Crown Holdings, Inc. (CCK) — ESG & Values Scores

Environment story

Crown Holdings demonstrates moderate environmental performance with significant exposure to commodity-driven carbon intensity. The company has disclosed Scope 1&2 operations but Scope 3 emissions from product usage remain largely undisclosed, creating visibility gaps. The 'Twenty by 30' sustainability program with 20 science-based goals by 2030 is positive but lacks explicit net-zero target year and interim milestones. Heavy reliance on aluminum (47% of COGS) and steel (8% of COGS) as raw materials creates embedded carbon exposure with limited decarbonization infrastructure investment disclosed. No evidence of renewable energy procurement targets or Scope 2 commitments. The company acknowledges climate change regulation risks and potential restrictions on bisphenol-A use but has not disclosed detailed mitigation pathways or physical decarbonization capex.

Criticisms on file

Bisphenol-A (BPA) regulation uncertainty: EU, Canada, Denmark, Belgium, Netherlands, and France have banned or restricted BPA in food/beverage coatings; U.S. EPA considering similar action. Company exploring alternatives but timeline and cost impact undisclosed.
Source: CCK 10-K Risk Factors; Environmental Matters section
Climate change operational risk: Company acknowledges potential material adverse impact from extreme weather (flooding, hurricanes, wildfires) on manufacturing facilities and supply chains, but has not disclosed quantified climate scenario analysis or resilience capex.
Source: CCK 10-K Risk Factors; Climate change section
Myanmar facility environmental impact: Asset impairment charge of $30M recorded in Q3 2025 due to economic conditions and currency restrictions; facility subsequently sold in Feb 2026. No disclosed environmental remediation liabilities.
Source: CCK 10-K MD&A; Asia Pacific segment results
Potential future environmental compliance costs: Company notes future regulations on volatile organic compounds (VOCs), air emissions, and paint/lacquering ingredients may require equipment upgrades and process modifications; no estimates provided.
Source: CCK 10-K Risk Factors; Environmental and health/safety standards section

Disclosed initiatives

Twenty by 30 Program

20 measurable, science-based environmental, social and governance goals to be completed by 2030; company honored as one of Forbes' Net Zero Leaders for 2025

Demonstrates commitment but lacks specificity on E pillar targets, net-zero year, or interim milestones
Lightweighting Programs

Reducing metal content in aluminum and steel container manufacturing to lower material usage

Modest operational carbon reduction; degree of progress not quantified
Scrap Recycling

Company recycles nearly 100% of scrap aluminum, steel and copper in manufacturing processes

Circular economy practice reduces virgin material demand; does not address Scope 3 or product-use emissions
Energy and Commodity Forward Contracts

Uses commodity forward contracts and pass-through pricing mechanisms to manage energy and raw material cost volatility

Financial hedging rather than decarbonization; does not reduce absolute emissions

Social story

Crown Holdings exhibits mixed social performance. Union representation is significant (acknowledged in 10-K as 'substantial portion' of workforce) with documented labor agreements and works councils in certain jurisdictions, but no quantified union membership disclosed. No CEO-to-median-worker pay ratio disclosed (deduction applied). Leadership diversity metrics are absent from filing; no gender, racial, or ethnic breakdowns of executive or board composition reported. Supply chain labor practices undisclosed; no modern slavery statement or conflict minerals policy evident. Asbestos litigation poses significant ongoing liability ($177M accrual as of Dec 31, 2025) with approximately 59,900 claims outstanding, representing material social and financial risk. Employee turnover rates not disclosed. Plant safety metrics absent from public filings.

Criticisms on file

Asbestos litigation liability: Crown Cork & Seal (subsidiary) faces 59,900 outstanding asbestos claims as of Dec 31, 2025; received ~1,300 new claims in 2025; settled/dismissed ~700 claims. Accrual of $177M ($125M for unasserted claims) reflects substantial historical exposure. Company made $19M in cash payments in 2025 for settlements and legal costs.
Source: CCK 10-K Risk Factors; Asbestos litigation section; MD&A Critical Accounting Policies
Pay ratio disclosure gap: CEO-to-median-worker pay ratio not disclosed in 10-K filing; no executive compensation ratio analysis provided
Source: CCK 10-K; no Compensation Discussion & Analysis proxy data referenced in provided source documents
Leadership diversity undisclosed: No gender, racial, ethnic, or other diversity metrics for board or executive leadership provided in 10-K
Source: CCK 10-K (full text provided); no EEO-1 or diversity disclosure
Supply chain labor practices: No disclosed supply chain audits, modern slavery statement, or conflict minerals policy; manufacturing across emerging markets (Brazil, Mexico, Southeast Asia, Middle East) with limited documented labor compliance framework
Source: CCK 10-K Risk Factors; international operations section

