PHOENIX, US - Media OutReach - 21 April 2021 - As it continues its year-long centennial celebration, Avnet (NASDAQ: AVT), a leading technology solutions provider, is focused on helping its customers, suppliers and employees reach further together to make a difference in the world. Avnet's latest corporate sustainability report demonstrates how this principle is a cornerstone of the company's way of doing business and outlines the company's environmental, social and governance (ESG) strategy. To celebrate the centennial, Avnet is launching a new employee giving campaign, 100 Acts of Giving, to recognize and reward its employees' charitable efforts. An ongoing article series will also highlight Avnet customers that are leveraging technology to make a positive impact on our world.
"Avnet is entering into its second century in business deeply rooted in the same principle that helped us succeed in the first – we stay situated at the center of the technology value chain – constantly adjusting our position as this center morphs and grows with time," said Phil Gallagher, Avnet CEO. "One of the critical elements of our continued success is building strong relationships with our many stakeholders so that we're not only meeting their needs, but we are doing the right things right. The principles of resiliency and sustainability have been the bedrock of Avnet's business for 100 years, and we are proud to do work that makes a difference in the world."
HIGHLIGHTS FROM SUSTAINABILITY REPORT
As part of Avnet's ongoing ESG initiatives, the company published its latest sustainability report highlighting efforts completed in fiscal years 2019 and 2020. The report outlines the company's strategy and key areas of focus, based on a materiality study Avnet administered in early 2020. It includes letters from both the CEO and Chair of the Board, detailed information on its response to COVID-19, and comprehensive sections on people and communities, environment and corporate governance. It also calls out where Avnet supports the U.N. Sustainable Development Goals, GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board).
A few things to highlight:
- The five topics that ranked highest in Avnet's materiality assessment include: ethics and compliance, occupational health and safety, climate, diversity and inclusion, and economic performance.
- Avnet's Diversity and Inclusion strategy will encompass five main areas: listening and learning, policies and practices, education and awareness, community and partnership and business commitments.
- Avnet's COVID-19 response included taking immediate measures to protect employee health and safety in all our worldwide operations, working closely with customers to resolve complex supply chain issues, enabling them to deliver urgently needed medical equipment in a prompt and smooth manner, and supporting employee contributions to their local communities.
- Our focus going forward on environmental sustainability will include putting together a complete carbon and waste footprint and adding waste and water usage to reporting.
Read Avnet's full Corporate Sustainability report here.
TECHNOLOGY TRANSFORMATION MAKING A DIFFERENCE
Technology innovation is a given, but when that innovation makes a positive difference in the world that's when business becomes more than just a transaction. Avnet is proud of helping customers succeed in the area of technology for good, for example:
- Happiest Baby makes the SNOO Smart Sleeper bassinet for households around the world. The U.S. Federal Drug Administration accepted SNOO into its Breakthrough Devices Program, which puts it on the fast track for review as a lifesaving medical device for its potential to reduce the risk of SIDS/SUID. Avnet handles turnkey manufacturing, assembly, integration, packaging, rental distribution and storage of the SNOO bassinet. www.HappiestBaby.com
- SynPhNe is dubbed a game-changer in the treatment of stroke recovery. It treats cognitive and physical disability in one system and can be self-administered. The wearable product captures tiny brain and muscle signals so patients are able to self-correct their movements in real-time. Avnet accelerated the validation and manufacturability of the prototype with the technical know-how in both wearable devices and electronics. www.synphne.com/
- tiptap created a fixed amount, standalone, touchless payments™ receiver that helps nonprofits securely receive donations. Nonprofits just turn it on and they are ready to collect. Avnet helped tiptap with their product engineering, component selection and supply, and distribution. www.tiptappay.com
Watch for case studies on these companies and more on www.centennialcentral.com over the next few months.
100 ACTS OF GIVING
For an entire century Avnet has been reaching further together to improve the world while its employees have made a positive impact in the communities where they work and live. Avnet Cares, an employee volunteer program, supports the company's culture of hands-on giving. Avnet employees are known for giving back to their communities, and in its 100th year, Avnet wants to celebrate these efforts through the "100 Acts of Giving" campaign.
Avnet will donate $1,000 to 100 eligible nonprofits/NGOs globally for a total of $100,000 over the coming months. These 100 nonprofits will be identified from volunteer stories Avnet employees share describing their efforts. Eligible nonprofits from these stories will be entered into drawings throughout Avnet's centennial year. We will share a selection of these stories on Centennial Central and in our next sustainability report.
As a leading global technology distributor and solutions provider, Avnet has served customers' evolving needs for an entire century. We support customers at each stage of a product's lifecycle, from idea to design and from prototype to production. Our unique position at the center of the technology value chain enables us to accelerate the design and supply stages of product development so customers can realize revenue faster. Decade after decade, Avnet helps its customers and suppliers around the world realize the transformative possibilities of technology. Learn more about Avnet at www.avnet.com.