In an era where the spotlight on corporate behavior and its consequential impact increasingly sways consumer opinion and action, organizations are recognizing that it is no longer enough to simply generate profit. Successful organizations also need to demonstrate a commitment to their broader societal and environmental footprint. The role of the Environment, Health and Safety (EHS) management is fast becoming a linchpin within this transformative business environment.
（在当今时代，企业行为及其所产生的影响日益受到关注，进而左右消费者的看法与行动。企业逐渐认识到，单纯追求盈利已远远不够。成功的企业还需展现出对更广泛社会与环境责任的担当。在此变革性的商业环境中，环境、健康与安全（EHS）管理正迅速成为关键支柱。）
Within a business context, EHS has evolved rapidly. It has grown from compliance-centric protocols focused on warding off regulatory penalties into a far-reaching program that prioritizes inclusivity, fairness and strategic goal-setting. Today, the significance of EHS transcends the conventional measures of keeping employees safe and reducing environmental damage. It now embodies a company's dedication to a universally beneficial value proposition: one that promotes a healthier, safer and more sustainable future for all, from staff and customers to the communities and ecosystems they interact with.
（在商业语境下，EHS的发展日新月异。它已从以合规为核心、旨在规避监管处罚的规程，演变为涵盖范围广泛、注重包容性、公平性及战略目标设定的综合体系。如今，EHS的意义已超越了保障员工安全、减少环境损害等传统范畴。它如今体现了企业对普世价值主张的坚守：为所有相关方——从员工、客户到企业所触及的社区与生态系统，创造更健康、更安全、更可持续的未来。）
As businesses strive to protect and enhance the wellbeing of their stakeholders, EHS initiatives become much more than mere management tools. They are symbolic manifestations of a company's mission, vision and values operating on the global stage. Consequently, companies could find that investment in EHS strategies is not just an ethical decision, but a practical one as well.
（当企业致力于维护并提升利益相关方的福祉时，EHS举措不再仅仅是管理工具。它们更是企业在全球舞台上践行使命、愿景与价值观的象征。因此，企业会发现，投资EHS战略不仅是一项符合道德的决策，更是切实可行的商业选择。）
Given all the above, there should be an obvious case for investment in EHS across an organization. However, when talking to clients, we frequently hear about two major challenges: the need to formulate a business case to prove the value of such investments, and the pressure to compete for funds for EHS projects (especially in difficult times). EY firmly believes that EHS management can serve as a strategic source of value for enterprises to cope with the ever-changing economic situation while making positive contributions to society. Based on this, we conducted this research to explore the relationship between an efficient EHS function and the efficient operation of an enterprise, and to provide support for relevant discussions at the board level. Since no in-depth research has been conducted in this field before, we consider the results of this study as an indicator of success, and we also welcome more dialogues to enhance trust and confidence in this field.
（尽管如此，理论上企业应明确认识到投资EHS的必要性，但在与客户交流时，我们经常听到他们面临的两大挑战：一是需要构建商业案例来证明此类投资的价值，二是（尤其在艰难时期）为EHS项目争取资金时面临竞争压力。安永坚信，EHS管理既能成为企业应对不断变化经济形势的战略性价值源泉，又能为社会做出积极贡献。基于此，我们开展了这项研究，旨在探究高效的EHS职能与企业高效运营之间的关系，并为董事会层面的相关讨论提供支持。由于此前该领域尚未进行过如此深入的研究，我们认为此次研究结果可作为衡量成功的一个指标，同时也欢迎更多对话，以增进该领域的信任与信心。）
Treating the EHS function as a strategic priority will form a virtuous cycle of self-fulfillment. It can not only protect the wellbeing of tangible and intangible assets such as individuals, communities and the environment, but also lay the foundation for the long-term prosperity and success of the enterprise. Therefore, to build enterprises that thrive in the future, it is necessary to fully integrate EHS into all aspects of enterprise operations today.
（将EHS职能视为战略重点，这本身就会形成一种自我实现的良性循环——它不仅能保护个人、社区和环境等有形与无形资产的福祉，还能为企业的长期繁荣与成功奠定基础。因此，要打造未来蓬勃发展的企业，如今就必须将EHS全面融入企业运营的各个环节。）
Dr. Matthew Bell（马修·贝尔博士）
EY Global Lead, Climate Change and Sustainability Services（安永全球气候变化与可持续发展服务负责人）
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## Contents（目录）
- Executive Summary（执行摘要）
1. Higher EHS performers typically achieve higher financial, social and regulatory performance（EHS表现优异的企业通常在财务、社会和合规表现方面更出色）.............................. 3
- Environmental performance（环境表现）...................................................................... 4
- Health and safety performance（健康与安全表现）.......................................................... 5
- Geographic variation（地域差异）................................................................................. 6
- Industry variation（行业差异）...................................................................................... 7
2. Illustrative analysis: comparing an average EHS performer with a high EHS performer（案例分析：EHS表现一般的企业与EHS表现优异的企业对比）......................................... 8
3. The EY EHS maturity model and Global EY EHS maturity survey（安永EHS成熟度模型与全球安永EHS成熟度调研）.................................................................... 10
4. Applying levers to EHS maturity（运用关键举措提升EHS成熟度）.................................................... 11
5. What now?（下一步行动建议）..................................................................................... 19
- About this research（关于本研究）........................................................................... 21
- Endnotes（尾注）........................................................................................... 23
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## Executive Summary（执行摘要）
In recent years, the world has experienced a series of unprecedented events - from the global pandemic to extreme climate events such as devastating floods and wildfires, and to the evolving social justice movement (which requires enterprises to not only aim at enhancing shareholder interests).
