TORONTO, Dec. 17, 2020 /PRNewswire/ - Norbord Inc.
(TSX and NYSE: OSB) today announced the release of its 2020
Environmental, Social and Governance (ESG) report, covering its
sustainability ambitions, approach and detailed performance data
across a range of ESG topics. The report presents the highlights of
the Company's performance in 2019, as well as some key highlights
during the first and second quarters of 2020.
"At Norbord, we are proud to be an efficient manufacturer of
innovative, affordable and environmentally sustainable wood-based
panels," said Peter Wijnbergen, Norbord's President & CEO. "We
believe our products are an integral part of the climate solution.
At its core, wood is a renewable resource and we have a long
history of commitment to sustainable forest management. Wood
products are critical in the global transition to a more
sustainable economy – providing not only shelter and comfort, but
sequestering carbon. In fact, we estimate approximately six million
tonnes of carbon end up in long-term storage in our products every
year, roughly equivalent to the annual emissions of 900,000
vehicles."
"For Norbord, sustainability is all about how we continue to
create economic growth while caring for society and the natural
world," he added. "It is part of our DNA and core to our business,
going hand in hand with our commitment to operational excellence in
manufacturing, as we focus on personal and process safety,
continuous improvement, and building and maintaining world-class
facilities."
To this end, sustainability at Norbord is centred around three
strategic orientations:
- Building world-class facilities: Leading in safety,
efficiency and high-quality, innovative and sustainable wood panel
products.
- Empowering people and culture: Cultivating an enriching
and diverse work environment where people feel valued and supported
to be successful both personally and professionally.
- Being resource efficient and carbon net zero: Creating
more value from fewer resources, minimizing carbon emissions and
being part of the climate solution.
"While we have a long history of working on ESG topics, this is
our first targeted report in over a decade, and it is intended to
lay the foundations for future years," added Mr. Wijnbergen. "We
are excited to share it as it elevates many of the important things
we already do and will continue to build upon going forward. Like
our business, our sustainability story continues to evolve. We
recognize that, while we have built deep roots in sustainability,
there is room to grow. We believe we have the ability to capture
new sources of value for the business and our stakeholders while
also doing right by our people and the planet."
Norbord has also continued to strengthen the governance of
sustainability across its business by formalizing oversight for its
sustainability strategy with its Environmental, Health & Safety
and Sustainability Board committee. This is in addition to regular
meetings at the executive level to identify and monitor ESG risks
and opportunities and establishing an ESG multi-functional team to
implement and execute the Company's strategy.
The report is aligned with leading sustainability frameworks and
international reporting standards, including the Global Reporting
Initiative (GRI) Sustainability Standards, the Sustainability
Accounting Standards Board (SASB) and the Task Force on
Climate-related Financial Disclosures (TCFD). Norbord's
sustainability orientations and strategic ambitions are aligned
with the specific targets of the United Nations Sustainable
Development Goals (UN SDGs) where the Company believes it can have
the greatest impact.
The ESG report can be found in the Investor Relations and
Corporate Responsibility sections of Norbord's website at
www.norbord.com.
Norbord Profile
Norbord Inc. is a leading global manufacturer of wood-based
panels and the world's largest producer of oriented strand board
(OSB). In addition to OSB, Norbord manufactures particleboard,
medium density fibreboard and related value-added products. Norbord
has assets of approximately $2.1
billion and employs approximately 2,400 people at 17 plant
locations (15 operating) in the United
States, Canada and
Europe. Norbord is a publicly
traded company listed on the Toronto Stock Exchange and New York
Stock Exchange under the symbol "OSB".
This news release contains forward-looking statements, as
defined by applicable securities legislation, including statements
related to the Company's strategy, projects, plans, future
financial or operating performance and other statements that
express management's expectations or estimates of future
performance. Often, but not always, forward-looking statements can
be identified by the use of words such as "set up," "on track,"
"expect," "estimate," "forecast," "target," "outlook," "schedule,"
"represent," "continue," "intend," "should," "would," "could,"
"will," "can," "might," "may," and other expressions which are
predictions of or indicate future events, trends or prospects and
which do not relate to historical matters identify forward-looking
statements. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Norbord to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Although Norbord believes it has a reasonable basis for
making these forward-looking statements, readers are cautioned not
to place undue reliance on such forward-looking information. By its
nature, forward-looking information involves numerous assumptions,
inherent risks and uncertainties, both general and specific, which
contribute to the possibility that the predictions, forecasts and
other forward-looking statements will not occur. These factors
include, but are not limited to: (1) developments related to
COVID-19 or any other plague, epidemic, pandemic, outbreak of
infectious disease or any other public health crisis, including
health and safety measures instituted to protect the Company's
employees, government-imposed restrictions or other restrictions
that may apply to the Company's employees and/or operations
(including quarantine), the impact on customer demand, supply and
distribution and other factors; (2) assumptions in connection with
the economic and financial conditions in the US, Europe, Canada and globally; (3) risks inherent to
product concentration and cyclicality; (4) effects of competition
and product pricing pressures; (5) risks inherent to customer
dependence; (6) effects of variations in the price and availability
of manufacturing inputs, including continued access to fibre
resources at competitive prices and the impact of third-party
certification standards; (7) availability of transportation
services, including truck and rail services, and port facilities;
(8) various events that could disrupt operations, including
natural, man-made or catastrophic events and ongoing relations with
employees; (9) impact of changes to, or non-compliance with,
environmental or other regulations; (10) government restrictions,
standards or regulations intended to reduce greenhouse gas
emissions; (11) impact of weather and climate change on Norbord's
operations or the operations or demand of its suppliers and
customers; (12) impact of any product liability claims in excess of
insurance coverage; (13) risks inherent to a capital intensive
industry; (14) impact of future outcomes of tax exposures; (15)
potential future changes in tax laws, including tax rates; (16)
effects of currency exposures and exchange rate fluctuations; (17)
future operating costs; (18) availability of financing, bank lines,
securitization programs and/or other means of liquidity; (19)
impact of future cross-border trade rulings or agreements; (20)
implementation of important strategic initiatives and
identification, completion and integration of acquisitions; (21)
ability to implement new or upgraded information technology
infrastructure; (22) impact of information technology service
disruptions or failures; and (23) changes in government policy and
regulation.
The above list of important factors affecting forward-looking
information is not exhaustive. Additional factors are noted
elsewhere, and reference should be made to the other risks
discussed in filings with Canadian and US securities regulatory
authorities. Except as required by applicable law, Norbord does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time by, or on behalf of,
the Company, whether as a result of new information, future events
or otherwise, or to publicly update or revise the above list of
factors affecting this information. See the "Forward-Looking
Statements" section in the February 4,
2020 Annual Information Form and the cautionary statement
contained in the "Forward-Looking Statements" section
of the 2019 Management's Discussion and Analysis
dated February 4, 2020 and Q3 2020
Management's Discussion and Analysis dated November 4, 2020.
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SOURCE Norbord Inc.