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Recycling rules vary widely by municipality, and state-level regulations regarding recyclability, recycled content, and manufacturer take-back, in which companies reclaim and recycle their product packaging from customers, are evolving rapidly. As such, collaboration across industries is needed to drive consistency in packaging types, share knowledge, and help packaging suppliers stay informed of brand needs. We are supporting these changes by participating in industry groups including The Recycling Partnership Polypropylene Recycling Coalition. Our Senior Director of Enterprise Packaging currently sits on the Board of Directors of The Recycling Partnership. To keep abreast of other developments in packaging and share best practices, we are also members of Ameripen, the Sustainable Packaging Coalition, the Poly Coated Paper Alliance, and the Association of Plastic Recyclers. Jonathan Paul
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“Packaging is an essential part of the consumer experience. Our responsibility to the business and to the planet is finding ways to reduce the environmental impact of our packages, making them part of the circular economy, and working with external groups to advance recycling infrastructure and consumer education.” Senior Director, Enterprise Packaging WET WT. 32 OZ. (218,807) 33% LESS SODIUM THAN OUR REGULAR PRODUCTI NATURAL GOODNESS*® 100% NATURAL | NON-GMO WET WT. $2 02. (2 L8,)(807q) c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix (WN Reducing waste sent to landfill is an important part of ensuring we operate Waste to lan dfill (m etric tons) OZ) H ealthy Environment sustainably and contribute to a circular economy. In recent years, we have faced challenges in addressing our goal to reduce landfill waste by 25% when 60k
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compared to a 2017 baseline. In fiscal 2023, however, we reversed a trend of 55,033 56,207 Waste increases through new efforts at key locations and a partnership with a third- party waste-solutions provider. We have identified landfill alternatives and 45,484 initiated new processes. As a result, we are closer to our goal and have built a : ‘ : Vey ct out stronger foundation for ongoing work and new targets. We continue to aspire to ak X a ONE @ “Se . aS reduce food waste 50% by 2030. 53,164 | my Waste diversion 20k 2 y fe) ae) We i 4 ‘ At 35 of our facilities, including plants, warehouses, and distribution facilities, we om - - : fs \ Bae E : - J have partnered with a third party to help us identify alternative ways to divert waste fag ae ok y ” a , Z i Jae away from landfill. We are also focusing on employee training and awareness around the importance of waste separation at our manufacturing plants to reduce material FY17 FY21 FY22 FY23 going to landfill.
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1 1 il a : In January 2023, we announced our plans to reimagine our Camden Headquarters Fiscal 2023 highlights and invest $50 million to make a great space even better. We consolidated our Snacks Food waste offices into Camden. In 2023, our headquarters redesign project achieved a:
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Identified opportunities to divert waste 4) N We work directly with community partners and suppliers to reduce food waste in from landfill through new partnership y i a: : x ‘ 94% 100% our facilities and on farms by donating excess food to food banks, soup kitchens, a Py a and shelters. Food waste that is not fit for donation is downcycled into animal feed, ; : recycling rate of recycling rate of furniture compost, biogas, and more. 19% year-over-year reduction ; “. construction materials in waste to landfill from fiscal 2022 ys Waste goals vent otsenremenenrs In fiscal 2023, our Maxton, North Carolina plant found alternatives to Reduce the amount of waste sent to landfills by 25% +27% landfilling vegetable ingredient waste and certain finished goods waste onan absolute basis by fiscal 2025, as compared to that did not meet quality standards. These materials were redirected fiscal 2017 to composting and anaerobic digestion outlets in North Carolina,
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helping to divert over 3,500 tons of waste from landfill. Reduce food waste by 50% on an absolute basis by +1% fiscal 2030, as compared to fiscal 2017 Fiscal 2023 highlights Commenced installation of water savings equipmentat our Maxton, North Carolina facility Conducted water risk assessment for operations and supply chain Approximately 85% of acres farmed for Campbell’s tomatoes used drip irrigation Water is a critical input into the production processes at our manufacturing sites and for our agricultural ingredients. We make efforts to reduce the water used under our direct control and work with growers to promote better irrigation practices. We also assess our operations by location to understand baseline water risk. We look for opportunities to reuse water in our plants to reduce our overall
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water usage. For example, we installed a water softening system at our Denver, Pennsylvania facility. The system removes calcium build up in the plant’s water- cooling tower, making the system more efficient. Water can now be reused twice as many times. This also reduces the amount of wastewater generated. In total, the system is expected to result in a 12% reduction in annual water usage at the site—a savings of 10,000 gallons per day. Saving water in North Carolina At our Maxton, North Carolina plant, a capital improvement project was implemented to collect, filter, and recycle cooker water that had previously been discharged, resulting in 10 or more additional uses. When fully operational in fiscal 2024, this intervention is expected to save an estimated 350 million gallons of water per year.
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In fiscal 2023, benefits from these water reduction projects were more than offset by increases in water use, primarily due to the installation of a new reverse osmosis system. We expect that the Maxton project cited previously, and other efforts, will result in a reduction in water use overall going forward. We are also actively working to improve water discharge performance at our Napoleon facility and have plans to replace that facility’s water treatment system. Water risk assessment
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In fiscal 2023, we updated our water inventory and risk assessments of our direct operations and supply chain using the World Resources Institute’s Aqueduct Water Risk Atlas (Aqueduct) and the World Wildlife Fund’s Water Risk Filter. Based on Aqueduct Baseline water stress criteria, it was found that in our direct operations only 1% of Campbell’s water withdrawals are from areas of high or extremely-high water stress. The risk assessment included 100% of our direct operations, as well as supplier sites for which we had location data. The supply chain coverage aligns with Alliance for Water Stewardship Standard guidance. Read more about water risk in our operations in our 2 ty disclosure. - Campbell’s has 21 facilities with - Approximately 50% of Campbell’s basin-level water risk, representing priority raw materials are sourced over 90% of water consumed from eight basins that are at risk of current or future water stress - 1% of Campbell’s water withdrawals
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are from water-stressed areas' 1 This is based only on Aqueduct baseline water stress. Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix “Our purpose, values, mission, and strategy give usa clear sense of the direction of our work, who we are as a company, and the legacy of impact on which we will continue to build.” Mark Clouse President and CEO CEO message Dear Campbell’s Stakeholders, For 155 years, we have been dedicated to making food that people love and trust, while building a legacy of positive impact. As you will see in these pages, our commitment to safety, quality, transparency, responsibility, partnership, and innovation forms the foundation of our Environmental, Social, and Governance (ESG) work. We made some notable strides in our work during fiscal 2023. Highlights include:
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- Commenced a 12-year virtual renewable power purchase agreement that will reduce our reported Scope 2 greenhouse gas emissions and contribute to achieving our science-based emissions reduction target - Reduced the amount of waste to landfill versus fiscal 2022, reversing a previous trend and positioning us to meet our 2025 waste target - Increased the amount of post-consumer recycled content used in our beverage bottles - Exceeded our goal to source 50% of our tomatoes, potatoes, cashew, and almonds from suppliers engaged in sustainable agriculture programs, two years early - Launched new regenerative agriculture projects to enhance the sustainability of our supply chain - Converted our supply chain to gestation-crate-free pork and broiler chickens raised in improved environments, and increased our use of cage-free eggs - Expanded existing and launched new leadership and talent development programs - Set anew record for employee volunteer hours
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- Supported community organizations with over $2 million in giving from The Campbell’s Foundation These achievements are made possible through the dedication of more than 14,000 Campbell’s employees. I’m proud of their accomplishments and the positive impact they have on our company and in the communities we serve. We recognize that there is more to do. Looking ahead, we will continue to build our programs, focus on areas in which we can have the most impact, and further integrate corporate responsibility priorities into our ways of working, strategic plans, and governance. | invite you to explore this report and to learn more about the strides we are taking toward a more sustainable future and our efforts to forge a legacy of positive impact. Thank you for your ongoing support. Sincerely, Mark Clouse President and Chief Executive Officer (py 4 Healthy Environment » o au iz, Fiscal 2023 highlights Created roadmaps for each of our manufacturing sites
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Recognized progress through Plant of the Year and Project of the Year awards Conducted find-and-fix events to improve efficiency We prioritize running our business efficiently by maintaining high standards of operational excellence at our manufacturing facilities. We strive to comply with all relevant laws and regulations governing the locations in which our facilities are located. We use a software system to monitor regulatory compliance by tracking documentation, permits, inspections, and other notifications. Continuous improvement We seek ways to operate more efficiently through new technology and process improvements. We have created roadmaps for our sites that cover key environmental categories like water, waste, and energy. These roadmaps include facility targets. Each facility has a designated Sustainability Champion who drives initiatives at the site level.
