Boston Beer Company Releases 2022 ESG Report

Rhea-AI Summary

Boston Beer Company (NYSE: SAM) Releases 2022 ESG Report Highlighting Progress and Achievements. The report outlines the company's sustainability efforts, including the establishment of an Executive Sustainability Committee, ESG 'Cornerstones of Priority,' and a supplier code of conduct. It also details the company's social impact programs, community involvement, emissions reduction, energy-saving initiatives, and diversity and inclusion efforts.

Positive

• Establishment of an Executive Sustainability Committee and ESG 'Cornerstones of Priority' demonstrate a proactive approach to corporate sustainability. Expanded disclosures and alignment with GRI, SASB, and TCFD recommendations enhance transparency and accountability. Significant investment in social impact programs and community involvement reflects a commitment to corporate responsibility. Achievements in emissions reduction, energy-saving, and diversity and inclusion efforts showcase a comprehensive ESG strategy.

Negative

• None.

BOSTON, Aug. 1, 2023 /PRNewswire/ -- The Boston Beer Company, (NYSE: SAM), maker of iconic, high-quality brands such as Samuel Adams, Truly Hard Seltzer, Twisted Tea, Dogfish Head and Angry Orchard, today released its 2022 Environmental, Social, and Governance (ESG) Report.

"This year was one of increasing momentum for The Boston Beer Company," said Jill Westra, senior manager of sustainability, The Boston Beer Company. "We made important progress towards formalizing our corporate sustainability strategy and priorities, including leveraging the results of our materiality assessment and the expertise of our newly formed Executive Sustainability Committee to establish new Cornerstones of Priority. This work will guide our ESG efforts on topics most important to our business and stakeholders in the years to come as we build upon the progress made in 2022 towards improving our company, protecting our planet, investing in our coworkers and contributing to our communities."

Some of the key highlights of Boston Beer's 2022 ESG Report are as follows:

Our Company and Governance

• Created an Executive Sustainability Committee composed of executive and senior leaders from across Boston Beer.
• Established ESG "Cornerstones of Priority" to help shape how we direct our resources and energy on our sustainability journey in the years to come.
• Developed a supplier code of conduct that formalizes our expectations of business partners.
• Expanded our disclosures to report in accordance with GRI and SASB and began aligning our report with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

Our Communities

• Spent more than $3 million on social impact programs across our brands.
• More than 700 coworkers volunteered across 36 community service days.
• Hosted events to connect our drinkers with local businesses, including our first Brewing the American Dream Beer Bash in New York City.

Our Planet

• Calculated our Scope 1 and 2 emissions for the first time.
• Revised product palletizing and warehouse standards to help reduce product damage rate by 30% compared to 2021 and minimize returns and waste.
• Saved 212,000 kilowatt-hours (kWh) of energy at our Pennsylvania brewery by replacing approximately 3,500 fluorescent light fixtures with energy-efficient LEDs.
• Celebrated Earth Month with coworker volunteer opportunities and our first-ever innovation tournament and sustainability film fest.

Our People

• Achieved 21% increase in hiring racially/ethnically diverse candidates compared to 2021.
• Logged 71,900 hours of coworker training and involved a record-high number of coworkers.
• Created the Value Four Council, a leadership council aimed at developing and amplifying DE&I initiatives.
• Implemented a digital safety observation system and new health and safety policies and procedures that helped reduce our recorded work-related injury rate from 1.59% to 1.21% year over year.

About The Boston Beer Company

The Boston Beer Company, Inc. (NYSE: SAM) began in 1984 brewing Samuel Adams beer and the Samuel Adams brand is currently recognized as one of the largest and most respected craft beer brands. Our portfolio of brands also includes Truly Hard Seltzer, Twisted Tea, Angry Orchard Hard Cider, Dogfish Head Brewery, Hard Mountain Dew and other craft beer brands such as Angel City Brewery and Coney Island Brewing. For more information, please visit our investor relations website at www.bostonbeer.com, which includes links to our respective brand websites.

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SOURCE The Boston Beer Company, Inc.

FAQ

What are the key highlights of Boston Beer's 2022 ESG Report?

The key highlights include the establishment of an Executive Sustainability Committee, ESG 'Cornerstones of Priority,' a supplier code of conduct, expanded disclosures, social impact programs, community involvement, emissions reduction, energy-saving initiatives, and diversity and inclusion efforts.

What initiatives did Boston Beer undertake to reduce its environmental impact?

Boston Beer calculated its Scope 1 and 2 emissions for the first time, revised product palletizing and warehouse standards to reduce product damage rate, saved 212,000 kilowatt-hours of energy at its Pennsylvania brewery, and celebrated Earth Month with coworker volunteer opportunities and sustainability-focused events.

How did Boston Beer invest in its communities and people?

The company spent over $3 million on social impact programs, organized community service days, hosted events to connect drinkers with local businesses, achieved a 21% increase in hiring racially/ethnically diverse candidates, logged 71,900 hours of coworker training, and implemented new health and safety policies and procedures.

What governance-related initiatives did Boston Beer implement?

Boston Beer created an Executive Sustainability Committee, established ESG 'Cornerstones of Priority,' developed a supplier code of conduct, and expanded its disclosures to report in accordance with GRI and SASB, aligning its report with TCFD recommendations.