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2023 ReportHealthy Lives Mission2Table of contentsIntroduction03Message from our CEO03Our Purpose04Our Values04About Kenvue05About this report06ESG&sustainability governance06Healthy Lives Mission07Operationalizing the Kenvue ESG strategy08Determining ESG Double Materiality08-09Nurture healthy people10Diversity,equity&inclusion11-15Public health16-17Workforce health,safety&well-being18-1920Enrich a healthy planetClimate change21-23Plastics24-25Biodiversity,land&forest26-28Waste29-3031Maintain healthy practiceSustainable product innovation32-33Product transparency34Product quality&safety35-37Human rights38-4143AppendixSafe harbor statement44Alignment with UN SDGs45Document footnotes43Ethics&compliance41-42Data tables46-52Reporting indices53-593IntroductionMessage from our CEO,Thibaut Mongon On behalf of the Kenvue Leadership Team and the approximately 22,000 Kenvuers around the world,I am proud to share our inaugural Healthy Lives Mission Report.At Kenvue,we realize the extraordinary power of everyday care.We recognize that human health is inseparably linked to environmental health and our commitment to everyday care extends to the planet we call home.As we established Kenvue as an independent company,we also established our Healthy Lives Missionour Environmental,Social and Governance strategy.Every day,we deploy our science,operations,team members and beloved brands to advance our Healthy Lives Mission focused on nurturing healthy people,enriching a healthy planet and maintaining healthy practice.In this inaugural Healthy Lives Mission Report,we outline our management of our Companys most significant impacts,risks,and opportunities within our three pillars;communicate our goals and commitments to hold ourselves accountable for demonstrating progress;and share how we put everyday care into action in 2023 to advance the well-being of both people and our planet.Nurture healthy peopleWe believe that nurturing healthy people begins with our teams and the actions we take every day to foster an inclusive,equitable,and diverse workplace culture.Bringing together different points of view helps us to better understand the needs of our consumers and leads to better ideas,solutions,and,ultimately,outcomes.Our brands are also committed to innovation that reflects the diversity of our consumers and their needs some examples include Neutrogena Purescreen Mineral UV Tint Face Liquid Sunscreen and Johnsons Blackinho Poderoso for childrens curly hair,both created to address the specific needs of diverse consumers.Kenvue Cares,our social impact platform,is committed to creating meaningful,long-term value for our communities through volunteerism,humanitarian aid,and brand purpose programs.Enrich a healthy planet Aligned with our understanding of the interconnectedness of human and environmental health,we are committed to enriching a healthy planet by advancing sustainability across our operations from product and packaging design to material sourcing,manufacturing,and transportation.We have committed to setting greenhouse gas(GHG)emission reduction targets in line with the Science Based Targets initiative(SBTi)Net-Zero Standard and are taking action to decarbonize our operations and value chain.We are also making progress on reducing our use of virgin plastic in product packaging by designing for the circular economy with new refillable formats,including Neutrogena Hydro Boost refill pods,and packaging that is recycling ready,such as Aveeno bottles made with 50%recycled plastic and pumps that can be recycled in many markets.Maintain healthy practiceWe promote our culture of integrity,ethics,and transparency to build trust and create meaningful,long-term value.Our Values guide how we treat our people,innovate,conduct business,and design products.Our Code of Conduct inspires us to adhere to the highest ethical standards in everything we do.We are proud of our progress and focused on advancing our Healthy Lives Mission.Already in 2024,our approximately 22,000 Kenvuers are channeling the momentum built last year and using their talent,passion,and resources to continue building lasting positive change for people,communities,and the planet we call home.Many thanks to our team members,investors,consumers,customers,and suppliers for your support and commitment to our shared aspirations.We Are Kenvue.Thibaut MongonChief Executive Officer4IntroductionOur PurposeOur ValuesWe solve with courage We see and solve for unheard needs.With empathy,we unearth extraordinary breakthroughs in everyday care,and with courage and conviction,we bring them to life.We boldly pursue more innovative ways of working,pioneer solutions that improve lives,and create products that create categoriesthen improve them again and again.Realize the extraordinary power of everyday careWe put people first We stand for whats right,even when its hard.Our work impacts consumers and colleagues,communities,and generations,in daily rituals and in the moments that matter most.This incredible responsibility means every decision and action we take is guided by integrity and quality.Because when we put people first,performance will follow.We care fiercely Were driven to win for those we serve;and when we care fiercely for them and one another,we can deliver the best possible care.Together,we create an inclusive place where we can bring our whole selves.Our committed collaboration fuels our relentless external competitive drivebecause the stronger our bonds are,the stronger our brands and Company are,too.We earn trust with science From best practices to best-in-class products,we learn,test,partner,and optimize.Then we move fast to bring real solutions into communities,homes and hands.With leading science and knowledge,we educate and empowerso that when people need us,they can rely on our brands.Weve earned their trust for more than a century,and we work diligently to earn it every day.5IntroductionAbout KenvueWith$15.4 billion in net sales in fiscal year 2023,which covered the period of January 2 through December 31,Kenvue is the worlds largest pure-play consumer health company by revenue and holds a unique position at the intersection of healthcare and consumer goods.By combining the power of science with meaningful human insights and a digital-first capabilities,we empower consumers to live healthier lives every day.Formerly operating as the Consumer Health segment of Johnson&Johnson,on May 4,2023,we began trading on the New York Stock Exchange under the ticker symbol“KVUE”in connection with our initial public offering(IPO).Our name Kenvue(pronounced kenview)is inspired by two powerful ideas:“ken,”meaning“knowledge,”an English word primarily used in Scotland,and“vue,”referencing insight.On August 23,2023,we completed our separation from Johnson&Johnson,marking our first day as a fully independent,publicly traded company.We seek to deliver sustainable profitable growth through delivering science-backed innovative products,solutions and experiences centered around consumer health.With a presence in more than 165 countries worldwide and an over 135-year legacy,we are a global leader at the intersection of healthcare and consumer goods.We operate our business through three reportable business segments:1)Self Care,2)Skin Health&Beauty,and 3)Essential Health.Ourdifferentiated portfolio comprises a range of products that includeiconic brands and widely recognized household names such as Tylenol,Neutrogena,Listerine,Johnsons,BAND-AID Brand AdhesiveBandages,Aveeno,Zyrtec,and Nicorette.This broad portfolio allowsus to provide holistic consumer health solutions to our consumers acrossa spectrum of product categories and hold leading positions acrossnumerous large and attractive categories globally.These comprehensivesolutions are backed by science and several of our brands have a longhistory of recommendations by healthcare professionals,which furtherreinforces our consumers confidence in our brands.Our brand portfolio has global scale across four regions1)North America(NA),2)Asia Pacific(APAC),3)Europe,Middle East,and Africa(EMEA),and 4)Latin America(LATAM)and is well balanced geographically with approximately half of our net sales generated outside North America in 2023.Our company:year at a glance135 22,000 Employees21651.2B$15.4BCountries where we have a presenceYear historyConsumersOur businessOur workforce$6.5B$4.4B$4.6BSelf CareSkin Health&BeautyEssential HealthOf managers and above3 are womenOf our U.S.managers and above3 are ethnically diverse4 50%Women36S%Employee inclusion index score627 Owned and operated manufacturing sites5APACEMEALATAMNA49%9 Priority brands1Net sales by segment1 Sales by region1$31.7 MM In humanitarian aid7Net salesSelf CareSkin Health&BeautyEssential HealthOur environmental&social performance26e!%Reduction in scope 1 2 GHG emissions8,9,10 versus baseline(2020)Of our electricity is from renewable sources8,14,15Reduction in virgin plastic11 versus baseline year(2020)Of our paper and wood fiber certified12 or verified recycled13 Document footnotes6IntroductionAbout this report This 2023 Healthy Lives Mission Report outlines our ESG strategy,goals,and commitments and details our progress in 2023 related to key ESG and sustainability topics.The data in this report,unless otherwise indicated,relates to the calendar year ending December 31,2023,and includes information on Kenvue-owned and/or-operated manufacturing facilities,research and development centers,and administrative sites globally,and the products and brands we market.Throughout the report,we guide readers to additional sources of information on our corporate website and others.Website references are provided for convenience only.The content on the referenced websites is not incorporated into this report,nor does it constitute a part of this report,and we assume no liability for any third-party content contained on the referenced websites.Our reporting is guided by key voluntary sustainability reporting frameworks including the Global Reporting Initiative(GRI)Sustainability Reporting Standards,the Sustainability Accounting Standards Board(SASB)Household and Personal Products Standard,and the Task Force on Climate-Related Financial Disclosures(TCFD)recommendations.Independent third-party limited assurance was conducted by Environmental Resources Management(ERM)Certification Verification Services(CVS)for certain data included in this report and can be found on .This report should be read in conjunction with our most recent Annual Report on Form 10-K,our subsequent Quarterly Reports on Form 10-Q,and other filings made with the SEC.ESG&sustainability governanceBoard of Directors Oversight of ESGOur Board of Directors(Board)is deeply committed to strong corporate governance and robust independent oversight,which it believes are essential to driving sustained shareholder value.To that end,our Board has adopted our Principles of Corporate Governance that,together with Kenvue Board of DirectorsBoard Committee Oversight of ESG&Sustainability MattersAudit Committee Oversees financial management,accounting,and reporting processes and practices,includingwith respect to ESG-related disclosures in ourCompanys periodic filings with the SEC Oversees the quality and adequacy of internalaccounting controls and procedures Discusses with management the processes usedto assess and manage exposure to financial riskand monitoring risks related to tax and treasury Oversees our ESG impacts,risks,and opportunities and ensures our ESG priorities and commitments are integrated into our Companys long-term strategy Annually receives in-depth update on the Companys HLM Receives a report from each Committee with updates on such Committees areas of designed ESG oversight responsibilities,as outlined below,after each regularlyscheduled Committee meetingCompensation&Human Capital Committee Reviews key talent metrics for our overallworkforce,including metrics related to Diversity,Equity,and Inclusion(DEI)Oversees compensation of non-employee directorsand executive officers Oversees the design and management of variouspension,long-term incentive,savings,health,andbenefit plans that cover KenvuersNominating,Governance&Sustainability Committee Reviews the implementation and effectivenessof policies and programs in the area ofsustainability,including environmental strategy Reviews the