GrowGeneration Corp.
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- climate change
- diversity, equity, and inclusion
- shareholder engagement
Environmental Achievements
- Included an incentive for achievement of certain environmental goals in the 2024 executive bonus program.
- 2024 executive bonus program includes a non-financial goal to monitor and reduce vehicle emissions from our delivery vehicle fleet.
Social Achievements
- Appointing a female to the Board, enhancing diversity.
- 35% of our employee group self-identifies as ethnically diverse.
- Wellness program supporting employee health and financial goals, including mental health resources and paid parental leave.
Governance Achievements
- Appointing a lead independent director to reinforce management accountability and Board independence.
- Adopting share ownership guidelines for directors and executive officers.
- Adopting a 2024 short-term cash incentive program featuring multiple performance measures, including an environmental-related measure, and a new long-term cash incentive program.
- Adopting a compensation clawback policy.
- Adopting amendments to the Company’s Amended and Restated 2018 Equity Incentive Plan, including to expressly prohibit option repricing and backdating, to impose minimum vesting periods, and to implement a “double-trigger” change-in-control mechanic.
Climate Goals & Targets
Environmental Challenges
- Prolonged industry downturn leading to significant expense reduction initiatives.
Mitigation Strategies
- NEOs agreed to reduced base salary levels for 2023.
- Company undertook several initiatives across the enterprise during 2022 and 2023 to reduce expenses as a result of a prolonged industry downturn.