（近年来，全球经历了一系列前所未有的事件——从全球疫情，到毁灭性洪水、野火等极端气候事件，再到不断发展的社会正义运动（该运动要求企业不能仅以提升股东利益为唯一目标）。）
Against this backdrop, the importance of the Environment, Health and Safety (EHS) function has become increasingly prominent. It has become both a key force for promoting strategic implementation and a foundation for value creation. It is crucial for enterprises to fulfill their moral commitment to protecting humans and the planet, and reflects the enterprises' positive attitude towards paying attention to the demands of stakeholders, which goes far beyond mere compliance requirements. In fact, the degree of perfection of the EHS function demonstrates the enterprise's true commitment to the wellbeing of all stakeholders. In an era where ethical considerations increasingly affect consumers' choices and investors' decisions, the EHS function has become a powerful symbol of enterprises practicing their values and principles.
（在此背景下，环境、健康与安全（EHS）职能的重要性日益凸显，既成为推动战略实施的关键力量，也是创造价值的基础。它对于企业履行保护人类与地球的道德承诺至关重要，体现了企业积极关注利益相关方诉求的态度，这种关注远超单纯的合规要求。事实上，EHS职能的完善程度，彰显了企业对所有利益相关方福祉的真正投入。在道德考量日益影响消费者选择与投资者决策的时代，EHS职能已成为企业践行价值观与原则的有力象征。）
However, despite the crucial role of EHS, a core question remains: Can the improvement of an enterprise's EHS performance drive the improvement of its financial performance? For a long time, many EHS professionals have believed that excellent EHS management is beneficial to the development of enterprises, but is this really the case? If the answer is yes, what are the key factors that have the greatest impact? This report aims to answer these questions.
（然而，尽管EHS至关重要，一个核心问题依然存在：企业EHS表现的提升是否能带动财务表现的改善？长期以来，许多EHS专业人士认为，出色的EHS管理对企业发展有益，但事实果真如此吗？如果答案是肯定的，那么影响最大的关键因素又是什么？本报告旨在解答这些问题。）
### About this analysis（关于本分析）
The research conducted by EY teams analyzed data from 9,000 large listed companies around the world to evaluate the relationship between EHS performance and the enterprise's financial, social and regulatory performance, so as to verify whether improving EHS maturity can improve the overall performance of the enterprise.
（安永团队的研究分析了全球9000家大型上市公司的数据，评估EHS表现与企业财务、社会及合规表现之间的关系，以验证提升EHS成熟度是否能改善企业整体表现。）
In addition, EY teams also conducted a special study to help identify the distinctive characteristics of enterprises with the highest EHS maturity ¹.
（此外，安永团队还开展了专项研究，助力识别EHS成熟度最高企业的显著特征¹。）
The results of this study are the first step in establishing a connection between EHS investment and enterprise value creation. We welcome further dialogues from all parties on the research results to jointly promote the building of confidence in the broader benefits that the EHS function can bring to enterprises.
（本研究结果是确立EHS投资与企业价值创造之间关联的第一步。我们欢迎各方就研究结果展开进一步对话，共同推进对EHS职能为企业带来更广泛益处的信心建设。）
### Key findings（主要研究发现）
The analysis shows that EHS performance is expected to become a driving force for promoting the improvement of enterprises' financial, social and regulatory performance, and any enterprise can adopt the practical methods that can improve EHS maturity ². The key elements for achieving excellent EHS management are clear, practical and accessible.
（分析表明，EHS表现有望成为推动企业财务、社会及合规表现提升的驱动力，且任何企业都可采用那些能提高EHS成熟度的实践方法²。实现卓越EHS管理的关键要素清晰、务实且触手可及。）
Specifically, the analysis draws the following conclusions:
- Enterprises that improve their EHS performance usually also improve their financial, social and regulatory performance, and this trend is particularly obvious in developed economies.
（提升EHS表现的企业，其财务、社会及合规表现通常也会随之改善，在发达经济体中这一趋势尤为明显。）
- During the selected 10-year period, enterprises with excellent EHS function performance achieved higher growth rates in net profit, revenue and market capitalization than those with average EHS performance.
（在选定的10年期间，EHS职能表现优异的企业，其净利润、收入和市值的增长速度均高于EHS表现一般的企业。）
- The research results are generally consistent across industries. However, in industries with high EHS risks (such as advanced manufacturing and mobility), the correlation between EHS performance and the overall performance of enterprises is usually stronger.
（各行业的研究结果总体一致，但在EHS风险较高的行业（如先进制造与交通运输行业），EHS表现与企业整体表现之间的关联性通常更强。）
- The difference in EHS maturity among different enterprises is far greater than that among enterprises in different regions, with different annual revenue scales or in different industries. Therefore, whether an enterprise can achieve a high level of EHS maturity depends more on the practical methods adopted by the enterprise itself, rather than external factors such as region or industry.
（不同企业之间的EHS成熟度差异远大于不同地区、不同年收入规模或不同行业之间的差异。因此，企业能否实现较高的EHS成熟度，更多取决于企业自身所采用的实践方法，而非地域或行业等外部因素。）
- Excellent EHS function performance is one of the common characteristics of outstanding enterprises. The analysis shows that the EHS function is a unique value-driven factor. By improving EHS maturity and learning from the experience of industry-leading enterprises, enterprises have a clear opportunity to increase revenue, improve profits and ultimately enhance market capitalization.