progress of sustainability goals andobjectives,trends in enforcement and industrypractices,and discusses any significant reportsor public statements relating to sustainability orESG matters,including this report Oversees compliance with applicable laws,regulations,and Kenvue policies and riskmanagement programs related to productsafety,product quality,environmentalregulations,privacy,and cybersecurityour Amended and Restated Certificate of Incorporation,Amended and Restated Bylaws,and Committee charters,provide a holistic framework for the Boards oversight and corporate governance practices.The Board oversees management and provides advice,counsel and oversight on the development and execution of our corporate strategies.Our Board is composed of global leaders from various fields and industries,with a diverse range of experience,skills,and perspectives that provide the collective expertise,diversity,and independence necessary for sound governance.The Board has 11 members,seven of whom are independent under the rules of the New York Stock Exchange,including an independent chair of the board.The Board has three key committees:the Audit Committee,Compensation&Human Capital Committee,and Nominating,Governance&Sustainability Committee.Written charters for these Committees,together with corporate governance and organizational documents,are available on .Our full Board is ultimately responsible for oversight of our ESG impacts,risks,and opportunities and ensuring our ESG priorities and commitments are integrated into our long-term strategy.On an annual basis,the full Board receives an in-depth update on our Companys ESG strategy,which we call our Healthy Lives Mission(HLM).After each regularly scheduled Committee meeting,the Committees report to the full Board with updates on their areas of designated ESG oversight responsibilities,which are further outlined under“Board Committee Oversight of ESG&Sustainability Matters.”Additionally,we have established a cross-functional ESG Steering Committee(ESG Steer Co.),which is composed of functional subject matter experts and leaders across our organization that meet regularly to help us effectively execute our ESG priorities.The ESG Steer Co.tracks our key initiatives and reports our progress quarterly to the Kenvue Leadership Team.Twice per year,we share our progress with the Nominating,Governance,&Sustainability Committee.Read more about the ESG Steer Co.in“Operationalizing the Kenvue ESG strategy”below.7Healthy Lives MissionNurture healthy people Diversity,equity&inclusion Workforce health,safety&well-being Public healthEnrich a healthy planet Climate change Plastics Biodiversity,land&forestMaintain healthy practice Sustainable productinnovation Product transparency Human rightsHealthy planet goals&commitmentsPlasticsBiodiversity,land&forest 100%recyclable19 or refillable20 packaging21by 202517 25%reduction of virgin plastic11 in packaging21by 202517 from a 2020 base year 50%reduction of virgin plastic11 in packaging21by 203017 from a 2020 base year Kenvue is committed to zero deforestationand to ensuring the paper-based packagingwe purchase directly originates from low-risk sources.22 Specifically,we aim to achieve100rtified12 or verified recycled13 paperand wood fiber packaging23 by 202517 Maintain 100%Roundtable on SustainablePalm Oil(RSPO)certification for thepalm-based ingredients we purchase24through a combination of RSPO certifiedphysical supply chains and RSPO Book&Claim credits25 Purchase24 at least 75%of our volumesfrom RSPO physical supply chains25 by 202517and 100%by 203017Climate change Kenvue commits to reduce absolute scope1 and 2 GHG emissions8,9,10 42%by 203017from a 2020 base year Kenvue commits that 75%of its suppliersby emissions covering purchased goods andservices and upstream transportation anddistribution will have science-based targetsby 202817 Set long-term net zero emission targets,informed by the SBTi Net Zero Standard18 100%renewable electricity14 for ouroperations8 by 203015,17Healthy people goals&commitmentsDiversity,equity&inclusionPublic health Strengthen the representation of women atall management levels3 to reflect the marketsin which we operate Strengthen ethnic representation4 withinour U.S.workforce at all management levels3to reflect the markets in which we operate Pay all Kenvuers16 equitably based onrole,experience,market competitivenessand performance Achieve a company-wide Inclusion IndexScore6 in the top quartile Advance community health and well-being through a culture of caring and encouraging employee volunteer service Help restore the dignity of everyday care for vulnerable and displaced people around the world Create positive environmental and social impacts through brand purpose programs led by Kenvues top brandsProduct transparencyProvide greater product transparency,beginning with our ingredientsSustainable product innovation75%of new product development,26 using scientific principles,27 will have an improved environmental performance28 by 203017Healthy practice goals&commitmentsHealthy Lives Mission:everyday care in action At Kenvue,our impact is made through moments of carethe daily care we offer consumers through our portfolio of iconic brands and the actions we take to protect our environment.In October 2023,we launched an update of our HLM which includes public ESG goals and commitments intended to position our brands as healthy choices for both people and the planet and to better manage ESG-related impacts,risks,and opportunities.Our HLM is our call for everyday care in action and is supported by three pillars:nurture Healthy People,enrich a Healthy Planet,and maintain Healthy Practice.Within these three pillars,we are focused on nine priority areas for which we have established goals and commitments to hold ourselves accountable and demonstrate progress.Through everyday care in actionamplified by 22,000 caring Kenvuers and backed by the resources of a global companywe aim to build lasting positive change for people,communities,and the planet we call home.Our Healthy Lives Mission PrioritiesDocument footnotes8Healthy Lives MissionOperationalizing the Kenvue ESG strategyTo develop our ESG strategy and to ensure its successful operationalization,the ESG Steer Co.,led by the Global Head of ESG&Sustainability,was established in April 2023 in anticipation of our IPO.The committee convened monthly in 2023 to develop the ESG strategy,goals,and commitments.Beginning in 2024,the cross-functional group meets quarterly to support the operationalization of the HLM program.The ESG Steering Committee:Identifies and manages inter-dependencies across workstreams.Ensures resources are allocated and committed to advance projects.Contributes to project deliverables by providing guidanceand information.Enables rapid and effective escalation.Supports workstream leads and keeps current on projectsand initiatives.Serves as subject matter experts for annual HLM Report content review.Advocates for and implements changes necessary to achieve HLM goals and commitments.Working groups assigned to each of our Healthy People,Healthy Planet,and Healthy Practice pillars are driven by a pillar lead and project manager.Pillar leads strive to operationalize our strategy by:Developing detailed roadmaps for each material topic,trackingresource investment,and ensuring availability and accuracy of data.Reviewing topic performance scorecards and managinginter-dependencies across workstreams.Prioritizing projects to ensure that proper resources are allocated toachieve goals.Identifying roadblocks,technology,data,or capability gaps that needto be addressed to advance progress.Developing and sharing best practice approaches across brands,regions,and sites.Functional subject matter experts further support project execution by partnering with the Global ESG&Sustainability team to share best practices across brands and sites,collecting data,and reporting agreed-upon metrics.Aligned with best practices in executional excellence,the ESG Steer Co.established strategic alignment with the Board and the Kenvue Leadership Team(KLT)on our Companys ESG priorities,ensured role clarity and accountability,and developed performance management systems that support our commitment to continuous improvement.To ensure broad organizational alignment,our HLM commitments are embedded in our Companys objectives and key results(OKRs).Determining ESG double materialityAs a newly established independent company,Kenvue has the unique opportunity to begin our reporting journey aligned with evolving stakeholder expectations.Kenvue finalized an enterprise-wide double materiality assessment(DMA),aligned with the Corporate Sustainability Reporting Directive(CSRD)and the draft European Sustainability Reporting Standards(ESRS),in 2023.The assessment leveraged input parameters including internal and external stakeholder engagement,as well as primary and secondary research and documentation,to identify ESG impacts,risks,and opportunities(IROs)associated with key sustainability topics.Kenvue HLM Reports will align with CSRD beginning in 2025.The DMA deemed nine topics to be material from an impact materiality perspective,and an overlapping four topics from a financial risk/opportunity materiality perspective.These topics informed our ESG reporting,strategy and risk assessment.To read more about the Kenvue double materiality assessment,visit .9Healthy Lives MissionDouble materiality assessment process overview Kenvue followed the methodology outlined below to complete a double materiality assessment in alignment with CSRD.01 Discovery02 Stakeholder Input&Source Evaluation03 Topic List Finalization04 Impact Materiality Assessment05 Financial Materiality Assessment06 Prioritization&Validation07 Assurance DocumentationInputs Internal&external writtensource review Peer benchmark Internal&externalinterviews Value chainimpact mappingworkshop Internal&external surveys Writtensource review Initial listof ESG topics Stakeholderinput fromPhase 2 Evidenceof impactsfrom Phase 2 Impactmaterialityassessmentmethodology IRO workshops Evidence of risks&opportunitiesfrom Phase 2 Enterprise RiskManagementFinancialmaterialityassessmentmethodology IRO workshops Materialitythresholds Full scoredIRO register Inputs,outputs,objectives,processes,andassumptionsfor Phases 1-6ObjectiveUnderstand Kenvues current state and external context to build an initial list of potentially material topics relevant to Kenvues business and sustainability context.Gather insights from internal and affected external stakeholders to gather evidence of actual and potential IROs across the value chain.Refine and finalize the list of ESG topics based on stakeholder feedback from Phase 2.Identify,assess,and quantify Kenvues actual or potential,positive or negative impacts on people and the environment.Identify,assess,and quantify sustainability-related risks and opportunities that have or may have financial effects on Kenvue.Prioritize topics and IROs to determine which are most material from both a financial and impact materiality perspective.Validate results with Kenvue leaders.Develop documentation to describe the DMA process for assurance purposes.OutputsInitial list of ESG topicsEvidence of IROsFinal list of ESG topicsScored register of impactsScored register of risks&opportunitiesPrioritized and validated IROs material from both a financial and impact materiality perspectiveProcess documentationIn this report,our use of the terms“material,”“materiality,”and other similar terms is consistent with that of GRI,SASB,TCFD,and other standards referenced in this report,or refers to topics that reflect our significant ESG impacts or that substantially influence the assessments and decisions of a diverse set of stakeholders.We are not using these terms as they are used under the securities or other laws of the United States or as these terms are used in the context of financial statements and financial reporting.Kenvues material topicsMaterial from a financial perspectiveMaterial from an impact perspectiveBiodiversity,land&forestsClimate changeDiversity,equity&inclusionHuman&labor rightsPlasticsProduct transparencyPublic healthSustainable product innovationWorkforce health,safety&well-being10We aim to advance the well-being of the communities in which we operate and equip them with innovative products and actionable information to make healthier