Thai Union Group PCL

TU:TB TH0450010Y08
Key Information
HQ:
Thailand
Market Cap:
$2.18bn
Primary Markets:
Asia, Europe & Russia, North America



Company Information

Company Summary

Thai Union is a global seafood leader, which has 10 different brands, it has 12 production facilities in 10 countries across North America, Europe, Africa and Asia. The company has a range of products including shelf-stable, chilled and frozen foods. Its subsidiaries in Europe manufacture and distribute ambient and chilled seafood products to countries in Europe, the United States and Australia under their trademarks. Its subsidiaries in Asia manufacture and distribute seafood in Vietnam and China.
Thai Union

Revenue

Total revenue:

$4.4bn

Revenue by Geography

Revenue by Protein

Revenue by Product Type

Note: This financial breakdown is based on Annual reports released in 2022, containing, in most cases, FY2021.


Disclosures

CDP ScoresLast Reviewed: 11/10/2023

CDP ClimateCDP ForestsCDP Water
YesNoNo

Science Based Target InitiativeLast Reviewed: 03/10/2023

Target classificationStatusDate
1.5°CTargets Set2022

Coller FAIRR Protein Producer Index

Analysis Overview

Index-Radar-2023
Greenhouse Gas Emissions Deforestation & Biodiversity Water Use & Scarcity Waste & Pollution Antibiotics Animal Welfare Working Conditions Food Safety Sustainability Governance Alternative Proteins

Analysis Breakdown

Risk Score

41/100
Medium Risk



Greenhouse Gas Emissions

63/100

Scope 1, 2 & 3 Target
100/100
Type of Target
0/0
Strength of Target - SBT
5/5
Source(s): Sustainability Report 2022 Annexure.pdf, page 6; Sustainability Report 2022.pdf, page 34, 39; Webpage - SBTi; Webpage - Thai Union Launches SEACHANGE 2030, Committing THB 7.2 Billion (USD 200 Million) to Advance Sustainability Goals

Innovation on GHG Emission Reduction
20/100
Innovation to Reduce Agriculture Emissions
1/1
Feed Farming Innovation
0/2
Animal Farming Innovation
0/2
Source(s): Sustainability Report 2022.pdf, page 34, 35; TCFD Report 2022, page 11

Quality of GHG Inventory
80/100
Quality and scope of GHG inventory Completeness
1.5/1.5
Feed & Animal Farming Emissions
1/2
Transparency of GHG Inventory
1.5/1.5
Source(s): CDP Website; Sustainability Report 2022 Annexure.pdf, page 6, 12; Sustainability Report 2022.pdf, page 4, 35, 76

Emissions Performance
70/100
Overall Emission Performance
3.5/5
Source(s): Sustainability Report 2022 Annexure.pdf, page 6

Climate-related Scenario Analysis
45/100
Climate-related Scenarios Analysis Conducted
1/1
Disclosure of Analysis Results on Material Risks
1.25/3
Disclosure of Financial Material Events & Alignment of CAPEX
0/1
Source(s): TCFD Report 2022, page 6, 7, 8, 9, 10



Deforestation & Biodiversity

25/100

Deforestation/Conversion-free Target - Soy for Animal Feed
53/100
Risk Assessment to Identify High-risk Locations
0/0.5
Strength of Deforestation Commitment
0.9/2
Regional & Operational Coverage of Commitment
1.25/1.25
Transparency - Progress Against Commitment
0.5/1.25
Source(s): Policy on No Deforestation 2021, page 4; Sustainability Report 2022 Annexure.pdf, page 8; Sustainability Report 2022.pdf, page 55

Engagement, Monitoring & Traceability - Soy for Animal Feed
5/100
Supplier Engagement
0.25/1.25
Compliance monitoring & Traceability
0/3.25
Feed Innovation
0/0.5
Source(s): General Responsible Sourcing Guidelines; Policy on No Deforestation 2021, page 4; Sustainability Report 2022.pdf, page 55

Aquaculture Certification (ASC, BAP, GlobalGAP, SSP)
80/100
Proportion of Farms Certified
4/5
Source(s): ASC Certification Website; BAP Certification Website; Sustainability Report 2022.pdf, page 51, 52

