A C T - A Inflation, supply chain instability C C E N spurred by the pandemic, T U R and increasing consumption CURRENT LANDSCAPE E C E of technology products have O S A T TOP RESILIENCE ACTIONS FOR INDUSTRIAL CEOS U converged in the industrial sector D to create a difficult, volatile Y of CEOs are of CEOs are of CEOs are upskilling or digitizing launching new operating environment. To weather 75% 70% 60% the storm, CEOs are turning to reskilling their workforce business processes product and service offerings for the future labor market sustainable business models powered by strong sustainability RIIndustrial CEOs were severely impacted by the pandemic. Shortages of key raw materials, compounded by limited slack in the system talent and responsible supply and price volatility, shed light on the weak spots of the industry’s value chains. CEOs are, therefore, reshaping their business models to chain practices. reduce their dependency on volatile markets by embracing sustainability, and launching new products while simultaneously improving existing products and processes. To support these new business models, CEOs are investing in skills development opportunities for the workforce. In addition, many CEOs are focusing on building a responsible supply chain, harnessing renewables for industrial manufacturing processes, and increasing transparency in supply chains through real-time tracking and data monitoring to predict T capacity issues. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR INDUSTRIAL CEOS “My understanding of a resilient S business is ‘responsive to change’. of CEOs are of CEOs are of CEOs are constructing a lowering introducing new There are two types of responsive 64% 56% 55% to change; one is abnormal responsible supply chain greenhouse gas emissions and sustainable business (challenging) time and the another models is normal (quiet) time. Resilient business must be able to respond To build the future of the industry, industrial CEOs believe in the transformative power of sustainable product design – reimagining their to both, but I think that resilience products to reduce environmental impact across the product lifecycle. To enable the development of these sustainable products, some industrial CEOs are investing in artificial intelligence (AI) and digital twin capabilities to understand where there may be sustainable is more on how to deal with it in improvements across the production chain. This end-to-end approach does not just focus on sourcing sustainable materials that reduce normal times in order to prepare for environmental impact, but also allows CEOs to understand product performance across the lifecycle down to product remanufacturing the challenges ahead.”and recycling at the end of life. Hiroaki Shinya, Representative Director TRANSFORMATIVE INNOVATIONS and President of Nippon Koei Co., Ltd. Sustainable products design 57% Circular business models 48% NDU R to identify new sources for sustainable material inputs 48% Low-or-no waste production processes 47% I Concentrated renewables for heavy industrial manufacturing 37% Alternative fuels 36% Materials passports for value chain transparency 34% Electriﬁcation 33% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 110 111

T H E 1 2 T H U THE MOST PRESSING CHALLENGES NATURAL RESOURCES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CLIMATE CHANGE 3 BIODIVERSITY LOSS T I O N S G L 4% O 17% B R A L 24% L C O 57% M 53% 51% P 34% 42% A 18% C T - A C C E N E T U R A CURRENT LANDSCAPE E C E The natural resources industry is O S TOP RESILIENCE ACTIONS FOR NATURAL RESOURCES CEOS T U facing a massive transformation D Y – once a historically human- S of CEOs are of CEOs are of CEOs are engaging in upskilling or strengthening intensive industry, the industry is R 73% 66% 66% now rapidly embracing technology. long-term strategic reskilling their workforce scenario planning and partnerships for the future labor market analysis capabilities The adoption of drones, robotics, and data analytics are radically OU Climate change and biodiversity loss are two core challenges particularly top of mind for natural resources CEOs. As a resource- changing the way the industry can intensive industry, many companies are engaging in restoration efforts to halt and reverse further degradation. With greater scrutiny manage raw materials in real time. U from the public, natural resources companies are also extending their reach to engage meaningfully with communities. Since most natural resource companies’ plants or manufacturing locations are contingent on a region’s landscape, it is critical that companies engage with their communities to help mitigate potential social, economic, or environmental risks from operations. T V Narendran, CEO & MD of Tata Steel, notes, “The steel industry is an integral part of the global economy and as a responsible corporate citizen, we will continue with our efforts to engage with different stakeholders to spearhead development of new technologies to decarbonise steel.” Further, to gain trust from the global community, natural resource companies are increasing their collaboration with supply chain partners to operate with greater transparency. WHERE IS THE INDUSTRY GOING? ATR TOP SUSTAINABILITY PRIORITIES FOR NATURAL RESOURCES SERVICES CEOS “It’s important that geopolitics of CEOs are of CEOs are of CEOs are investing in minimizing lowering doesn’t stall the climate agenda. 59% 56% 56% As companies, we need to keep skills development water usage greenhouse gas emissions climate change front and center as an issue that we all must address.” C The natural resources industry is particularly focused on reducing its environmental impacts, specifically around water usage and N GHG emissions, and restoring biodiversity and ecosystems. Leveraging technologies, such as drones and geospatial mapping, can help Praveen Singhavi, businesses use resources more efficiently and precisely while promoting healthier ecosystems. Circularity is also a rising topic, with President of APRIL Group mining companies leading the charge, embedding circularity within site operations to eliminate mineral waste streams and limit raw material extraction. E TRANSFORMATIVE INNOVATIONS 68% Ecosystem restoration Circular business models of production to limit material extraction 53% S Real-time supply chain data ecosystem health 38% Digital modeling of ecosystem health 33% Precision factory 33% 3-D printed parts for industrial machinery 30% Robotics-enabled mining 25% Asteroid and deep-sea mining 12% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 112 113

T H E 1 2 T H U THE MOST PRESSING CHALLENGES NATURAL RESOURCES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 CLIMATE CHANGE 3 BIODIVERSITY LOSS T I O N S G L 4% O 17% B R A L 24% L C O 57% M 53% 51% P 34% 42% A 18% C T - A C C E N E T U R A CURRENT LANDSCAPE E C E The natural resources industry is O S TOP RESILIENCE ACTIONS FOR NATURAL RESOURCES CEOS T U facing a massive transformation D Y – once a historically human-S of CEOs are of CEOs are of CEOs are engaging in upskilling or strengthening intensive industry, the industry is R73% 66% 66% now rapidly embracing technology. long-term strategic reskilling their workforce scenario planning and partnerships for the future labor market analysis capabilities The adoption of drones, robotics, and data analytics are radically OU Climate change and biodiversity loss are two core challenges particularly top of mind for natural resources CEOs. As a resource- changing the way the industry can intensive industry, many companies are engaging in restoration efforts to halt and reverse further degradation. With greater scrutiny manage raw materials in real time. Ufrom the public, natural resources companies are also extending their reach to engage meaningfully with communities. Since most natural resource companies’ plants or manufacturing locations are contingent on a region’s landscape, it is critical that companies engage with their communities to help mitigate potential social, economic, or environmental risks from operations. T V Narendran, CEO & MD of Tata Steel, notes, “The steel industry is an integral part of the global economy and as a responsible corporate citizen, we will continue with our efforts to engage with different stakeholders to spearhead development of new technologies to decarbonise steel.” Further, to gain trust from the global community, natural resource companies are increasing their collaboration with supply chain partners to operate with greater transparency. WHERE IS THE INDUSTRY GOING? ATR TOP SUSTAINABILITY PRIORITIES FOR NATURAL RESOURCES SERVICES CEOS “It’s important that geopolitics of CEOs are of CEOs are of CEOs are investing in minimizing lowering doesn’t stall the climate agenda. 59% 56% 56% As companies, we need to keep skills development water usage greenhouse gas emissions climate change front and center as an issue that we all must address.” CThe natural resources industry is particularly focused on reducing its environmental impacts, specifically around water usage and N GHG emissions, and restoring biodiversity and ecosystems. Leveraging technologies, such as drones and geospatial mapping, can help Praveen Singhavi, businesses use resources more efficiently and precisely while promoting healthier ecosystems. Circularity is also a rising topic, with President of APRIL Groupmining companies leading the charge, embedding circularity within site operations to eliminate mineral waste streams and limit raw material extraction. E TRANSFORMATIVE INNOVATIONS 68% Ecosystem restoration Circular business models of production to limit material extraction 53% S Real-time supply chain data ecosystem health 38% Digital modeling of ecosystem health 33% Precision factory 33% 3-D printed parts for industrial machinery 30% Robotics-enabled mining 25% Asteroid and deep-sea mining 12% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 112 113

