“Setting goals and targets for our Passage to Sustainability”
A MESSAGE FROM OUR GENERAL MANAGER
I know that sustainability has always been important to many individuals within our organisation, and across our stakeholder groups. In 2023 we began to formalise our approach to tackling the change that is needed, and set goals and targets for our ‘Passage to Sustainability’. This involved understanding what was most important for our team, the wider marine community and to align with developing legislation.
During 2023 we joined over 90,000 companies who have been assessed by EcoVadis – one of the largest and most trusted providers of sustainability ratings.
We were delighted to achieve a ‘Silver’ medal which places us in the top 15% of comparable companies. Undertaking EcoVadis helped us both to identify our strengths and also to be clear about where we should focus for improvement.
This is our first Sustainability Report and it aims to explain our Sustainability strategy and the key areas we are focusing on, alongside the goals we have set ourselves for 2024. Team members across the organisation have goals and responsibilities linked to our strategy. I am particularly grateful to our Sustainability Champions for the time and enthusiasm they have given.
Gregoire Outters General Manager of Raymarine and FLIR Maritime
SUSTAINABILITY IS A KEY FOUNDATION UPON WHICH OUR STRATEGY IS BUILT
We will always endeavour to minimize our impact on natural resources and protect our environment.
EMPOWERING BOATERS TO ACCOMPLISH MORE HOW? THROUGH LIVING OUR VALUES:
DO THE RIGHT THING
Deliver on our promises. Go all out and do it with integrity and heart.
ENJOY THE VOYAGE
Celebrate our successes, champion each other, and find the joy in what you do, every day.
MAKE WAVES HAPPEN
Challenge the norm, push the boundaries and take pride in what we create.
NURTURE OUR COMMUNITY
It’s why we’re here. Our people, customers and environment all rely on us.
SUSTAINABILITY STRATEGY
PRESERVING Marine life
In 2023 we developed our first sustainability strategy. It is anchored in the areas which are important to our stakeholders, our customers and our team.
It takes account of the material sustainability factors for our industry*
We reviewed the 17 United Nations Sustainable Development Goals (UN SDGs) and have focused on those which are most relevant.
*We referred to the International Sustainability Standards Board (ISSB https://www.ifrs.org/groups/internationalsustainability-standards-board/
We recognise the essential role water plays in sustaining both marine and human life. Our goal is to ensure that our actions contribute to the health and vitality of marine ecosystems.
ALIGNING WITH THE SDGs
• Goal 13 Climate Action Take urgent action to combat climate change and its impacts
• Goal 14 Life below water Conserve and sustainably use the oceans, seas and marine resources for sustainable development
INNOVATING For the future ACCESS For all
We thrive on innovation, constantly seeking new ideas, products, partnerships, and ways of working that set new standards for sustainability in the industry.
Our aim is to inspire others to follow in our wake as we lead by example.
ALIGNING WITH THE SDGs
• Goal 9 Industry, innovation and infrastructure
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
• Goal 12 Responsible production and consumption
Ensure sustainable consumption and production patterns
We are committed to fostering a safe and inclusive environment for current and future generations to enjoy water and the marine industry.
Everyone should have the opportunity to experience the joy of boating without compromising the environment.
ALIGNING WITH THE SDGs
• Goal 8 Decent work and economic growth
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all.
