Franklin Electric Co., Inc. (NASDAQ: FELE) released its third annual Sustainability Report this month, providing transparency, insight and data related to the company’s performance toward environmental, social and governance (ESG) initiatives and goals. The commitment to these initiatives and goals led the company to be named to Newsweek’s 2022 list of America’s Most Responsible Companies.
This year’s report includes several details related to product advancements, employee health and wellness programs, and manufacturing initiatives. For example, operational excellence and global process standardization helped the company increase its usage of power from renewable energy sources by 10%. The company reported a significant investment in its global Goal Zero safety campaign, spending more than 24,000 hours training employees on health and safety best practices with the goal of zero work-related injuries. From a product standpoint, several advancements are helping Franklin Electric customers become more sustainable, including the company’s development of MagForce High Efficiency Motors that significantly lower customer energy usage and related operating costs.
“We published our first Sustainability Report in October 2020, and I am proud of the progress that we have made in offering transparency to our environmental impact,” says Franklin Electric CEO Gregg C. Sengstack. “The results in our 2022 report speak to the combined efforts of our employees around the globe, whose work creates the products that allow for safe and reliable access to water, the filtration and treatment of water, the safe and effective movement of wastewater, and for environmentally safe and sustainable handling of liquid fuels.”
Franklin Electric produced the report following the guidelines set forth in the Global Reporting Initiative (GRI) Sustainability Reporting Standards and the Institutional Shareholder Services (ISS) Environmental and Social Disclosure QualityScore Framework. This set of standards creates a common language for organizations to report on its sustainability impacts in a consistent and credible way. Information in the report primarily covers the fiscal year that ended on December 31, 2021.