Frontdoor Publishes First Sustainability Report, Reinforcing the Company’s Commitment to ESG
MEMPHIS, Tenn.–(BUSINESS WIRE)–Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today published its first corporate sustainability report. Frontdoor is committed to developing environmental, social and governance (ESG) initiatives that strengthen its value as a service provider, employer and global corporate citizen.
The company’s sustainability journey has been marked by meaningful initiatives and impacts since the company’s inception. This report reflects the company’s dedication to transparency in action and highlights its work in areas such as corporate governance, privacy and information security, employee relations and diversity and inclusion, community relations and environmental sustainability.
“We have made significant progress in our three years as a standalone company, and I’m proud of the meaningful work that our team is doing in this area,” said Rex Tibbens, president and chief executive officer of Frontdoor. “We are in the early stages of our journey but are committed to continuing to strengthen our practices and disclosures and operating in a way that benefits those in the world around us.”
In its 2021 sustainability report, the company shares an overview of its activities in four key areas: strengthening the company, supporting its people, serving communities and sustaining the world.
Highlights of Frontdoor’s 2021 sustainability report include:
- Appliance contractors who leveraged Streem technology, which uses augmented reality, computer vision and machine learning, to facilitate more remote service calls reported a 6 to 7 percent reduction in onsite diagnostic service trips from January 1, 2021 through November 30, 2021.
- Frontdoor and the economy rely on skilled labor. In 2021, Frontdoor invested in the next generation of contractors in partnership with two trade schools, awarding more than two dozen scholarships to students pursuing a career in the skilled trades.
- Creating a vibrant, productive workforce begins with a rewarding pay program. Frontdoor offers competitive compensation, including a $15 minimum wage, which is informed by benchmarking analysis and reviewed for equity.
- Frontdoor received over 2 million service requests for appliances, water heaters and HVAC systems for the twelve months ended October 31, 2021, helping to enhance efficient consumption of natural resources and avoid waste through repair and refurbishment.
“The 2021 sustainability report is the first of many and demonstrates our belief that responsibility begins with accountability,” said Tibbens. “As we move forward, each year we will strive to make progress in the areas outlined in the document and ensure that our business practices are impactful, meaningful and sustainable over time.”
Visit frontdoorhome.com to view or download the company’s full sustainability report. The report incorporates disclosures under both the Sustainability Accounting Standards Board (SASB) and Task Force for Climate-related Financial Disclosure (TCFD) frameworks.
Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard, as well as ProConnect, an on-demand membership service for home repairs and maintenance, and Streem, a technology company that enables businesses to serve customers through an enhanced augmented reality, computer vision and machine learning platform. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,500 pre-qualified contractor firms that employ an estimated 62,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With 50 years of home services experience, the company responds to over four million service requests annually. For details, visit frontdoorhome.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor’s filings with the United States Securities and Exchange Commission (which are available on the SEC’s EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).