SolarEdge is a member of several industry associations representing the solar industry in different regions. Through these activities, SolarEdge and other association members support the shared business goals of our industry, while advocating to enhance the global transition to a low-carbon economy, based on renewable energy. In 2022, we joined SEIA (Solar Energy Industry Association) in the U.S., with the general manager of SolarEdge North America now serving as one of SEIA board members. SolarEdge employees and managers are members of several SEIA committees and workstreams, contributing from their personal knowledge and experience.
SolarEdge is also an active member of SolarPower Europe, a prominent industry association for the European solar business. Our VP of Marketing in Europe serves as the Vice Chair of the Buildings and Prosumers Workstream, with additional employees and managers participating in other workstreams.
In addition, our UK country manager serves as Vice-Chair and Board Member of the Solar Energy U.K Association.
We also hold membership in over a dozen additional country-specific solar industry associations. In some of these, we participate in relevant committees and workstreams.
Involvement in Industry Associations
Introduction – Governance Practices
Involvement in Industry Associations
Risk Management
Sustainability Governance
Sustainability Report 2022 /
Governance Practices
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In recent years, cybersecurity risks have been and continue to be addressed as an area of increasing focus for our Technology Committee of the Board of Directors, particularly as more of our operations rely on digital technologies. In addition, as noted above, the Board established a Technology Committee to support the integrity of our operations and provide oversight of technology related matters, including cybersecurity. Our management team provides regular updates to both the Technology Committee and the entire Board regarding our cybersecurity risks and activities relating to digital security. For progress in information security, see section: Cybersecurity & Data Privacy.
Internal audit: In 2022, our internal audit department reported on 10 different audits commissioned by the Audit Committee. The audits focused on human resources, payroll, purchasing and employee safety processes, among other topics, while an additional 10 investigations were held in response to various reports to our whistleblower hotline or issues raised directly by employees to their managers. The audit committee and the internal auditor also tracks the implementation of corrective recommendations.
Our Board of Directors oversees the company’s risk management process. We maintain a robust risk management program with the aim of ensuring that key risks, including strategic, operational, compliance, ethical, environmental and social risks are properly monitored and mitigated. Risks are prioritized on an annual basis using our risk analysis process that is led by our internal audit team. Management and the Audit Committee of the Board of Directors review the risk assessment and decide on priorities for internal auditing of risks for the coming year. We conduct several internal audits throughout the year and report the results and corrective action plans to management and to the Audit Committee of the Board of Directors at least four times a year.
Risk Management
The overall leadership of sustainability at SolarEdge rests with our Chief Marketing Officer (CMO), a member of our executive management team. The SolarEdge Head of ESG reports to the CMO and leads the global management of our ESG activities, including performance development, monitoring, and public disclosures. Throughout the company, various business leads and heads of department support the delivery of our sustainability strategy and compliance with responsible business practices in their respective organizations. Members of our executive management team serve as sponsors for the delivery of our sustainability targets. These members include our CFO, COO, CHRO, VP General Counsel and Corporate Secretary, VP Q&R, and CMO.
ESG policies and positions: In addition to our annual Sustainability Report, we enhance our disclosure of ESG matters with the publication of policies and positions. documents. These policies and positions cover topics such as Compliance, Human Rights, Supplier Management and Supplier Code of Conduct, Environmental Stewardship and Climate Resilience.
Incorporating ESG targets into management objectives: In 2022, the Company integrated ESG-related performance targets into our corporate performance goals which are relevant for our senior executives, including our Non-Executive Officers and Chief Executive Officer, under our annual incentive compensation plans. These goals address topics such as the enhancement of gender equality in our workforce, reduction of GHG emissions, assuring the safety of our employees, responsible procurement, electronic waste recycling and ethics training.
Sustainability Governance
Betsy Atkins,
SolarEdge Director,
from an article published on Forbes.com[1]
“It is critical that companies take meaningful and industry appropriate steps to set and achieve ESG goals and that the progress is measured in a programmatic, factual, and consistent fashion.”
Reviewing actions and risks associated with any current shortfalls in product performance, quality, or reliability and manufacturing methods including any product security
Reviewing benefits, risks and potential risk mitigation measures associated with proposed technology advancement programs.
