ESG related

Sustainability
Report 2023

 

We continue to make good progress across a wide range of topics, with a clear focus on achieving the objectives of our sustainability strategy. Our decarbonisation journey for our supply chain continues as planned, and we have continued to improve our material efficiency and recycling rates. We are also on target for increasing our share of women in leadership positions. While we have managed to reduce our TRIR by 9 percent from 2022, we remain committed to maintaining progress and meeting our 2025 and 2030 targets. However, in 2023, we recorded an increase in CO2e emission of 9 percent in our own operations (scope 1 and 2) compared to 2022. This is due to our rapidly growing offshore construction and service businesses, which are reliant on marine vessel fuels. Still, as expanding our Offshore business is a key solution to reduce the environmental impact on the world, we remain committed to finding alternatives to marine fuels in collaboration with our customers and suppliers.

More information about these topics and many others can be found in the Sustainability Report 2023.

"Sustainability in everything we do"


Our Sustainability Strategy has four key goals and ambitious targets: 
 

  1. Carbon neutrality by 2030 without carbon offsets
  2. Zero-waste wind turbines by 2040
  3. To be the safest, most inclusive, and socially responsible company in the energy industry 
  4. Leading the transition to a world powered by sustainable energy

 

 

ESG questionnaires and ratings

At Vestas we welcome the increased focus on and need for transparent ESG reporting. At the same time, we see a growing demand for providing the needed data and have therefore implemented a yearly evaluation process to determine which ratings and indices to support in the coming year. 

Much of the information and data investors  are looking for is readily availabe in our Sustainability Reports, and hence we encourage you to start here, if you have questions related to our approach to and data on environmental, social, and governance topics. 

Corporate Governance Reports

 

The Board is continuously vigilant of the guidelines and processes that are in place for the running of Vestas. This ensures that – at any given time – management has the necessary framework to be able to conduct business in the spirit of Vestas’ values – accountability, collaboration, simplicity, and passion.

 

Pursuant to the Danish Financial Statements Act section 107 b and the rules of Nasdaq Copenhagen, listed companies must state their position to the Committee’s recommendations by using the “comply or explain” principle.

Vestas’ position with regard to each individual recommendation is described in Vestas’ statutory reports. It is specified in the recommendations on corporate governance that it is just as legitimate to explain a deviation from a specific recommendation as to comply with the recommendation. The key issue is to create transparency in the corporate governance of the company.

 
Statutory reports on corporate governance, cf. section 107 b of the Danish Financial Statements Act
Description:

Corporate Governance Report 2023

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2023 Corporate Governance Report
Description:

2022 Corporate Governance Report

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2022 Corporate Governance Report
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2021 Corporate Governance Report
2020 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2020 Corporate Governance Report
2019 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2019 Corporate Governance Report
2018 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2018 Corporate Governance Report
2017 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2017 Corporate Governance Report
2016 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2016 Corporate Governance Report
2015 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

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2015 Corporate Governance Report
2014 Corporate Governance Report
Description:

Statutory Report on Corporate Governance 

File title:
2014 Corporate Governance Report

Remuneration reports

As of 2020, the Remuneration Report has been prepared in accordance with section 139 b of the Danish Companies Act and the European Commission Guidelines on the standardised presentation of the remuneration report. 

The Remuneration Report provides the overview of the total remuneration received by the Board of Directors and the Executive Management of Vestas Wind Systems A/S during a financial year with comparative figures for the past five years. 

Remuneration Policy

The overall objective of the Remuneration Policy is to attract, motivate, and retain qualified members of the Board and Executive Management, to align the interests of the Board and Executive Management with the interests of our shareholders and stakeholders as well as to support Vestas’ strategic goals and promote value creation aligned to the interest of the shareholders.

Statutory remuneration reports, cf. section 139 b of the Danish Companies Act
Description:
Remuneration Report 2023
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2023 Remuneration Report
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2022 Remuneration Report

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2022 Remuneration Report
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2021 Remuneration Report
2020 Remuneration Report
Description:

Remuneration Report

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2020 Remuneration Report
2019 Remuneration Report
Description:

Remuneration Report

File title:
2019 Remuneration Report

Additional reports

Statutory report on gender distribution

Pursuant to the Danish Financial Statements Act section 99 b Vestas prepares a statutory report on gender distribution.

As of the financial year 2020, our reporting regaring gender distribution and diversity is inclueded in the annual sustainability report.

 
Various reports

Other reports or documents that we are obligated to make available online.

Statutory gender distribution reports, cf.  section 99 b of the Danish Financial Statements Act
Description:
Vestas Sustainability Report 2023
File title:
2023 Sustainability Report
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2022 Sustainability Report
File title:
2021 Sustainability Report
File title:
2020 Sustainability Report
Description:
Vestas - Statutory Report on Gender Distribution 2019
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2019 Report on Gender Distribution
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2018 Report on Gender Distribution