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Sustainability Governance: Strategy, ESG Goals, Compliance

Novanta takes responsibility for its environment and the communities in which it operates, as well as for the people who work for and with the company. As a leading global provider of key technology solutions, Novanta combines technical and economic progress with social and environmental responsibility – both for the well–being of future generations and for achieving its business goals now and in the future.

As part of a status review and materiality analysis, we identified the key strategic areas of activity for Novanta and developed and introduced a sustainability program. It builds on the achievements of 2019 and is divided into five Environment, Social and Governance (ESG) targets – which we aim to achieve by 2023.

Novanta ESG Goals 2020–2023

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Energy saving and environmental protection projects

We analyze energy saving and environmental protection aspects. Subsequently we formulate our targets to reduce e.g., power supply, water consumption, CO2, and others. We achieve net zero emissions in 2050.

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Company sponsored voluntary community service

We strengthen our local engagement: A corporate volunteering program enables all employees to take one day of paid special vacation for local volunteer work.

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Focus on Diversity, Equity & Inclusion (DEI)

We reflect the diversity in the communities where we work, the customers we serve and the world we live in.

We build a Novanta Way culture that is inclusive of everyone.

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Sustainability criteria in procurement management

We ensure ESG compliant procurement. We implement ecological and social criteria into supplier management.

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ISO standards for Quality, Environment, Health and Safety

We achieve and sustain ISO 14001 at Production sites and ISO 13485 for Business Units serving medical markets.

Compliance: Defined Policies, Controls, and Tools

Novanta’s business practices are subject to detailed policies and robust internal controls, which are overseen by Novanta’s Executive Leadership Team and audited by the Internal Audit function that reports directly to the Board of Directors. Novanta conducts risk assessments on an annual basis and, where needed, modifies its policies and controls. In addition, Novanta provides periodic training to pertinent employees on policies and compliance standards. Novanta maintains and publicizes the Novanta Compliance Hotline, a 24/7 web–based reporting system administered by an independent third party, for confidential reporting of actual or suspected misconduct without fear of retribution.

Dedicated Sustainability Management

Novanta’s Corporate Sustainability Committee is comprised of key business leaders, who meet at least quarterly. The Novanta Leadership Team, including the Corporate Officers, is responsible for overseeing Novanta’s ESG strategy, goals, risks and opportunities, and compliance programs. These include, but are not limited to, anti-bribery and anti-corruption, natural resources, waste and toxicity, carbon and climate related risks and opportunities, labor, health and safety, human rights, stakeholders and society, product safety, quality and brand.

The Corporate Sustainability Committee is responsible for the development and definition of Sustainability strategy and goals, establishing the tone, importance, and prioritization for Quality, Sustainability, and Employee Health and Safety programs, and creating a “One Novanta” response to Sustainability requirements and audits. This Corporate Sustainability Committee recognizes and takes into consideration the importance of engaging with all stakeholders.

Finally, Novanta’s Board of Directors monitors and provides oversight to our Corporate Sustainability program through its Environmental, Social and Governance Committee (the “ESG Committee“, formerly, the “Nominating and Corporate Governance Committee”). The ESG committee will also review and report to the full board on Novanta’s policies and programs relating to health, safety, environmental matters, diversity and inclusion, and sustainability.