Feed Ingredients & Conversion Ratios
3/100
Feed Disclosure
0.13/2
Performance of Feed Metrics
0/3
Source(s): Seachange Suppliers; Sustainability Report 2022.pdf, page 40, 55

Feed Innovation
5/100
Strategy
0.25/2.75
Performance
0/2.25
Source(s): Commitment on Food Loss and Waste Reduction 2021, page 3; Sustainability Report 2022.pdf, page 67, 74; THAI UNION CORPORATE VENTURE FUND Webpage

Sea Lice Management - Salmon (Fish at Sea Only)
0/100
Sea Lice Disclosure & Management
0/2
Cleaner Fish
0/3
Source(s): Ocean Disclosure Project Webpage

Ecosystem Impacts
29/100
Escapes
0.7/3.25
Reducing Biodiversity Impacts
0.75/1.25
Algal Blooms
0/0.5
Source(s): ASC Auditor Report July 8 2022.pdf, page 17, 19; Sustainability Report 2022.pdf, page 39; THAI UNION NEWS RELEASES 2023



Water Use & Scarcity

32/100

Water Use & Scarcity in Facilities
56/100
Monitoring Water Consumption & Withdrawals
0.55/0.75
Target to Reduce Water Consumption & Withdrawals
0/1
Disclosure & Performance of Water Risks in Facilities
2.25/3.25
Source(s): Sustainability Report 2022 Annexure.pdf; Sustainability Report 2022.pdf, page 4, 62, 75, 76

Water Use & Scarcity in Feed Farming
31/100
Supplier Engagement in Water Use in Feed Farming
1.25/2.5
Disclosure of Water Risks in Feed Farming
0/1.5
Source(s): Agricultural Raw Material Sourcing Guidelines, page 1; SAFETY, HEALTH AND ENVIRONMENT; TCFD Report 2022, page 12

Water Use & Scarcity in Animal Farming
9/100
Supplier Engagement in Water Use in Animal Farming
0.45/3
Disclosure of Water Risks in Animal Farming
0/2
Source(s): SAFETY, HEALTH AND ENVIRONMENT Webpage



Waste & Pollution

29/100

Wastewater at Facilities
63/100
Disclosure & Targets for Wastewater Quality & Volume Discharged
1/1.5
Transparency on Water Pollution Risks
1.25/2
Performance on Wastewater Quality & Volume Discharged
0.9/1.5
Source(s): SAFETY, HEALTH AND ENVIRONMENT; Sustainability Report 2022 Annexure.pdf, page 6, 12; Sustainability Report 2022.pdf, page 74, 76; Thai Union and Clinton Climate Initiative Partner to Generate Clean Energy Webpage

Nutrient Management in Feed Farming
5/100
Supplier Engagement in Nutrient Pollution Risks
0/4
Innovation to Improve Nutrient Management in Feed Farming
0.25/1
Source(s): Agricultural Raw Material Sourcing Guidelines; Agricultural Raw Material Sourcing Policy 2018, page 1; General Responsible Sourcing Guidelines

Nutrient Management in Aquaculture
18/100
Disclosure of Pollution Risks in Animal Farming Operations
0.68/3.75
Performance on Pollution Management
0.2/1.25
Source(s): ASC Auditor Report July 8 2022.pdf; SAFETY, HEALTH AND ENVIRONMENT Webpage



Antibiotics

33/100

Policy on Antibiotics Use
60/100
Policy on Antibiotics Use
3/5
Source(s): Aquaculture Responsible Sourcing Guideline 2018, page 4; Sustainability Report 2022.pdf, page 50, 51

Disclosure of Quantity of Antibiotics Used
7/100
Disclosure of Quantity of Antibiotics Used
0.34/5
Source(s): ASC Auditor Report July 8 2022.pdf, page 18



Animal Welfare

12/100


Aquatic Animal Welfare
5/100
Welfare Policy
0.25/2.5
Reporting on Animal Welfare Metrics
0/2
Reporting on Measures to Improve Welfare
0/0.5
Source(s): Policy Commitment to Animal Welfare 2015, page 1

