McCormick & Company Releases 2023 Purpose-led Performance Report to Share Progress Towards Long-Term Commitments

Rhea-AI Summary

McCormick & Company has released its 2023 Purpose-led Performance (PLP) Progress Report, highlighting its advancements towards sustainability and corporate responsibility goals. Key achievements include the validation of their Net-Zero by 2050 goal, sustainable sourcing of 91% of their top five branded ingredients, and positively impacting over 44,500 smallholder farmers. The report also notes significant strides in diversity, with 45% of global leadership positions held by women and 26% of U.S. leadership roles held by ethnically diverse talent. McCormick emphasizes the alignment of these efforts with their long-term business strategies and financial performance.

Positive

• Validation of McCormick's Net-Zero by 2050 goal by SBTi.
• Sustainably sourced 91% of top five branded ingredients.
• Positively impacted over 44,500 smallholder farmers.
• 45% of global leadership positions held by women.
• 26% of U.S. leadership roles held by ethnically diverse talent.
• Strong alignment of sustainability efforts with business and financial strategies.

Negative

• The report does not provide specific financial performance data.
• Potential risks and challenges in achieving Net-Zero by 2050 not discussed.
• No information on cost implications of sustainability initiatives.
• Possible shareholder concerns regarding resource allocation towards non-financial goals.

HUNT VALLEY, Md., June 5, 2024 /PRNewswire/ -- McCormick & Company, Incorporated (NYSE: MKC), a global leader in flavor, today released its 2023 Purpose-led Performance (PLP) Progress Report, which provides an update on the Company's progress towards its sustainability commitments, goals, and the initiatives that support them. McCormick remains committed to delivering strong financial performance while doing what's right for People, Communities, and the Planet.

"I am incredibly proud of the positive impact we have created across our communities as we make progress towards our PLP goals and continue focusing on delivering shareholder value. McCormick employees are driving our achievements, and I am grateful for their efforts as we pursue our goals in a balanced, transparent, and sustainable way," said Brendan M. Foley, President and Chief Executive Officer. "Our PLP approach is embedded in our values and strategies because it strengthens our business fundamentals and financial performance. From responsibly sourcing our iconic ingredients to ensuring our workforce represents all consumers, our actions are consistently focused on what fuels McCormick's future. I look forward to continuing our journey with all our stakeholders, internally and externally, to create a more sustainable and resilient future." 

Key achievements highlighted in the 2023 PLP Progress Report include:   

• Received validation of the Company's Net-Zero by 2050 goal from the Science Based Targets initiative (SBTi).
• Sustainably sourced 91% of the Company's top five branded iconic ingredients in alignment with McCormick's independently certified Grown for Good standard.
• Achieved the Company's goal to increase resiliency of 90% of smallholder farmers growing its iconic herbs and spices, with over 44,500 farmers positively impacted.
• Attained 45% of leadership positions globally held by women and 26% of leadership positions in the U.S. held by Ethnically Diverse Talent, supported by the Company's programs to develop high performing talent.

To learn more about McCormick's efforts and the results they are driving, please read their 2023 Purpose-led Performance Progress Report or visit the Responsibility section of the corporate website.

About McCormick

McCormick & Company is a global leader in flavor. With over $6.5 billion in annual sales across 150 countries and territories, we manufacture, market, and distribute herbs, spices, seasonings, condiments and flavors to the entire food and beverage industry including retailers, food manufacturers and foodservice businesses. Our most popular brands with trademark registrations include McCormick, French's, Frank's RedHot, Stubb's, OLD BAY, Lawry's, Zatarain's, Ducros, Vahiné, Cholula, Schwartz, Kamis, DaQiao, Club House, Aeroplane, Gourmet Garden, FONA and Giotti. The breadth and reach of our portfolio uniquely position us to capitalize on the consumer demand for flavor in every sip and bite, through our products and our customers' products. We operate in two segments, Consumer and Flavor Solutions, which complement each other and reinforce our differentiation. The scale, insights and technology that we leverage from both segments are meaningful in driving sustainable growth.

Founded in 1889 and headquartered in Hunt Valley, Maryland USA, McCormick is guided by our principles and committed to our Purpose – To Stand Together for the Future of Flavor. McCormick envisions A World United by Flavor where healthy, sustainable, and delicious go hand in hand.

To learn more, visit: www.mccormickcorporation.com or follow McCormick & Company on Instagram and LinkedIn.

For information contact:

Global Communications:
Lori Robinson – lori_robinson@mccormick.com

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SOURCE McCormick & Company, Incorporated

FAQ

What are the key achievements in McCormick's 2023 Purpose-led Performance Report?

Key achievements include Net-Zero by 2050 validation, 91% sustainable sourcing of top ingredients, and significant diversity in leadership positions.

How many smallholder farmers were positively impacted by McCormick's initiatives in 2023?

Over 44,500 smallholder farmers were positively impacted.

What percentage of McCormick's global leadership positions are held by women as of 2023?

45% of global leadership positions are held by women.

What is the percentage of ethnically diverse talent in leadership positions in the U.S. at McCormick?

26% of leadership positions in the U.S. are held by ethnically diverse talent.

What long-term sustainability goal has McCormick's Net-Zero by 2050 target been validated by?

The Net-Zero by 2050 target has been validated by the Science Based Targets initiative (SBTi).