Managing Risks and Opportunities Related to Climate Change
Our Board of Directors (the “Board”) provides oversight for the development and execution of our Environmental, Social, and Governance (“ESG”) strategy and the incorporation of sustainability-related risks and opportunities, including climate-related risks, into the Company’s strategy and operations. Dover’s CEO, who is a member of the Board, has management responsibility over ESG issues, including those related to climate change.
Our Board has established a comprehensive enterprise risk management process to identify and manage risks, including any risks related to environmental and social issues, and periodically reviews the processes established by management to identify and manage risks and communicates with management about these processes.
Our Board of Directors is also focused on our long-term business strategy and incorporates sustainability risks and opportunities into its overall strategic decision-making. Innovation is engrained in the Dover entrepreneurial spirit, and we believe that sustainability-driven innovation in response to customer demand will present a growth opportunity while contributing positively to enhanced resource efficiency and reduced waste. In that regard, our businesses have accelerated efforts and processes around innovation, including focusing on technologies that create tangible value for our customers and help them achieve their climate and sustainability objectives.
Dover’s senior management is fully involved and responsible for managing climate-related risks and opportunities. Our cross-functional Sustainability Steering Committee, comprised of senior Dover corporate and operating company leaders, oversees our ESG initiatives and sets our sustainability strategy and targets, including those related to energy and climate change.
On a day-to-day basis, our Senior Vice President, General Counsel & Secretary is responsible for managing overall sustainability and ESG reporting and strategy for Dover. Our Senior Vice President, Operations is responsible for managing our processes for internal reporting of energy consumption and GHG emissions and coordinates our action plan to achieve energy and greenhouse gas reductions across our facilities worldwide. For more information on our GHG emissions reporting, please visit our Energy and Emissions page.
For more information on our overall approach to risk management and oversight for sustainability matters, please see our Governance and Accountability page.