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At West, we are driven by our purpose to improve patient lives. We do this by supporting our customers by containing and delivering their life-enhancing and life-saving injectable medicines. We know that to fulfill this purpose effectively, we must consider our broader corporate responsibilities to the wide range of stakeholders we serve, starting with the end users of our products and extending all the way to the communities in which we operate. We continue to evolve and enhance our Corporate Responsibility (CR) strategy and consistent with a broader focus and trends in the marketplace, have begun to transform our CR strategy into an over-arching Environmental, Social and Governance (ESG) strategy. Through our ESG strategy, we seek to have an even greater impact than we do today, and we are working to further embed our ESG priorities into every aspect our business strategy.
In 2017, we first formalized our ESG (then CR) strategy, setting five-year environmental sustainability goals, along with quantitative and qualitative targets for the six pillars of that strategy that emerged from our initial materiality analysis: Diversity and Inclusion; Quality; Compliance and Ethics; Philanthropy; Environmental Sustainability; and Health and Safety. In exceeding some of these goals ahead of schedule, we were recognized as a top ESG performer by Barron’s and Newsweek in 2021. Our progress has spurred us to set even more ambitious and comprehensive goals and to empower all our team members to engage more fully in helping us to achieve them. To accomplish this, we implemented several beneficial changes in 2021, including establishing a new ESG Steering Committee, which includes representatives from across our business who are tasked with bringing the voice of their stakeholders to the conversation and championing the strategy across their teams.
Our ESG goals currently remain organized under the previously established pillars. However, through an iterative, data-driven process with our ESG Steering Committee and senior leadership, we
selected six priorities of focus that directly link to our corporate mission, vision and values. The priorities are: Responsible Supply Chain; Talent Attraction; Retention and Engagement; Waste in Operational Processes; R&D for the Environment and Climate Strategy. Moving forward, we plan to further enhance and refine our strategy to address these areas of focus, including a refined set of new key performance indicators targeted to impact these new priorities.
The advancement of our ESG goals over the five years has been at a time when we have seen our business grow from $1.59 to $2.83 billion in annual revenue. While many factors have gone into this success, I credit our commitment to ESG among them. Focusing on building a more diverse team, putting product quality at center stage, operating with integrity, giving back to our communities, managing our environmental footprint and caring for the safety of our team members makes for a better-performing business now and into the future.
As a global business community, we have a number of challenges on the horizon. As noted at the COP 26 United Nations Climate Change Conference last year, businesses need to do their part to step up and lead efforts to decarbonize our global economy with more environmentally friendly business practices.
I am pleased that West is working in all these areas already and having an impact. However, we are also keenly aware that there is more work to be done. With the changes we have made to further align our ESG priorities to West’s long-term strategy, I am confident we will continue to see good progress in this mission- critical area of our business well into the future.
Eric M. Green