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Williams Companies: We Make Clean Energy Happen

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SAN FRANCISCO, May 24, 2022 (GLOBE NEWSWIRE) -- Williams (NYSE: WMB) is a FORTUNE 500 investment grade corporation and a leader in clean energy infrastructure. Williams handles 30% of the country’s natural gas, and it owns and operates infrastructure that safely and reliably delivers the natural gas that is used every day to affordably heat our homes, cook our food and generate our electricity. As the world moves to a low-carbon future, Williams is well-positioned to leverage its natural gas-focused strategy while continuing to deliver consistently stable returns for shareholders. With operations across the natural gas value chain spanning the United States, Williams is one of the largest natural gas providers to the growing global market for liquefied natural gas (LNG) exports.

Advisor Access spoke with Williams’ president and CEO, Alan Armstrong, about the company’s business strategy, plans for future growth, financial strength and focus on environmental, social and governance (ESG) matters.

Advisor Access: Can you tell us a bit about Williams’ business model?

Armstrong: At Williams, our vision is to provide the best transport, storage and delivery solutions for reliable, low-cost, low-carbon energy. Our midstream assets serve critical demand sectors, such as residential and commercial natural gas utilities, power generation, industrial facilities and LNG exports.

Our strategy is primarily driven by natural gas demand. Most of our customer contracts involve either fee-based earnings or long-term take-or-pay commitments for transmission pipeline capacity, which creates reliable and stable earnings. We are well-protected from downside risk presented by fluctuating commodity prices and rising inflation, yet we are well-positioned to capture upside exposure in a strong natural gas environment.

We have the largest natural gas focused portfolio among U.S. midstream competitors, and our intense focus on our natural gas-based strategy has built a business that is steady and predictable with continued growth, improving returns and free cash flows.

Click to view the Williams Investor Fact Sheet
Click to Visit the Corporate Website

AA: Why is a natural gas focused strategy so important to you?

Armstrong: We continue to believe in the importance of natural gas to serve growing demand for low-carbon energy across the world, and we see a robust demand outlook ahead that underpins our growth strategy. Natural gas has been, and will continue to be, a cornerstone of our nation’s prosperity in the 21st century as it has driven significant reductions in U.S. CO₂ emissions, lowered consumers’ utility bills and paved the way for investment in renewables.² Natural gas is affordable, reliable and has a cleaner emissions profile than other traditional energy sources making it a key fuel choice to meet future energy demand around the world.

AA: Williams has an expansive footprint, and it is well-positioned to capture growing natural gas demand. Can you tell us a bit about your company’s growth outlook?

Armstrong: Our natural gas transmission pipelines are ideally positioned near densely populated areas and along U.S. Gulf Coast LNG export facilities. This strategic positioning provides us with opportunities to benefit from both domestic and international natural gas demand growth. As of May 2022, we are executing on six unique transmission expansion projects totaling 1.9 billion cubic feet/day (Bcf/d) and are pursuing a backlog of an additional ~25 unique transmission project opportunities totaling 10 Bcf/d. Through strong project execution, we continue to bring projects on line, moving backlog projects into execution, and backfilling this backlog with additional opportunities. This is evidenced by the fact that our contracted capacity has more than doubled since 2005, reaching ~24.4 Bcf/d in the first quarter of 2022.

Speaking to international natural gas demand, LNG exports currently present the largest natural gas demand growth outlook in the United States as volumes are expected to more than double through 2035.³ Importantly, all the approved U.S. LNG export facilities are located within our pipeline corridor, creating additional opportunities for expansions on our Transco pipeline.

In addition to increased opportunities for transmission pipelines to meet growing demand, we also see a growth trajectory for our Gathering and Processing (G&P) and Deepwater Gulf of Mexico businesses. In our G&P business, we are active in 14 geographically diverse supply areas led in scale by Appalachia, the largest and most economic U.S. natural gas basin. Since 2005, our gathering volumes increased over 4x, reaching ~15.1 Bcf/d in the first quarter of 2022. We have an unmatched competitive position in the Deepwater Gulf of Mexico and are seeing continued drilling activity near our infrastructure. We are also executing on six deepwater expansion projects that are expected to approximately double Deepwater Gulf of Mexico annualized Adjusted EBITDA by 2025. The robust natural gas demand outlook we see today will drive additional volumes through our G&P and Deepwater Gulf of Mexico assets.

