Although the Company is accountable to its shareholders, it also recognises that it has responsibilities to other stakeholders which include employees (see Corporate Governance), customers, suppliers, and the local communities in which it operates. The Board accepts its responsibility to be accountable to all stakeholders.
The Company is dedicated to supplying high quality products which meet the requirements of its customers in a manner consistent with high environmental and ethical standards. These principles form an integral part of the Company’s management processes and operations throughout the world.
Environment
The Company’s policy is to behave in an environmentally responsible manner, consistent with and in compliance with local legislation and protocols. The Company requires its subcontractors to have ISO14001 certification, and to conform to the Montreal Protocol for substances that deplete the ozone layer, and relevant local legislation to ensure control and / or elimination of materials recognised as hazardous. Additionally the Company recycles waste materials where possible and, where appropriate, encourages its suppliers and / or subcontractors to do likewise.
The Company attained ISO14001 certification in 2005. It has a mature environmental management system for assessing, controlling and monitoring the potential environmental impact of activities at the Company’s premises and at those of its subcontractors. A programme of targets and objectives, subject to periodic review, is in place to ensure continual improvement and to prevent pollution. The Company has established an environmental training procedure for relevant staff. The Company’s Environmental Policy and Environmental Manual are available for reference by all employees on the Company’s intranet.
The Company has adopted the Joint Industry Guide standard, JIG-101, an industry consensus on material bans, restrictions and disclosures. The Company requires its subcontractors to demonstrate that they do not use what are internationally considered to be harmful materials. Through 2006, the Company phased out products with lead terminal plating and now only offers products which are lead-free and compatible with lead-free manufacturing processes. During 2007, the Company completed the elimination of antimony and bromine from all materials used in its products. After disposal of the small remaining stocks of product containing those substances, all Wolfson products will be halogen-free. All Wolfson products are already fully compliant with the EC Directive on Restriction of Hazardous Substances.
The responsibility for the Company’s environmental policy and management has been delegated by the Board to the CEO. This includes the setting of the policies of the environmental management system, its objectives and targets. The Vice President of Quality is responsible for the implementation and maintenance of the environmental management system in accordance with the requirements of ISO14001. Management review meetings are held on a regular basis to monitor the performance of the environmental management system. Environmental reporting is verified through audit procedures performed by the British Standards Institute for compliance with ISO14001.
Ethical business practices
Wolfson is a fabless semiconductor company based in the UK with subcontracted manufacturing operations overseas. The Company aims to ensure that the products which it supplies are manufactured by subcontractors to internationally recognised ethical and environmental standards and laws. The Company’s key suppliers must confirm in writing that they meet these standards and laws.
All employees are expected to behave ethically when working for the Company and this is reflected in the policies which are detailed in the staff handbook. Ethical business practices are integral to the Company and are reflected in the practices in relation to recruitment, disciplinary matters and grievances.
During 2007, in line with the Company’s objectives, the Company enhanced its ethics policy which was communicated to all employees. Employees concerned about ethics within the organisation are encouraged to raise their concerns with the Human Resources department, their line manager or to follow the guidance in the Company’s whistle blowing policy, as updated in October 2007.
Wolfson is committed to the principle of equal opportunity in employment and its internal procedures reflect this. The principle is supported by the Company’s recruitment, disciplinary and grievance procedures.
The Company recognises its legal responsibilities to ensure the well being, safety and welfare of its employees and to maintain a safe environment for visitors and any subcontractors while they are on the Company’s premises. All staff are instructed on the Company’s health and safety policy which can be accessed by all employees on the Company’s intranet. The Operations Director has responsibility, delegated by the Board, for the Company’s health and safety matters.
Local Community
The Company aims to make a contribution to the communities in which it operates. The responsibility for community matters has been delegated by the Board to the CEO within agreed budgetary parameters. A community relations programme, which includes proposed levels and categories of sponsorship and charitable donations was approved by the Board during the year. The principal elements are: education, sports and event sponsorship, and employee charity matching.
The Company provides a scholarship programme for a number of students at Edinburgh University during their engineering degree courses and for post-graduate research fellowships. As well as providing financial support, the programme includes placements for work experience and project work within the Company. During the year, the Company sponsored an exhibit in the Edinburgh International Science Festival aimed at raising children’s awareness and interest in science. The Company has also supported sports and the arts with the provision of sponsorship to high potential local athletes and school groups. The Company provides sponsorship to employees who undertake fundraising activities for charities and supports community projects in which employees participate.
In 2007, the Group supported charitable and community activities, including the scholarship programmes, with donations and sponsorships totalling $484,000 (2006: $361,000).
