The Sherwin-Williams Company -
Investor Sustainability Summary
Topic | Metric | 2021 | 2022 | 2023 | |
Sustainability Reporting | |||||
2023 | Sustainability Report | 2023 Sustainability Report | |||
2023 | SASB Index | 2023 SASB Index | |||
2023 | TCFD Report | 2023 TCFD Report | |||
2023 | GRI Index | 2023 GRI Index | |||
General | |||||
Total Employees | 61,626 | 64,366 | 64,088 | ||
Total Employees (Full-Time Equivalent) | 51,116 | 53,505 | 64,051 | ||
Company | Net Sales (Millions) | $19,944.6 | $22,148.9 | $23,051.9 | |
Total Shareholder Return | See page 85 of our 2023 Sustainability Report for Shareholder Returns | ||||
Number of Sites (includes manufacturing/distribution sites and global stores, branches and blending facilities) | 5,271 | 5,383 | 5,478 | ||
Environmental |
General Environmental
Emissions and Climate Change
ISO 14001 Certified Sites1 - # (%) | 43 (36%) | 44 (36%) | 47 (39%) | |
Environmental Management Policy | Global Environmental, Health and Safety Policy | |||
Scope 1 (Direct CO2) GHG Emissions (metric tons CO2e) | 387,908 | 427,035 | 434,541 | |
Scope 2 (Indirect CO2) GHG Emissions (metric tons CO2e) | 271,935 | 278,837 | 265,782 | |
Total Scopes 1 and 2 CO2 emissions (metric tons CO2e) | 659,843 | 705,872 | 700,323 | |
Emissions Reduction Goal | Reduce absolute Scope 1 and 2 greenhouse gas emissions | |||
by 30% by 2030 (2019 baseline) | ||||
Our 2030 Scope 1 and 2 emissions reduction goal reflects a science-based | ||||
Science-Based Target | approach influenced by the Paris Agreement and its goal to limit | |||
global warming to well below 2.0 degrees Celsius | ||||
VOC Emissions (metric tons) | 1,879 | 1,723 | 1,603 | |
SOX Emissions (metric tons) | 243 | 255 | 319 |
1 This only applies to manufacturing and distribution facilities.
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Topic | Metric | 2021 | 2022 | 2023 |
Emissions and Climate Change (continued)
Energy
Renewable Energy
Water
Waste
NOX Emissions (metric tons) | 3,992 | 4,180 | 5,138 | |
Climate Change Strategy | Yes - see pages 70-74 of our 2023 TCFD Report | |||
CDP Climate Change Disclosure2 | CDP Climate Change Response | |||
CDP Climate Change Score2 | B- | C | C | |
Total Direct Energy Consumption (Scope 1) (Gigawatts) | 1,534 | 1,736 | 1,770 | |
Total Indirect Energy Consumption (Scope 2) (Gigawatts) | 742 | 749 | 723 | |
Total Energy Consumption ((Gigawatts)) | 2,276 | 2,485 | 2,493 | |
Total Direct Energy Intensity (Scope 1) (Megawatts/metric tons produced) | 0.41 | 0.44 | 0.47 | |
Total Indirect Energy Intensity (Scope 2) (Megawatts/metric tons produced) | 0.20 | 0.19 | 0.19 | |
Total Energy Intensity (Megawatts/metric tons produced) | 0.61 | 0.63 | 0.66 | |
Renewable Energy (Gigawatts)3 | 1.29 | 0.41 | 0.92 | |
Renewable Energy Percent of Total (%) | 0.17% | 0.05% | 0.13% | |
Renewable Energy Goal | Increase electricity from renewable sources to 50% | |||
of total electricity usage by 2030 (2019 baseline) | ||||
Water Withdrawn (m3) | 3,526,124 | 3,869,286 | 3,943,481 | |
Water Consumption in Production Facilities (m3) | 997,052 | 836,685 | 813,106 | |
Water Intensity (m3/metric ton production) | 0.93 | 0.98 | 1.05 | |
Water Consumed in Production Facilities and Sourced from Regions with High or Extremely High Baseline | 20.98% | 20.77% | 24.43% | |
Water Stress | ||||
CDP Water Disclosure2 | CDP Water Security 2023 | |||
CDP Water Score2 | C | C | C | |
Wastewater Discharge (m3) | 2,529,072 | 3,032,601 | 2,797,492 | |
Waste Reduction Goal | Reduce waste disposal intensity by 25% by 2030 (2019 baseline) | |||
Waste Reduction Strategy | Yes - see pages 24-25 of our 2023 Sustainability Report. |
- CDP scoring is based on previous year's data.