GOALS, KEY ACTIONS AND MEASURES
*
PRESERVING Marine life
OUR 2024 GOALS
Reduce our Scope 1* And 2* Green House Gas emissions by 34% versus our base year of 2019
Scope 3* emissions measured. Set action plans and reduction targets with key suppliers
Product packaging is ‘plastic free’ for products manufactured after the end of 2024 Reducing and removing plastic from the logistics / transport of products
Set out our waste generation and management policy. Communicate to our customers and business partners
KEY ACTIONS AND MEASURES
• Solar panels at our Fareham Head Office
• Energy efficiency survey and actions
• Team power saving actions
• Electric vehicles in company fleet
• Emissions measured using Normative
• Key Supplier engagement
• Partner with packaging suppliers and experts
• All newly created products have packaging which is free of plastic
• Convert packaging for production of ‘ongoing’ products to plastic free
• Work with logistics partners globally
• Revised engineering and testing process to drive waste reduction
• Clear information on electronic waste disposal
The Greenhouse Gas (GHG) Protocol categorises an organisation's activities into three emission 'scopes'. These are defined as:
Scope 1 — Direct emissions from sources that are owned or controlled by the company ie combustion in owned or controlled boilers, vehicles
Scope 2 — Emissions from the generation of purchased electricity consumed by the company. Scope 2 emissions physically occur at the facility where the electricity is generated
Scope 3 — Scope 3 emissions are a consequence of the activities of the company, but occur from sources not owned or controlled by the company
GOALS, KEY ACTIONS AND MEASURES
INNOVATING For the future
OUR 2024 GOALS
Sustainability is embedded in our organisational purpose and ways of working
All new products we develop have sustainability criteria and targets
Reduce / eliminate paper usage wherever possible
KEY ACTIONS AND MEASURES
• Sustainability is part of our ambition and values
• Business Sustainability Goals for 2024 are cascaded into individual objectives
• Updated New Product Development process
• Introduce a Design for Sustainability process
• Transition user manuals, product brochures and price lists to digital formats
GOALS, KEY ACTIONS AND MEASURES
ACCESS
For all
OUR 2024 GOALS
Review how our software functionality can help users in more sustainable boating.
Team members have the skills to improve business sustainability
Use the Ecovardis model to continue to improve our ESG performance
KEY ACTIONS AND MEASURES
• User experience team to engage with customers and market
• Include in updated New Product Development process and software updates
• Training for R+D, Product Management, Supply Chain and Leadership in sustainability and sustainable business models
• Action to implement key recommendations from previous assessment
ECOVADIS ASSESSMENT
In 2023 we completed an EcoVadis assessment as part of our work to collaborate on sustainability across the marine industry. We were delighted to achieve a ‘Silver’ medal which places us in the top 15% of businesses.
However, this is only the start, and it has helped us to identify areas where we should focus next on our Passage to Sustainability.
Our goal for 2024 is to put actions into place which will improve our sustainability and be recognised through an increased EcoVadis assessment score.
WHAT IS ECOVADIS?
EcoVadis is a globally recognised assessment platform that rates businesses’ sustainability based on four key categories: environmental impact, labour and human rights standards, ethics, and procurement practices.
EcoVadis offers a collaborative platform where companies can assess, monitor, and improve their sustainability performance. By using this, Raymarine can drive continuous improvement in our sustainability efforts and, ensure transparency and accountability in our operations.
ENVIRONMENTAL FOCUS
The natural environment and particularly Marine Life are key considerations for all our stakeholders.
Our main environmental focus areas are:
House Gas emissions reduction
Reducing the impact of plastic pollution
Ensuring the safe disposal of products when they reach the end of their usable life
Green
GREEN HOUSE GAS (GHG) REDUCTION
• Energy consumption and Green House Gas emissions are Key Sustainability Issues in our business sector (see EcoVadis)
• The most significant part of our scope 1 and 2 GHG emissions come from our head office in Fareham, UK and so that is the initial focus of our internal GHG reduction actions
• In 2023 we began the investment in solar panels in addition to work already done on more energy efficient heating / cooling and lighting
• 2024 target to reduce scope 1 and 2 emissions by 34% compared to our 2019 baseline. This will mainly come through solar power, energy saving actions by the team, building energy saving review and company transition to electric vehicles
• Scope 3 Emissions - We recognise that the vast majority of our GHG emissions will be those in our supply chain – both upstream and downstream. We have begun to measure our Scope 3 emissions as part of a project with our parent company Teledyne Technologies Inc.
• One of our 2024 goals is to understand the hotspots, and engage with our supply chain partners to focus on reduction plans
The 1st phase of solar panel installation at Fareham was in September 2023. By the end of the year they had generated 16.8 Mega Watt Hours (MWh) of electricity. By producing our own clean energy, we’ve also avoided over 3 tonnes of CO2 emissions from electricity we would otherwise have purchased through the grid.
