New Sustainability Report includes first-time Social and Governance goals and newly established 2025 and 2030 targets, including 90% absolute reduction of greenhouse gas (GHG) emissions by 2030
SOURCE: 3BL Alerts
DESCRIPTION:
Tupperware Brands Corporation (NYSE: TUP), a leading global consumer products company, today published its 2020 sustainability report, which details the 75-year-old company’s commitment to further integrating environmental, social, and governance (ESG) efforts into its business strategy and as part of its ongoing Turnaround Plan.
Since 1946, the Tupperware® brand has been synonymous with reusability and durability, saving people time and money, and reducing food waste. In 2020, Tupperware conducted a critical exercise in order to redefine the company’s purpose and lean into the brand’s heritage to “nurture a better future, every day”. This purpose is achieved by using Tupperware® products to replace single-use plastic and reduce food waste, as well as by offering people around the world an opportunity to potentially earn income by establishing their own goals and running their own business.
In early 2021, Tupperware completed a materiality assessment in order to define the areas most important to the business, and began by building a thoughtful ESG strategy to address these critical areas. Based on this assessment, the 2020 sustainability report highlights a ten-year plan in the environmental pillar, and for the first time, defines Social and Governance targets in the areas of diversity, equity, and inclusion, and ESG compensation and performance-based metrics.
The report details the company’s new ESG targets for 2025 and 2030, aligned with the United Nations Sustainable Development Goals 5, 6, 12, and 13. Highlights include:
Environmental Goals
- In 2020, among other achievements, Tupperware achieved the following results at the company’s owned manufacturing facilities:
- 72% diversion of waste diverted from disposal
- 26% reduction in water withdrawal per ton of product
- 14% reduction in GHG emissions per ton of product
- 9% reduction in energy consumption per ton of product
- Tupperware defined a new set of environmental targets for manufacturing operations, including 90% absolute reduction of GHG emissions generated in the company’s owned manufacturing plants by 2030.
- The company established revised circularity targets including 95% elimination of non-recyclable, non-compostable, non-biodegradable, non-reusable plastic packaging for Tupperware® products by 2030.
Social Goals
- The COVID-19 pandemic required Tupperware’s independent global sales force in 2020 to shift its traditional in-person parties to a virtual format, with successful adoption of digital tools that enabled direct connection with consumers through social media, personalized web pages, and online parties.
- In 2020, the Company also achieved the following:
- Tupperware was named by Newsweek as one of America’s Most Responsible Companies and recognized by Fast Company in their Brands That Matter list.
- Women now hold 60% of the company’s executive and management roles.
- Tupperware’s global corporate giving amounted to $4.24 million in 2020, which represents 3.8% of annual net income.
- Tupperware also defined, for the first time, a target to achieve certification by a globally recognized intersectional equity standard by 2030.
Governance Goals
- In 2020, Tupperware achieved the following:
- Welcomed Miguel Fernandez, President and CEO of Tupperware Brands, in April 2020 along with a number of new executives to support the creation and implementation of the company’s three-year Turnaround Plan.
- Modified the Board of Directors that reflects a profile comprised of 45% women.
- For the first time, Tupperware defined governance targets related to the diversity of the company’s Board of Directors as well as introduced ESG performance and compensation-related targets to be achieved by 2030.
“Since Tupperware’s very beginning, we have focused on how we can better care for both people and the planet, using our products to reduce waste and empowering individuals across the world to start, build, and succeed in their entrepreneurial journey through a business opportunity in selling Tupperware® products,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands.
“Despite the recent challenges facing businesses worldwide due to COVID-19, we know there is value in doing the right thing across all aspects of our business, which is why we made tremendous efforts over the past 18 months to hone in on our ESG goals. As we continue along the journey of our Turnaround Plan, our ESG priorities are critical to the success of our business and to the contributions we want our brand to make for current and future generations,” added Fernandez.
The full report is available here.
About Tupperware Brands Corporation
Tupperware Brands Corporation (NYSE: TUP) is a leading global consumer products company that designs innovative, functional and environmentally responsible products that people love and trust. Founded in 1946, Tupperware’s signature container created the modern food storage category that revolutionized the way the world stores, serves and prepares food. Today, this iconic brand has more than 8,500 functional design and utility patents for solution-oriented kitchen and home products. With a purpose to nurture a better future, Tupperware® products are an alternative to single-use items. The Company distributes its products into nearly 70 countries primarily through independent representatives around the world. For more information, visit Tupperwarebrands.com or follow Tupperware on Facebook, Instagram, LinkedIn and Twitter.
Media: Cameron Klaus, cameronklaus@tupperware.com, 407.371.9784
Investors: Alexis Callahan, alexiscallahan@tupperware.com, 321.588.5129
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