2008 sustainability report - socially responsible...

2008 Sustainability Report

Table of ConTenTs

p. 1 InTRoDUCTIon p. 2 ChaIRman’s leTTeR p. 4 bRInGInG ResoURCe-effICIenT pRoDUCTs To eVeRY CoRneR of The WoRlDp. 9 ReDUCInG oUR enVIRonmenTal ImpaCT anD ImpRoVInG emploYee safeTYp. 12 bUIlDInG CommUnITIes, ImpRoVInG lIVesp. 15 DeVelopInG anD enGaGInG DIVeRse leaDeRsp. 18 ConDUCTInG bUsIness WITh InTeGRITYp. 20 eConomIC peRfoRmanCe anD InDIReCT eConomIC ImpaCTp. 21 ReCoGnITIon foR oUR soCIal anD enVIRonmenTal peRfoRmanCe

2008 SUSTAINABILITY REPORT p. 1

INTROdUcTION

At Whirlpool Corporation, we are committed to making a sustainable difference in everything we do. We are guiding the course of the company in ways that restore and enhance all forms of capital – human, natural and financial – to meet consumer needs, generate shareholder value and contribute to the well-being of current and future generations.

In our first global sustainability report, we provide a high-level overview of our efforts to make a sustainable difference in the world. We also produce an annual report, a 10-K filing and, for the first time, we are making a detailed Global Reporting Initiative (GRI) report publicly available. These reports reflect our commitment to openly communicating with our stakeholders about our performance.

You can find more detailed information about our financial performance in our 2008 annual report and our 10-K filing on our corporate Web site at http://investors.whirlpoolcorp.com. More information on our sustainability performance can be found in our GRI matrix on our corporate Web site at www.whirlpoolcorp.com/responsibility.


Responsibility is not new to Whirlpool Corporation. Long before sustainability, social responsibility and corporate governace became focuses of business and society, Whirlpool Corporation employees were conducting business with integrity, reducing our environmental footprint and extending a helping hand in times of need. We have a long-standing belief that “there is no right way to do a wrong thing.”

We also believe the long-term success of Whirlpool Corporation is tied to the health and well-being of society in general. Our company vision of “Every Home…Everywhere” is built upon the premise that our society can only improve community by community, neighborhood by neighborhood…beginning with one home, one family at a time.

Throughout the years, Whirlpool Corporation has built a culture of doing the right things based on living up to our commitments. We provide products that enhance lives and help strengthen the economic, environmental and social fabric of the communities in which we operate.

In 2003, we became the world’s first appliance manufacturer to announce a global greenhouse gas (GHG) reduction target, and in 2007, we increased our commitment to environmentally sound business practices by raising the target. And, during 2008, we continued to create and deliver more resource-efficient products and services that help reduce GHG emissions and water consumption, all while helping to make consumers’ lives easier.

cHAIRMAN’S LETTER


Whirlpool Corporation supports efforts to help people shape a better world for themselves and others through our many long-term community initiatives. Our relationship with Habitat for Humanity International is a great example. Our work to eradicate sub-standard housing began with careful consideration of the type of legacy we wanted to leave. As a result, Whirlpool Corporation and our employees are now actively involved with Habitat in 19 countries, we have donated nearly 100,000 appliances and we plan to support every Habitat home built globally by 2011, either through product donations, cash or volunteering.

During the past year we were recognized for our efforts by some of the foremost experts in social responsibility. In 2008, we were again included in the Dow Jones Sustainability, FTSE4 Good and KLD Indexes. We also were named one of the “World’s Most Ethical Companies,” “One of the Top 50 Most Respected U.S. Companies,” and “One of the Best Companies to Work For” in Brazil for the twelfth consecutive year.

Our commitment to sustainability would not be possible without the commitment and dedication of our 70,000 employees around the world. I am proud of the people at Whirlpool Corporation who make our long-term commitment to sustainability a reality.

Sincerely,

J E F F M . F E T T I G Chairman of the Board and Chief Executive Officer


Sustainability is part of everything we do ... it’s so much more than “green.”marc bitzer, executive Vice president and president, U.s. operations

At Whirlpool corporation, we believe that focusing on energy, water and the environment isn’t about narrowing the field of choices, it’s about broadening horizons. That’s why we bring an across-the-board focus to energy and water

efficiency, contributing to sustainable solutions from product design to manufacturing, delivery and end of product life cycle. It is everyone, everywhere…one solution at a time.

