ESG related

Vestas Sustainability Report 2021

The turbines produced and shipped in 2021 are expected to avoid 532 million tonnes of CO2e over their lifetime. We launched the Circularity Roadmap, recycled our first 285 blades, and initiated the CETEC project to design the world's first circular blade. We achieved a record low total recordable injury rate of 3.1 per million working hours, increased our women in leadership from 19 to 21 percent, and reached 8,236 direct community beneficiaries through our CSR work. More information about these topics and many others can be found in the Sustainability Report 2021 titled "Leading the energy transition".

"Sustainability in everything we do"
In 2020, Vestas launched a Sustainability Strategy with 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.

Our vision of becoming the global leader in sustainable energy solutions requires Vestas to sustain a talented, agile, and cost-effective organisation. This combined with the long-term performance of the Company and the corporate values – Simplicity, Collaboration, Accountability, and Passion – guides the overall principles for and the individual elements of remuneration for both the Board and Executive Management. To ensure that Vestas’ remuneration promotes both strategic goals as well as long-term value creation and sustainability, the remuneration includes both fixed remuneration, short-term incentives, and long-term incentives.

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.