（EHS职能表现优异，是优秀企业的普遍特征之一。分析表明，EHS职能是一个独特的价值驱动因素。通过提升EHS成熟度并借鉴行业领先企业的经验，企业在增加收入、提高利润并最终提升市值方面拥有明确的机会。）
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### Distinctive features of a mature EHS function（成熟EHS职能的显著特征）
Through research, EY teams used a maturity index to score enterprises, so as to identify and study EHS functions with high maturity. This index covers dozens of characteristics related to mature EHS operations, such as having dedicated EHS technology, the EHS function being responsible to the executive level, and providing EHS training for all new employees. However, to achieve high maturity, enterprises need to perform well in multiple fields, and there are no single or a few characteristics that can have a broad impact on the score. This index is based on the EY EHS Maturity Model, which is a value-oriented strategic framework. It helps enterprises clarify various paths to achieve EHS maturity by summarizing EHS practices into applicable key measures.
（安永团队通过调研，采用成熟度指数对企业进行评分，从而识别并研究成熟度高的EHS职能。该指数涵盖了与成熟EHS运营相关的数十项特征，例如配备专门的EHS技术、EHS职能向高管层负责、为所有新员工提供EHS培训等。然而，要实现高成熟度，企业需在多个领域均有出色表现，不存在单一或少数几项能对评分产生广泛影响的特征。该指数以安永EHS成熟度模型为基础，该模型是一个以价值为导向的战略框架，通过将EHS实践归纳为可运用的关键举措，帮助企业理清实现EHS成熟度的多种路径。）
The average maturity score of the enterprises participating in the survey is 41 points (out of 100 points), which indicates that most enterprises only have less than half of the elements required for a leading EHS function.
（参与调研的企业平均成熟度得分为41分（满分100分），这表明大多数企业仅具备领先EHS职能所需要素的不到一半。）
The analysis found that many practical methods of EHS functions with high maturity can be adopted by all enterprises - regardless of the size of the enterprise or the industry it is in, there are enterprises with high EHS maturity.
（分析发现，高成熟度EHS职能的许多实践方法所有企业都可采用——无论企业规模大小、所处行业如何，都存在EHS成熟度高的企业。）
The distinctive features of EHS functions with high maturity include:
1. **Full penetration into enterprise operations（全面渗透企业运营）**: Mature EHS functions usually collaborate with all levels of the enterprise and report data. They strive to incorporate the opinions of various employees when formulating policies, and match EHS personnel allocation and policies with the specific risks of the enterprise. In addition, mature EHS functions also provide customized EHS training for new employees and are responsible for managing the psychosocial risks of employees.
（成熟的EHS职能通常会与企业各层级开展协作并上报数据，在制定政策时会努力纳入各类员工的意见，并使EHS人员配置及政策与企业特定风险相匹配。此外，成熟的EHS职能还会为新员工提供定制化EHS培训，并负责管理员工的心理社会风险。）
2. **Clarifying leadership and governance responsibilities through incentive mechanisms（通过激励机制明确领导力与治理责任）**: Enterprises with mature EHS functions often link EHS performance with executive compensation ³.
（拥有成熟EHS职能的企业，常将EHS表现与高管薪酬挂钩³。）
3. **Clear organizational structure and sound support system（清晰的组织结构与完善的支持体系）**: The organizational structure of mature EHS functions is clear, which is not only conducive to control management, but also can promote communication and collaboration ⁴.
（成熟EHS职能的组织结构明确，这不仅有利于控制管理，还能促进沟通与协作⁴。）
4. **Digital management empowering decision-making（数字化管理赋能决策）**: The digital management of the EHS function can provide enterprises with sufficiently comprehensive reports to help enterprises improve EHS management, identify development trends and conduct self-analysis. Mature EHS functions almost all have dedicated enterprise-level EHS technology systems ⁵.
（EHS职能的数字化管理能为企业提供足够全面的报告，助力企业改进EHS管理、识别发展趋势并开展自我分析。成熟的EHS职能几乎都配备了专门的企业级EHS技术系统⁵。）
5. **Cultivating a positive EHS culture（培育积极的EHS文化）**: Enterprises with mature EHS functions create a positive EHS culture by managing the psychosocial risks of employees, encouraging employees to feedback EHS problems, and providing support for employees with poor physical or mental conditions ⁶.
（拥有成熟EHS职能的企业会通过管理员工心理社会风险、鼓励员工反馈EHS问题、为身体或心理状态不佳的员工提供支持等方式，营造积极的EHS文化⁶。）
6. **Formulating formal EHS plans focusing on continuous improvement（制定注重持续改进的正式EHS计划）**: Such plans are formulated through extensive collaboration with personnel at all levels of the enterprise.
（这类计划是通过与企业各层级人员广泛协作制定而成的。）
7. **Strategic use of reporting functions（战略性运用报告功能）**: This includes supporting the "three lines of defense" strategy by reporting EHS risks, performance and accidents to all levels of the enterprise, and often using EHS indicators to recognize teams or individuals with excellent EHS management.
（包括通过向企业各层级报告EHS风险、表现及事故情况来支持“三道防线”战略，并常运用EHS指标表彰EHS管理优秀的团队或个人。）
8. **Close connection with a strong risk management function（与强大的风险管理职能紧密关联）**: Enterprises with high EHS maturity usually have a sound risk management function and conduct regular internal audits ⁷.
（EHS成熟度高的企业通常拥有完善的风险管理职能，并会定期开展内部审计⁷。）
### Implications for enterprises（对企业的启示）
Enterprises can improve EHS maturity by adopting specific practical methods, which are often low-cost and high-benefit. They are more initiatives that enterprise leaders can independently choose, rather than projects that require large-scale investment. EY analysis shows that the EHS function is an underutilized asset for enterprises to achieve operational excellence and financial excellence. The direction of action is very clear: EHS can be used as a strategic source of value to help enterprises cope with the ever-changing business environment and make positive contributions to society at the same time.
