CBrands Tops, Expands Water Restoration Goal
Constellation Brands said it has achieved its original target to restore ahead of plan about 1.1 billion gallons of water withdrawals from local watersheds and is now targeting to restore an incremental 4 billion gallons within the same timeframe, for a total of 5 billion gallons of water withdrawals restored by fiscal year 2025. The company is partnering with local authorities, community leaders, and water-focused NGOs on multiple ongoing water infrastructure and restoration projects detailed in its just-released ESG report.
“Water is one of our planet’s most precious natural resources, and a critical resource for our business. As such, we continue to prioritize efforts to improve water availability and resilience for communities where we operate, as we strive to ensure that we act in a manner that is both good for the world and good for the future of our business and stakeholders,” said Bill Newlands, president/CEO. “Our approach is designed to create and protect value for our business and neighbors, reflect our company values, and directly address pressing environmental and societal needs.”
Earlier this year, Constellation established two new environmental stewardship targets for packaging and waste – pursuing a TRUE Certification for Zero Waste in key operating facilities1 and significantly enhancing its use of circular packaging across the company’s portfolio – both with a target date of fiscal year 2025.
The company said it also continues its efforts to manage greenhouse gas emissions, specifically by decreasing its dependence on non-renewable energy sources through energy conservation and renewable energy initiatives.
Focus on social initiatives closely aligned with business objectives.
Constellation continues to advance its target to invest a total of $200 million to support female- and minority-founded businesses within the beverage alcohol industry over a 10-year period. With more than $98 million invested in 12 female- and minority-founded small businesses through August 2023, Constellation seeks to help create the industry’s next generation of brands aligned with evolving consumer preferences, further bolstering the company’s product portfolio.
In addition, partnerships with organizations whose missions and values align with those of Constellation’s consumers and employees, such as Dress for Success, UnidosUS, and the National Restaurant Association Educational Foundation, benefitted more than 18,000 individuals and families over the past two calendar years. Each of these organizations works to help provide career-building opportunities and pathways toward prosperity for underserved members of local communities where the company operates. These partnerships are discussed in more detail within the report.
“Our work related to social impact, providing access to beneficial resources and meaningful opportunities for the underserved, helps to create greater social equity which is key to building strong, resilient, and thriving communities,” said Mike McGrew, Constellation Brands’ EVP and Chief Communications, CSR, and Diversity Officer. “When this happens, we all win, as strong and thriving communities are essential to supporting the long-term viability and success of our business, local employees, and business partners. While we’re proud of the progress made to date, we realize there is still much work to be done, and we look forward to continued collaboration amongst our dedicated team members, community allies, and other external partners to make a meaningful, positive, and lasting difference.”
Introduced significant governance enhancements.
After transitioning from a dual to a single class, one share, one vote common stock structure in November 2022, Constellation also initiated a comprehensive Board refreshment and governance enhancement process, including electing two new Board members with strong financial backgrounds, and engaging in a process to identify a new independent Board Chair.