Voyant Beauty Sourcing Policy

Last updated July 11, 2024

 

  1. Purpose
    1. The purpose of this policy is to define the responsibilities, principles, and quantitative goals for which Voyant Beauty Sourcing operates within.
    2. Such responsibilities, principles, and guidelines within this policy shall apply to 100% of the acquisitions for which Voyant Beauty has sourcing ownership decision-making for.
      1. In some circumstances Voyant Beauty may not have sourcing ownership decision making authority or responsibility, for those acquisitions this policy may not apply.
      2. In some circumstances quantitative goals associated with this policy may only pertain to direct materials purchased in the products we manufacture.
    3. This policy shall be made available to all Voyant employees, Suppliers, Customers, and public in full context.
    4. Feedback and inquiries are welcome from both internal and external sources and can be made to Sourcingpolicy@voyantbeauty.com.
  2. Policy Objectives
    1. This policy and context within has been established and updated appropriately through the collaboration of internal stakeholder input, external business feedback, and the approval from Executive Leadership within Voyant Beauty.
    2. Portions of this policy shall receive modifications from time to time based on the feedback of internal stakeholders, external businesses or individuals, or Voyant Beauty Leadership.
    3. Further information related to the Voyant Beauty Sourcing Policy may be made or found at the Voyant Beauty’s website – Supplier Network.
    4. Voyant Beauty Sourcing Team and/or anyone involved in Sourcing activities shall be governed by the following structural policies, principles and guidelines:
      1. Responsibilities & Expectations
      2. People & Development
      3. Sustainable & Responsible Sourcing
      4. Goals and Quantitative Progress
  3. Responsibilities & Expectations
    1. Voyant’s Sourcing Department’s mission is to create and maintain a predictable supply network that enables operational excellence and best value demonstration to Voyant Beauty and its customers.
    2. The Sourcing Team has the responsibility and authority to engagement in business-to-business commitments and sign contracts on behalf of the company. This responsibility includes creating and executing sourcing strategy, maintaining supplier agreements, and working with plant level teams to execute on a plant facility level.
    3. The Sourcing Team is configured by traditional spend category management functions (chemicals, packaging, administration operations) for which each function has a group of team members that are specialized in their field and purpose. Each group has a corresponding Manager responsible for their Team and all Managers reporting into the Vice President of Sourcing.
    4. The Sourcing Team shall;
      1. Ensure the business practices used to acquire goods and services are conducted with uncompromising integrity and ethics as defined within the Voyant Employee Handbook. Such business practices include but are not limited to the following:
        1. Ethical Business Practices
        2. Code of Conduct & Ethics
        3. Corporate Social Responsibility
        4. Proprietary and Confidentiality
        5. Gifts
        6. Anti-Bribery
        7. Whistleblower
      2. Be open and transparent with the welcoming disclosure of our Sourcing Team, the policies it operates from, the goals, and progress they are achieving
      3. Operate and maintain a Corporate Social Responsibility that includes but is not limited to:
        1. Conducting its business activities with integrity, fairness, and in accordance with the highest ethical standards. This expectation applies to all of the Sourcing Team and shall be expected of all Suppliers.
        2. Protecting the environment and the safety of people.
        3. Providing transparency to our goals and process within sustainable sourcing and supplier compliance to commitment.
        4. Supporting human rights and condemning violations related.
        5. Engaging, learning from, respecting, and supporting the communities and cultures within which we work.
      4. Utilize the following guidelines for market engagement and source determination
        1. Engaging the Market
        2. Determining Source Selection
        3. Voyant Sourcing shall use a quantitative and weighted RFP and/or RFx management tool for business award
        4. Such tool is deemed confidential within Voyant and shall not be shared externally with Suppliers
        5. Such tool shall be built and configured individually based on the RFP and/or RFx event.
          1. Factors and/or criteria for evaluation shall be ranked and weighted according to the Sourcing Team and/or project event Team.
          2. Factors and/or criteria of evaluation may vary from project event to project event based on the Sourcing and/or Project Teams determination of best value.