AA: Williams has continued to strengthen its balance sheet while increasing earnings. Given your strong financial position, how do you plan to return value to shareholders?

Armstrong: In 2021, we achieved our long-term leverage ratio target, and consequently, received improved credit ratings. This was driven by record earnings and annual Adjusted EBITDA growth for the 9th consecutive year. Given our healthy balance sheet, financial flexibility and excess cash flow generation, we recently announced the following capital allocation priorities:

1. Balance Sheet Strength: Protect our investment-grade credit ratings
2. Dividends: Preserve the dividend and increase annually in line with EBITDA growth
3. Reinvest: Invest capital toward traditional gathering, processing and transmission growth projects with high returns
4. Emissions Reduction Program and Renewables: Invest in our emissions reduction projects while generating a regulated return, and allocate capital toward New Energy Ventures
5. Financial Flexibility: Allocate excess cash toward lowering debt, stock buybacks and/or strategic acquisitions

AA: Williams has paid a quarterly dividend since 1974. Can you discuss why the dividend is important to Williams? How would you describe your dividend policy to shareholders?

Armstrong: Williams is committed to delivering shareholder value. Our long-standing dividend commitment remains important to Williams’ executive management and Board of Directors. It is top of our capital allocation priorities list, along with maintaining investment-grade credit ratings. When looking forward to our 2022 dividend expectations, we plan to pay an annualized dividend of $1.70 per share, an increase of 4% over 2021, pending Board approval. Our current dividend policy is to continue to grow the dividend in pace with annual EBITDA growth, while maintaining strong dividend coverage. Our 2022 dividend coverage ratio expectation is 2.22x. I’ll also point out that a portion of our quarterly distributions may be considered return of capital for tax purposes. Additional information regarding return of capital distributions is available on Williams’ Investor Relations website.

AA: Williams was the first North American midstream company to set aggressive climate targets, and it is at the forefront of the transition to a low-carbon fuel future. Can you explain your emissions reduction goal and how you plan to get there? 

Armstrong: In 2020, we announced our climate commitment, setting a 2030 goal to reduce our company-wide scope 1 and scope 2 greenhouse gas emissions on an absolute basis by 56%, based on our 2005 levels. So far, we have made a 47% absolute reduction in our emissions, so we are well on our way to meeting our goal. By setting a near-term goal for 2030, we plan to leverage our natural gas-focused strategy and technology that is available today to reduce emissions, scale renewables and build a clean energy economy. Our 2030 goal puts us on a trajectory for net zero carbon emissions by 2050. We are exploring and investing in next generation technologies including hydrogen and carbon capture and storage, and we are leaning into solar and battery technology to help power our own operations. We are excited to continue to show how natural gas infrastructure complements renewables, and to invest in new energy ventures that will keep Williams at the forefront of technological changes within the midstream natural gas industry. For more information, please visit our climate commitment.

AA: What makes Williams a unique investment opportunity?

Armstrong: We are uniquely positioned with exceptional financial strength, flexibility and growth opportunities. Williams remains steadfast in creating long-term shareholder value by maintaining a healthy balance sheet, executing on growth opportunities and protecting the viability of our dividend. Our expansive footprint of energy infrastructure and robust natural gas demand outlook creates ample growth opportunities. We will continue to advance a sustainable, long-term strategy to assure that we remain a relevant player in the energy landscape for years to come.

AA: Thank you, Alan.