T H E 1 2 T H U THE MOST PRESSING CHALLENGES SOFTWARE & PLATFORMS CROSS INDUSTRY N I T E D N A 1 TALENT SCARCITY 2 CYBERCRIME 3 LACK OF RELEVANT SKILLS T I O N E S G L 17% O B A & 14% 6% L C O 59% M P 42% 40% 36% A 26% 30% C T R - A C C E While the software and platforms N T U industry drives a more efficient, P R CURRENT LANDSCAPE E C interconnected market, CEOs are E O S T looking to raise their ambition and TOP RESILIENCE ACTIONS FOR SOFTWARE & PLATFORMS CEOS U D lead in sustainability and security. Y Protecting the world’s data, using of CEOs are of CEOs are of CEOs are digitizing upskilling or engaging in 77% 73% 68% it responsibly, and doing so in L business processes reskilling their workforce long-term strategic a climate-friendly manner will WA for the future labor market partnerships define whether the software and platforms industry can continue to With the global pandemic forcing the world online, industry CEOs are experiencing significant growth as economies become increasingly deliver the outsized returns it has A reliant on digital infrastructure. Core to meeting this demand is a skilled, productive workforce. However, high competition for talent – compounded by a lack of skilled employees to meet this demand – has severely impacted the software and platforms industry. CEOs are, generated over the last two decades. T therefore, focusing on upskilling their workforce on topics such as AI, machine learning, and computer vision skills, to ensure that they have the right set of skills to address upcoming needs. To scale their impact and minimize their footprint, CEOs in software and platforms are engaging in strategic partnerships with their upstream and downstream value chain partners to tackle their scope 3 emissions. FTF Leaders see this as core to their decarbonization strategy. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR SOFTWARE & PLATFORMS CEOS O of CEOs are of CEOs are of CEOs are investing in advancing enhancing 70% 64% 61% skills development digital transformation diversity and inclusion “Companies’ ability to train and O upskill employees in the newest technology skills – such as S While the software and platforms industry remains in near-constant evolution, a few trends are certain: the green transition is underway, coding for AI and robotic process big data will continue to get bigger, and demand for software-based efficiencies will only grow. As CEOs develop their strategies, automation – ensures employee sustainability sits at the center of leaders’ approaches. Those furthest along are integrating sustainability directly into their business retention, as well as employer RM models – whether by developing tools to better manage carbon footprints, transitioning to green hardware and efficient data centers, or attractiveness.” adopting energy-efficient cloud systems. As pressures continue to mount on the infrastructure deployed by the software and platforms industry through the adoption of artificial intelligence, the internet of things, blockchain, and the metaverse, these sustainable evolutions Rohit Kapoor, Vice Chairman & CEO will transform the industry to be more resilient through limiting dependency on volatile energy markets. of EXL TRANSFORMATIVE INNOVATIONS Cloud computing and data architecture 71% Cloud-native cybersecurity 63% S Data integration across value chain partners 56% Digital tools for management of sustainability data 54% Low-carbon data centers 40% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 114 115

T H E 1 2 T H U THE MOST PRESSING CHALLENGES SOFTWARE & PLATFORMS CROSS INDUSTRY N I T E D N A 1 TALENT SCARCITY 2 CYBERCRIME 3 LACK OF RELEVANT SKILLS T I O N E S G L 17% O B A & 14% 6% L C O 59% M P 42% 40% 36% A 26% 30% C T R - A C C E While the software and platforms N T U industry drives a more efficient, P R CURRENT LANDSCAPE E C interconnected market, CEOs are E O S T looking to raise their ambition and TOP RESILIENCE ACTIONS FOR SOFTWARE & PLATFORMS CEOS U D lead in sustainability and security. Y Protecting the world’s data, using of CEOs are of CEOs are of CEOs are digitizing upskilling or engaging in 77% 73% 68% it responsibly, and doing so in Lbusiness processes reskilling their workforce long-term strategic a climate-friendly manner will WA for the future labor market partnerships define whether the software and platforms industry can continue to With the global pandemic forcing the world online, industry CEOs are experiencing significant growth as economies become increasingly deliver the outsized returns it has Areliant on digital infrastructure. Core to meeting this demand is a skilled, productive workforce. However, high competition for talent – compounded by a lack of skilled employees to meet this demand – has severely impacted the software and platforms industry. CEOs are, generated over the last two decades.Ttherefore, focusing on upskilling their workforce on topics such as AI, machine learning, and computer vision skills, to ensure that they have the right set of skills to address upcoming needs. To scale their impact and minimize their footprint, CEOs in software and platforms are engaging in strategic partnerships with their upstream and downstream value chain partners to tackle their scope 3 emissions. FTF Leaders see this as core to their decarbonization strategy. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR SOFTWARE & PLATFORMS CEOS O of CEOs are of CEOs are of CEOs are investing in advancing enhancing 70% 64% 61% skills development digital transformation diversity and inclusion “Companies’ ability to train and O upskill employees in the newest technology skills – such as SWhile the software and platforms industry remains in near-constant evolution, a few trends are certain: the green transition is underway, coding for AI and robotic process big data will continue to get bigger, and demand for software-based efficiencies will only grow. As CEOs develop their strategies, automation – ensures employee sustainability sits at the center of leaders’ approaches. Those furthest along are integrating sustainability directly into their business retention, as well as employer RMmodels – whether by developing tools to better manage carbon footprints, transitioning to green hardware and efficient data centers, or attractiveness.”adopting energy-efficient cloud systems. As pressures continue to mount on the infrastructure deployed by the software and platforms industry through the adoption of artificial intelligence, the internet of things, blockchain, and the metaverse, these sustainable evolutions Rohit Kapoor, Vice Chairman & CEO will transform the industry to be more resilient through limiting dependency on volatile energy markets. of EXL TRANSFORMATIVE INNOVATIONS Cloud computing and data architecture 71% Cloud-native cybersecurity 63% S Data integration across value chain partners 56% Digital tools for management of sustainability data 54% Low-carbon data centers 40% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 114 115

