Starbucks Announces Intention to Establish a New Environmental, Partner and Community Impact Board Committee Focused on Oversight of Stakeholder Promises
20 Novembro 2023 - 6:13PM
Business Wire
Starbucks Coffee Company (NASDAQ: SBUX) today announced its
Board of Directors intends to establish a new Environmental,
Partner and Community Impact (EPCI) Board Committee, as a continued
evolution of the overall governance approach to the company.
Starbucks has always striven to be a different kind of company.
Upon assuming the role of chief executive officer in March 2023,
Laxman Narasimhan and the executive leadership team worked together
with partners (employees) to refound Starbucks with an evolved
mission and a set of six promises to the company’s most important
stakeholders: at our best, for our partners, to offer a bridge to a
better future; for our customers, to Uplift the Everyday; for our
farmers, to ensure the future of coffee for all; for our
communities, to contribute positively; for our environment, to give
more than we take; and for our shareholders, to generate enduring
returns.
"Over the past year, we have been singularly focused on ensuring
that we are well positioned for mutual success with all of our
stakeholders,” said Narasimhan, chief executive officer of
Starbucks. “Living our new mission and upholding our new set of
promises and values every day is paramount to achieving this mutual
success. This committee will keep us accountable and push us
forward.”
In recognition of the changing operating environment for the
company, at its meeting last week, the Board of Directors aligned
to the establishment of the EPCI Board Committee. The new committee
will assist the Starbucks Board of Directors in fulfilling its
oversight responsibilities required to respond to shifting
regulations and standards, and drive accountability across
Starbucks promises on environment, partners, and community impact.
The committee will also have oversight of internal and external
reporting tools and assessments, including the annual Global
Environment and Social Impact Report (GESI) and initiatives to
strengthen partner engagement and revitalize partner culture.
“Starbucks has always set ambitious goals to deliver performance
through the lens of humanity,” said Mellody Hobson, independent
Starbucks Board of Directors chair. “Our new mission reflects the
changing global environment and builds on our brand’s legacy of
driving human connection and purpose. This new board committee is
another step forward to help us deliver on our promises to our
partners, community, and the environment.”
Beth Ford, currently a Starbucks director and President and
Chief Executive Officer of Land O’Lakes, will serve as the
independent chair of the EPCI Board Committee.
Jørgen Knudstorp, independent chair of the Nomination and
Governance Committee of the Board of Directors, said, “We are
contemporizing our approach to governance at Starbucks to reflect
the future changes we see in the environment. This new committee
will unify important work already taking place across other areas
of the board to help ensure we are listening to our constituents
and delivering on our promises consistently and transparently. The
committee looks forward to updating our stakeholders on our work
through the annual GESI Report and our other ongoing assessments. I
am excited that Beth Ford has agreed to chair this committee and to
work alongside my fellow directors to continue to drive positive
outcomes for all Starbucks stakeholders.”
Starbucks plans to continue to lead by example. Consistent with
its strong record of pursuing ambitious goals, programs, and
reporting on environmental, social and governance progress with
intention, transparency and accountability, Starbucks will disclose
its Fiscal 2023 Human Rights Impact Assessment and the independent
assessment of its adherence to the principles of freedom of
association and the right to collective bargaining in fiscal Q1
2024 and its GESI Report in fiscal Q2 2024.
About Starbucks
Since 1971, Starbucks Coffee Company has been committed to
ethically sourcing and roasting high-quality arabica coffee. Today,
with more than 38,000 stores worldwide, the company is the premier
roaster and retailer of specialty coffee in the world. Through our
unwavering commitment to excellence and our guiding principles, we
bring the unique Starbucks Experience to life for every customer
through every cup. To share in the experience, please visit us in
our stores or online at https://stories.starbucks.com or
www.starbucks.com.
