Philip Morris International Publishes Green Report

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Image courtesy of https://www.pmi.com/

Philip Morris International (PMI) published its fourth annual Integrated Report, based on a sustainability materiality assessment, to provide an impartial account of its business model, governance, strategy, and performance.

Jacek Olczak, CEO of PMI, stated that despite the challenges of 2022, it was an exceptional year that brought their employees closer together and made significant progress towards achieving their purpose. Olczak mentioned that PMI is on track to achieve its 2025 goal of becoming a predominantly smoke-free company, eventually phasing out cigarettes.

Although such a transformation cannot occur overnight, the company remains committed to completing it as soon as possible. Olczak emphasised that constructive engagement would help accelerate meaningful and impactful change and enable PMI to complete its transformation for good.

PMI's Integrated Report highlights the company's advancements in realising its purpose, which centres on developing, scientifically validating, and responsibly marketing smoke-free products that are less harmful than smoking, with the ultimate goal of replacing cigarettes as quickly as possible. The report underscores PMI's long-term strategy to evolve from a cigarette manufacturer to a more extensive lifestyle, consumer wellness, and healthcare enterprise.

PMI has built on its ESG framework by creating eight strategies that address its most significant areas of influence. To support these strategies, PMI has established 11 goals that serve as the foundation of its 2025 Roadmap and 19 key performance indicators (KPIs) that track progress through its Sustainability Index. Each KPI is aligned with one of two drivers: product sustainability (11 KPIs) or operational sustainability (8 KPIs).

Emmanuel Babeau, CFO of PMI, stated that non-financial information is becoming more important to external stakeholders, including the financial community, who use it to evaluate and compare a company's performance. He added that it is crucial for PMI's reporting integrity that the information and data the company publicly discloses accurately represent its progress, using clear calculation methods.

In its latest Integrated Report, PMI updates its ESG KPI Protocol to provide accurate reporting on progress. In 2022, the company continued to transform towards its smoke-free purpose, implemented youth access prevention programmes and made progress in reducing post-consumer waste. PMI also improved its electronic device repair capabilities and implemented take-back programmes for its smoke-free devices and consumables.

PMI has developed 12 case studies and market stories to complement its 2022 Integrated Report. These stories highlight PMI affiliates' sustainability efforts worldwide and showcase their impact. They are available online in a dedicated section of pmi.com/sustainability.

Jennifer Motles, Chief Sustainability Officer at PMI, emphasised the importance of building trust and legitimacy with stakeholders who are fundamental to achieving PMI's purpose. She hopes the latest Integrated Report will address their demands for more detailed and comparable information on PMI's risks and performance and spark dialogue to accelerate the pace of change. Visit pmi.com/sustainability to learn more about PMI's sustainability efforts and read the Integrated Report 2022.

To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.

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Source: Philip Morris International

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