Valvoline Inc. has announced that it has established an internal ESG and Equality council to guide and support the Company’s continued progress on Environmental, Social and Governance (ESG) initiatives as it transitions into a pure-play retail services business. The creation of the council follows the company’s constructive discussions with Chicane Capital Management, LP, the investment manager to current Valvoline shareholder, Chicane Opportunities Fund, LP.
The council will be overseen by Valvoline’s board of directors through its Governance & Nominating committee, and led by Julie O’Daniel, senior vice president, chief legal officer and corporate secretary of Valvoline. Valvoline director Carol H. Kruse, the former senior vice president and chief marketing officer at ESPN and Cambia Health Solutions, will be joining the council, as will other senior executives of Valvoline.
The council will focus on strengthening Valvoline’s commitment to diversity, equity and inclusion (DE&I), including gender, racial and LGBTQ inclusion, and will work to further Valvoline’s efforts to integrate sustainability into the company’s business operations. The council will enhance these initiatives with corporate governance practices and will work closely with Valvoline’s employee-driven DEI council to deepen the Company’s commitment to an inclusive culture for all.
“Achieving the highest standards of ESG performance requires ongoing diligence and continually raising the bar,” said O’Daniel. “We appreciate the input from Georgina Russell, the managing partner of Chicane, over the past several weeks as we worked together to develop the idea for the council. Supporting DE&I initiatives and acting as a good corporate citizen are fundamental to our values and the council will be instrumental in guiding our continued ESG progress, especially as we complete the sale of our Global Products business, expected in early 2023. We value input from our shareholders and look forward to continuing our discussions with Chicane.”
“We are pleased that Valvoline has formed this goal-oriented and disclosure-focused council to engender a more inclusive workplace. With the announced separation of the global products business, the formation of this council comes at an ideal time as Valvoline enters this next chapter in the company’s history. The new Valvoline is poised to embrace the energy transition while creating value for all stakeholders,” said Russell. “We look forward to working with the Board and management as Valvoline shapes its strategy for the future.”
More information regarding Valvoline’s existing highly rated corporate governance and ESG initiatives can be found in the Company’s CSR report available on the company’s website.