decisions every day.Our work is to put the power of everyday care into the hands of consumers around the world.We do this by raising the standard of personal care and tackling preventable diseases through our products and resources,and empowering people with the tools to make healthier choices for themselves,their loved ones,and the planet.We start with our team and take action every day to foster an inclusive,equitable,and diverse workplace culture and create a sense of belonging for all.Nurturing healthy people goes beyond our products and the moments of everyday care.Throughout the world,our teams use their talent,passion,and resources to create meaningful impact in their communities through volunteer service and humanitarian aid to help restore the dignity of everyday care.Nurture healthy people11Nurture healthy peopleDiversity,equity&inclusion Kenvue is a global company operating in more than 165 countries with 22,000 diverse and dedicated team members who contribute to Our Purpose every day.We believe that our commitment to DEI drives collaboration and strengthens our ability to compete effectively.Recognizing the importance of innovation in our industry to meet the evolving needs of our consumers,we remain focused on having the right capabilities and a workforce that is reflective of the customers and consumers we serve.As of December 31,2023,our global workforce was approximately 50%male and 50male,and 36%of our U.S.employees identified as racial or ethnic minorities.The Kenvue Leadership Team is globally diverse,currently represented by nine different nationalities,and 54%of the Kenvue Leadership Team are women.We believe that bringing diverse backgrounds and perspectives together helps us drive innovation and deliver solutions that exceed consumer expectations and create long-term value.Our Code of Conduct specifically articulates our responsibility to create an inclusive environment and to respect the dignity and diversity of all people.Our DEI approach is based on three strategic pillars:Workforce,Workplace,and Marketplace.These pillars are designed to accelerate how we provide health and well-being solutions to Kenvuers,customers,and consumers in the markets in which we operate.A workforce that reflects our worldWe champion diversity and take meaningful actions so that our workforce is representative of the markets in which we operate,with a focus on strengthening the representation of women globally and diverse ethnicities in the United States at all management levels.We believe in the tremendous business and societal value of promoting a richly diverse workforce,and our talent practices seek to provide equal opportunities for development and growth.Talent recruitment and retention Our Global Talent Access team applies the best inclusive hiring practices to ensure both diversity of slates and diversity of interview panels.In 2023,we empowered the Talent Access Team with both tools and resources to help us identify,attract,hire,and onboard the most qualified talent pool that also reflects the markets in which we operate.This year,our DEI team will partner with the Talent Access Team to build a diverse talent pool for current and future openings at entry to mid-level manager roles and business-critical senior leader roles.In 2023,we launched a referral campaign within Kenvue to attract,identify,assess,and hire top talent.We provided new Kenvuers with a differentiated and inclusive onboarding experience and an overview of the employee resource groups we call the Kenvuer Impact Network.We offer compensation and benefit programs designed to reward and recognize superior performance and support our growth and talent strategies.These programs are aligned with company and individual performance to attract,develop,and retain top talent in a highly competitive environment.We also offer competitive employee benefits packages to meet the needs of our diverse and global workforce,which vary by country and typically include retirement savings plans,core and supplemental life insurance,medical and dental insurance,health savings accounts,well-being reimbursement programs,adoption assistance,fertility benefits,and parental leave.Diversity,equity&inclusion Strengthen the representation of women at all management levels3 to reflectthe markets in which we operate Strengthen ethnic representation4 within our U.S.workforce at all managementlevels3 to reflect the markets in which we operate Pay all Kenvuers16 equitably based on role,experience,market competitiveness,and performance Achieve a company-wide Inclusion Index Score6 in the top quartileHealthy people goals&commitmentsHighlights on progressGoals&commitmentsTotalManager levelDirector levelVice President level and above Global workforce representation of women 50TPF%U.S.workforce representation of racial or ethnic minorities436664%Document footnotes12Nurture healthy peopleBreaking down barriers and building equityWe strive to cultivate an environment where innovation and gender equality flourish.With the goal of encouraging more women to pursue their dreams of a career in manufacturing and to ensure they have the opportunity and are appropriately rewarded,the Women in Manufacturing(WiM)program was piloted in Brazil at Kenvue Sao Jose Campos manufacturing plant in 2023.With programmatic elements that include job rotations,self-knowledge and learning journeys,mentoring sessions,career purpose and executive presence workshops,and technical trainings,ten women participated in the first year of the pilot which was focused on program shaping and execution.Going forward,the WiM program will be operated through Women at Kenvue,which is part of the Kenvuer Impact Network.In 2024,the program will be expanded to include Kenvue manufacturing and operations in Argentina and Colombia with a focus on training women in key positions including forklift operator,electrician,and maintenance,among others.To date,Kenvue has successfully filled manufacturing and maintenance positions with women from the group.The WiM program reinforces our companys ongoing commitment to building an inclusive and equitable work environment,celebrating diversity,and leveraging the unique contributions of each employee.A workplace where everyone belongsWe promote an open,inclusive,and respectful culture that allows each Kenvuer to maximize their contributions to our work,our Company,and the communities in which we operate.The Kenvue PromiseOur employee value proposition,the Kenvue Promise,answers why team members want to work here and why they want to stay here.Four distinct elements make it unique to Kenvue:Meaning,Belonging,Growth,and Rewards.And its very simple.We want all Kenvuers:To find meaning in their work and how they can impact Our Purpose.To feel part of Kenvue and that they belong here.To feel that the work they do and the people they get to work withallow them to grow and contribute to our Companys growth.AsKenvue grows,we all grow,and this is the best place to do that.To be rewarded for their business impact.Employee engagementWe believe that an engaged workforce is more likely to deliver higher levels of performance and further differentiates us in the marketplace.We believe that open and honest communication among all team members creates a collaborative and inclusive work environment.In 2023,we defined clear expectations for our people leaders through our Kenvue Promise and embedded these expected behaviors in our people leader OKRs.We also equipped people leaders with a High Performing and Highly Engaged Teams toolkit to support them in building high-performing and highly engaged teams.Last year,we established the foundation for our people leader learning and development curriculum,which includes core DEI content(empathy,trust,cultural competency,psychological safety)and prepares our people leaders to transition to our new performance philosophy,known as Performance at Kenvue.Going forward,we will equip people leaders with tools,resources,and insights to assess their leadership effectiveness and deploy a people leadership learning series designed to elevate the leadership capabilities of our people leaders to help unleash performance and impact.Ongoing listening is key to creating a Kenvue workplace where people can learn,grow,and be their authentic selves.We regularly conduct surveys that gauge employee sentiment in areas like strategic alignment,execution,inclusion,effectiveness of our people leaders,and career development.To that end,we launched our first Engage Survey in September of 2023 to gain more insights on employee engagement,inclusion,people leader effectiveness,and how we are living our Kenvue Values.The survey was available in 17 languages,and all regular,full-time team members who have been at Kenvue more than 90 days were invited to participate.More than 18,800 Kenvuers completed the survey,a 92%global response rate.The results speak to the progress we are making in building a culture where team members feel motivated,included,and proud to be at Kenvue.Three key measured areas aligned to our 2023 objectives:engagement(the level of enthusiasm and dedication we feel towards Kenvue),inclusion(a strong sense of belonging at Kenvue),and people leader effectiveness(developing trust and demonstrating respect)all of which are key drivers of business impact and scored higher than the industry average on the majority of benchmarked questions.Scores on key items like feeling like they belong at Kenvue,being treated with respect at work,and trusting their people leader put us in the top decile of the industry on these items.of Kenvuers view working at Kenvue favorablyof Kenvuers feel supported by their people leadersof Kenvuers are favorable on the Inclusion Index81Nurture healthy peopleKenvuer Impact NetworkOur Kenvuer Impact Network consists of 11 voluntary,employee-led resource groups plus five Regional Impact Networks designed to foster an inclusive workplace,enhance engagement,and bring together colleagues across the global organization.The Kenvuer Impact Network organizes learning and development opportunities that elevate important issues and encourage open,honest conversations.They also inspire and facilitate positive change in our company culture and operations.Aligned with our DEI strategic pillars,the Kenvuer Impact Network:Provides access to global talent through partnerships with diverseorganizations,a referral program,and recruitment efforts that helpbuild a workforce that represents the markets in which we operateand the communities in which we live.Fosters and nurtures belonging by playing an active role in supportingthe onboarding of new hires,establishing mentorships,and creatingengaging events that recognize and celebrate the diversity of ourorganization throughout the year.Represents the diverse communities we serve by providing our brandswith insights to innovate and bring our brands closer to consumer needs.Provides leadership and development opportunities for Kenvuers.Black at KenvueBrazils Black Awareness Month celebrates Afro-Brazilian culture,the fight against racism,and the achievements of the Black community.The message of 2023 for Black at Kenvue Brazil was“Blackness as Power and Intersectionality.”The organization celebrated the Black community throughout the month by recognizing Blackness as not a single experience,but an intersection of identities,including race,gender,sexual orientation,and social class.Global Kenvuer Impact NetworksRegional Kenvuer Impact NetworksA commitment to pay equityAs part of our commitment to pay all Kenvuers fair and equitable compensation,we diligently monitor our compensation practices.We reward team members based on both their individual and overall business performance,which promotes outstanding performance and contributions by our people.We track pay reporting and pay transparency requirements around the world and ensure that we are complying with pay fairness and transparency regulations in every location in which we operate.14Nurture healthy peopleA marketplace that serves all peopleOur brands are committed to developing products,experiences,and innovations that reflect the diversity of our global consumers and their health and well-being needs.Our global Consumer Insights organization has expanded research into race and ethnicity,deepened our understanding of unconscious bias through supplemental training,and