The J.M. Smucker Company (SJM) — ESG & Values Scores

Environment story

SJM established science-based targets for Scope 1, 2, and 3 emissions in 2022, but critical details on baseline emissions, reduction trajectories, and net-zero target year are undisclosed in available filings. Scope 3 emissions from coffee and agricultural commodities represent material exposure but lack transparent disclosure of trends or mitigation strategies. No evidence of major renewable energy commitments or decarbonization infrastructure investments. Climate change risk factors extensively documented, including exposure to extreme weather (e.g., 2024 Alabama ice storm shut down cat food plant) and commodity volatility. Greenwashing signals: company publicizes 'science-based targets' but does not disclose Scope 3 reduction pathways or net-zero year, suggesting potential reliance on offsets rather than operational cuts. No evidence of physical decarbonization infrastructure (e.g., renewable energy procurement, manufacturing electrification). Strong coffee sourcing concentration in Brazil (highly vulnerable to climate disruption) with limited hedging beyond futures/options.

Criticisms on file

Undisclosed Scope 3 emissions and net-zero target year; potential greenwashing via 'science-based targets' announcement without transparent progress reporting.
Source: SJM 10-K 2026, Risk Factors section; Proxy Statement 2026, Corporate Responsibility references.
Extreme weather disruption: January 2024 ice storm temporarily shut down Decatur, Alabama cat food manufacturing plant; company acknowledges climate change will increase such events.
Source: SJM 10-K 2026, Risk Factors — Climate Change.
Concentrated coffee sourcing in Brazil with exposure to drought-driven supply shocks (2025 severe drought reduced green coffee production); limited operational mitigation beyond hedging.
Source: SJM 10-K 2026, Financial Risks — Commodity Price Volatility.

Disclosed initiatives

Science-Based Targets (SBTi)

Established in 2022 for Scope 1, 2, and 3 GHG emissions; specific targets, baselines, and net-zero year not disclosed in 10-K or proxy.

Unknown; lack of transparency limits credibility assessment.
Commodity Hedging

Uses futures, basis, options, and fixed-price contracts to manage commodity price volatility; includes green coffee procurement practices.

Limited to price-risk mitigation, not emissions reduction. Does not constitute physical decarbonization.
Supply Chain Risk Monitoring

Acknowledges climate change impact on agricultural productivity and commodity availability; monitors water and energy constraints.

Defensive posture; no proactive emissions or sustainability improvements evident.

Social story

SJM reports 21% workforce unionization (8 manufacturing locations, 3 contracts expiring 2027). No evidence of active union suppression; company language neutral on labor relations. CEO-to-worker pay ratio not disclosed in proxy; cannot assess against 200:1 threshold. Leadership diversity appears limited: board includes 4 of 11 women (36%) and 3 of 11 racially/ethnically diverse directors (27%), both below stated 50% targets, though proxy does not provide full executive-leadership diversity metrics. No major strikes or NLRB complaints documented in provided filings. Supply-chain human-rights audits not mentioned; no disclosed cobalt, lithium, or labor-rights policies. Turnover rate not disclosed. Company emphasizes culture and 'Basic Beliefs' (Be Bold, Be Kind, Do the Right Thing, Play to Win, Thrive Together) but lacks quantified diversity targets, pay-equity data, and living-wage commitments.

Criticisms on file

CEO-to-worker pay ratio not disclosed; unable to assess compliance with social-equity benchmarks.
Source: SJM Proxy Statement 2026; 2026 CEO Pay Ratio section references CEO pay but does not clearly disclose median worker pay or ratio.
Executive and board diversity remain below 50%: 36% women and 27% racially/ethnically diverse on board. No disclosed diversity targets for executive officers.
Source: SJM Proxy Statement 2026, Board composition and diversity summary.
Supply-chain human-rights audits, living-wage commitments, and conflict-minerals policies not mentioned in disclosed filings.
Source: SJM 10-K 2026 Risk Factors; Proxy Statement 2026 — no human-rights or modern-slavery statement evident.

Disclosed initiatives

Workforce Unionization & Collective Bargaining

21% of full-time employees covered by collective bargaining agreements at 8 manufacturing locations; company language indicates neutral approach to contract negotiations.

Stable labor relations; no active union conflicts documented.
Board Diversity & Refreshment

5 new directors since 2022; board includes 4 women and 3 racially/ethnically diverse members out of 11 total.

Moderate diversity progress; percentages below 50% targets suggested in corporate responsibility context.
Culture & Basic Beliefs Framework

Company emphasizes founder's culture centering people; Board responsibility to maintain culture while evolving for competitiveness.

Cultural messaging; no quantified workplace metrics disclosed.

Governance story

Board independence strong at 91% (10 of 11 independent directors); single non-independent director is Mark Smucker (CEO/Chair). No dual-class voting structure; one share = one vote. Board has undergone substantial refreshment (5 new directors since 2022) and rotated committee leadership. No evidence of lobbying against environmental regulation or consumer protection; company risk factors discuss climate regulation compliance rather than opposition. No active antitrust, consumer-safety, or financial-fraud proceedings disclosed. Company has implemented strong governance best practices: annual election of all directors, majority voting standard, no poison pill, market-standard proxy access, lead independent director, annual board self-assessment, executive sessions of independent directors, and clawback policy. Concerns: CEO serves as both Chair and President (dual role concentration); Smucker family remains overrepresented (1 family member on board, 1 serving as non-voting Chairman Emeritus in fiscal 2027). Lobbying expenditures not disclosed in provided documents. No major governance controversies in available filings.

Criticisms on file

Dual CEO/Chair role: Mark Smucker serves as CEO, President, and Chair, concentrating executive and board authority; no separation of powers.
Source: SJM Proxy Statement 2026, Director Nominees — Mark Smucker profile.
Smucker family overrepresentation: 1 family member (Mark Smucker) on board; 1 family member (Richard Smucker) serving as non-voting Chairman Emeritus in fiscal 2027, maintaining influence.
Source: SJM Proxy Statement 2026, Board composition; 10-K Risk Factors on family control.
Lobbying expenditures not disclosed in provided documents; unable to assess whether company actively lobbies against environmental or consumer-protection regulation.
Source: SJM 10-K 2026 and Proxy Statement 2026 do not report lobbying spending.

Disclosed initiatives

Board Independence & Refreshment

91% independent board (10 of 11); 5 new directors appointed since 2022; regular committee rotation; lead independent director appointed.

Strong governance structure; board composition supports independent oversight.
Annual Board & Committee Self-Assessment

Board and each committee conduct annual performance evaluations; results shared with board.

Continuous improvement mechanism in place.
Clawback Policy & Stock Ownership Guidelines

Company has implemented clawback policy for executive officers; director and executive officer stock ownership guidelines in effect; no hedging or pledging of stock permitted.

Alignment of executive and shareholder interests; risk mitigation for misconduct.
Compliance & Enterprise Risk Management

Vice President, Chief Ethics and Compliance Officer reports to Chief Legal Officer and quarterly to Audit Committee and annually to Board; officer leadership team conducts annual enterprise risk assessment.

Formal compliance infrastructure in place; risks assigned to leaders and monitored.
Proxy Access & Shareholder Rights

Market-standard proxy access: shareholders owning ≥3% for ≥3 years can nominate up to 20% of board; universal proxy rules followed.

Standard governance practice supporting shareholder engagement.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of The J.M. Smucker Company. 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 The J.M. Smucker Company in the app for interactive charts and portfolio building.

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