Maravai LifeSciences Releases 2022 Environmental, Social and Governance (ESG) Report
- Highlights progress across five priority areas focused on building a foundation for sustainable growth.
- Reports Scope 1 and Scope 2 greenhouse gas emissions.
- Maravai advances Diversity, Equity & Inclusion and has an executive leadership team that is 50% women.
SAN DIEGO, March 28, 2023 (GLOBE NEWSWIRE) -- Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today announced the release of its second Environmental, Social and Governance (ESG) report, which is now available on the Company’s new ESG webpage: https://investors.maravai.com/esg.
The new report covers the 2022 fiscal year and provides an expansive look into Maravai’s rapidly evolving ESG program with tangible examples of how the Company is making a positive impact on stakeholders and positioning itself for sustainable growth.
“Environmental stewardship, social consciousness and effective corporate governance have been intrinsic to our business strategy and core values since Eric Tardif and I founded Maravai in 2014,” said Carl Hull, Executive Chairman and Interim CEO. “Along with the safety and quality of our products, we are proud of our ESG advancements to date and are working meticulously to increase transparency and build the infrastructure necessary to improve performance.”
Maravai prioritized its commitment to sustainability in 2022 by creating new roles dedicated to ESG, diversity, equity and inclusion (DEI) and investing in initiatives to better serve its employees, customers, shareholders, supplier partners and communities. The comprehensive 41-page report is the culmination of a company-wide effort to deliver holistic value to stakeholders while scaling operations and managing rapid growth in a socially and environmentally responsible manner.
Recent ESG advancements, such as measuring Scope 1 and 2 greenhouse gas emissions and advancing diversity, equity and inclusion (DEI), have helped Maravai set the foundation to better manage risks, enhance reporting and foster a more inclusive and purpose-driven culture. In addition to new workforce and environmental data, the new report reflects a clear acceleration in Maravai’s ESG journey and demonstrates the Company’s actions to reduce its impact on the environment, empower stakeholders and build resilience.
The 2022 ESG report was prepared in accordance with leading sustainability frameworks and best practices, including the Global Reporting Initiative (GRI) and three relevant sector standards from the Sustainability Accounting Standards Board (SASB). The report also reveals how the Company is advancing its strategy by aligning to certain United Nations Sustainable Development Goals (SDGs): Good Health and Well-Being; Gender Equality; Decent Work and Economic Growth; and Industry, Innovation and Infrastructure.
Among the many ESG initiatives this report covers, some of the key highlights from 2022 include:
Investing to Protect the Environment
- Transparency. Maravai enhanced transparency by measuring its environmental footprint and reporting its Scope 1 and 2 greenhouse gas emissions, energy, waste and water consumption at all sites for 2022 and 2021.
- Reporting. Maravai expanded reporting by including additional sectors of the SASB framework, aligning with certain UN SDGs and reporting to GRI for the first time.
- Emissions. Maravai reduces emissions by using renewable energy from solar panels and providing electric vehicle charging stations with dedicated parking space for carpooling and bike lockers at its headquarters.
- Energy. Maravai incorporates features such as LED lighting, low flow fixtures and solar panels into new projects to help reduce energy consumption.
- Waste. Maravai made investments to promote its enterprise-wide recycling program, refined its data-collection processes and added organic waste recycling for a more comprehensive approach to waste management.
- Sustainable Growth. Maravai strengthened its EHS management system, reduced its OSHA incident rate by 64% from the prior year, added four new employees to the EHS team and created a new product stewardship team with two additional hires.
Human Capital & Social Impact
Operating a Sustainable Business Begins with Our People
- Gender Parity. Maravai launched its first employee resource group, Women in Leadership, and has an executive leadership team that is 50% women.
- Diversity, Equity & Inclusion. Executive Chairman and Interim CEO Carl Hull signed the CEO Action for Diversity & Inclusion Pledge, and Maravai is taking action to ensure it has the programs, training and resources in place to promote DEI and foster a more inclusive culture.
- Employee Engagement. Maravai received a 91% participation rate in its company-wide engagement survey with 92% of respondents indicating they understand how their work contributes to the Company’s goals.
- Talent Acquisition. Maravai implemented a new applicant tracking system, increased applicant flow by 67%, trained 144 managers on behavioral-based interviewing and unconscious bias and launched an internship program for college students.
- Training & Development. Maravai implemented a new and improved five-day employee orientation program to enhance onboarding and help set new team members up for success with the organization.
- Community Impact. Maravai team members collectively donated nearly 400 hours of community service to 45 nonprofit organizations, and the Maravai LifeSciences Foundation expanded its community outreach through new partnerships and made donations totaling $365,000.
- Corporate Governance. Our Board adopted a new Committee structure and updated their respective charters to enhance oversight for sustainable growth.
- Independent. 100% of Audit Committee members are independent from the Company.
- Diversity. Each Committee of the Board of Directors is chaired by women who are independent from the Company.
- Innovation. Under the leadership of the newly appointed Chief Innovation Officer, the Company established a Maravai Office of Science and Innovation to expand R&D and meet increased demand.
- Cooperative Agreement. TriLink is partnering with the U.S. departments of Defense and Health and Human Services and will receive up to $39 million to fund the expansion of its Nucleic Acid Production capabilities in San Diego, California.
Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics and cell and gene therapy companies.
For more information about Maravai LifeSciences, visit www.maravai.com.
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements related to the expected expansion of manufacturing capacity and increased demand for nucleic acid products, constitute forward-looking statements identified by words like “expect,” “may,” “anticipate,” or “could” and similar expressions. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation and uncertainties related to continued validation of the safety and effectiveness of our technology, new scientific developments and competition from other products, and continued demand for our COVID-19 related products and services, which currently comprise a significant portion of our revenue. These and other risks and uncertainties are described in greater detail in the “Risk Factors” section of our most recent Annual Report on Form 10-K, as well as other reports on file with the U.S. Securities and Exchange Commission. Actual results may differ materially from those contemplated by these forward-looking statements, and therefore you should not rely upon them. These forward-looking statements reflect our current views and we do not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.
CONTACTS Media Contact: Sara Michelmore | MacDougall | 781-235-3060 | firstname.lastname@example.org Investor Contact: Deb Hart | Maravai LifeSciences | 858-988-5917 | email@example.com
Released March 28, 2023