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Environmental Topics and Definitions Applicable to NOV
Below is a list of 19 ESG topics, which summarizes the types of Environmental, Social, and Governance topics that may be applicable to NOV.
- Energy Transition Risks and Opportunities for NOV | The climate-related risks and opportunities associated with expanding NOV’s product and service roadmap to support the global energy transition and help our oil and gas customers reduce their energy use and emissions.
- Climate Change Risk to NOV | Impacts caused by potential exposure to physical climate risks, such as current and future extreme climate/weather events (including intense rainfall and flooding, fire, drought, storms) or potential future sea level rise impacting company and supplier operations.
- Energy Use and Greenhouse Gas (GHG) Emissions | Reporting and reducing NOV's energy consumption and GHG emissions through operational improvements and the use of renewable energy. This includes emissions generated within NOV's value chain.
- Non-Greenhouse Gas Emissions | Measuring and reducing non-GHG emissions in NOV's operations which have negative impacts on air quality, ecosystems, and human and animal health. Examples include particulate matter, sulfur oxides, nitrogen oxides, volatile organic compounds, carbon monoxide, and heavy metals such as lead, mercury, and cadmium.
- Waste | Managing, measuring, and reducing material waste, including hazardous waste, generated by NOV's operations. This can include but is not limited to, reducing waste generated during manufacturing, construction, and demolition, or in offices.
- Water Use and Quality | Measuring and reducing the water use of operations and monitoring the quality of water discharged into the environment; evaluating water stress in the areas where NOV operates in order to manage water-related risks.
- Biodiversity and Land Use | Preventing significant impacts on local biodiversity and ecosystems, through establishing systems to prevent and respond to the release of hazardous materials and understanding vulnerabilities within the local environment.
- Responsible Product Lifecycle | Designing products to reduce negative environmental, health, and safety impacts. This includes phasing out chemicals of concern, designing products to last longer and include more recycled content, sourcing to increase recycled content in raw materials, increasing reusability and recyclability, decreasing the product life cycle impact, and increasing efficiency of product use.
- Environmentally Responsible Material Sourcing | Reducing the environmental impact of raw materials sourcing by purchasing more recycled or sustainability-certified materials.
- Workforce Health and Safety | Providing a safe work environment for employees and reducing exposure to potential injury or harmful substances. Ensuring that robust safety training, standards, and incident reporting mechanisms are in place across all NOV facilities.
- Attracting, Retaining, and Developing Talent | Providing competitive incentives, compensation, and benefits to attract and retain great employees at all levels. Investing in the training and development of employees at all levels throughout their careers via comprehensive onboarding programs and tailored training focused on career-level and role-appropriate skills, capabilities, and leadership characteristics and providing meaningful opportunities for engagement and feedback.
- Diversity, Equity, and Inclusion | Promoting a culture of diversity, equity, inclusion, and equal opportunity at all levels of the organization. Includes anti-discrimination policies and practices and pay equity for all employees.
- Local Communities | Conducting community engagement to understand the vulnerabilities of local communities and how they may be impacted by NOV operations. This may include socioeconomic, cultural, health, or human rights impacts. This includes supporting the causes and welfare of communities through local efforts while fostering programs and opportunities for employees to volunteer.
- Governance, Transparency, and Ethics | Ensuring transparent and ethical business conduct in alignment with the company's code of conduct through regular compliance training. Topics can include anti-corruption, fair dealing, anti-trust, and anti-monopoly practices, as well as fair competition, marketing, and selling practices. Includes board structure and oversight and executive compensation that is also aligned to ESG.
- Trade and Political Organizations Involvement and Potential Misalignments | Enforcing and educating employees on NOV's political activity and industry associations policies, which prevent the use of corporate funds or resources for political campaign contributions or trade organizations that intend to use those funds to influence legislation.
- Supply Chain Labor and Human Rights | Enforcing ethical, fair, and responsible sourcing and labor practices across NOV's suppliers through due diligence; ensuring alignment with the UN Declaration of Human Rights, the International Labor Organization Declaration on Fundamental Principles and Rights at Work, and the Modern Slavery Act.
- Data Security | Protecting critical systems and networks from theft, damage, and disruption and ensuring data security, particularly as it relates to managing customer and employee data and privacy; evaluate the amount of private data being collected and monitor evolving privacy regulations.
- Product Quality and Safety | Ensuring NOV's systematic efforts to address human and animal health and safety across the life cycle of its products, as well as adherence to health and safety regulations and voluntary codes.
- Security Risk Management | Ensuring that sufficient security protocols are in place to protect NOV employees, workplaces, and operations from physical security risks associated with emergency situations, such as civil unrest or geopolitical conflicts.