GraceKennedy (GK) has engaged US-based stock exchange Nasdaq to support the development of its environmental, social and governance (ESG) programme.

In early 2022 GK announced that it would be pursuing an ESG agenda, in keeping with the strategic objectives of its 2030 vision which seeks to bolster revenues and profits for the company while positioning the operation to become more globally competitive.

ESG considers how a company safeguards the environment, manages relationships with its internal and external stakeholders and governs the operations of its business. Nasdaq, through its ESG Advisory, offers consultative services to develop and enhance companies’ ESG positioning and performance, especially now as ESG disclosures become increasingly more relevant to investors.

“We are excited to be working with Nasdaq to build out our group’s ESG programme. Although there aren’t currently any stock exchanges in the Caribbean which requires ESG disclosures, GraceKennedy aims to be the regional leader in this regard and our approach must be world-class, in keeping with current trends,” said GK’s Group Chief Executive Officer (CEO) Don Wehby.

“Adopting an ESG approach for our business aligns seamlessly with GK’s long-standing commitment to being a good corporate citizen, and our core values of honesty, integrity, and trust, always underpinned by our we care ethos — so this is a logical evolution for our business as we look to the future of our business around the world,” he added.

By conducting an ESG Materiality Assessment for GraceKennedy, Nasdaq will begin to provide insights into the organisation and its stakeholders’ perceptions of key risks and opportunities for growth related to each dimension of ESG. This process is deemed particularly relevant as the international regulatory environment moves towards one which requires ESG disclosures by publicly traded companies — signalling a shift towards greater transparency, accountability, and sustainability.

GK, now in receipt of over 40 best practices awards from the Jamaica Stock Exchange (JSE) among other prestigious ones, prides itself as a strong corporate citizen which over the last century has largely remained committed to key governance standards and international best practices.

“At GraceKennedy, good governance is at the core of everything that we do and it is often echoed that ‘what gets measured, gets done.’ Once our materiality assessment has helped establish our key ESG goals, the next step is about measuring our contributions towards these goals to ensure that meaningful and impactful work is being done. ESG is not only about being a good corporate citizen, but it must also be a win-win for our business and the communities we serve. Our shareholders and other stakeholders will hold us accountable to that, and so it is critical that we are able to quantify our progress,” commented Gail Moss-Solomon, general counsel & chief corporate secretary, who is also the executive sponsor for the group’s ESG programme.