Welcome to EY Luxembourg's first Sustainability Report
Message from the Country Managing Partner and the Sustainability Leader of EY Luxembourg
We are honored to present you our first EY Luxembourg Sustainability Report 2021.
At EY, we see sustainability as a catalyst for the positive energy that encourages a whole ecosystem to step up and seek long-term solutions for the major challenges the planet faces, both now and in the future. For this reason, we started setting targets in order to demonstrate our leadership and inspire by example, initiate a movement by empowering our people to make sustainable choices, promote a sustainability vision and positive change through their capabilities and skills.
Please check our interactive Report to know more about our commitment on helping society to build a Better Working World.
Creating a better working world together
Key figures for 2021
We are dedicated to sustainable inclusive growth
Through our four service lines in EY Luxembourg — Assurance, Consulting, Strategy and Transactions, and Tax — we help our clients capitalize on transformative opportunities. We also help them fulfill regulatory requirements, keep investors informed and meet the needs of all their stakeholders. And in a fast-changing world, we give them the support they need to be effective today and create long-term value for tomorrow.
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Creating a better working world by commitment
Our corporate sustainability strategy
We believe we can do more in addressing evolving sustainability challenges
Our approach to sustainability
Message from Renaud Breyer, Sustainability Leader
As part of our Non-Financial Report, we present our corporate sustainability approach. This approach is based on the following pillars:
- Our people – our most valuable capital.
- Our culture of integrity, with the Code of conduct that is at the core of our policies.
- Our impact beyond the organization through EY Ripples, EY global Corporate Responsibility Program.
- Our environmental commitment to meet EY Global targets by 2025, to conduct responsible procurement and responsible waste management practices.
- Our clients, which we aim to guide in creating long-term sustainable value as an integrated part of their business.
In 2013, EY adopted an ambitious mission statement of, “Building a better working world”, which commits us to playing an active role in building a new world which makes the environment in which we operate more balanced. EY is also a signatory of the United Nations Global Compact making us annually accountable to report on the implementation of our principles.
In October 2019, EY included this vision in our NextWave strategy, which is designed to create long-term value for our clients, our employees and society, in order to build a better working world. This strategy was adopted and localized in EY Luxembourg under the name Ambition 2021-2026.
In a world that is changing at a faster pace than ever, our purpose acts as our ‘North Star’ guiding our 1425 employees — providing the context for and meaning behind the work we do every day.
We help digital pioneers fight data piracy; guide governments through new international challenges; unlock new medical treatments with data analytics; pursue high quality audits to build trust in financial markets and business; and support organizations to gain a competitive advantage by dealing with climate risks and deploying a sustainability strategy. In simpler words, we work with entrepreneurs, companies, and entire countries to solve their most pressing challenges.
We help our clients to make the most of new opportunities, while assessing and managing risks to deliver responsible growth. Responsible growth is the key for us. At EY Luxembourg, we believe a better working world is one where economic growth is sustainable and inclusive. We are proud to work with others – from our clients to the wider ecosystem – using our knowledge, skills and experience to help fulfill our purpose and create positive change.
We empower our people to adopt the right mindsets and skills to navigate what’s next, become the transformative leaders the world needs, pursue careers as unique as they are, and build their own exceptional EY experiences.
In a rapidly changing world, at EY we’re making an enduring impact by staying focused on our purpose of Building a better working world.
Carmine Di Sibio
EY Global Chairman and CEO
Our people and our alumni form a powerful network. Each individual leads and inspires others during their time at EY and beyond, bringing our purpose to life in the work they do daily. The ability to leverage and learn from different perspectives is key to delivering for our clients. We believe diversity and inclusiveness means growth. Awards received from respected organizations such as the Actions Positives label in 2020 acts as recognition of our positive efforts.
We are investing more time, technology and money than ever before in training and development for our people. Building on the success of our EY Badges program, which helps our people develop future-focused skills in areas such as technology, sustainability and leadership.
EY is built around four service lines: Assurance, Tax, Consulting and Strategy and Transactions.
The insights and quality services we deliver help build trust and confidence within economies and financial markets. The coordination of our service lines is a key challenge in meeting the needs of our clients, requiring us to combine a wide range of complementary skills.
EY has a matrix structure: as well as our service line approach, we also employ an industry sector-specific approach that enables our employees and partners to master the challenges specific to their clients’ activities.
Our network of expertise is deployed regardless of the nature of our assignments and allows us to offer our clients tailor-made support and a complete multi-disciplinary approach.
In July 2020 the role of Sustainability Leader was created within EY Luxembourg and entrusted to Partner Renaud Breyer. Renaud oversees the development of corporate sustainability strategy, planning and reporting and accounts to the Country Leadership Committee for any material ESG matter. As part of our corporate sustainability strategy, we are in the process of finalizing a dedicated internal procedure on the Sustainability Reporting process for EY Luxembourg.
Engaging our stakeholders allows us to understand their expectations and how they perceive our business, so that we can identify the main risks and opportunities, adapt our approach and improve our performance.
In order to support our clients, we aim to empower organizations to innovate and transform. Our role as an agent in the financial world enables us, due to the diversity of our assignments and our clients, to monitor the underlying trends transforming society and to formulate questions that help to develop our clients’ models and their uses, opening doors to new solutions.