T H E 1 2 T H U THE MOST PRESSING CHALLENGES SUPPORT SERVICES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 11% O B 4% A 2% L C O 57% M 46% 46% P 42% 42% 40% A C T - A C C E N T U R As industries across the world CURRENT LANDSCAPE E C E struggle with the results of the O S T pandemic, economic volatility, TOP RESILIENCE ACTIONS FOR SUPPORT SERVICES CEOS U D Y and geopolitical tensions, support SE of CEOs are of CEOs are of CEOs are services CEOs are focusing on upskilling or digitizing engaging in 74% 73% 67% building resilient workforces reskilling their workforce business processes long-term strategic and leveraging the power of ORT for the future labor market partnerships technology to meet the ever- changing needs of their clients. In order to contend with an ever-changing business environment, CEOs in the support services industry are laser-focused on taking a people-first approach. As the private sector evolves and the skills that clients require to address their most pressing challenges shift, CEOs are heavily investing in attracting, retaining, and upskilling their talent. Sustainability is rising in importance, not only for business P performance but also for talent retention, as employees search for purpose and value in their everyday work in addition to monetary R benefits. To brace for an economic downturn, CEOs are looking to strengthen partnerships to gain a competitive advantage and scale their impact. As sustainability becomes a top priority for companies across industries, support services CEOs are utilizing partnerships P to build offerings and technologies to support their clients. V WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR SUPPORT SERVICES CEOS “Education is key to building a U of CEOs are of CEOs are of CEOs are I investing in advancing introducing new resilient business. Leaders need 68% 58% 56% more training as the business skills development digital transformation sustainable business models environment has become CE for sustainability more complex, especially with S globalization and geopolitics.” As COVID-19 changed the way the support services industry interacted with clients, digitization became a focus point for CEOs. Technologies, such as artificial intelligence, machine learning, and predictive intelligence allow for increased efficiency and accuracy Grace Kwok May Han, Chairman and through the automation of repeatable tasks. Emerging technologies, such as virtual reality and the metaverse, provide nascent Executive Director of Allied Sustainability opportunities for reshaping client interactions. In addition, as the world transitions towards a more sustainable future, support services and Environmental Consultants companies are key partners for both the private and public sector to accelerate their goals. As Susan Chodakewitz, President and Group Limited CEO of Nathan Associates, notes, “Governments and society at large don’t have the resources to invest in the capital projects and fundamental shifts that are necessary to meet climate change challenges right now. And this is where public-private partnerships are going to be crucial – getting like-minded organizations, regardless of business models, to collaborate on certain key objectives such S as infrastructure.” TRANSFORMATIVE INNOVATIONS Cloud computing 48% Artiﬁcial intelligence and predictive analytics for risk planning 40% Virtual reality enabled collaboration spaces 30% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 116 117

T H E 1 2 T H U THE MOST PRESSING CHALLENGES SUPPORT SERVICES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 11% O B 4% A 2% L C O 57% M 46% 46% P 42% 42% 40% A C T - A C C E N T U R As industries across the world CURRENT LANDSCAPE E C E struggle with the results of the O S T pandemic, economic volatility, TOP RESILIENCE ACTIONS FOR SUPPORT SERVICES CEOS U D Y and geopolitical tensions, support SE of CEOs are of CEOs are of CEOs are services CEOs are focusing on upskilling or digitizing engaging in 74% 73% 67% building resilient workforces reskilling their workforce business processes long-term strategic and leveraging the power of ORTfor the future labor market partnerships technology to meet the ever- changing needs of their clients.In order to contend with an ever-changing business environment, CEOs in the support services industry are laser-focused on taking a people-first approach. As the private sector evolves and the skills that clients require to address their most pressing challenges shift, CEOs are heavily investing in attracting, retaining, and upskilling their talent. Sustainability is rising in importance, not only for business P performance but also for talent retention, as employees search for purpose and value in their everyday work in addition to monetary R benefits. To brace for an economic downturn, CEOs are looking to strengthen partnerships to gain a competitive advantage and scale their impact. As sustainability becomes a top priority for companies across industries, support services CEOs are utilizing partnerships P to build offerings and technologies to support their clients. V WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR SUPPORT SERVICES CEOS “Education is key to building a U of CEOs are of CEOs are of CEOs are I investing in advancing introducing new resilient business. Leaders need 68% 58% 56% more training as the business skills development digital transformation sustainable business models environment has become CE for sustainability more complex, especially with S globalization and geopolitics.”As COVID-19 changed the way the support services industry interacted with clients, digitization became a focus point for CEOs. Technologies, such as artificial intelligence, machine learning, and predictive intelligence allow for increased efficiency and accuracy Grace Kwok May Han, Chairman and through the automation of repeatable tasks. Emerging technologies, such as virtual reality and the metaverse, provide nascent Executive Director of Allied Sustainability opportunities for reshaping client interactions. In addition, as the world transitions towards a more sustainable future, support services and Environmental Consultants companies are key partners for both the private and public sector to accelerate their goals. As Susan Chodakewitz, President and Group Limited CEO of Nathan Associates, notes, “Governments and society at large don’t have the resources to invest in the capital projects and fundamental shifts that are necessary to meet climate change challenges right now. And this is where public-private partnerships are going to be crucial – getting like-minded organizations, regardless of business models, to collaborate on certain key objectives such S as infrastructure.” TRANSFORMATIVE INNOVATIONS Cloud computing 48% Artiﬁcial intelligence and predictive analytics for risk planning 40% Virtual reality enabled collaboration spaces 30% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 116 117

T H E 1 2 T H U THE MOST PRESSING CHALLENGES TRAVEL CROSS INDUSTRY N I T E D N A 1 THREATS TO PUBLIC HEALTH 2 INFLATION & PRICE VOLATILITY 3 TALENT SCARCITY T I O N S G 37% L 12% O B 13% A L C O M 77% 69% P 57% 55% A 40% 42% C T - A With shutdowns and travel C C E restrictions, the travel industry N T U R has been one of the hardest hit E C E by the impacts of the pandemic. CURRENT LANDSCAPE O S T As travel bounces back, the U D industry is struggling to keep L TOP RESILIENCE ACTIONS FOR TRAVEL CEOS Y up with increased demand for of CEOs are of CEOs are of CEOs are digitizing engaging in upskilling or domestic and international travel 80% 74% 71% business processes long-term strategic reskilling their workforce as it builds up its staff and faces partnerships for the future labor market increasing operating costs for E labor and energy. Travel CEOs are Travel levels are returning back to pre-pandemic rates, but the nature of this travel is changing, with shorter trip durations and remote embracing sustainable business working blurring the lines between leisure and business trips. Travel companies are looking to staff up to meet this demand; however, models as they rebuild, focusing CEOs are facing extreme talent shortages, causing operational issues and straining trust with customers. To help address staffing shortages, CEOs are turning to digital tools, such as contactless check-in and artificial intelligence-powered customer service. To survive heavily on renewables and circular during the early days of the pandemic, many travel companies put their sustainability investments on pause. Now, sustainability efforts models to transform the future of are picking back up and being leveraged to help de-risk supply chains and secure energy costs. With a growing trend for sustainable travel among customers, travel CEOs are looking into close partnerships with local communities to support them as they recover from the industry. pandemic impacts, as well as provide unique experiences for travelers. AV WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR TRAVEL CEOS of CEOs are of CEOs are of CEOs are lowering investing in constructing 56% 55% 55% R GHG emissions skills development a responsible supply chain “The challenge for tourism is how to Sustainability is a key challenge and top priority for the future of travel as travel companies are already experiencing the physical risks balance the responsibility to protect of climate change with increasing frequency. Hospitality CEOs are most focused on addressing the physical impacts of climate change, and preserve nature while allowing while those in transportation are more focused on decarbonizing. Hospitality companies are looking at circular business models to incorporate waste management frameworks and bio-based products into their offerings. Transportation CEOs are exploring innovative more people to access it.” T paths to decarbonize, such as embracing renewable energy and investing in sustainable aviation fuel. The travel industry’s appetite for green solutions is there, yet significant investment in infrastructure and economic incentives are needed to achieve widespread adoption. James Thornton, CEO of Intrepid Travel TRANSFORMATIVE INNOVATIONS Renewable energy 83% Circular business models 74% Sustainable aviation fuel 63% Alternative propulsion 62% 2 Biometrics to facilitate contactless interactions 3 % HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 118 119

