Sustainability is more than just a commitment for us – it is the central principle on which our business was founded. The purpose of this report is to make clear how we put that principle into action.
In February 2021, we completed our acquisition of Norbord Inc. and began unifying two sustainably focused companies into one. Our efforts are supported by a shared belief in the importance of sustainability principles in guiding our business. Building on this foundation, we are enhancing our strategy to include robust and credible environmental and social ambitions, goals and targets to guide the next chapter of our company’s growth.
This report covers West Fraser’s management approach and performance during the period of January 1, 2021 to December 31, 2021. In addition, it outlines the pillars of our sustainability strategy that will continue to shape our business, with some early 2022 activities and commitments highlighted within this disclosure. The objective of the report is to provide an overview of how we manage our material environmental, social and governance (ESG) considerations, and to show how our sustainability efforts are driven by topics and issues that are vital to the success of our business.
Sustainability Reporting and other ESG Disclosures
West Fraser continues to make our sustainability reporting and ESG disclosure more meaningful to our stakeholders. Our disclosure and reporting are informed by the following standards and frameworks.
- SASB and GRI: More focused disclosure on SASB and GRI to align with the material concerns of our stakeholders.
- TCFD: Climate change disclosure informed by the TCFD.
- Carbon Disclosure Project (CDP): In 2022, West Fraser is working towards 2021 disclosure to the CDP on Climate Change, Forests and Water. These will be made publicly available on the website.
- Investor Ratings: We are working with the following ESG rating agencies: CDP, Institutional Shareholder Services (ISS), S&P Global, Morgan Stanley Capital International (MSCI) and Sustainalytics.