（企业可通过采用特定实践方法提升EHS成熟度，这些方法往往成本低、效益高。它们更多是企业领导者可自主选择的举措，而非需要大规模投资的项目。安永分析表明，EHS职能是企业实现运营卓越与财务卓越的未充分利用的资产。行动方向已十分明确：EHS可作为战略性价值源泉，助力企业应对不断变化的商业环境，同时为社会做出积极贡献。）
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# 1. Higher EHS performers typically achieve higher financial, social and regulatory performance（EHS表现优异的企业通常在财务、社会和合规表现方面更出色）
## For consideration（思考问题）:
How do you think your organization compares with the findings of the study?（您认为贵企业的情况与本研究结果相比如何？）
EY teams analyzed 11 measurement indicators of enterprises' financial, social and regulatory performance, and 6 measurement indicators of EHS performance to explore the potential relationship between EHS performance and the overall performance of enterprises (see Table 1).
（安永团队分析了企业财务、社会和合规表现的11项衡量指标，以及EHS表现的6项衡量指标，以探究EHS表现与企业整体表现之间的潜在关系（见表1）。）
**Table 1: All EHS and enterprise performance measurement indicators used in the analysis（表1：分析中使用的所有EHS及企业表现衡量指标）**
| EHS Performance Indicators（EHS表现衡量指标） | Enterprise Performance Indicators（企业表现衡量指标） |
| ---- | ---- |
| - Lost time injury rate（误工伤害率）<br>- Total injury rate（总伤害率）<br>- Presence of health and safety team（健康与安全团队配置情况）<br>- Employee health and safety policy（员工健康与安全政策）<br>- "E" of ESG score（环境、社会及治理（ESG）评分中的“环境（E）”维度得分）<br>- Scope 1 and 2 emissions（范围1和范围2排放量） | **Financial（财务维度）**<br>- Revenue growth（企业收入增长）<br>- Profit growth（企业利润增长）<br>- Market capitalization growth（企业市值增长）<br>- Sales per employee（人均销售额）<br><br>**Social（社会维度）**<br>- Employee turnover rate（员工离职率）<br>- Announced layoff rate（已宣布裁员率）<br>- Employee turnover (excluding layoffs)（剔除裁员后的员工离职率）<br>- Proportion of female employees（女性员工比例）<br>- Corporate responsibility awards（企业社会责任奖项）<br><br>**Regulatory（合规维度）** ⁹<br>- Environmental controversies（环境相关争议事件）<br>- EHS controversies（EHS相关争议事件） |
(Note: All data is sourced from Refinitiv)（注：所有数据均来源于路孚特（Refinitiv））
The research team compared the long-term (i.e., 10-year) trends of each enterprise's financial, social and regulatory performance with various EHS performance measurement indicators. For example, the 10-year change in an enterprise's net income was compared with the 10-year change in the "E" of the enterprise's ESG score ⁸.
（研究团队将每家企业财务、社会和合规表现的长期（即10年）趋势，与各项EHS表现衡量指标进行对比分析。例如，将企业10年净利润变化情况与企业ESG评分中“环境（E）”维度的10年变化情况进行对比⁸。）
It should be noted that these EHS performance measurement indicators may not fully reflect the EHS performance of a specific enterprise. For the convenience of comparison, this study selected the most accessible indicators. However, the survey results explore the broader characteristics of EHS performance and maturity, and their impact on enterprise success in more depth.
（需说明的是，这些EHS表现衡量指标可能无法全面反映特定企业的EHS表现。为便于对比，本研究选择了最易获取的指标。而调研结果则更深入地探讨了EHS表现与成熟度的更广泛特征，及其对企业成功的影响。）
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## Environmental performance（环境表现）
EY analysis suggests that companies that improve their environmental performance typically improve their financial, social and regulatory performance in a given time range.
（安永分析表明，在特定时期内，环境表现得到改善的企业，其财务、社会及合规表现通常也会随之提升。）
**Figure 1: Relationship between environmental performance ("E" of ESG score) and financial performance (revenue growth) - Increased environmental performance correlates to increased financial performance（图1：环境表现（ESG评分中的“E”维度）与财务表现（收入增长）的关系——环境表现提升与财务表现提升相关联）**
Figure 1 compares a company’s environmental performance (measured by the 10-year change in the "E" of its ESG score) with its financial performance (measured by revenue growth over the past 10 years) ¹⁰. The figure suggests that a company that improves its environmental performance also typically improves its financial performance. This finding implies that companies can address environmental challenges without compromising financial performance.
（图1对比了企业环境表现（以ESG评分中“E”维度的10年变化情况衡量）与财务表现（以过去10年的收入增长情况衡量）¹⁰。该图显示，环境表现改善的企业，其财务表现通常也会改善。这一发现表明，企业在应对环境挑战的同时，无需以牺牲财务表现为代价。）
**Figure 2: Relationship between environmental performance ("E" of ESG score) and social performance (employee turnover rate) - Increased environmental performance correlates to increased social performance（图2：环境表现（ESG评分中的“E”维度）与社会表现（员工离职率）的关系——环境表现提升与社会表现提升相关联）**
Figure 2 examines the relationship between a company’s environmental performance (measured as the 10-year change in the "E" of its ESG score) and its social performance (measured as employee retention) ¹¹. The figure suggests that a company that improves its environmental performance also tends to lower its employee turnover rate. This relationship supports the notion that employees are more likely to stay with companies that prioritize environmental sustainability.
