Sunday, July 14, 2024

Starbucks announces intention to establish new Board Committee

SEATTLE, USA — Starbucks Coffee Company yesterday announced its Board of Directors intends to establish a new Environmental, Partner and Community Impact (EPCI) Board Committee, as a continued evolution of the overall governance approach to the company. Starbucks has always striven to be a different kind of company.

Upon assuming the role of chief executive officer in March 2023, Laxman Narasimhan and the executive leadership team worked together with partners (employees) to refound Starbucks with an evolved mission and a set of six promises to the company’s most important stakeholders: at our best, for our partners, to offer a bridge to a better future; for our customers, to Uplift the Everyday; for our farmers, to ensure the future of coffee for all; for our communities, to contribute positively; for our environment, to give more than we take; and for our shareholders, to generate enduring returns.

“Over the past year, we have been singularly focused on ensuring that we are well positioned for mutual success with all of our stakeholders,” said Narasimhan, chief executive officer of Starbucks. “Living our new mission and upholding our new set of promises and values every day is paramount to achieving this mutual success. This committee will keep us accountable and push us forward.”

In recognition of the changing operating environment for the company, at its meeting last week, the Board of Directors aligned to the establishment of the EPCI Board Committee. The new committee will assist the Starbucks Board of Directors in fulfilling its oversight responsibilities required to respond to shifting regulations and standards, and drive accountability across Starbucks promises on environment, partners, and community impact.

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The committee will also have oversight of internal and external reporting tools and assessments, including the annual Global Environment and Social Impact Report (GESI) and initiatives to strengthen partner engagement and revitalize partner culture.

“Starbucks has always set ambitious goals to deliver performance through the lens of humanity,” said Mellody Hobson, independent Starbucks Board of Directors chair. “Our new mission reflects the changing global environment and builds on our brand’s legacy of driving human connection and purpose. This new board committee is another step forward to help us deliver on our promises to our partners, community, and the environment.”

Beth Ford, currently a Starbucks director and President and Chief Executive Officer of Land O’Lakes, will serve as the independent chair of the EPCI Board Committee.

Jørgen Knudstorp, independent chair of the Nomination and Governance Committee of the Board of Directors, said, “We are contemporizing our approach to governance at Starbucks to reflect the future changes we see in the environment. This new committee will unify important work already taking place across other areas of the board to help ensure we are listening to our constituents and delivering on our promises consistently and transparently. The committee looks forward to updating our stakeholders on our work through the annual GESI Report and our other ongoing assessments. I am excited that Beth Ford has agreed to chair this committee and to work alongside my fellow directors to continue to drive positive outcomes for all Starbucks stakeholders.”

Starbucks plans to continue to lead by example. Consistent with its strong record of pursuing ambitious goals, programs, and reporting on environmental, social and governance progress with intention, transparency and accountability, Starbucks will disclose its Fiscal 2023 Human Rights Impact Assessment and the independent assessment of its adherence to the principles of freedom of association and the right to collective bargaining in fiscal Q1 2024 and its GESI Report in fiscal Q2 2024.

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