advanced our understanding of inclusive,human-centered design and communications through third-party collaborations.In December,Kenvue collaborated with the Alliance for Inclusive and Multicultural Marketing(AIMM)to implement Cultural Insights Impact Measure(CIIM)testing in the U.S.across eight ads of our top brands:Neutrogena,Listerine,Aveeno,Tylenol and Zyrtec.CIIM scores are measures of aggregate Cultural Relevance Attribute performance and are measured on a scale of 0 to 200,with 0 being offensive/not relevant,100 being the point of neutrality/indifference,and 200 being highly culturally relevant.Nearly all the advertising tested scored in the first quartile(Best-In-Culture)or second quartile(Good Cultural Relevancy)across all audience segments for cultural relevance and DEI copy testing.CIIM is a new metric that identifies the impact and effectiveness of cultural insights in ads and programming and how these have the potential to lift brands trust,loyalty,and sales.The teams are evaluating how to institutionalize AIMM CIIM testing within our media capabilities going forward.Neutrogena Purescreen Mineral UV Tint Face Liquid Sunscreen Most mineral sunscreens have a major problem:they leave behind a white cast on many skin tones.The white cast is caused by the titanium dioxide and zinc oxide used in mineral sunscreens,which physically block dangerous sun rays before they have a chance to touch your skin.And its even more noticeable on darker skin tones.When it comes to sun protection,dark skin consumers most common complaint is that the mineral-based sunscreen leaves their skin looking chalky.Knowing that the American Academy of Dermatology warns that people with dark skin tones,of any race or ethnicity,are still susceptible to sun damage such as sunburn,hyperpigmentation,skin cancer,and premature aging,Kenvue researchers set out to create a mineral sunscreen that appeared invisible on all skin tones.Finding a solution took a diverse 14-person group of Kenvue researchers of various ethnicities and skin tones.The Neutrogena Purescreen Mineral UV Tint Face Liquid Sunscreen range was designed to be inclusive of all skin tones with four flexible shades.The broad-spectrum SPF 30 helps protect against signs of sun-induced skin aging including:wrinkles,dark spots,fine lines,and discoloration.15Nurture healthy peopleSkinVisibility includes a dedicated one-stop digital hub with resources for people of color which includes:A quiz to help people with eczema identify telltale symptoms of eczema.A community feedback loop driven by personal testimonials on theroad to identifying and treating eczema.A holistic lifestyle guide for prevention&management.Information on the power of oats in an eczema regimen,highlightingthe Aveeno Eczema Therapy product portfolio.When launched,the SkinVisibility program sought to help 100,000 Eczema Warriors,those who are battling the skin condition,and each year we expand upon our mission.In 2023,the Aveeno program brought together a roster of dermatologists,skin health advocates,and celebrities to drive conversation around eczemas disproportionate impact on the Black community.The program also helped 200,000 Black women and women of color have access to culturally sensitive healthcare providers and receive resources on treating eczema-prone skin.In 2023,the program has achieved 300 million media impressions,1.2 million social media impressions and the Eczema Equality video has reached more than 1.1 million viewers.Johnsons Blackinho PoderosoBefore launching Johnsons Blackinho Poderoso line in Brazil in 2023,the team conducted research to understand the meaning of care and the relationship between Black childrens hair and self-esteem.The research revealed that 87%of caregivers interviewed want their child to take pride in their natural hair,and 85firm that childhood is a crucial time for learning to love their hair and themselves.When asked,81%of respondents agreed that hair is a fundamental part of a childs beauty and identity,and they understand that caring for the hair is a way to value their Blackness.The result was the development of Johnsons Blackinho Poderoso linea complete and exclusive line for curly hair,enriched with coconut oil,offering 10 benefits including cleansing,detangling,hydrating,treating,and defining the hair.The new Blackinho Poderoso line is already available throughout Brazil.Aveeno SkinVisibilityAveeno is continuing its program,SkinVisibility,to address the underdiagnosis,care,and treatment of sensitive skin conditions on skin of color.Originally launched during Eczema Awareness Month in 2021,the campaign seeks to drive equitable access to educational tools,resources,and products for eczema diagnosis and care on skin of color.Eczema is the second most frequent skin disease in skin of color and is one of the most common skin disorders seen in infants and children overall.Often,however,eczema can be misdiagnosed or improperly treated in skin of color,as it presents differently in skin tones with more melanin.16Nurture healthy peopleOur Purpose in actionIn 2023,over 300 million people29 were displaced by geopolitical or extreme weather events and needed humanitarian assistance or protection.Our approach to humanitarian aid is informed by an increasingly volatile and climate-impacted world and is rooted in restoring the dignity of everyday care for those affected by disaster.This is part of how we live Our Purpose every day to take actions,both big and small,that add up to meaningful impact for people in the best and worst of times.We supported various relief efforts throughout 2023 through monetary and in-kind product donations,including:Maui wildfire relief support Pledged$250,000 USD to Direct Relief,a non-profit organizationhelping with care and recovery efforts following Maui wildfires.Working with Feeding America/Maui Foodbank and our retailcustomers,we mobilized the donation of personal care products andover-the-counter(OTC)medicines.Earthquake survivor support in Turkey and Syria Worked with partners on the ground Direct Relief,Bring Hopeand the AHBAP Association to ensure the shipments clearcustoms and reach East Turkey for distribution.Earthquake survivor support in Morocco Donated$100,000 USD to the Moroccan Red Crescent to providehelp to support recovery efforts.Worked with our local distributor to empower nonprofit La BanqueAlimentaire to mobilize hygiene product donations.Canada wildfire survivor supportDonated$50,000 CAD to the Canadian Red Cross 2023 Wildfire Fund.Worked with Food Banks Canada to mobilize the donation of personalcare products.Hygiene kits donation We made a$178,000 USD donation to Heart to Heart International,ahealthcare charitable organization,to develop 25,000 Kenvue HygieneKits,inclusive of products like body wash,shampoo,and hand soap tobe used in emergency and relief settings.The first shipment of thesehygiene kits was sent to support relief work in Ukraine.Public healthNurturing healthy people goes beyond our products and their role in moments of everyday care.Kenvue Cares,our social impact platform,is committed to creating meaningful,long-term value for our communities through volunteerism,humanitarian aid,and brand purpose programs.Together,Kenvuers use their talent,passion,and resources to nurture healthy people,enrich a healthy planet,and ultimately build positive change for communities around the world.Caring for our communitiesKenvue aims to create a culture of caring by developing a ritual of volunteerism where we can have the greatest impact as a global leader in personal health and wellness.Throughout the world,Kenvuers use their talent,time,passion,and resources to create meaningful impact in their communities through volunteer service and humanitarian aid.As a part of this commitment and building on the many employee volunteer initiatives around the world,we will launch the Kenvue Cares volunteer program across six cities globally in 2024.We look forward to sharing more about our Kenvue Cares pilot program rollout in our next report.Highlights on progressGoals&commitmentsValue7 of in-kind contributions Value of cash contributionsHelp restore the dignity of everyday care for vulnerable and displaced people around the world$31.0 MM$0.7 MMPublic health Advance community health and well-being through a culture of caring and encouraging employee volunteer service Help restore the dignity of everyday care for vulnerable and displaced people around the world Create positive environmental and social impacts through brand purpose programs led by Kenvues top brandsHealthy people goals&commitmentsDocument footnotes17Nurture healthy peopleLeading meaningful action through our brandsOur Purpose is clear.We believe when people can count on care every day,it not only makes them well,but it also makes them wholeempowering them to engage more fully with the people,experiences,and world around them.We expand our efforts by creating positive social and environmental impact through brand-led purpose programs.Breaking taboos and empowering girlsFounded in Germany,o.b.has been empowering women with innovative and reliable menstrual cycle solutions for more than 70 years.The brand collaborated with the German Soccer Associations(DFB)national womens team for the#LetsTalkPeriods campaign.The DFB partnership featured an entire sports team of advocates talking openly to demystify the menstrual cycle,bring gynecological insights,and create a taboo-free society around the topic.Also in 2023,o.b.initiated a fundraising campaign with the German Children and Youth Foundation(DKJS),in which the equivalent of 10 cents per o.b.pack sold went to the foundations we empower girls program to help girls develop professional skills independent of gender stereotypes.The campaign generated approximately$70,000 for the program.The Whoa Collection More than 12%of the U.S.population identifies as Black,however studies show that fewer than 4%of dentists30 identify as such.At the same time,there is a major disparity in oral health care access,with a reported 40%of Black adults in the U.S.living with untreated dental cavities.31 By improving Black representation and increasing the percentage of practicing Black dentists,we can positively impact the understanding,behaviors,and access around oral healthcare.To do so,Listerine has partnered with cultural agency Compound to introduce The Whoa Collection,a collaboration designed to spark conversation and,most importantly,drive awareness and help close the diversity gap in dentistry within the Black community.The partners worked with prominent Black artists and engaged impactful culture curators to develop a limited-edition bottle design,an original musical track,digital and social content,and endowment.Smokefree FamiliesKenvue,the maker of Nicorette,launched the Smokefree Families program in the U.K.with the aim of significantly reducing the number of babies born intoand children living inhouseholds where someone smokes.Kenvue commissioned new research and launched a policy report in the U.K.Parliament and has developed a series of tools and materials to support healthcare professionals with their conversations with expectant parents,smokers with young children,and their support networks,on their quit journey.Resources are made available to healthcare professionals,including a Quitting together for a smokefree home guide,which outlines six practical steps families can take to quit smoking,and a series of educational videos offering guidance on how to support partners to quit for good.Further program activity is planned for 2024 to continue to drive awareness and ensure new parents and their support networks make successful quit attempts and ensure a better start to life for all children.Nicotine replacement therapy(NRT)included in WHO essential medicine list and pre-qualification listIn July 2023,following successful submissions from Kenvue,Nicotine replacement therapy(NRT)Lozenge and Oral Spray were added to the World Health Organization Model List of Essential Medicines.Further,in April 2024,Nicorette gum and patch were the first NRT products added to the WHOs pre-qualification list which assesses the quality,safety,and efficacy of medicinal products.Document footnotes18Nurture healthy peopleWorkforce health,safety&well-beingAs a global leader in personal health and wellness,investing in Kenvuer health,safety,and well-being