Trillium Asset Management, LLC and Calvert Investment Management, Inc. announced today that Smucker’s (SJM) shareholders have filed a shareholder resolution calling for detailed disclosure by the company about climate-related risks to the Folgers Coffee and other brands, which currently represent 40 percent of Smucker’s overall revenues and the bulk of its recent growth.

Two weeks ago Smucker’s issued its 2011 corporate responsibility report, which ran to 38 pages, but contained only one page devoted to coffee and none to climate change.

In advance of the Smucker’s annual shareholder meeting taking place this week, the Trillium/Calvert shareholder proposal specifically requests that within six months of the 2011 annual meeting, the Board of Directors provide a report describing how the company will manage the social and environmental risks and opportunities connected to the company’s coffee business and supply chain.  In addition, the proxy asks that the Board conduct and make public a concise discussion of how it will address temperature changes, changes in rainfall patterns, and the company’s responsibility for its impact on the coffee-farming families in its supply chain.

Trillium’s Deputy Director of ESG Research and Advocacy, Jonas Kron, said: “Coffee growing supports tens of millions of people around the world and is the second largest export of developing nations.  In addition to being an important element of economic development, coffee has a significant environmental footprint when it comes to water, agricultural chemicals and deforestation.  We are concerned about maintaining the financial success of Smucker’s coffee business in the face of climate change and addressing the social and environmental impacts of its supply chain.  This shareholder proposal will hopefully improve communication on these important issues between the Smucker’s Board and shareholders.”

Calvert’s Sustainability Analyst Rebecca Henson said: “Now is the time for Smucker’s to step up to its financial and ethical responsibilities through full disclosure of climate change risks and its commitments to supporting a more sustainable coffee supply chain that meets the needs of all stakeholders. Any major company with significant coffee and other crop exposure needs to demonstrate that it can manage the reality of a changing climate.”

Smucker’s competitors in the coffee business - Nestlé, Kraft Foods, and Sara Lee Corporation - have made public, their efforts to address coffee sustainability and to provide for a consistent and reliable supply chain of quality coffee. All three also have made public commitments to sourcing coffee in a more sustainable fashion.

ABOUT TRILLIUM AND CALVERT

Trillium Asset Management, LLC is the oldest and largest independent advisor devoted exclusively to sustainable and responsible investing.

Calvert Investments, Inc. has been a leader in the field of sustainable and responsible investing (SRI) for over 25 years, demonstrating that investors may manage risk and enhance long-term portfolio performance by investing in well-governed, sustainable and responsible companies. 

Calvert

Calvert

Calvert, a leader in sustainable and responsible investing, headquartered in suburban Washington, D.C., has, since our founding in 1976, set industry standards for asset management excellence - in both the way we select companies for our portfolios and how we serve our clients' interests. Our investment approach emphasizes rigorous fundamental research that goes beyond traditional measures to uncover companies with long-term value. Through proven investment management, attentive customer service, an innovative family of investment products, and strong marketing capabilities, Calvert serves individual and institutional investors nationwide as well as professional financial advisors

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