Our Sustainability Approach
Sustainability is deeply ingrained in Tiffany & Co.'s core values, and we have had a formal program in place with clear sustainability priorities for over a decade.
Our approach to sustainability is guided by our desire to create industry and societal change. Beyond integrating responsible business practices throughout our core business, we endeavor to advance these changes through transparency, advocacy, engagement and philanthropy. Our strategy is anchored in three fundamentals that aim to ensure relevance, accountability and continuous improvement in our programs: we regularly engage stakeholders to understand their priorities, maintain a well-established system of governance principles and accountability structures and periodically undertake a formal materiality analysis to further refine our strategy.
On our journey to becoming the next-generation luxury jeweler, we continue to operate our business in a responsible way by strengthening our environmental, social and governance efforts that will foster long-term benefits for our Company, our customers, our employees, our shareholders, our business partners and broader society.
Importance of Governance
We integrate sustainability throughout our Company through a strong accountability system that includes oversight from the Corporate Social Responsibility (CSR) Committee of our Board of Directors and our Chief Sustainability Officer, who sets our strategic sustainability agenda along with the CEO and Senior Management. As part of our ongoing efforts to embed sustainability throughout the business, in 2020 we began including sustainability as a formal element of our employee performance management processes for managers and above. We also have policies and practices to guide our operations, including policies on ethical conduct, political contributions and lobbying.
The Tiffany & Co. Internal Audit Department, the head of which reports to the Audit Committee of the Board of Directors, provides independent, objective assurance and control advisory services to the Company to evaluate the effectiveness of risk management, control and governance processes.
We place the utmost value on ethics and have established training programs to help ensure that employees at every level of our Company conduct themselves and their work in line with our high expectations. We also have a global AlertLine and other reporting mechanisms, as well as a dedicated Global Compliance and Privacy team within Tiffany’s Legal department, in addition to the Board-level oversight referenced above, to help ensure accountability.
Stakeholder Engagement & Dialogue
We hold our stakeholders—including our shareholders, employees, NGOs, industry members, supply chain partners and consumers—in high regard and seek diverse viewpoints to help evolve our practices and identify opportunities for improvement across the jewelry sector. Over the years, we have developed strong relationships with many organizations whose insights help improve our understanding of environmental and labor issues affecting the industry. We take a strategic approach to engaging our stakeholders and are committed to working with a variety of organizations, including those that challenge us. We believe this benefits our Company’s operations and positively influences the jewelry industry and our partners along the supply chain.
We periodically undertake a sustainability materiality analysis to refine our strategic approach to operating our business in an environmentally and socially responsible way. We conduct this assessment approximately once every five years and we undertook our third materiality analysis in 2018, during which we engaged with more than 600 internal and external stakeholders. The results of this analysis guide the Company’s sustainability work across our pillars of Planet, Product and People in an effort to create the greatest positive change.
Our Sustainability Priorities
The results of our 2018 materiality analysis indicated the following topics as focus areas: Traceability, Transparency, Human Rights & Labor Practices in our supply chain, Diversity & Inclusion and Biodiversity & Ecosystems. Other key topics included Energy & Climate, Living Wage & Local Hiring in our own operations, Philanthropy, Recruitment, Development & Retention and Environmental Topics in our supply chain (including land management, waste and recycling, and water stewardship). Based on these results, we refined our sustainability strategy and developed a roadmap for the coming years. This approach will help us further embed sustainability throughout our business, from material selection and responsible sourcing to our corporate, manufacturing and retail operations.
Tiffany & Co. sustainability reporting, including documents or reports incorporated on Tiffany & Co.’s Tiffany.com/Sustainability website by reference, contains certain “forward-looking statements” concerning Tiffany & Co.’s goals, plans and projections with respect to corporate responsibility, sustainability, employees, environmental matters, policy, procurement and business risks and opportunities. In addition, Tiffany & Co. may make other forward-looking statements concerning sustainability objectives and expectations. One can identify these forward-looking statements by the fact that they use words such as “believes,” “intends,” “plans,” “strives,” “seeks,” “commits,” “pledges,” “anticipates,” “estimates,” “scheduled,” “may,” “will,” “can,” “should” and “expects” and other words and terms of similar meaning and expression in connection with any discussion of future sustainability initiatives, goals and objectives. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are not guarantees of future results and are based on Tiffany & Co.’s current views, assumptions and plans, and involve inherent uncertainties and assumptions, many of which are outside of Tiffany & Co.’s control, that could cause actual outcomes to differ materially from its current views, assumptions and plans. Tiffany & Co.’s forward-looking statements are not guarantees or promises of future results (including that any initiatives, goals or objectives will be met). The statistics and metrics included in Tiffany & Co.’s sustainability reporting may be reported as estimates and may be based on assumptions or developing standards. The standards and codes of conduct for third-party suppliers are not guarantees that suppliers will follow the codes in any or all instances, and suppliers bear responsibility for meeting Tiffany & Co.’s standards and expectations. Actual results may differ materially from any forward-looking statement.
Although Tiffany & Co. believes that we have been prudent in our plans and assumptions, no assurance can be given that any sustainability initiative, goal or plan set forth in forward-looking statements can or will be achieved and readers are cautioned not to place undue reliance on such statements. Tiffany & Co. undertakes no obligation to update any of the forward-looking information in our sustainability reporting and disclosures, whether as a result of new information, future events, changes in sustainability objectives and expectations or otherwise.
Our Sustainability Pillars
At Tiffany, our approach to sustainability underpins all areas of our business.