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(Sharecast News) - Marks & Spencer is relaunching its "Plan A" sustainability programme and creating a board subcommittee to oversee the retailer's environmental, social and governance (ESG) activities.
The committee will be chaired by non-executive director Tamara Ingram and will include fellow director Sapna Sood and Chairman Archie Norman.
The FTSE 250 retailer launched Plan A in 2007 in a move praised at the time as the most progressive project of its kind by a big UK retailer. The 100-point plan included targets to be carbon neutral and to make polyester clothing from recycled plastic bottles.
The definition of ESG has moved on to pay more attention to social issues such as ethnic and gender diversity, mental wellbeing and working conditions. The climate emergency has also moved further up the agenda with some investors pushing hard for action.
Norman said: "The time has come to look again at our plans and challenge our thinking. Helping our colleagues, customers and communities lead happier, healthier and fulfilling lives is core to the M&S brand. We need to continue to reinvigorate Plan A and put it back at the centre of our customer story."
Ingram and Sood both joined the M&S board in May. Ingram had a long career in advertising and marketing at WPP and Saatchi and Saatchi. Sood leads Compass Group's international clients business and is a supply chain expert.
Norman said: "Tamara's deep understanding of the customer and Sapna's experience of leading global supply chains and previous board experience in sustainability will ensure the committee provides robust oversight and challenge. The Committee's first task will be to agree a timetable for the Plan A relaunch next year."
M&S announced its ambitions for a new Plan A as Unilever pledged to put its climate plan to regular shareholder votes in the first such move by a FTSE 100 company.
26 May 2023 09:41
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