Company Profiles
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Tesco
United Kingdom
Tesco is a retailer of food, clothing, and household items. The majority of the company's sales are generated in the UK, but Tesco also has stores in Europe, Asia, and the U.S. Tesco is aware of the environmental impacts associated with the sourcing and distribution of its products and the operation of its many stores. CEO Sir Terry Leahy has been an outspoken champion for maneuvering Tesco's corporate culture to embrace carbon reductions, increase efficiency, and see ecological constraints as a business opportunity. The company has a comprehensive climate change strategy that aims to reduce operating emissions and empower customers to lessen their impact through educative product labeling. Examples of these initiatives include labels identifying the carbon footprint of various food products in Tesco's UK stores, as well as labels identifying products that have been shipped by airplane. Tesco also has above average supply chain initiatives, for example, the company offers private label toilet paper, paper towels, and face tissue from Forest Stewardship Council certified sources. In addition, Tesco has a non-GMO policy for its own-brand products in ten of twelve countries. Areas for improvement include expanding its carbon labeling efforts beyond the UK and including comprehensive metrics in its environmental reporting.
Contract Manufacturers and Labor Concerns:
Tesco uses contract manufacturers to produce some of its product lines, including clothing. The company is a founding member of the Ethical Trading Initiative and has a human rights policy statement that refers to the Universal Declaration on Human Rights. Read Portfolio 21's Globalization, Human Rights and Social Justice policy and our suggestions for action. Globalization, Human Rights and Social Justice policy.
Biotechnology Involvement:
Tesco has a non-GMO (genetically modified organisms) policy for its own-brand products in ten of twelve countries. However, in China and the U.S., any of the company's products containing soy and/or corn are likely to be from genetically modified sources. In 2007, sales from its own-brand products containing GMO ingredients were below 1% of total sales. Read our Biotechnology Policy for more of our view on this issue.
To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 3/31/09 and may not reflect current opinions or subsequent events.