Disease Management - All Fish
0/100
Mortality Rates
0/3.5
Disease Outbreak
0/1.5
Source(s): Ocean Disclosure Project Webpage; Sustainability Report 2022.pdf, page 39

Disease Management - Shrimp Aquaculture
30/100
Mortality
0.5/2
Disease Outbreak & Biosecurity
1/3
Source(s): ASC Auditor Report July 8 2022.pdf, page 4, 17; Thai Union Annual Report 2022.pdf, page 85



Working Conditions

75/100

Human Rights
85/100
Strength of Policy
1/1
Due Diligence Process
3/3
Evidence of Remediation
0.25/1
Source(s): Anti-Discrimination & Anti Harassment Policy 2021, page 1; Guideline for Classification & Priority Rating 2021, page 1; Human Rights Due Diligence Framework 2021, page 15, 16; Human Rights Policy 2023, page 1; Human Rights Risk Assessment Report 2022, page 1, 2, 3, 4, 5; Thai Union Modern Slavery Act.pdf, page 21, 83; Webpage - Code of Conduct

Fair Working Conditions
74/100
Policy for Direct Operations
2.17/3
Monitoring & Discosure
1.5/2
Source(s): Business Ethics and Labor Code of Conduct 2016, page 2, 5, 6, 9; Human Rights Policy 2023, page 3, 4; Living Wage Assessment, page 1, 2; Suppliers’ Business Ethics and Labor Code of Conduct, page 5, 6, 9, 10; Sustainability Report 2022 Annexure.pdf, page 2; Thai Union Modern Slavery Act.pdf, page 15; Webpage - Code of Conduct

Safety & Turnover Data
70/100
Committee representation of workers
0.5/2
Disclosure of safety and turnover data
3/3
Source(s): Safety, Health and Environment Policy; Sustainability Report 2022 Annexure.pdf, page 11; Webpage - Environment, Health and Safety; Webpage - Food Safety Standards

Freedom of Association
70/100
Strength of Policies
2/3
Disclosure of Collective Bargaining Metrics
1.5/2
Source(s): Business Ethics and Labor Code of Conduct 2016, page 7; Fishing Vessel Code of Conduct 2022, page 5; Suppliers’ Business Ethics and Labor Code of Conduct, page 2, 7, 8; Sustainability Report 2022 Annexure.pdf, page 9, 11; Sustainability Report 2022.pdf, page 104



Food Safety

43/100

Food Safety System
55/100
Certifications
1.75/3.5
Performance
1/1.5
Source(s): Food Safety & Hygiene Requirements 2018, page 2, 3, 22; Sustainability Report 2022 Annexure.pdf, page 8; Sustainability Report 2022.pdf, page 42, 51, 52; Thai Union Annual Report 2022.pdf, page 87; traceability: pilots satellite technology

Product Recalls & Market Bans
30/100
Product Recall Systems
0.5/3
Performance
1/2
Source(s): Food Safety & Hygiene Requirements 2018, page 3, 4



Sustainability Governance

57/100

Assessment of a Company's Sustainability Governance
57/100
Board Sustainability
1.75/2
Incentives & Policy Engagement
0.6/2.5
Innovation & Benchmarking
0.5/0.5
Source(s): ASSOC. PROF. SAKARINDR BHUMIRATANA, PH.D.; Board of Directors Webpage; GLOBAL INNOVATION CENTER; Global Innovation Leadership; Sustainability Report 2022.pdf, page 8, 22, 23, 26, 27, 38, 47, 67, 68; Thai Union Annual Report 2022.pdf, page 16, 43, 81, 168, 191



Alternative Proteins

55/100

Diversification of Products to Alternative Protein Sources
55/100
Existing product portfolio
0.25/2.5
Investing for future growth
2.5/2.5
Source(s): John West Vegan Fish-Free Tuna; Thai Union Annual Report 2022.pdf, page 21, 27, 43; Thai Union Delivers Record Revenue in 2022; Thai Union Innovation Products Website; Thai Union Ventures Website; Thai Union launches plant-based protein OMG Meat to Thai market Website; Webpage - News

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