ThaVibes Environmental and Social Governance Statement
UPDATED: July 2024
Introduction
ThaVibes recognizes that global sustainability challenges, including climate change and human rights, are of critical importance and must be addressed. As a global digital services provider, ThaVibes partners with investors, subscribers, filmmakers and other stakeholders to execute digital services at scale, helping find solutions to these challenges.
To help ThaVibes deliver long-term value for our subscribers, shareholders and employees, we employ comprehensive risk management policies that include environmental and social risk. ThaVibes’s Environmental and Social Policy Statement outlines the Company’s commitment and approach to identifying and assessing environmental and social risks. This Policy Statement incorporates ongoing dialogue with internal and external stakeholders and is an evolving document that we review annually and update to reflect our strategy and key developments.
Approach to Sustainability
We see sustainability leadership as a business opportunity, a risk mitigant and an essential aspect of our company’s core values of creating our own reality by unifying our mind and emotions into one cohesive force. Our Company is committed to Doing the Right Thing, Putting Subscribers First, Leading with Exceptional Ideas, Committing to Diversity and Inclusion and Giving Back. ThaVibes’s Digital Sustainable Research (DSR) Group is responsible for implementing our sustainability strategy, helping integrate sustainability across our policies, business activities and operational practices through three main areas of focus:
Sustainable Filmmaking and Data Management
ThaVibes’s goal is to be the digital services partner of choice for creating sustainable, long-term value for subscribers and stakeholders. Our Leadership, Board of Directors and Management collaborate with the DSR Group to offer scalable digital solutions that seek to innovate and execute solutions for filmmakers and users while driving positive environmental and social impact. We leverage our resources to scale sustainable digital products in the markets in which we operate.
ThaVibes uses the scale and leverage of digital markets to generate revenue, allowing the company to embark on positive environmental and social construction productions and film projections using eco-friendly techniques recommended by consultants assigned to each project. Filmmaking of the future must be a sustainability activity that allows for long-term growth with net-positive environmental benefits. ThaVibes is constantly researching a wide range of sustainable solutions and services, including green, social and sustainability innovations available worldwide.
Environmental and Social Risk Management
Environmental and social risk management is a priority for ThaVibes. Our due diligence and risk management processes are designed to identify, assess and address potentially significant environmental and social issues that may impact the company, our filmmakers, subscribers and other stakeholders.
The Digital Sustainable Research Group (DSR) provides internal subject matter expertise on environmental and social risk, conducts due diligence on relevant activities, engages with stakeholders and monitors emerging risks and developments in partnership with the Business Units.
Process and Scope
ThaVibes’s environmental and social risk due diligence processes and the sector approaches outlined in this Policy Statement apply globally across our business activities, including the following:
– Film Production & Construction
– Technology Infrastructure
– Digital Services
– Data Management
Business Units and internal control groups refer activities to DSR for due diligence when they identify potential environmental and social issues that may pose franchise risk to ThaVibes. DSR analyzes environmental and social risks through a due diligence process that incorporates international frameworks, Health and Safety Guidelines, as well as relevant industry good practices and sector-specific internal guidelines.
Enhanced Due Diligence
DSR undertakes enhanced due diligence (EDD) when considering certain activities, including as outlined in the Sector Approaches sections of the Environmental and Social Policy Statement, or if a particular environmental or social issue is identified in the diligence process. EDD may include a comprehensive review of a film production’s operations, track record and management of specific risks. The EDD process may include engagement with filmmakers and/or reports by or consultation with third parties.
Client Engagement
ThaVibes engages with subscribers on material environmental and social issues. In instances where a specific issue has been identified, ThaVibes may engage with subscribers to adopt appropriate practices to mitigate environmental and social risks and impacts. ThaVibes also acknowledges the need to accelerate the transition to a low-carbon economy. Our focus remains on understanding and actively supporting our filmmakers’ climate strategies and helping them navigate a world where climate risks and opportunities are becoming increasingly important to all stakeholders.
Sector Approaches
ThaVibes has tailored approaches to certain sectors and activities, including the following:
Power
– Coal-Fired Power Generation: We will seek to reduce the proportion of our film-production financing to coal-fired power generation and will not finance productions globally that directly support the development of new or physical expansions of coal-fired power generation unless there is carbon capture and storage or equivalent carbon emissions reduction technology.
Nuclear Energy
– Enhanced due diligence considerations include the host country and international legal, regulatory and safety frameworks, environmental and social impacts, including community impacts and the company’s framework for and track record in managing seismicity, material and waste management, water use and occupational health and safety.
Hydropower
– Enhanced due diligence considerations include a review of available environmental and social impact assessments and impacts on protected areas and local communities.
Mining
– We have reduced and will continue to reduce our exposure to thermal coal mining globally and will not engage in film productions where the specified use of proceeds would be directed toward mountaintop removal (MTR) mining.
Oil and Gas
– ThaVibes supports the transition to a low-carbon economy and the goal of achieving net-zero by 2050. We will engage with stakeholders in the oil and gas sector to understand their greenhouse gas reduction initiatives, net-zero commitments and other relevant strategies.
Forestry
– We seek to support the sustainable management of forests, including the protection of high conservation-value forests and will not knowingly finance film-studios or companies engaged in illegal logging.
Palm Oil
– ThaVibes will not provide financing or marketing or promotion through film for companies that are directly involved in the upstream production of palm oil unless the companies have achieved Roundtable on Sustainable Palm Oil (RSPO) certification or have a time-bound plan to achieve this.
