APRIL 2014 // BOSTON, MA: Trillium Asset Management (Trillium) is pleased to announce the successful withdrawal of our 2014 shareholder proposal at PepsiCo (NYSE: PEP) following the company’s public adoption of a zero tolerance policy for illegal activities in its supply chain regarding land displacements of any legitimate land tenure holders.
Trillium co-filed this shareholder proposal with Oxfam America requesting that the company address land rights issues throughout its supply chain.
As the demand for sugar cane increases, there is concern over large-scale land grabs in developing countries that evict traditional farmers through coercion or fraud.
Oxfam’s leadership and productive engagements with Pepsi lead the company to make a number of meaningful commitments. Pepsi will adhere to the principle of Free Prior and Informed Consent across its operations and suppliers to avoid conflicts that drive farmers out of their homes. In an effort to provide greater transparency Pepsi will also immediately disclose the top three countries and suppliers of its cane sugar, palm oil, and soy. In addition, Pepsi has said it will carry out wide-ranging environmental assessments across its global supply chains.
Trillium commends the work of Oxfam and Pepsi for the adoption of a policy that will strengthen the company’s ability to assess its suppliers’ performance ultimately pushing stronger standards in the food industry.
For more information: Randy Rice, Trillium Asset Management, (617) 515-6889, firstname.lastname@example.org