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We currently monitor utility metrics using a data platform that provides trend analysis of our usage based on utility bills. To improve our performance, we are installing utility meters at sites, which will provide us with live usage data and help us more quickly identify anomalies, make repairs, and better focus our reduction efforts. In our facilities, we invest resources in asset care and reliability by assessing and repairing our existing machinery to improve operating capacity. We address inefficiencies in our work practices to make these maintenance tasks both efficient and effective. Further, we train our asset operators to identify and remediate common issues autonomously, allowing our mechanics to tend to more specialized or complex needs. These combined efforts eliminate production downtime and increase throughput. When a site requires additional intervention, our engineering team designs targeted improvement plans to promote operational excellence.
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Finda leak, tag a leak In industrial operations, leaks happen. We hold find-and-fix events where employees are given tags to identify infrastructure where they find a leak of compressed air, water, steam, or other utilities. Tagged leaks are then fixed by maintenance teams. Our 2023 leak blitz event in Hanover, PA found leaks which equated to roughly $50K in projected cost savings annually. Our Sustainability Champions lead the way Victor Crane, Sustainability Champion at our Beloit, Wisconsin site, has actively sought out ways for his site to reduce energy, water usage, and waste generation. In fiscal 2023, Victor led the implementation of a water reuse project that is saving an estimated two million gallons of water per year at the plant. -) ’ Celebrating wins To acknowledge the hard work that goes into increasing efficiency at our sites, in 2023 we recognized a Sustainable Plant of the Year and a Sustainable Project of the Year. ¢ Plant of the Year
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Our Charlotte, North Carolina site met reduction goals for waste to landfill, natural gas, and electricity. ¢ Project of the Year Our Jeffersonville, Indiana plant reduced water usage 17% by recycling water from starch recovery and reducing water overflow through better management. In a competitive marketplace, finding and keeping the best talent is critical to achieving our business goals. We couldn’t deliver the products consumers love without the dedication and creativity of our incredible team. We foster a culture of belonging where employees are empowered and enabled to reach their full potential. Our policies and programs are designed to create a working environment where our employees feel safe and included, and where they can be part of making history. i> 7s ° ° ° Thriving People } Fiscal 2023 highlights Reduced total reportable injury rate (TRIR) by 13% Made over $11 million of capital investments into new equipment with safety benefits
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Created a new policy governing safety standards for ammonia handling Keeping our people safe on the job is a top priority. All our sites meet OSHA standards, and we strive to reduce our rate of injury and illness through regular training and by implementing new safety techniques and technologies. Our occupational health and safety team prioritizes four key areas when measuring and reducing safety risk: hazardous energy control; machine guarding; ergonomics; and slips, trips, and falls. We apply risk prevention strategies across each area. We also provide employees with health and safety training, both during onboarding and at regular intervals thereafter. For example, in fiscal 2023, 344 employees across 12 manufacturing locations participated in a 10-hour course on our four key areas, among other topics.
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We also seek opportunities to integrate new technology into our operations to enhance safety. In fiscal 2023, manufacturing sites in our Meals and Beverages division implemented SafeStart, a program to increase personal safety awareness and skills—both on and off the job. We also made over $11 million in capital investments companywide, including a waste treatment clarifier, fryer centrifuge fire prevention upgrades, machine guarding upgrades, and new oxidizers. Achieve 3% decrease in reportable and lost time Reportable incidents: -13% incidents per year Lost time incidents’: +6% 1 Lost time incidents per 200,000 hours was 0.32 in fiscal 2023, from 0.30 in fiscal 2022. Zeroing in on safety
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Ammonia is a common refrigerant used in cooling across most manufacturing facilities. But it comes with risks: it is highly corrosive to the skin, eyes, and lungs, and is flammable in high concentrations. To guard against these risks, in fiscal 2023, we created a new policy governing safety standards for handling ammonia and completed safety inspections at all sites with ammonia refrigeration systems. We provided all relevant employees with a three-part training on the new policy in safe handling of ammonia refrigeration systems. Ergonomic safety in our plants In fiscal 2023, we carried out an ergonomic assessment at all manufacturing locations to identify and eliminate force, posture, or repetition hazards to employees. These assessments included the use of an artificial intelligence tool that quantified the positive impact of adjustments made, comparing ergonomic risk scores before and after interventions. PERFORMANCE .~ PERFORMANCE Fiscal 2023 highlights
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Introduced our new Employee Value Proposition (EVP) to attract and retain top talent by emphasizing the benefits of working for our company and how each of us can “Make history with Campbell’s” Launched revamped set of leadership development programs and enhanced self-guided classes Our long history as a company is directly linked to the strength of our culture. We make ongoing investments in employee engagement, learning and development opportunities, and benefits. In fiscal 2023, we rolled out a new employee value proposition (EVP), “Make history with Campbell’s,” which reflects our belief that employees can have a positive impact on our business and in the world while unlocking their full potential. The EVP complements—and forms a critical part of—our estry, which links our mission, purpose, values, and strategic objectives to create a foundation for our business, now and into the future. Leadership and talent development
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Strong leadership is a difference maker not only for business results but for every employee’s personal and professional well-being. This year, we advanced our goal of becoming a destination for developing the next generation of leaders through a new initiative called the Campbell’s Way of Leadership. This new program will develop our people and give them the skills to become principled leaders to drive the growth of our business. We are focused on promoting existing employees and have expanded our talent development offerings to include a number of leadership and capabilities development programs to upskill employees into new roles. Accelerate to Win succession training for critical senior roles, which will be rolled out in fiscal 2025 Lead to Win tailored programming for directors and above, which provides a mix of learning opportunities targeted to each individual’s role and level of seniority Manage to Win
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leadership development for people managers of individuals or small teams. We piloted Manage to Win with two groups in fiscal 2023 and intend to complete this training with our entire target population by the end of fiscal 2025 Supervise to Win training for front-line leaders of our hourly workforce, which will be completed by early fiscal 2025 Emerge to Win training for individual contributors who aspire to be people managers, which will be rolled out in fiscal 2025 “1 really enjoyed participating in Campbell’s Manage to Win leadership development program, especially the mix of independent pre-work, recapping the information together, and the small group breakout discussion. It was a great opportunity to network and meet other people managers across the company that! wouldn’t normally have had the opportunity to work with.” Manage to Win participant Campbell University
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In fiscal 2023, we rounded out our existing training offerings with new or enhanced self-paced, virtual learning opportunities. Through Campbell University, powered by Workday and LinkedIn Learning, salaried employees can access a library of over 20,000 courses providing hard and soft skills, such as marketing, finance, communication, change and agility, and others. We have received positive feedback about the expanded offerings through Campbell University. Employee engagement
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Improving the employee experience begins with understanding. We engage our team through pulse surveys to gauge their job satisfaction and capture feedback about their employee experience. We use the results of the surveys to initiate targeted interventions to improve job satisfaction and advance inclusion. For example, employees have requested more dedicated time to develop their capabilities. In response, we created Grow Time, a two-hour monthly training block for all salaried employees that includes a live, virtual career session on topics ranging from networking to creating your personal brand. Utilizing both internal and external speakers, these optional events see anywhere from 400 to over 600 employees participate. Beyond the programs, employees particularly appreciate the dedicated time to focus on their career development and professional growth. Benefits
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We are committed to providing our employees with a competitive and comprehensive benefit program. For all full-time employees and part-time employees working more than 20 hours per week, we offer health coverage and a 401(k) plan, with up to a 7% match, that begins on day one of employment. We also provide tuition assistance benefits to employees that want to further their education, matching grants for non-profit donations, and access to a suite of additional benefits through our Employee Assistance Program. In fiscal 2023, we curated a Ways to Well-being directory of assets to provide support for life inside and outside of work across five areas - mental, physical, financial, career, and team. All employees can access resources, such as professional counseling sessions, fitness discounts, and financial planning webinars, through this holistic program that makes well-being a priority. Keys to inclusivity
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Inclusion and Diversity (1&D) are critical to building a culture of belonging. We introduced Keys to Inclusivity in fiscal 2022 asa required learning for people leaders. In fiscal 2023, we extended the eLearning to individual contributors. Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix 290 Thriving People Inclusion and diversity ° Fiscal 2023 highlights 1,300+ employees participated in Include to Win events Enhanced structure and governance of Employee Resource Groups (ERGs) Leveraging the strength of our diverse employee population is central to our culture. We integrate principles of Inclusion and Diversity (I&D) across our organization by emphasizing three pillars: Capabilities, Advocacy, and Accountability. Each pillar has focus areas and projects designed to meet its objectives. Together, the activities create a holistic approach to 1&D across the company.