Oversight of strategies and policies related to human capital as well as diversity and inclusion
Oversight of information systems design and performance
Oversight of cyber security, including incident analysis and risk identification and mitigation
Oversight of technology related strategies, processes, and programs
Oversight of overall executive compensation philosophy, policies, and programs
Responsibilities include, among others:
Responsibilities include, among others:
Technology Committee
Compensation Committee
Oversight of and making recommendations to the Board regarding corporate governance and sustainability matters
Identifying individuals qualified to become Directors, consistent with criteria approved by our Board of Directors
Oversight of the adequacy of our internal controls
Developing and recommending criteria for identifying and evaluating Director candidates
Oversight of SolarEdge’s financial reporting, risk assessment and risk management
Responsibilities include, among others:
Responsibilities include, among others:
Nominating and Corporate Governance Committee
Audit Committee
SolarEdge Board of Directors
(86%) (as per Nasdaq rules)
(29%)
(including the Chair)
6
2
7
Independent
directors
Women directors
Directors
We seek to ensure our Board benefits from a diverse range of skills and experience, welcoming individuals who can support our business objectives with appreciation of the context in which we operate, both from the standpoint of markets and technology, and also with an environment, social and governance (ESG) lens. Through our Board refreshment process, we have added a new Board member each year for the past 4 years (2019-2022), each bringing valuable new perspectives. For example, in early 2022, Mr. Dirk Hoke joined our Board of Directors, bringing vast experience leading global technology and industrial companies with a focus on electronics and transportation.
Dirk Hoke,
SolarEdge Director
“I have always believed in the power of business to drive positive change. SolarEdge is well positioned to help transform markets and make clean energy a reality everywhere, both for built structures and mobility, supporting global efforts to mitigate climate change. I am thrilled to offer my experience to help the team at SolarEdge realize the full potential of solar energy for a better future for all of us.”
Our Principles of Corporate Governance are available under “Corporate Governance” on our website.
In 2022, the Board received quarterly updates from SolarEdge management on ESG matters and engaged to support decisions across a range of issues. These included (among others) our newly introduced ESG-related compensation metrics and goals (see description below). The Board also reviewed and approved the Company’s updated Employee Code of Conduct.
Specifically, our Nominating and Corporate Governance Committee holds responsibility for oversight of sustainability matters. Since 2021, Ms. Betsy Atkins has been serving as Chair of the Nominating and Corporate Governance Committee. Ms. Atkins is a seasoned businesswoman and entrepreneur and a renowned thought leader in the area of corporate governance and ESG, frequently publishing articles on these topics.
Our Board maintains four standing committees whose members are independent directors. The Committees and their main responsibilities are detailed below.
As a publicly traded company (Nasdaq: SEDG), SolarEdge maintains a robust corporate governance structure. Our governance aims to ensure due process for executing our responsibility to our shareholders and to all those we serve through our business, upholding ethical conduct, effective risk management, strategy execution and integrity of corporate infrastructure. The Board is elected by SolarEdge stockholders. In 2022, the Board met six times, with each Director attending 100% of these meetings.
As of May 1, 2023, our Board of Directors consists of seven members, led by Nadav Zafrir, who joined the Board in 2019 as an independent Chair and Director.
[1]
ESG: Environmental, Social, Greenwashing? Forbes.com, Jan17,2022. https://www.forbes.com/sites/betsyatkins/2022/01/17/esg-environmental-social-greenwashing
Join the SolarEdge Conversation
Contact a product expert or sales representative
Contact us
How can we help you?
SolarEdge is a member of several industry associations representing the solar industry in different regions. Through these activities, SolarEdge and other association members support the shared business goals of our industry, while advocating to enhance the global transition to a low-carbon economy, based on renewable energy. In 2022, we joined SEIA (Solar Energy Industry Association) in the U.S., with the general manager of SolarEdge North America now serving as one of SEIA board members. SolarEdge employees and managers are members of several SEIA committees and workstreams, contributing from their personal knowledge and experience.
SolarEdge is also an active member of SolarPower Europe, a prominent industry association for the European solar business. Our VP of Marketing in Europe serves as the Vice Chair of the Buildings and Prosumers Workstream, with additional employees and managers participating in other workstreams.
In addition, our UK country manager serves as Vice-Chair and Board Member of the Solar Energy U.K Association.
We also hold membership in over a dozen additional country-specific solar industry associations. In some of these, we participate in relevant committees and workstreams.
Involvement in Industry Associations
Betsy Atkins,
SolarEdge Director,
from an article published on Forbes.com[1]
“It is critical that companies take meaningful and industry appropriate steps to set and achieve ESG goals and that the progress is measured in a programmatic, factual, and consistent fashion.”
In recent years, cybersecurity risks have been and continue to be addressed as an area of increasing focus for our Technology Committee of the Board of Directors, particularly as more of our operations rely on digital technologies. In addition, as noted above, the Board established a Technology Committee to support the integrity of our operations and provide oversight of technology related matters, including cybersecurity. Our management team provides regular updates to both the Technology Committee and the entire Board regarding our cybersecurity risks and activities relating to digital security. For progress in information security, see section: Cyber Security & Data Privacy.
