Dow Inc. and The Dow Chemical Company
We have reviewed management of Dow Inc.’s and its consolidated subsidiaries, including The Dow Chemical Company (collectively, “Dow” or the “Company”) assertion that the ESG disclosures referenced or included in the Global Reporting Initiative (“GRI”) Content Index (the “ESG disclosures”) included within the accompanying Dow 2020 Environmental, Social and Governance Report (the “2020 ESG Report”) as of, and for the year ended December 31, 2020 are presented in accordance with the Global Reporting Initiative Sustainability Reporting Standards under its Comprehensive option (the “GRI Standards – Comprehensive option”). The Company’s management is responsible for its assertion. Our responsibility is to express a conclusion on management’s assertion based on our review.
Our review was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA) in AT-C section 105, Concepts Common to All Attestation Engagements, and AT-C section 210, Review Engagements. Those standards require that we plan and perform the review to obtain limited assurance about whether any material modifications should be made to management’s assertion in order for it to be fairly stated. A review is substantially less in scope than an examination, the objective of which is to obtain reasonable assurance about whether management’s assertion is fairly stated, in all material respects, in order to express an opinion. Accordingly, we do not express such an opinion. We believe that our review provides a reasonable basis for our conclusion.
In performing our review, we have complied with the independence and other ethical requirements of the Code of Professional Conduct issued by the AICPA. We applied the Statements on Quality Control Standards established by the AICPA and, accordingly, maintain a comprehensive system of quality control.
The procedures we performed were based on our professional judgment. In performing our review, we conducted inquiries and performed analytical procedures, and for a selection of ESG disclosures, performed tests of mathematical accuracy of computations and reviewed supporting documentation in regard to the accuracy of the data in the ESG disclosures.
The preparation of the ESG disclosures in the GRI Content Index included within the 2020 ESG Report requires management to interpret the criteria, make determinations as to the relevancy of information to be included, and make estimates and assumptions that affect reported information. Measurement of certain ESG disclosures includes estimates and assumptions that are subject to inherent measurement uncertainty resulting, for example, from the accuracy and precision of greenhouse gas (“GHG”) emission conversion factors and the process to measure energy consumption. Obtaining sufficient, appropriate review evidence to support our conclusion does not reduce the inherent uncertainty in the amounts and ESG disclosures. The selection by management of different but acceptable measurement methods, input data, or assumptions may have resulted in materially different amounts or ESG disclosures being reported.
Information outside of the ESG disclosures referenced or included in the GRI Content Index, including linked information, was not subject to our review, including the Alignment to UN Sustainable Development Goals, TCFD Disclosure Index, SASB Standard Disclosures Index, WEF Stakeholder Capitalism Metrics Index, and Non-GAAP Financial Measures and, accordingly, we do not express a conclusion or any form of assurance on such information. Further, any information relating to periods prior to the year-ended December 31, 2020 or information relating to forward looking statements, targets, goals and progress against goals, was not subject to our review and, accordingly, we do not express a conclusion or any form of assurance on such information.
As disclosed in the GRI Content Index related to GRI 305-4, the Company changed the methodology used to calculate the GHG Intensity metric. The methodology for this calculation was applied to the presentation of historical GHG Intensity metrics. Our conclusion is not modified with respect to this matter.
Based on our review, we are not aware of any material modifications that should be made to management of Dow’s assertion that the ESG disclosures referenced or included in the GRI Content Index included within the accompanying Dow 2020 ESG Report as of, and for the year ended December 31, 2020 are presented in accordance with the GRI Standards – Comprehensive option, in order for it to be fairly stated.
June 24, 2021
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