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“By cultivating an inclusive environment that harnesses the power of our diversity, we can elevate our employees’ sense of belonging, solidify our standing as an employer of choice, and continue delivering outstanding business results.” Camille Pierce SVP, HR and Chief Culture Officer Our Inclusion and Diversity strategy Capabilities Accountability - Outreach partnerships for - Employee resource groups - Collecting and reporting hiring and retention (ERGs) internal demographic data Programs - 1&D educational modules - Supplier Diversity program - Internal 1&D scorecard - Social justice funds published quarterly -1&D Advisory Board ; - Launched Include to Win - Enhanced ERG - Designed advanced I&D Fiscal 2023 series with quarterly governance structure workforce analytics dashboard Updates keynote speakers Capabilities
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To build the 1&D knowledge and fluency of our teams, we integrate I|&D learning into each individual’s performance objectives. Year-over-year, we evolve these learning opportunities so employees can build on previous experiences and deepen their knowledge. In our fiscal 2023 1&D development program, which had a 97% completion rate, we expanded our focus on improving collaboration through inclusive behaviors. Every quarter, we host Include to Win keynote sessions reinforced with optional learning content and activities. In fiscal 2023, Include to Win focused on belonging. The program hosted leaders in their field as speakers to discuss cultivating a culture of inclusion through belonging, the importance of authentic conversations, how trust contributes to a sense of belonging, and how to leverage the strength of diversity within a team. Diverse recruiting partnerships
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In 2023, we enhanced our approach to talent acquisition to include a broader, more diverse talent pool so we can ensure that we are hiring the best candidates. We expanded our recruitment efforts by deepening our relationships with Historically Black Colleges and Universities (HBCUs) and created a Junior Military Officer (JMO) program focused on recruiting candidates recently separated from the military. We are also leveraging diverse interview panels to challenge potential unconscious bias and gain a variety of perspectives in the interview stage. Bloomberg We were named to the 2023 Gender-Equaliy Bloomberg Gender-Equality sos Index for a fifth year. Advocacy
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Our employee resource groups (ERGs) are designed to create a sense of community, support talent development, and provide feedback to leadership for its members. In fiscal 2023, we had nine enterprise ERGs and two plant ERGs. We introduced ERG in a Box to provide content for all plants to easily replicate activities at a local level and tailor them to their needs. In the coming year, five additional plant ERGs are set to launch. In fiscal 2023, we saw an increase in ERG membership over the previous year with 39% of employees participating in one or more ERGs. On average, we held five ERG events every month. Our ERGs also host and participate in many volunteering and fundraising activities for causes they support. Read more in Community. Our I&D Advisory Board (IDAB), now in its fourth year, is an internal group that provides guidance and feedback on our I&D strategy. Campbell’s Employee Resource Groups Enterprise * Asian Network of Campbell’s * Pride * Black Resource Group * Roots
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* Bridge Network * Veteran’s Connection * Campbell’s Administrative * Women Inclusion Network Professionals * Latino Network Manufacturing plants * Charlotte Community Team * Maxton Employee Resource Group “Being part of Campbell’s Latino Network and the ERG programs has been a fantastic and rewarding experience. I’ve met amazing colleagues, leadership, and teams in cross functional departments that have become Celebrating diversity In fiscal 2023, our ERGs hosted fun, engaging, and educational events across our communities with activities like: Black Resource Group hosted live music during lunchtime to celebrate Juneteenth and volunteered at local Juneteenth festivals in North Carolina and New Jersey Latino Network hosted a Mexican food truck to celebrate Cinco de Mayo Asian Network of Campbell’s hosted a kimbap—a Korean delicacy—cooking class in honor of Asian American and Pacific Islander Heritage Month
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Our Pride Employee Network held its annual raising of the Pride flag ceremony at the start of Pride Month black, friends and a second family here at work.” ree POuL 5) Richard Araujo Customer Sales Lead, Convenience Channel, M&B “As aleader ofan ERG, | have gained valuable leadership skills; also, it has provided a chance for me to help other employees build their network and enhance their experience at Campbell’s.” Mem Legros Sr. Manager, Digital Commerce and Omnichannel Shopper Marketing, Snacks Supporting the communities where we live and work is core to who we are and what we value. We provide financial and product donations to national and local nonprofits, and our employees are out in the communities volunteering and living into our values of care, character, and collaboration. Campbells Vibrant Communities Community impact Fiscal 2023 highlights Awarded $2.4M to nonprofits through The Campbell’s Foundation
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Expanded our Full Futures school nutrition program to Charlotte, North Carolina Organized record number of volunteer events during our Campbell’s Cares Days of Service Introduction Our food Supply chain Environment Our Community Affairs program is committed to strengthening and empowering vibrant communities in our hometowns. It connects employees to our purpose and values and also empowers them to support the organizations that are important to them. Our work is focused on three core areas: increasing food access, encouraging healthy living, and nurturing Campbell’s neighborhoods. These focus areas leverage our strengths, reach, and history. Much of our work is carried out or funded by The Campbell’s Foundation, which issues Community Impact Grants, nurtures long-term partnerships with organizations aligned with our Community Affairs mission, and matches monetary donations made by employees. Community goals' Target Progress
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Increase food access for 100,000 residents in Campbell’s 87, 871 communities by fiscal 2025 Provide nutrition education to 50,000 people to encourage 41,701 healthy living in Campbell’s communities by fiscal 2025 Invest $5 million to advance the school food environment for $4,201,473 children by fiscal 2025 Engage 70% of Campbell’s employees in community-based 39% activities by fiscal 2025 Contribute 75,000 traditional and skills-based employee 38,693 volunteer hours across Campbell’s footprint to increase the capacity of our community partners by fiscal 2025 1 Campbell’s communities are where the company has operations, including corporate offices, manufacturing facilities, and major sales offices. Progress against community goals is cumulative since fiscal year 2020. Our people Community Governance Appendix Our Community Affairs strategy Mission To strengthen and empower vibrant communities in Campbell’s hometowns and connect employees to company purpose and values
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Funding focus areas Increase food access Improve availability of and accessibility to nutritious and fresh foods Encourage healthy living Expand nutrition education and active lifestyle programs Nurture Campbell’s neighborhoods Cultivate public spaces in our communities where people can gather and be active Programs and activities Employee engagement: * Employee giving and matching * Volunteering and volunteer match Disaster relief: * Product donations and grants to disaster relief organizations * Employee relief fund Direct grantmaking: * Full Futures * Foundation grants across our footprint * Multi-year food access commitments In-kind giving: * Product donation coordination and tracking * Occasional other in-kind support Community partnerships: * Events and sponsorships * Cross-sector partnerships c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix
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For 155 years, we have played an integral role in society, . . providing wholesome, delicious, and affordable meals, In this section beverages, and snacks to consumers. We match this with E . ; 06 // Company overview a longstanding commitment to the communities we call home and atrack record of environmental stewardship. , 07 // Our Tapestry introduction 08 // Our ESG Framework 09 // Goals and performance 10 // 2023 highlights — Full Futures Launched in 2021 alongside the Camden City School District and nonprofit partners, the goal of the Full Futures program is to foster a school nutrition environment that ensures all students are well nourished and ready to thrive at school and in life. The five-year initiative centers on four pillars with specific goals to ensure efficacy. During the 2022-2023 school year, Full Futures launched its second program site in Charlotte, North Carolina with Charlotte-Mecklenburg Schools (CMS). met jum’ Full Futures strategy
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School nutrition mindset Nutrition education Creating a school culture that prioritizes nutritious food for students Expanding the reach and impact of nutrition and culinary education Procurement and menu change Infrastructure Enhancing the infrastructure of school food service and food education through equipment, resources, and investments in training staff Procuring nutritious, locally sourced ingredients and supporting menu changes centered around students In fiscal 2023, Full Futures partners carried out a host of projects, such as: - Food access for Camden families - The Camden School Nutrition team helped expand access to healthy food by distributing free produce boxes in the community, offering a brunch buffet on Saturdays at one of the local high schools free to all children, and updating a food access map that provides locations of free meals and food distribution sites.
