KARACHI: Philip Morris International Inc. (PMI) released its third annual Integrated Report (“the Report”) which outlines the PMI’s new environmental, social, and governance (ESG) framework based upon a formal sustainability materiality assessment conducted in 2021.

The Report also includes an updated Statement of Purpose, as well as, detailed information about PMI’s strategic vision, performance, governance, and value creation model.

The redesigned ESG framework recognizes two distinct topic areas: “Product Impact” pillar (including issues related to PMI’s products) and “Operational Impact” pillar (including issues related to PMI’s business operations). This distinction forms the basis of PMI’s new approach to sustainability, which consists of eight clear impact driven strategies that aim to address the most material ESG topics.

PMI’s 2025 Roadmap outlines key goals and informs the route of PMI’s long-term plan has been revised and now comprises of 11 headline goals connected to the eight strategies that clearly explain the social and environmental impacts PMI aims to achieve.

PMI’s ‘Statement of Purpose’ has also undergone revision to ensure it remains a current and fair representation of PMI’s strategy.

Highlighting the strong commitment towards inclusion and diversity as part of the sustainability strategy, the Report also outlines the details of the Make Your Comeback initiative implemented by PMPKL, a subsidiary of PMI, in 2021. The initiative aimed to hire women who had taken a break from paid work and wished to re-launch their careers for its various projects.

The Report also details how the implementation of ALP (Agricultural Labour Practices) helped increase labour efficiency in Pakistan while mitigating any potential risks to contracted farmers, committing to continuing these efforts as per the revised sustainability strategies in response to Pakistan’s local community needs.

Roman Yazbeck Managing Director PMPKL, while reassuring PMPKL’s commitment towards sustainability goals and framework, said that for PMPKL, sustainability is a fundamental opportunity for innovation, growth, and purpose-led, impact-driven, long-term value creation.

Copyright Business Recorder, 2022