Disclosed initiatives

Unionized Workforce Engagement

Company operates with substantial unionized workforce; collective bargaining agreements in place across multiple jurisdictions including Canada, U.S., and Europe

Structured labor relations; provides voice mechanisms for workers
Twenty by 30 Program - Social Goals

Program includes unspecified social and governance goals alongside environmental targets; company honored as Forbes Net Zero Leader

Commitment signaled but social pillar metrics and targets not disclosed in 10-K
Senior Executive Retirement Plan

Unfunded plan provides lump sum payments upon retirement and 5x annual benefit death payment to certain senior management

Executive-focused benefit; no data on rank-and-file employee benefits or wage equity programs

Governance story

Crown Holdings presents weak governance on multiple dimensions. The company operates a single-class share structure (no dual-class voting identified), which is positive. However, board independence percentage is not disclosed in 10-K, preventing assessment against 75% threshold. Lobbying expenditures are not quantified; company's involvement in European cartel proceedings (€4M FCA fine in Dec 2023, ongoing EU appeals) and Commission antitrust settlement ($8M fine in July 2022, appealed to EU Court of Justice in Dec 2024) demonstrates material antitrust regulatory exposure. The company actively appealed EU competition decisions, indicating contested governance on antitrust matters. No disclosed lobbying targeting environmental deregulation, but company's involvement in bisphenol-A restriction resistance suggests indirect regulatory engagement. Asbestos reserves and ongoing litigation create long-tail legal/governance risk. SEC/regulatory fines and consent decrees not explicitly disclosed in provided sections.

Criticisms on file

EU antitrust enforcement: German Federal Cartel Office (Bundeskartellamt) conducted unannounced inspection in March 2015; Company discovered instances of inappropriate conduct by employees in German subsidiaries. Matter referred to European Commission in April 2018 after FCO discontinued national investigation. Commission settlement reached July 2022 (€8M fine). Company appealed settlement; EU General Court dismissed appeal Oct 2024. Further appeal to EU Court of Justice filed Dec 2024 — ongoing contested matter.
Source: CCK 10-K Risk Factors; Litigation and Regulatory Matters section
French Competition Authority fine: FCA issued statement of objections Oct 7, 2021, alleging anti-competitive behavior in metal packaging and bisphenol-A removal in France involving 101 legal entities. FCA decision Dec 29, 2023 imposed €4M fine on Company. Company appeal pending; no assurance regarding outcome.
Source: CCK 10-K Risk Factors; Litigation and Regulatory Matters section
Board independence percentage undisclosed: 10-K does not provide explicit board independence metric (target governance standards typically require >75-80%); prevents verification of compliance with independence benchmarks
Source: CCK 10-K (provided sections); no board composition table
Lobbying expenditures undisclosed: Company does not quantify annual lobbying spend or detail targeted regulatory positions in 10-K; limits transparency on potential conflicts between stated sustainability goals (Twenty by 30) and actual lobbying activities
Source: CCK 10-K (provided sections); no lobbying disclosure
Regulatory covenant compliance: Company's debt agreements contain restrictive covenants including leverage ratio covenant (2.4x at Dec 31, 2025 vs. 4.50x threshold). Breach could accelerate all outstanding debt; demonstrates financial governance constraints
Source: CCK 10-K MD&A; Liquidity and Capital Resources section

Disclosed initiatives

Antitrust Compliance Investigation and Settlement

Company conducted internal investigation into inappropriate employee conduct in German metal packaging market; cooperated with FCO and European Commission; submitted leniency application and reached settlement

Demonstrates post-hoc compliance remediation; does not prevent original violations or appeal resistance
Board Oversight of Strategy and Capital Allocation

Board authorized $2B stock repurchase program through end of 2027 ($1.3B remaining as of Dec 31, 2025); comprehensive portfolio review conducted

Active capital allocation oversight; shareholder returns aligned with strategy
Risk Management Disclosures

Extensive risk factor disclosures in 10-K covering regulatory, operational, financial, and strategic risks; MD&A includes market risk quantification and derivative instruments discussion

Transparency on identified risks; does not prevent violations or reduce governance weakness in board independence or lobbying disclosure

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Crown Holdings, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Crown Holdings, Inc. in the app for interactive charts and portfolio building.

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