Online shopping group THG today promised to link executive pay with ambitious new climate goals, as management faces a tense meeting with the city to discuss change plans.
THG – formerly The Hut Group – has announced a new sustainability plan, which includes goals covering everything from the company’s environmental impact to human rights across its supply chain.
THG, which lags behind retailers such as MyProtein and Glossybox, is today committed to using 100% recyclable packaging by 2025, transitioning to 100% renewable energy by 2025 and offsetting all of its historic emissions by 2030, among other ambitious between goals. It is also pledging to eliminate its gender pay gap and pay all workers a living wage.
Chief Executive Matt Molding said, “We are committed to our global standing, our world-class talent and dedication to innovation, to act as a force for good.”
“More importantly, we are using our access to capital to invest in and effect environmental and social changes that will benefit our planet today and create a sustainable future for generations to come. “
As part of the plans, the salary targets for Molding and other executives will be linked to sustainability goals from next year. Molding earned £463,000 in salary and fees at THG last year, although the majority of the billionaire’s wealth comes from his significant stake in the business.
A more detailed look at how the company intends to meet its ambitious goals in 2022 will be available.
The new sustainability plans come ahead of an important meeting with analysts and investors today. THG is updating the city about its tech platform Ingenuity but background concerns about a planned spin-out of its beauty business. The stock has lost 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.