is foundational to Our Purpose and Values.This foundation fosters a culture where all colleagues are dedicated to ensuring safe and effective products,and to keeping each other safe,healthy,and supported physically,emotionally,and financially.Workplace safetyWe have robust processes to identify potential safety risks associated with workplace activities,and to develop measures and implement controls to mitigate possible exposure to hazards.We support team members with general safety training and have implemented specific programs for those working in potentially high-risk environments.In 2023,our Quality,Health&Safety(QHS)team stood up our Environmental Health&Safety(EHS)policy,internal Management System,and saw the integration of EHS and Occupational Health into a single function.The team also oversaw 74 Government Authority inspections with zero critical findings,assessed our Companys regulatory compliance with more than 29,000 global EHS laws,and led ISO 45001,an internationally recognized framework for managing occupational health and safety risks,group and individual site certification for our Pomezia,Helsingborg,and Shanghai sites.In November,QHS hosted our first global Safety&Quality Week with educational and interactive events,including opportunities for Kenvuers around the world to submit proposals for quality and safety improvements and participate in interactive and online challenges.Safety&Quality Week was an opportunity for every Kenvuer to learn more about what it means to live into our Safety&Quality commitment,the many ways we keep each other safe,and how we ensure high-quality products reach our consumers.More information about our position on Quality,Safety&Compliance can be found on .Human&Organizational Performance(HOP)In 2023,aligned with leading-practice companies,our EHS team piloted a Human and Organizational Performance(HOP)training program,which provides a new way of looking at work,people,and the systems in which people get work done.HOP is a risk-based operating philosophy which recognizes that error is part of the human condition and that an organizations processes and systems greatly influence employee actions and choices,and consequently,their likelihood of success.Kenvue aims to integrate HOP into operating practices to amplify the excellence that already exists,optimize systems,and reduce constraints,to create conditions for success.The HOP skills pathway pilot included 17 individuals from Quality,EHS,and Operations Excellence who participated in a six-month active learning program with an external thought leader.In 2024,EHS will expand the program to 82 employees across Operations,Facilities,EHS,and Quality.Keeping Kenvuers safeKenvue is committed to providing a work environment free of fear,intimidation,harassment,bullying,and violence.Launched in 2023,our Keeping Kenvue Safe video was designed to help all Kenvuers achieve situational awareness in all environments,know when to report threats,concerns,or incidents,and reduce risks associated with workplace violence.19Nurture healthy peopleEmployee well-beingOur Kenvue team is taking a holistic approach to employee well-being.Our focus on nurturing total well-being is critical to developing workplace resilience and our programs are designed to address Kenvuers physical,emotional,and financial well-being.Physical well-being:Our belief that daily care rituals have a profoundcumulative impact on well-being informs our approach to teammember physical health.We reinforce healthy behaviors,enableaccess to care,and provide a safe workplace for our colleagues.Emotional well-being:We help team members feel engaged and buildresiliency through specialized emotional support resources,empoweringthem to be productive and connected at home and at work.Financial well-being:We empower team members with knowledgeand resources to manage finances and achieve financial security.Compensation,benefits,&well-beingWe offer compensation and benefit programs designed to attract,develop,and retain top talent.We reward and recognize superior performance,support our growth and talent strategy,and closely align Kenvuer compensation with company and individual performance,as well as attract,develop,and retain top talent in a highly competitive environment.We aim to provide base pay that is competitive for an employees position,skill level,experience,and geographic location.In addition to base pay,we seek to motivate and reward team members at certain job levels with annual cash incentives and long-term incentive awards.Additionally,we conduct periodic benchmarking analyses to help ensure our compensation programs remain competitive and regularly assess internal pay equity.As part of our holistic approach to employee well-being,our comprehensive benefits package is designed to keep Kenvuers happy and healthyphysically,emotionally,and financially.Our benefits reflect one of our core values:We Put People First.While actual benefits offered might vary in markets around the world,below are some of the benefits we offer Kenvuers in the U.S.,as well as in many other work locations worldwide:Paid time off we know its important to take time away from work,so team members can be the best version of themselves.Flexible working arrangements we capture the energy of in-personinteractions and remote flexibility to perform at our best for ourcustomers and our consumers.Health insurance benefits include coverage for doctor visits,mental health care,and more.Retirement savings program designed to help our team meet theirfuture financial goals,including a 401(k)matching program.Mental well-being resources team members have access to anEmployee Assistance Program(EAP)to help them strike the right blendbetween work and life,locate a mental health counselor,and more.Global exercise reimbursement team members are eligible fora quarterly reimbursement for participating in the health andwell-being activities of their choice.Adoption,fertility,and surrogacy benefits we offer assistancewith fertility treatments,adoption,and surrogacy.Global parental leave paid leave is available to all colleagues maternal,paternal,adoptive,surrogacy-assisted,or foster parents and can be taken during the first year of a new childs arrival into theirfamily.Our benefits reflect one of our core values:We put people firstWe work hard to create an environment where Kenvuers feel a strong sense of belonging,feel empowered to care for their health and well-being and that of their families,feel like they can grow and have fulfilling careers,and feel recognized and valued for their contributions.20We strive to enrich a healthy planet by making responsible and renewable choices to help safeguard the earths health and resources while managing the impacts we create.Human health is inseparably linked to environmental health and,as the worlds largest pure-play consumer health company by revenue,our commitment to everyday care extends to the planet we call home.Were advancing sustainability across our operations from product and packaging design to material sourcing,manufacturing,and transportation.Were acting on climate change by reducing our GHG emissions and increasing our use of renewable energy in our operations and across our value chain to support a healthier planet.We follow a circular approach:looking at the impact our products have across our global value chain throughout their lifecycle,and considering everything from where our materials are sourced to their end of life.Across our portfolio,we innovate with sustainability in mind:increased the use of recycled and renewable plastic,designed packaging for recyclability,and introduced refillable product options within our Essential Health and Skin Health&Beauty segments.We are also equally committed to sustainable sourcing,from promoting zero deforestation to prioritizing the use of materials that originate from trusted sources.Enrich a healthy planet21Enrich a healthy planetScience-based targetsWe have committed to setting near-term and long-term company-wide GHG emission reduction targets in line with the SBTi Net-Zero Standard and our near-term targets have been validated by SBTi.The SBTi defines and promotes best practices in science-based target setting and independently assesses and approves companies targets.Aligned with SBTi and the latest climate science from the United Nations(U.N.)Intergovernmental Panel on Climate Change(IPCC),our goals and commitments provide us with clearly defined targets to reduce GHG emissions in line with limiting global temperature rise to 1.5C,aligned with the Paris Agreement goals.As part of our near-term targets,were working to reduce our absolute Scope 1 and Scope 2 GHG emissions 42%by 2030 from a 2020 baseline through investments in renewable energy,energy efficiency,better fugitive emissions management,and fleet decarbonization projects.Our companys largest Scope 1 and 2 emissions are from electric power,followed by natural gas.Emissions from electric power represented 60%of our Scope 2 emissions,with the next largest source being natural gas and ancillary fuels from facilities,representing 35%.The remaining Scope 1 and 2 emissions are from fleet(3%),and fugitive emissions(3%).Climate changeClimate change is one of the most significant challenges of our time and is transforming businesses around the world.While climate change poses significant risks it also poses new growth opportunities for companies in the transition to a net-zero future.At Kenvue,were taking action on climate change by reducing our GHG emissions and increasing our use of renewable energy in our operations and across our value chain.At the end of 2023,we began an assessment of our potential and actual climate change-related impacts as well as the physical and transition risks and opportunities posed to us by climate change,using the Task Force on Climate-related Financial Disclosures(TCFD)framework.We are working to develop strategies to manage the impacts,risks,and opportunities identified and expect to publish our TCFD findings and disclose through CDP,formerly known as the Carbon Disclosure Project,in 2024.Healthy planet goals&commitmentsClimate change Kenvue commits to reduce absolute scope 1 and 2 GHG emissions8,9,1042%by 203017 from a 2020 base year Kenvue commits that 75%of its suppliers by emissions covering purchasedgoods and services and upstream transportation and distribution will havescience-based targets by 202817 Set long-term net-zero emissions targets,informed by the SBTiNet-Zero Standard18 100%renewable electricity14 for our operations8 by 203015,17Highlights on progressGoals&commitments2020202120222023%change vs.baselineTotal Absolute GHG Emissions8,9,10 (Scope 1 2)(MT CO2e)210,673206,567185,916156,52925.7%Scope 1 Absolute GHG Emissions8,9,10(MT CO2e)73,84173,06271,98262,91914.8%Scope 2 Absolute GHG Emissions8,9,10(MT CO2e)136,832133,505113,93493,61031.6%Document footnotes22Enrich a healthy planetRenewable electricityRenewable electricity sources cover approximately 65%of our electricity usage.Weve built 18 onsite systems in 12 countries.All are fully operational,including five that came online in 2023.We have also executed nine contracts for offsite renewable electricity procurement in the form of virtual power purchase agreements(VPPAs)in North America and Europe;direct power purchase agreements(PPAs)in Brazil,Argentina,and India;and green retail contracts in Colombia,Malaysia,and China.In the APAC region,seven out of 10 Kenvue manufacturing sites rely on renewable electricity sources.Bangkok,Thailand is home to the largest digitally integrated solar panel installation in our network.Equivalent to three U.S.football fields,the rooftop installation provides 13%of the plants electricity requirements and reduces CO2e emissions by nearly 3,000 metric tons annually.Renewable electricity sources cover approximately 65%of our electricity usageCollaborating to reduce Scope 3 emissionsLike most consumer goods manufacturing companies,emissions directly within our control only amount to approximately 5%of the total emissions associated with our value chain.Our Companys Upstream Scope 3 categories are the largest emissions source and represent about 90%of our total emissions.The most significant emission sources are from Purchased Goods&Services(71%)(all emissions related to our direct and indirect spend)and Upstream