Ichor Holdings, Ltd. (ICHR) — ESG & Values Scores

Environment story

Ichor Holdings demonstrates weak environmental disclosure and governance. No Scope 1, 2, or 3 emissions data is publicly reported in the 10-K filing. The company acknowledges environmental regulatory risk and ESG disclosure obligations but provides no quantified GHG emissions, renewable energy percentage, net-zero targets, or decarbonization initiatives. The 10-K extensively discusses evolving ESG requirements from regulators and customers but does not detail specific environmental performance metrics or commitments. Absence of disclosed emissions data triggers a 15-point deduction. No net-zero target year is disclosed, triggering a 15-point deduction. No verified decarbonization infrastructure investments or renewable energy commitments are documented. The company's manufacturing facilities across multiple geographies (California, Minnesota, Oregon, Texas, Singapore, Malaysia, Mexico) suggest material environmental footprint, but operational emissions remain undisclosed.

Criticisms on file

Undisclosed GHG Emissions and No Net-Zero Target: Company does not disclose Scope 1, 2, or 3 emissions in 10-K filing; no net-zero commitment or target year is stated; ESG disclosure obligations are acknowledged but not yet operationalized.
Source: ICHR 10-K: Item 1A Risk Factors - 'Evolving environmental, social and governance disclosure requirements and stakeholder expectations' and Management's Discussion & Analysis section on ESG compliance
Environmental Regulatory Risk: Company subject to numerous environmental laws regarding use, storage, handling, discharge, emission, disposal of hazardous materials; potential PFAS restrictions; risk of environmental liabilities and increased compliance costs acknowledged but no specific incidents disclosed.
Source: ICHR 10-K: Item 1A Risk Factors - 'We are subject to numerous environmental laws and regulations'

Disclosed initiatives

Environmental Compliance Monitoring

Company acknowledges subject to federal, state, local and foreign environmental laws and regulations including climate change provisions; discloses risk of environmental liabilities and increased compliance costs but no specific mitigation programs documented.
ESG Disclosure Preparation

Management acknowledges SEC climate disclosure rule developments and EU CSRD requirements; company is implementing systems to measure and track ESG metrics including GHG emissions across operations and supply chain, though specific targets and timelines are not disclosed.

Social story

Ichor Holdings demonstrates moderate social performance with notable workforce stability and union neutrality, but lacks detailed diversity and pay equity disclosures. The company reports approximately 1,891 full-time employees and 557 contract/temporary employees globally as of December 26, 2025. No unionized workforce; operates under works councils in various countries per local law, indicating compliance with labor participation requirements. No major strikes or labor disruptions reported in past 24 months. However, the company conducted global reduction-in-force programs in 2025 (consolidation restructuring plan, Scotland and Korea facility exits, and other severance initiatives totaling approximately $5.4 million in severance costs), which may negatively impact employee morale and retention. No CEO-to-median-worker pay ratio is disclosed. Leadership diversity percentages (executive and board) are not disclosed in the filing, preventing assessment against the 30% threshold. No supply-chain human-rights audits or conflict-minerals due diligence are documented. The company emphasizes its dependence on key technical talent and acknowledges competitive labor market challenges.

Criticisms on file

Undisclosed Diversity and Pay Equity: No disclosure of CEO-to-median-worker pay ratio, executive/board gender or racial diversity percentages, gender or racial pay gaps, or diversity programs in 10-K filing. Cannot assess compliance with 30% leadership diversity minimum.
Source: ICHR 10-K: Item 1A Risk Factors and entire 10-K filing lacks DEI disclosure
Major Workforce Reductions and Restructuring: Global reduction-in-force programs in 2025 across multiple facilities (consolidation restructuring plan, Scotland and Korea exits, and other severance). Risk of decreased employee morale, loss of institutional knowledge, and operational disruption acknowledged by management.
Source: ICHR 10-K: Item 7 Management's Discussion & Analysis - 'Consolidation Restructuring Plan' and risk factor 'Our business will suffer if we are unable to attract, hire, integrate and retain key personnel'
Labor Market Concentration Risk: Company acknowledges intense competition for qualified technology talent; lack of employment or non-competition agreements with key personnel; noted potential for loss of critical engineers and management personnel with specialized industry expertise.
Source: ICHR 10-K: Item 1A Risk Factors - 'Our business will suffer if we are unable to attract, hire, integrate, and retain key personnel'
No Supply-Chain Human Rights Audit Disclosed: No evidence of supply-chain audits, conflict minerals policy, forced-labor monitoring, or human-rights due diligence in filing; company does not disclose supplier ethical standards or labor practices oversight.
Source: ICHR 10-K: Complete filing lacks supply-chain human-rights audit or modern slavery disclosure

Disclosed initiatives

Labor Cost Reduction and Restructuring

In Q2 2025, company initiated labor cost reduction initiatives continuing through Q4 2025, including facility consolidation (Scotland and Korea closures), workforce reduction-in-force programs, and redeployment of assets to high-volume facilities. Approximately $5.4 million in severance and restructuring costs incurred.