¹ Midpoint of our updated 2022 Guidance, issued on May 2nd, 2022
² Statements based on EIA data
³ Source: Wood Mackenzie March 2022 NAGS forecast
⁴ As of February 2022. Source: Data based off 2020 Census estimates

Disclosures

This document contains non-GAAP financial measures, including Adjusted EBITDA and Adjusted Earnings per Share. These non-GAAP financial measures should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles (GAAP). For a full reconciliation of the 2018-2021 non-GAAP financial measures to their nearest GAAP financial measures, please see our 2022 Analyst Presentation, dated 02/22/22. For a full reconciliation of the 2022 financial guidance, please see our first-quarter 2022 earnings press release, dated 05/02/22. Both can be found under the Investor Relations tab of our website.

This document may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this document. Many of the factors that will determine these results are beyond our ability to control or predict. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the policy list of specific factors that could cause actual results to differ from results contemplated by the forward-looking statements. Nor do we intend to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments. For a detailed discussion of our forward-looking statements and other risk factors that may cause actual result to differ materially from those contained in forward-looking statements, please see our most recent annual report on Form 10-K filed with the SEC as updated in reports filed with the SEC, which are located under the Investor Relations tab of our website. Williams has paid Advisor Access a fee to distribute this press release. Williams had final approval of the content, and Advisor Access is not responsible for any reliance on the statements contained herein.

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CONTACT: Contact:
Advisor Access
Rick Baggelaar
Rick@advisor-access.com

JACKSONVILLE, Fla., May 24, 2022 (GLOBE NEWSWIRE) -- Regency Centers Corporation (“Regency” or the “Company”) (Nasdaq: REG) today announced the release of its annual Corporate Responsibility Report. The report highlights Regency’s 2021 environmental, social, and governance achievements and future commitments, and underscores its commitment to transparency in these crucial areas. The report can be found on the Corporate Responsibility page of Regency’s website.

“Corporate responsibility is embodied throughout our organization and is the lens through which we approach our business and make day-to-day decisions,” said Lisa Palmer, President and Chief Executive Officer. “We have made great progress on our ESG initiatives over time, though there is still room to improve and elevate our commitments. I look forward to continue building on the momentum we’ve created.”

Key highlights from the 2021 Corporate Responsibility Report:

• Continued progress on its multi-year diversity, equity, and inclusion (DEI) strategy
• Developed its first two employee resource groups (ERGs) to further DEI progress
• Launched WorkFlex, the Company’s flexible work location policy
• Together with its employees, contributed approximately $1.4 million to charitable causes
• Demonstrated respect for local culture and the Company’s values through property rebranding initiatives
• Continued to refresh its Board of Directors through careful, thoughtful succession planning
• Exceeded its goals for greenhouse gas (GHG) emissions reduction, energy efficiency, and waste management
• Received endorsement by the Science Based Targets initiative (SBTi) for its short-term (2030) GHG emissions reduction target
• Set a long term (2050) target to achieve net zero emissions
• Achieved the highest score of “1” in each of ISS’ QualityScore categories
• Awarded a GRESB Green Star for the seventh consecutive year
• Recognized for the third year on Newsweek’s Most Responsible Companies List, ranked top 100
• Recognized among the “Best Places to Work” by the Jacksonville Business Journal
  

Regency’s Future Commitments:

Regency remains focused on each of its four corporate responsibility pillars and aims to set goals that provide transparency and accountability. With its 2021 goals met or exceeded, Regency is reshaping its strategy and refining its commitments. For example, the 2021 Corporate Responsibility Report introduces new short-and-long-term goals to advance Regency’s environmental sustainability efforts, specifically to deepen the Company’s commitments to reduce its carbon footprint. The new goals include a commitment to reduce the Company’s Scope 1 and 2 GHG emissions by 28% by 2030 from a 2019 baseline year, endorsed by the SBTi, and a long-term goal to achieve net-zero Scope 1 and 2 GHG emissions across all operations by 2050. Other new or refined environmental goals include commitments around energy efficiency, renewable energy, water consumption, waste management, and electric vehicle charging stations at the Company’s shopping centers. The 2021 report also introduces new goals within the Company’s other three corporate responsibility pillars: Our People, Our Communities, and Ethics & Governance.

