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ESG stands for “environmental, social, and governance” and reference to ESG for a food manufacturing business means using environmental, social and governance factors to evaluate the company or its business. Companies are increasingly focusing their business development on the manner in which they conduct business along with considerations of profitability.
My last article addressed how a food manufacturing company could identify its relevant stakeholders – investors, employees, customers, and others. Company management should work with its relevant stakeholders to review its operations and determine the ESG issues that are material to its business. Food manufacturers should identify material issues under each of the three pillars of ESG.
What material ESG issues might have the most impact on a food manufacturing business?