In addition to achieving its commitment to source 100 percent mass
balanced RSPO (Roundtable on Sustainable Palm Oil) certified palm oil
more than a year ahead of its original 2015 commitment, The Hershey
Company (NYSE:HSY) announced today it will also work with its suppliers
to achieve 100 percent traceable and sustainably sourced palm oil by the
end of 2014.
This mature palm tree is approximately 20-25 years old and is located on a palm plantation in Malaysia. Palm exports from Malaysia and Indonesia make up approximately 85 percent of the palm oil market. (Photo: Business Wire)
"The Hershey Company is committed to continuous improvement and
transparency in our sustainable sourcing efforts," said Frank Day, Vice
President of Global Commodities. "Our move to source 100 percent
traceable palm oil is the latest step forward in our efforts to ensure
we are sourcing only sustainably grown palm oil that does not contribute
to the destruction of wildlife habitat or negatively impact the
environment. Our sustainable sourcing programs continue to improve and
evolve and progress is reported annually in our Corporate
Social Responsibility Report."
New Supplier Requirements
While The Hershey Company is a very small consumer in the palm oil
market, the additional step of 100 percent traceability will assure that
the palm oil in its supply chain is produced using the most rigorous
sustainability practices. To achieve this commitment, the company will
work closely with its suppliers and industry experts to ensure palm oil
comes from sustainable sources. Suppliers will be required to
independently verify that sources:
-
Do not contribute to deforestation or the destruction of wildlife
habitat
-
Do not clear high carbon stock forests
-
Do not contribute to peat land expansion
-
Operate in compliance with local laws and regulations
The goal of these requirements is to identify palm oil producers that
are engaging in unsustainable practices, work with suppliers to
remediate these actions and, if necessary, remove these producers from
Hershey's supply chain.
In November, Hershey's palm oil sourcing efforts were recognized in the World
Wildlife Fund's 2013 Palm Oil Buyers Scorecard, where Hershey scored
10 out of a possible 12 points with 12 being the highest score.
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 $6.6 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. The company is focused on growing
its presence in key international markets such as China, Mexico and
Brazil 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 funded by a
trust 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.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20131217005820/en/
The Hershey Company
Jeff Beckman, 717-534-8090
jbeckman@hersheys.com