Forward-Looking
Statements
Certain statements contained herein are “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding future events and the future results
of Starbucks Corporation (together with its subsidiaries) that are
based on our current expectations, estimates, forecasts and
projections about our business, our results of operations, the
industry in which we operate, our economic and market outlook, and
the beliefs and assumptions of our management. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include words
such as “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “plans,” “seeks” or words of similar meaning, or future
or conditional verbs, such as “will,” “should,” “could,” “may,”
“aims,” “intends,” or “projects.” By their nature, forward-looking
statements involve risks, uncertainties, and other factors (many
beyond our control) that could cause our actual results to differ
materially from our historical experience or from our current
expectations or projections. Our forward-looking statements, and
the risks and uncertainties related thereto, include, but are not
limited to, those described under the “Risk Factors” and
“Management's Discussion and Analysis of Financial Condition and
Results of Operations” sections of the company’s most recently
filed periodic reports on Form 10-K and Form 10-Q and subsequent
filings with the SEC, as well as:
- our ability to preserve, grow and leverage our brands;
- the acceptance of the company’s products and changes in
consumer preferences, consumption, or spending behavior and our
ability to anticipate or react to them; shifts in demographic or
health and wellness trends; or unfavorable consumer reaction to new
products, platforms, reformulations, or other innovations;
- our anticipated operating expenses, including our anticipated
total capital expenditures;
- the costs associated with, and the successful execution and
effects of, our existing and any future business opportunities,
expansions, initiatives, strategies, investments and plans,
including our Reinvention Plan;
- the impacts of partner investments and changes in the
availability and cost of labor including any union organizing
efforts and our responses to such efforts;
- the ability of our business partners, suppliers and third-party
providers to fulfill their responsibilities and commitments;
- higher costs, lower quality, or unavailability of coffee,
dairy, energy, water, raw materials, or product ingredients;
- the impact of significant increases in logistics costs;
- a worsening in the terms and conditions upon which we engage
with our manufacturers and source suppliers, whether resulting from
broader local or global conditions, or dynamics specific to our
relationships with such parties;
- unfavorable global or regional economic conditions and related
economic slowdowns or recessions, low consumer confidence, high
unemployment, weak credit or capital markets, budget deficits,
burdensome government debt, austerity measures, higher interest
rates, higher taxes, political instability, higher inflation, or
deflation;
- inherent risks of operating a global business including
geopolitical instability;
- failure to attract or retain key executive or partner talent or
successfully transition executives;
- the potential negative effects of incidents involving food or
beverage-borne illnesses, tampering, adulteration, contamination or
mislabeling;
- negative publicity related to our company, products, brands,
marketing, executive leadership, partners, board of directors,
founder, operations, business performance, or prospects;
- potential negative effects of a material breach, failure, or
corruption of our information technology systems or those of our
direct and indirect business partners, suppliers or third-party
providers, or failure to comply with personal data protection
laws;
- our environmental, social and governance (“ESG”) efforts and
any reaction related thereto such as the rise in opposition to ESG
and inclusion and diversity efforts;
- risks associated with acquisitions, dispositions, business
partnerships, or investments – such as acquisition integration,
termination difficulties or costs or impairment in recorded
value;
- the impact of foreign currency translation, particularly a
stronger U.S. dollar;
- the impact of substantial competition from new entrants,
consolidations by competitors, and other competitive activities,
such as pricing actions (including price reductions, promotions,
discounting, couponing, or free goods), marketing, category
expansion, product introductions, or entry or expansion in our
geographic markets;
- the impact of changes in U.S. tax law and related guidance and
regulations that may be implemented, including on tax rates and the
Inflation Reduction Act of 2022;
- the impact of health epidemics, pandemics or other public
health events on our business and financial results, and the risk
of negative economic impacts and related regulatory measures or
voluntary actions that may be put in place, including restrictions
on business operations or social distancing requirements, and the
duration and efficacy of such restrictions;
- failure to comply with anti-corruption laws, trade sanctions
and restrictions or similar laws or regulations; and
- the impact of significant legal disputes and proceedings, or
government investigations.
In addition, many of the foregoing risks and uncertainties are,
or could be, exacerbated by any worsening of the global business
and economic environment. A forward-looking statement is neither a
prediction nor a guarantee of future events or circumstances, and
those future events or circumstances may not occur. You should not
place undue reliance on the forward-looking statements, which speak
only as of the date of this report. We are under no obligation to
update or alter any forward-looking statements, whether as a result
of new information, future events or otherwise.
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Starbucks Contact, Media: Reggie Borges press@starbucks.com
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