        6. Factors and/or criteria of consideration for a RFP and/or RFx business award(s) can include but not be limited to:
          1. Supplier’s compliance and/or willingness to comply with:
            1. Voyant Beauty’s Supplier Expectations
              1. Supplier Social Responsibility
              2. Supplier Code of Conduct
              3. Supply Chain Operational Ways of Working
            2. Voyant Beauty’s Supplier Terms and Conditions
            3. Voyant Beauty’s Supplier Quality Management
            4. Voyant Beauty’s EHS3 and Contractor Compliance
            5. Voyant Beauty’s Supplier risk assessment
          2. Supplier’s total cost of ownership, including but not limited to:
            1. Logistics
            2. Material cost
            3. Fixed and Variable overhead costs
            4. Supplier’s business continuity plan for risk management
            5. Scope 3 carbon footprint reduction initiatives
            6. Energy, water, GHG emissions & waste reduction initiatives
            7. Operational Safety compliance and progress
            8. Policy and fulfillment to ESG
            9. Tier 2 and 3 sustainability
            10. Third party certifications to sustainability
            11. RSPO certifications to palm sourcing
            12. SFI – Section 4 certification to pulp based product sourcing
            13. Conflict of Minerals compliance
            14. Take-back programs for packaging material or end of life
            15. Pre-consumer and post-consumer waste content
            16. Locally geographic to Voyant
            17.  Social economics and diversity ownership as defined by the United States – Small Business Administration. (SBA)
              1. Minority-owned business enterprises (MBE)
              2. Woman-owned business enterprises (WBE)
              3. Small Business Administration (SBA)
  4. People & Development
    1. At Voyant we understand that people make the difference. This holds true for all aspects of our business, including our Sourcing Team. The following outlines our commitment and investment of human resources to Sourcing.
      1. Goals and Desire: The Sourcing Team will create and maintain quantitative goals for Team members around sustainable materials sourced. Specifically defining various sustainable context type(s) and quantitative goals based on percentage of spend under Voyant source ownership from a category level. Such goals will be built into both the Department objectives and individual performance objectives.
      2. Ensure resource and training availability to 100% of the Sourcing Team to both ensure goals are achieved and fundamental aptitude expertise can be advanced.
    2. Training Development
      1. Voyant Sourcing will continue to support and foster the continued education of its team members through the development, funding, and execute a training plan that enables 100% of team member to maintain and advance their basic and specialty skills relevant to their responsibilities within the Team.
      2. Voyant Sourcing will ensure that 100% of The Sourcing Team members directly involved in sourcing and decision making understand, have access to, and receive sustainable sourcing training. It is further expected that Team members will leverage and utilize the expertise of our Supplier Network to understand and access innovation and sustainable technologies that will help further our sustainable Sourcing objectives and customer solution offerings
  5. Sustainable & Responsible Sourcing
    1. Overview
      1. At Voyant Beauty we emphasize providing sustainable alternatives where and when we can be a hallmark of a true sustainable stewardship mindset.
      2. Our customers look to us to understand sustainability changes in consumer trends, as well as be a true partner in creating more sustainable products, which is why we are building our capabilities to offer ingredients with a lower environmental or social impact without compromising efficacy and consider the sustainability of an ingredient in products we custom design.
      3. When it comes to sustainable packaging, we know many of our customers have set goals to reduce the use of virgin plastic in favor of more sustainable alternatives. Leveraging new technologies and our technical know-how, we will continue to offer packaging solutions that are 100 percent sustainable and reusable.
      4. Voyant Sourcing is dedicated to working with and through its Supplier Network to create innovation and solutions that emphasize world class sustainable sourcing with special consideration to qualified Social Economic Suppliers.
      5. We strive to make good choices and intentions based on being a good neighbor with both our communities and the earth. Our sustainable sourcing initiatives and desire for continuous improvement apply across our entire network, while our sustainable sourcing goals may only apply to the direct materials we are purchasing.
      6. Voyant Beauty’s Sourcing Policy Objectives are:
        1. Compliance of Voyant Beauty’s Corporate policies and procedures, as well as federal, state, local laws, and regulations.
        2. To identify and actively pursue practices that promote supplier selection and advancements related to environmentally friendly and sustainable materials.
        3. To motivate others within Voyant Beauty to align and support objectives.
        4. To ensure special consideration is made and applied to sustainable materials and/or Suppliers demonstrating exceptional advancements of sustainability and/or Social Economic status during source determination.