（图2探究了企业环境表现（以ESG评分中“E”维度的10年变化情况衡量）与社会表现（以员工留存率衡量）之间的关系¹¹。该图显示，环境表现改善的企业，其员工离职率往往也会降低。这一关系印证了一个观点：员工更愿意留在那些重视环境可持续性的企业。）
**Figure 3: Relationship between environmental performance ("E" of ESG score) and regulatory performance (number of years with EHS controversies) - Increased environmental performance correlates to increased regulatory performance（图3：环境表现（ESG评分中的“E”维度）与合规表现（EHS争议事件年份数）的关系——环境表现提升与合规表现提升相关联）**
Figure 3 displays the relationship between a company’s environmental performance (indicated by the 10-year change in the "E" of its ESG score) and its regulatory performance (indicated by the number of years with EHS controversies over the past 10 years) ¹². The figure suggests that a company that improves its environmental performance also tends to have fewer EHS controversies. This not only reflects positively on a company’s reputation but can also contribute to better financial results, as fewer controversies can lead to smoother operations and reduced risks.
（图3展示了企业环境表现（以ESG评分中“E”维度的10年变化情况衡量）与合规表现（以过去10年中发生EHS争议事件的年份数衡量）之间的关系¹²。该图显示，环境表现改善的企业，其EHS争议事件往往也会减少。这不仅能为企业赢得良好声誉，还能助力提升财务业绩——争议事件减少可使运营更顺畅、风险更低。）
(Note for Figures 1-8: The analysis was conducted on 9,000 companies from the Americas, EMEIA, and Asia-Pacific (3,000 each) with the largest market capitalization. The number of companies included in each relationship assessment ranges from 160 to 2,709 (median: 862). Financial metrics are adjusted for inflation. The trend line is a univariate linear regression. Any economic model is an approximate depiction of economic forces; see endnotes for caveats.)
（注：图1-8的分析对象为总部位于美洲、欧洲中东非洲（EMEIA）和亚太地区的9000家企业（各3000家），均为各地区最新财年市值最高的企业。每项关系评估涉及的企业数量为160-2709家（中位数862家）。财务指标已调整通胀。趋势线为单变量线性回归。任何经济模型均为经济规律的近似描述；相关警告请参见尾注。）
EHS Maturity Study 2023 | Page 4（EHS成熟度研究报告 2023 | 第4页）
## Health and safety performance（健康与安全表现）
EY analysis suggests there may be a link between companies improving their health and safety performance and also improving their financial, social and regulatory performance.
（安永分析表明，企业健康与安全表现的改善，可能与其财务、社会及合规表现的改善存在关联。）
**Figure 4: Relationship between health and safety performance (total injury rate) and financial performance (net income growth) - Increased health and safety performance correlates to increased financial performance（图4：健康与安全表现（总伤害率）与财务表现（净利润增长）的关系——健康与安全表现提升与财务表现提升相关联）**
Figure 4 displays the relationship between a company’s health and safety performance (measured by the 10-year change in its total injury rate) and its financial performance (measured by the 10-year growth in its net income) ¹³. This figure suggests that a company that lowers its total injury rate may also increase its net income. This implies robust health and safety practices protect employees and impact financial performance (fewer injuries = smoother operations, lower costs, stronger reputation).
（图4展示了企业健康与安全表现（以总伤害率的10年变化情况衡量）与财务表现（以净利润的10年增长情况衡量）之间的关系¹³。该图显示，总伤害率降低的企业，其净利润往往会增加。这表明完善的健康与安全措施不仅能保护员工，还能影响财务表现——伤害减少意味着运营更顺畅、成本更低、声誉更好。）
**Figure 5: Relationship between health and safety performance (total injury rate) and social performance (announced layoff rate) - Increased health and safety performance correlates to increased social performance（图5：健康与安全表现（总伤害率）与社会表现（已宣布裁员率）的关系——健康与安全表现提升与社会表现提升相关联）**
Figure 5 displays the relationship between a company’s health and safety performance (10-year change in total injury rate) and its social performance (10-year change in announced layoff rate) ¹⁴. The figure suggests a link between lower total injury rates and lower announced layoff rates. This implies investing in employee wellbeing safeguards health and maintains workforce stability.
（图5展示了企业健康与安全表现（总伤害率的10年变化情况）与社会表现（已宣布裁员率的10年变化情况）之间的关系¹⁴。该图显示，总伤害率降低的企业，其已宣布裁员率也可能降低。这意味着投资员工福祉既能保障健康，又能维持员工队伍稳定。）
**Figure 6: Relationship between health and safety performance (total injury rate) and regulatory performance (number of years with EHS controversies) - Increased health and safety performance correlates to increased regulatory performance（图6：健康与安全表现（总伤害率）与合规表现（EHS争议事件年份数）的关系——健康与安全表现提升与合规表现提升相关联）**
Figure 6 displays the relationship between a company’s health and safety performance (10-year change in total injury rate) and its regulatory performance (number of years with at least one EHS controversy in 10 years). EHS controversies include issues related to employee health, human rights, child labor, etc. The figure suggests lower total injury rates reduce EHS controversies, lowering legal, reputational and financial risks.
（图6展示了企业健康与安全表现（总伤害率的10年变化情况）与合规表现（过去10年中至少发生一次EHS争议事件的年份数）之间的关系。EHS争议事件包括员工健康、人权、童工等相关问题。该图显示，总伤害率降低的企业，其EHS争议事件也会减少，从而降低法律、声誉及财务风险。）
EHS Maturity Study 2023 | Page 5（EHS成熟度研究报告 2023 | 第5页）
## Geographic variation（地域差异）
Results are found to vary by region. Figure 7 displays how the relationship between environmental performance (10-year change in "E" of ESG score) and financial performance (10-year growth in net income) varies by geography. This result is illustrative of geographic variation in other relationships.