About Regency Centers Corporation (Nasdaq: REG)

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics. Our portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and best-in-class retailers that connect to their neighborhoods, communities, and customers. Operating as a fully integrated real estate company, Regency Centers is a qualified real estate investment trust (REIT) that is self-administered, self-managed, and an S&P 500 Index member. For more information, please visit RegencyCenters.com.

Certain statements in this report may be “forward-looking statements.” These statements are based on the current expectations of Regency Centers and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results, goal achievement or occurrences. Actual results, achievement of goals and financial condition may differ materially from those anticipated or expected from or represented by these statements due to a variety of factors, including, among others, socio-demographic and economic trends, energy prices, technological innovations, climate-related conditions and weather events, legislative and regulatory changes and other unforeseen events or conditions, the potential impacts of climate change on our business and our ability to mitigate them, and the precautionary statements included in Regency Centers’ filings with the Securities and Exchange Commission (SEC). Any forward-looking statements made by or on behalf of Regency Centers speak only as to the date they are made, and Regency Centers does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. In addition, while this report describes potential future events that may be significant, the significance of those potential events should not be read as equating to materiality as the concept is used in Regency Centers’ filings with the SEC.

Christy McElroy
904 598 7616
ChristyMcElroy@RegencyCenters.com

SAN CARLOS, Calif., May 24, 2022 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today published its 2021 Corporate Responsibility & Sustainability Report.

“I’m proud of the efforts and commitments we have made towards building a more inclusive and sustainable company and society,” said Raul Vazquez, Oportun’s Chief Executive Officer. “We continue to promote a diverse workforce and inclusive culture, and we have vastly expanded our capacity to serve our mission of financial empowerment and inclusion.”

Highlights of the report include:

• Helping more than 1 million people begin building a credit score
• More than $3,000 set aside annually per-person for rainy days and other purposes by Digit members
• Donating 1% of the company’s annual net profits through donations to support charitable and nonprofit organizations, with the majority of funds going to support communities of color
• The majority of Oportun leadership, including the Oportun Board of Directors, self-report as women or members of a historically underrepresented group
• Reducing our carbon footprint by purchasing 7,240 tonnes of carbon offsets
• Reducing 20,488 pounds of CO₂ emissions from e-waste and recycling initiatives

Click here to view the full report.

About Oportun
Oportun (Nasdaq: OPRT) is an A.I.-powered digital banking platform that seeks to make financial health effortless for anyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its nearly 1.7 million hardworking members meet their daily borrowing, savings, banking, and investing needs. Since inception, Oportun has provided more than $13 billion in responsible and affordable credit, saved its members more than $2.2 billion in interest and fees, and automatically helped members set aside more than $7.6 billion for rainy days and other needs. In recognition of its responsibly designed products, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
George Gonzalez
(650) 769-0441
george.gonzalez@oportun.com

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/08834558-56f2-4704-9fee-715bd86c2e7f

Environmental, social and governance best practices to serve as key components of company’s overall business transformation initiatives

MCLEAN, Va., May 24, 2022 (GLOBE NEWSWIRE) -- GTT Communications Inc., a leading global cloud networking provider to multinational clients, announced today that it has established a new global Environmental, Social and Governance (ESG) function as part of its ongoing business transformation. Demonstrating its commitment to further developing and implementing ESG best practices across its business, GTT has appointed Marna Fox as the company’s first global ESG program lead and has released its inaugural ESG report.

In her new role, Fox will be responsible for the development and execution of GTT’s comprehensive ESG strategy and associated initiatives, including ESG reporting and disclosures. Fox has more than 15 years of experience in implementing and maintaining quality and environmental management systems. During her tenure with GTT, she has overseen and monitored the implementation of GTT’s global compliance program and managed audit programs for ISO and SOC certifications in the U.K. and Europe.

This newly created role is supported by GTT General Counsel Douglass Maynard, who serves as the ESG executive sponsor, as well as a cross-functional steering committee that, with the board of directors, will set the ESG strategy for the company.

“Marna has a strong track record of successfully leading complex global programming and brings a personal passion for social and sustainability principles,” said Maynard. “GTT is transforming its business and continually investing to improve our employee and customer experience. Establishing a formal ESG function will enable us to better support our customers, employees and our valued communities and build toward a brighter tomorrow.”

