In our Q4 2019 engagement with Tesco plc, we discussed how strong corporate culture is vital to support the companyâ€™s ambitious sustainability efforts. Tesco was the first FTSE 100 company to set a target to become a zero-carbon business by 2050. The company has also committed to source 100% of its electricity from renewable sources by 2030, and so far, has achieved 58% of this goal.
In our engagement we found that Tescoâ€™s board places significant focus on the wider culture of the business. Tescoâ€™s sustainability strategy, the â€œLittle Helps Plan,â€ is inspired by the companyâ€™s core values and aims to mobilize all parts of Tescoâ€™s business to focus on the social and environmental challenges that matter most to its customers, employees, suppliers and stakeholders. One way to measure culture is via employee surveys; notably, Tescoâ€™s â€œGreat place to workâ€ measure has remained stable at 83% for the last three years.
Creating a culture of innovation across the business is one of the priorities for the board, as innovation will be essential in helping the company achieve its sustainability-related goals. Tesco also ensures that its corporate culture is reflected throughout its supply chains. Global supplier surveys are conducted twice a year, and the results are reviewed by the board.