To our patients, employees, global communities, shareholders, environment and other stakeholders, we have a longstanding commitment to act on our belief that the priceless ingredient of every product is the integrity of its maker. We operate with effective governance and high standards of ethical behavior. We seek transparency and dialogue with our stakeholders to improve our understanding of their needs. We take our commitment to economic, social and environmental sustainability seriously, and extend this expectation to our partners and suppliers.
As a responsible corporate citizen, we seek to actively improve the health of the communities where we live, work and serve. We strive to improve access for all patients and continue to evolve our business to best meet the needs of our patients. Equitable access to innovative medicines benefits patients and society, while ensuring BMS continues to transform patients’ lives through science. We unite as one BMS, believing that the varied experiences and perspectives of all our employees help to bring out our best ideas, drive innovation and achieve transformative business results.
At the direction of our Executive Leadership Team, our sustainability and social impact practice is part of the Corporate Affairs function, and this team works closely with our Sustainability and Social Impact Council, a cross-functional management committee comprising senior executives and subject matter experts. As the primary governance body for these matters, the Council reports to the company’s Executive Leadership Team and the Board of Directors and its Board Committees. Our sustainability and social impact strategy is fully aligned with our corporate strategy and was established following a formal assessment of priority issues.
Board and Board Committee Oversight: The full Board along with its Board Committees is responsible for oversight of our governance framework, including a strong governance profile, which includes direct oversight of sustainability and social impact opportunities and risks, and relevant disclosure. In multiple meetings per year, the Board discusses sustainability and social impact topics, including strategy, risks, regulatory compliance and reporting, progress towards achieving established goals and updates on emerging trends.
Committee on Directors and Corporate Governance (CDCG): The CDCG has oversight of our corporate governance affairs and reviews corporate governance practices and policies to manage related risks. The CDCG also identifies and oversees the monitoring and management of risks related to the company’s political activities; environmental, social and governance strategy and reporting and the impact on the company’s employees and shareholders.
Audit Committee (Audit): Audit regularly reviews and discusses with management our policies and guidelines regarding risk assessment and risk management, including their effectiveness, our process for mitigating and monitoring enterprise risks, including those related to market/environment, strategic, financial, operational, legal, compliance, regulatory, cybersecurity and reputational risks. With respect to sustainability and social impact, Audit also oversees our regulatory preparedness, and disclosure controls and procedures for reporting compliance with new regulations.
Compensation and Management Development Committee (CMDC): CMDC evaluates the components of our executive compensation program that work to minimize excessive or inappropriate risk-taking. With respect to sustainability and social impact, the CDMC provides oversight of the company’s programs, policies and practices related to the management of human capital resources, including talent management, development, culture, diversity and inclusion.
The BMS Leadership Team (BMSLT): Individual members of the BMSLT are directly responsible for SSI strategies related to their functional expertise, as well as delivering against long-term goals and commitments. The BMSLT at least annually reviews our progress on our sustainability goals.
The ESG Center of Excellence (ECOE): The ECOE is led by our Sustainability and Social Impact team who are responsible for surfacing SSI-related issues and activities that span functional areas across BMS, and for facilitating connections between teams and departments to manage SSI topics. In partnership with all other divisions in the company, the ECOE connects and aligns various activities that contribute to advancing our sustainability agenda. The ECOE is also responsible for providing extensive disclosures on our corporate citizenship and sustainability efforts in our annual Impact Report and beyond.
The SSI Council: Our Council is responsible for identifying and prioritizing SSI-related risks and opportunities and is comprised of senior executives across the company. The Council serves as the company’s primary governance body for all SSI matters and is led by the Vice President, Global Purpose and Patient Experience. This group brings expertise from their respective areas and helps raise awareness and alignment on both managing risks and activating opportunities related to SSI priorities.
The Council, which meets at least quarterly, operates under a formalized process and protocols, including ongoing review and assessment of SSI priorities, and decisions required to ensure proper oversight and action. The Council reports to the CEO, the CEO’s Leadership Team (the “BMSLT”) and the Board Committee on Directors & Corporate Governance.
The Council discusses and debates issues that are significant to BMS, including the assessment of environmental and societal megatrends and shifts like climate change as well as investments needed to help contribute to a sustainable economy. The Council oversees the work of our dedicated steering committees and working groups, which report to the Council and are responsible for advancing their respective SSI initiatives forward.
The Council reviews and supports progress against the company’s goals, which serve as key performance indicators of our sustainability & social impact performance. Progress on our goals and on other sustainability topics are also reviewed by the Board’s Committee on Directors and Corporate Governance.