July 30, 2019
Leading Proxy Advisory Firm Endorses Call for Action on Food Waste at Saputo
The labor and consumer advocacy groups’ shareholder resolution calls on Saputo to commit to reducing its waste.
MONTREAL –– Institutional Shareholder Services (ISS), the leading and most influential proxy advisory firm in the world endorsed a shareholder proposal put forward by the BC Government and Service Employees’ Union (BCGEU) and international consumer advocacy group SumOfUs.
The shareholder proposal asks the dairy giant to accept greater accountability on food waste by submitting an annual report on the impact of the company’s food waste. Food waste in Canada produces emissions equivalent to 41 million cars being driven year-round making it a climate risk that threatens shareholder value through the economic impacts of climate disruption. Eight Canadian food companies and competitors of Saputo have already taken significant action to reduce their food waste, leaving Saputo as an outlier in the industry.
The proposal goes to a vote at Saputo’s Annual General Meeting on August 8, 2019. The AGM will happen at 10:00am at the Sheraton Laval, 2440, Autoroute des Laurentides, Laval, QC, Canada H7T 1X5.
VIEW THE SHAREHOLDER RESOLUTION HERE: https://s3.amazonaws.com/s3.sumofus.org/images/Saputo_food_waste_proposal_2019.pdf
In response to the endorsement, BCGEU President Stephanie Smith released the following statement:
“It’s clear Saputo shareholders want to see the company take its commitment to reducing food waste seriously. Increased leadership on food waste protects the environment and shareholder value. We hope to see a strong vote on this proposal.”
Amelia Meister, Senior Campaigner at SumOfUs also released the following statement:
“The ISS recommendation is clear that reducing food waste is not only urgently needed to protect the environment -- it’s good business. This recommendation will pressure Saputo to do the right thing and take food waste seriously.”
A representative from BCGEU will be present at the AGM to present the proposal.