ABOUT THE MITSUBISHI CORPORATION

AN EMPLOYER OF CHOICE

We have long-held our ambition to become an Employer of Choice and with a clearly defined Colleague Value Proposition – or what we refer to as our ‘give and get’ – Princes has become increasingly people-centric.

At a time of uncertainty, we were quickly able to work differently; ensuring that our colleagues were clear about what was expected of them and (importantly) what they could expect from us.

During the past 12 months we have seen a real acceleration across our People Excellence activity – from prioritising colleagues health and wellbeing by adopting new and pragmatic measures and agreeing increasingly flexible ways of SMART working to launching an on-demand learning and development platform to support continuous learning to driving our inclusion and diversity programme for example.

With all that effort and colleague resilience in evidence, I am particularly proud that this is the year Princes was recognised as ‘Employer of the Year’ at The Grocer Gold Awards. It is a tremendous accolade made all the more significant by the positive (and honest) assessment of the expert panel. And actually, our people awards don’t stop there – Food Management Today named our Commercial Graduate Scheme ‘Best Training Initiative’.

The progress we have made is all thanks to the tremendous efforts and resilience of our colleagues, they really do make Princes a great place to work.

ADVANCING OUR ENVIRONMENTAL CREDENTIALS

In line with our vision to ‘Proudly help families to eat well, without costing the Earth’, Princes continued to build on a longstanding commitment to sustainability throughout our operations in 2021, launching a new ‘2030GreenGoals’ initiative.

As part of this initiative, we have committed to achieving carbon neutrality across our UK and international operations by 2030, building on a 23% reduction in carbon emissions since 2014/2015. Over the next 10 years, we also aim to increase internal energy generation up to 50%, while reducing water general waste and food waste - with a focus on improving efficiencies and driving towards self-generation and renewable energy, such as biogas from waste, as well as reducing and reusing materials.

We have made sustainability improvements to our products too – switching all Princes tuna multipacks to cardboard sleeve packaging has removed 96 tonnes of plastic, while our Napolina brand has moved its core pasta range into recyclable cardboard packaging, removing up to 200 tonnes of non-recyclable plastic.

Additional projects completed in 2021 will also see a reduction of 700 tonnes of plastic a year from soft drinks and edible oils bottles, and continued efforts to reduce food waste, as a member of the Champions 12.3 coalition, have led to a *13% decrease across our global operations in the year to March 2021. Proactive engagement across the global seafood industry to help protect ocean ecosystems also continues to be a crucial element of our sustainability efforts. This is why we continue to take an active role in the debate over Indian Ocean (IO) tuna, having announced that we will take a 50% voluntary cut in IO sourced yellowfin tuna due to concerns at stock levels.

LOOKING AHEAD

I am extremely proud of what we have accomplished as a business during a challenging, but transformative year.

While continuing to navigate the longer-term impacts of Covid-19 and Brexit, we are well-positioned for a bright future, and look forward to delivering further growth and success in the months to come.

MANAGING DIRECTOR

*Based on ALL waste including that put to positive use.

Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.

ABOUT MITSUBISHI CORPORATION

MC has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum and Chemicals, Mineral Resources, Industrial Infrastructure, Automotive and Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, MC’s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society.

CONTRIBUTING TO SOCIETY THROUGH BUSINESS FIRMLY ROOTED IN PRINCIPLES OF INTEGRITY AND FAIRNESS

Princes is a wholly - owned subsidiary of Mitsubishi Corporation since 1989

The Three Corporate Principles - Corporate Responsibility to Society; Integrity and Fairness; and Global Understanding Through Business - have served as Mitsubishi Corporation’s core philosophy since the company’s inception, inspiring us to continually improve the way we address our economic, environmental, and social responsibilities around the world.

Building upon the foundation of these Three Corporate Principles, our Corporate Standards of Conduct establish the Company’s expectations with regard to how business should be conducted, while the Mitsubishi Corporation Code of Conduct provides guidance to our employees worldwide based on local laws and global standards such as the Universal Declaration of Human Rights and the ILO Core Labour Standards.

Furthermore, our Environmental Charter and Social Charter also provide further guidance in relation to our sustainable business endeavours.