T H E 1 2 T H U THE MOST PRESSING CHALLENGES TRAVEL CROSS INDUSTRY N I T E D N A 1 THREATS TO PUBLIC HEALTH 2 INFLATION & PRICE VOLATILITY 3 TALENT SCARCITY T I O N S G 37% L 12% O B 13% A L C O M 77% 69% P 57% 55% A 40% 42% C T - A With shutdowns and travel C C E restrictions, the travel industry N T U R has been one of the hardest hit E C E by the impacts of the pandemic. CURRENT LANDSCAPE O S T As travel bounces back, the U D industry is struggling to keep LTOP RESILIENCE ACTIONS FOR TRAVEL CEOS Y up with increased demand for of CEOs are of CEOs are of CEOs are digitizing engaging in upskilling or domestic and international travel 80% 74% 71% business processes long-term strategic reskilling their workforce as it builds up its staff and faces partnerships for the future labor market increasing operating costs for E labor and energy. Travel CEOs are Travel levels are returning back to pre-pandemic rates, but the nature of this travel is changing, with shorter trip durations and remote embracing sustainable business working blurring the lines between leisure and business trips. Travel companies are looking to staff up to meet this demand; however, models as they rebuild, focusing CEOs are facing extreme talent shortages, causing operational issues and straining trust with customers. To help address staffing shortages, CEOs are turning to digital tools, such as contactless check-in and artificial intelligence-powered customer service. To survive heavily on renewables and circular during the early days of the pandemic, many travel companies put their sustainability investments on pause. Now, sustainability efforts models to transform the future of are picking back up and being leveraged to help de-risk supply chains and secure energy costs. With a growing trend for sustainable travel among customers, travel CEOs are looking into close partnerships with local communities to support them as they recover from the industry. pandemic impacts, as well as provide unique experiences for travelers. AV WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR TRAVEL CEOS of CEOs are of CEOs are of CEOs are lowering investing in constructing 56% 55% 55% R GHG emissions skills development a responsible supply chain “The challenge for tourism is how to Sustainability is a key challenge and top priority for the future of travel as travel companies are already experiencing the physical risks balance the responsibility to protect of climate change with increasing frequency. Hospitality CEOs are most focused on addressing the physical impacts of climate change, and preserve nature while allowing while those in transportation are more focused on decarbonizing. Hospitality companies are looking at circular business models to incorporate waste management frameworks and bio-based products into their offerings. Transportation CEOs are exploring innovative more people to access it.”Tpaths to decarbonize, such as embracing renewable energy and investing in sustainable aviation fuel. The travel industry’s appetite for green solutions is there, yet significant investment in infrastructure and economic incentives are needed to achieve widespread adoption. James Thornton, CEO of Intrepid Travel TRANSFORMATIVE INNOVATIONS Renewable energy 83% Circular business models 74% Sustainable aviation fuel 63% Alternative propulsion 62% 2 Biometrics to facilitate contactless interactions 3 % HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 118 119

T H E 1 2 T H U THE MOST PRESSING CHALLENGES UTILITIES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 5% O B A 2% L C O 57% M 52% P 42% 42% 42% 40% A C T - The utility industry must continue A C C E to deliver on its obligation to serve N T U – ensuring reliability of basic R CURRENT LANDSCAPE E C E resources, such as water and S O S T electricity, at an affordable rate TOP RESILIENCE ACTIONS FOR UTILITIES CEOS U D – while facing new challenges, Y such as climate change and of CEOs are of CEOs are of CEOs are digitizing offering physical/ engaging in 69% 69% 64% decarbonization pressure, business processes mental resources to long-term strategic which have quickly risen to the their workforce partnerships top of CEO agendas. A radical IE transformation to a modern, Utility businesses sit at the forefront of private sector decarbonization and sustainability. In the short term, companies are investing more flexible grid is imperative in digital processes and technologies to better understand resource usage to make more informed decisions and empower customers to make more sustainable choices. For example, water utilities are working to bring attention to the ongoing water crisis. Paddy to support a clean energy future. Padmanathan, Vice Chairman & CEO of ACWA Power, notes, “We need to elevate this water crisis into the global consciousness and create a level of attention and recognition that this is going to become a big, all-consuming issue as time goes by.” One way water utilities companies are making strides to safeguard the water supply is by leveraging technologies such as Internet of Things, which helps proactively monitor leaks and water security issues, as well as make suggestions for usage changes to consumers. In addition, to transition the industry towards a digital, tech-enabled future, CEOs are focused on their people, leading the industry to focus IT more than most on the physical and mental well-being of their workforce. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR UTILITIES CEOS “I see us increasing our pace IL of CEOs are of CEOs are of CEOs are investing in lowering advancing 64% 54% 53% of investment in renewables skills development GHG emissions digital transformation and networks to allow for for sustainability the energy transition. From a climate perspective, there are new solutions emerging and T As the industry shifts to embrace renewables, utilities are evaluating different opportunities to strengthen the grid and bring more opportunities to invest in a more renewables online, from battery efficiency improvements to interconnected grids. One area of interest is distributed energy resources (DERs), alternatives that enable utility companies to bring electricity production closer to the end user through options such as rooftop sustainable economy.” solar panels and wind-generating units. To unlock the true power of smart-grid technologies, utilities are undergoing a massive digital transformation to adopt advanced distribution management systems (ADMS), which provide real-time visibility and control over multiple Solange Ribeiro, devices – including DERs, such as renewable facility plants or batteries for storage – to enable smart decision-making and load control. Vice-president of Neoenergia and Vice-chair of the Board U of the UN Global Compact TRANSFORMATIVE INNOVATIONS Renewables 56% Battery efﬁciency improvements 46% Smart-grid technologies 43% Interconnected grids (cross-country) 34% Underground power lines 13% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 120 121

T H E 1 2 T H U THE MOST PRESSING CHALLENGES UTILITIES CROSS INDUSTRY N I T E D N A 1 INFLATION & PRICE VOLATILITY 2 TALENT SCARCITY 3 THREATS TO PUBLIC HEALTH T I O N S G L 5% O B A 2% L C O 57% M 52% P 42% 42% 42% 40% A C T - The utility industry must continue A C C E to deliver on its obligation to serve N T U – ensuring reliability of basic R CURRENT LANDSCAPE E C E resources, such as water and S O S T electricity, at an affordable rate TOP RESILIENCE ACTIONS FOR UTILITIES CEOS U D – while facing new challenges, Y such as climate change and of CEOs are of CEOs are of CEOs are digitizing offering physical/ engaging in 69% 69% 64% decarbonization pressure, business processes mental resources to long-term strategic which have quickly risen to the their workforce partnerships top of CEO agendas. A radical IE transformation to a modern, Utility businesses sit at the forefront of private sector decarbonization and sustainability. In the short term, companies are investing more flexible grid is imperative in digital processes and technologies to better understand resource usage to make more informed decisions and empower customers to make more sustainable choices. For example, water utilities are working to bring attention to the ongoing water crisis. Paddy to support a clean energy future.Padmanathan, Vice Chairman & CEO of ACWA Power, notes, “We need to elevate this water crisis into the global consciousness and create a level of attention and recognition that this is going to become a big, all-consuming issue as time goes by.” One way water utilities companies are making strides to safeguard the water supply is by leveraging technologies such as Internet of Things, which helps proactively monitor leaks and water security issues, as well as make suggestions for usage changes to consumers. In addition, to transition the industry towards a digital, tech-enabled future, CEOs are focused on their people, leading the industry to focus IT more than most on the physical and mental well-being of their workforce. WHERE IS THE INDUSTRY GOING? TOP SUSTAINABILITY PRIORITIES FOR UTILITIES CEOS “I see us increasing our pace IL of CEOs are of CEOs are of CEOs are investing in lowering advancing 64% 54% 53% of investment in renewables skills development GHG emissions digital transformation and networks to allow for for sustainability the energy transition. From a climate perspective, there are new solutions emerging and TAs the industry shifts to embrace renewables, utilities are evaluating different opportunities to strengthen the grid and bring more opportunities to invest in a more renewables online, from battery efficiency improvements to interconnected grids. One area of interest is distributed energy resources (DERs), alternatives that enable utility companies to bring electricity production closer to the end user through options such as rooftop sustainable economy.”solar panels and wind-generating units. To unlock the true power of smart-grid technologies, utilities are undergoing a massive digital transformation to adopt advanced distribution management systems (ADMS), which provide real-time visibility and control over multiple Solange Ribeiro, devices – including DERs, such as renewable facility plants or batteries for storage – to enable smart decision-making and load control. Vice-president of Neoenergia and Vice-chair of the Board U of the UN Global Compact TRANSFORMATIVE INNOVATIONS Renewables 56% Battery efﬁciency improvements 46% Smart-grid technologies 43% Interconnected grids (cross-country) 34% Underground power lines 13% HIGH IMPACT MODERATE IMPACT LOW IMPACT NO IMPACT 120 121