（研究结果存在地域差异。图7展示了环境表现（ESG评分中“E”维度的10年变化情况）与财务表现（净利润的10年增长情况）之间的关系在不同地域的差异，该结果也能反映其他关系的地域差异。）
Companies in regions where the relationship between financial and EHS performance is the strongest tend to have the highest average level of EHS maturity.
（在财务与EHS表现关联性最强的地区，企业的平均EHS成熟度通常最高。）
Specifically, the relationship is displayed separately for companies headquartered in the Americas, EMEIA and Asia-Pacific:
- **Americas - Relationship strength: above average（美洲地区——关联强度：高于平均水平）** ¹⁵
The strongest association between "E" score improvement and net income growth was found in the Americas, underscoring the significance of EHS practices in driving financial performance in advanced economies.
（美洲地区ESG评分中“E”维度提升与净利润增长的关联性最强，凸显了EHS实践在发达经济体推动财务表现的重要性。）
- **EMEIA - Relationship strength: average（欧洲中东非洲地区——关联强度：平均水平）**
There was an association between "E" score improvement and net income growth, but it was weaker than in the Americas.
（欧洲中东非洲地区“E”维度提升与净利润增长存在关联，但强度低于美洲地区。）
- **Asia-Pacific - Relationship strength: average（亚太地区——关联强度：平均水平）**
The association was also weaker than in the Americas. The relationship between EHS and financial performance, while present, is not as robust.
（亚太地区的关联性也低于美洲地区，EHS与财务表现的关系虽存在，但不够稳固。）
This pattern suggests EHS practices’ impact on performance may be more prominent in advanced economies. Investments in EHS maturity reflect these patterns too.
（这一规律表明，EHS实践对表现的影响在发达经济体可能更显著，企业提升EHS成熟度的投资也呈现此规律。）
EHS Maturity Study 2023 | Page 6（EHS成熟度研究报告 2023 | 第6页）
## Industry variation（行业差异）
Results also vary by industry. Figure 8 overviews the relationship between environmental performance ("E" of ESG score) and financial performance (10-year market capitalization growth) across all industries and four illustrative groups: Life sciences and wellness, Technology, media and telecommunications, Advanced manufacturing and mobility, and Financial services ¹⁶.
（研究结果存在行业差异。图8概述了环境表现（ESG评分中的“E”维度）与财务表现（10年市值增长）之间的关系，涵盖所有行业及四个代表性行业组：生命科学与健康、科技媒体通信、先进制造与交通运输、金融服务¹⁶。）
Across industries, companies improving environmental performance tend to increase market capitalization, but the relationship strength varies:
- In low-EHS-risk industries (e.g., financial services), the relationship is below average.
（在低EHS风险行业（如金融服务），关联性低于平均水平。）
- In high-EHS-risk industries (e.g., advanced manufacturing and mobility), the relationship is at least average, sometimes stronger.
（在高EHS风险行业（如先进制造与交通运输），关联性至少为平均水平，有时更高。）
This difference stems from the nature of high-risk industries: poor EHS performance leads to more severe consequences (legal liabilities, accidents, reputation damage). Investors scrutinize EHS performance more closely, making it a key factor in market capitalization. Low-risk industries face fewer immediate consequences for subpar EHS, leading to a weaker connection.
（这种差异源于高风险行业的特性：EHS表现不佳会导致更严重后果（法律责任、事故、声誉损害），投资者更关注其EHS表现，使其成为影响市值的关键因素；低风险行业EHS表现不佳的即时后果较少，关联性更弱。）
EHS Maturity Study 2023 | Page 7（EHS成熟度研究报告 2023 | 第7页）
# 2. Illustrative analysis: comparing an average EHS performer with a high EHS performer（案例分析：EHS表现一般的企业与EHS表现优异的企业对比）
## For consideration（思考问题）:
Do high EHS performers stand out in your industry?（在您所处的行业中，EHS表现优异的企业是否脱颖而出？）
There is potential for financial, social and regulatory benefits when improving EHS performance.
（提升EHS表现有望带来财务、社会及合规方面的益处。）
### Financial performance（财务表现）
- A high-EHS-performing company ¹⁷ achieved a 5-percentage-point higher net income growth (22% vs. 17%) over the past decade than an average performer.
（过去十年，EHS表现优异的企业¹⁷净利润增长（22%）比表现一般的企业（17%）高出5个百分点。）
- A high-EHS-performing company achieved a 12-percentage-point higher revenue growth (16% vs. 4%) than an average performer.
（EHS表现优异的企业收入增长（16%）比表现一般的企业（4%）高出12个百分点。）
- A high-EHS-performing company achieved a 7-percentage-point higher market capitalization growth (10% vs. 3%) than an average performer.
（EHS表现优异的企业市值增长（10%）比表现一般的企业（3%）高出7个百分点。）
### Social performance（社会表现）
- A high-EHS-performing company had a 3% lower employee turnover rate (0.1% reduction from 3.1%). Though slight, this reflects a beneficial relationship between EHS and retention.
（EHS表现优异的企业员工离职率低3%（从3.1%降至0.1%）。尽管降幅微小，但反映了EHS与员工留存的积极关系。）
### Regulatory performance（合规表现）
- A high-EHS-performing company had environmental controversies for 4 months in 10 years, vs. 6 months for an average performer.
（过去10年，EHS表现优异的企业环境争议事件时长为4个月，表现一般的企业为6个月。）
- A high-EHS-performing company had EHS controversies for 1 year in 10 years, vs. 1 year and 5 months for an average performer. Fewer controversies reduce legal and reputational risks.
