SOURCE: The Hershey Company
SUMMARY:
At Hershey, our purpose – to make more moments of goodness – grounded our every effort as we put goodness into action.
DESCRIPTION:
HERSHEY, Pa., June 2, 2021 /3BL Media/ -- The Hershey Company (NYSE: HSY) today released its 2020 Sustainability Report, highlighting its progress on key environmental and social initiatives during a year of unprecedented challenges. The report reviews the company's holistic sustainability strategy – known as its Shared Goodness Promise – which includes initiatives across the enterprise and value chain such as responsible sourcing, respecting human rights, climate action, employee wellbeing, diversity, equity and inclusion, and community engagement.
Hershey's Shared Goodness Promise guides the company to make positive change at scale and leverage its business to advance more sustainable growth, with socially conscious and responsible business practices.
With the onset of the pandemic in 2020, Hershey's top priority in 2020 was the physical, emotional and economic well-being of its employees as it worked to make more moments of goodness for consumers at a time when it was needed most. The company made significant progress in its efforts to responsibly source cocoa while building healthy, prosperous cocoa communities, and took meaningful action to reduce its environmental footprint. Additionally, the company put racial equality at the forefront of its agenda, co-creating with employees a strengthened diversity, equity, and inclusion strategy, investing in underrepresented communities and taking action to help end systemic racism.
"2020 was a year of unprecedented challenges and hardship for us all, but also one of opportunity. At Hershey, our purpose – to make more moments of goodness – and our values of togetherness, integrity, excellence and making a difference, grounded our every effort as we put goodness into action by looking after one another and working together each and every day to make a positive impact," said Michele Buck, Chairman, President and CEO of The Hershey Company. "I am tremendously proud of the progress we made and the accelerated actions we took across ESG. There remains more work ahead for us, but by continuing to put our people first and focusing on what matters most to all of our stakeholders, we are confident about the future."
Notable milestones highlighted in Hershey's 2020 Sustainability Report include:
- Managing Through COVID-19: Protecting the physical, emotional and economic well-being of its many stakeholders was Hershey's top priority throughout the pandemic. The company invested $1 million to convert traditional manufacturing operations to produce more than 40 million masks, a portion of which were donated to community organizations and schools in its hometown of Hershey, PA. The company also provided incremental incentives and appreciation pay to its front-line workers in manufacturing and retail workers globally, enhanced its facilities with new safety equipment to allow for physical distancing and procured personal protective equipment (PPE) and hand sanitizer for employees and suppliers alike. Recognizing the dramatic shift for employees working from home, Hershey offered new family-friendly benefits to employees and flexible calendar management to balance added responsibilities. To make an impact on a global scale, Hershey joined forces with its partners in Ghana, Belize and Mexico to educate sugar and cocoa farmers on safety guidelines and best practices to help these communities stay resilient and healthy.
- Sourcing Cocoa Responsibly: At the heart of making the best chocolate in the world is sourcing the best cocoa grown around the globe – and Hershey continues to prioritize responsible cocoa sourcing to bring its iconic products to market sustainably. In 2020, Hershey achieved its 100% certified and sustainable cocoa commitment made in 2011 and further committed to 100% direct sourcing of all cocoa from Cote d'Ivoire and Ghana by 2025, enabling the company to have greater visibility and impact into where and how its cocoa is grown. Through its Cocoa For Good strategy, Hershey will continue its focus on supporting cocoa farmers and their families to be able to live healthy, prosperous lives in thriving ecosystems.
- Strengthening Climate Action: Hershey set science-based targets to reduce absolute greenhouse gas emissions by more than 50% across Scope 1 and 2 and 25% across Scope 3 by 2030, compared to 2018. The company detailed operational plans it is pursuing to deliver these goals including the development of renewable energy, investing in energy efficiency, improving the environmental sustainability of its packaging, working to stop land-use change in the agriculture production of ingredients and harnessing the passion of its employees on sustainability through new Green Teams that were launched during the year. In addition, the company has released its inaugural Task Force on Climate Related Financial Disclosures report, detailing how Hershey incorporates considerations of climate risks and opportunities into its business. Hershey concluded 2020 with a 23.7% improvement in Scope 1 and 2 emissions and a 12.6% improvement in Scope 3 emissions against its baseline. These bold steps will support Hershey in ensuring the long-term sustainability of its business, the planet and its people.
- Advancing Diversity, Equity and Inclusion (DEI): Hershey accelerated its focus on diversity, equity and inclusion with a refreshed enterprise inclusion strategy, new trainings, educational and career development resources for employees, and a $1.5 million investment in the Thurgood Marshall College Fund to provide scholarships for underrepresented populations. Today, the company is announcing new commitments to build a more diverse and inclusive workforce, with a goal of increasing the representation of people of color to 30-40% amongst its U.S. employees and of women globally to 47-50% by 2025. In 2020, we achieved 1:1 aggregate gender pay equity and by early 2021 we achieved 1:1 aggregate pay equity for salaried people of color in the United States. Hersheys seeks to maintain these existing achievements and has set a goal to achieve 1:1 pay equity for salaried employees worldwide. Hershey set additional leadership representation goals and disclosed its workforce diversity data. The company will achieve these commitments through The Pathways Project, a new enterprise strategy focused on inclusive hiring practices, targeted retention and advancement efforts and community engagement initiatives.
For more information on Hershey's Shared Goodness Promise, read the 2020 Sustainability Report. Additional information can be accessed in the company's Sustainable Accounting Standards Board (SASB) index and UN Guiding Principles Reporting Framework report and other reports available here.
About The Hershey Company
The Hershey Company is headquartered in Hershey, Pa., and is an industry-leading snacks company known for bringing goodness to the world through its iconic brands, remarkable people and enduring commitment to help children succeed. Hershey has approximately 17,000 employees around the world who work every day to deliver delicious, quality products. The company has more than 90 brands around the world that drive more than $8.1 billion in annual revenues, including such iconic brand names as Hershey's, Reese's, Kit Kat®, Jolly Rancher, Ice Breakers, SkinnyPop, and Pirate's Booty.
For more than 125 years, Hershey has been committed to operating fairly, ethically and sustainably. Hershey founder, Milton Hershey, created the Milton Hershey School in 1909 and since then the company has focused on helping children succeed.
To learn more visit www.thehersheycompany.com
KEYWORDS: NYSE:HSY, the hershey company
