Starbucks will establish a new Environmental, Partner, and Community Impact (EPCI) Board Committee, its Board of Directors has announced.
The establishment of the committee is part of a continued evolution of the overall governance approach to the company, CEO Laxman Narasimhan says.
“Over the past year, we have been singularly focused on ensuring that we are well positioned for mutual success with all of our stakeholders,” says Narasimhan.
“Living our new mission and upholding our new set of promises and values every day is paramount to achieving this mutual success. This committee will keep us accountable and push us forward.”
The EPCI Board Committee will assist the Starbucks Board of Directors in fulfilling the oversight responsibilities required to respond to shifting regulations and standards, as well as drive accountability across company promises on environment, partners, and community impact.
“We are contemporising our approach to governance at Starbucks to reflect the future changes we see in the environment,” says independent chair of the Nomination and Governance Committee of the Board of Directors Jørgen Knudstorp.
“This new committee will unify important work already taking place across other areas of the board to help ensure we are listening to our constituents and delivering on our promises consistently and transparently.”
The committee will also have oversight of internal and external reporting tools and assessments, including the annual Global Environment and Social Impact Report (GESI), in addition to initiatives the company hopes will strengthen partner engagement and revitalise partner culture.
Beth Ford, who currently serves as a Starbucks Director and as President and CEO of American agricultural operative Land O’Lakes, will serve as the independent chair of the EPCI Board Committee.
“I am excited that Beth Ford has agreed to chair this committee and to work alongside my fellow directors to continue to drive positive outcomes for all Starbucks stakeholders,” says Knudstorp.