RICHEMONT 2023 Human Rights Statement User Guide
- June 1, 2024
- RICHEMONT
Table of Contents
RICHEMONT 2023 Human Rights Statement
RICHEMONT HUMAN RIGHTS STATEMENT
At Richemont, we care for the world we live in, and we have a longstanding commitment to conducting business responsibly. This Human Rights Statement reflects our commitment to respect the human rights of our stakeholders, including our employees, clients, investors, partners, suppliers and other people impacted by our value chain.
RICHEMONT’S COMMITMENT
Richemont is taking reasonable and practical steps to respect the human rights
of people across our business and value chain, including respecting the
standards set out in the International Bill of Human Rights, the OECD Due
Diligence Guidance for Responsible Business Conduct, the ILO Declaration on
Fundamental Principles and Rights at Work, and the ILO Fundamental
Conventions. We align our actions with the United Nations Guiding Principles
on Business and Human Rights, and the Principles of the United Nations Global
Compact, to which we are a signatory.
RICHEMONT’S APPROACH
Our commitment to comply with laws and to respect the fundamental human rights
of others is embedded in our Standards of Business Conduct. The same
expectations apply to our suppliers, as reflected in the Supplier Code of
Conduct. To demonstrate Richemont’s commitment to respect human rights, we
have formalised this Human Rights Statement, which is or will be supported by
relevant policies and processes. We conduct due diligence to identify, prevent
and/or mitigate potential adverse impacts to people across our business and
value chain, and account for how impacts are addressed. We embed mandatory
training throughout our organisation to create awareness of human rights and
govern potential impacts.
AREAS OF FOCUS
Just favourable conditions at work
We are committed to treating those working for us and those impacted by our
operations fairly and are committed to providing a work environment free from
all forms of discrimination, violence and harassment. We uphold the right to
fair and equal pay for equal work that provides for a living wage. We are
guided by the ILO Core Labour Conventions on working time and adequate rest
periods. We are committed to providing safe, healthy and secure working
conditions for our colleagues and contractors while complying with applicable
laws and regulations. We hold our suppliers, business partners and contractors
to the same standards.
Freedom of association and collective bargaining
In conformance with local laws and regulations, we respect the right of all
workers to form and join trade unions of their choosing, to bargain
collectively, and to engage in peaceful assembly.
Prohibition of child labour
A child’s development must not be hindered by undertaking any kind of work
that keeps them from receiving an education. We prohibit the use of child
labour in our operations or at any stage in our value chain, by the ILO
Fundamental Conventions. The use of legitimate workplace apprenticeship or
internship programmes that comply with all laws and regulations is permitted
and supported.
Prohibition of forced labour, modern slavery and human trafficking
We do not tolerate forced or compulsory labour of any kind. By ILO Core Labour
Standards, we strongly oppose the use of forced or unlawful compulsory labour
in our business operations, the business operations of our Maisons or by any
suppliers, business partners and contractors, or for any other purpose.
Data privacy and access to information
We consider upholding individuals’ privacy to be a fundamental right. We are
committed to being transparent about our privacy practices as reflected in our
Data Privacy Policy.
Right to life linked to security
Security risks can be caused by high-risk situations or contexts and can
translate into impacts on the rights to life, liberty and security of the
person. We will use our best endeavours to ensure the security of our
operations within a framework that respects human rights.
Rights of local communities and indigenous people
Our business activities take into consideration the health and livelihood of
local communities and indigenous people. We respect the right of these people
to develop and progress in social, economic and cultural terms and traditional
ways of living, to make use of their land’s natural resources and wealth, and
not to be deprived of their means of subsistence and needs. We recognise that
the human rights risks and opportunities can evolve and, as we mature our
practices, we will continuously improve our human rights efforts. The above
areas of focus help us prioritise our actions.
GRIEVANCES AND REMEDIATION
Richemont is built on a transparent and integrity-based culture that we all contribute to through our daily actions, individually and collectively. Our Speak Up Platform is our whistleblowing and grievance reporting line, through which anyone can raise concerns when noticing situations inconsistent with this document, our Standards of Business Conduct, Supplier Code of Conduct or the law. We do not tolerate retaliation against anyone acting in good faith to report a concern, provide information or otherwise initiate or participate in a grievance process.
We encourage implementing processes throughout the Group that enable the effective remediation of adverse human rights impacts that we may cause or contribute to causing. The same applies to the remediation of human rights impacts that we may be directly linked to, where we will encourage our business partners to implement the same.
GOVERNANCE
Richemont Group’s Board of Directors (the Board) is responsible for defining Richemont’s human rights strategy. The Group’s Chief Sustainability Officer, who is also a member of the Senior Executive Committee (SEC), is responsible for overseeing the implementation of the strategy defined by the Board and making recommendations to the SEC for adopting the necessary regulations and policies and for setting up the appropriate bodies. The Governance and Sustainability Committee of the Board of Directors approves this Human Rights Statement.
The Group’s Chief Sustainability Officer is supported by a Human Rights Taskforce consisting of senior leaders from Human Resources, Responsible Sourcing, Procurement, Legal, Finance and Corporate Affairs, as well as selected Maisons. The Human Rights Taskforce oversees the implementation of the human rights management system monitors progress and escalates critical human rights risks to the SEC, when required.
For strategic supply chains, such as precious metals, precious stones and leather, operational committees led by Responsible Sourcing and including representatives from central functions (e.g. Operations and Group Sustainability), Maisons and entities, oversee the sourcing strategies and harmonise the best practices inside the Group. These best practices cover ESG topics. The Influencing Supply Chain Committee launched in September 2023, led by Responsible Sourcing with the participation of Group Sustainability and selected Maisons, will support in implementation of this Human Rights Statement.
MOVING FORWARD
We are mindful that there are challenges in monitoring human rights violations – we are operating in an increasingly volatile world, impacted by climate change and an increase in inequality and vulnerability. We intend that this Human Rights Statement reflects Richemont’s proactive role to ensure that the human rights of those we may impact are respected within this rapidly changing world, and for that, it will be reviewed and adapted regularly. We build on learnings from our Maisons and other stakeholders where relevant, and in parallel, we support and further guide them when needed. We publicly report on our impact, priorities and performance on an annual basis. At Richemont, We Craft the Future.