BRINGING RESOURcE-EFFIcIENT PROdUcTS TO EVERY cORNER OF THE WORLd


Countries where Whirlpool Corporation products are sold.

RESOURcE-EFFIcIENT PROdUcTS AROUNd THE WORLd

For decades, Whirlpool corporation has played a leading role in the development of high-performance appliances that help conserve the earth’s resources and allow homeowners to use resources more efficiently. We continually strive to understand and manage the environmental effects of our business, not only by creating new and innovative products that consume less energy and water, but also by improving our processes and using materials that minimize the impact on the planet.

Ten years ago, Whirlpool collaborated with the European Authorities to draft the Waste Electrical and Electronic Equipment (WEEE) directive, which requires appliance recycling according to European requirements. At that time, Whirlpool products already widely met the 2008 recycling and recovery targets required by the WEEE directive. More than 80 percent of the materials used in Whirlpool corporation-produced products can be recycled.

Whirlpool corporation sells millions of appliances each year that meet the highest levels of resource efficiency. The next few pages feature just a few examples of the resource-efficient products we currently produce and innovative future solutions we are exploring.


Whirlpool North America

KitchenAid Superba Series EQ dishwashers with consortium for Energy Efficiency (cEE) Tier II qualification are 61 percent more efficient than the minimum U.S. federal energy standards.

The latest Whirlpool Duet washer and dryer pair is the brand’s most efficient pair to date in North America. The Duet washer uses 74 percent less water and 80 percent less energy than a traditional top-load washer manufactured before 2004. The Duet dryer’s Eco-Normal cycle reduces dryer energy usage by 40 percent compared to conventional top-load laundry pairs manufactured before 2004.

The Whirlpool Resource Saver refrigerator uses less energy than it takes to power a 60-watt light bulb continuously, making it the most energy efficient side-by-side refrigerator in North America ever.

As the first top-load clothes washer in the United States to meet cEE Tier III energy specifications, the Maytag Bravos washer uses up to 67 percent less energy and 70 percent less water than traditional top-load washers manufactured before 2004.


Whirlpool Europe

Whirlpool Asia

The Whirlpool Sunrise 54L washing machines save 30 percent more water and 20 percent more energy than older horizontal access models in china.

The Consul Floral washing machine helps the consumers recycle water to wash other clothes. In a home where the washer is used three times a week, it could save 2,500 gallons of water per year.

The Brastemp water purifi er reduces the use of plastic and transportation of water in bottles. Whirlpool ensures the product is properly disposed of, recycling more than 75 tons of plastic and metal in 2008 alone.

Consul Maré and Maré Super washing machines use 58 percent less energy than models manufactured before 2001.

The Whirlpool Green Generation washing machines and dishwashers with 6TH SENSE technology save up to 50 percent more energy and water, and their “hot fi ll connection” allows consumers to use water heated by solar panels or other alternative sources.

The Whirlpool 6TH SENSE Green Generation refrigerators’ A++ class performance achieves up to 30 percent energy savings compared to A+ appliances and up to 45 percent compared to A class models.

Whirlpool Latin America


EXPLORING INNOVATIVE SOLUTIONS FOR SUSTAINABILITYWhirlpool corporation is committed to looking beyond current needs to future capabilities of total home efficiency and grid load management in anticipation of consumers’ ever-changing lifestyle needs.

GReenKITChenThe GREENKITcHEN ecosystem concept is designed to optimize the use of heat and water and increase energy efficiency up to 70 percent through an integrated use of appliances. It will use the heat produced from the refrigerator’s compressor to produce hot water. It also will measure the amount of soil in tap water and divert it to a special tank and reuse it to water plants or clean floors.

leaf CommunityThe LEAF community project is a sustainable, zero-emissions community in Italy that includes LEAF House, a six-unit apartment complex that is entirely emissions-free. Whirlpool supplied a special green set of appliances comprised of the most water-and energy-efficient Whirlpool brand appliances available on the market, which can generate savings of up to 30 percent. One of the apartments in the LEAF House will include the first working prototype of GREENKITcHEN.