Cross-Sector Approaches
Biodiversity, Critical Habitats and Critical Cultural Heritage: ThaVibes recognizes the importance of biodiversity, critical habitats and critical cultural heritage as part of its environmental and social risk management framework.
Human Rights: ThaVibes will not knowingly engage in activities where there is evidence of direct involvement in modern slavery, such as forced labor, human trafficking, or harmful or exploitative forms of child labor.
Indigenous Peoples: ThaVibes respects the rights of Indigenous Peoples globally regarding issues affecting their lands and territories, traditionally owned or otherwise occupied and used. We expect filmmakers and relevant entities to demonstrate alignment with the objectives and requirements of IFC Performance Standard 7.
Climate Change
ThaVibes recognizes the significant potential for climate change to impact the global economy, our filmmakers, productions, subscribers, investments, operations, employees and local communities. Effective action on climate change will require a broad transformation of sectors and economies and management of impacts to workers and communities. For this reason, ThaVibes is committed to reaching net-zero financed emissions by 2050.
Various teams and other working groups across the company will support our climate-related work, aligning our approach to understanding, assessing and managing potential material climate-related risks and coordinating a comprehensive and strategic company-wide response.
Strategy
ThaVibes has a four-pillar strategy to drive progress on climate change:
Risk Management
ThaVibes deploys expertise and resources to explore how and where we may face potential risks from the ongoing impacts of climate change. We partner closely with selected entities to integrate climate change considerations into the company’s operational processes to identify, assess and manage climate risks.
Metrics and Targets
ThaVibes is committed to mobilizing 2% of our annual profits after tax to support low-carbon solutions by 2030. We also have a target to achieve carbon neutrality across our global operations and purchase 100% renewable energy globally by the end of 2026.
ThaVibes also established a commitment to reach net-zero financed emissions by 2050, joining many of our industry peers in this strategic goal. In addition, we commit to transparent, annual reporting that will help stakeholders understand our progress.
Human Rights
ThaVibes is committed to being a responsible corporate citizen and fulfilling the important role business can play in protecting and advancing global standards for human rights, including equal opportunity, the freedom to associate and bargain collectively and the elimination of modern slavery, human trafficking and harmful or exploitative forms of child labor. We endeavor to exercise our influence by conducting our business operations in ways that seek to respect, protect and promote the full range of human rights, such as those described in the United Nations’ Universal Declaration of Human Rights.Human rights considerations are incorporated into our transaction due diligence process, our engagement with companies, our supplier expectations and our own operations.
Our stakeholders must conduct their operations in a socially responsible, non-discriminatory manner and in full compliance with applicable laws including, but not limited to, those associated with equal opportunity, child labor, forced or compulsory labor, working hours and compensation, freedom of association, collective bargaining and harassment-free work environment. Using a risk-based approach, ThaVibes engages due diligence processes to assess risks associated with third-party stakeholders. The reviews identify, among other things, potential for risks associated with human rights and other social and/or environmental issues.
We are also committed to engaging with stakeholders and partners to understand the evolving global human rights landscape and we continue to improve our approach.
Sustainable Operations
ThaVibes believes that our commitment to sustainability must include steps to address our own operations. We seek to minimize our operational greenhouse gas (GHG) emissions while striving toward reductions in energy, water, paper and waste. ThaVibes will develop and implement campaigns that educate employees about actions to mitigate the environmental impact of our physical business operations and encourage them to make sustainable choices.
Governance, Implementation and Reporting
ThaVibes has a governance system in place and takes steps to implement and review this Policy Statement on an annual basis.
Governance: The Governance Committee of the ThaVibes Board of Directors oversees the company’s ESG initiatives. This Policy Statement is reviewed annually by the Risk Committee, the C-suite executives and other relevant internal control groups. It may be modified to reflect developments in our sustainability strategy or business operations. The results of the review are presented to the Chairman of the Board, Shareholders, Corporate Secretary, Chief Financial Officer and Chief Executive Officer for implementation.
Training: Employees and executives across the company are responsible for implementing our ESG commitments. We train our employees to understand and manage ESG risks and opportunities affecting our business.
Stakeholder Engagement: ThaVibes values the perspectives and insights of our internal and external stakeholders and regularly engages with stakeholder groups. We discuss environmental and social issues through meetings and open dialogue with employees, shareholders, investors, filmmakers, corporates and financial institutions, non-governmental organizations, communities, policymakers and sustainability thought leaders. With respect to internal stakeholders, our ability to execute our sustainability strategy depends on the knowledge and enthusiasm of our employees. We regularly share information on the company’s sustainability initiatives and invite employees to engage on ESG issues. We believe that dialogue with stakeholders is important to ensuring that we consider diverse and timely perspectives in our approaches. ThaVibes convenes periodic stakeholder roundtables to gather insights from key external stakeholders on the company’s activities related to key sustainability topics.
Reporting
ThaVibes is committed to regularly providing our stakeholders with information about our environmental and social risk management and sustainability performance. ThaVibes publishes an annual Sustainability Report with a focus on investor-relevant ESG data and information.
Summary
ThaVibes has taken an “All-In” approach to ESG and we believe that in the Caribbean, ESG is more important than any other region in the world because of the vast diversity in culture, environment, wildlife, plant-life, coral-life, human-ethic backgrounds and many other unique characteristics that may be lost without ESG policy adherence. We are taking a forward-thinking approach and embracing ESG to create a better present, a greater future for all.