Yahoo Finance Myprotein and Glossybox owner THG ties executive pay to green and sustainable goals
Online shopping group THG today promised to tie executive pay to ambitious new climate targets, as management face a tense meeting with the City to discuss transformation plans.
THG - formerly The Hut Group - has announced a new sustainability plan, featuring targets covering everything from the company’s environmental impact to human rights in its supply chain.
THG, which is behind retailers like Myprotein and Glossybox, today committed to using 100% recyclable packaging by 2025, transitioning to 100% renewable energy by 2025 and offsetting all its historic emissions by 2030, among other ambitious goals. It is also pledging to eliminate its gender pay gap and pay all workers a living wage.
“We are committing to use our global scale, our world-class talent and our dedication to innovation, to act as a force for good,” chief executive Matt Moulding said.
“More importantly, we are using our access to capital to invest in and influence environmental and societal changes that will benefit our planet today and create a sustainable future for generations to come.”
As part of the plans, Moulding and other executives will have their pay targets linked to sustainability goals from next year. Moulding earned £463,000 in salary and fees at THG last year, although the vast majority of the billionaire’s wealth comes from his significant shareholding in the business.
More detailed on how the company intends to meet its ambitious targets will come in 2022.
The new sustainability plans came ahead of a crucial meeting with analysts and investors today. THG is updating the City about its tech platform Ingenuity but the backdrop is concerns about a planned spin-out of its beauty business. Share have fallen by more than a third since the plan was announced last month.
THG said this morning that “no new material information” will be given at today’s meeting. The stock dropped another 2% today.
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