Performance Food Group Company Releases 2023 Environmental, Social and Governance Report
Performance Food Group Company (PFGC) has released its fiscal year 2023 Environmental, Social, and Governance (ESG) report, highlighting progress on current goals and introducing new milestones. The company has made advancements in energy efficiency, waste reduction, responsible sourcing, and diversity initiatives. PFGC plans to reduce greenhouse gas emissions, increase sustainable product options, survey suppliers on key topics, and expand charitable contributions in the future.
Progress made in energy efficiency, waste reduction, and responsible sourcing.
Achievement of an 80 percent diversion rate for operational waste ahead of schedule.
Increase in supplier diversity by sourcing from minority-, women-, veteran-, persons with disabilities-, and LGBTQ-owned businesses.
Need to focus on achieving the new goals set for reducing greenhouse gas emissions and including sustainable options in non-food branded products.
The need to survey at least 80 percent of suppliers by 2030 may require significant resources and coordination.
Company highlights progress on current goals and introduces new milestones
“Since announcing our initial ESG goals in 2021, our journey has been marked by steady and consistent progress,” said Craig Hoskins, President & Chief Operating Officer, PFG. “We are proud of the progress we’ve made in becoming more energy efficient, reducing our greenhouse gas emissions, eliminating waste, sourcing responsibly, and being an inclusive workplace. As we move forward, our focus remains on delivering on our ESG goals and ensuring our legacy continues to be one of positive impact and meaningful change for our associates, customers, suppliers, and the communities where we live and work.”
The 2023 ESG report highlights the progress made by PFG on its ESG goals previously shared in the company’s fiscal year 2021 and 2022 ESG reports. These include:
- In fiscal year 2023, PFG continued its focus on reducing power consumption at its facilities. To date, energy-efficient enhancements have been completed at six PFG facilities—with more planned in the future. In the last three years, the company has reduced its overall power intensity by 12 percent.
- PFG collaborated with external partners to install electric refrigeration technology on battery-electric trucks and trailers resulting in the direct, emissions-free distribution of refrigerated and frozen foods. The company plans to continue to utilize sustainable technologies as part of its fleet in the future.
- As part of its responsible sourcing program, PFG implemented processes for monitoring and verifying third-party certification of environmentally and socially responsible practices within the company’s supply chain. More than 90 percent of PFG-branded beef, pork, poultry, seafood, coffee and tea products meet the certification requirements.
- PFG monitors operational and food waste to ensure the company diverts as much waste as possible from landfills. The company has achieved its goal of an 80 percent diversion rate for operational waste seven years ahead of schedule.
- To increase supplier diversity, PFG continued to increase product sourcing with minority-, women-, veteran-, persons with disabilities-, and LGBTQ-owned businesses.
- PFG continues to integrate comprehensive diversity and inclusion strategies into our business and people practices.
PFG has introduced new goals in the fiscal year 2023 ESG report, which include:
- Reducing Scope 1 and Scope 2 greenhouse gas emission intensity by 30 percent by 2034.
- Ensuring 75 percent of non-food branded products will include sustainable options by fiscal year 2025.
- Surveying at least 80 percent of suppliers of PFG-branded products by 2030 in alignment with the supplier code of conduct. Survey topics include environmental management, human rights, animal welfare and supply chain management.
- Implementing a strategic plan that expands advocacy, associate volunteerism, and charitable contributions with organizations committed to fighting food insecurity, combating human trafficking, supporting healthier communities, and providing disaster relief. More information will be reported beginning with PFG’s fiscal year 2024 ESG report.
For more details on PFG’s ESG efforts and progress made toward its 2030 goals, please view the fiscal year 2023 ESG Report, which is posted on the company’s website under the Corporate Responsibility section.
About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our plans to achieve our ESG goals, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those discussed under the section entitled Item 1A. Risk Factors in PFG’s Annual Report on Form 10-K for the fiscal year ended July 1, 2023 filed with the Securities and Exchange Commission (the “SEC”) on August 16, 2023, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, could cause actual future results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. Any forward-looking statement, including any contained herein, speaks only as of the time of this release or as of the date they were made and we do not undertake to update or revise them as more information becomes available or to disclose any facts, events, or circumstances after the date of this release or our statement, as applicable, that may affect the accuracy of any forward-looking statement, except as required by law.
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Investors:
Bill Marshall
VP, Investor Relations
(804) 287-8108
Bill.Marshall@pfgc.com
Media:
Scott Golden
Director, Communications & Engagement
(804) 484-7873
Scott.Golden@pfgc.com
Source: Performance Food Group Company
FAQ
<p>What is the focus of Performance Food Group Company's (PFGC) fiscal year 2023 ESG report?</p>
The focus of the report is on the company's progress towards achieving its Environmental, Social, and Governance (ESG) goals.
<p>What are some achievements highlighted in the report?</p>
Achievements include reducing power consumption, increasing energy efficiency, implementing responsible sourcing practices, achieving waste diversion goals, and increasing supplier diversity.
<p>What are some new goals introduced in the fiscal year 2023 ESG report?</p>
New goals include reducing greenhouse gas emission intensity, increasing sustainable product options, surveying suppliers on key topics, and expanding charitable contributions.
<p>Where can I find more information on PFGC's ESG efforts and progress?</p>
More details can be found in the fiscal year 2023 ESG Report, available on the company's website under the Corporate Responsibility section.
