04 Sustainability Statement General information 4.1.5.1.3. Governance matters The Group’s ethical standards are expressed in the Michelin Code of Ethics, which applies to all Group employees and people working on Group sites or on behalf of a Group entity (see section 4.11 Business conduct (G1), below, for a presentation of the Code). 4.1.5.1.4. Cross-cutting policies concerning suppliers and the upstream value chain In June 2024, the Group updated its Sustainable Purchasing Policy, which defines the main responsible sourcing guidelines and commitments in such areas as the environment, human rights and ethics(1). The Policy is built on three of the Michelin Purchasing Department’s fundamental reference documents: Michelin Purchasing Principles Issued in 2012 and revised in 2020 Supplier Relations Code of Conduct Issued in 2021 Sustainable Natural Rubber Policy Updated in 2021 Specifies the Group’s environmental, social and ethical standards and expected performance. Included in every Group procurement contract and the general terms and conditions of purchase. Concerns all Group employees involved in supplier relations. An integral part of the Group’s Code of Ethics. Focuses on natural rubber and covers Michelin’s own operations, joint ventures and its entire upstream supply chain Informs decision-making processes, systems and performance metrics. 4.1.5.2 Cross-reference table of IROs, policies and initiatives ESRS Impact, risk or opportunity Framework policies Specific policies Initiatives THE ENVIRONMENT E1 Higher energy performance standards for tires Environmental Policy (by life cycle stage) Sustainable Purchasing Policy Eco-design policy (RDI) Transition plan (TCFD) Decarbonization plan Rising demand for a wider range of electric vehicles Contributing to climate change through direct and indirect greenhouse gas emissions (Scopes 1 and 2) Net-zero emissions targets Contributing to climate change through direct and indirect greenhouse gas emissions and land use change (Scope 3) Facilitating greater energy efficiency by offering services to optimize the use and management of vehicle fleets and accelerating the transition to zero-emission mobility Impact of physical climate risks on business activities, assets, employees, raw materials, delays and logistics costs Climate change adaptation policies (TCFD) Adaptation plan E2 Tightening standards limiting the impact on water, soil and air pollution from microplastics (tire and road wear particles) and substances (e.g., 6PPD) The TRWP Program Water, soil and air pollution from the use of tires (TRWP) Water, soil and air pollution from upstream activities Sustainable Natural Rubber Policy The COV Program Water and air pollution from direct operations, including substances of very high concern and VOCs Chemical risk management policy Pollution from the end-of-life treatment of sold tires See section 4.6 Resource use and circular economy (E5) E3 Water consumption Sustainable Natural Rubber Policy Climate change adaptation policy Water program The 2020-2030 Water Roadmap The LEAN Water process (1) It may be downloaded from https://purchasing.michelin.com/en/sustainable-purchasing/. 195 2024 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN
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