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:
- Carbon neutrality by 2030 without carbon offsets
- Zero-waste wind turbines by 2040
- To be the safest, most inclusive, and socially responsible company in the energy industry
- 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
- File title:
- 2023 Corporate Governance Report
- Description:
2022 Corporate Governance Report
- File title:
- 2022 Corporate Governance Report
- File title:
- 2021 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2020 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2019 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2018 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2017 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2016 Corporate Governance Report
- Description:
Statutory Report on Corporate Governance
- File title:
- 2015 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
- File title:
- 2023 Remuneration Report
- Description:
2022 Remuneration Report
- File title:
- 2022 Remuneration Report
- File title:
- 2021 Remuneration Report
- Description:
Remuneration Report
- File title:
- 2020 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
- File title:
- 2022 Sustainability Report
- File title:
- 2021 Sustainability Report
- File title:
- 2020 Sustainability Report
- Description:
- Vestas - Statutory Report on Gender Distribution 2019
- File title:
- 2019 Report on Gender Distribution
- File title:
- 2018 Report on Gender Distribution