Climate Change Data

Environmental Metrics

ESG Focus Areas

• Nutrition
• Responsible Sourcing
• Product Transparency
• Food Safety
• Worker Health & Safety
• Diversity, Equity & Inclusion
• Climate Change
• Marine Conservation
• Land Conservation
• Regenerative Agriculture
• Waste Reduction
• Water Conservation
• Food Security
• Philanthropy
• Trusted Corporate Citizens

Environmental Achievements

• Implemented energy-saving projects resulting in approximately 3.5 million kWh savings.
• Improved landfill diversion rate to 54%.

Social Achievements

• Responded to the pandemic by implementing employee health and safety protocols.
• Acquired Clearwater Seafoods in a 50/50 partnership with seven Mi'kmaq First Nations.
• Promoted three women to new leadership roles.
• Developed a new diversity, equity and inclusion training program.

Governance Achievements

• Established a corporate ESG committee.
• Formalized ESG reporting processes overseen by the board-level Corporate Governance and Nominating Committee.

Climate Goals & Targets

Environmental Challenges

• Decentralized nature of the company making ESG reporting challenging.
• Pandemic-related supply chain disruptions.
• Climate change risks (increased temperatures, extreme weather, rising sea levels, etc.).
• Water risk in high-risk areas.

Mitigation Strategies

• Weekly online calls among business leaders to share information and best practices.
• Resiliency built into supply chains.
• Disaster recovery planning, diversification of products and procurement strategies, energy reduction projects, etc. (for climate change).
• Risk mitigation plans for facilities in high-water-stress areas, continuous monitoring of water stress levels.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• In-person plant inspections
• Background checks
• Regulatory compliance checks
• Third-party certifications

Climate-Related Risks & Opportunities

Physical Risks

• Increased temperatures
• More frequent and extreme weather events
• Rising sea levels
• Exposure to contaminants and zoonotic diseases

Transition Risks

• Market risk - food price volatility
• Increasing government regulation and climate-related taxes
• Consumer preference for lower-carbon products
• Transition to low-carbon equipment

Opportunities

• Energy reduction projects
• Development of alternative energy sources
• Business relationships and consumer trend analysis
• Entrepreneurial culture and decentralized decision-making

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UN SDGs

Certifications: SQF, BRCGS, FSSC 22000, Ocean Wise, MSC

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Proof Not Promises Award

Environmental Metrics

ESG Focus Areas

• Nutrition and Product Transparency
• Responsible Sourcing
• Food Safety
• Worker Health & Safety
• Diversity, Equity and Inclusion (DEI)
• Climate Change
• Waste Reduction
• Water Conservation
• Community Engagement

Environmental Achievements

• Reduced fresh water usage by 5% despite a 10% increase in production volume.
• Increased landfill diversion rate by 3 percentage points to 57%.
• Increased purchasing ratio of sustainable seafood by 23% to 74%.

Social Achievements

• Developed a new DEI training program attended by over 250 senior executives.
• Increased the portion of Specialty Foods segment’s processing facilities with GFSI food safety certifications from 89% to 97%.
• Continuing support of over 190 charitable organizations.

Governance Achievements

• Established a corporate DEI committee.
• Formalized a Premium Brands' Supplier Code of Conduct.

Climate Goals & Targets

Environmental Challenges

• Challenges in tracking product attributes to monitor progress towards goals.
• Food safety and product quality challenges in transitioning food packaging away from single-use virgin plastics.
• Inconsistent measurement metrics for occupational health and safety (OHS)-related days absent across businesses.
• Resourcing constraints caused by labor shortages impacting implementation of some programs.
• Challenges in accessing accurate water usage information for one Priority Facility.
• Increase in GHG emissions due to increased production volume and employees returning to work post-pandemic.

Mitigation Strategies

• Implementing processes to catalogue comprehensive product details to set measurable targets.
• Working with suppliers to find solutions for sustainable packaging.
• Implementing standard work safety metrics and definitions across all businesses.
• Revising targets to reflect deferments due to labor shortages.
• Targeting to have accurate water usage information in place by 2024.
• Prioritizing ongoing development of GHG emission reduction activities and investments in low GHG emission technologies.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Supplier Code of Conduct
• Verification of certifications (e.g., GFSI, Organic, MSC, Ocean Wise)
• Extensive approval process for new suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Rising sea levels
• Increased temperatures

Transition Risks

• New climate disclosure requirements
• Regulations and taxes
• Technology requirements
• Market shifts

Opportunities

• Cost savings from reduced GHG emissions
• Opportunities for low GHG emission energy alternatives

Reporting Standards

Frameworks Used: TCFD, SASB, GRI

Certifications: SQF, BRCGS, FSSC 22000

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• New value-added, high protein seafood products (Maximum Seafood)
• Organic turkey wiener (Yorkshire Valley Farms)
• Line of 24-hour naturally fermented sourdough bread (Island City Bakery)

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change
• Waste Reduction
• Water Conservation
• Worker Health & Safety
• Diversity, Equity & Inclusion (DEI)
• Responsible Sourcing
• Food Safety
• Nutrition & Product Transparency
• Indigenous Matters
• Community Investment

Environmental Achievements

• GHG emissions for 2020 baseline businesses decreased by 0.5% to 81,984 metric tons of CO2e.
• Landfill diversion rate for baseline businesses improved by 6 percentage points to 60%.
• 97% of 2020 baseline Specialty Foods’ businesses achieved GFSI certification.

Social Achievements

• 93% of 2020 baseline businesses implemented a formal near-miss reporting system.
• 100% of 2020 baseline companies implemented an Employee and Family Assistance Program (EFAP).
• Implemented a DEI training program for senior executives.
• Established a corporate DEI committee and a Women of PB program.

Governance Achievements

• Formalized reporting to measure GHG emissions and set ambitious reduction targets.
• Adopted the Task Force on Climate-Related Financial Disclosures (TCFD) reporting framework.
• Implemented a new set of standards for tracking work safety metrics.

Climate Goals & Targets

Environmental Challenges

• Slower than expected ramp up of cage-free egg production.
• Reclassification of certain shellfish impacting sustainable seafood purchase percentage.
• Challenges in achieving GHG emission reduction targets due to organic growth.
• Complex data requirements for SBTi submission.
• Limited availability of human resources for SBTi project.
• Increase in fresh water usage at Priority Facilities due to increased production volumes and improved reporting measurements.

Mitigation Strategies

• Collaborating with suppliers to advance cage-free egg production.
• Working with new acquisitions to implement GHG emission reduction initiatives.
• Refining GHG emissions inventory and working with third-party advisors on scope 3 emissions.
• Developing a plan to engage supply chain partners on climate action.
• Exploring new options to reduce water usage, including effluent treatment for reuse.

Supply Chain Management

Responsible Procurement

• Formal supplier approval process including assessments of quality control, food safety, regulatory compliance, and alignment with Supplier Code of Conduct.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events
• Increase in temperatures
• Water scarcity
• Rising sea levels

Transition Risks

• Policy and legal changes
• Technology requirements
• Market shifts

Opportunities

• Development of energy-efficient products
• Green financing opportunities

Reporting Standards

Frameworks Used: TCFD, SASB, GRI

Certifications: SQF, BRCGS, FSSC 22000

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 12 (Responsible Consumption and Production)
• Goal 13 (Climate Action)
• Goal 8 (Decent Work and Economic Growth)
• Goal 17 (Partnerships for the Goals)

Initiatives contribute to these goals through various environmental, social, and governance programs.