Schneider Electric is recognized around the globe as an essential business providing service continuity to critical infrastructure such as hospitals, data centers, IT networks, the temperature-controlled food supply chain, energy, transportation, water treatment and vital industries.
Ensuring continuity of service, 24x7, to critical industries in all the countries and communities where Schneider Electric operates is the Group’s first responsibility and its main contribution to the fight against Covid-19. In this context, the Group is focused on maintaining operations to service critical infrastructure, in compliance with health and local government regulations.
At Schneider Electric, the health and safety of employees, customers and partners is of utmost importance. In response to the Covid-19 crisis the Group has enhanced its existing global benefit standards (Life, Health and Family Care) for all of its employees worldwide, for the duration of the crisis.
Additionally, and consistent with its sustainability commitments, Schneider Electric is actively supporting hospitals and the most vulnerable communities and participating in several other efforts including boosting the production of ventilators.
During these challenging times Schneider Electric would like to announce the creation of a fund dedicated to Covid-19 support as part of the Schneider Electric Foundation. This “Tomorrow Rising Fund” will support emergency and longer-term reconstruction actions related to Covid-19 in all the territories in which Schneider Electric operates. The Schneider Electric Foundation will invite leaders and employees who wish to do so, to donate and all donations will be matched by the company. Schneider will also invite its other external stakeholders to donate to this fund.
Jean-Pascal Tricoire – Chairman & CEO – will personally contribute 25% of his base salary for the duration of the current crisis to the Tomorrow Rising Fund. He is joined by the members of the Executive Committee of Schneider Electric who have committed to contribute 10% of their base salary to this fund for the duration of the current crisis.
Schneider Electric, a CAC40 company, does not intend to resort to the exceptional liquidity support schemes that are proposed by the French state to overcome this crisis.
In addition, and given the current context, Schneider Electric has suspended the buy-back of its shares aligned with the withdrawal of its 2020 guidance pursuant to its March 23rd, 2020 communication.
Through these initiatives, Schneider Electric reiterates its commitment to sustainability and expresses its appreciation to all of those who are demonstrating extraordinary courage and selflessness in their efforts to fight this pandemic.