In conjunction with this appointment, GTT has published its inaugural ESG report. The new report provides a discussion of the company’s ongoing ESG commitments and priorities that underpin its mission and long-term goals.

In addition, the company has begun to build out its data collection methods and greenhouse gas emissions inventories through the implementation of an ESG technology suite, and it is evaluating key performance indicators to drive improvement in material topics.

GTT’s ESG report is available on the company’s website here.

About GTT

GTT is a managed network and security services provider to global organizations. We design and deliver solutions that leverage advanced cloud, networking and security technologies. We complement our solutions with a suite of professional services and exceptional sales and support teams in local markets around the world. We serve thousands of national and multinational companies with a portfolio that includes SD-WAN, security, Internet, voice and other connectivity options. Our services are uniquely enabled by our top-ranked, global, Tier 1 IP backbone, which spans more than 260 cities on six continents. The company culture is built on a customer-first service experience reinforced by our commitment to operational excellence and continuous improvement in our business, environmental, social and governance practices. For more information, visit www.gtt.net.

GTT Media Inquiries:
Brad Bass, GTT
+1-240-418-0168
brad.bass@gtt.net

Ed Stevenson, LEWIS
+44-207-802-2626
gttuk@teamlewis.com

GTT Investor Relations:
Charlie Lucas
VP of Finance
InvestorRelations@gtt.net

Driving performance and sustainability initiatives to reach ambitious goals

MACAU, May 24, 2022 (GLOBE NEWSWIRE) -- Melco Resorts & Entertainment has published its fourth sustainability strategy RISE to go Above & Beyond (link). Through maintaining four key material topics that underpin Melco’s sustainability commitment, including “Restoring our World”, “Inspiring our Communities”, “Sustaining our Supply Chain” and “Empowering our Business”, the strategy drives performance and sustainability initiatives to help the Company reach its ambitious goals.

Mr. Lawrence Ho, Chairman and CEO of Melco Resorts and Entertainment, said, “Melco has continued to rise beyond continuing pandemic challenges and in ways that have indeed accelerated our sustainability efforts in 2021. From colleagues to suppliers and partners, the Company is strengthening its actions to collectively address longer-term critical issues, including societal health, climate change and innovation. We continue to be determined to emerge from this pivotal moment in time, not as we were before, but by being more deeply aware of the needs of the world around us, and more purposeful in how business can meet those needs.”

Initiatives and achievements highlighted in RISE to go Above & Beyond include:

• Keeping colleagues and communities safe, healthy and supported remained central to Melco’s operations. In-house mental wellness seminars were launched, colleagues and guests were offered healthy and sustainable food options, and the continued success of campaigns to support community needs and promote the prosperity of small and medium enterprises (SMEs) was noted.
• Over US$2 million Get the Jab immunity incentive program for colleagues motivated more than 95% of its global workforce to get vaccinated.
• Becoming the first and only integrated resort operator to achieve the esteemed responsible gaming (RG) accreditation, RG Check, across its global portfolio.
• A comprehensive review of Melco’s operations and supply chain to establish a roadmap to decarbonization was launched, mapping out actions to help neutralize greenhouse gas emissions from business activities, together with a confirmed system to measure and transform data into actionable insights to empower change throughout the Company’s value chain.
• The disclosure of Scope 3 emissions from two categories – Downstream Leased Assets and Fuel-and Energy-Related Activities (FERA) has been introduced in this year’s GHG reporting. Melco is continuing its assessment to identify and quantify significant indirect emissions and will disclose Scope 3 emissions from additional sources going forward.
• The Company has also begun to assess climate-related risks and opportunities across its portfolio and is committed to implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Moving forward, Melco will be conducting a scenario analysis, using the TCFD recommendations as a guide, expanding the Company’s efforts to address climate mitigation and adaptation measures.
• Retaining its score of A- in climate-related supplier engagement strategy with the CDP.
• Through sustainable sourcing, progressing ahead of the Company’s 2030 target by achieving 100% of bed and bath linen procured with OEKO-TEX®- certified cotton. Additionally, in 2021, Melco sourced 92% of all chemicals in the Green and Amber categories, progressing in advance of its 2025 target.
• The continual success of Melco’s Simple Acts of Kindness initiative, which reached out to over 1,300 NGOs, associations, schools, nurseries, governmental departments and SMEs with the help of over 16,000 volunteer participants in 2021.
• Over US$950,000 worth of additional revenue for local SMEs was generated in 2021 through Melco’s Heart-of-House Roadshows that provided rent-free space for SMEs to sell directly to Melco colleagues.
• Studio City Phase 2 and City of Dreams Mediterranean were both recognized by the trusted mark of sustainability, BREEAM, with ‘Excellent’ environmental ratings at the design stage and a ‘Regional Award, Asia’ for Studio City Phase 2.
• Partnership with Winnow and the London School of Economics and Political Science enabled AI technology to help reduce food waste by 35% in employee dining rooms over a five-month study period.

