In this file:
· Kroger to create and adopt a no-deforestation policy
· Kroger CEO gets a big pay hike
Kroger to create and adopt a no-deforestation policy
Melissa Breyer, TreeHugger
May 9, 2019
The largest grocery chain in the US will develop and implement a new plan to improve its protection of tropical forests.
Two years ago, the Union of Concerned Scientists released a report that ranked 13 major food companies on their deforestation-free beef commitments and practices, highlighting that fact that, "beef is the largest driver of tropical deforestation – and companies that buy beef from tropical countries could be doing a lot more to stop it."
Kroger, the United States' largest grocery chain and the country's largest second-largest general retailer behind Walmart, received zero points out of 100 in the rating of deforestation-free beef policies and practices.
"Tropical deforestation is responsible for about 10 percent of global warming emissions," wrote the authors of the report, "and no product contributes more to tropical deforestation than beef. Each year, millions of hectares of forest are cleared for beef pasture, releasing carbon into the atmosphere and destroying habitat of endangered species."
But now the company will be developing and implementing a no-deforestation policy that will cover their private label "Our Brands" products, according to a statement from Green Century Funds. The environmentally responsible investment group has been pushing the company for a commitment like this for years.
“Kroger prides itself on ‘nourishing our communities and preserving our planet’ and, as one of the largest retailers in the world, this new commitment certainly will help preserve the world’s forests,” said Green Century Shareholder Advocate Jessye Waxman. “By listening to our concerns about deforestation risks in its supply chain and agreeing to implement a no-deforestation policy, Kroger is making real progress on this important and material sustainability issue.”
Kroger will assess their exposure to deforestation and with that information outline a no-deforestation policy. In addition, they will also share progress on their deforestation commitments in their annual Sustainability Report, as well as joining the Roundtable for Sustainable Palm Oil (RSPO) and completing the CDP Forests questionnaire.
At the very least, it's a good start...
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Kroger CEO gets a big pay hike
By Steve Watkins, Cincinnati Business Courier
May 8, 2019
Kroger Co. gave CEO Rodney McMullen a 19% pay hike last year, pushing his compensation near $12 million and making him one of Greater Cincinnati’s top-paid CEOs.
Cincinnati-based Kroger (NYSE: KR), the nation’s largest operator of traditional supermarkets, boosted McMullen’s pay to $11.8 million last year, according to Securities and Exchange Commission filings. That’s up from $9.9 million in 2017. McMullen’s pay excludes changes in the actuarial present value of his pension benefit, a calculation the SEC requires but the Courier excludes from calculations of total compensation.
McMullen was Greater Cincinnati’s fourth highest-paid public company CEO in 2017 and will likely remain in that slot when the Courier completes 2018 calculations in June.
McMullen’s raise came from Kroger’s cash incentive bonus plan. He earned $2.7 million through that plan last year, up from just $360,000 the prior year. Nearly $2.3 million of that came from Kroger’s annual cash bonus plan. The rest resulted from Kroger’s long-term cash bonus plan.
Kroger bases the annual cash bonus plan on...