        5. To aid the company with the visibility and access to innovations and technologies to foster its strategies.
  6. Goals & Quantitative Progress
    1. Sustainable and Compliance goals for Voyant Beauty’s Sourcing Team were established through the collaboration of internal stakeholder input, external business feedback, and the approval from Executive Leadership within Voyant Beauty. Each goal shall be evaluated on the basis of the Sourcing Team’s decision-making authority as it pertains. In some cases where ownership authority to define the requirement resides with stakeholders, the evaluation result shall be defined from the available of acceptable options.
    2. Goals shall be reviewed and updated from time to time and at least annually. Sourcing Team members applicable to these goals shall have direct accountability for their completion and performance to deliver and progress shall be tracked through their individual, group, and department goals. Regular touch points shall be established with each Team member’s Manager to ensure continuous progress, support, and completion.
    3. Chemical materials goals
      1. Sustainable chemical sourcing objectives are defined as such;
      2. 100% of purchase palm oil (including palm kernel oil) originates from a certified source in compliance with the Roundtable on Sustainable Palm Oil (RSPO).
      3. 100% of purchase ethanol generated from renewable plant sources via a fermentation process.
      4. For 2024 our goal is to achieve each defined sustainable chemical sourcing objective or at minimum improve each >15% of the delta between previous year actual and top line goal.
      5. For 2025 our goal is to achieve each defined sustainable chemical sourcing objective or at minimum improve each >10% of the delta between previous year actual and top line goal.
      6. For 2026 our goal is to achieve each defined sustainable chemical sourcing objective or at minimum improve each >3% of the delta between previous year actual and top line goal.
    4. Packaging materials goals
      1. Sustainable packaging sourcing objectives are defined as such;
      2. 100% of pulp-based products from sources that actively maintain Forest Stewardship Council (FSC) and/or Sustainable Forestry Initiatives (SFI) certifications.
      3. 100% of all aluminum aerosol cans contain some portion of Post-Industrial Recycled Material or Post Consumer Scrap Recycled content.
      4. 100% of plastic bottles contain some portion of Post-Industrial Recycled Material or Post Consumer Scrap Recycled content.
      5. For 2024 our goal is to achieve each defined sustainable packaging sourcing objectives or at minimum improve each >15% of the delta between previous year actual and top line goal.
      6. For 2025 our goal is to achieve each defined sustainable packaging sourcing objectives or at minimum improve each >10% of the delta between previous year actual and top line goal.
      7. For 2026 our goal is to achieve each defined sustainable chemical sourcing objective or at minimum improve each >3% of the delta between previous year actual and top line goal.
    5. Network Compliance Goals
      1. Supplier network compliance objectives are defined as such;
      2. 100% of applicable Suppliers participate, respond, and comply to the Voyant Beauty Supplier Conflict Mineral Questionnaire and related regulations noted within.
      3. 100% of applicable Suppliers participate, respond, and comply to the Voyant Beauty Supplier Palm Oil Questionnaire and provide the requested documentation noted within.
      4. 100% of applicable Suppliers participate, respond, and comply to the Voyant Beauty Supplier Code of Conduct and related regulations noted within.
      5. 100% of applicable Suppliers have environmental, social, and governance language in their supplier agreements and/or contracts.
      6. 100% of applicable suppliers participate, respond, and comply to the Voyant Beauty Supplier Corporate Social Responsibility Questionnaire
      7. 10% of applicable Suppliers having qualified social economic and diversity ownership accreditation as defined by the SBA.
      8. For 2024 our goal is to achieve each defined network compliance sourcing objectives or at minimum improve each >15% of the delta between previous year actual and top line goal.
      9. For 2024 our goal for Supplier Corporate Social Responsibility Questionnaire compliance is >65% of spend under Voyant source ownership.
        1. Inclusive to the feasible quantification of Supplier scope 3 emissions based on Questionnaire results
      10. For 2025 our goal is to achieve each defined network compliance sourcing objectives or at minimum improve each >10% of the delta between previous year actual and top line goal.
      11. For 2025 our goal for Supplier Corporate Social Responsibility Questionnaire compliance is >75% of spend under Voyant source ownership.
        1. Inclusive to the feasible quantification of Supplier scope 3 emissions based on Questionnaire results
      12. For 2026 our goal is to achieve each defined sustainable compliance sourcing objective or at minimum improve each >3% of the delta between previous year actual and top line goal.

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