IFF Details Sustainability Leadership in Do More Good Report

International Flavor & Fragrances, Inc. (IFF) has released its 2023 Do More Good Report, detailing how the company is progressing against its environmental, social, governance, and sustainable solutions (or ESG+) strategy across the organization.

The report showcases that IFF enabled customers and consumers to avoid approximately 24.6 million tons of CO2 emissions using IFF innovations, among other achievements.

“Sustainability for us at IFF is more than just a cost of doing business today – it drives everything we do,” said Erik Fyrwald, IFF CEO. “Our passion for sustainable innovation, coupled with ambitious target-setting is vital in helping our customers achieve their sustainability goals and targets.”

This new report marks the third year following the 2021 launch of the company’s Do More Good Plan, which strategically positions IFF to amplify industry-wide and societal change toward sustainable development. The plan is built upon four pillars: sustainable solutions; climate & planetary health; equity & wellbeing; and transparency & accountability.

The most recent disclosures are organized according to the results of a double materiality assessment commissioned by IFF to understand and identify the most important ESG topics impacting its business, along with the factors where IFF may also have an impact on society and the environment.

Key Accomplishments

IFF achieved ESG leadership recognition, including qualifying as a constituent of the Dow Jones Sustainability Indices, North America, for the fourth consecutive year;

The company has nine in-person human rights impact assessments completed for strategic supply chains in six countries;

IFF achieved a 21% reduction in Scope 1 and 2 GHG emissions below 2021 baseline levels;

Its 10 new facilities achieved internal zero waste to landfill (ZWL) verification, totaling 51;

It has ZWL major manufacturing facilities to date;

The company reported no statistically relevant gender pay gap in 27 countries assessed through EDGE Move level global certification, and touts a 100% employee completion rate on annual business ethics training.

The new report also includes examples of innovations led by sustainable thinking. For example, IFF is one of the largest global buyers and harvesters of seaweed for hydrocolloids, which are essential ingredients in many foods, pharmaceuticals, fertilizers, and cosmetics. As part of its commitment to support members of the seaweed value-chain, IFF partnered with Bellona, an environmental non-governmental organization, to restore seaweed forests in northern Norway overtaken by more than 300 invasive species of sea urchins. This has resulted in the returning of about 5,000 km² of urchin barrens back into kelp forests.

IFF retained an independent third party to assess whether the report presents a complete and balanced presentation of its sustainability activities and performance in accordance with the GRI Standards, and whether the 2023 information and data for specified indicators are fairly presented in accordance with the reporting criteria.

IFF has annually issued a standards-adherent sustainability report since 2010.

Margarita Paláu-Hernández Appointed to Board of Directors

IFF on May 30 appointed Margarita Paláu-Hernández to its Board of Directors, effective June 3, 2024. Paláu-Hernández joins as a mutually agreed independent director in connection with IFF’s previously disclosed cooperation agreement with Icahn Capital LP and its affiliates. Following the appointment of Paláu-Hernández, the Board will be comprised of 11 members, 10 of which are independent.

“We are pleased to welcome Maggie to the IFF Board,” said Roger Ferguson, lead director of IFF. “Her legal expertise, consumer insights, and her experience in emerging markets will be invaluable to IFF as we continue to execute on our growth and transformation plan to drive increased shareholder value.”

Paláu-Hernández is founder and CEO of Hernández Ventures, a privately held enterprise involved in Spanish media, business and real estate ventures. Prior to founding Hernández Ventures, Paláu-Hernández was an attorney with the law firm of McCutcheon, Black, Verleger & Shea where she focused on domestic and international business.

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