sustainable KitchenWe are further supporting the U.S. building design community’s quest for green design with a kitchen and laundry concept featuring all sustainable products. Through efforts like the Sustainable Kitchen, we are demonstrating sustainable design ideas to help architects and designers incorporate green home features that save energy and natural resources, while providing their clients with comfortable, efficient and healthy homes.

electrical Grid pilot projectWhirlpool corporation joined the GridWise Architecture council in 2004, and participated in the Pacific Northwest GridWise demonstration Project in 2006 and 2007, by providing specially-designed electric dryers that could communicate with the electrical grid. In response to very high electricity demand, the dryer heat was automatically turned off for brief periods, while the drum continued to turn to prevent clothing wrinkles. On average, U.S. consumers who participated in the GridWise project saved approximately 10 percent on electricity bills over the prior year.


We continually strive to understand and manage the environmental impacts of our business.Doug Wilson, Global Director, environment, health and safety

Nearly 40 years ago, Whirlpool corporation established a corporate office for environmental control, and, in 2003, Whirlpool became the world’s first appliance manufacturer to announce a global

greenhouse gas reduction target. The following pages detail our progress in reducing greenhouse gas emissions, our energy and water use at our manufacturing facilities, and work-related injuries.

REdUcING OUR ENVIRONMENTAL IMPAcT ANd IMPROVING EMPLOYEE SAFETY


REdUcING GREENHOUSE GAS EMISSIONS In 2003, Whirlpool became the first appliance manufacturer to announce a global greenhouse gas (GHG) reduction target. We assumed responsibility not only for direct emissions, but also for the much larger emissions associated with the use of our products in consumers’ homes. Whirlpool improving the energy efficiency of our products by just 1 percent is the equivalent of an approximate 150-percent improvement in our manufacturing facility-related emissions. We are on track to meet our current target, set in 2007, of a 6.6 percent reduction by 2012.

GHG Emissions per Major Appliancein the manufacturing process (scopes 1 & 2) and appliance use (scope 3)

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ENVIRONMENTAL, HEALTH ANd SAFETY PERFORMANcEWhirlpool corporation has a long-term commitment to environmental protection and natural resource efficiency, as well as the health and safety of our employees. As we have grown globally, we have developed and applied global Environmental, Health and Safety (EHS) standards based on the protection of the environment and our employees, even when existing laws in some countries would allow us to perform at levels below our global standards.

ENERGY cONSUMPTION

Between 2004 and 2008, the amount of energy used to produce major appliances remained relatively steady with a slight increase in 2005 due to readying facilities for production.

Energy Consumption per Major Appliancein the manufacturing process

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WATER cONSUMPTIONThe amount of water used declined by 21.5 percent between 2004 and 2008, even after factoring in the addition of four manufacturing facilities as part of the 2006 acquisition of Maytag corporation.

Water Consumption per Major Appliancein the manufacturing process

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HEALTH ANd SAFETY MANAGEMENTIn 2008, our day Away case Rate due to work-related injuries at our manufacturing facilities declined by nearly 11 percent from 2007 – a decrease of more than 21 percent in the number of days away since 2004.

Safety Performance (Day Away Case Rate) in the manufacturing process

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We touch the lives of people in ways you’ve never imagined.mike Todman, president, Whirlpool north america

By partnering with others, Whirlpool corporation and our employees multiply our actions far beyond what can be done alone – in the process building hope, confidence, capabilities, capacity and communities…one person, one family, one home, one community at a time.

Whirlpool corporation and our employees support hundreds of non-profit and community organizations worldwide. On the following pages, we share just a few of our efforts that represent our work in volunteerism and community support.

BUILdING cOMMUNITIES, IMPROVING LIVES


HABITAT FOR HUMANITY® INTERNATIONAL

More than 50,000 families touched, nearly 100,000 appliances donated globally, and a step toward ending the cycle of poverty.

