Throughout our history, we have been guided and inspired by our purpose: to improve our world through smarter engineering. Our purpose describes the impact we have had across our first 170+ years, as well as our continuing commitment to moving forward.
Our priorities
Our purpose drives us forward and directs our strengths to deliver on our ESG commitments, which in turn drives value for all our stakeholders. This approach, known as the Smiths Value Engine, applies equally to the value we deliver for our customers, our colleagues and our communities and, in turn, for our shareholders.
The Smiths Value Engine
Our ESG priorities apply the Smiths Value Engine to deliver for all our stakeholders:
- Growth from commercialising high-value green technologies that our customers need and want
- Execution that improves our operations by respecting natural resources and delivering our commitments, including Net Zero
- People priorities that enable every aspect of our success – protecting, supporting and creating ever-greater opportunities for us all
With each of these supported by robust governance that helps ensure we hold true to our values and position Smiths for sustainable success.
Sustainability at Smiths framework
Our Sustainability at Smiths framework defines our material ESG topics and commitments. It ensures that we focus on, and report against, those areas where we create the most value.
Double materiality assessment
We have completed an ESG double materiality assessment (DMA). The DMA validated our Sustainability at Smiths framework and helped to identify our best opportunities for value creation through ESG performance.
ESG double materiality assessment PDF
Delivering ESG performance
Governance and delivery of ESG are integrated and embedded into our business. Our collaborative organisation model harnesses the knowledge and skills of the whole Group to drive and deliver innovation, effective execution and best practice.
Reward incentives
Aligning reward incentives with results and impact is a cornerstone of our strategy. Portions of remuneration of our senior executives, and annual bonus outcomes of a large number of Smiths colleagues, are aligned with our Net Zero targets.
Annual Incentive Plan FY2024
Increase energy efficiency in Smiths operations by 4.5%.
Long-term incentive plan FY2024-FY2026
15-20% reduction in Scope 1 & 2 emissions.
Learn more about sustainability at Smiths
