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Corporate Social Responsibility
News
4.07.2004 ET
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Starbucks Validates Commitment to Transparency in New Corporate Social Responsibility Annual Report
Third Annual Report Demonstrates How Starbucks Continues to Successfully Live its Values
CSRwire Note: The Starbucks report is available in the CSRwire report database.
(CSRwire) SEATTLE -- In an ongoing promise to promote transparency in its
business practices and its dedication to corporate social responsibility,
Starbucks Coffee Company (Nasdaq: SBUX) has released its third Corporate
Social Responsibility (CSR) Annual Report. Titled "Living Our Values," the
report details company initiatives, programs and activities in fiscal year
2003 (Sept. 30, 2002 - Sept. 28, 2003) that demonstrate how Starbucks
provides social, environmental and economic benefits to the communities in
which it operates globally.
"Since Starbucks opened its first store in 1971, our goal has been to act
with integrity and in a responsible manner throughout our business," said
Sandra Taylor, senior vice president, Corporate Social Responsibility for
Starbucks Coffee Company. "We hope our report helps to instill trust in
our stakeholders by illustrating that we continue to operate our business
according to our values and guiding principles."
For the second consecutive year, Starbucks CSR Annual Report was
independently verified by Moss Adams, a certified public accounting firm.
By taking this step, Starbucks is providing additional assurance to its
stakeholders that the information is accurate and that its policies and
practices are consistent with the information in the report.
Some highlights from the 2003 CSR Annual Report
include:- Starbucks paid an average of $1.20 per pound for all
its green (unroasted) coffee - approximately double the commodity market
price. The premium prices Starbucks pays for high-quality coffee help
farmers cover their cost of production and provide for their families.
- Starbucks purchased 6.7 million pounds of coffee that was Fair Trade
Certified™, certified organic and/or conservation (shade-grown) - an
increase of 97 percent over the previous year.
- To address standards for social responsibility throughout its supply
chain, Starbucks introduced a Supplier Code of Conduct.
- Starbucks adopted corporate governance initiatives that make its Board
of Directors stronger, more independent and better informed.
- Starbucks partners (employees) and customers volunteered nearly
200,000 hours in local communities. In addition, Starbucks gave $11.3
million in cash and product donations to nonprofit organizations in North
America through The Starbucks Foundation and Starbucks corporate giving
program.
- Starbucks reduced its water usage by 30 percent in a sample of more
than 1,400 Company-operated stores.
- 82 percent of Starbucks partners indicated that they are satisfied or
very satisfied with their employment at Starbucks. Moreover, partners are
highly engaged in their work, meaning they are emotionally and
intellectually committed to Starbucks success.
Going Forward
For the first time, in this year's report Starbucks has included future
performance targets for its CSR activities, further underscoring the
company's commitment to communicate openly and transparently with its
stakeholders.
"While we are proud of what we've accomplished, we know there is always
room for improvement," added Taylor. "We believe that by publicly stating
our future intentions we will continue to see positive changes throughout
the company. Next year we will report back on our progress made on the
performance targets and intend to continue to raise the bar even higher
for ourselves in the coming years."
Starbucks CSR Annual Report was officially released at the Company's
Annual Shareholders' Meeting last week and is available online at www.starbucks.com/csrannualreport.
To request a printed copy, call 1-800-23-LATTE. Starbucks values ongoing
feedback from its stakeholders. Readers are encouraged to complete an
online survey at www.starbucks.com/csrsurvey.
Starbucks Coffee Company is the leading retailer, roaster and brand of
specialty coffee in the world, with more than 7,500 retail locations in
North America, Latin America, Europe, the Middle East and the Pacific Rim.
The Company is committed to offering the highest quality coffee and the
Starbucks Experience while conducting its business in ways that
produce social, environmental and economic benefits for communities in
which it does business.
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