Whirlpool corporation is one of Habitat for Humanity International’s largest global corporate sponsors and donates a range and an ENERGY STAR® qualified refrigerator to every Habitat for Humanity home built in North America. The partnership began in North America in 1999 and expanded to Europe in 2004. In 2005, we announced plans to support every Habitat home built globally by 2011, either through product donations, cash or volunteerism. By the end of 2008, our commitment neared $50 million.

cOOK FOR THE cURE® PRESENTEd BY KITcHENAId

Raising $7 million globally to help in the fight against breast cancer, but just as important, reaching women with information and inspiration.

cook for the cure®, presented by KitchenAid, was developed in 2001 to give passionate cooks a way to support Susan G. Komen for the cure. Through donation-with-purchase programs, special fundraising events, auctions and grassroots initiatives, the cook for the cure program has raised more than $7 million globally to support the fight against breast cancer.

INSTITUTO cONSULAdO dA MULHER®

More than 25,000 women learning and applying new skills to form new businesses, creating opportunities for families.

The Instituto consulado da Mulher (IcM) program is dedicated to improving the lives of low-income women living in Brazil. This supports two of the United Nations’ eight Millennium development Goals: the eradication of poverty and the promotion of gender equality and women’s autonomy. IcM created small business cooperatives designed to develop the entrepreneurial and employment skills of low-income women, while also providing their families with a steady income.

BOYS & GIRLS cLUB®Helping to build the next generation of families, homeowners, and community and business leaders.

Whirlpool corporation and our employees have been involved in the Boys and Girls club of Benton Harbor, Michigan, from the club’s beginning in 1998. club programs and services promote and enhance the development of boys and girls by instilling a sense of competence, usefulness, belonging and influence. Whirlpool employees donate hundreds of hours annually to the Boys and Girls club of Benton Harbor, volunteering for its Smart Girls and other programs, serving as board members for the club, and sponsoring an annual two-day golf outing to raise money for the club’s operating costs.

The Boys and Girls Club, Cook for the Cure, ENERGY STAR, Habitat for Humanity International, and Instítuto Consulado da Mulher trademarks are owned by their respective companies.


Developing diverse and inclusive employees who reflect our global customer base is key to ensuring we can best meet our customers’ unique needs.David binkley, senior Vice president, Global human Resources

At Whirlpool corporation, our people are our greatest asset, which is why we focus so much on developing strong and diverse leaders. Our commitment to developing leaders is one of the most critical elements of our global people development strategy. And, diversity of thought and background drives our company’s success. More than 70 percent of the candidates in the company’s nine leadership

development programs are diverse. Women comprise approximately 35 percent of our global, salaried workforce. Whirlpool also has more than 10 employee resource groups and diversity networks focused on bringing diversity and innovation to our brands and enhancing professional development opportunities for our employees.

dEVELOPING ANd ENGAGING dIVERSE LEAdERS

2008 SUSTAINABILITY REPORT p. 162008 SUSTAINABILITY REPORT p. 162008 SUSTAINABILITY REPORT p. 16


EMPLOYEE ENGAGEMENT ANd dEVELOPMENT

At Whirlpool corporation, we believe an employee’s development and growth fosters an engaging work environment where individuals can contribute to their fullest. Because of this, we off er an array of opportunities for development and growth.

For example, our leadership development curriculum is tailored to employee’s management level. The courses, which are based on Whirlpool corporation’s leadership model, focus on developing individual leadership attributes, behaviors and skills, which help reinforce the company’s customer-focused initiatives.

Whirlpool corporation’s commitment to developing leaders is one of the fundamental elements of our global people development strategy. In addition to mentoring and executive coaching, we off er impactful leadership development experiences through virtual environments and classroom instruction, which are often led by senior Whirlpool executives. Our leaders are provided opportunities to receive feedback through individual and organizational assessments.

Our leadership development approach has been recognized by third-party organizations, including global human resources consulting fi rm Hewitt Associates and FORTUNE magazine, which ranked Whirlpool 12th in North America and 15th globally in its “Top companies for Leaders” list in 2007, the most recent year of the listing.

dIVERSITY ANd INcLUSION

At Whirlpool, diversity and inclusion are critical parts of our strategic architecture and core enablers for our company’s current and future success. We recognize that in order to continue to build a strong, competitive company, we must have a diverse workforce to deliver a wide range of thought. This variation in lifestyle, life stage and backgrounds leads not only to more innovative customer solutions, but to a better representation of the communities we serve.