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- Food career explorations - Students from the Camden Youth Advisory Council, a youth-led group advocating for community health, learned about careers in culinary arts, nutrition, and agriculture through field trips to Campbell’s headquarters, the Food Bank of South Jersey, Buster Petronglo and Son Farm, and GeoGreens farm. - Food service training - Nonprofit partner Wellness in Schools trained 150 food service workers and district staff in new cooking skills and how to utilize local and seasonal ingredients. As a result, food service management partner Whitson’s Culinary Group added eight new recipes to its menu, many of which were sampled by local students. - Nutrition and agriculture education in Charlotte - Eight e-learning modules were developed to assist teachers in utilizing aquaponics systems with students. Teachers learned about the basics of using aquaponics systems and how to integrate it into their lesson plans. Full Futures highlights fiscal 2023 7,000+
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students served in Camden, New Jersey 600+ people in Camden participated in nutrition education lessons in schools, virtually, and in the community 80% ofnewrecipes in the Camden school district featured local ingredients 2nd program site launched in Charlotte, North Carolina 1,600+ students impacted in Charlotte, North Carolina billb Campbells Community impact grants
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The Campbell’s Foundation provides funding for local nonprofits, whose missions align with one of our three focus areas. Campbell’s employees across our locations nominate outstanding organizations in their community to be considered for a grant. In fiscal 2023, grants supported organizations from 26 Campbell’s communities across the United States, Puerto Rico, Canada, and Mexico, like the Hunger Task Force of Milwaukee, Wisconsin; Cache Community Food Pantry in Richmond, Utah; and New Jersey Agriculture Society in Camden, New Jersey among many others. Overall, we provided $800,000 to grantees in fiscal 2023 through the program. Highlights from our community partners In addition to our fiscal 2023 grant cycle, we also aggregated and collected data from past grantees on work implemented in fiscal 2023. Collectively, grantees achieved the following during the one-year grant term: 2.3Mi+ 288K+ 39K+ individuals provided individuals individuals had
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with meals participated access to safe in physical public spaces activity programs “At atime when Talbot House’s [homeless] shelter is operating at nearly 120% occupancy, our ability to ensure that no one is turned away hungry cannot be overstated. The Campbell’s Foundation strengthens our local safety net and encourages self-sufficiency.” TALBOT HOUSE MINISTRIES Talbot House Ministries Lakeland, Florida Introduction Our food Supply chain Fiscal 2023 Grant Recipients Ashland, OH Ashland County Community Foundation Bloomfield, CT 4-H Education Center at Auer Farm Hartford Food System Camden, NJ After-School All-Stars (Philadelphia & Camden) Neighborhood Center, Inc. NJ Agricultural Society The Food Trust The Trust for Public Land Vetri Community Partnership Charlotte, NC Loaves & Fishes Pineville Neighbors Place Roof Above Cincinnati, OH La Soupe Cincinatti Dixon/Stockton, CA Emergency Food Bank Downingtown, PA Meals on Wheels of Chester County, Inc.
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Franklin, WI Hunger Task Force of Milwaukee Environment Our people Community Goodyear, AZ Homeless Youth Connection Hanover, PA YWCA Hanover Hyannis, MA Island Grown Initiative Jeffersonville, IN Center For Lay Ministries Lakeland, FL Talbot House Ministries of Lakeland Maxton, NC Robeson County Church and Community Center Mexico City Nutre a un Nifio, A.C Milwaukee, WI Foodright Inc Minneapolis, MN The Food Group Youth Farm and Market Project Mississauga, ON Daily Bread Food Bank The Mississauga Food Bank Governance Napoleon, OH Open Door of Delta Norwalk, CT Filling in the Blanks Person to Person Paris, TX CitySquare, Paris United Way of Lamar County Puerto Rico Banco De Alimentos Puerto Rico Richmond, UT Cache Community Food Pantry Salem, OR Family Building Blocks Marion Polk Food Share Tualatin, OR Black Food Sovereignty Coalition Growing Gardens Willard, OH Second Harvest Food Bank of North Central Ohio Appendix Care for Camden
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Camden, New Jersey has been our home for 155 years. We’re proud to be a part of the city’s history and committed to being part of its future. Through employee engagement, volunteer opportunities, and long-term partnerships with nonprofits, we show up throughout the year to provide care to our community. In fiscal 2023, some of our activities in Camden included: - Maintaining regular employee volunteering for Camden Strong neighborhood clean ups—an initiative of the Camden Mayor’s office to improve community health and quality of life—for which we received the Corporate Sponsor Award at the mayor’s Camden’s Best awards ceremony. - Donating 440 pounds of business casual clothing to Hopeworks, a social enterprise providing job training to youth in Camden. - Engaging departments to volunteer together, like our finance team event where the group assembled over 2,000 sandwiches and cutlery kits for Cathedral Kitchen, a Camden soup kitchen serving over 100,000 meals every year.
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- Hosting 4th graders from a local school in our test kitchens to learn culinary skills alongside employee volunteers, as part of Full Futures’ Cooking Matters programming. - Supporting several multi-year initiatives beyond Full Futures focused on improving food access in Camden, including the Camden Food Fund to support local food entrepreneurs and the Camden Food Security Collective to address root causes of food insecurity in the city. ae oem | RAY & JOAN Campbell’s received the 2022 Salvation Army Kroc Center Volunteer Partner of the Year Award. CORPS COMMUNITY CENTER CAMDEN In fiscal 2023: 70% of Camden employees donated their time or money 6,000 hours of volunteering completed by Camden employees 128+ volunteering activities completed by Camden employees $606,000+ donated by Camden employees and Campbell’s Foundation matches $1,407,573 in grant dollars provided to Camden organizations through our strategic initiatives and community impact grants
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cm 7) ray T 8, ? IP UAM POEMS Introduction Our food Supply chain Environment SS Employee giving It’s part of our culture to give back to our communities. Our employees prove this through their commitment to volunteering and fundraising for worthy causes. Below are some of the ways we foster and encourage our employees to live our value of care throughout the enterprise: - Holding an annual employee giving campaign to raise money for causes that are meaningful to employees. The Campbell’s Foundation matches donations at 100%. In fiscal 2023, this totaled $1.3 million in donations to nonprofit organizations. - Hosting an annual Days of Service, called Campbell’s Cares Days, where employees across the company donate their time to their local community. In fiscal 2023, our 15th year of Days of Service, more than 1,200 employees completed over 100 community projects and donated over 4,200 hours of time.
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- Providing a new hire credit grant for every new employee to make a $20 donation to the charity of their choice. In fiscal 2023, 50% of new hires took advantage of this opportunity, an increase over previous years, donating to 173 organizations. - Promoting skills-based volunteering to support nonprofits. In addition to traditional volunteering, our employees offer their skills and services pro bono to nonprofits to help with things like finance, marketing, design, and more. - Creating funds. Eight of our Employee Resource Groups (ERGs) created Social Justice Funds to support nonprofits aligned with their ERG’s mission, such as the National Alliance for Hispanic Health, Girls Who Code, the National Young Farmers Coalition, and more. Our foundation matches employee donations to these funds, resulting in over $50,000 donated to 30 organizations since the creation of the funds in 2020. eS > “The way our employees gave from their f = «Wa hearts throughout the campaign has been
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= i —ooverwhelming to see.” X S S 7 Chad Johnston QW (ae HR Manager, Paris, Texas Plant Disaster relief Natural disasters can devastate the communities where our employees, suppliers, and customers live, and where our operations are. We donate to organizations that support disaster recovery to support our neighbors and communities. In fiscal 2023, we provided relief following Hurricane lan in Florida, Hurricane Fiona in Puerto Rico, and tornadoes in Texas. Our foundation’s Emergency Assistance Immediate Response Program (IRP) offers grants to employees and independent distributor partners to assist with urgent recovery needs. We also partner with Convoy of Hope, a humanitarian and disaster relief organization that provides food, supplies, and services to those in need, to donate product. The Company donates directly to local organizations, such as the American Red Cross and United Way, and we encourage our team to donate through our employee giving portal.
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Our plants and manufacturing facilities give back Beloit, WI - Every week, Beloit team members spend several hours visiting with and delivering a van full of meals to local community members on behalf of Meals on Wheels. Charlotte, NC - Our Charlotte team hosted a blood drive in partnership with the American Red Cross, which brought a blood donation bus to our plant. Employees donated enough blood to save roughly 50 lives. Denver, PA - Our Denver team celebrated Earth Day by adopting a highway and getting together to hosta cleanup event. Maxton, NC - Our Maxton team worked with Second Harvest Food Bank of Southeast NC and Two Hawk Employment Services to pack over 200 food distribution boxes for Robeson County residents facing food insecurity. Our reputation as an ethical and responsible business
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has been built by acting with character, integrity, and transparency in everything we do. We go beyond merely adhering to all relevant laws and regulations and integrate sustainability considerations into our ways of working, policies, and incentives. This extends to our relationships with our suppliers, how we manage risk, and the sensitive handling of data. es P y y poe — a = y =~ y = , \ y ™ if y | | | , | ] d X 1 | | ‘ ; | | —$—S y <= y = 7 7 wo ~ x ' y / wa a ~q dg , NX Py Fiscal 2023 highlights ESG is overseen by the Board of Directors, CEO, and Corporate Responsibility and Sustainability (CR&S) team In fiscal 2023, performance on ESG goals was considered as part of total enterprise compensation The Governance Committee of our Board of Directors oversees ESG activities. The Committee plays a role in the continued evolution of Campbell's strategy and public reporting. The Committee receives scorecards for ESG performance.
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The Chief Sustainability Officer formally presents to the Governance Committee at least twice per year. Generally, meetings cover situation analysis, industry benchmarking, progress toward corporate goals, issues, and other topics. Examples of the types of issues brought to the Board include emissions reductions, waste, sustainable agriculture, water use, and community impact. Issues are also presented to the Board and Audit Committee at least once per year as part of the Enterprise Risk Management process. Environmental, social, and other issues are included in the company’s strategic plan and budgeting process. In fiscal 2023, performance on ESG goals was presented to the Compensation and Organization Committee of the Board and used as a consideration in our enterprise Annual Incentive Plan. Certain employees have specific metrics linked to individual compensation. The Governance Committee of the Board oversees Campbell's ESG activities, strategy, and reporting.
