NEW YORK, Aug. 15, 2013 (Press Release) -Tiffany & Co. today released its annual Corporate Responsibility Report. The full report can be accessed at the company's website (www.tiffany.com/sustainability , #tiffanycsr) and details Tiffany's corporate sustainability initiatives and long history of environmental and social responsibility.
"The report documents our long-held commitment to sustainability and influencing others in the jewelry industry to make environmental conservation a critical part of their operations," said Tiffany & Co. Chairman and CEO Michael J. Kowalski. "We are proud of our accomplishments and proud too of keeping our promise to our customers to redouble our efforts in protecting the natural world."
Through its business practices and collaborative efforts, the company strives to positively influence the entire jewelry supply chain. For example, Tiffany & Co. continuously works to promote responsible mining standards and increase awareness about critical issues affecting the industry, such as the environmental concerns surrounding the development of the proposed Pebble Mine in Bristol Bay, Alaska.
The 2012 Corporate Responsibility Report provides an overview of Tiffany's most material environmental and social challenges and opportunities. The following highlights specific areas of the report, which aligns with the Global Reporting Initiative (GRI) and United National Global Compact (UNGC) reporting frameworks.
Responsible Mining: Tiffany strives to source diamonds, gemstones and precious metals from mines that conform to high standards of social and environmental responsibility. Tiffany & Co. sources metals and diamonds used in Tiffany & Co. owned and operated manufacturing facilities directly form known mines when possible. Tiffany & Co. manufactures approximately 60% of its jewelry at these manufacturing facilities. In 2012, Tiffany traced 98% of precious metals procured by Tiffany & Co. owned and operated manufacturing facilities directly to a known mine or recycler.
Tiffany & Co. purchases all rough diamonds from countries that participate in the Kimberley Process Certification Scheme. Further, Tiffany & Co. traced 100% of the rough diamonds purchased in 2012 either directly to a known mine or to a supplier that sources from multiple known mines.
Over the last few years, Tiffany & Co. has financed diamond mines to assure access to high-quality diamonds. Specifically, the company finances projects in Sierra Leone and South Africa, allowing for a new supply of diamonds that meet Tiffany & Co. standards and also increased traceability.
Paper and Packaging: In 2012, 100% of paper suppliers of Tiffany Blue bags and Tiffany Blue Boxes were Forest Stewardship Council (FSC)-certified. The company recently introduced a new Tiffany Blue bag, with 50% post-consumer recycled content in selected cities in the United States. Based on the success of this program, the company plans to roll out these new bags in additional cities in the U.S. and abroad.
Industry Leadership: Tiffany & Co. was added to the FTSE4Good® Index in 2012, which identifies businesses that meet globally recognized corporate social responsibility standards.
Governance: Tiffany & Co. performed its first annual disclosure in accordance with the Tiffany & Co. Principles Governing Corporate Political Spending, adopted by the Board of Directors in 2011. These principles apply globally to Tiffany & Co. and its controlled affiliates.
Building Footprint: Tiffany & Co. received the United States Environmental Protection Agency's Excellence in Greenhouse Gas Management (Goal Achievement Award) for surpassing its goal to reduce U.S. Scope 1 and 2 greenhouse gas emissions by 10% per square foot from 2006 to 2011.
Between 2010 and 2012, the Tiffany & Co. New York affiliate's headquarters were consolidated into a LEED-CI Platinum office space, reducing emissions by 23%.
Our Employees: Tiffany performs periodic surveys of its global employee population. The 2012 Global Employee Survey had a 90% participation rate.
Tiffany set an ambitious goal of reducing our U.S. total recordable incidence rate-the number of recordable workplace injuries or illnesses per 100 full-time equivalent employees-by nearly 70% against a 2011 baseline by 2016.
Charitable Giving: In 2012, Tiffany & Co. made charitable contributions totaling nearly 1% of pre-tax earnings. Further, The Tiffany & Co. Foundation continues to play a key role in Tiffany & Co.'s sustainability efforts, supporting leading organizations working in areas like responsible mining and coral conservation.
For more details on these highlights and to read the full report, please visit tiffany.com/sustainability.
Tiffany & Co. operates jewelry stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates and engages in direct selling through Internet, catalogue and business gift operations. For additional information, please visit www.tiffany.com.