Smithfield Foods Issues Integrated Report10 August 2012
US - Smithfield Foods, is to issue its first-ever Integrated Report that provides shareholders, customers, consumers and other stakeholders with a complete review of both the company's financial and sustainability results for fiscal year 2012 in one publication.
The 2012 Integrated Report, which combines Smithfield's Annual Report and Corporate Social Responsibility (CSR) Report, is initially being sent to the company's shareholders and employees this week.
Online and print copies of the new report also are available by visiting www.smithfieldfoods.com and www.smithfieldcommitments.com.
In explaining the rationale behind combining annual financial and sustainability performances into one report, Smithfield Foods President and Chief Executive Officer C. Larry Pope said: "This report aims to demonstrate the value that Smithfield Foods delivers to all our stakeholders—from employees to investors to the communities in which we operate. Value creation and economic performance have always been at the heart of our sustainability commitments and performance. By combining the two reports, we are better able to explain how our sustainability efforts relate to our financial success as a corporation.
"Here at Smithfield, we believe that a strong business yields strong sustainability performance. And there is no doubt in my mind that our sustainability strategy strengthens our business," Mr Pope added.
Dennis H. Treacy, Smithfield's executive vice president and chief sustainability officer, said: "Our sustainability strategy is based on our core values and organized by five pillars that represent our key areas of sustainability focus: animal care, employees, environment, food safety and quality, and helping communities. This year, we have also identified and report on a sixth pillar, value creation, recognizing that this concept underpins our sustainability strategy and connects it with our business results."
Mr Treacy cited the following company achievements as examples of how Smithfield has created value for shareholders and stakeholders:
- Since 2004, the company has saved an estimated $285.6 million in operating costs through environmental improvement awards projects that cost $57.5 million to implement.
- Additional employee training has greatly reduced the number of worker injuries over the years; these programs reduced workers' compensation costs by an estimated 25% between April 2010 and April 2012.
- All of Smithfield's Independent Operating Companies (IOCs) sponsored one or more employee wellness programs.
- Several recent packaging reduction initiatives across all Smithfield IOCs yielded savings of $2.75 million.
- Smithfield donated 6.9 million servings of food in the U.S. in fiscal 2012.
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