BUREAU VERITAS links its syndicated credit facility financial terms to Environmental, Social and Governance (ESG) indicators
Press release
Neuilly-sur-Seine, France – February 24, 2021
Bureau Veritas links its syndicated credit facility financial terms to Environmental, Social and Governance (ESG) indicators
, a world leader in testing, inspection and certification, announces the signing of an amendment to its EUR 600 million syndicated credit facility − originally signed in 2018 − in order to integrate Environmental, Social and Governance criteria.
Bureau Veritas' social and environmental performance will now be taken into account when calculating the financing cost of its syndicated credit facility. This will be measured against the quantitative ESG objectives that the Group has set for 2025.
Didier Michaud-Daniel, Chief Executive Officer of Bureau Veritas, said:
“At Bureau Veritas, we contribute to Shaping a World of Trust by helping our clients reduce their risks in terms of quality, health, safety, environmental protection and social responsibility. These challenges are at the heart of our societal aspirations. Being a “Business to Business to Society” company comes with responsibilities: to set an example in terms of Corporate Social Responsibility, and to be a model for our industry in this field.
This announcement is part of our engagement, throughout all levels of the company, to contribute to a positive impact on people and the planet. It demonstrates our commitment to aligning financial and non-financial performance − a necessary condition for sustainable and profitable growth for all. With this action, we are proud to play a role in sustainable finance.”
Three non-financial criteria have been selected for inclusion in calculating the cost of financing the syndicated credit facility. They are:
- Total accident rate: Bureau Veritas aims to reduce the total accident rate1 to a level of 0.26 by 2025 (representing a 32% decrease compared to the 2019 rate of 0.38)
- Percentage of women in leadership positions: Bureau Veritas aims to have women in 35% of the company’s leadership positions2 by 2025 (compared to 19.5% in 2019, representing an 80% increase in the number of leadership positions held by women)
- CO2 emissions per employee (tons per year): Bureau Veritas aims to reduce its emissions3 to 2.0 tons per year per employee in 2025 (compared to 2.85 tons in 2019, a decrease of 30%)
Aligned with the United Nations' Sustainable Development Goals (SDGs), Bureau Veritas' CSR 2025 strategy − aimed at “Shaping a Better World” − is based on three drivers:
- “Shaping a better workplace”
- “Shaping a better environment”
- “Shaping better business practices”
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 75,000 employees located in more than 1,600 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility.
Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit , and follow us on (@bureauveritas) and .
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1 TAR: Total Accident Rate (number of accidents with and without lost time x 200,000/number of hours worked).
2 Proportion of Women from Executive Committee to Band III (internal grade i.e. “management” or “leadership” position) in the Group (number of Women in full-time equivalent in the leadership position scope/total full-time equivalent in leadership position scope).
3 Greenhouse gas emissions from offices and laboratories, tons of CO2 equivalent per employee per year for Scope 1, 2 and 3 (emissions related to business travels).
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