SCOPE 1 AND 2 EMISSIONS
Total energy consumption (MWh) variance to 2019 base
Total gross emissions (tCO2e) for which SECR reporting required
Energy intensity ratio (tCO2e) per employee
MORE SUSTAINABLE PACKAGING
Our packaging needs to keep our precision equipment protected from manufacture to the point of installation, which could be anywhere around the globe.
We set ourselves the challenging goal of product packaging being ‘plastic free’ for products manufactured after the end of 2024
At the start of this process we had over 47,000 different items of plastic packaging across our range of products including bags, air cushions, foam, shrink wrap and tape. This amounted to over 2 million items per year
We no longer create ‘glossy’ coloured boxes to ensure our cardboard packaging is more easily recyclable
Our plastic free packaging innovation with a key partner won the WorldStar Global packaging award. The previous packaging contained over 50% single use plastic. The award winning new packaging has innovative ‘crumple zones’ to provide protection, is made from 100% recyclable material, and has a 60% lower CO2 footprint per product.
We are now printing with only black ink straight onto cardboard. This makes the boxes much easier to recycle than previous colour printing and gloss finish
We have begun to replace plastic foam packaging with Mushroom® Packaging, which is grown from mycelium root and non food agricultural plant waste. It is water resistant, naturally flame-resistant and biodegradable
Previous packaging
New packaging
PRODUCTS: INNOVATION, QUALITY AND RELIABILITY
Since developing the first commercial echo sounder in 1923, innovation has always been at the heart of what we do. Raymarine has built on this foundation including
• The first autopilot system for recreational boats
• The first single-cable installation solution
• The world’s first marine multifunction display
Our product innovation has been recognised by the awarding of over 100 patents
In line with the European Union’s Circular Economy Action Plan (CEAP) and more specifically the Ecodesign for Sustainable Products Regulation (ESPR) we recognise that creating products which are durable and reliable will help reduce the environmental impact over a lifetime of use.
One of our goals for 2024 is to include sustainability considerations in the design and development process of all new products We will also consider how the features of our equipment provide information to help users make more sustainable boating choices.
ECODESIGN FOR SUSTAINABLE PRODUCTS REGULATIONS
ESPR states that:
A sustainable product is likely to display one or more of the following characteristics:
• Uses less energy
• Lasts longer
• Can be easily repaired
• Parts can be easily disassembled and put to further use
• Contains fewer substances of concern
• Can be easily recycled
• Contains more recycled content
• Has a lower carbon and environmental footprint over its life cycle
PRODUCTS: ELECTRONIC WASTE
Electronic waste is the world’s fastest growing waste stream. In order to ensure our products are durable and reliable, we conduct extensive testing to simulate the harsh conditions our products need to work in. This inevitably produces some electronic waste which is all handled through accredited channels.
One of our goals for 2024 is to increase the proportion of product testing which is conducted digitally to reduce waste whilst continuing to focus on high performance and reliability.
Raymarine is committed to meeting its obligations to the environment, including the regulations related to recycling and disposal of Raymarine product. The Waste
Electrical and Electronic Equipment (WEEE) Directive requires the recycling of waste electrical and electronic equipment which contains materials, components and substances that may be hazardous and present a risk to human health and the environment when WEEE is not handled correctly.
Collection points for WEEE are listed on our website and we also offer a product take back service for our business customers.
www.raymarine.com/en-gb/policies/ recycling
ACCESS FOR ALL
We want to ensure ‘Access for All’ to the water. One of our values is ‘nurture our community - its why we are here. Our people, customers and environment rely on us.’
Our main focus areas are:
• Enabling everyone to enjoy the water safely by creating accessible and easy to use products
• Valuing and supporting our ‘Raymarine Crew’ to bring their whole unique contribution to Raymarine.
• Enjoying our success and marine community together.
• Reflecting our stakeholders – a wide variety of people and organisations who enjoy, work or live by the water.
