A Message from Our Chief Corporate Responsibility Officer

I’ve witnessed many corporations respond to the unprecedented challenges of the past several years with an accelerated focus on environmental, social, and governance (ESG) practices. And like many other organizations, we remain steadfast on our ESG journey as we learn to navigate the world and events that challenge even the strongest organizations.

During FY 2021/22, Lenovo remained focused on developing innovative solutions that reshaped the way we conduct business around the world and helped to preserve the ecosystems on which our future depends. Despite disruptions, we are transforming risks into opportunities that can support our long-term growth. Even more, we are taking steps to promote a culture from the top-down to ensure ESG considerations are integrated with the business decision-making process.

Starting with a vision
Having a clear and compelling vision helps define a company’s role in society and guides how it operates, supports issues, and engages with all stakeholders. Vision must be backed by meaningful actions and tangible goals. For Lenovo, our vision to provide smarter technology for all is engrained into all aspects of our business and drives our overall ESG efforts. By centering our company around our vision and aligning our commitments to it, we are reminded to continue working to build a brighter, more sustainable future for our stakeholders and the planet.

Leading with credibility
The disruptive toll on our planet is nearing a point of no return and there has never been greater urgency to address climate change. This heightened public concern has provoked many commitments from companies and institutions. Lenovo acknowledges the complexity of a global transition to a low-carbon economy and the amount of collaboration and innovation required. Lenovo supported the development of a standard aligned with the latest climate science and was selected to road test the Science Based Targets initiative (SBTi) Net-Zero Standard before it was launched in October 2021. We also performed an initial financial and feasibility study to size the next steps to support a path to net-zero by 2050.

In March 2022, we signed the SBTi Commitment Letter pledging to set net-zero targets, including a long-term science-based target by aligning with 1.5°C and net-zero through the Business Ambition for 1.5°C campaign. To further support SBTI’s call for corporate action, we also joined the United Nations Framework Convention on Climate Change (UNFCCC) Race to Zero campaign, a broad coalition of organizations committing to set science-based targets to help build a prosperous, net-zero carbon economy by 2050.

Global operation comes with a global responsibility
Businesses of all sizes have the opportunity to build ESG commitments into day-to-day operations. However, those with a global footprint have an even greater obligation to use their size and scale as a force for good and influence those within their supply chains across markets. As a global company, we recognize our fundamental responsibilities in the areas of ESG in the markets where we operate as we strive to integrate related values and principles wherever we conduct business. Lenovo’s Code of Conduct mandates compliance with applicable laws in markets where we conduct business, and our policies strongly support ethical and responsible business practices.

Putting accountability at the forefront
Developing ESG goals and initiatives that support a resilient way forward can simultaneously create long-term value for stakeholders. An effective way to achieve progress is through a collective dedication to holding ourselves - and each other - accountable. At Lenovo, we establish internal accountability through the ESG Executive Oversight Committee (EOC), who provides strategic direction and facilitates the coordination of ESG efforts across Lenovo. The ESG EOC is comprised of senior management from across the business and functional areas and is chartered to promote a culture that encourages strong ESG performance, including compliance and leadership activities.

Demonstrating measured progress in ESG
Throughout this ESG Report, we share the progress we’ve made as well as outline our goals that support our long-term vision. We are proud of what we have accomplished together, despite the many challenges. Once again, we have proven to be a united, dependable organization that rises to the challenge and conquers difficulty. In FY 2021/2022, our ESG activities reached important milestones, and some received external recognitions, including:

• Lenovo was included in the 2021 CDP A list for water and received an A- for climate. CDP (formerly known as the Carbon Disclosure Project) assesses companies on the comprehensiveness of climate and water disclosures, awareness and management of environmental risks, and demonstration of best practices associated with environmental leadership, such as setting ambitious and meaningful targets. 
• September 2021 marked Lenovo’s fifth annual Love on Global Month of Service, inviting employees in 66 countries around the world to make a positive social impact in their communities. Projects were aligned with Lenovo Foundation’s mission to empower underrepresented populations with access to science, technology, engineering, and math (STEM) education. Despite the ongoing Covid-19 pandemic, the employee volunteer event grew by participating offices (+52%), number of volunteers (+17%), and number of beneficiaries (+9%) since 2020. 
• For the fifth consecutive year, Lenovo was included in the Human Rights Campaign (HRC) Foundation’s 2022 Corporate Equality Index, and received a score of 100 with the distinction of “Best Place to Work for LGBTQ+ Equality”. The Index is the premier benchmarking survey on corporate policies and practices for LGBTQ workplace equality in the United States. 
• For the ninth consecutive year, Lenovo received The Hong Kong Institute of Certified Public Accountants (HKICPA)’s 2021 Best Corporate Governance and ESG Awards with gold status.

As we look ahead, we will continue to leverage our strengths as we seek opportunities that improve our ESG performance and support our growth. Our genuine endeavors aim to be more than good intentions. Guided by our higher purpose, we will continue our ESG focus and demonstrate resilience by remaining steadfast on the long-term, listening to our stakeholders' needs, and supporting our vision to provide smarter technology for all.

John Cerretani
Vice President, Deputy General Counsel and
Chief Corporate Responsibility Officer
Lenovo