Company highlights progress on environmental transparency and contributions to a more diverse, equitable, inclusive and sustainable future
BANNOCKBURN, Ill. – Oct. 19, 2022 - Stericycle, Inc. (Nasdaq: SRCL), a leading provider of medical waste management, secure information destruction and patient engagement solutions, today published its 2022 Corporate Social Responsibility (CSR) report, which highlights the company’s continued progress in conducting business safely, responsibly and sustainably while advancing its strategic Environmental, Social and Governance (ESG) initiatives.
During the reporting period, Stericycle took steps to enhance its environmental transparency and community engagement efforts. Among its key actions, the company expanded its ESG reporting for the 2022 CDP Climate Change Survey submission to include third-party verification for a portion of its greenhouse gas (GHG) emission disclosures. Stericycle also established an environmental justice task force to better understand how the company impacts the communities where it operates to inform and guide its business decisions and avoid adding to their environmental burden.
“Our challenge and our responsibility every day is to protect the health and well-being of our team members and customers while making a positive difference in the communities we serve,” said Cindy J. Miller, president and chief executive officer at Stericycle. “We recognize that our focus on ESG and sustainability is an ongoing pursuit, and there will be more to do in the coming years. I am proud of the progress to date and our thoughtful, diligent approach that focuses on collaboration, transparency, accuracy and impact.”
Additional highlights from Stericycle’s 2022 CSR Report include:
Stericycle treated 1.5 billion pounds of medical waste, diverted 104 million pounds of plastic from landfills, safely disposed of 40 million pounds of unused pharmaceuticals, and recycled 1.1 billion pounds of paper through its Shred-it® secure information destruction service. The company also announced a $1 million, five-year partnership with the National Park Foundation, the official nonprofit partner of the National Park Service to support landscape and wildlife conservation with a focus on wetland restoration. Additionally, Stericycle was recognized for its including receiving the SEAL Business Sustainability Award in the Environmental Initiatives category and a Sustainability Product of the Year award from the Business Intelligence Group.
Corporate Governance and Ethics
Stericycle strengthened its corporate governance practices, emphasizing ESG as an important component of the company’s decision-making process. Key initiatives included aligning Stericycle’s governance practices to support its sustainability initiatives and clarifying the oversight role of the committees of the board of directors regarding specific ESG focus areas, as reflected in the committee charters. The company also implemented a new code of conduct and advanced its global policy framework and public statements on human rights; environmental, safety and health; and supplier code of conduct.
Stericycle prioritized the enhancement of its operations to better protect team members, customers and communities and minimize potential harm to the environment. Additionally, the company launched its new SafeShieldTM medical waste containers, which are constructed with 15% recyclable content and designed for durability with reinforced handles to extend useful life. Stericycle also improved its total recordable incident rate (TRIR) by 4% and had 95% of its global team members sign a personal commitment to safety.
Diversity, Equity and Inclusion (DEI)
Stericycle enhanced its culture of belonging with Ms. Miller joining more than 2,200 CEOs pledging to take action to advance diversity and inclusion in the workplace through the CEO Action for Diversity & Inclusion coalition. Additionally, the company expanded to six Employee Resource Groups (ERGs) supporting women, black and African Americans, Latinx Americans, veterans, the LGBTQ+ (lesbian, gay, bisexual, transgender, and queer) community, and young professionals. Globally, Stericycle also increased its percentage of women in senior and middle management roles, and 64% of all U.S.-based new hires were racially or ethnically diverse. In North America, Stericycle announced a new leave of absence program – Paid Parental Leave – to support diverse family arrangements. The new benefit offers team members four weeks of paid bonding time when welcoming a child into their home through birth, adoption, or foster/legal placement. Stericycle was recognized as a 2021 Top Company for Women to Work for in Transportation by the Women in Trucking Association.
Looking ahead, Stericyle has commissioned a third-party civil rights audit in response to a shareholder proposal at its 2022 annual meeting of shareholders and as part of its ongoing commitment to build a diverse, equitable and inclusive workplace. The assessment is expected to help the company benchmark its DEI and environmental justice program and identify opportunities to enrich its efforts.
“Stericycle is committed to ensuring we are a purpose-driven employer with a strong and inclusive culture where all team members are treated fairly and respectfully, have equal access to opportunities and resources, and can thrive personally and professionally," commented Joe Reuter, executive vice president and chief people officer. “Openly discussing our ESG focus, initiatives and learnings plays a critical role in our commitment to continuously evolve our practices.”
To learn more about Stericycle and its sustainability efforts, please download the company's 2022 Corporate Social Responsibility Report.
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Safe Harbor Statement
This document may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “may”, “plan”, “will”, “goal”, or similar expressions, we are making forward-looking statements. Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections of our management about future events and are therefore subject to risks and uncertainties, which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Factors that could cause such differences include, among others, inflationary cost pressure in labor, supply chain and other expenses, decreases in the volume of regulated wastes or personal and confidential information collected from customers, the ability to implement the remaining phases of our ERP system, and disruptions resulting from deployment of our ERP system, disruptions in our supply chain, disruptions in or attacks on information technology systems, developments in the COVID-19 pandemic and the resulting impact on the results of operations, long-term remote work arrangements which may adversely affect our business, measures taken by governmental authorities to prevent the spread of the COVID-19 virus which could disrupt our supply chain, result in disruptions in transportation services and restrictions on the ability of our team members to travel, result in temporary closure of our facilities or the facilities of our customers and suppliers, affect the volume of paper processed by our secure information destruction business and the revenue generated from the sale of SOP, labor shortages, an economic disruption in the U.S. and other countries resulting from the COVID-19 virus, changing market conditions in the healthcare industry, competition and demand for services in the regulated waste and secure information destruction industries, SOP pricing volatility, foreign exchange rate volatility in the jurisdictions in which we operate, changes in governmental regulation of the collection, transportation, treatment and disposal of regulated waste or the proper handling and protection of personal and confidential information, the level of government enforcement of regulations governing regulated waste collection and treatment or the proper handling and protection of personal and confidential information, charges related to portfolio optimization or the failure of acquisitions or divestitures to achieve the desired results, failure to consummate transactions with respect to non-core businesses, the obligations to service substantial indebtedness and comply with the covenants and restrictions contained in our credit agreements and notes, a downgrade in our credit rating resulting in an increase in interest expense, political, economic, inflationary and other risks related to our foreign operations, the outcome of pending, future or settled litigation or investigations including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws, weather and environmental changes related to climate change, requirements of customers and investors for net carbon zero emissions strategies, and the introduction of regulations for greenhouse gases, which could negatively affect our costs to operate, failure to maintain an effective system of internal control over financial reporting, as well as other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Forms 10-Q. As a result, past financial performance should not be considered a reliable indicator of future performance, and investors should not use historical trends to anticipate future results or trends. We disclaim any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.
Stericycle, Inc., (Nasdaq: SRCL) is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protect peoples and brands, promotes health and well-being, and safeguards the environment. Stericycle serves customers in the U.S. and 16 countries with solutions for regulated waste and compliance services, secure information destruction and patient engagement. For more information about Stericycle, please visit www.stericycle.com.