Collaborating across business, charity and education to build a marine community for positive change
Raymarine ambassador, sailor and author Davide Besana, in conjunction with charity Save the Children, engages with young people who might not otherwise have access to the water.
Raymarine
"Raymarine technology has enabled us to enhance our participants time on the water. They are empowered to take the wheel and appreciate the whole experience, irrespective of their disability."
Geoff Holt MBE DL, Founder, Trustee
Wetwheels vision is to "ensure everyone can access the water with a safe, barrier free, enriching experience."
Wetwheels offers a unique opportunity for disabled and disadvantaged people of all ages - including those with multiple, profound and complex impairments - to access the water. Central to the experience is active participation - helping to broaden aspirations, increase confidence and directly impact on health and well being.
Raymarine has donated all the navigational equipment for Wetwheels since they launched their first boat in 2011. There are now 8 boats located around Great Britain, from Jersey to Edinburgh. Each of their expert captains rely on Raymarine equipment to ensure a safe voyage and maximum enjoyment.
wetwheelsfoundation.org
Raymarine
Geoff Holt, founder of Wetwheels enabling another wheelchair user to enjoy time on the water.
OUR RECRUITMENT STRATEGY ENABLES US TO SELECT THE BEST PEOPLE
Raymarine follows the Teledyne FLIR policy, whereby managers are responsible for recruitment within their teams. This improves the candidate experience and tends to provide a faster recruitment process.
We are data driven and adopt a scientific approach and use both ability and personality tests as selection instruments. Interviews are competency based and are adapted to each role. HR supports managers through the process by training and coaching.
By following this strategy we can be more effective and minimise the risk of discrimination or other unintentional bias to ensure that we engage with the best talent for our business
PERSONAL DEVELOPMENT
Our employees have regular reviews and have personal competence goals linked both to the requirements of the business and also to the responsibilities of their role. The responsibility for competence is shared between the employee and their manager.
In addition to person and role specific training, all employees are offered the opportunity to access the Percipio online professional development platform through the learning module in Workday.
The platform offers a blend of self-paced online courses and is available to anyone, anytime.
LEADERSHIP TRAINING
Managers at Raymarine are encouraged to participate in internal leadership training provided in conjunction with Teledyne FLIR. This aims to give Managers short, meaningful, and business relevant sessions to ensure they have the necessary tools, techniques and insights to succeed in their role.
The training is focused on practical concrete support and development from the internal HR team and so is aligned with business and individual needs.
The training consists of 5 sessions:
• Strategic self awareness
• Performance tools
• Recruitment and interview techniques
• Driving change and performance in the team
• Conflict management and difficult conversations
OUR CREW
RAYMARINE IS COMMITTED TO PROVIDING A SAFE AND HEALTHY WORK ENVIRONMENT.
As part of the Teledyne FLIR organisation, all employees are required to follow workplace policies and procedures to ensure a safe work environment, and to report immediately any unsafe working conditions or activities, along with all injuries or accidents that occur in the workplace.
In 2023 out of over 95,000 hours worked, there were no accidents reportable under RIDDOR* and no work time lost due to accidents.
There were 5 minor accidents and 5 near misses (see chart below), which were reported to the Health and Safety Committee for learning and future prevention.
*RIDDOR ( Reporting of Injuries, Diseases and Dangerous Occurrences Regulation 2013 is the UK legislation which Raymarine Fareham reports under.
RAYMARINE UK LTD GENDER SPLIT
Whilst the workforce at Raymarine UK (in line with our industry) is majority male, we have a growth in the proportion of women over the past 5 years.
NEAR MISS
Raymarine
SUPPORTING OUR CREW
Raymarine Works Council brings together a group of nominated individuals to represent employees' interests to the leadership team. It includes consulting and negotiating on working conditions and operational changes.
In 2023 seven members of our UK team were trained as Mental Health First Aiders, a scheme certified by Mental Health First Aiding England.
They provide a supportive confidential ear to anyone experiencing difficulties in or outside work, and signpost relevant services.