- Renewable Energy includes on-site generation and procured renewable energy credits.
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Topic | Metric | 2021 | 2022 | 2023 |
Social |
Workforce
Belonging & Culture
Women in Workforce | 24.5% | 23% | 25% |
Women in Management | 26.4% | 26% | 26% |
Minorities in Workforce (U.S. Only) | 35.2% | 36% | 38% |
Minorities in Management (U.S. Only) | 27.7% | 29% | 30% |
Workforce Age Group 70+ | 0.9% | 0.92% | 1.35% |
Workforce Age Group 60-69 | 6.6% | 6.28% | 8.13% |
Workforce Age Group 50-59 | 15.7% | 15.46% | 15.96% |
Workforce Age Group 40-49 | 20.1% | 20.01% | 21.06% |
Workforce Age Group 30-39 | 26.6% | 26.23% | 27.26% |
Workforce Age Group 20-29 | 28.8% | 29.20% | 25.10% |
Workforce Age Group Under 20 | 1.3% | 1.90% | 1.15% |
Voluntary-Regrettable Turnover (for Full-Time Only) | 12.3% | 13.1% | 10.8% |
The Sherwin-Williams Company 401(k) Plan Common Stock Ownership | 7.9% | 7.6% | 7.3% |
Equal Opportunity Policy | Equal Opportunity Policy |
2023 Engagement Survey: We collaborated with a third party to conduct our global engagement survey. Our goal was to leverage the voice of our employees and quantify our progress toward creating an inclusive culture that empowers everyone to learn, grow and achieve their career aspirations. We earned a favorable engagement score of 76%, which serves as an affirmation of our existing efforts. We compare scores against past results and are committed to using the data to drive continued progress through a formal action planning process. We regularly seek employee feedback through various forms of formal and informal employee listening and plan to conduct the global engagement survey every two years.
The following results from our 2023 all-employee engagement survey reflect our efforts in fostering an inclusive, supportive culture.
- "Managers treat our employees with dignity and respect." - 90% favorable response
- "Sherwin-Williamsis a safe place to work." - 84% favorable response
- "I can be myself at Sherwin-Williams." - 80% favorable response
- "I would recommend Sherwin-Williams as a place to work." - 80% favorable response
Conscious Inclusion Education & Training equips employees with inclusive leadership behaviors and resources to improve performance, drive business growth and enhance customer experience. The sessions and resources are designed to help leaders become mindful of unconscious perspectives and provide them with practical actions they can take to create and lead more inclusive cultures.
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Topic | Metric | 2021 | 2022 | 2023 | ||||||
Days Away Restricted or Transferred (DART) Rate (Total incidents per 200,000 hours worked) | 0.58 | 0.87 | 0.84 | |||||||
Occupational Health and Safety | ||||||||||
Recordable Case Rate (Total number of employees with recordable incidents per 200,000 hours worked) | 0.81 | 1.29 | 1.18 | |||||||
Health and Safety Policy | Global Environmental, Health and Safety Policy | |||||||||
Human Rights | Human Rights Policy | Code of Conduct, | Human Trafficking Policy | |||||||
Conflict Minerals Policy | Conflict Minerals Policy | |||||||||
Community Engagement | Total Corporate Foundation and Other Giving | $6,425,865 | $6,944,238 | $6,498,431 | ||||||
Community Engagement | Community Engagement | |||||||||
Products | ||||||||||
Quality and Safety | Research and Development Costs (Millions $) | $115.9 | $119.3 | $196.6 | ||||||
Sustainability by Design | Our Sustainability by Design program embeds life cycle thinking, which considers impacts throughout our value chain, into the earliest stages of our product innovation and development processes. From initial | |||||||||
concept through commercialization, we identify ways to incorporate sustainability attributes into our products, with a focus on climate/carbon impact, resource conservation and formula stewardship. For more | ||||||||||
on our Sustainability by Design program, see page 13 within our 2023 Sustainability Report. | ||||||||||
Product Sustainability | Sustainability Product Listing | |||||||||
Supply Chain | ||||||||||
Supply Chain | Supplier Guidelines/Code of Conduct | Supplier Code of Conduct | ||||||||
Governance | ||||||||||
Ethics | Business Ethics Policy | Code of Conduct | ||||||||
