Avnet’s latest sustainability report reflects its approach to responsible business practices in the areas of environmental stewardship, ethical governance, social responsibility and responsible sourcing. The report outlines achievements and explains the company’s goals in each of these areas.
Here are highlights from the report as Avnet continues to make progress in its sustainability journey.
Strategic frameworks drive sustainability
Avnet implemented globally recognized frameworks, including:
- Global Reporting Initiative (GRI)
- Sustainability Accounting Standards Board (SASB)
- United Nations Sustainable Development Goals (UN SDG)
These frameworks provide a structured approach to tracking and reporting progress.
The company also expanded its Task Force on Climate-Related Financial Disclosures (TCFD) report to include qualitative climate scenarios, enhancing its approach to risk management. As part of this, Avnet published its Scope 3 assessment results, increasing its understanding of emissions across its value chain.
In addition, Avnet expanded its ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety) certifications to strengthen its environmental and safety practices.
Upholding ethical and responsible business practices
Avnet updated its internal ethics and compliance communications program to promote a culture of integrity. It surpassed the target of 97% of global completion for the annual compliance training program, covering the Code of Conduct and Privacy and Security standards.
The company also updated its Global Anti-corruption Policy and reviewed processes for gifts, gratuities, travel and entertainment to maintain compliance with international regulations.
Fostering inclusion and community engagement
Avnet continued to support its employee resource groups (ERG) by implementing quarterly ERG leader and executive sponsor engagement plans. This initiative helps share best practices across ERGs.
The company also expanded its global mentoring program to the EMEA region. Additionally, Avnet employees engaged with Avnet Cares community initiatives aligned with the mission of eight active ERGs.
Embracing a responsible value chain
Avnet enhanced its responsible sourcing strategy by updating its supplier assessment process and strengthening prevention measures, including training, corrective actions and feedback mechanisms.
The company continues to monitor the implementation of its updated strategy and regularly reports on its progress.
Measuring and managing environmental impacts
Since 2019, Avnet has made progress in Scope 1 and Scope 2 emissions with total FY24 market-based emissions being down approximately 45%. Additionally, Avnet has surpassed its waste goal by diverting over 83% of waste from landfills—over 8% higher than the FY25 target.
Avnet has also made improvements in its operations and data collection with increased carbon emissions and energy data coverage to 100% of all operations, up from 88% in CY22. It also improved water data coverage to approximately 70% of all operations, compared to 68% in CY22.
Waste data coverage decreased to 66% from 70% in CY22. Avnet remains focused on enhancing waste management practices across its sites.
FY25 goals:
Avnet has set the following goals for FY25:
- Refresh the internal ethics and compliance communications program to maintain a culture of integrity.
- Achieve a 97% global completion rate for the annual compliance training program, focusing on anti-corruption and export compliance.
- Update the Global Antitrust and Competition Policy to ensure fair business practices.
- Support the expansion of at least two ERGs in EMEA and APAC, enhancing employee engagement.
- Promote inclusiveness in mentoring through collaboration with the MentorConnect program lead.
- Prepare for compliance with new EU responsible sourcing legislation to maintain ethical supply chain practices.
- Assess the impact and effectiveness of measures implemented under LkSG and monitor the effectiveness of the program for continuous improvement.
- Increase to 30% of Scope 1 & Scope 2 energy from renewable resources by FY25
- Reduce Scope 1 & Scope 2 (market-based) GHG emissions by 50% from FY19 base by FY25
- Reduce Scope 3 business travel emissions by 20% from CY19 base by FY25
- Divert 75% of waste from landfill by FY25
Avnet remains committed to transparency, regularly reporting its progress and maintaining accountability to stakeholders. The company will continue to focus on responsible business practices and sustainable growth.
For more details, access the full FY24 sustainability report here.