Sustainability Overview

Sustainability Vision and Goals

Our vision for sustainability is a sustainable innovation for every customer challenge. This vision guides our efforts across our portfolio of operating companies and team of over 24,000 employees. We remain focused on operating sustainably to meet the goals of our customers, realizing the full potential of our employees by fostering an inclusive culture that supports and values their efforts, and strengthening the communities in which we operate.

Throughout our history, our commitment to corporate responsibility and sustainability has created significant value for Dover. In 2020, we began implementing a three-year plan to expand our environmental, social, and governance (“ESG”) disclosures, metrics, goals, and oversight. This journey commenced after extensive dialogue with our stakeholders and with the strong support of, and collaboration with, our Board of Directors.

As part of our initial three-year plan, we launched our sustainability webpages to disclose key sustainability performance indicators, established a Sustainability Steering Committee to drive the integration of sustainability into business matters, and conducted a materiality analysis and ESG goal-setting exercise to set goals for our five strategic topics: Energy and Emissions, Innovation for Sustainable Products, Employee Health and Safety, Diversity and Inclusion, and Talent Attraction and Development. For more information about our progress in each these areas, please select a strategic topic below.

In 2021, we launched our 2030 climate action goals, which are approved by the Science Based Targets initiative (SBTi). We developed these science-based targets (SBTs) and other goals focused on our five strategic topics after rigorous discussion with stakeholders. We are committed to tracking our progress, renewing these SBTs and other sustainability goals as appropriate, and continuously improving performance in our ESG strategic topics.

The analysis began with developing a list of relevant ESG topics from internal and external resources, including our long-term business plan, topics reported by peers, and those identified as material by industry standard setters. We also considered feedback received from investors on sustainability matters solicited during our engagement efforts. We used these topics to guide interviews with a wide variety of business leaders from our operating companies and the Dover corporate center, including human resources, supply chain, legal, investor relations, and operations. By engaging representatives from across our business, we gained important insight into the perspectives of our most important stakeholders such as our shareholders, employees, suppliers, and customers on relevant ESG topics.

The findings from the materiality analysis were used by our Sustainability Steering Committee to identify the ESG topics that are most critical to our company. We view the results of the materiality analysis through the lens of our long-term business plan and values to prioritize actions and allocate resources. For each sustainability topic, we are applying our expertise, innovation, and resources to drive progress. These ESG areas of focus guide our sustainability strategy and transparent reporting of ESG matters to our shareholders, customers, employees, suppliers, and broader communities.

2022 marked the end of our inaugural three-year sustainability plan, and as part of our next three-year plan, we intend to update our materiality analysis to respond to the changing sustainability landscape, external environment, stakeholder perspectives, and business areas of focus. In 2023, as we embark on our new three-year plan, we are focusing on key initiatives to drive progress on our goals and evolving our ESG reporting to keep pace with leading frameworks.

Our Sustainability Reporting Approach

In addition to reporting our progress annually through our sustainability webpages, we publish indices aligned to the Sustainable Accounting Standards Board (SASB) reporting framework and Global Reporting Initiative (GRI) standards and summarize the results of our climate scenario analysis in our Task Force on Climate-Related Financial Disclosures (TCFD) Index. We also disclose key environmental impacts to CDP, through our annual response to the CDP Climate Change and CDP Water Security questionnaires. We are committed to focusing on and making progress against ESG metrics and targets that are material to our business, while reviewing our governance over ESG metrics to continuously improve their reliability.