About Melco Resorts & Entertainment Limited

The Company, with its American depositary shares listed on the NASDAQ Global Select Market (NASDAQ: MLCO), is a developer, owner and operator of integrated resort facilities in Asia and Europe. The Company currently operates Altira Macau (www.altiramacau.com), an integrated resort located at Taipa, Macau and City of Dreams (www.cityofdreamsmacau.com), an integrated resort located in Cotai, Macau. Its business also includes the Mocha Clubs (www.mochaclubs.com), which comprise the largest non-casino based operations of electronic gaming machines in Macau. The Company also majority owns and operates Studio City (www.studiocity-macau.com), a cinematically-themed integrated resort in Cotai, Macau. In the Philippines, a Philippine subsidiary of the Company currently operates and manages City of Dreams Manila (www.cityofdreamsmanila.com), an integrated resort in the Entertainment City complex in Manila. In Europe, the Company is currently developing City of Dreams Mediterranean (www.cityofdreamsmed.com.cy) in the Republic of Cyprus, which is expected to be the largest and premier integrated destination resort in Europe. The Company is currently operating a temporary casino, the first authorized casino in the Republic of Cyprus, and is licensed to operate four satellite casinos (“Cyprus Casinos”). Upon the opening of City of Dreams Mediterranean, the Company will continue to operate the satellite casinos while operation of the temporary casino will cease. For more information about the Company, please visit www.melco-resorts.com.

The Company is strongly supported by its single largest shareholder, Melco International Development Limited, a company listed on the Main Board of The Stock Exchange of Hong Kong Limited and is substantially owned and led by Mr. Lawrence Ho, who is the Chairman, Executive Director and Chief Executive Officer of the Company.

For media enquiries, please contact:
Chimmy Leung
Executive Director, Corporate Communications
Tel: +852 3151 3765
Email: chimmyleung@melco-resorts.com

In the latest Global Food and Beverage Survey Report from WTW, ESG risks are of greatest concern with reputational risk increasingly seen as critical to success

LONDON, May 23, 2022 (GLOBE NEWSWIRE) -- Environmental, social and governance (ESG) risks are increasingly impacting the food and beverage sector as it faces the combined challenges of controlling the environmental impact of production processes and supply chain disruption.

In a new global survey, WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company, outlines the pressures facing the food and beverage sector as a result of the turbulence of the last two years from the impact of the pandemic to the supply chain disruption caused by global volatility, particularly regarding the conflict between Russia and Ukraine, which is likely to have a significant impact on global food supplies.

The survey also found:

• Brand and reputation, which is heavily linked to sustainability, is a big risk (46%), yet 55% had no reputational cover.
• 73% said their company had no specific insurance for environmental risk and 67% did not have cyber risk cover. 42% did not have cover for product recall. All of which were ranked as risk factors.
• External factors beyond the organisation’s control, including geopolitical factors (60%) and economic factors (60%) were seen as the biggest challenges to mitigating risk in the medium term.
• Despite the challenges of the last two years, 70% are optimistic that the sector will be more profitable over the next two years with organic food (48%) topping the list of growth opportunity.

