Paramount Releases 2021-2022 Environmental, Social, and Governance (ESG) Report
"From escalating public health and climate crises to deepening social division and geopolitical conflict, the last few years have shown us how critical our focus on ESG is as our society and business continue to navigate complex global challenges," said
In addition to updated workforce and environmental impact data, this year's report gives a more detailed overview of the company's ESG governance practices, including
Other notable aspects of the report include:
- Diverse and Inclusive Stories and Storytellers: Over the years,
Paramountand its brands have led the way in telling and amplifying the stories of underrepresented audiences. Most recently, that commitment has been exemplified by CBS- NAACP Ventures—apartnership first announced in 2020—which sold its first five projects in January of 2022, including a reboot of the Nine, and a new film about the pathbreaking building magnate Cheryl McKissack. Additionally, on-screen content and social impact goals have been set for a number of Paramount brands for 2022 and many have already demonstrated great progress, including Showtime Networks, which in 2022 had 60% of its scripted series with BIPOC leads or co-leads, as well as 56% of its projects in development from BIPOC creators; CBS Television Networksurpassed its goal with 43 % BIPOC representation in writers' rooms in 2021-2022; and starting in 2022, Paramount's International Studiosdedicated 25% of its development budget across its international footprint to stories focused on or related to underrepresented groups and issues.
- Corporate Governance and Workforce: Corporate governance is crucial to the success of
Paramount'sbusiness and, with a Board of Directors comprised of seven women out of 12 members (one of the highest percentages among S&P 500 companies), Paramountis committed to continuing to be a leader in this space. Notably, in 2021, Paramount'sinternal promotion rate for women at the SVP level reached 56% and its external hire rate for women at the SVP level and above reached 53% globally. Additionally, in the U.S., the internal promotion rate for ethnically diverse VPs was 30% and the external hire rate for ethnically diverse VPs and above was 51%.
- Sustainable Production and Operations:
Paramountcontinues to work to limit the environmental and social impacts associated with its business operations. For example, 15.4% of its global electricity consumption is renewable, up from 13.6% in 2020. Paramountalso supports a centralized food recovery program to help route extra meals from productions and events to local food banks. Reducing and diverting waste generated by Paramountproductions and events not only saves resources but reduces GHG emissions associated with the production and disposal of materials. In 2021, 51% of waste from Paramount Television Studiosand Motion Picture Group productions was diverted from landfill; for example, the Long Slow Exhale production diverted 134 tons of waste from the landfill by recycling and using rented or reused set materials wherever possible.
The ESG report is guided by external ESG frameworks in alignment with ESG and sustainability best practices, including the
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