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Provides executive direction on ESG strategy. With primary focus on our Executive Vice President and General Counsel, who oversees ESG; Executive Vice President and Chief Supply Chain Officer who oversees supply chain sustainability; and Executive Vice President, Chief R&D and Innovation Officer who oversees food innovation and packaging sustainability initiatives. Supports Campbell’s ESG strategy and is directly accountable for Campbell’s environmental strategy. Senior leaders from operating divisions, Supply Chain, Corporate Responsibility and Sustainability, Manufacturing, Research and Development, Investor Relations, and Communications who meet regularly to inform the scope and specific elements of the company’s ESG strategy. c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Board diversity Composition of the Board of Directors (as of November 30, 2023)
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We have a diverse, independent Board. Four of our 12 directors are women and three of 12 are ethnically diverse with one identifying as Asian, one identifying as Hispanic, and one identifying as African American. 11 of our 12 directors are independent, including our Board Chair. Gender diversity Ethnic diversity Independence Since 2016, we have refreshed the Board with the addition of nine new independent directors. To see more about our Board members, see our 2023 Proxy Statement. | 7
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. . Hi gsmen HE 9 white Hi 11 independent Busi ness eth ICS BB 4women I 3ethnically M1 non-independent diverse Conducting business according to the highest ethical standards and moral principles has been a company strength for 155 years. We pursue this through our compliance program—Winning With Integrity—and our Code of Business Conduct and Ethics (Code). Available in English, French, and Spanish on our website, our Code outlines our company’s ethical standards and expectations, highlights important policies, Tenure of Independent Age of Independent and summarizes fundamental legal requirements that employees must follow. Director nominees Director nominees These include topics like anti-harassment, conflicts of interest, protection of data, anti-corruption, international trade, and more. >, Upon joining Campbell’s, employees are provided access to the Code, which is oN va 5 In50s
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available online. Live and online training sessions on Code compliance are offered 89 || 7 0-5 years 60.5 o Ain 60s to employees throughout the year, and all salaried employees receive annual years | 2 6-10 years years Code training. average average || 1In 40s
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tenure HM 2 over 10 years age If employees are concerned about improper, unlawful, or unethical conduct, they may contact the Campbell’s third-party Integrity Hotline at 800-210-2173 or at campbellsoup.ethicspoint.com. The hotline operates 24 hours a day, with translation services available at all times. Campbell’s does not tolerate retaliation against anyone making a report in good faith. HB 11n70s The Senior Vice President, Deputy General Counsel, and the Chief Compliance Officer have overall responsibility for Winning with Integrity and the Code. The Board Audit Committee receives an update on the program every year. Highlights Enterprise risk assessment carried out on an annual basis with Board of Directors oversight Process fully integrates climate and other risk factors
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We have a formal Enterprise Risk Management (ERM) process. The process includes input from across the company, secured by surveying a broad set of employees and leaders, including representatives from Government and Regulatory Affairs, Sustainability, Engineering, R&D, Procurement, and the Board of Directors. Key risk categories are analyzed, and the results are used to develop an enterprise key-risk portfolio. We identify the top 10 risks, develop response plans, and monitor progress. Risk categories are revisited annually to determine the drivers and level of management required for each risk. Climate and other risk factors are integrated into the ERM process. Inputs from periodic risk assessments regarding water and climate are also considered in the ERM process.
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We have an ERM steering committee, comprised of members of the Campbell’s Leadership Team and supported by other subject matter experts, that provides oversight of enterprise risks and our processes to identify, measure, monitor, manage, and mitigate these risks. We regularly engage outside advisors, as appropriate, to assist in the identification and evaluation of risks. The enterprise risk profile and related action plans for the most critical risks are reviewed with the Board of Directors annually, with periodic updates as needed. , on IO Frond 2 = a ma iy \S Dhwtestne’y Supply chain resilience Climate change, water stress, extreme weather, and natural disasters pose risks
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to the stability of our supply chain. We prepare for these risks by assessing our priority raw materials, identifying key threats to each raw material, and developing contingency plans to preempt or respond to a disruption. In fiscal 2021, fiscal 2022, and fiscal 2023, we completed the following actions to manage these risks: - Integrated more robust environmental and social risk factors into supply risk assessment processes - Developed training for buyers and suppliers on environmental and social risks - Developed a science-based emissions target and initial emission- reduction roadmaps - Completed an updated water risk assessment To read more about our approach to supply chain risk management, see our most recent CDPr 2 c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix
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aq Mio = as fe . 2 xe THIN & CRISPY _ way ROTO GIES sare = \ anager: ‘ | Mi lano | a = aI ateey = 4 iB eae = | cs = od CHOCOLATE | VINEGAR | = ‘ a St | 4 | © 7 with Lemon AL Balm & Sze axest tastenaturaly | 3 WG ms WV wt | eS ba ON : net weight 20z(g) I ; a S \ @ ; 9 Vs = . = te x Pech Ue toeate Ane CIS CUT QF In this section — —— wan PACKS or6 PEANUT/BUTTER) Spic Tomato ig 50 // Materiality Oreos rim usary | ICKEN NOO xt SOUP ¥ ss “4 ——— - 51 // Strategic memberships and affiliations 52 // Stakeholder engagement 54 // Data tables Appendix i c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Materiality
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We hold ourselves to high standards when considering how we create value and the impact we have on key stakeholders. We identify the environmental, social, and governance topics that most affect our business and society through a materiality assessment. The assessment informs the direction of our corporate responsibility strategy, ensuring that our programs help us meet both strategic business objectives and other priorities. During our most recent assessment, completed in 2023, the ranking of our material topics shifted slightly, which is reflected in the content of this report. Priority issues Significant issues Important issues Supply chain resilience and commodity availability Health, nutrition, and wellness Data protection and cybersecurity Responsible sourcing and traceability Business continuity and resilience Ingredient and product transparency, and labeling Food safety and quality Environmental compliance Animal welfare
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Packaging footprint, waste, and circularity Biodiversity and deforestation Food waste Emissions reduction and climate risk Water stewardship Farmer livelihoods Human rights Food access Waste reduction Inclusion and diversity Occupational health and safety Product innovation Regenerative agriculture Culture and human capital management Employee volunteerism and giving Business ethics and compliance Employee health and wellness Corporate philanthropy Introduction Our food Supply chain Campbells Company overview For 155 years, Campbell’s has been connecting people through food they love. Generations of consumers have trusted us to provide delicious and affordable food and beverages. We have a legacy of giving back to our communities and acting as good stewards of the ) environment. The company has been headquartered in Camden, N.J. since 1869, and is Y) listed on the New York Stock Exchange under ticker symbol CPB. Our business’ © 94%
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of all American households employees across have one of our brands North America Headquarters in their home 14.5K Camden, New Jersey (World Headquarters) Two divisions with clear roles positioned to win o @ Snacks Meals and Beverages Accelerated growth Steady performance Manufacturing facilities Arizona: Goodyear (S) California: Dixon (M&B), Stockton (M&B) 48% ofsales 52% of sales - 7 = * = my my = MCaPE (Godtst Fiscal2023 Connecticut: Bloomfield (S) Net Sales $9.4B Campbell Fee spac”: Pais, Prego Florida: Lakeland (S) Illinois: Downers Grove (S) Indiana: Jeffersonville (S) Massachusetts: Hyannis (S) 1 Based on fiscal 2023 data, which does not include the acquisition of Sovos Brands, Inc. Mississauga, Ontario (Canadian Headquarters) Environment Our people Community Governance Appendix North Carolina: Charlotte (S), Maxton (M&B) Ohio: Ashland (S), Napoleon (M&B), Willard (S) Oregon: Salem (S), Tualatin (M&B)
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Pennsylvania: Denver (S), Downingtown (S), Hanover (S) Texas: Paris (M&B) @ Headquarters @ M&B = Meals and Beverages © s=Snacks Utah: Richmond (S) Wisconsin: Beloit (S), Franklin (S), Milwaukee (M&B) Campbells Introduction Our food Supply chain Environment Strategic memberships and affiliations American Baker’s Association Cool Farm Alliance American Benefits Council AMERIPEN Association for Sustainable Food Safety Association of National Advertisers Association of Plastic Recyclers Board.org: ESG and CSR Board California League of Food Processors Chamber of Commerce of the United States Cornell Institute for Food Systems Industry Partnership Program Council of New Jersey Grantmakers Food Allergy Research and Resource Program Food Marketing Institute Food Northwest How2Recycle Institute for Advancement of Food and Nutrition Sciences Chamber of Commerce Southern New Jersey National Association of Manufacturers Chief Executives for Corporate Purpose