T H E 1 2 T H U N I GLOSSARY PHOTO CREDITS T E D N A T I O PAGE PAGE N S G L O CORPORATE SUSTAINABILITY B Cover Image left: Parched soil by the White Nile. Khartoum, 69 Wind Park near Kavarna, Bulgaria. A Sudan. Photo: UN/Arne Hoel Photo: UN/Ivelina Taushanova L C O As deﬁned by the UN Global Compact, corporate sustainability starts with a company’s value Cover Image right: Concept of earth protection day. 71 Factory workers producing fruit drinks at Blue Skies, M P 35 A system and a principles-based approach to doing business. This means operating in ways that, at a Photo: Getty Images/Surasak Suwanmake in Accra, Ghana. Photo: UN/Dominic Chavez C T - 2-3 Aerial View of Switzerland’s Fast-Decreasing Glaciers. 74 Workers talking in a shipping yard A minimum, meet fundamental responsibilities in the areas of human rights, labour, environment and C C Bern, Switzerland. UN Photo/Jean-Marc Ferré Photo: Getty Images/Felipe Dupouy E anti-corruption. Responsible businesses enact the same values and principles wherever they have a N T 5 Torres del Paine in Chile 76 Ondumbe, a typical Owambo village. U presence and know that good practices in one area do not offset harm in another. By incorporating the R 11 USA, New York City, United Nations Headquarters and Photo: UN/John Hogg E C Ten Principles of the UN Global Compact into strategies, policies and procedures, and establishing a E Chrysler Building. Photo: Getty Images/Murat Taner 77 Reﬂections in a tank of water. Photo: UN/Arne Hoel O S culture of integrity, companies are not only upholding their basic responsibilities to people and planet, 12 Nepal, Himalayas 81 Migrating Canada geese. T U D but also setting the stage for long-term success. 13 Iguazu Falls, Brazil. Photo: UN/Mark Garten Photo: Getty Images/sharply_done Y 17 Coffee handler with beans from Timor Cooperative. 82-83 Dar es Salaam Port, Tanzania. Photo: UN/Rob Beechey Photo: UN/Martine Perret 84 Refueling of the airplane. DEVELOPING AND DEVELOPED COUNTRIES 18 Dar es Salaam Port, Tanzania. Photo: UN/Rob Beechey Photo: Getty Images/Chalabala 21 Sunset in Havana, Cuba. Photo: UN/Milton Grant 86 Caravan or convoy of trucks on highway. Developed and developing countries deﬁnitions are not geographical boundaries and are distinguished 23 A produce farm in Chimaltenango, Guatemala. Photo: Getty Images/IvanSpasic on the basis of Gross National Income (GNI) per capita. High-income economies with USD 12,535 Photo: UN/Maria Fleischmann 88 Ferghana Valley. Water infrastructure. 25 A petriﬁed tree in a dead Vlei or marsh in Namibia’s Photo: UN/Matluba Mukhamedova or more of annual GNI per capita are referred to as developed. Upper-middle income, lower-middle Namib desert. Photo: UN/Philip Schuler 89 A ﬂowing river, Indonesia. Photo: UN/Curt Carnemark income, and low-income economies within the range of USD 1,035 and USD 12,535 annuals GNI per 26-27 The Richtersveld community conservanc. 90 Harvesting alfalfa crop, aerial view. capita are referred to as developing. Photo: UN/John Hogg Photo: Getty Images/Andy Sacks 28-29 Flowers swaying in wind, Chile. 92 Modern automobile production line. Photo: UN/Curt Caremark Photo: Getty Images/Traimak_Ivan JUST TRANSITION 30 Scoresby Sund, Greenland. 94 Scientist. Photo: Getty Images/Skynesher Photo: Getty Images/MB Photography 96 New construction site in downtown district. 31 Green summer forest with spruce and pine trees. Photo: Getty Images/Sellwell A just transition leverages the net-zero transition to advance decent work, promote social inclusion and Photo: Getty Images/wmaster890 98 Women in home ofﬁce. 36 eradicate poverty. Putting people at the center of climate action secures the support and participation 32 Trees growing in park. Photo: Getty Images/Kathrin Ziegler required for the climate transition itself. Photo: Getty Images/John Leong/EyeEm 100 Looking at window display. 35 Dubai cityscape at night. Illuminated urban skyline Photo: Getty Images/d3sign with Burj Khalifa. United Arab Emirates. 102 Ain Beni Mathar Integrated Combined Cycle RESILIENCE Photo: Jaromir, Getty Images Thermo-Solar Power Plant. Photo: UN/Dana Smillie 38 Mountain top solar power plant at dusk. 104 Market analysis with digital monitor. A company’s ability to withstand, adapt and prosper through uncertainty and volatility — to ultimately Photo: Getty Images/Zhihao Photo: Getty Images/Thana Prasongsin 40-41 The wind ﬁeld of the mountain ridge. High angle 106 Doctors examining x-ray. emerge stronger and strengthen competitive advantage. aerial photography. Photo: Getty Images/zhongguo Photo: Getty Images/FS Productions 42-43 Large scale aquaculture of aquatic products in 108 Woman wearing augmented reality glasses. Marine Fisheries. Photo: Getty Images/Jiande Wu Photo: Getty Images/Qi Yang 44 Forest machine cutting trees. 110 Oil pipes from reﬁnery in desert during sunset. Photo: Getty Images/Johner Images Photo: Getty Images/Imaginima 48-49 Man scattering rice grains. Sta. Cruz, Laguna, 112 New Caledonia mining operations. Philippines. Photo: UN/Danilo Pinzon Photo: Getty Images/Arne Hodalic 51 Sapa, Viet Nam. Photo: UN/Kibae Park 114 IT engineer in Big Data center. 55 Construction works for the Panama Canal expansion Photo: Getty Images/Gorodenkoff project. Photo: UN/Gerardo Pesantez 116 Financial advisor. 57 High angle view of technicians working in server room. Photo: Getty Images/FG Trade Photo: Getty Images/Erik Isakson 118 Passenger airplane taking off at sunrise. 60 Western Sahara landscape. Photo: UN/Martine Perret Photo: Getty Images/Guvendemir 61 Ice cap in Greenland. Photo: UN/Mark Garten 120 High voltage towers in the dusk. 63 Sorting coffee, Rwanda. Photo: UN/A’Melody Lee Photo: Getty/Yangphoto 66 Walvis Bay. Photo: UN/John Hogg 126 Ilulissat Greenland. Photo: UN/Mark Garten 35. United Nations (2015) Guide to Corporate Sustainability. 122 36. United Nation Global Compact (2022) Just Transition Business Brief. 123