In addition to physical safety, we recognise that inclusion, development and emotional safety are also necessary for a good working environment.
Our Crew have free access to a confidential Employee Assistance Programme Helpline (0800 169 1920) and a health Ap, both provided by Telus Health.
During 2023 we established a team of over 20 Sustainability Champions across the Raymarine business, including all geographies from Australia to Italy, France, the UK and the USA. There are representatives from different business functions and they are all passionate about driving positive change.
UK
Abid Miah
Andrew Smith
Anna Millington-Marais
Ben Woodling
Brendan Tinkler
Chloe Rice
Dominic Mayo
Gareth Read
James Frankham
Layla Coleby
Marie Claire Sothcott
Phil Webb
Romain Outters
Simon Linford
Yasmin Tahraoui
USA
Brandt Brown
Ron Nennie
Australia
Josh Wilson
France
Kaelig Le Corre
Italy
Giorgia Gandolfini
GOVERNANCE AND ETHICS
Raymarine is part of the Teledyne group of companies and follows all Teledyne policies with regards to governance, ethics and trade compliance.
EXTRACT FROM OUR GLOBAL CODE OF ETHICAL BUSINESS CONDUCT: INTERNATIONAL TRADE COMPLIANCE
With facilities in the United States and around the world, the Company is a global entity that deals regularly with companies, customers and suppliers in many countries.
It is the responsibility of every employee to understand and follow all local laws regulating commerce in each country in which he or she may be involved in Teledyne business.
The conduct of our business also involves significant volumes of exports and imports.
Teledyne requires its employees to understand and comply with all applicable trade laws and regulations and Teledyne’s policies on international trade compliance.
Teledyne employees involved in international trade are responsible for ensuring that they and the Company:
• Follow all applicable local laws regulating commerce
• Follow all applicable laws regarding international trade
• Follow all Teledyne policies and procedures related to export and import controls
• Obtain all required export and import licenses
• Obtain all required certificates of origin
• Maintain required documentation regarding international trade transactions in a manner that accurately and completely represents each transaction
• Do not export to any country or person when such exports are prohibited by applicable law
• Use screening processes to ensure adherence to laws related to prohibited country or prohibited person transactions
• Do not engage in or support boycotts of any person, group or country in violation of applicable anti boycott laws.
Although the laws, regulations, procedures and processes may vary depending on where we do business, we must apply the same rigorous approach to reviewing international transactions in all our locations and with all levels of government in all countries.
The foregoing list of compliance matters is not comprehensive, and Teledyne employees involved in the export or import of goods must familiarize themselves with the applicable laws, regulations and Teledyne policies. The laws and rules that apply are complicated and depend on many factors, including the products or technology involved, the location of the relevant Teledyne company and the location of the party receiving the products or technology. More information about international trade compliance laws is included in the policies available on Teledyne’s Intranet. Any employee who has questions regarding the international trade laws should seek guidance from the designated international trade compliance personnel for that employee’s facility, the Teledyne Corporate International Trade
Compliance is everyone’s responsibilty
SALES
Watchlist, Sanctions, Embargoes, Boycott, Know Your Customer, End Use (WMD), Diversion Risk, Red Flags
LOGISTICS TRAFFIC
Import/Export Declaration, Document preparation/review, Shipment Authorization validation, Temporary shipment tracking
ENGINEERING
Jurisdiction and Classification (JC Focals), Technical Data Release, Design Collaboration, R&D
FINANCE
Boycott, Sanctions, Fees, Commissions, Political Contributions, Red Flags, Foreign Corrupt Practices (Bribery), Import / Treasury
QUALITY
QMS, Policy Implementation, Destruction and Disposal of Controlled Goods
IT
Location of Controlled Data, Information Security, Transfer Controls, System Access and Controls, Insider Threat
MANUFACTURING
Tooling, Manufacturing Technology Transfer, Outside Operartions
ORDER ENTRY
T&C flow down, PO Terms, Export License Requests, Transaction Due Diligence
HR Citizenship/Nationalitiy verification, Employment Licenses, Watchlist Screening
EHS-SECURITY
Physical Security, Badging and Access Controls, Foreign National Controls, Technology Control Plans
SOURCING
Transaction Due Diligence, Supplier Jurisdiction and Classification, Technical Data Exports
PROGRAM MANAGEMENT
Technical Data Exports (Autorization Owners)
ETHICS HOTLINE
Any employee or third-party doing business for or with Teledyne may report any ethical concern or suspected misconduct online at teledyne.ethicspoint.com
Or phone the Ethics Hotline 0800 090 3167 (UK) (877) 666 6968 (USA)
96%
Raymarine UK Employees
ANTI-CORRUPTION PROCEDURES
We follow Teledyne’s anti-corruption procedures and are trained in the Global Code of Ethical Business Conduct
TELEDYNE’S LEGAL DEPARTMENT OUTLINES OUR ANTI-CORRUPTION WORK:
Teledyne Technologies Incorporated and its affiliates (“Teledyne”) conduct business all over the world.