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National Minority Supplier Development Council Consumer Brands Association Ohio Manufacturers Association Our people Community Governance Appendix OMA Energy Group Poly Coated Paper Alliance Potato Sustainability Alliance Sedex SNAC International Stewardship Index for Specialty Crops Sustainable Packaging Coalition The Recycling Partnership The Sustainability Consortium University of California, Davis (UC Davis) College of Agricultural and Environmental Sciences Women’s Business Enterprise National Council Campbells Stakeholder engagement Stakeholders Methods Advocacy Organization memberships Groups/NGOs Direct engagement Professional conferences Communities Direct relationships Corporate and employee giving Networking events Consumers 24-hour toll-free hotline Consumer insights Branded websites Customers Dedicated customer teams Customer meetings and presentations Customer surveys Employees Quarterly employee forums Town hall meetings Leadership teams
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Focus groups Introduction Our food Roundtable events Social media Website and corporate responsibility report Surveys Signature partnerships Employee volunteerism Website and corporate responsibility report Social media Marketing Customer letters and responses to inquiries Sales materials Industry trade groups Employee Resource Groups Internal communication channels Surveys Anonymous hotline Supply chain Environment Our people Issues Health and wellness Nutrition and labeling standards Animal welfare Water Climate change Food access Nutrition education Strategic partnership priorities Food safety and quality Transparency Packaging Health and wellness Product innovation Trade practices Environmental practices Transparency Inclusion and diversity Occupational health and safety Recognition Compensation Benefits Talent management, training, and development Community Governance Human rights Sustainable agriculture Packaging Inclusion and diversity
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Corporate governance Environmental initiatives Health and wellness Nutrition and labeling Affordability Food waste Environmental practices Sales support and service Health, nutrition, and wellness Procurement practices Business trends Health and wellness Transparency Sustainability Community engagement Appendix Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Stakeholders Investors Regulators/ policymakers Suppliers Methods Direct engagement Ratings/rankings and indices Quarterly earnings releases Annual report In-person meetings and plant tours Direct engagement on issues important to Campbell’s Advocacy Collaborative partnerships Responsible sourcing supplier code Sourcing events Strategic relationship management program Annual shareholder meetings Investor calls Industry-related conferences Website and corporate responsibility report
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Monitoring and communication of regulatory activities Industry trade associations Coalitions Face-to-face meetings Surveys Assessments and audits Issues Business strategy and financial performance Governance practices Board composition Sustainability strategies and issues Talent management Food safety and quality Product labeling and marketing Trade policy implications Health and wellness Environmental policy Product safety and quality Human rights Ethical sourcing Packaging Ingredient traceability Ethical business practices Supply chain Inclusion and diversity Transparency Climate change Packaging Sustainable agriculture Sustainability reporting Cost-savings opportunities Supply chain risk mitigation Sustainable agriculture Animal welfare Supplier diversity Introduction Our food Supply chain Environment Our people Community Governance Appendix Campbells Data tables gO Trusted food FY2021 FY2022 FY2023 FY2021 FY2022 FY2023
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% of products and sales are from our nutrition 56% of products, 52% of products, 54% of products, Cage-free eggs focused foods representing 52% representing 52% representing 54% of sales of sales of sales Gestation crate-free pork % of M&B products provide at least half a serving 45% 51% 51% § Shiva ueetaree ie anaaend ee our Animal Welfare Guidelines an endum of vegetables Higher broiler chicken welfare % of snacks products provide <200 calories 88% 88% 87% per serving Average cost of nutrition focused foods (NFF) per serving, compared to entire portfolio % of M&B products that meet at least one federal nutrition program criteria % of M&B family meal recipes that cost $3 or less per serving % of portfolio that meet our nutrition guidelines for product development $0.62 (NFF), $0.65 (overall portfolio average) 71% 53% 69% of products, representing 65% of sales $0.58 (NFF), $0.65 (overall portfolio average) 72% 54% 68% of products, representing 69% of sales
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$0.70 (NFF), $0.78 (overall portfolio average) 73% 50% 68% of products, representing 72% of sales Global Animal Partnership (GAP) Step 2 chicken for Pacific Foods c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Vibrant communities
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FY2021 FY2022 FY2023 FY2021 FY2022 FY2023 Total giving (USD in millions) $54.2 $56.4 $71.8 Palm oil 100% 100% 100% In-kind giving" $48.8 $51.5 $67 Paper packaging 100% 100% 100% Foundation giving $3.1 $2.7 $2.4 Potatoes 100% 99.9% 100% Corporate contributions $2.3 $2.2 $2.4 Tomatoes 94% 96% 100% Residents with increased food access 49,640 8,753 29,478 Wheat 99.7% 100% 100% Residents provided with nutrition education 9,083 1,180 12,935 aera materials traceable to country 100% 100% 100% School food investment $1,030,800 $ 1,077,000 $1,228,673 Traceable to country of origin by priority raw material* % Campbell’s employees engaged? 21% 28% 39% Almonds 100% 100% 100% Traditional and skills-based employee volunteer hours eae 206) Tests Cashews 100% 100% 100% i i Cheese 100% 100% 100% Responsible sourcing Priority raw materials responsibly sourced? 99% 98% 99.9% Chicken 100 on es Responsibly sourced by priority raw material* Chocolate 100% 100% 100%
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inimonis 100% 100% 100% Palm oil 100% 100% 100% Gashews 100% 100% 100% Paper packaging 100% 100% 100% Gheese 100% 100% 99% Potatoes 100% 100% 100% Chicken 100% 100% 100% Tomatoes 100% 100% 100% Chocolate 99.8% 99.8% 99.7% Wheat 100% 100% 100%
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‘In-kind giving is defined as total product donations. In 2023, we sold our Emerald Nuts business. As a result of the sale, nuts are no longer a priority raw material and will not appear in future reporting. ? Data are cumulative. 3 Responsibly sourced means the supplier has: - Acknowledged Campbell’s Responsible Sourcing Supplier Code. + Disclosed country of origin and has undergone a SMETA audit if the country of origin is high risk according to the World Bank and if Campbell’s has deemed the material and/or the supplier to be high risk. c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix “Thriving people rom FY2021 FY2022 FY2023 FY2021 FY2022 FY2023 Occupational health and safety Workplace diversity and benefits Total reportable incident rate 111 1.32 1.17 Women in global workforce (%) 40% 39% 39% (TRIR)/200,000 hours Women in management (%) 41% 41% 42% Lost time incident rate (LTIR)/200,000 hours 0.17 0.3 0.32
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Women on the Board of Directors (%) 31% 31% 31% Employee fatalities 1 0 0 Tuition assistance paid (USD in millions) $0.90 $ 0.83 $0.81 Environmental notice of violations (NOVs) 6 19 14 Environmental fines (USD) $1,600 $4,458 $1,500 c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix (p) Healthy environment
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Baseline FY2021 FY2022 FY2023 FY2021 FY2022 FY2023 FY2020 Energy use Greenhouse gas emissions' Electricity use (mmbtu) 2,193,267 2,064,540 1,917,544 Total emissions Fuel use (mmbtu) 8,399,192 8,293,171 7,642,603 Location-based GHG emissions 687,523 676,982 647,097 (metric tons CO,e) Total energy use (mmbtu) 10,592,459 10,357,711 9,560,147 Market-based GHG emissions 678,439 666,580 672,061 632,926 Energy intensity 3.09 3.15 3.27 (metric tons CO,e) (mmbtu/metric ton of food produced) Location-based GHG intensity 0.2 0.21 0.22 Renewable energy generated (kWh) 57,464,172 53,763,603 44,830,572 (metric tons CO,e/metric ton for the grid of food produced) Percent renewable of total electricity use 9% 9% 8% Market-based GHG intensity 0.19 0.2 0.22 (metric tons CO,e/metric ton of food produced) ; 2 Scope 1 (metric tons CO,e) Location-based direct 471,188 465,257 461,968 437,433 (Scope 1) emissions ; 2 Scope 2 (metric tons CO,e) Location-based indirect 222,266 215,014 209,665
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(Scope 2) emissions Market-based indirect 207,251 201,323 210,093 195,493
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(Scope 2) emissions ’ Please refer to our third-party limited assurance statement of select Healthy Environment metrics. 2 Scope 1 and 2 was calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard. These data are assured. Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix @ Healthy environment (continued) Greenhouse gas emissions' (continued) Scope 3 (metric tons CO,e)? Total indirect (Scope 3) emissions Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Scope 3: Category 1 — Purchased Goods and Services Category 2 — Capital Goods Category 3 — Fuel- and Energy-related Activities Category 4 — Upstream Transportation and Distribution Category 5 — Waste Generated in Operations Category 6 — Business Travel Category 7 — Employee Commuting Category 8 — Upstream Leased Assets
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Category 9 — Downstream Transportation and Distribution Category 10 — Processing of Sold Products Category 11 — Use of Sold Products Category 12 — End-of-Life Treatment of Sold Products Category 13 — Downstream Leased Assets Category 14 — Franchises Category 15 — Investments ’ Please refer to our third-party limited assurance statement of select Healthy Environment metrics. 2 Scope 3 was calculated in accordance with the WRI/WBCSD GHG Protocol Corporate Value Chain (Scope 3) Standard. These data are unassured. Baseline FY2020 6,129,639 4,524,315 13,362 102,522 626,683 144,253 5,986 23,395 Not calculated 417,303 Not calculated Not calculated 230,598 41,222 Not calculated Not calculated FY2023 5,123,752 3,659,338 3,389 110,363 478,045 146,933 6,382 23,733 Not calculated 456,865 Not calculated Not calculated 205,127 33,577 Not calculated Not calculated Baseline FY2021 FY2022 FY2017 FY2023 Sustainable agriculture % by volume engaged in a sustainable