Internal audit: In 2022, our internal audit department reported on 10 different audits commissioned by the Audit Committee. The audits focused on human resources, payroll, purchasing and employee safety processes, among other topics, while an additional 10 investigations were held in response to various reports to our whistleblower hotline or issues raised directly by employees to their managers. The audit committee and the internal auditor also tracks the implementation of corrective recommendations.
Our Board of Directors oversees the company’s risk management process. We maintain a robust risk management program with the aim of ensuring that key risks, including strategic, operational, compliance, ethical, environmental and social risks are properly monitored and mitigated. Risks are prioritized on an annual basis using our risk analysis process that is led by our internal audit team. Management and the Audit Committee of the Board of Directors review the risk assessment and decide on priorities for internal auditing of risks for the coming year. We conduct several internal audits throughout the year and report the results and corrective action plans to management and to the Audit Committee of the Board of Directors at least four times a year.
Risk Management
Our Principles of Corporate Governance are available under “Corporate Governance” on our website.
In 2022, the Board received quarterly updates from SolarEdge management on ESG matters and engaged to support decisions across a range of issues. These included (among others) our newly introduced ESG-related compensation metrics and goals (see description below). The Board also reviewed and approved the Company’s updated Employee Code of Conduct.
Specifically, our Nominating and Corporate Governance Committee holds responsibility for oversight of sustainability matters. Since 2021, Ms. Betsy Atkins has been serving as Chair of the Nominating and Corporate Governance Committee. Ms. Atkins is a seasoned businesswoman and entrepreneur and a renowned thought leader in the area of corporate governance and ESG, frequently publishing articles on these topics.
The overall leadership of sustainability at SolarEdge rests with our Chief Marketing Officer (CMO), a member of our executive management team. The SolarEdge Head of ESG reports to the CMO and leads the global management of our ESG activities, including performance development, monitoring, and public disclosures. Throughout the company, various business leads and heads of department support the delivery of our sustainability strategy and compliance with responsible business practices in their respective organizations. Members of our executive management team serve as sponsors for the delivery of our sustainability targets. These members include our CFO, COO, CHRO, VP General Counsel and Corporate Secretary, VP Q&R, and CMO.
ESG policies and positions: In addition to our annual Sustainability Report, we enhance our disclosure of ESG matters with the publication of policies and positions. documents. These policies and positions cover topics such as Compliance, Human Rights, Supplier Management and Supplier Code of Conduct, Environmental Stewardship and Climate Resilience.
Incorporating ESG targets into management objectives: In 2022, the Company integrated ESG-related performance targets into our corporate performance goals which are relevant for our senior executives, including our Non-Executive Officers and Chief Executive Officer, under our annual incentive compensation plans. These goals address topics such as the enhancement of gender equality in our workforce, reduction of GHG emissions, assuring the safety of our employees, responsible procurement, electronic waste recycling and ethics training.
Sustainability Governance
*Slide to the left to see entire table'
Dirk Hoke,
SolarEdge Director
“I have always believed in the power of business to drive positive change. SolarEdge is well positioned to help transform markets and make clean energy a reality everywhere, both for built structures and mobility, supporting global efforts to mitigate climate change. I am thrilled to offer my experience to help the team at SolarEdge realize the full potential of solar energy for a better future for all of us.”
*Slide to the left to see entire table'
Our Board maintains four standing committees whose members are independent directors. The Committees and their main responsibilities are detailed below.
SolarEdge Board of Directors
(86%) (as per Nasdaq rules)
(29%)
(including the Chair)
6
2
7
Independent
directors
Women directors
Directors
We seek to ensure our Board benefits from a diverse range of skills and experience, welcoming individuals who can support our business objectives with appreciation of the context in which we operate, both from the standpoint of markets and technology, and also with an environment, social and governance (ESG) lens. Through our Board refreshment process, we have added a new Board member each year for the past 4 years (2019-2022), each bringing valuable new perspectives. For example, in early 2022, Mr. Dirk Hoke joined our Board of Directors, bringing vast experience leading global technology and industrial companies with a focus on electronics and transportation.
As a publicly traded company (Nasdaq: SEDG), SolarEdge maintains a robust corporate governance structure. Our governance aims to ensure due process for executing our responsibility to our shareholders and to all those we serve through our business, upholding ethical conduct, effective risk management, strategy execution and integrity of corporate infrastructure. The Board is elected by SolarEdge stockholders. In 2022, the Board met six times, with each Director attending 100% of these meetings.
As of May 1, 2023, our Board of Directors consists of seven members, led by Nadav Zafrir, who joined the Board in 2019 as an independent Chair and Director.
Introduction – Governance Practices
Governance Practices
Sustainability Report 2022 /