（过去10年，EHS表现优异的企业EHS争议事件时长为1年，表现一般的企业为1年5个月。争议减少可降低法律及声誉风险。）
EHS Maturity Study 2023 | Page 8（EHS成熟度研究报告 2023 | 第8页）
# 3. The EY EHS maturity model and Global EY EHS maturity survey（安永EHS成熟度模型与全球安永EHS成熟度调研）
## For consideration（思考问题）:
Are the gaps in your company’s EHS maturity development easily identifiable?（贵企业EHS成熟度发展的差距是否易识别？）
Even among sectors and regions with the highest average EHS maturity, most organizations fall well short of advanced or leading levels.
（即便在平均EHS成熟度最高的行业和地区，多数企业也远未达到先进或领先水平。）
### EHS maturity index overview（EHS成熟度指数概述）
Achieving high EHS maturity requires performance across multiple areas, as a mature EHS function must align with enterprise values and be present throughout the company. The Global EY EHS Maturity Survey identified distinctive features of high-maturity companies via a maturity index covering dozens of components (ownership, strategy, culture, reporting, technology). No single feature drives scores broadly, but high performers excel in multiple areas ¹⁹.
（实现高EHS成熟度需在多领域表现出色，因为成熟的EHS职能需与企业价值观一致且渗透于企业各环节。全球安永EHS成熟度调研通过涵盖数十项要素（所有权、战略、文化、报告、技术）的成熟度指数，识别了高成熟度企业的显著特征。无单一要素能广泛影响评分，但高表现企业在多领域表现突出¹⁹。）
Key index findings:
- The average maturity score of survey respondents is 41/100, meaning most companies have less than half the components of a fully mature EHS function.
（调研对象平均成熟度得分为41/100，意味着多数企业仅具备完全成熟EHS职能不到一半的要素。）
- Top-third companies have an average score of 66/100; bottom-third companies have 15/100.
（排名前1/3的企业平均得分66/100，后1/3的企业为15/100。）
- EHS maturity varies more by company than by region, sector or revenue. Attainment depends more on internal practices than external factors.
（EHS成熟度的企业间差异远大于地区、行业或收入差异，实现成熟度更多取决于内部实践而非外部因素。）
- Industry variation is minimal: The highest average (46/100, financial services) is only 13 points higher than the lowest (33/100, life sciences and wellness).
（行业差异微小：最高平均分（金融服务，46/100）仅比最低分（生命科学与健康，33/100）高13分。）
EHS Maturity Study 2023 | Page 10（EHS成熟度研究报告 2023 | 第10页）
# 4. Applying levers to EHS maturity（运用关键举措提升EHS成熟度）
## For consideration（思考问题）:
Does your company use any of the levers below to improve its EHS function? What about peers?（贵企业是否使用以下关键举措改善EHS职能？同行呢？）
High-index companies adopt practices aligned with the EY EHS Maturity Model (e.g., linking EHS to executive compensation, customizing EHS training).
（高指数企业采用与安永EHS成熟度模型一致的实践（如EHS与高管薪酬挂钩、定制EHS培训）。）
### Strategy and planning（战略与规划）
EHS strategy prioritizes initiatives aligned with company values and operations. Key findings:
- 63% of high-maturity companies have an advanced EHS strategy, vs. 24% overall.
（63%的高成熟度企业拥有先进的EHS战略，整体占比仅24%。）
- 51% of high-maturity companies focus on continuous improvement in strategy, vs. 34% overall.
（51%的高成熟度企业在战略中注重持续改进，整体占比34%。）
- 62% of high-maturity companies collaborate extensively with senior management on strategy; 60% with frontline workers; 54% with the overall workforce.
（62%的高成熟度企业在战略制定中与高管层深入协作，60%与一线员工协作，54%与全体员工协作。）
Companies should develop a "living" EHS strategy incorporating input from all levels (including third parties) and adapting to new risks.
（企业应制定“动态”EHS战略，纳入各层级（包括第三方）意见，并适应新风险。）
### People and engagement（人员与参与）
High-maturity EHS functions excel in promoting EHS culture:
- 31% of high-maturity companies include EHS training in new employee orientation, vs. 17% overall.
（31%的高成熟度企业在新员工入职培训中加入EHS内容，整体占比17%。）
- 85% of high-maturity companies provide fully customized EHS training, vs. 52% overall.
（85%的高成熟度企业提供完全定制化EHS培训，整体占比52%。）
- 87% of high-maturity companies highly encourage employees to raise EHS concerns, vs. 48% overall.
（87%的高成熟度企业大力鼓励员工反馈EHS问题，整体占比48%。）
### Governance and leadership（治理与领导力）
Executive support is critical:
- 87% of high-maturity companies treat EHS performance as a "very" material factor in executive compensation.
（87%的高成熟度企业将EHS表现视为影响高管薪酬的“非常”重要因素。）
- 45% of these companies have EHS leaders reporting to the CEO, vs. 40% overall.
（其中45%的企业EHS负责人向CEO汇报，整体占比40%。）
### Digital technology（数字技术）
91% of high-maturity companies have dedicated enterprise EHS technology, vs. 59% of low-maturity companies. This technology improves data confidence and task efficiency:
- 58% of high-maturity companies integrate EHS with business-wide systems, vs. 26% of low-maturity companies.
（91%的高成熟度企业拥有专门的企业级EHS技术，低成熟度企业占比59%。该技术提升数据可信度和任务效率：58%的高成熟度企业实现EHS与企业级系统集成，低成熟度企业占比26%。）
- 82% of companies with dedicated EHS technology are confident in their EHS data, vs. 53% without it.
