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Penguin Solutions Releases 2023 Environmental, Social, and Governance Report

1. Penguin's 2023 ESG report shows significant emissions reduction and renewable energy use. 2. The company now aims for gender pay parity after expanding last year's study. 3. Penguin engages with the Responsible Business Alliance for sustainability concerns. 4. A formal double materiality assessment was conducted to address ESG topics. 5. Leadership emphasizes commitment to corporate responsibility and sustainability progress.

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FAQ

Why Bullish?

ESG commitments can enhance company reputation and investor interest, potentially increasing stock price.

How important is it?

Ongoing ESG commitments are vital for future growth and can attract ethical investors.

Why Long Term?

Sustained ESG efforts typically yield long-term investor confidence and potential profitability, seen in other firms.

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October 31, 2024 05:55 PM Eastern Daylight Time MILPITAS, Calif.--(BUSINESS WIRE)--Penguin Solutions, Inc. (“Penguin”) (Nasdaq: PENG) today released the 2023 Penguin Solutions Environmental, Social, and Governance Report, the fourth annual record of the company’s progress on its environmental, social, and governance (ESG) goals. The report provides a transparent account of the company’s ongoing commitment to maintaining high standards of safety and ethical conduct, cultivating a workplace culture that champions diversity, equity, and inclusion, and giving back to the global communities in which it operates. Over the past four years, Penguin Solutions has established a suite of meaningful ESG goals. The 2023 ESG Report shows how the company is working to fulfill these long-term aims by building on progress made in previous years. In 2023, Penguin Solutions: Reduced total Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 76% and converted a second site to run on 100% renewable energy, achieving 78% of its energy from this renewable (Penguin Solutions’ first site went 100% renewable in 2021.); Conducted a global study of gender pay parity that expands on last year’s U.S.-only review; Stayed engaged with industry peers on sustainability concerns by maintaining membership in the Responsible Business Alliance; and Streamlined and fortified its global information security program to help stay ahead of current and emerging risks. “During the last calendar year, we made great strides on our ESG initiatives,” said Mark Adams, president and CEO of Penguin Solutions. “I am incredibly proud of our team, our unwavering commitment to corporate responsibility across the company, and the progress we are making toward a sustainable future.” In 2024, Penguin Solutions conducted its first formal double materiality assessment, which involved interviews with key stakeholders on a range of ESG topics. This assessment drew on best practices from the Global Reporting Initiative (GRI), the UN Sustainable Development Goals (SDGs), the UN Global Compact (UNGC), the Task Force on Climate-Related Financial Disclosures (TCFD), and the European Sustainability Reporting Standards (ESRS). To read the full report, click here: 2023 Penguin Solutions ESG Report. Penguin Solutions is a trademark owned within the family of companies owned by Penguin Solutions, Inc. All other trademarks are the property of their respective owners. About Penguin Solutions The most exciting technological advancements are also the most challenging for companies to adopt. At Penguin Solutions, we support our customers in achieving their ambitions across our computing, memory, and LED business segments. With our expert skills, experience, and partnerships, we turn our customers’ most complex challenges into compelling opportunities. For more information, visit https://www.penguinsolutions.com.

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