LCI Industries, issued an inaugural corporate sustainability report through its wholly-owned subsidiary, Lippert Components, Inc.
The report is an important milestone in Lippert’s sustainability management, the company stated, setting a base for environmental, social, and governance (ESG) topics toward continual and long-term improvement.
Jason Lippert, company president and CEO, said the company is committed to good corporate citizenship, and said reporting on ESG measures will drive ongoing performance tracking for stakeholder feedback.
“The increasing consideration of ESG is very aligned with our corporate values, our culture and the consumers in our outdoor recreation industry,” Lippert said. “Our growth and recent innovations along with our increasing focus on ESG will mean our Lippert team members, their families, and our customers will be able to better enjoy the communities where we live, work, and play, long into the future.”
Some of the report highlights include:
- The expansion of the board of directors’ oversight on ESG topics.
- Release of material information in line with the Sustainable Accounting Board Standards (SASB) for the first time.
- Transformation of employee culture, reflected in a substantial reduction in its attrition rate from 120% in 2017 to 28% in 2019 and 31% in 2021.
- Replacement of conventional energy with solar at seven facilities, which have produced 8.75GwH to date on a combined basis, the equivalent of preventing the GHG emissions of 1,349 passenger vehicles driven for a year.
- Dedication of over 500,000 hours by Lippert team members and their families to more than 2,000 charitable causes since 2017.
- Updated policies, including the company’s Code of Conduct, Whistleblower, and Conflict Minerals policies.
The corporate sustainability report is aligned with the Sustainable Accounting Board Standards disclosure framework and shares the first released table, a standard Lippert adopted due to its focus on materiality. LCI Industries’ 2020 Sustainable Accounting Board Standards index references the framework for the Transportation Sector: Auto Parts industry and the Consumer Goods Sector: Building Products and Furnishings.
Tracy Graham, chair of the Lippert Board of Directors, said the ESG oversight is welcomed as the issues align with the company’s sustainable business goals.
“The SASB-aligned report captures the most material ESG topics for our company and is a standard that was recommended by investors,” Graham said.
Lippert will periodically update its ESG activity on its website and will release its calendar year 2022 report in 2023. To access the 2021 Lippert Corporate Sustainability Report visit lci1.com/sustainability.