To maintain variety in our workforce, Whirlpool has integrated diversity and inclusion into our talent management processes, which include attracting and maintaining top talent. This integration is necessary to not only improve our thought leadership, but also to remain competitive in an increasingly global marketplace. candidates are welcomed and celebrated for their diverse backgrounds and skill sets, with each candidate bringing unique experiences and ideas.

Whirlpool cannot succeed without wholly embracing diversity. Accordingly, we continue to be proactive in gathering and considering diff erent points of view in our business, as well as creating an inclusive environment throughout the organization.


We conduct business with integrity … abiding by the philosophy that “there is no right way to do a wrong thing.”Daniel f. hopp, senior Vice president, Corporate affairs, and General Counsel

At Whirlpool, our strong sense of sustainability is instilled with an equally strong sense of business responsibility. Since we began business in 1911, our heritage has been based upon sound values and business ethics, which remain highly valued

and critical to our ongoing success. Our high levels of business ethics were recognized in 2008 when we were named one of the “World’s Most Ethical companies” by Ethisphere magazine.

cONdUcTING BUSINESS WITH INTEGRITY


cONTINUAL BUSINESS SUccESS dEPENdS ON STRONG GOVERNANcE…

… from employee conduct…

Embedded in Whirlpool corporation is a deeply held value that has guided the company since its beginning: “there is no right way to do a wrong thing.” This basic code of conduct underlies the company’s long tradition of strong and independent corporate governance.

The company’s code of Ethics requires every employee to act responsibly and maintain the highest levels of personal, business and legal conduct. This means walking away from a business agreement rather than violating the law or compromising our standards. It also means showing respect for those whose lives we affect and treating them as we would want them to treat us.

We annually review our code of Ethics policy to ensure it remains relevant. An anonymous ethics hotline is available to anyone (employees and others) who suspect unethical behavior. The hotline is available 24 hours a day in more than 10 languages and is operated by an independent third party. Through the ethics monitoring system, we capture all information, investigate and implement improvement actions, if warranted. We also regularly provide training to employees concerning different areas of covered by the code of Ethics.

… to our treatment of our employees …

Whirlpool treats all of its employees fairly and with respect and dignity. The company’s Global Labor and Employment Guidelines outline requirements that each Whirlpool operating unit throughout the world is expected to follow as it relates to labor and employment practices.

… to our expectations of our suppliers.

In 2007, Whirlpool formalized the key principles under which the thousands of suppliers we work with are required to operate. Whirlpool expects that the products it makes and the components that comprise them will be produced in a manner compatible with our high standards. As part of our ongoing, normal business practices, if we find a supplier is not following the Whirlpool Supplier code of conduct and/or the laws within the countries in which they do business, they run the risk of losing our business unless the issue is corrected.

Whirlpool Corporation’s Code of Ethics, Supplier Code of Ethics, and Global Labor and Employment Guidelines can be found at www.whirlpoolcorp.com/responsibility.


E cO N O M I c P E R F O R M A N c EWhirlpool corporation is the world’s leading manufacturer and marketer of major home appliances, with 2008 revenues of $18.9 billion. We are a leading producer of major home appliances in North America and Latin America and have a signifi cant presence in markets throughout Europe and India. We conduct our business through four reportable segments, which we defi ne based on geography. In 2008, our reportable segments consisted of North America (57% of revenue), Europe (21% of revenue), Latin America (19% of revenue) and Asia (3% of revenue). Whirlpool corporation markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world.

I N d I R E c T E cO N O M I c I M PAc TWhirlpool corporation’s indirect economic impacts are broad and aff ect many diff erent stakeholders. For example, our nearly 70,000 employees’ private spending generates economic activity and taxes, supporting many local communities around the world. Our supply chain spending creates jobs for supplier companies, as well as for the suppliers and their respective infrastructures. Many suppliers pay dividends to their investors and taxes to their governments, and directly and indirectly provide various types of support to their local communities. The appliances and services we sell to our trade customers may increase their economic contribution to society through greater employment and purchases from other suppliers, which in turn generates more tax revenue. Our investors also often pay taxes on stock gains when they sell their shares.

