MDLZV Kraft Foods Inc. - Common Stock Ex-Distribution When Issued (MM)

   By Stephen Nakrosis 
 

Mondelez International Inc. (MDLZ) revealed updates to its Palm Oil Action Plan as the company works to improve transparency and speed the adoption of sustainable practices.

Mondelez said adoption of its Palm Oil Action Plan is a prerequisite to doing business with the company.

Mondelez said in the future, all suppliers to the company must take responsibility to eliminate deforestation in their operations and in their upstream supply chains.

Suppliers are also expected to take action against worker exploitation through the adoption of the Consumer Goods Forum Priority Industry Principles on forced labor, the company said.

Suppliers must also improve transparency by "maintaining universal mill lists with group level owners clearly indicated, and publishing them regularly, as well as using satellite technology to map and monitor sources of palm," the company said.

Although progress has been made, Mondelez said, it believes the industry has to move faster to eliminate deforestation and forced labor in the palm oil supply chain.

"We have a unique opportunity to reform palm oil once and for all and to make this ingredient truly sustainable," said Alex Turolla, the company's vice president, procurement. "As a company we are shifting gears and taking action with our suppliers to ensure they share and actively support our commitment. The success of the approach we're taking to combat deforestation through improved traceability and transparency does require action across the entire sector."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

April 26, 2019 14:15 ET (18:15 GMT)

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