ESG related

Sustainability Report 2022

We continue to make incremental improvements for all but one strategic target. Our decarbonisation journey for our own operations and 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. However, in some cases, we must renew our efforts to ensure steady progress towards long-term targets. For example, while we have successfully reduced our TRIR by 69 percent over the last 10 years, the TRIR over the last three years has plateaued. We must find innovative new ways to continue our safety journey if we are to remain on target for 2025 goals.

More information about these topics and many others can be found in the Sustainability Report 2022 titled "Scaling-up sustainably with strategic partners".

"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.

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 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.

Other reports

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