SANTA CRUZ, Calif.–(BUSINESS WIRE)–July 26, 2022–
The Food Retail Institute’s new environmental, social and governance (ESG) reporting standard provides a comprehensive set of criteria for food retail companies to track their sustainability performance. By setting a bar specific to the food retail industry, the standard sets companies on a path to bold operational change while improving transparency with investors and other stakeholders. Companies can download the standard now and contact Ratio Institute to begin their ESG journey.
Historically, food retailers have tracked ESG performance in a disparate fashion, drawing metrics from numerous voluntary, non-industry-specific reporting frameworks, such as the Climate Disclosure Project and the Global Reporting Initiative. This makes it difficult for investors, sellers, non-governmental organizations, buyers and other stakeholders to assess food retail businesses. Increasingly, stakeholders understand the importance of strong ESG performance and its link to financial performance. They want food retailers to be more transparent.
The new standard synthesizes and organizes metrics from several well-established voluntary reporting frameworks into an easy-to-implement reporting approach specific to food retail. It is designed to help retailers produce reports in the most relevant way for their business activities. It allows companies to set ESG goals and define strategies to achieve the goals, while providing insights into operational improvements that increase profitability.
“Equipped with a systematic approach to evaluating their operations, food retailers can more easily set their baseline and identify changes needed for significant greenhouse gas emissions and other performance gains,” said Jonathan. Tan, co-founder of the Ratio Institute. “This is a tremendous opportunity to raise the profile of the industry as a leader in sustainability. It is also a great profit opportunity for retailers and investors. Now investors can easily compare food retail companies to the best performing companies and make more informed investment decisions. »
“This is an important first step in defining sustainability reporting in the grocery industry,” said Mark Koppang, director of sustainability at Raley’s Supermarkets. “It allows companies to demonstrate their ESG commitment to their team members and customers and improve the industry as a whole.”
“IMF members ensure that the same transparency and rigor they bring to financial reporting is applied in their ESG reporting,” said Andrew Harig, vice president, Tax, Trade, Sustainability & Policy Development, at IMF, The Food Industry Association. “Ratio Institute has created a food retail-focused tool that can facilitate this process by providing a standardized framework for communicating metrics, best practices, commitments, and progress on increasingly important ESG goals. important to the grocery business model.”
To ensure the standard reflects industry best practices, The Ratio Institute solicited feedback from food retailers, sustainability professionals, regulators and suppliers during a 60-day public comment period. They are already working with several major retailers and cooperatives to adopt the standard.
Ratio Institute offers a suite of resources and tools that can help retailers adopt the standard. These include consultancy assignments, educational training and the Sustainable Food Retail Certification Program. Contact Ratio Institute to learn more.
About Ratio Institute
Ratio Institute is an independent, nonprofit organization dedicated to accelerating measurable food retail sustainability and viability through expert collaboration, industry resources, and practical tools. We work with food retailers, trade organizations and other partners to create enterprise-level sustainability solutions that reduce costs, optimize internal practices and improve overall performance. Learn more at ratioinstitute.org.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220726006085/en/
CONTACT: Jonathan Tan
Co-founder of the Ratio Institute
Phone: 805.794.9450
Email: jon.tan@ratioinstitute.org
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENVIRONMENT ENVIRONMENTAL ISSUES SUPERMARKET PROFESSIONAL SERVICES CONVENIENCE STORE SUSTAINABILITY FOOD/BEVERAGE ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) RETAIL
SOURCE: Ratio Institute
Copyright BusinessWire 2022.
PUBLISHED: 7/26/2022 4:00 PM / DISK: 7/26/2022 4:02 PM
http://www.businesswire.com/news/home/20220726006085/en
Copyright BusinessWire 2022.