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ag program Almonds? 3% 33% Cashews? 1% 19% Potatoes 100% 100% Tomatoes 83% 95% Wheat 29% 32% Pwateruses Total water withdrawn (m?) 22,800,911 21,477,982 23,839,277 Total water discharged (m?) 19,434,056 20,968,696 Total water consumed (m3) 2,043,926 2,870,581 Water intensity 6.26 7.26 (m?/metric ton of food produced) 53% 56% 100% 94% 44% 24,275,874 21,185,490 3,090,384 8.30 Waste generation’ Total waste generated (metric tons)* 171,636 202,410 Waste to landfill (metric tons) 33,184 55,033 56,207 Waste to incineration/controlled 2,588 2,140 combustion (metric tons) 3 In 2023, we sold our Emerald Nuts business. As a result of the sale, nuts are no longer a priority raw material and will not appear in future reporting. 4 FY2023 data reflect improvements in data gathering and tracking methodologies. Where actual data were not available, estimated data were used based on EPA factors. 213,364 45,484 2,261
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Introduction Our food Supply chain Environment Our people Community Governance Appendix Campbells (p) Healthy environment (continued)
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Baseline FY2021 FY2022 FY2023 FY2021 FY2022 FY2023 FY2017 Waste generation’ (continued) Packaging Waste recycled (metric tons) 28,473 50,817 49,337 Recyclability of portfolio, by weight 95% 94% 92% Food waste diverted to other 85,542 92,946 110,984 Post-consumer recycled (PCR) content, by packaging type* Aluminum: 50% Aluminum: 50% Aluminum: 50% destinations {metric tons) Corrugate: 38% Corrugate: 38% Corrugate: 29.8% Total waste diverted from landfill 116,603 146,202 167,880 Glass: 35% Glass: 35% Glass: 35% metric tons ( ) Steel: 35% Steel: 35% Steel: 35% Landfill diversion rate (%) 68% 72% 79% Plastic: 0% Plastic: 0% Plastic: 2.6% Total waste intensity (metric tons 0.05 0.06 0.07 PET Boles: of waste generated/metric ton of 12.6% food produced) Portfolio with How2Recycle label on pack (%)° M&B: 71% M&B 75% M&B: 100% Regulated waste generated 1 m1 67 Snacks: 70% Snacks: 84% Snacks: 100% (metric tons)? Industry partnerships Strategic memberships and affiliations and academia
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Food waste generated (metric tons)? 33,958 27,466 27,938 34,307 1 Please refer to our third-party limited assurance statement of select Healthy Environment metrics. Total food waste (metric tons) 95,634 105.339 114,338 2 Regulated waste refers to any waste regulated by federal or state laws, including but not limited to hazardous waste. , , , 3 Campbell’s defines its food waste commitment in accordance with the FUSIONS Definitional Framework for Food Waste; as such, we exclude animal feed and biomaterial processing . from the scope of our goal. Food waste to animal feed 67,359 64,839 79,132 4 Where actual supplier packaging data were not available, we report averages based on reputable industry sources by packaging type. These data represent post-consumer values only, not post-industrial values which may have been previously reported.
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Food waste to aerobic digestion 13,673 9.094 9.632 5 H2R program active only in U.S. and Canada. Products without the logo may appear in stores until current inventories of product and packaging materials are depleted. Certain packaging 8 , , , materials are excluded due to feasibility and/or suitability to carry the H2R logo. Food waste to 809 12,561 899 biomaterial processing Food waste to landfill 9,719 12,392 3,354 Food waste to land application 2,327 1,754 13,940 Food waste to anaerobic digestion 1,375 4,029 6,647 Food waste to controlled combustion 372 669 733
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c ’ Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix GRI Index Campbell’s Soup Company has reported with reference to the GRI Standards for the period August 1, 2022 - July 30, 2023. Disclosure Disclosure Title FY2023 Response 2-1 Organizational Details Company Overview 2-2 Entities Included in the Organization’s Sustainability Reporting Company Overview 2-3 Reporting Period, Frequency, and Contact Point We are reporting on FY2023 (August 1, 2022 - July 30, 2023). We issue a full report biennially, with updates annually. We value and welcome feedback from interested stakeholders. Contact Stewart Lindsay, Chief Sustainability Officer, One Campbell’s Place, MS131, Camden, NJ 08103. You may also contact us via our dedicated CSR Feedback Email Address: csr_feedback@campbellsoup.com.
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2-4 Restatements of Information In accordance with the WRI/WBCSD GHG Protocol Corporate Value Chain (Scope 3) Standard, FY2020 Scope 3 Category 1 - Purchased Goods and Services has been recalculated to improve and expand the use of lifecycle emission factors used to calculate ingredient and packaging emissions. FY2020 Scope 3 Category 2 — Capital Goods was adjusted to reflect more accurate categorization of spend. Some emissions previously reported as Capital Goods have been moved to Purchased Goods and Services. FY2020 Scope 3 Category 4 — Upstream Transportation has been recalculated to remove ton-miles that were double counted. Regulated waste values were restated for FY2022 to correct a mis-classified waste category, resulting in a decrease of 98%. The waste stream was reclassified to waste recycled, resulting in an increase of 8%.
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Post-consumer Recycled (PCR) by Packaging Type was restated for all years reported to remove post-industrial values for Aluminum, resulting in a 20% decrease. FY2022 SASB response for ‘Revenue From Products that are Non-GMO’ was restated to $1.9 billion, resulting in a decrease of 45% as a result of the more conservative approach. 2-5 External Assurance We completed third-party limited assurance consistent with guidance provided by ISO 14064-3 of our FY2023 Scope 1 and Scope 2 GHG emissions. We also completed limited assurance of our water withdrawal, water discharge, and waste by disposal method for FY2023. All assurance statements can be found at https://www.campbellsoupcompany.com/wp-content/uploads/2024/03/Campbells- FY2023-Assurance-Statement.pdf. 2-6 Activities, Value Chain, and Other Business Relationships 10-K c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix Our Tapestry
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Campbell’s was founded as, and continues to be, a purpose-driven company. Today, we express our approach in our Tapestry, which highlights the linkages Awards and recogn Ition between our purpose, mission, values, strategy, and employee value proposition, and how these assets work together to guide our culture and decision making. Newsweek « D4 America’s Most America’s Greatest World’s Most Responsible Companies Workplaces for Trustworthy a Wh Ei 4 & Most Trustworthy Diversity Companies Companies Purpose Connecting people through the food they love Blomberg FTSE4Good Eipanere Values FTSE4Good Index Gender-Equality Index Care Character Collaboration Competitiveness __ Creativity Unlock our full growth potential Barron's 100 Canada's Most Most Sustainable Companies Reputable Companies Strategy ' : OX < O Building a winning <aill Accelerate Aaevesime ns ane d Deliver on the promise 1 1) team culture oO 0 l profitable growth 8 P of our purpose savings and efficiency
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Employee Value Proposition Make history with Campbell’s Greater Toronto's 2023 American Top Employers Opportunity Index Employer Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure 2-7 2-9 2-10 2-11 2-12 2-13 2-14 2-15 2-16 2-17 2-18 Disclosure Title Employees Workers Who Are Not Employees Governance Structure and Composition Nomination and Selection of the Highest Governance Body Chair of the Highest Governance Body Role of the Highest Governance Body in Overseeing the Management of Impacts Delegation of Responsibility for Managing Impacts Role of the Highest Governance Body in Sustainability Reporting Conflicts of Interest Communication of Critical Concerns Collective Knowledge of the Highest Governance Body Evaluation of the Performance of the Highest Governance Body FY2023 Response Employees by Region and Type, Salary, and Gender
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Region closes Full-Time Part-Time Hourly Salaried Male Female ae en USA 13,885 13,711 174 9,856 4,029 8,514 5,370 1 Canada 163 163 0 0 163 63 100 0 Mexico 36 36 0 0 36 12 24 0 Total 14,084 13,910 174 9,856 4,228 8,589 5,494 1 In FY2023, Campbell’s had 5,592 contractors. Please see our 10-K for additional detail. Governance eh) S S 8 x x 2 °o 2 S g ~ |F i 2 S c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Disclosure Title FY2023 Response 2-19 Remuneration Policies Prox 2-20 Process to Determine Remuneration Proxy 2-21 Annual Total Compensation Ratio Prox 2-22 Statement on Sustainable Development Strategy CEO Message 2-23 Policy Commitments Policies on Our Impact site 2-24 Embedding Policy Commitments The responsibility for embedding our policy commitments varies depending on the policy. For our environmental sustainability and water
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policies, day-to-day responsibility falls to both the Corporate Responsibility and Sustainability team and the Engineering team. These teams report up through the EVP General Counsel and Corporate Secretary and the EVP, Chief Supply Chain Officer, respectively. Responsibility for embedding our Code of Business Conduct and Ethics sits with our Corporate Compliance and Ethics team, which also reports to our EVP General Counsel and Corporate Secretary. For our Responsible Sourcing Supplier Code, responsibility sits with our Procurement team and, ultimately, with our SVP, Chief Procurement Officer and EVP, Chief Supply Chain Officer. 2-25 Processes to Remediate Negative Impacts See GRI 2-26 2-26 Mechanisms for Seeking Advice and Raising Concerns Code of Business Conduct and Ethics; Anyone inside or outside of Campbell’s who has a concern may call the Integrity Hotline at 800-210-2173.