Transportation&Distribution(15%)(moving raw materials and product).Our Downstream Scope 3 categories represent only about 5%of total emissions,and include product-related emissions(shipping products to customers and consumers,consumer use of products,and the impact of product disposal-either recycling products or throwing them away without recovery).To advance our transition toward net zero,we must support our value chain partners in setting and achieving their own ambitious science-based climate goals.Our supplier engagement program allows us to customize the way we engage with our value chain partners based on their climate maturity,carbon footprint and long-term decarbonization strategies.In accordance with SBTi,we are targeting Kenvue suppliers that represent 75%of our Scope 3 emissions to set science-based targets by year-end 2028.If our supplier engagement program is successful,75%of our suppliers by emissions covering Category 1,Purchased Goods&Services(C1),and Category 4,Upstream Transportation&Distribution(C4),will have science-based targets by the end of 2028.Together,these suppliers cover 75%of our total Scope 3 emissions.Highlights on progressGoals&commitmentsTotal Kenvue renewable electricity14 2023total MWhs%RenewableNA90,61062.8%EMEA75,90881.1%LATAM75,175100%APAC22,14624.2%Document footnotes23Enrich a healthy planetC3 Fuel&energy-relatedactivities2%Driving the Fourth Industrial RevolutionThe Fourth Industrial Revolution(4IR)is an era of disruptive innovation that is shaping the future of manufacturing.The World Economic Forum,in collaboration with McKinsey,has recognized Kenvue with two new designations in 2023 as part of their Global Lighthouse Network,a prestigious community of leading manufacturers at the forefront of accelerating the adoption of 4IR technologies in their respective industries worldwide.In line with our HLM,the Global Lighthouse Network showcases opportunities for Fourth Industrial Revolution technologies to positively impact people and the planet.Our Shanghai Value Chain was named a Global Lighthouse for implementing more than 25 4IR innovations,including big data analytics for social media,machine learning,additive manufacturing,and digital twinsa concept that allows for a digital model of a physical product.This resulted in a 50%reduction in new product introduction lead times,a 1.3-times improvement in production forecast accuracy and 99.8%on-time-in-full deliveries within 48 hours.Building on its original Lighthouse designation in 2022,our Bangkok,Thailand site has achieved the status of Global Sustainability Lighthouse for their use of 4IR technologies toward more sustainable resource management.C1 Purchased goods&servicesOther Scope 3C2 Capital goods(0.6%)C5 Waste generated in operations(0.1%)C6 Business travel(0.8%)C7 Employee commuting(1.0%)C8 Upstream leased assets(0.2%)C9 Downstream transportation&distribution(0.5%)C11 Use of sold products(0.02%)C15 Investments(0.02%)C12 End-of-Life of sold productsC4 Upstream transport&distribution Scope 3 emissions3t%5%Upstream Scope 3C1 Purchased goods&servicesUpstream Scope 3 All OtherDirect OperationsScope 1&2Downstream Scope 3 All OtherUpstreamScope 3C4 Upstream transportScope 1,2 and 3 emissions71%4%5%5%Highlights on progressGoals&commitments20222023%of our suppliers by emissions covering Category 1:Purchased goods&services32 and Category 4:Upstream transportation&distribution,33 that have science-based targets by 20281719!%Document footnotes24Enrich a healthy planetHealthy planet goals&commitmentsPlastics 100%recyclable19 or refillable20 packaging21 by 202517 25%reduction of virgin plastic11 in packaging21 by 202517 from a 2020 base year 50%reduction of virgin plastic11 in packaging21 by 203017 from a 2020 base yearPlasticsKenvue is identifying ways to support the transition from a linear economic model(take,make,use,dispose)toward a circular economic model where packaging materials are kept in circulation through recycling or reuse,which helps reduce the amount of packaging material that is not recovered.We understand that a systems approach,including upstream solutions for high-performing packaging materials and design(such as the elimination of problematic or unnecessary packaging)as well as downstream solutions of waste recovery and recycling infrastructure,are required to address these challenges.At Kenvue,we follow a circular design approach,looking at the impact our products have on every aspect of our global value chain throughout their lifecycle and considering everything from where our materials are sourced to their end of life.We innovate with sustainability in mind and through eco-design,material optimization,refill and reuse,format standardization,and inclusion of recycled content,to reduce our dependence on virgin plastics.Innovative packaging that uses less,refills more or recycles easily,aligned with principles of the circular economy,has widely informed our approach.Highlights on progressGoals&commitments202120222023100%recyclable19 or refillable20 packaging21 by 20251772.8q.1q.4%reduction of virgin plastic11 in packaging21 by 202517 and 50%by 203017 from a 2020 base year1%9.6!.1%Document footnotes25Enrich a healthy planetPartnering to accelerate progressPartnerships are critical to helping us scale change and increase the circularity of packaging globally.As a signatory to the Global Plastics Commitment,our virgin plastics reduction strategy is aligned with circular economy principles set forth by the Ellen MacArthur Foundation(EMF).We signed the EMF Global Plastics Commitment in 2020,which is the basis for our 2025 virgin plastic reduction,recyclable,and refillable packaging goals.In addition to serving as an important thought leader on the circular economy,EMF has motivated leading consumer goods companies to eliminate problematic and unnecessary plastic packaging through reduction and innovation.As a member of the Consumer Goods Forum(CGF)Plastic Waste Coalition of Action,our design process is aligned with the CGF Golden Design Rules,which are a set of voluntary,independent,and time-bound commitments for the design of plastic packaging,created to accelerate progress toward increasing the circularity of packaging.The nine rules focus on removing problematic packaging,reducing the amount of packaging used,and designing packaging for recyclability.We are also an investor in Closed Loop Partners Infrastructure Group,which provides below-market rate loans to finance projects that build out circular economy infrastructure in the United States.These projects include waste collection,enabling technology,end manufacturing,processing,and sortation.The Infrastructure Group is funded by the worlds largest retailers,corporate foundations,technology,and consumer goods companies.Designing for the circular economyInnovating to reduce:Le Petit Marseillais optimized packaging design that reduces the overall material use,and includes 30%recycled plastic content in the bottle.Innovating to replace:Aveeno bottles use 50%recycled plastic,replacing plastic from virgin sources,and are recyclable(excluding labels).The lotion bottles now also have a pump that can be recycled in many markets.Innovating to refill&reuse:Designed for reuse,Neutrogena Hydro Boost refill pods help reduce plastic waste by 89%when a consumer refills the packaging with a pod instead of buying a new jar.Innovating to recover:Aligned with the principles of the circular economy,Listerine is rolling out updated packaging around the globe,designed to be recycle-ready by using washable adhesive for its labels and by introducing a clear cap that is more easily recycled in many local municipal waste sorting facilities.26Enrich a healthy planetBiodiversity,land&forestForests are a vital resource,critical to the health of all people,plants,and animals that inhabit our planet.They provide us with oxygen,food,and medicineincluding those made by Kenvue.They also sustain ecosystem services such as water purification,and the mitigation of natural hazards like droughts,floods,and landslides.Today,forests cover approximately 30%of the earths land area;approximately 300 million people worldwide live in forests;and 1.6 billion people depend on forests for their livelihoods.34Forests also play an important role in mitigating climate change.When forests are cut,burned,or otherwise removed they no longer act as a carbon sink,but instead emit carbon,which contributes to changes in climate patterns.Healthy planet goals&commitmentsBiodiversity,land&forest Kenvue is committed to zero deforestation and to ensuring thepaper-based packaging we purchase directly originates from low-risksources.22 Specifically,we aim to achieve 100rtified12 or verifiedrecycled13 paper and wood fiber packaging23 by 202517 Maintain 100%Roundtable on Sustainable Palm Oil(RSPO)certificationfor the palm-based ingredients we purchase24 through a combination ofRSPO certified physical supply chains and RSPO Book&Claim credits25 Purchase24 at least 75%of our volumes from RSPO physical supplychains25 by 202517 and 100%by 203017Highlights on progressGoals&commitments2023MTs%Total Kenvue volume of paper and wood fiber sourced84,718-Total volume of certified12 or verified recycled13 paper and wood fiber packaging2379,72894%Forest Stewardship Council(FSC)certified35 paper/wood fiber 43,12351%Programme for the Endorsement of Forest Certification(PEFC)certified36 paper/wood fiber13,66016%Verified recycled13 paper/wood fiber22,94527%Total volume of paper and wood fiber packaging not certified or verified recycled4,9906%Responsible wood-fiber sourcingWhile Kenvue does not own or manage forests,we do purchase paper and wood-fiber products and recognize that we can play a role in supporting responsible forestry through our sourcing of these materials.Our position on Responsible Wood-Fiber Sourcing and annual progress outlines the actions our Kenvue team is taking to support the supply chain transformations necessary to protect the environment and the people in the paper and wood-fiber supply chains.Kenvue strives to work with suppliers that share a common set of values,comply with all applicable laws and regulations,and adhere to our expectations for supplier business conduct,human rights and labor practices,workplace safety,and environmental stewardship.We have implemented specific sourcing requirements for the wood-fiber product suppliers from which we buy directly.We expect these suppliers to:Provide supply chain transparency and traceability.Respect human rights in their own operations and businessrelationships.Partner and collaborate to effect positive industry change.Work to reduce the GHG emissions and pollutant emissionsassociated with their supply chains.Document footnotes27Enrich a healthy planetWe expect our suppliers to meet these sourcing requirements and to ensure the sources of the paper and wood-fiber products they supply to Kenvue are:Harvested and traded in compliance with all national and local lawsand international labor standards.Harvested in a manner that respects human rights and traditionalrights,including a commitment to secure the UN-recognized right toFree,Prior and Informed Consent(FPIC)for activities that may affectthe rights,land,resources and livelihoods of Indigenous peoples andlocal communities.Harvested in a manner that protects high-conservation value forests.Not harvested from an area that is being converted to plantation ornon-forest use.Not developed on peatland.Not from areas cleared of natural forest after December 31,2020.Our sourcing principles apply to all paper and wood-fiber products that we purchase directly,and we verify compliance with our sourcing principles for 100%of our direct spend on cartons,corrugates,and leaflets.Given the challenges of traceability of wood fiber sources,Kenvue works with trusted partners to provide us with the third-party verification and expertise necessary to improve supply chain transparency.Our due diligence process includes an additional focus on suppliers located in regions with a heightened risk for deforestation.From commitment to reality Kenvue LATAM is the first region to achieve our goal of sourcing 100rtified(Forest Stewardship Council(FSC)or Programme for the Endorsement of Forest Certification(PEFC)chain of custody standard)or verified recycled wood fiber packaging,ensuring that all cartons and cardboard used in our products manufactured internally