Russian retailer Fix Price has announced that its board of directors has approved the setting up of an Environmental, Social and Governance (ESG) Committee.
The committee will prepare recommendations for the board on the group’s ESG strategy, monitor compliance with sustainability requirements, and analyse progress against the sustainability strategy.
'Best Global Practice'
Dmitry Kirsanov, CEO of Fix Price, commented, “The establishment of the ESG Committee is in line with the best global practice to which we aspire.
“I am confident that the committee will significantly contribute to our further improvement in ESG, and help us set and achieve long-term goals.”
The committee will comprise independent directors, with Alexander Tynkovan as chairman and Elena Titova and Gregor Mowat as members.
The retailer added that the committee is to meet once a quarter, and the ESG agenda will be regularly reviewed by the board of directors.
A Comprehensive Assessment
Over the past few months, Fix Price undertook a comprehensive assessment of all its business streams to measure its compliance with the best market practices in sustainability.
The parameters include quality control, social responsibility, corporate governance, environmental impact.
In early 2022, the company plans to make its first ESG disclosures by releasing a data book and a presentation, followed by its first sustainability report outlining its ESG strategy and key goals.
The Russian variety retailer reported a 4.4% increase in like-for-like sales in the third quarter of its financial year, with like-for-like sales up 25.9% on the same period two years ago.