We allocate, on average, more than 40% of our profits to social and environmental projects for the third consecutive year
Barcelona, July 27th, 2023 - In Ferrer, certified as a B Corp in 2022, we confirm that there is another way of doing business, with an ethical business approach that contributes to a better society. Over the past three years, we have allocated over 40% on average of its net profits to various social and environmental projects aimed at creating a fairer and more equitable society. As stated in the Sustainability Report, in 2022, 47% of profits were reinvested, carrying out our commitment to making a positive impact in society.
"As a company, we have an obligation and responsibility to put business profitability and social benefit on an equal footing. We believe that the pharmaceutical business is not an end in itself, but a means to generate substantial social change. We are aware that we still have a long way to go, but we want to encourage other companies to follow the same path," says Mario Rovirosa, Ferrer’s CEO.
To inspire other companies and extend the positive impact beyond Ferrer itself, various initiatives have been launched involving business partners, suppliers and other companies. The Suppliers for Good program is an example in which we aim to support and guide its suppliers in improving their Environmental, Social and Governance (ESG) practices). An ESG evaluation process for suppliers was launched, and by 2022, 320 suppliers had already been evaluated through the Ecovadis platform, including nearly 50% of suppliers identified as significant. As a result, in 2022 we were recognized as a leader in Carbon Disclosure Project Supplier Engagement. As a further consequence of this initiative, Ferrer has been certified EcoVadis Gold.
A similar project has also been launched to involve business partners, called Partners for Good. The project consists of evaluating and promoting environmental, social and corporate governance performance among selected partners and defining actions to support and involve them in making a positive impact in society.
Further to the aim of inspiring other entities, in 2022, Ferrer became a strategic partner of the Barcelona City Council, EADA Business School and B Lab Spain in the Barcelona +B alliance, a public-private collaboration as part of a global movement to mobilize hundreds of thousands of citizens and organizations to promote more prosperous, sustainable, and inclusive cities.
Commitment to people, the planet, and a fair and equitable society
The data from Ferrer's 2022 Sustainability Report also reflects the company's commitment, through its Great People pillar, to a people-centered culture that promotes female leadership. As such, 51% of all management positions are held by women. In fact, the senior management team is made up of 6 women and 5 men.
"People in Ferrer are our driving force, and we want them to feel understood, valued, motivated and listened to. We strive to ensure their continued development. As evidence of this, in 2022, we dedicated nearly 127,000 hours to training our people, which represents 68 hours per person. Because we want people in Ferrer to feel that they are in the best place to work and to represent our purpose in their work,” says Bea Vila, Ferrer’s Chief People & Sustainability Officer. Of the total hours, only 5% relate to mandatory training, while 68.5% are skills training and upskilling sessions, and 26.5% are technical training.
In this regard, we revalidated our certification as a Great Place to Work® in Spain, Mexico and Portugal, and gained certification in two new countries: Chile and Costa Rica. With a record participation of 96% of the workforce, 75% considered Ferrer to be a great place to work and 88% expressed pride in the contribution the company makes to society.
Furthermore, Ferrer has reaffirmed its culture based on trust and responsibility by consolidating its commitment to flexible working through its unrestricted hybrid work model, for those who can work remotely. Under the name Great Work!, we opted for an activity-based working system, offering different ways of working based on each person's responsibilities.
People in Ferrer were also a driving force behind the Social Justice pillar, through which the company works to create a fairer and more equitable society. To this end, the company mobilized 925 people through its volunteering program, dedicating over 6,437 hours to social and environmental projects.
A significant proportion of Ferrer's net profits go to projects such as Ferrer for Food, under the auspices of the Fundació Ferrer Sustainability. This is a social kitchen initiative that provides over 4,000 nutritionally complete meals every day to people in vulnerable situations and distributes them through 51 social entities in Barcelona and the Maresme region.
In 2022, the Fundació de Música Ferrer-Salat also celebrated its 40-year history, marked by the promotion of musical excellence and social transformation through music. Over four decades of activity, it has made notable contributions to social integration through formal music education.
Another significant social impact project is the collaboration with Fundació Èxit, an initiative whose mission is to reduce school dropout rates among young people in situations of social vulnerability. In 2022, we made an impact on the lives of 218 young people, with 38 participating in the Leader Coach program to improve employability and reduce dropout rates through coaching and mentoring.
Through actions related to the Liveable Planet pillar, aimed at environmental protection, Ferrer achieved a 10.3% reduction in its global carbon footprint in 2022, nearing its goal of reducing it by 25% by 2030, and reduced direct emissions by 9.3%. Additionally, the company operates with 100% renewable electricity, avoiding the emission of 7,500 tons of CO2 annually. Furthermore, the company also achieved a global waste valorization rate of 84.6% thanks to activities such as the treatment, recycling, recovery and composting, among others.
In response to the climate crisis facing society, we have implemented a Climate Transition Plan that aligns our business strategy with decarbonization goals set through the Science Based Targets (SBTi) for 2030. "This project will allow us to objectively and comparably assess the return on investment, taking into account energy efficiency, CO2 emissions and other crucial environmental variables for decision making, facilitating the transition to business models with lower carbon emissions," explains David Ferrer, Ferrer’s Chief Financial Officer.
One of the most innovative of these initiatives is the implementation of internal carbon pricing. This tool plays a fundamental role in decision making by considering the impacts, risks and opportunities related to climate change by setting a price for every metric ton of CO2 emitted.