The survey was conducted with 250 senior executives in food production, processing and manufacturing organisations, across the globe, and across different categories including confectionary, snacks, bakery, cereals, dairy, brewing, distillery and soft drinks.

Garret Gaughan, Head of Direct and Facultative, said, “While this survey was undertaken prior to the current geopolitical situation, we recognize that the food and drink sector is undergoing a wide variety of disruption caused by a number of seismic events, not least the situation in Ukraine / Russia. However, this survey also demonstrates the food and beverage sector’s growing awareness of the impact of ESG on this sector which is also reflecting the changing nature of f consumers who are increasingly concerned about sustainability and how their food is produced and the ingredients within it, as well as the impact of climate change on supply chain.”

For more information please visit: - https://www.wtwco.com/en-GB/Insights/2022/04/global-food-and-beverage-survey-report

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

Learn more at wtwco.com.

Media contact

Sarah Booker: +44 7917 722040
sarah.booker@willistowerswatson.com

CHICAGO, May 23, 2022 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) today released its 2021 Sustainability Report and unveiled its new brand identity, reflecting the Company’s transformation from a salvage dismantler and recycler to a leading global value-added and sustainable distributor of vehicle parts, accessories, and services.

2021 Sustainability Report

LKQ Corporation is proud to announce the release of its 2021 Sustainability Report, highlighting key environmental, social, and governance (ESG) accomplishments.

“LKQ is improving the world one part at a time. As the largest recycler of automobiles in the world, we have a longstanding commitment to ESG that is central to our strategy of delivering a more sustainable future for both LKQ and our planet while driving lasting value for our stakeholders,” said Dominick Zarcone, President and Chief Executive Officer. “In addition to environmental stewardship, our social impact initiatives and strong governance structure underpin the long-term strength and success of our business. This year’s report underscores our enhanced approach to include a holistic ESG focus across our global organization, and I am thrilled to share our disclosures and accomplishments.”

We encourage all stakeholders to read LKQ’s Sustainability Report, which is available on the Company’s website at https://www.lkqcorp.com/wp-content/uploads/2022/05/2021-LKQ-Sustainability-Report-FINAL.pdf.

New Brand Identity

When the Company was founded in 1998, our goal was to revolutionize the vehicle parts industry by offering high-quality, recycled OEM parts through a vast network of salvage facilities across North America. These recycled parts offered an attractive value proposition to the mechanical and collision repair industry and were known for their “Like, Kind, and Quality,” a term the Company embraced and simplified as its core brand “LKQ.” Over time, and with the success of changing the landscape of vehicle recycling and distribution in North America, the Company expanded into various other products and geographies, ultimately creating a leading global provider of alternative and specialty parts and services to repair and accessorize automobiles and other vehicles. Today, the Company has operations in North America, Europe, and Taiwan with approximately 46,000 employees serving customers in over 26 countries. The meaning of “LKQ” has also evolved to “Leadership, Know-how, and Quality.”

“Our new brand identity and logo, along with the positioning tagline of “Keeping you moving,” enables the Company to project an updated and modern image to our stakeholders. Far more than just three simple letters, our enhanced brand identity signifies who we are and what makes our market leading positions unique. It also validates our strategy of building a resilient business for the long-term and one that is positioned to take advantage of the exciting growth opportunities in the global automotive industry,” says Dominick Zarcone, President and Chief Executive Officer.

The new brand will be rolled out across the globe and includes a newly launched website. The improved site will provide an enhanced experience for stakeholders and be a valuable resource to understand our business, solutions, culture, and commitment to our people.

About LKQ Corporation

LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, recreational, and performance vehicles.

Contact

Sandy Pierantoni
LKQ Corporation
Director, Global ESG Strategy & Initiatives
(312)-621-2739
sjpierantoni@lkqcorp.com

Joseph P. Boutross
LKQ Corporation
Vice President, Investor Relations
(312) 621-2793
jpboutross@lkqcorp.com