Teledyne Global Code of Ethical Business Conduct Training % of completed in 2023
As such, Teledyne is subject to legal requirements in various jurisdictions. Teledyne is committed to acting with integrity and conducting business according to the highest levels of ethical conduct and compliance with laws. Our products are offered to both government and commercial customers, and are selected based on quality, functionality, operability, and price. We do not seek any improper influences while conducting our business and expect the same standards from partners operating on our behalf. Teledyne has established certain policies and procedures to ensure these compliance standards are maintained, both internally, as well as with our partners.
As a company headquartered in the United States, Teledyne is obligated to remain compliant with the U.S. Foreign Corrupt Practices Act (FCPA). In addition to the FCPA, Teledyne’s operations require compliance with the UK Bribery Act as well as other local anticorruption laws and statutes (together, “AntiCorruption Laws”).
All of our employees are expected to abide by Anti-Corruption Laws. By conducting business with Teledyne, our partners are also required to be familiar with, and adhere to, the requirements of the FCPA as well as any other applicable AntiCorruption Laws.
Teledyne has established compliance policies to assist our employees and partners adhere to Anti-Corruption Laws.
Applicable policies include the Teledyne Global Code of Ethical Business Conduct, the Gifts, Entertainment and Hospitality Policy, the Teledyne Anti-Corruption Statement, the International Third-Party Engagement Policy, and the Travel Hosting Guidelines Policy.
In addition, Teledyne undertakes a review of our partners to determine the capabilities of such partner to properly represent Teledyne in accordance with our standards and requirements. Part of these efforts involves a diligence review of our partners in advance of any business relationship. Teledyne also undertakes periodic diligence updates of our partners throughout the term of the relationship.
EXTRACT FROM OUR GLOBAL CODE OF ETHICAL BUSINESS CONDUCT:
ANTI-CORRUPTION
Teledyne has zero tolerance for any form of corruption, such as bribery, kickbacks, extortion or similar conduct, whether it involves government officials or private parties and whether it occurs inside or outside the United States.
All Teledyne employees and others who act on behalf of Teledyne are strictly prohibited from engaging in such conduct. No Teledyne employee or representative will suffer adverse consequences for refusing to pay or receive bribes or engage in other forms of corruption, even if such refusal may result in Teledyne losing business. No one acting on Teledyne’s behalf should ever pay a bribe or otherwise sacrifice compliance with the law to make a sale or achieve any other business gain.
Teledyne employees are responsible for understanding and complying with all applicable laws, regulations and Teledyne policies regarding anticorruption. Those laws and regulations include, but are not limited to, the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, Canada’s Corruption of Foreign Public Officials Act and Chinese anti-corruption laws.
TELEDYNE HAS RISK MANAGEMENT OVERSIGHT OF RAYMARINE
The risk oversight function of the Board of Directors is carried out by both the Board and the Audit Committee. As provided in its charter, the Audit Committee meets periodically with management to discuss the Company’s major financial and operating risk exposures and the steps, guidelines and policies taken or implemented relating to risk assessment and risk management. Matters of strategic risk are considered by the Board as a whole. At each regularly scheduled meeting of the Audit Committee, our Vice President, Business Risk Assurance reports directly to the Audit Committee on the activities of the Company’s internal audit function.