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2-27 Compliance with Laws and Regulations There were no significant incidents of non-compliance with laws and regulations that resulted in administrative or judicial sanctions and fines during the reporting period.
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Environmental Compliance: Campbell’s manages environmental compliance through the use of an electronic system, the Campbell’s Environmental Management and Metrics System (CEMMS). The CEMMS system is used at all of our facilities and is the backbone of our overall compliance monitoring. The CEMMS system proactively addresses our document management, permit tracking, tasks and calendar management, incident and inspection notifications, and PSM/RMP documentation control. While this system is auditable and supports ISO 14001, our compliance monitoring is not ISO 14001 certified, and we currently do not have any facilities that are ISO 14001 or OHSAS 18001 certified. Campbell’s environmental group uses CEMMS data to provide a monthly report to Supply Chain leadership for the purpose of identifying environmental compliance status and open issues throughout owned manufacturing and distribution centers.
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2-28 Membership Associations Strategic Memberships and Affiliations 2-29 Approach to Stakeholder Engagement Stakeholder Engagement 2-30 Collective Bargaining Agreements 14% of our workforce is unionized or covered by collective bargaining agreements. Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Material topics Disclosure Title Process to Determine Material Topics List of Material Topics FY2023 Response Materiality Materiality Economic performance 10-K; Proxy 201-1 201-2 201-3 201-4 Management of Material Topics Direct Economic Value Generated and Distributed Financial Implications and Other Risks and Opportunities Due to Climate Change Defined Benefit Plan Obligations and Other Retirement Plans Financial Assistance Received from Government 10-K; Proxy 10-K; CDP Climate Change 10-K Campbell’s occasionally receives non-material support from the government in the form of grants and/or credits.
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Market presence 202-1 202-2 Management of Material Topics Ratios of Standard Entry Level Wage by Gender Compared to Local Minimum Wage Proportion of Senior Management Hired from the Local Community Not Applicable Not Applicable Not Applicable Indirect economic impacts 203-1 203-2 Management of Material Topics Infrastructure Investments and Services Supported Significant Indirect Economic Impacts Community Community Community c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix
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Disclosure Disclosure Title FY2023 Response 3-3 Management of Material Topics Responsible Sourcing 204-1 Proportion of Spending on Local Suppliers We do not currently track this data. 3-3 Management of Material Topics Business Ethics; Code of Business Conduct and Ethics 205-1 Operations Assessed for Risks Related to Corruption Campbell’s Legal Department regularly assesses corruption risk across the company and reports to the Audit Committee of the Board on that risk and on other legal and regulatory exposures. This assessment addresses the risks faced by the company in the geographies in which it does business. In addition, an annual Conflicts of Interest Questionnaire and Certification is completed by mid- and upper-level management and reviewed by the Legal Department. These assessments and evaluations have not identified significant risks related to corruption.
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205-2 Communication and Training About Anti-Corruption Policies and Procedures Each year, Campbell’s provides online and live training for employees on core ethics and compliance issues and risk-based training tailored to the issues associated with employees’ specific job responsibilities. As part of the Winning with Integrity program, full-time salaried employees are required to complete annual training on our Code of Business Conduct and Ethics and biennial training on anti-bribery and corruption. All employees receive regular messaging about Campbell’s Integrity Hotline, and all employees have access to the Code and Campbell’s Anti-Bribery Policy.
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205-3 Confirmed Incidents of Corruption and Actions Taken There have been no confirmed incidents of corruption. 3-3 Management of Material Topics Business Ethics; Code of Business Conduct and Ethics 206-1 Legal Actions for Anti-Competitive Behavior, Anti-Trust, and Monopoly Practices There were no legal actions during the reporting period regarding anti-competitive behavior or violations of anti-trust and monopoly legislation in which Campbell’s has been identified as a participant. 3-3 Management of Material Topics Not Applicable € , Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Disclosure Title FY2023 Response 207-1 Approach to Tax Not Applicable 207-2 Tax Governance, Control, and Risk Management Not Applicable 207-3 Stakeholder Engagement and Management of Concerns Related to Tax Not Applicable 207-4 Country-by-Country Reporting Not Applicable
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te eee 3-3 Management of Material Topics Packaging 301-1 Materials Used by Weight or Volume Packaging 301-2 Recycled Input Materials Used Packaging 301-3 Reclaimed Products and Their Packaging Materials We do not have any reclaimed products. 3-3 Management of Material Topics Climate Change and Energy 302-1 Energy Consumption Within the Organization Data Table; CDP Climate Change 302-2 Energy Consumption Outside of the Organization Data Table; CDP Climate Change 302-3 Energy Intensity Data Table; CDP Climate Change Campbell’s defines intensity as Energy Use/Metric Ton of Food Produced. 302-4 Reduction of Energy Consumption Data Table; CDP Climate Change 302-5 Reductions in Energy Requirements of Products and Services Data Table; CDP Climate Change € , Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Disclosure Title FY2023 Response 3-3 Management of Material Topics Water; CDP Water Security
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303-1 Interactions with Water as a Shared Resource Water; CDP Water Security 303-2 Management of Water Discharge-Related Impacts Water; CDP Water Security 303-3 Water Withdrawal Data Table; CDP Water Security 303-4 Water Discharge Data Table; CDP Water Security 303-5 Water Consumption Data Table; CDP Water Security 3-3 Management of Material Topics We consider biodiversity to be embedded within sustainable agriculture and our Scope 3 Climate work, therefore we do not report on biodiversity as a separate material issue. Management practices related to regenerative programs are included in our sustainable agriculture section 304-1 Operational Sites Owned, Leased, Managed in, or Adjacent to, Protected Areas and Areas of Not Applicable High Biodiversity Value Outside Protected Areas 304-2 Significant Impacts of Activities, Products, and Services on Biodiversity Not Applicable 304-3 Habitats Protected or Restored Not Applicable
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304-4 IUCN Red List Species and National Conservation List Species with Habitats in Areas Affected Not Applicable by Operations 3-3 Management of Material Topics Climate Change and Energy € , Campbells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Disclosure Title FY2023 Response 305-1 Direct (Scope 1) GHG Emissions Data Table; CDP Climate Change 305-2 Energy Indirect (Scope 2) GHG Emissions Data Table; CDP Climate Change 305-3 Other Indirect (Scope 3) GHG Emissions Data Table; CDP Climate Change 305-4 GHG Emissions Intensity Data Table; CDP Climate Change Campbell’s defines intensity as Greenhouse Gas (GHG) Emissions/Metric Ton of Food Produced.
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305-5 Reduction of GHG Emissions Data Table; CDP Climate Change 305-6 Emissions of Ozone-Depleting Substances (ODS) Not tracked at enterprise level. 305-7 Nitrogen Oxides (NO,), Sulfur Oxides (SO, ), and Other Significant Air Emissions Not tracked at enterprise level. ps eee 3-3 Management of Material Topics Waste 306-1 Waste Generation and Significant Waste-Related Impacts Waste; Packaging 306-2 Management of Significant Waste-Related Impacts Waste 306-3 Waste Generated Data Table 306-4 Waste Diverted from Disposal Data Table 306-5 Waste Directed to Disposal Data Table Supplier environmental assessment 3-3 Management of Material Topics Responsible Sourcing c ’ Gam bells Introduction Our food Supply chain Environment Our people Community Governance Appendix Disclosure Disclosure Title FY2023 Response
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