The GraceKennedy Group with the roll-out of its inaugural environmental, social, and governance (ESG) “We Care’ annual report has said it remains committed to delivering exemplary products and services as it makes the business more sustainable for the future.

Prioritising the health and safety of consumers and the plant, the food and financial services conglomerate, as it looks to become a pioneer for ESG in the Caribbean, said it has over the last century been actively taking steps and making investments to pilot environmentally safe practices, while building on its foundation of good corporate governance.

“At GraceKennedy, we believe that we have a responsibility to act, and that is why we have taken the leap to establish a strong ESG framework for our business. GraceKennedy’s ESG journey has been 101 years in the making. It is the next logical step in the evolution of our well-established corporate governance programme, as we work towards achieving our 2030 vision of being the number one Caribbean brand in the world,” the company’s directors led by Chairman Gordon Shirley and Group CEO Don Wehby said.

Wehby, who has in recent times touted ESG as the way for the future, cited it as a critical component that will be much-needed by companies if they are to move discussions forward with top international organisations for funding, especially as these disclosures become increasingly more important to investors.

“Some financiers won’t even talk to you if you don’t have a proper ESG policy, so that is going to be a major focus for us,” he stated during the build-out of the strategy last year.

With his company bullish on achieving its 2030 vision which seeks to, among other things, list in overseas markets, the company has thrown its full support behind the adoption of its ESG framework.

At the start of this year, news came that it had engaged the services of US-based stock exchange Nasdaq to offer advisory and consultative services to develop and enhance the company’s ESG positioning and performance. This followed start-up investments of over US$3 million to implement solar energy across a number of its 50 subsidiaries and associate companies including supermarket retail chain Hi-Lo along with some of its factories.

Similarly, the company last year said it had also invested, through its large GK Foods division, over $10 million in the development of ‘Better for You’ products. This, as it also increased its efficient use of natural resources, expanding its line to include more sustainable packaging and recycling initiatives, with an aim to reduce its carbon footprint in its financial business. The company said it has in 2022 also invested over $35 million to raise awareness and promote inclusion done through a number of financial literacy programmes.

“In 2022 GK invested $227 million in building stronger communities, $51 million in food banks and charities to supplement nutritional needs and $127 million in projects to reduce, reuse and recycle waste,” the report further outlined.

The efforts which together fall in line with the company’s five ESG themes, it said has been fuelling its drive to adhere to the highest standards of integrity, providing a safe, diverse and respectful workplace, promoting responsible products and services, being environmental stewards as well as enabling its ability to forge vibrant and inclusive communities — all of which were advanced across its business in early 2022.

Amid heightened concerns for climate change and its deleterious effects which has been posing some serious challenges for the planet, GK said everyone will have a role to play in shaping a better world and they are committed to making that difference.

“Looking ahead, our approach to managing ESG will combine regular reassessments of our stakeholders’ priorities with consistent monitoring of our performance, to ensure that our efforts continue to be relevant and impactful. GK is committed to our ESG agenda, and we look forward to working together with all our stakeholders to build a brighter more sustainable future,” the company said in the recently launched report.

“Our We Care report showcases GK’s steadfast commitment to creating a more sustainable future for our company and the communities we serve around the world. As we build out our ESG workstreams and refine our monitoring and reporting framework, we look forward to sharing annual updates on our progress towards achieving our goals with you,” GK’s general counsel & chief corporate secretary and chair of the ESG committee Gail Moss-Solomon also stated.