Size of the Board | 11 | 11 | 11 | |||||||
Independent Directors on Board - # (%) | 10 (91%) | 10 (91%) | 9 (82%) | |||||||
Independent Lead Director | Yes | Yes | Yes | |||||||
Board of Directors | Gender Diversity - # (%) | 3 (27%) | 3 (27%) | 4 (36%) | ||||||
Racial/Ethnic Diversity - # (%) | 4 (36%) | 4 (36%) | 4 (36%) | |||||||
Board Average Age | 61.8 | 62.8 | 62.2 | |||||||
Board Average Tenure | 6.2 | 6.8 | 6.5 | |||||||
Mandatory Retirement Age | 72 | 72 | 72 | |||||||
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Topic | Metric | 2021 | 2022 | 2023 |
Board of Directors Continued
Shareholder Practices4
Public Policy and
Political Engagement
Board Meetings Held | 6 | 5 | 6 | |
All Directors Attended ≥ 75% of Meetings | Yes | |||
Independent Members on the Audit Committee - # (%) | 6 (100%) | 6 (100%) | 5 (100%) | |
Audit Committee Meetings | 5 | 6 | 5 | |
Independent Members on the Compensation & Management Development Committee - # (%) | 4 (100%) | 4 (100%) | 4 (100%) | |
Compensation & Management Development Committee Meetings | 4 | 6 | 7 | |
Independent Members on the Nominating & Corporate Governance Committee - # (%) | 4 (100%) | 4 (100%) | 3 (100%) | |
Nominating & Corporate Governance Committee Meetings | 4 | 2 | 2 | |
Annual Board and Committee Self-Assessments | Yes | |||
Orientation Program for New Directors | Yes | |||
Equal Voting Rights (One Vote per Share) | Yes | |||
Annual Say on Pay Voting Support | 93.5% | 92.4% | 93.6% | |
Shares Outstanding as of December 31 | 261,143,805 | 258,875,999 | 254,543,290 | |
Equity Reserved as % of Shares Outstanding | 7.3% | 6.9% | 6.2% | |
Options Granted as % of Shares Outstanding | 0.37% | 0.39% | 0.39% | |
Fair Price Provision | Yes | |||
Mandatory Bid Provision | No | |||
Majority Voting Standard | Yes | |||
Classified Board | No | |||
Proxy Access5 | Yes | |||
Shareholder Rights Plan | No | |||
Political Action Committee | No | |||
Public Policy and Political Engagement Statement | Code of Conduct, | 2023 GRI Index |
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Historical share and per share information has been retroactively adjusted to reflect the Company's three-for-one stock split effected March 31, 2021.
5 The Company's Regulations provide proxy access rights to three-year, 3% shareholders for up to 20% of the board.
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Topic | Metric | 2021 | 2022 | 2023 |
Compensation
Governance
Total Compensation Paid to Named Executives | $33,937,998 | $26,559,481 | $47,131,384 |
Total Salaries Paid to Named Executives | $4,652,263 | $4,195,773 | $4,578,397 |
All Other Compensation Paid to Named Executives | Summary Compensation Table, Proxy Statement | ||
Total Compensation Paid to CEO | $15,843,760 | $12,749,910 | $19,281,779 |
Total Salary Paid to CEO | $1,368,231 | $1,408,962 | $1,478,462 |
All Other Compensation Paid to CEO | Summary Compensation Table, Proxy Statement | ||
Executive Compensation Policies and Practices | Compensation Discussion and Analysis, Proxy Statement | ||
Significant Stock Ownership Guidelines6 | Yes | ||
Double-Trigger Equity Vesting Upon CIC | Yes | ||
Anti-Hedging and Anti-Pledging Policy | Yes | ||
Clawback Policy | Yes | ||
Total Executives | 11 | 12 | 12 |
Female Executives - # (%) | 3 (27%) | 3 (25%) | 3 (25%) |
Sustainability Disclosures Independently Verified/Assured | No | ||
UN Global Compact Signatory | No | ||
Sustainability Oversight | Yes - see page 49 of our 2023 Sustainability Report | ||
External Auditor | Ernst & Young LLP | ||
Audit and Audit-Related Fees Paid to Auditor | $6,171,000 | $6,398,000 | $6,818,000 |
Non-Audit Fees Paid to Auditor | $1,023,000 | $1,896,000 | $1,714,000 |
6 Each independent director is required to own shares of common stock equal in value to a minimum of 7x the annual board cash retainer and hold all shares of common stock received upon the vesting of restricted stock units until the minimum share ownership requirement is met. Each executive is required to own shares of common stock equal in value to a multiple of his/her base salary, with 6x for the CEO, 4x for the COO and 3x for other executives.
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Sherwin Williams Co. published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2024 14:31:09 UTC.