（拥有专门EHS技术的企业中，82%对EHS数据有信心，无该技术的企业占比53%。）
EHS Maturity Study 2023 | Page 11-17（EHS成熟度研究报告 2023 | 第11-17页）
# 5. What now?（下一步行动建议）
## For consideration（思考问题）:
What opportunities exist to increase revenue, income and market capitalization via improved EHS maturity?（通过提升EHS成熟度，贵企业在增加收入、利润及市值方面有哪些机会？）
Key actions for elevating EHS practices:
1. **Develop a formal EHS strategy with input from all levels** – High-maturity companies have strategies incorporating diverse perspectives and focusing on continuous improvement.
（制定吸纳各层级意见的正式EHS战略——高成熟度企业的战略纳入多元意见并注重持续改进。）
2. **Secure leadership accountability with incentives** – Nearly 90% of mature companies link EHS to executive compensation, driving better EHS outcomes.
（通过激励明确领导层问责——近90%的成熟企业将EHS与高管薪酬挂钩，推动更好的EHS成果。）
3. **Reinforce EHS with a well-defined structure** – Centralized or function-specific models (aligning EHS to role-specific risks) are common in high-maturity companies.
（以清晰结构强化EHS——集中式或按职能划分的模式（EHS与岗位风险匹配）在高成熟度企业中常见。）
4. **Cultivate an engaged EHS culture** – Involve all employees in policy-making, provide customized training and support psychosocial wellbeing.
（培育积极参与的EHS文化——让所有员工参与政策制定、提供定制化培训并支持心理社会福祉。）
5. **Invest in dedicated EHS technology** – This improves data access, accuracy and automation, boosting confidence in EHS performance.
（投资专门的EHS技术——提升数据获取、准确性和自动化水平，增强对EHS表现的信心。）
EHS Maturity Study 2023 | Page 19-20（EHS成熟度研究报告 2023 | 第19-20页）
# About this research（关于本研究）
## Statistical analysis（统计分析）
Conducted in Aug-Sept 2023, analyzing 11 company performance measures and 6 EHS measures across 9,000 large public companies (3,000 each from Americas, EMEIA, Asia-Pacific). Data sourced from Refinitiv; financial metrics adjusted for inflation; outliers excluded.
（2023年8-9月开展，分析9000家大型上市公司（美洲、欧洲中东非洲、亚太各3000家）的11项企业表现指标和6项EHS指标。数据来源于路孚特；财务指标已调整通胀；剔除异常值。）
## Survey（调研）
The Global EY EHS Maturity Survey (Aug 4-23, 2023) received 412 valid responses from EHS professionals (directors/senior managers, executives). The maturity index (0-100) includes four weighted components: Ownership and alignment (28.3%), Strategy (28.3%), EHS culture and compliance (28.3%), Reporting and technology (15%).
（全球安永EHS成熟度调研（2023年8月4-23日）收到412份来自EHS专业人士（总监/高级经理、高管）的有效回复。成熟度指数（0-100）包含四个加权要素：所有权与一致性（28.3%）、战略（28.3%）、EHS文化与合规（28.3%）、报告与技术（15%）。）
EHS Maturity Study 2023 | Page 21-22（EHS成熟度研究报告 2023 | 第21-22页）
# Endnotes（尾注）
1 See "About this research" for full methodology.
（详见“关于本研究”部分的完整方法。）
2 Any economic model is an approximation; see endnote 16 for limitations.
（任何经济模型均为近似描述；局限性详见尾注16。）
3 87% of high-maturity companies treat EHS as "very" material to executive compensation (vs. 59% overall, 25% low-maturity).
（87%的高成熟度企业将EHS视为影响高管薪酬的“非常”重要因素（整体占比59%，低成熟度企业占比25%）。）
8 The "E" of ESG score measures a company’s environmental impact (air, land, water, ecosystems). Source: Refinitiv.
（ESG评分中的“E”维度衡量企业环境影响（空气、土地、水、生态系统）。来源：路孚特。）
9 Regulatory performance is measured by the number of years in the past decade during which a company had a controversy. Source: Refinitiv.
（合规表现以过去十年中企业发生争议事件的年份数衡量。来源：路孚特。）
10 Revenue is from a company’s operating activities after deducting sales adjustments. Financial metrics are adjusted for inflation. Source: Refinitiv.
（收入指企业扣除销售调整后的经营活动收入。财务指标已调整通胀。来源：路孚特。）
11 Employee turnover rate is the percentage of employees who left for any reason. Source: Refinitiv.
（员工离职率指所有原因导致的员工离职比例。来源：路孚特。）
12 EHS controversies include issues related to employee health, human rights, child labor, etc. Source: Refinitiv.
（EHS争议事件包括员工健康、人权、童工等相关问题。来源：路孚特。）
13 Total injury rate is the total number of injuries and fatalities per million hours worked. Source: Refinitiv.
（总伤害率指每百万工时的伤害和死亡事件总数。来源：路孚特。）
14 Announced layoff rate is total announced layoffs divided by total employees. Source: Refinitiv.
（已宣布裁员率指已宣布裁员总数除以员工总数。来源：路孚特。）
15 "Above average" means the relationship is significantly higher than that of all companies.
（“高于平均水平”指该关系显著高于所有企业的平均水平。）
16 The analysis includes more sectors not shown (e.g., energy, consumer).
（分析涵盖更多未展示的行业（如能源、消费品）。）
17 A high-EHS-performing company is defined as having improved EHS metrics by one standard deviation above the mean.
（EHS表现优异的企业指EHS指标提升幅度达到平均值一个标准差以上的企业。）
18 Caveats: Correlation does not imply causation; results are illustrative.
（警告：相关性不等于因果关系；结果仅供参考。）
19 The maturity index is additive, with components weighted as specified.
（成熟度指数为加法指数，各要素按指定权重计算。）