McCormick Chairman, President and CEO Lawrence E. Kurzius reflects on meeting the commitments outlined in the Statement on the Purpose of a Corporation
Business Roundtable asked their members to reflect on delivering for their shareholders over the last year:
Supporting Communities Where We Live and Work — McCormick has committed over $10 million this year alone to help communities where we live, work and source. We are proud to have funded restaurant relief initiatives for local businesses in Maryland and New Orleans where we have significant business presence. We’ve also donated to social justice organizations in the U.S. and to food banks in over 21 countries, in addition to raising awareness for children affected by the coronavirus through our support of Drew Barrymore’s “Taco Tuesday” event and a corresponding donation to No Kid Hungry.
Delivering Value to Customers — McCormick understands our role in keeping our customers’ favorite brands in stock during the pandemic, while ensuring the quality and integrity of our products. Our purpose efforts have played a key role in meeting growing demand. Throughout the pandemic, we have leveraged our supply chain expertise and global sourcing capabilities to meet changes in customer needs. This was made possible by establishing deep partnerships and building resilience in the farming communities from which we source.
Investing in Our Employees — Our employees are critical to supplying essential food to millions of people around the globe and we are committed to keeping them safe and supported through these unprecedented times. McCormick implemented robust COVID-19 health and safety measures in our facilities around the world. We are also focused on protecting and improving employee livelihoods. We maintained employment, offered premium pay and flexible leave to individuals required to work on-site, and provided additional mental health and wellbeing resources to help employees manage through the pandemic.
Dealing Fairly and Ethically with Our Suppliers — McCormick is committed to supporting our critical suppliers like the smallholder farmers who sustainably grow our iconic ingredients. Through the pandemic, we’ve continued to do our part to build resilience in these communities through efforts such as providing access to technology, like FarmForce, to increase yields and securing critical personal protective equipment for farmers in Madagascar.
Generating Long-Term Value for Shareholders — Throughout our history, the responsibility of McCormick’s leaders to make a profit for shareholders, as well as improve society, has remained strong. Our strategic imperatives are designed to build long-term value and we’re proud that our three-year total shareholder return, as of July 31st, ranked highest among our large-cap food peers and exceeded the S&P 500 performance. We’re equally proud that McCormick’s commitment to purpose is demonstrated at all levels of our organization, from having one of the most diverse Boards of Directors in the industry, to the actions of our employees related to sustainability, diversity and inclusion, which have earned recognition by organizations like Corporate Knights, DiversityInc and the Human Rights Campaign.
