The Hershey Company Joins Sustainability Accounting Standards Board (SASB) Advisory Council
SASB to create sustainability standards for 89 industries across 10 sectors
HERSHEY, Pa., Dec. 4, 2012 /3BL Media/ - The Hershey Company (NYSE: HSY) today announced it will join the Advisory Council of the newly founded Sustainability Accounting Standards Board (SASB) as part of Hershey’s commitment to reporting on its expanding sustainability practices. As a member of the Advisory Council, Hershey will help develop reporting standards for the food and beverage industry that will support greater transparency.
The SASB, a newly formed nonprofit organization, aims to develop and disseminate sustainability accounting standards for 89 industries, which will give investors, companies and key stakeholders a comprehensive view of a company’s sustainability risks and opportunities.
“We are committed to being transparent with our stakeholders on a growing range of socially responsible and environmentally sustainable programs and initiatives at The Hershey Company,” says Todd Camp, Director, Corporate Social Responsibility at The Hershey Company. “We support SASB’s mission to create industry-specific standards that will increase transparency and ease of comparison across the food and beverage industry. We look forward to collaborating with our peers to help drive enhanced innovation and sustainability across our industry.”
Hershey understands that there are many non-financial material issues affecting a company’s ability to create long-term value. These sustainability issues vary greatly from industry to industry, and SASB, in partnership with industry leaders such as Hershey, will work to identify and understand these unique material issues so they can develop a standard for companies to measure, manage and disclose how they are mitigating sustainability risks.
Hershey is already committed to providing timely and relevant sustainability information to its key stakeholders through its CSR reports and scorecard updates; full CSR reports are released every even year with scorecard updates, providing progress against the company’s key sustainability benchmarks, published every odd year. Hershey also engages with stakeholders year round through ongoing announcements of new Corporate Social Responsibility projects and initiatives.
Most recently and significantly, Hershey announced its 2020 cocoa certification goals, a substantial commitment to addressing cocoa sustainability issues in the cocoa supply chain. Hershey will source 100 percent certified cocoa for its chocolate product lines globally by 2020 and accelerate its sustainability programs in Ghana and the Ivory Coast.
For more information on Hershey's 2011 CSR achievements and 2015 sustainability goals, please see: http://www.thehersheycompany.com/social-responsibility/csr-report.aspx
Additional information on the SASB is available at sasb.org or read “Why SASB is a Game Changer for Sustainable Business” on Greenbiz.com.
About The Hershey Company
The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and approximately 14,000 employees. With revenues of more than $6 billion, Hershey offers confectionery products under more than 80 brand names, including such iconic brands as Hershey's, Reese's, Hershey's Kisses, Hershey's Bliss, Hershey's Special Dark, Kit Kat, Twizzlers, Jolly Rancher and Ice Breakers.
Hershey also offers premium and artisan chocolate products under such brands as Scharffen Berger and Dagoba through the Artisan Confections Company, a wholly owned subsidiary. The company is focused on growing its presence in key international markets such as China and Mexico while continuing to build its competitive advantage in the United States and Canada.
For more than 100 years, The Hershey Company has been a leader in making a positive difference in the communities where its employees live, work and do business.
Corporate Social Responsibility is an integral part of the company’s global business strategy, which includes goals and priorities focused on fair and ethical business dealings, environmental stewardship, fostering a desirable workplace for employees, and positively impacting society and local communities.
Milton Hershey School, established in 1909 by the company's founder and administered by Hershey Trust Company, provides a quality education, housing, and medical care at no cost to children in social and financial need. Students of Milton Hershey School are direct beneficiaries of The Hershey Company's success.