In addition to the innovative functionality of our leading branded products, consumers receive indirect value from the use of Whirlpool corporation products and services. Our products and services – such as the Whirlpool brand Duet laundry pair, which has been recognized by the American Foundation for the Blind, and Independente Brastemp, a free kit that includes control panels in Braille, audio instruction manuals and other support for people with disabilities – can enable people who are elderly or have physical disabilities to be more self-reliant. Our appliances also can reduce workloads for individuals and families, providing them with more time for other activities.

Whirlpool corporation’s global philanthropic eff orts, including employee volunteerism, contribute to indirect economic impacts by supporting and enhancing non-profi t organizations in local communities. Our global philanthropy contribution in 2008 was more than $12 million, which has both a direct and indirect economic impact on local communities.

FINANcIAL HIGHLIGHTS(Millions of dollars, except per share data) 2008 2007 % Change

Net sales $ 18,907 $ 19,408 (2.6) %

Earnings from continuing operations $ 418 $ 647 (35.3) %

Per share on a diluted basis $ 5.50 $ 8.10 (32.1) %

Stockholders’ equity $ 3,006 $ 3,911 (23.1) %

Total assets $ 13,532 $ 14,009 (3.4) %

Return on equity 10.7% 18.1% (40.9) %

Book value per share $ 39.54 $ 48.96 (19.2) %

dividends per share $ 1.72 $ 1.72 0.0 %

Share price

High $ 98.00 $ 118.00 (16.9) %

Low $ 30.19 $ 72.10 (58.1) %

close $ 41.35 $ 81.63 (49.3) %

Shares outstanding at december 31 (in 000s) 73,536 75,835 (3.0) %

Number of employees 69,612 73,682 (5.5) %

R E V E N U E($ in billions)

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REcOGNITION FOR OUR SOcIAL ANd ENVIRONMENTAL PERFORMANcEWhirlpool corporation has received global recognition for our social and environmental performance. The company is included on many prestigious global sustainability indexes and lists, which indicates Whirlpool has a strong sustainability track record in a number of areas including transparency, integrity, governance, human rights, community involvement and philanthropy, environmental leadership and diversity, among others.

Dow Jones sustainability Indexes – Launched in 1999, the dow Jones Sustainability Indexes (dJSI) are the fi rst global indexes tracking the fi nancial performance of the leading sustainability-driven companies worldwide. The dJSI provide asset managers with reliable and objective benchmarks to manage sustainability portfolios. Whirlpool was included in the dow Jones Sustainability World Index in 2006 and the dow Jones Sustainability North American Index in 2007 and 2008.

fTse4Good Index – FTSE4Good is the London-based Financial Times Stock Exchange fund index that tracks companies based upon three criteria: environmental sustainability, human rights and stakeholder relations. It measures the performance of companies that meet globally recognized corporate

responsibility standards and facilitates investment in these companies. Listed companies must be working toward environmental sustainability, developing positive relationships with stakeholders, and upholding and supporting universal human rights. Whirlpool has been included in the FTSE4Good Index since the index’s inception in 2001.

KlD – KLd is a U.S.-based investment research fi rm specializing in socially responsible investing. Its indexes include all of the companies within the Russell 3000® that pass KLd’s screening criteria. The intent is to give investors a benchmark of socially screened companies against which to compare investment results. Whirlpool is currently included in the KLd domini 400 Social Index (as it has been since the index’s inception in 1990) and in the Global Sustainability Index (since 2007, when that index was launched).

World’s most ethical Companies – In 2008, Whirlpool corporation was named to Ethisphere’s second-annual “World’s Most Ethical companies” list. Ethisphere is a think-tank dedicated to the research and promotion of profi table best practices in global governance, business ethics, compliance and corporate responsibility.

In 2008, Whirlpool also…

- Was named one of the “Best companies to Work For in Brazil” by Exame magazine, in partnership with Foundation Institute of Administration / Economy and Administration college of the University of São Paulo; Whirlpool corporation is one of only three other companies in Brazil to be named to the list for 12 consecutive years.

- Received a score of 100 percent on the Human Rights campaign’s corporate Equality Index for fi ve consecutive years (2004-2008).

- Was named one of the “Top 50 Most Respected U.S. companies” by the Reputation Institute and Forbes magazine.

- Was named one of the “Best Places to Launch a career” by BusinessWeek magazine.

2008 sustainability report - socially responsible...

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