T H E 1 2 T H U N I GLOSSARY PHOTO CREDITS T E D N A T I O PAGE PAGE N S G L O CORPORATE SUSTAINABILITY B Cover Image left: Parched soil by the White Nile. Khartoum, 69 Wind Park near Kavarna, Bulgaria. A Sudan. Photo: UN/Arne Hoel Photo: UN/Ivelina Taushanova L C O As deﬁned by the UN Global Compact, corporate sustainability starts with a company’s value Cover Image right: Concept of earth protection day. 71 Factory workers producing fruit drinks at Blue Skies, M P 35 A system and a principles-based approach to doing business. This means operating in ways that, at a Photo: Getty Images/Surasak Suwanmake in Accra, Ghana. Photo: UN/Dominic Chavez C T - 2-3 Aerial View of Switzerland’s Fast-Decreasing Glaciers. 74 Workers talking in a shipping yard A minimum, meet fundamental responsibilities in the areas of human rights, labour, environment and C C Bern, Switzerland. UN Photo/Jean-Marc Ferré Photo: Getty Images/Felipe Dupouy E anti-corruption. Responsible businesses enact the same values and principles wherever they have a N T 5 Torres del Paine in Chile 76 Ondumbe, a typical Owambo village. U presence and know that good practices in one area do not offset harm in another. By incorporating the R 11 USA, New York City, United Nations Headquarters and Photo: UN/John Hogg E C Ten Principles of the UN Global Compact into strategies, policies and procedures, and establishing a E Chrysler Building. Photo: Getty Images/Murat Taner 77 Reﬂections in a tank of water. Photo: UN/Arne Hoel O S culture of integrity, companies are not only upholding their basic responsibilities to people and planet, 12 Nepal, Himalayas 81 Migrating Canada geese. T U D but also setting the stage for long-term success. 13 Iguazu Falls, Brazil. Photo: UN/Mark Garten Photo: Getty Images/sharply_done Y 17 Coffee handler with beans from Timor Cooperative. 82-83 Dar es Salaam Port, Tanzania. Photo: UN/Rob Beechey Photo: UN/Martine Perret 84 Refueling of the airplane. DEVELOPING AND DEVELOPED COUNTRIES 18 Dar es Salaam Port, Tanzania. Photo: UN/Rob Beechey Photo: Getty Images/Chalabala 21 Sunset in Havana, Cuba. Photo: UN/Milton Grant 86 Caravan or convoy of trucks on highway. Developed and developing countries deﬁnitions are not geographical boundaries and are distinguished 23 A produce farm in Chimaltenango, Guatemala. Photo: Getty Images/IvanSpasic on the basis of Gross National Income (GNI) per capita. High-income economies with USD 12,535 Photo: UN/Maria Fleischmann 88 Ferghana Valley. Water infrastructure. 25 A petriﬁed tree in a dead Vlei or marsh in Namibia’s Photo: UN/Matluba Mukhamedova or more of annual GNI per capita are referred to as developed. Upper-middle income, lower-middle Namib desert. Photo: UN/Philip Schuler 89 A ﬂowing river, Indonesia. Photo: UN/Curt Carnemark income, and low-income economies within the range of USD 1,035 and USD 12,535 annuals GNI per 26-27 The Richtersveld community conservanc. 90 Harvesting alfalfa crop, aerial view. capita are referred to as developing. Photo: UN/John Hogg Photo: Getty Images/Andy Sacks 28-29 Flowers swaying in wind, Chile. 92 Modern automobile production line. Photo: UN/Curt Caremark Photo: Getty Images/Traimak_Ivan JUST TRANSITION 30 Scoresby Sund, Greenland. 94 Scientist. Photo: Getty Images/Skynesher Photo: Getty Images/MB Photography 96 New construction site in downtown district. 31 Green summer forest with spruce and pine trees. Photo: Getty Images/Sellwell A just transition leverages the net-zero transition to advance decent work, promote social inclusion and Photo: Getty Images/wmaster890 98 Women in home ofﬁce. 36 eradicate poverty. Putting people at the center of climate action secures the support and participation 32 Trees growing in park. Photo: Getty Images/Kathrin Ziegler required for the climate transition itself. Photo: Getty Images/John Leong/EyeEm 100 Looking at window display. 35 Dubai cityscape at night. Illuminated urban skyline Photo: Getty Images/d3sign with Burj Khalifa. United Arab Emirates. 102 Ain Beni Mathar Integrated Combined Cycle RESILIENCE Photo: Jaromir, Getty Images Thermo-Solar Power Plant. Photo: UN/Dana Smillie 38 Mountain top solar power plant at dusk. 104 Market analysis with digital monitor. A company’s ability to withstand, adapt and prosper through uncertainty and volatility — to ultimately Photo: Getty Images/Zhihao Photo: Getty Images/Thana Prasongsin 40-41 The wind ﬁeld of the mountain ridge. High angle 106 Doctors examining x-ray. emerge stronger and strengthen competitive advantage.aerial photography. Photo: Getty Images/zhongguo Photo: Getty Images/FS Productions 42-43 Large scale aquaculture of aquatic products in 108 Woman wearing augmented reality glasses. Marine Fisheries. Photo: Getty Images/Jiande Wu Photo: Getty Images/Qi Yang 44 Forest machine cutting trees. 110 Oil pipes from reﬁnery in desert during sunset. Photo: Getty Images/Johner Images Photo: Getty Images/Imaginima 48-49 Man scattering rice grains. Sta. Cruz, Laguna, 112 New Caledonia mining operations. Philippines. Photo: UN/Danilo Pinzon Photo: Getty Images/Arne Hodalic 51 Sapa, Viet Nam. Photo: UN/Kibae Park 114 IT engineer in Big Data center. 55 Construction works for the Panama Canal expansion Photo: Getty Images/Gorodenkoff project. Photo: UN/Gerardo Pesantez 116 Financial advisor. 57 High angle view of technicians working in server room. Photo: Getty Images/FG Trade Photo: Getty Images/Erik Isakson 118 Passenger airplane taking off at sunrise. 60 Western Sahara landscape. Photo: UN/Martine Perret Photo: Getty Images/Guvendemir 61 Ice cap in Greenland. Photo: UN/Mark Garten 120 High voltage towers in the dusk. 63 Sorting coffee, Rwanda. Photo: UN/A’Melody Lee Photo: Getty/Yangphoto 66 Walvis Bay. Photo: UN/John Hogg 126 Ilulissat Greenland. Photo: UN/Mark Garten 35. United Nations (2015) Guide to Corporate Sustainability. 12236. United Nation Global Compact (2022) Just Transition Business Brief. 123

