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Philip Morris seeks to become ESG company (2023)
| Environmental, social, and corporate governance |
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| • What is ESG? • Enacted ESG legislation • Arguments for and against ESG • Opposition to ESG • Federal ESG rules • ESG legislation tracker • Economy and Society: Ballotpedia's weekly ESG newsletter |
The CEO of Phillip Morris has declared that his mission is to turn the cigarette manufacturer into an ESG company:
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The chief executive of Philip Morris International says the maker of Marlboro cigarettes is charting a path to becoming an ESG stock as part of a push to win back investors that have shunned the stock because of tobacco exclusion policies. PMI’s pivot away from cigarettes towards less harmful vapour-based nicotine alternatives, which accounted for about a third of its revenues last year, placed the tobacco group’s new product line “on the podium” when it came to environmental, social and governance impact, argued Jacek Olczak…. Speaking to the Financial Times, Olczak said there had been tentative re-engagement from some funds including one-to-one meetings with PMI’s investor relations team, although he did not specify which ones. “I’m not saying that they are building a position in Philip Morris . . . but the asset managers will not spend the time on talking with you if they don’t have in mind that one day is coming that they should reconsider the exclusion [policy],” he said. When asked if he believed that PMI in the future could be classified as an ESG stock because of its push away from cigarettes, Olczak responded: “I think so.”[1] |
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See also
- Environmental, social, and corporate governance (ESG)
- Economy and Society: Ballotpedia's ESG newsletter
External links
Footnotes
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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