URC adopts sustainability strategy

MANILA -- Universal Robina Corporation (URC) on Thursday unveiled its long-term sustainability commitments that will form part of its business strategy, joining the list of businesses across the globe that continues to adapt to the best in class standards in sustainable development.

URC told the local bourse on Thursday that the strategy called “Our Purposeful Transformation” is a blueprint that defines its sustainability commitments that focus on natural resources, people and products for the initial period of five years.

It will later on be expanded to cover two additional commitments: supply chain and economic focus areas, both of which are targeted to be achieved by 2030.

“At URC, we re-imagine snack foods and beverages as not only bringing delight to consumers, but also benefiting our key stakeholders and the environment. Each of us has a critical role to play in making sure that we take care of our world," said URC President and Chief Executive Officer Lance Y. Gokongwei.

The company said ESG (Environment, Social, and Governance) has become the set of standards for its operations that socially conscious investors use to screen investments and this is beyond corporate social responsibility and the environment.

"As URC continues to grow, sustainability would play an even more critical role in our core business strategy and culture. We will transform with a purpose...we will lead through sustainability," said Gokongwei.

URC’s ESG commitment is highlighted with the release of the company’s first ever Sustainability Report which is referenced to the Global Reporting Initiative Standards (GRI), the most comprehensive and widely used sustainability reporting framework around the globe.

The company intends to come out with this report every two years to announce  its achievements in the areas of sustainability.

Gokongwei said reporting on the company’s sustainability performance would now be a deliberate undertaking at URC.  

He explained this reporting practice would serve as the mechanism by which the company would track and measure its progress on this enterprise-wide transformation. (PNA)