30•GOVERNANCEANDMANAGEMENT
PANDORAANNUAL REPORT2014
general. In 2015, wewill work in close cooperationwith
our suppliers to develop responsible chain-of-custody
standards for silver mining.
PANDORA ProductionThailand is ourmost energy
consuming entity by far, but we have amodern and energy
efficient production setup.The amount of energy used
herewas up from19,170,000 kWh in2013 to23,243,000
kWh in 2014.The rise in energy consumption reflects
the increase in complexity and the number of pieces of
jewellery produced. Besides the state-of-the-art burn-out
ovens used in the crafting process, the extensive use of
chillers ensuring a comfortably cool working environment
consumes a considerable amount of energy. Ovens and
chillers put together account for approximately 40% of the
energy consumption.
InQ22014, PANDORAProductionThailand achieved
the ISO50001 certificationon energymanagement through
whichwedefine andmonitor our goals,methodology and
performance in reducingour energy consumption. 2014
also saw several newpilot projects aimed at reducingour
energy consumption.Thus, solar panels havebeen installed
across the entire roof of oneof thebuildings, LED lights have
been tested in a relevant areawith good results andwill
be installedwhere appropriate. In addition,we are testing
how tooptimise energy consumption indifferent processes.
Training in energymanagement awareness has been initiated
andwill continue into2015,when an expected500 selected
people are toundergo training.
Finally,wehave identifiedCO2 emissions from the
transport of our jewellery as anew focus area, andwe
are investigating, in close cooperationwithour transport
providers, how to gather data tominimise these emissions in
the future.
More information about PANDORApolicieswithin
business ethics, human rights, working conditions and
environmental footprint, aswell as the action taken to
implement these, canbe found at:
com/csr, where you can also find our PANDORA
Ethics
2014Report.
• It has been PANDORA’s objective that, by 2015, at least
35% of Boardmembers elected at theAnnual General
Meetingmust bewomen. At the endof 2014, women
made up 20% of our Boardmembers, which iswell
above the average 11% for Danish listed companies,
but still below our 35% target. Subsequentlywe have
changed the target year from2015 to2018, and from
2015wewill work to reach our target.
Planet
As part of our commitment to continuouslyminimise our
environmental footprint, PANDORA ProductionThailand in
2014 initiated a LifeCycleAssessment of its environmental
impact.The project is being run in collaborationwith
the Eco-Efficient Engineering Research Laboratory (Eco-
Lab) atMahidol University inThailand and has already
resulted in a range of interesting findings. Under effective
environmentally controlled conditions, the reuse of
preciousmetalswill considerably reduce carbon emissions
compared tomining.
Based on the Ecoinvent Database, Eco-Lab estimates
that reused gold results inCO2 emissions of as little as 5%
compared to goldmining.The corresponding figure for
silver is estimated to be 7%.Thismakes the use of reused
preciousmetals extremely efficient in terms of potential
CO2 reductions.
As part of our efforts to promote environmentally
responsible sourcing practices 90% of the gold grains used
in PANDORAproducts in 2014originated from recycling.
The remaining 10% originated frommines certified either
according to the RJC’s Chain-of-Custody standard or the
‘GoodDelivery Refinery’ standard issued by the London
BullionMarket Association.
When it comes to silver, 99% of the silver grains
sourcedby PANDORAoriginate from reused sources.The
remaining 1% canbe traced back to certified responsible
mining. Further, PANDORA isworkingwith our specialised
silver product suppliers to ensure that the silver used in
their products also originates from reused sources. Reused
silvermay enable us to guarantee the ethical origin
of silver sourced by PANDORA, but it does not help
solve potential problems related to the silver mining in
ALLGOLDUSEDBY PANDORA IS
CERTIFIEDCONFLICT FREE
WEOFFEROUR SUPPLIERSTRAINING,ADVICE
ANDASSISTANCETOHELPTHEMCOMPLY
WITHOURCSRREQUIREMENTS