or purchased externally come from sources with responsible forest management or from recycled sources.Every year,Kenvue LATAM purchases around 13,000 metric tons of certified wood fiber packaging as part of our efforts to uphold this commitment.Responsible palm oil sourcingBecause of its versatility and efficiency,palm oil is the most widely used vegetable oil in the world and is a common ingredient and feedstock to ingredients in packaged foods,biofuels,and personal care products.Palm oil plantations have expanded in recent decades to meet growing global demand,raising stakeholder concerns about links between palm oil cultivation and deforestation,and the associated negative impacts on biodiversity,people,and local communities.We primarily buy palm oil derivatives,meaning that our upstream suppliers may use a very small amount of palm oil and palm kernel oil to manufacture the oleochemical we purchase.Kenvue purchases less than 0.1%of the global annual production of palm oil.37We do not own or manage palm oil plantations and,consequently,are multiple links in the supply chain away from the original source of palm oil and palm kernel oil.However,we share other stakeholders concerns about the negative effect palm oil sourcing may have on the environment and people,and we recognize that we can play a role in supporting responsible palm oil production through enhanced traceability and sourcing of these ingredients.Our Responsible Palm Oil Sourcing Position and annual progress updates outline the actions our Kenvue team is taking to support the supply chain transformations that are necessary to protect the environment and the people who work in the palm oil supply chain.Document footnotes28Enrich a healthy planetWe expect our suppliers to ensure the sources of palm oil are from:A legal source,which meets the principles and criteria of the RSPO,or where a recognized equivalent certification has been implemented.A plantation that meets the High Carbon Stock(HCS)Approachmethodology(including High Conservation Value HCV and FPIC).A supplier that ensures the protection of peatlands,HCV areas and HCSforest.A supplier that does not use burning to clear land for either developmentor replanting.A supplier that does not use forced,bonded or child labor.A supplier that respects the rights of all workers and local communities,including migrant workers,women workers,and those on temporarycontracts or in the informal economy.A supplier that respects and includes smallholders in its supply chain.Areas that have not been cleared of natural forest since December 31,2020.We monitor supplier and producer conformance to our responsible palm oil sourcing principles using a wide range of partners and technologies,relying on independent third-party verification methods where available.If we identify an instance of nonconforming with a producer that is within our supply chain,we take action based on the nature and severity of the violation,and the amount of leverage we may have to correct the behavior.To ensure that our palm derivatives suppliers are compliant with our Responsible Palm Oil Sourcing Position and principles of No Deforestation,No Peat,and No Exploitation(NDPE),we assess our suppliers using the Sustainable Palm Index,an industry tool that rates the commitments,action plans,and achievements of our palm suppliers and identifies areas for improvement.Additionally,through our Action for Sustainable Derivatives(ASD)membership and partnership with the Earthworm Foundation,Kenvue participates in a shared grievance dashboard to monitor,review,and investigate grievances in the palm oil supply chain.Highlights on progress Goals&commitments2023MTs%Total Kenvue volume of palm oil-based ingredients purchased2430,600100%Volumes of palm oil-based ingredients purchased through RSPO physical supply chains25 or covered by RSPO Book&Claim credits41Identity Preserved3800%Segregated3900%Mass Balance409,20030%Book&Claim credits4121,40070%Kenvue also participates with fellow ASD members in dynamic mapping and monitoring for deforestation in areas of Southeast Asia linked to our palm oil derivatives supply chain by leveraging the Nusantara Atlas satellite monitoring platform.Action for Sustainable Derivatives(ASD)Through collaborations,organizations can drive change in the palm oil supply chain.ASD is a collaborative initiative that brings together companies in the cosmetics,home and personal care,and oleochemicals industries to collectively tackle supply chain issues around palm oil and palm kernel oil derivatives.As a member,Kenvue supports ASDs mission to achieve a palm derivatives supply chain that upholds NDPE principles,respects human rights,and supports local livelihoods.Document footnotes29Enrich a healthy planetWasteIn addition to designing our products for the circular economy,our Kenvue team is also committed to responsibly managing waste generated in the processing,production,and transportation of our products.Aligned with waste management hierarchy,and an eye toward resource optimization,we work to prevent and minimize waste generated and divert waste from landfill through reuse,reclamation,redesign,recycling,composting,and waste-to-energy approaches.The ambition of zero manufacturing waste requires the participation of every facet of a business,from product design,manufacturing processes,logistics,and supply chain decisions to waste management and recycling considerations.Supply chain processes play a pivotal role in realizing waste reduction targets through sustainable product management and recycling practices.Inspired by circular economy thinking,closed-loop systems,and the recognition that better materials management and less waste leads to significant cost savings,in 2023 we embarked on the development of a total waste management program.Focused on our newly defined Kenvue manufacturing network,we intend to set zero waste goals for all manufacturing locations.Through this project,Kenvue aims to improve existing landfill diversion programs expand reuse,recycling,and waste reduction,and develop roadmaps for each of our sites to achieve zero manufacturing waste.Kenvue plants strive for zero-waste Our manufacturing site in Lititz,Pennsylvania is leading the way on waste management in North America and was recently recognized by GreenCircle for becoming a Zero Waste to Landfill facility.In 2023,Kenvue Thailand earned the GOLD level of Total Resources Use and Efficiency certification for Zero Waste,from the Green Business Certification Inc.GOLD status requires a site to meet stringent criteria,demonstrate a high level of commitment to zero-waste principles,and offer proven execution performance upstream and downstream.This includes implementing effective end-to-end waste reduction strategies,maximizing recycling,and composting efforts,and diverting a significant amount of waste from landfills and incineration.Pharmaceuticals&personal care products in the environmentPharmaceuticals and personal care products(PCPs)can enter the environment through several different pathways.The source of most active pharmaceutical ingredients(APIs)42 detected in aquatic ecosystems is normal patient and consumer use and excretion following the use of medicines taken to address medical conditions,while the source of PCP ingredients entering the environment is from washing off products from the body during cleansing activities.Our sector is pursuing a variety of preventative measures that can be taken to minimize these associated risks,including designing more sustainable products that are benign and biodegradable,rightsizing pack sizes,redistributing unused pharmaceuticals,educating health care professionals and the public,and facilitating partnerships between environmental and healthcare scientists.Document footnotes30Enrich a healthy planetOur productsAligned with our commitments,we take proactive steps to assess and address OTC pharmaceuticals and PCPs in the environment as part of our ambition to create products that support the health and well-being of both people and our planet.To achieve this,we follow the science to understand and effectively manage the environmental risks associated with our products by:Assessing all APIs and ingredients used in our products to understand any possible impacts on the environment,and conducting comprehensive environmental risk assessments(ERAs)on APIs on a targeted basis.Leveraging our Sustainable Innovation Profiler(SIP),to make sure that our products meet our standards to minimize environmental impacts.Considering Green Chemistry Principles,a framework developedby Paul Anastas and John Warner for making a greener chemical,process,or product in the design of PCP formulations and formulating with raw materials that are more sustainable,benign,and biodegradable.Supporting scientific research and collaborations to fill knowledge gaps to understand and mitigate the risks of OTC pharmaceuticals and PCPs in the environment,including two recent studies on sunscreen environmental exposure assessment.Our operationsWhile waste from the manufacture of OTC pharmaceuticals and PCPs contributes to a small proportion of the pharmaceuticals and PCPs found in the environment globally,it is the area where Kenvue can have the greatest direct impact.We assess and address OTC pharmaceuticals and PCPs in the environment by:Actively managing the environmental risks resulting from ourmanufacturing processes.Monitoring wastewater and providing secondary wastewatertreatment,at a minimum,for our manufacturing plants.Our supply chainBeyond our walls,we work with suppliers,healthcare providers,and consumers to help mitigate concentrations of APIs in the environment.Aligned with our Supplier Code of Conduct,Kenvue suppliers are expected to operate in a sustainable and environmentally responsible manner.We verify supplier environmental performance through on-site audits,including EcoVadis supplier scans of our suppliers operations and wastewater management programs,to ensure compliance.To further support responsible supply chain management,Kenvue is a member of the Pharmaceutical Supply Chain Initiative(PSCI)and aims to align with their Principles for Responsible Supply Chain Management,focused on responsible business practice:ethics,labor,health and safety,environment,and management systems.Our consumersConsumers and patients use are the sources that contribute most to pharmaceutical,or PCP residues detected in the environment.Kenvue works in collaboration with industry and governments to improve medicine disposal programs and related consumer education through participation in the MyOldMeds initiative in the U.S.and MEDSDISPOSAL in the EU.We are also a member of the Pharmaceutical Product Stewardship Working Group,the largest extended producer responsibility organization in the United States dedicated to the proper collection and disposal of unused and/or expired medicines and used sharps.We often partner with industry peers to drive progress on these issues.We contribute to the European-based Inter Associations Initiative Pharmaceuticals in the Environment Task Force,which created the Eco-Pharmaco-Stewardship framework to address PCPs in the environment.This includes an approach to extended environmental risk assessments(ERA)for pharmaceuticals.For more information on this effort,visit the Association of the European Self-Care Industry website.31We promote our culture of integrity,ethics,and transparency to build trust and create meaningful,long-term value for all our stakeholders.The Kenvue Purposerealize the extraordinary power of everyday careguides how we treat our people,innovate,conduct business,and design our products.We are committed to continually earning a place for our products in consumers hearts and homes,and we do this by delivering products that support healthy people and a healthy planet.We aim to foster a culture where all colleagues are dedicated to ensuring safe and effective products and to keeping our team members safe and healthy.This commitment is critical to generational consumer trust.Our brands are often introduced to people by someone who cares deeply about them.We strive to build consumer trust through enhanced product and ingredient transparency and science-based innovation.Science has always been at the core of how we provide care,and we believe its also the key to creating a more sustainable company.At