T H E 1 2 T ABOUT THE UNITED NATIONS GLOBAL COMPACT H U N I THE TEN PRINCIPLES OF THE T E As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to D N A T I companies everywhere to align their operations and strategies with Ten Principles in the areas of UNITED NATIONS GLOBAL COMPACT O N human rights, labour, environment and anti-corruption. Our ambition is to accelerate and scale the S G L O global collective impact of business by upholding the Ten Principles and delivering the Sustainable B A Development Goals through accountable companies and ecosystems that enable change. With more L C O M than 17,000 companies and 3,000 non-business signatories based in over 160 countries, and 62 Local P A C Networks, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global HUMAN RIGHTS T - A C Compact uniting business for a better world. For more information, follow @globalcompact on social C E N media and visit our website at unglobalcompact.org. 1. Businesses should support and respect the protection of T U R internationally proclaimed human rights; and E C E O S T ABOUT ACCENTURE 2. make sure that they are not complicit in human rights abuses. U D Y Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, LABOUR we offer Strategy and Consulting, Technology and Operations services and Accenture Song — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 738,000 3. Businesses should uphold the freedom of association and the people deliver on the promise of technology and human ingenuity every day, serving clients in more effective recognition of the right to collective bargaining; than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com. 4. the elimination of all forms of forced and compulsory labour; ABOUT THE CEO STUDY PROGRAM 5. the effective abolition of child labour; and The CEO Study Program, developed by the UN Global Compact and Accenture, is an effort to enhance 6. the elimination of discrimination in respect of employment understanding and commitment between the United Nations and the private sector. The program is an and occupation. extensive review of the advancing corporate sustainability movement, and the publications coalesce dominant views of CEOs, business leaders and UN executives to track developments in sustainability. ENVIRONMENT DISCLAIMER 7. Businesses should support a precautionary approach to environmental challenges; The inclusion of company names and/or examples in this publication is intended strictly for learning purposes, and does not constitute an endorsement of the individual companies by the UN Global 8. undertake initiatives to promote greater environmental Compact or Accenture. While reasonable steps have been taken to ensure that the information is responsibility; and correct, neither UN Global Compact or Accenture give any warranty or make any representation as to its accuracy nor accept any liability for any errors or omissions. 9. encourage the development and diffusion of environmentally friendly technologies. ANTI-CORRUPTION 10. Businesses should work against corruption in all its forms, including extortion and bribery. The Ten Principles of the United Nations Global Compact are derived from: the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption 124 125

T H E 1 2 T ABOUT THE UNITED NATIONS GLOBAL COMPACT H U N I THE TEN PRINCIPLES OF THE T E As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to D N A T I companies everywhere to align their operations and strategies with Ten Principles in the areas of UNITED NATIONS GLOBAL COMPACT O N human rights, labour, environment and anti-corruption. Our ambition is to accelerate and scale the S G L O global collective impact of business by upholding the Ten Principles and delivering the Sustainable B A Development Goals through accountable companies and ecosystems that enable change. With more L C O M than 17,000 companies and 3,000 non-business signatories based in over 160 countries, and 62 Local P A C Networks, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global HUMAN RIGHTS T - A C Compact uniting business for a better world. For more information, follow @globalcompact on social C E N media and visit our website at unglobalcompact.org.1. Businesses should support and respect the protection of T U R internationally proclaimed human rights; and E C E O S T ABOUT ACCENTURE 2. make sure that they are not complicit in human rights abuses. U D Y Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, LABOUR we offer Strategy and Consulting, Technology and Operations services and Accenture Song — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 738,000 3. Businesses should uphold the freedom of association and the people deliver on the promise of technology and human ingenuity every day, serving clients in more effective recognition of the right to collective bargaining; than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.4. the elimination of all forms of forced and compulsory labour; ABOUT THE CEO STUDY PROGRAM 5. the effective abolition of child labour; and The CEO Study Program, developed by the UN Global Compact and Accenture, is an effort to enhance 6. the elimination of discrimination in respect of employment understanding and commitment between the United Nations and the private sector. The program is an and occupation. extensive review of the advancing corporate sustainability movement, and the publications coalesce dominant views of CEOs, business leaders and UN executives to track developments in sustainability. ENVIRONMENT DISCLAIMER 7. Businesses should support a precautionary approach to environmental challenges; The inclusion of company names and/or examples in this publication is intended strictly for learning purposes, and does not constitute an endorsement of the individual companies by the UN Global 8. undertake initiatives to promote greater environmental Compact or Accenture. While reasonable steps have been taken to ensure that the information is responsibility; and correct, neither UN Global Compact or Accenture give any warranty or make any representation as to its accuracy nor accept any liability for any errors or omissions. 9. encourage the development and diffusion of environmentally friendly technologies. ANTI-CORRUPTION 10. Businesses should work against corruption in all its forms, including extortion and bribery. The Ten Principles of the United Nations Global Compact are derived from: the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption 124 125

T H E 1 2 T H U ADDITIONAL ACKNOWLEDGMENTS N I ACKNOWLEDGMENTS T E D N Arco Ottenhof, Royal KPN N.V. A We would like to thank the following T I O leaders for their invaluable support: Bartho Boer, Royal KPN N.V. N Ben Brighouse, Lendlease S G L EXECUTIVE SPONSORS ANALYTICS LEAD UN GLOBAL COMPACT Ana Salazar, Aena O Kaeli Gattens, Lucara Diamond Corp B A Sanda Ojiambo & AUTHOR CONTRIBUTORS Maria Jose De Martini, Alpargatas S.A. Sitanshu Narad, National Commodities Management L C O Peter Lacy Grant Lurie Bo Yang Loek Dalmeijer, APG Group NV M Services Limited (NCML) P A Claudia Kirwald Geeta Ramachanran, APRIL Group C Ricardo Vargas, Masisa T - Brett Lutz, ADM A PROGRAM LEADS INTERVIEW LEAD Wynne Boelt Alex Müller, Merck KGaA C C Shenoy Mathew, Arya.ag E & AUTHOR Lyubava Kroll Sarah Clarke, Mirvac N Sean Cruse T Takako Asayama, Asahi Group Holdings, Ltd. U Małgorzata Pietrzyk Julian Knapp, Moody’s R Michael Hughes Letchumi Achanah, Asia Pulp & Paper (APP) Sinar Mas E C Yasmine Djellal, Nathan Associates E ACCENTURE Suresh Rathod, Avaada Group Verena Vorrath Araujo, Neoenergia O S T STUDY LEAD STUDY TEAM CONTRIBUTORS Denis Baptiste, AXA U Yasuhiro Ninomiya, NGK Spark Plug Co., Ltd. D Emilia Hull Emily Weaver Apurv Gupta Thomas Millas, Baker Hughes Mari Takahashi, Nippon Koei Co., Ltd. Y Lorenzo Lewis Rinrei Saito Natalie Alnaber, Bank al Etihad Antonios Sagris, Piraeus Bank Sundeep Singh Arijit Banerjee, Bayer South Asia Juan Carlos Suchite Moran, Progreso Dennis Mikkelsen, BDR Thermea Group Anuja Shams, Rohan Builders Beatriz Eugenia Tumoine Munoz, CEMEX Achim Hupperts, Royal DSM Ashley Pearlman, Cisco Crista Merendino, S&P Global Pippa Maloney, Coty Mayumi Tsuryu, Seven & i Holdings Co., Ltd. Holly Coutoumas, DAI Global, LLC Takahiro Tokui, Shionogi & Co., Ltd. Kenza A. El Kerdoudi, Diana Holding Harry Verhaar, Signify Laura Becker, Ecolab Matthew Nicholson, SoftBank Corp. Sayoko Sasaki, Eisai Co., Ltd. Mandy Hay, South East Water (Australia) Elena Blanco Lozano, Enagás Yoshihisa Takasaki, Sumitomo Chemical Company, Ltd. Pete Shefﬁeld, Enbridge, Inc. Yuko Koshiishi, Suntory Holdings Limited Francisca Hernández Uriz, ARPA Pragati Kapoor, SuperHuman Race Ajay Ayyappan, EXL Peter D’souza, Tata Motors Limited Muhammad Ali Bin Shahid, Fauji Fertilizer Company Somesh Biswas, Tata Steel Limited, (FFC) Sandeep Chandna, Tech Mahindra Emily Sampedro Morales, FexLaw Lawyers Tomoko Koarai, Tokyo Electron Limited Kristen Siemen, General Motors Anastasia Zhivulina, TotalEnergies Daniela Kielmann, GFT Technologies SE Pushpa Goswami, Transworld Group Jazel Eugenia Ayala Núñez, Grupo Herdez Christian Leitz, UBS Group AG Maria Fernanda Hermosillo Gatica, Grupo Rotoplas Sanjana Vaidya, ZenSar Technologies S.A.B. de C.V. Lara de Mesa, Banco Santander We would like to thank the following leaders Gangaa Charan Sharma, Harman Finochem Limited for their additional input and insights: Pradeep Singh, Hindustan Zinc Limited Carlos Zarco, HLA Group Alexander Aizenberg, Anna Tondevold, Atsushi Yamaji, Gonzalo Saenz De Miera, Iberdrola Casey Wells, Chris Roark, Claudia Galea, Clinton Roberto Fernandez, Iberdrola Moloney, Dai Hamaoka, Daishi Miyao, Debbie Van Iñigo Olaizola Arguiarro, Iberdrola Der Hyde, Gaetano Salierno, Gemma Baker, Hakuto Miguel Muñoz Rodriguez, Iberdrola Watanabe, Hiroki Kitagawa, Kareemah F. Mohamed, Raﬁek Sharfuddin, Imperial Jackie Brody Tavitas, Jan-Willem Jannik, Jean-Marc Youssef Mahmoud, ACWA Power Ollagnier, Joichi Ebihara, Lauren Rooney, Louise Prashant Patil, Indo Count Industries May, Matthew Robinson, Marie Georges, Masakata Jessica Johnson, Intrepid Travel Ishikawa, Naoki Inoue, Oliver Wright, Pavitra Solanki, Michael Isaac, Johnson Controls Priyanka Abbi, Rachael Bartels, Regina Maruca, Yoshiko Abe, Kokusai Kogyo Co., Ltd. Sandro Orneli, Shruti Goel, Takafumi Nakashima, Hiroko Kirihara, Konica Minolta, Inc. Wesley Spindler 126 127

