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August 28, 2023

Marvell Releases its Second Annual ESG Report 

By Rebecca O'Neill, Global Head of ESG, Marvell

I’m thrilled to announce that we published our second annual Environmental, Social and Governance (ESG) report today. I’m proud to share the progress we have made across the company. ESG intersects with all parts of the business, so it really is a team effort. This past year, everyone stepped up to improve performance in their key areas and launch new initiatives that strengthen Marvell’s business and impact. 

The report provides the latest updates toward meeting our goals during fiscal year 2023. For instance, we submitted a Science Based Target for external validation, carried out a climate scenario analysis, conducted a human rights impact assessment (ahead of schedule), and maintained an employee satisfaction score above the industry benchmark. 

The report details positive developments in key metrics, for example: 

  • For the first time, we have published our greenhouse gas (GHG) emissions from the use of our products (Scope 3, Category 11), which decreased by 7% versus FY22 emissions. We achieved the reduction by shifting our product portfolio to include more power-efficient products.  
  • The number of our top Tier 1 suppliers that were audited through the Responsible Business Alliance Validated Assessment Program increased to 83% from 76% in the previous year. We are proactively engaging our suppliers to ensure audits are conducted, in pursuit of the goal of achieving 100% by 2025. 
  • External recognition of our work is on the rise. We received multiple awards for having an excellent work environment, such as the Great Place to Work Certification, and we were promoted to the AA leader category in the investor-research firm MSCI’s ESG Rating. 

This year’s report also includes some new features, such as FY23 highlights to show our annual ESG progress at a glance, and the role of Marvell product in society to better put our business in context of wider societal and technological challenges. We also graphically lay out our value chain flow chart and a community engagement map that showcases the way we are supporting local communities where we live and work. In addition, for the first time, our GHG emissions data has been assured by a third party, which is an important step to demonstrate accuracy and completeness of our GHG inventory.  

The report is a snapshot of the great work that was done in fiscal year 2023. Over the past several years, the ESG program has come a long way but of course there is more work to be done. In the next year, I’m excited to conduct our first Life Cycle Assessment (LCA) to gain more quantitative insights into the environmental impacts of our products. We will also carry out a new impact assessment to ensure we continue to focus on the most important topics for the business. 

I encourage you to dig into the FY23 ESG Report to learn more about our key initiatives and updates. Please feel free to reach out with questions or feedback at al-esg@marvell.com. 

This blog contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events or achievements. Actual events or results may differ materially from those contemplated in this blog. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the “Risk Factors” section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. 

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