Kenvue,science-backed innovation that improves the environmental performance of our products can also increase our relevancy with consumers and credibility with healthcare professionals.Maintain healthy practice32Maintain healthy practiceHealthy Practice is about how we achieve results,which is as important as the results themselves.In line with our Kenvue Values,we are committed to building trust through science with our consumers,customers,and partners by holding ourselves to the highest ethical standards in everything that we do.We operate with openness,maintain business and workplace integrity,and contribute to the well-being of the communities in which we operate.At Kenvue,we believe human rights,which are the fundamental rights,freedoms,and standards of treatment belonging to all human beings,must be respected and that business,in addition to government,has an important role in ensuring those rights.Sustainable product innovation Science-backed innovation and scientific insights are core to our product development process and enable us to successfully introduce new products that meet the dynamic and diverse health and well-being needs of the global consumer marketplace.With the use of new robust measurement tools,we aim to manage the impacts of our products across our global value chain and throughout the lifecycle of our products.We will measure progress toward our Sustainable Product Innovation goal within the Healthy Practices pillar.A new internal Kenvue assessment tool,Sustainable Innovation Profiler(SIP),will assess how new products deliver against our HLM commitments,seeking to future-proof products by promoting the adoption of sustainable ingredients and packaging materials.Sustainable design&development Sustainable products require intentional design.We are committed to improving the environmental performance of our new product developmentincluding improvements to existing products,extensions of current product lines,and new-to-market productsusing scientific design principles.We will advance sustainable product design by:Deploying our new SIP tool to evaluate and improve theenvironmental footprint of our products.Creating Brand Sustainability roadmaps to identify hotspotsand equip brands to act on their sustainability priorities.Developing and training teams on sustainable productclaims requirements.Establishing governance mechanisms to ensure that theSIP tool is embedded in the new product and lifecycle stagegate development processes.Tracking and reporting on progress.Collaborating in industry programs that aim to advance productsustainability and standardize measurement approaches.As we deploy the tools and training to progress this work,we plan to programmatically assess design decisions,enhance product and ingredient resiliency,enable transparency,identify levers to decarbonize our products,and optimize the overall environmental profile of our products.Sustainable product innovation75%of new product development,26 using scientific principles,27 will have an improved environmental performance28 by 203017 Healthy practice goals&commitmentsDocument footnotes33Maintain healthy practiceWhat gets measuredOur Kenvue team has evolved our patented Global Aquatic Ingredient Assessment(GAIA)to encompass holistic sustainability criteria.Our SIP tool follows International Organization of Standardization methods for lifecycle assessments and:Aligns with the European Commissions Product EnvironmentalFootprint and EcoBeautyScore(EBS).Enables us to understand distribution of impact across product lifecycle.Identifies opportunities to reduce the carbon footprint of productsand packaging without shifting the burden to other environmentalimpact factors.Implements an internal methodology to measure the resiliency ofa formulation to a dynamic external environment.Calculates a formulations GAIA score with a focus on ingredientenvironmental persistence.Flags ingredients on our restricted substances list(RSL)andemerging substances of concern.Encourages use of ingredients and packaging materials fromrenewable sources.In addition to formulation optimization,the SIP tool will also enable our packaging engineers to make more informed decisions on packaging materials that are aligned with the Ellen MacArthur Foundations principles for recyclability and reducing the use of virgin plastics.In 2023,we trained a superuser community and began piloting our SIP tool,assessing key product archetypes to identify our hot spots and areas for improvement.Meeting rigorous eco standards Johnsons Baby and Aveeno Baby products have been certified by UL ECOLOGO for reduced environmental impact.UL ECOLOGO certified products are verified for reduced environmental impact and their standards set metrics for a wide variety of criteria in some or all the following categories:product formulations that are free of dangerous chemicals,commitments to reduce animal testing,and the products impact on health and the environment.Le Petit Marseillais has been certified by COSMOS eco-certification for organic and natural cosmetics.All the products marketed with the Ecocert logo,issued by COSMOS,have been verified from composition to processing and packaging.With 30 years of experience in the auditing and certification of organic products in France and in over 130 other countries,Ecocert provides consumers with transparent information on product ingredients.Breakthrough products with less wasteNeutrogena Gentle Foaming Cleanser is made of only seven ingredients and is free from fragrances,parabens,phthalates,alcohols,mineral oil,and soap.Just take one powder concentrate and add tap water to create a full-sized,luxurious foam cleanser.The reusable bottle and pump weigh 94%less than our other full-size cleansers.Neutrogena Hydro Boost Hyaluronic Acid Water Gel offers a refillable pod which fits perfectly in our Neutrogena Hydro Boost Hyaluronic Acid Water Gel jar and reduces plastic waste by 89%vs.buying a new jar each time.Product stewardshipOur foundational commitment to providing effective,compliant,and safe consumer products is underpinned by our product stewardship and social responsibilities.Our aim is to make decisions that will be right for our consumers and for the planet.Our internal Kenvue ingredient and materials policy ensures we carefully select ingredients,materials,and product packaging components.We continuously monitor emerging science,regulations on the horizon,and sustainability requirements to meet shifting consumer and customer expectations.By combining our robust ingredient policy with greater transparency,we will continue to build trust in our brands and products.34Maintain healthy practiceProduct transparency Transparency is the bedrock of trust for most consumers,who increasingly want to know more about the products they and their families consume and use,from food and beverages to personal care products to OTC medicines.According to 2021s SmartLabel Consumer Insights Survey,79%of consumers agree that they are more loyal to brands that provide more in-depth information about products beyond what they can find on the label.43 Product transparency at Kenvue aims to provide consumers with a deeper understanding of our products,with the intention of engaging and empowering them to make the best choices for themselves and their loved ones.By providing compelling,easily understood,and readily accessible information on the benefit and function of specific ingredients,certifications,fragrances,source material origins,type of packaging materials used,and recyclability,our brands strive to deliver the transparency consumers have come to expect.Leveraging digital platforms and technologies to expand product information,our brands are embracing sustainability and reflecting evolving consumer values in line with modern mandatories.Building trust through transparency Kenvue is a member of the EBS Consortium,an international,voluntary initiative of more than 70 cosmetic industry stakeholders,which aims to develop an environmental impact assessment and scoring system for cosmetic products.The Consortium was created to enable consumers to make more informed and sustainable choices about the products they use and address growing expectations from stakeholders for enhanced transparency.We have actively engaged in the design and development of the EBS environmental assessment and scoring system for cosmetic products.The system follows internationally accepted guidelines for conducting standardized lifecycle assessments from cradle to grave for the entire product and assesses the impacts of both raw and packaging materials.Similar to our SIP tool,EBS considers 16 environmental impacts,including carbon,water scarcity and water pollution.The aggregated product score of these environmental impacts enables consumers to compare products within a category to make informed purchasing decisions.In addition to establishing a common system for environmental impact assessments of cosmetic products,EBS will also provide a common scoring mechanism and harmonized consumer-facing communications scheme.Neutrogena Glossary of IngredientsThe Neutrogena Glossary of Ingredients presents another avenue for Kenvue to give consumers visibility into how we formulate our products.Through a dedicated website,consumers can read simple definitions of the ingredients found in Neutrogena products,offering them the facts they need to make informed decisions for their skin health.Johnsons Baby product transparencyJohnsons Baby website is another example of our commitment to full product transparency.In developing the site,we focused on what parents wanted and needed,leveraging iterative,dynamic consumer feedback to guide our decisions.Johnsons Baby piloted a digital transparency tool and enabled us to learn more about consumer interests and behaviors in a digital communications ecosystem.As a result of the website,consumer research showed a significant increase across all key brand metrics and attributes including sentiment,credibility,fit,authenticity,honesty,and sustainability.Product transparencyProvide greater product transparency,beginning with our ingredientsHealthy practice goals&commitmentsDocument footnotes35Maintain healthy practiceProduct quality&safety Our commitment to quality,safety,and compliance is fundamental to Kenvue.In addition to complying with applicable regulations around the world,our aim is to meet the high expectations of our customers,and consumers,earning their trust by developing high-quality,innovative products that are safe,efficacious,and widely accessible.By focusing on quality and safety throughout a products lifecycle,from the early stages of research and development,delivery to customers through product use,and to the products end of life,we strive to meet our responsibility to put people first.We strive to achieve end-to-end quality excellence and safety across all stages of a product lifecycle through our quality and safety management approach.More information about our position on quality,safety,and compliance can be found here.Product quality&safety processQuality&safety risk management Risk management requirements are part of our Kenvue Quality System Principles.They require that quality and safety risks throughout the product lifecycle be identified,assessed,mitigated,and minimized.We are committed to monitoring the safety and quality of our products and have systems and risk-minimization strategies in place.To achieve the product quality and safety expected by our consumers and required by international standards,we aim to adhere to this process:Product design We endeavor to build quality and safety into our products from the very start.Our product design informs the ingredients we use and involves input from our scientific and medical experts to ensure the final product will meet our global standards.Ingredient selection All ingredients are carefully selected and tested and must pass safety and quality requirements.Our objective is to ensure that the quality,purity,and manufacturing of our products meet international,national,and local government regulations,industry standards,and our internal policies.In addition,our sourcing and quality assessment teams assess our raw material suppliers and contract manufacturers and aim to only work with vendors that meet our safety and quality 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