Business
Reservoir Media Releases Its Fiscal 2023 ESG Report
Details Company’s Continued Efforts to Support Inclusion, Accountability, Compliance, and Combatting Climate Change NEW YORK, July 26, 2023 (GLOBE NEWSWIRE)
About this update from Reservoir Media, Inc..
[{"type":"text","content":"Details Company’s Continued Efforts to Support Inclusion, Accountability, Compliance, and Combatting Climate Change\nNEW YORK, July 26, 2023 (GLOBE NEWSWIRE) -- Reservoir Media, Inc. (NASDAQ: RSVR) (“Reservoir” or the “Company”), an award-winning independent music company, today issued its fiscal 2023 Environmental, Social, and Governance (ESG) Report, which details the Company’s global ESG objectives and progress made against those objectives, and reinforces the Company’s strong commitment to corporate social responsibility. Golnar Khosrowshahi, Founder and Chief Executive Officer of Reservoir, stated, “We are pleased to share our second ESG report since becoming a public company two years ago. The principles behind ESG have been embedded in our company’s culture and business practices since inception, and through them, we continue to support the positive influence music has on communities around the world through the remarkable efforts of our team, artists, songwriters, and creators.” Highlights from the report include: Environmental Impact and Combatting Climate Change Reservoir remains a physical asset-light company, with only 17% of Recorded Music revenue related to the sale of physical product.99% of royalty distributions are sent electronically, and approximately 94% of royalty sources pay electronically. Social Responsibility and Diversity Reservoir employees are split equally across gender, with nearly 48% identifying as female, 50% identifying as male, and 2% preferring to self-describe or not to say. In addition, almost 40% of senior management identify as female.The Company conducted an Employee Satisfaction Survey in 2023, with a 100% response rate. Notably, 94% of respondents agree or strongly agree with the following statement: “The work I do is meaningful.” Additionally, 88% of respondents agree or strongly agree with the statement “I enjoy the culture at my company.” Governance and Oversight On average, Reservoir Board members have 20 years of leadership experience across music, entertainment, and finance.33% of Reservoir’s Board of Directors identify as a woman and 33% identify as part of an underrepresented community. About Reservoir Media, Inc. Reservoir is an independent music company based in New York City and with offices in Los Angeles, Nashville, Toronto, London, and Abu Dhabi. Reservoir is the first fem...