Dive Brief:
- Manufacturers Hormel Foods and Campbell were near the top of Corporate Responsibility Magazine's annual 100 Best Corporate Citizens list.
- Hormel Foods was ranked No. 8. It made the list for the ninth consecutive year, though this is the first time the company has been in the top 10.
- Campbell ranked No. 5 among all large-cap Russell 1000 companies on the magazine’s annual list.
Dive Insight:
The CR Magazine Corporate Citizenship database uses 260 data elements among seven categories to create its much anticipated list. Consumers take companies that present themselves as good corporate citizens and environmentally friendly seriously, so getting on the list is a big deal.
A recent Nielsen global online study showed that millennials are willing to pay more for sustainable offerings and appreciate companies that concern themselves with being good stewards of the environment. The report also showed that 75% of consumers are not as concerned about price if something falls into the category.
The two food companies in the top 10 have worked hard to bolster their corporate citizenship credentials.
Over the last five years, Campbell has massively reduced its energy use and pollutant emissions. By 2020, the company wants to cut the environmental footprint of its product portfolio in half. In 2015, the company added renewable energy in two plants, recycled 84% of its waste, eliminated 316,000 pounds of packaging raw materials, and reduced water and emissions.
Hormel Foods has continued to make strides in environmental impact reductions, animal welfare, health and wellness and philanthropy.
Corporate responsibility is becoming more important to consumers, who tend to do their research about companies and support the ones with favorable policies. Nowadays, new policies in sustainability, sourcing or improved working conditions tend to help the environment, a company's employees and its bottom line.