T H E 1 2 T H U ADDITIONAL ACKNOWLEDGMENTS N I ACKNOWLEDGMENTS T E D N Arco Ottenhof, Royal KPN N.V. A We would like to thank the following T I O leaders for their invaluable support: Bartho Boer, Royal KPN N.V. N Ben Brighouse, Lendlease S G L EXECUTIVE SPONSORS ANALYTICS LEAD UN GLOBAL COMPACT Ana Salazar, Aena O Kaeli Gattens, Lucara Diamond Corp B A Sanda Ojiambo & AUTHOR CONTRIBUTORSMaria Jose De Martini, Alpargatas S.A.Sitanshu Narad, National Commodities Management L C O Peter Lacy Grant LurieBo YangLoek Dalmeijer, APG Group NV M Services Limited (NCML) P A Claudia Kirwald Geeta Ramachanran, APRIL Group C Ricardo Vargas, Masisa T - Brett Lutz, ADM A PROGRAM LEADS INTERVIEW LEAD Wynne Boelt Alex Müller, Merck KGaA C C Shenoy Mathew, Arya.ag E & AUTHORLyubava Kroll Sarah Clarke, Mirvac N Sean Cruse T Takako Asayama, Asahi Group Holdings, Ltd. U Małgorzata Pietrzyk Julian Knapp, Moody’s R Michael Hughes Letchumi Achanah, Asia Pulp & Paper (APP) Sinar Mas E C Yasmine Djellal, Nathan Associates E ACCENTURE Suresh Rathod, Avaada Group Verena Vorrath Araujo, Neoenergia O S T STUDY LEAD STUDY TEAMCONTRIBUTORSDenis Baptiste, AXA U Yasuhiro Ninomiya, NGK Spark Plug Co., Ltd. D Emilia HullEmily Weaver Apurv Gupta Thomas Millas, Baker Hughes Mari Takahashi, Nippon Koei Co., Ltd. Y Lorenzo Lewis Rinrei Saito Natalie Alnaber, Bank al Etihad Antonios Sagris, Piraeus Bank Sundeep Singh Arijit Banerjee, Bayer South Asia Juan Carlos Suchite Moran, Progreso Dennis Mikkelsen, BDR Thermea Group Anuja Shams, Rohan Builders Beatriz Eugenia Tumoine Munoz, CEMEX Achim Hupperts, Royal DSM Ashley Pearlman, Cisco Crista Merendino, S&P Global Pippa Maloney, Coty Mayumi Tsuryu, Seven & i Holdings Co., Ltd. Holly Coutoumas, DAI Global, LLC Takahiro Tokui, Shionogi & Co., Ltd. Kenza A. El Kerdoudi, Diana Holding Harry Verhaar, Signify Laura Becker, Ecolab Matthew Nicholson, SoftBank Corp. Sayoko Sasaki, Eisai Co., Ltd. Mandy Hay, South East Water (Australia) Elena Blanco Lozano, Enagás Yoshihisa Takasaki, Sumitomo Chemical Company, Ltd. Pete Shefﬁeld, Enbridge, Inc. Yuko Koshiishi, Suntory Holdings Limited Francisca Hernández Uriz, ARPA Pragati Kapoor, SuperHuman Race Ajay Ayyappan, EXL Peter D’souza, Tata Motors Limited Muhammad Ali Bin Shahid, Fauji Fertilizer Company Somesh Biswas, Tata Steel Limited, (FFC) Sandeep Chandna, Tech Mahindra Emily Sampedro Morales, FexLaw Lawyers Tomoko Koarai, Tokyo Electron Limited Kristen Siemen, General Motors Anastasia Zhivulina, TotalEnergies Daniela Kielmann, GFT Technologies SE Pushpa Goswami, Transworld Group Jazel Eugenia Ayala Núñez, Grupo Herdez Christian Leitz, UBS Group AG Maria Fernanda Hermosillo Gatica, Grupo Rotoplas Sanjana Vaidya, ZenSar Technologies S.A.B. de C.V. Lara de Mesa, Banco Santander We would like to thank the following leaders Gangaa Charan Sharma, Harman Finochem Limited for their additional input and insights: Pradeep Singh, Hindustan Zinc Limited Carlos Zarco, HLA Group Alexander Aizenberg, Anna Tondevold, Atsushi Yamaji, Gonzalo Saenz De Miera, Iberdrola Casey Wells, Chris Roark, Claudia Galea, Clinton Roberto Fernandez, Iberdrola Moloney, Dai Hamaoka, Daishi Miyao, Debbie Van Iñigo Olaizola Arguiarro, Iberdrola Der Hyde, Gaetano Salierno, Gemma Baker, Hakuto Miguel Muñoz Rodriguez, Iberdrola Watanabe, Hiroki Kitagawa, Kareemah F. Mohamed, Raﬁek Sharfuddin, Imperial Jackie Brody Tavitas, Jan-Willem Jannik, Jean-Marc Youssef Mahmoud, ACWA Power Ollagnier, Joichi Ebihara, Lauren Rooney, Louise Prashant Patil, Indo Count Industries May, Matthew Robinson, Marie Georges, Masakata Jessica Johnson, Intrepid Travel Ishikawa, Naoki Inoue, Oliver Wright, Pavitra Solanki, Michael Isaac, Johnson Controls Priyanka Abbi, Rachael Bartels, Regina Maruca, Yoshiko Abe, Kokusai Kogyo Co., Ltd. Sandro Orneli, Shruti Goel, Takafumi Nakashima, Hiroko Kirihara, Konica Minolta, Inc. Wesley Spindler 126 127

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