May adversely affect employee morale, institutional knowledge retention, and operational continuity; indicates workforce contraction in response to demand cyclicality.
Works Council Compliance

Company maintains participation in works councils as required by local law in various jurisdictions; indicates formal employee representation structures.

Governance story

Ichor Holdings demonstrates moderate governance practices with single-class share structure (no dual-class discount applied) but incomplete board independence disclosure and moderate lobbying/regulatory engagement. The company operates with ordinary shares having one vote per share; no dual-class voting structure is disclosed, avoiding the 20-point deduction. Board independence percentage is not explicitly disclosed in the 10-K filing, preventing direct assessment against the 75% threshold. The company acknowledges anti-takeover provisions in its articles of association, which may restrict shareholder rights but are not quantified as governance violations in the scoring framework. No material antitrust, consumer-safety, or financial-fraud regulatory proceedings are disclosed as active. The company acknowledges subject to privacy, data protection, export controls (BIS Rules), and trade compliance regulations; management notes delays in export licensing as a result of China technology restrictions but frames this as operational risk rather than regulatory violation. No significant fines, SEC consent decrees, or compliance failures are documented. However, the company does not disclose annual lobbying expenditures, climate-related lobbying positions, or PAC contributions, limiting governance transparency. The company is subject to extensive international trade and export control complexity, creating structural compliance risk.

Criticisms on file

Undisclosed Board Independence Percentage: Board independence percentage is not disclosed in 10-K filing; cannot verify compliance with 75% independence threshold or assess governance quality.
Source: ICHR 10-K: Complete filing lacks board independence disclosure or board composition details
Undisclosed Lobbying Expenditures and Political Engagement: Company does not disclose annual lobbying spend, PAC contributions, or climate/trade policy positions; inability to assess potential conflicts between company interests and public policy advocacy.
Source: ICHR 10-K: Complete filing lacks political spending, lobbying, or PAC contribution disclosure
Export Control and Trade Policy Risk: Company subject to BIS Rules restricting exports to China; acknowledges ongoing changes in U.S. trade policy, potential retaliatory tariffs, and geopolitical instability affecting business. Company has experienced export licensing delays and notes China revenue erosion risk from self-sufficiency initiatives and export restrictions.
Source: ICHR 10-K: Item 1A Risk Factors - 'Changes in U.S. or international trade policy, tariffs, and import/export regulations', 'U.S. export control regulations apply to "deemed exports"', and Management's Discussion & Analysis section on trade policy impact
Anti-Takeover Provisions: Company articles of association contain anti-takeover provisions that could adversely affect shareholder rights; specific provisions not detailed but acknowledged as potential risk to shareholder interests.
Source: ICHR 10-K: Item 1A Risk Factors - 'Our articles of association contain anti-takeover provisions that could adversely affect the rights of our shareholders'
Tax Compliance Uncertainty: Company subject to examination by IRS and other tax authorities; acknowledges regular assessment of tax positions and potential for unfavorable outcomes; no specific tax disputes or penalties disclosed but ongoing exposure acknowledged.
Source: ICHR 10-K: Item 1A Risk Factors - 'Changes in tax laws, tax rates or tax assets and liabilities' and Management's Discussion & Analysis section on income tax

Disclosed initiatives

Internal Controls and Financial Reporting

Company maintains compliance with SEC Sarbanes-Oxley Section 302 and 404 requirements; management certifies financial and other information; independent registered public accounting firm attests to effectiveness of internal controls over financial reporting. Company acknowledges material weakness risks if controls fail but reports no current deficiencies.
Export Compliance and Trade Policy Monitoring

Company acknowledges BIS Rules restricting export of advanced computing and semiconductor manufacturing items to China; has applied and received export licenses for products; monitors changes in U.S. trade policy and export control regulations; conducts ongoing licensing and regulatory review to assess impact on business operations.

Export licensing delays noted; structural revenue risk from China market restrictions and potential further tightening of export controls; ongoing compliance burden.
Privacy and Data Protection Compliance

Company subject to GDPR, CCPA, and other federal, state, and international privacy laws; acknowledges need to comply with evolving privacy regulations and implement systems to manage data protection risks; no specific privacy incidents or violations disclosed.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Ichor Holdings, Ltd.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Ichor Holdings, Ltd. in the app for interactive charts and portfolio building.

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