In 2022, Gildan became the first Canadian clothing manufacturer to link a loan to the achievement of its ESG targets.
Gildan's $1 billion sustainability-linked loan (SLL) was linked to key performance indicators (KPIs) related to Gildan successfully reducing emissions, increasing the sustainable and recycled content in its packaging and trims, and achieving gender parity across the collective group of employees representing director-level and above.
Gildan says this sustainability-linked facility is further evidence of the firm's pledge to making meaningful advancements by 2030 in the areas of climate change, circularity, and diversity, equity, and inclusion.
Gildan’s senior vice president for taxation, sustainability, and governmental affairs Peter Iliopoulos said: "We are pleased to be recognised by Environmental Finance for the first time for our ESG efforts, which are key to our business success.
"Our sustainability-linked loan and this recognition are further evidence of our commitment to drive ESG advancements across our organisation."
Vice president, treasury, at Gildan Suzanne Adams said: "This recognition illustrates the importance of cross-departmental collaboration to bring ESG to life.
"In this specific case, our Treasury and ESG departments worked together to further enhance the financial and non-financial benefits of ESG across our organisation."