EY has developed a formal quality assessment process for measuring the satisfaction of our Clients.
EY people proudly represent our most valuable assets. We apply a complex approach which is used to nurture talents, enhance professional skills, and facilitate communications within EY, for example:
- Employees are guided within the organization by their mentors - counselors, who help them to develop a short- and medium-term view of their careers.
- Several trainings are offered, across different topics.
- The upward feedback process introduced in 2016 helps our colleagues to develop and grow, being recognized for achievements and advised in challenging situations.
- Lastly, our engagement surveys help us analyze the business climate and the areas for improvement that our employees and partners would like to prioritize.
EY has a privileged view of the financial world due to the diversity of its service lines and the sectors in which it operates, not to mention:
- the many think tanks and networks in which the company is involved;
- the publication of studies and analyses;
- the influx of young people joining the world of work and seeking mentorship.
Our partners and employees can be asked to contribute by setting common standards and reflecting on the regulatory environment in which we operate. Therefore, EY actively cooperates with various ministries and regulatory bodies for the regulatory framework development initiatives.
Moreover, EY Luxembourg constantly engages with:
- Competitors: to create a healthy competitive environment, in which we grow simultaneously
- Suppliers and sub-contractors: to promote accountability within our supply chain and innovation.
- EY Global: Providing the same excellence all over the world. Ensuring that our clients benefit from an integrated, cross functional network.
The materiality analysis consists of identifying the various issues related to our economic, social and societal responsibility and arranging them in hierarchical order.
The matrix below shows the “materiality” level of topics based on their importance in the eyes of our stakeholders (vertical axis) that we understand from our daily collaboration with them and their potential impact for EY (horizontal axis).
This materiality matrix, in line with the EY Global materiality matrix, has enabled us to identify three key priorities for EY Luxembourg:
- Supporting the creation of long-term value through our services that enables us to create a Better Working World. Our goal is to act in a transparent and ethical manner.
- Placing greater emphasis on our people and communities, developing their talents and making a significant social impact.
- Being a corporate citizen, reducing our carbon footprint and considering environmentally friendly practices.
Our analysis relates to fiscal year 2021, i.e. 1 July 2020 to 30 June 2021 (called “FY21”, standing for “Fiscal Year” 2021).
Scope of the Reporting
This report covers all EY Luxembourg’s office and activities. In this report, we refer to the Luxembourg EY Office as EY Luxembourg, "the company" or "we".
Application of GRI Reference System
This report was prepared inspired by the GRI standards, particularly by the "essential criteria" option.
Materiality analysis and scope of aspects
Based on the EY Global materiality analysis, adapted for EY Luxembourg, we identified the “material” aspects according to the Global Reporting standards’ designation. All aspects selected are relevant to EY Luxembourg.
Reporting of indicators is centralized annually for the purposes of this report. It is based on internal data collection:
- human resources-related data are obtained from the Human Resources department. Specifically, with regards to the total number of employees, when disclosing this KPIs we are including our Partners.
- societal data are obtained from the department for Business Development;
- data on energy consumption are obtained from Facility Management department;
- data on business travel comes from our travel agency;
- data on paper consumption comes from our Facility Management department.
For the reporting of greenhouse gas emissions, the conversion factors were standardized at EY Global level.
The various sources of emissions are recorded as follows:
- Scope 1: Co2 emission from vehicles
- Scope 2: consumption of electricity and of gas used to heat the building.
- Scope 3: no data disclosed for FY21. We are establishing a reporting system, so we aim to disclose this KPI in our FY22 Sustainability Report.
Creating a better working world by example
Our sustainability journey
We can all make a difference, using our skills, experience and ideas
Our purpose is to drive sustainability and social-economic impact for our employees and the communities we serve. As a corporation, EY Luxembourg aims to be a catalyst for change by creating long-term value-led sustainability as explained in the following sections.
Our clients expect EY Luxembourg to provide high-quality audits, relevant advice, and sound technical and sector-specific expertise.
In addition, due to the diversity of its clients and assignments and the auditing work that it performs, EY Luxembourg is an observer of the financial world and of the trends affecting it. With respect to sustainability matters, we are constantly working to develop our ESG services, with the main goal of helping our clients to deal with the main market trends, like investors’ needs, climate change and environmental factors, integration of the main ESG risks and opportunities in their business model and the latest regulatory developments.
Keeping in line with a main pillar of our NextWave strategy, and to maintain sustainable growth whilst build a better working world, we want to ensure that our employees’ careers progress.
This entails not only attracting the right talent, but also empowering that talent to grow and achieve their development goals. Our employees’ skills and expertise form the foundation of our performance. Therefore, at EY Luxembourg, we seek to develop them in the best possible way, so that they evolve and find meaning in their everyday work.
EY is committed to building a better working world — one that creates sustainable and inclusive economic growth. We recognize that our responsibility to minimize the environmental impact of EY business operations extends to EY people and clients and to the wider communities in which we all live.
Moreover, EY is a proud participant in the United Nations Global Compact (UNGC), and our environmental strategy has been designed in alignment with the UNGC environmental principles.