How ethical is Energizer Holdings?
Our research highlights several ethical issues with Energizer Holdings, including its approach to supply chain management, climate change, excessive director's pay, tax, Israel-Palestine and conflict minerals.
Below we outline some of these issues. To see the full detailed stories, and Energizer Holdings' overall ethical rating, please sign in or subscribe.
Energizer and carbon emissions
Energizer doesn’t publicly report on its Scope 3 emissions which are likely to be the bulk of its carbon emissions. Its carbon reduction targets in line with international science-based agreements were not 'approved' by the SBTi, it was only rated as 'committed'.
Use of conflict minerals by Energizer
As an electronics manufacturer, we expected Energizer to have an adequate policy on the sourcing of conflict minerals (tin, tantalum, tungsten, and gold).
Mining for these minerals is often associated with human rights abuses, in particular in places such as the Democratic Republic of Congo. Many electronic products, including batteries, contain minerals commonly sourced from conflict areas so we rate companies for their transparency and sourcing policies because of this. Read more about conflict minerals and the impacts of mining in our article on technology and conflict minerals.
Companies making an effort on this issue should make commitments to only source from mineral processors, or smelters, that have been audited and verified as conflict-free, a commitment to ongoing due diligence, an explanation of how it identifies and mitigates risks in its supply chain, and support for conflict-free initiatives.
Energizer did publish a list of smelters but it did not state whether they were compliant with the Responsible Mineral Assurance Process, which audits and verifies smelters as being conflict free. There did not seem to be a commitment to only use audited and verified smelters either.
Workers' rights in supply chain
Energizer scored poorly for workers' rights.
When it comes to workers' rights in its supply chain, Energizer's code of conduct met 5 of the 8 criteria. But it did not meet payment of a living wage: the company only required minimum wage to be paid.
Nor did it limit a working week to 48 hours, with no limit set.
Israel-Palestine
Energizer has contracts with the Israeli military to provide them with batteries.
Energizer's tax record
Energizer scored zero in our tax conduct category.
It has several subsidiaries that are high risk when it comes to likely use of tax avoidance strategies (such as holding companies) in known tax havens such as the Cayman Islands and Delaware, USA.
Directors’ pay
In financially insecure times for many, that’s not the case for Energizer’s highest paid director who received around £8million in 2025. The company lost points in our company ethos category as a result of this excessive payment.
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The text above was written in September 2026, using research collected predominantly in May 2026.