Management also reports to the Audit Committee on legal, finance, accounting and compliance matters at least quarterly and on tax, pension and information technology and cyber security matters periodically.
The Board is provided with reports on legal matters at periodically scheduled meetings and on other matters related to risk oversight on an as needed basis. In addition, the Audit Committee reviews with management the “risk factors” that appear in our Annual Report on Form 10-K prior to its filing.
We have an Enterprise Risk Management Committee, consisting of executive officers and other employees, to identify significant company risks and determine whether we have appropriate risk management policies, practices and procedures in place. Our Senior Vice President and Treasurer, periodically reports to the Audit Committee and the Board of Directors on the progress and results of the actions taken by this committee.
RAYMARINE UK IS A MEMBER
OF THE FOLLOWING ORGANISATIONS
Britsh Marine Organisation BMO
Comite International Radio-Marine (CIRM) - the International Association for Marine Electronics Companies
Raymarine UK is certified under the International Standards Organisation ISO9001
OUR SUPPLIERS
Raymarine works closely with a number of expert manufacturers to ensure our designs are manufactured to the high quality we expect.
Our suppliers are reviewed carefully before we embark on any business relationship. They must also sign and comply with the Teledyne Code of Conduct for Service Providers, which is based on the Fair Labor Association Workplace Code of Conduct, and the Electronic Industry Citizenship Coalition Code of Conduct. This is to ensure, as far as is possible, that suppliers provide their employees with decent and humane working conditions
OUR GOALS FOR 2024
• To further develop our sustainable procurement policy and track compliance
• To work with our key suppliers to measure and set reduction targets for our Scope 3 GHG emissions.
EXTRACT FROM THE TELEDYNE CODE OF CONDUCT FOR SERVICE PROVIDERS
Teledyne expects its Service Providers, regard- less of location, to adhere to the same work- force policy standards that Teledyne follows. Specifically, Service Providers are required to follow and periodically reconfirm their agreement to abide by these standards:
• Compliance with Laws and Regulations and Contracts: Every Service Provider must comply with all laws and regulations that apply to that Service Provider, its employees and its business activities (“applicable laws and regulations”). Teledyne Service Providers must comply with all terms, conditions, and other provisions specified in their contracts with Teledyne.
The Teledyne Code of Conduct for Service Providers also outlines the requirements we place on our suppliers/service providers, in the following areas among others:
• No Forced Labor, Child Labor, Slavery or Human Trafficking: Service Providers shall
WE
not engage in, facilitate or use forced or involuntary labor or child labor. Service Providers shall not engage in or facilitate slavery or human trafficking and should assess their supply chains to ensure they are in compliance with this requirement.
• Safe Work Environment: Service Providers shall maintain a safe and sanitary workplace that includes appropriate protective equipment, and is in compliance with applicable environmental, health and safety laws, rules and regulations.
• Safe Work Environment: Service Providers shall maintain a safe and sanitary workplace that includes appropriate protective equipment, and is in compliance with applica.
• Cybersecurity: Each Service Provider must have adequate cybersecurity controls to prevent and identify potential cyber attacks on its network that could expose Teledyne and its customers’ confidential information. We expect our Service Providers to notify us if they believe Teledyne information has been compromised in a cyber attack on their systems.
OUR SUPPLY CHAIN
Raymarine has a global customer base with Sales Offices, Distributors and Dealers around the world. We work with experienced logistics partners who ensure that products are transported efficiently and safely to our customers in over 90 different countries.
During 2023 our first step was to work with these logistics partners to use recycled paper rather than plastic ‘padding’ around our product boxes to protect them in transit.
During 2024 we will begin to explore ways to:
• Measure our current impact
• Further reduce plastic in our logistics packaging
• Reduce carbon emissions per KG of product transported
Raymarine
Our main logistics hub is fully solar powered, and has high accuracy due to robot and technology enabled storage and picking processes
