Record label giant Warner Music Group (WMG) has released its 2022 Environmental, Social, Governance (ESG) report.
In 2022 WMG became the first major music company to release a standalone ESG report, detailing long-standing climate commitments in a more formal approach. The assessment for the latest report involved input from over 45 internal and external stakeholders, and shares progress in areas including employee experience, social impact, diversity, equity, and inclusion (DEI), and climate change, while setting new targets for 2023 and beyond.
The multinational says it also considers existing ESG standards such as the United Nations (UN) Sustainable Development Goals (SDG) along with its company values in determining its path forward.
The announcement coincides with WMG’s naming its new CEO as Robert Kyncl, replacing the outgoing CEO Steve Cooper.
Music is a powerful and positive force, and WMG is filled with passionate change-makers and champions of culture” said Robert Kyncl. “This report highlights the strong foundation for the company’s continued evolution that’s been built under Steve’s leadership. As we chart the next phase of our long-term growth, we’re committed to our ESG efforts as a critical part of our plan for WMG as a more dynamic, inclusive, and sustainable company.”
Highlights from the 2022 report include:
Environmental
The international company is working to reduce Green House Gas (GHG) emissions by measuring WMG’s annual global footprint and setting targets to reduce emissions and procure renewable energy.
They are also building on several supplier partnerships to produce more sustainable record options, such as particularly recycled vinyl. WMG has also teamed up with Sonopress to provide fans with records that use an estimated eight times less energy, reduce GHG emissions per record by approximately 85%, and have the same sound quality as traditional vinyl.
Social
WMG revealed in the report that it has launched the WMG’s DEI Institute. The Institute offers educational series and training sessions with external expert faculty and was awarded best Initiative to Support Diversity & Inclusion in Music at the 2022 Music Cities Awards.
The Warner Music Group / Blavatnik Family Foundation Social Justice Fund has over $25 million in grant commitments to date and has supported a roster of more than 30 organisations through its Core Grants Fund.
Governance
Finally, WMG announced it has strengthened compliance protocols and controls and reinforced compulsory anti-harassment training. WMG, Sony Music Group, and Universal Music Group all won landmark victories against large-scale copyright theft.
You can read the full report here.
