August 07, 2019
BCGEU and SumOfUs are close to victory with almost half of independent shareholders support implementing food waste reporting at the dairy company
Today, Saputo non-insider shareholders voted 42% in support of a B.C. Government and Service Employees’ Union (BCGEU) and SumOfUs shareholder proposal to issue an annual report on the environmental and social impacts of food waste generated from the company’s operations. The proposal was endorsed by leading proxy advisory firm Institutional Shareholder Services (ISS).
Research firm Sustainalytics recently stated that, “Saputo demonstrates weak management of its ESG risks compared to its peers”. Saputo competitors like Kraft Heinz have already made commitments to reduce food waste by 50% by 2025. BCGEU and SumOfUs believe the company would be wise to adopt a similar policy as consumers show a preference for brands that have a reputation for social responsibility.
In response to today’s vote, BCGEU President Stephanie Smith released the following statement:
"Today’s results affirm that shareholders want to see action on food waste. As Saputo grows globally, Saputo can be a world leader on this important issue. Increased leadership on food waste is a win-win: it protects the environment and it strengthens shareholder value.”
Amelia Meister, Senior Campaigner at SumOfUs also released the following statement:
“Today Saputo received a strong message that food waste must be taken seriously. Thousands of shareholders and over 23,000 SumOfUs members ensured that Saputo know that it’s lax attitude towards food waste is bad for business.”
The shareholder proposal can be viewed here: