Purpose, Vision and Build to Last Strategy
Our purpose, officially updated in 2023, is to create packaging solutions for life’s essentials. We have developed our Build to Last Strategy with the long-term future of our business, customers, shareholders, colleagues and other stakeholders in mind. To deliver on our vision to be the best-performing customer service company in the world, we constructed our Build to Last Strategy on four strategic missions. Integrated into each of these missions are critical sustainability priorities.
|Our Build to Last Strategy
|Our Sustainability Priorities
We developed our Build to Last strategy from a foundation of embedding sustainability into our business strategies. In 2019, we surveyed Greif’s senior leaders to better understand how Greif uses and transforms financial, manufactured, intellectual, human, social and natural capital to create value for our company. In 2020, we conducted a gap analysis comparing our current climate management practices to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. It has enabled us to identify areas for improvement regarding our climate strategy. Using this information, we took action to improve governance, conducted scenario analyses and established our emissions target. Please visit the Climate Strategy section of our report to learn more about our TCFD gap analysis.
We further reinforced that our sustainability strategies are appropriately focused during our 2020 materiality assessment. The assessment validated that our material topics address both internal and external sustainability impacts while uncovering a need to take additional steps to strengthen our management of Climate Strategy, Circular Economy—including Circular Manufacturing, Innovation and Supply Chain Management—and Diversity, Equity & Inclusion, which are discussed in those sections of our report. After completing the materiality assessment, we reviewed strategic plans to enhance our governance, goals, KPIs and overall management approach to these topics with our ELT. We began implementing those plans in 2021.
In 2021, we focused our Leadership Council, our top leaders, on ESG, with specific attention to critical issues including Diversity, Equity & Inclusion, Waste Reduction, Energy Reduction, Environmental Compliance and Circularity and Innovation. We also incorporated ESG KPIs in our monthly Must Win Battle scorecard, Greif Business System (GBS) book and capital approval process to improve governance and further operationalize sustainability within our businesses.