Firmenich becomes the second company in the world to guarantee living wage certification for all its employees

Living Wage is integrated into a broader set of responsible compensation practices aimed at creating equal opportunities and building a more inclusive society

Geneva, Switzerland, June 16, 2022 /PRNewswire/ — Firmenich, the world’s largest privately held fragrance and flavor company, announces that it has achieved living wage certification across all of its global operations. Firmenich is the second company in the world and the first in its sector to achieve this milestone, guaranteeing a decent standard of living for its employees worldwide. Following a rigorous external assessment by Fair Wage Network, a widely recognized international NGO, the Group achieved this pioneering certification three years ahead of its target completion date.

“I am very proud that Firmenich is one of only two companies in the world to have successfully achieved living wage certification,” said Gilbert Ghost, CEO of Firmenich. “As a key pillar of our inclusive capitalism model, our progressive approach aims to create a positive impact for all our stakeholders, and our people are essential to making us thrive as a responsible business. Ensuring that people , wherever they are, earning a living wage is a critical step towards building a more equitable and inclusive workplace and society. Fair Wage Network recognizes our concrete achievements in integrating a across our group and I’m particularly pleased that it raises the standard in our industry. I hope it inspires other organizations to join our efforts.”

“Firmenich continues to set the standard for excellence in the world of work, and our holistic strategy is aimed at ensuring equity and inclusion across the organization. Building on achievements such as our certification EDGE, our policy of no gender pay gap, equal representation on the Executive Committee and a culture of diversity and inclusion, this certification will further enhance Firmenich’s profile as a leading global employer “, said Mieke Van de Capelle, Director of Human Resources at Firmenich. “Having already taken this step today, we will now accelerate our efforts, partnering with suppliers to ensure that fair wage practices become the norm for do business together.”

The concept of a living wage is integrated into a broader set of responsible remuneration practices and principles already in place at Firmenich, such as fairness, equality and performance rewards. Living Wage certification reinforces the Group’s fair culture and helps drive economic growth for the benefit of its employees and the wider community.

In 2021, Firmenich committed to providing a Certified Living Wage to 100% of employees globally by 2025. Having already achieved this goal today, Firmenich is committed to promoting strong wage practices vital throughout the value chain in collaboration with its customers and suppliers. Training of 100 top suppliers on human rights will include 10 new initiatives at the source, including a focus on women’s empowerment, education, human rights practices and living wage .

Firmenich is an active member of living wage initiatives, including the UN Global Compact Decent Work in Supply Chain platform; IDH (Sustainable Trade Initiative); Sustainable Vanilla Initiative (SVI); and the Juice Covenant on the juice value chain. The Group is also recognized by the United Nations Global Compact and will assume June 2022 a global leadership position on the Global Compact for Work and Decent Work platform.

NOTE TO EDITORS

Definition of living wage
A living wage is defined as the wage required to purchase the goods and services necessary to achieve a minimum acceptable standard of living for workers and their families, encompassing access to health, food and nutrition, housing and to education. Our current approach focuses on our own employees. We first seek to learn best practices and then roll them out to our suppliers.

Methodology
Fair Wage Network has defined the living wage amount for each of the countries where Firmenich has employees. These thresholds were used to assess whether the fixed compensation paid to all employees in each country meets the living wage standard. Fair Wage Network validated the analysis and conducted random surveys of employees across multiple business units. This last step was essential to confirm that all employee salaries met the threshold. Following the successful completion of these two external assessments, Fair Wage Network certified Firmenich as a Living Wage Employer.

About Firmenich
Firmenich, the world’s largest privately owned fragrance and flavor company, was founded in Geneva, Switzerland, in 1895, and has been a family business for 126 years. Firmenich is a leading business-to-business company specializing in the research, creation, manufacture and sale of fragrances, flavors and ingredients. Renowned for its world-class research and creativity, as well as its leadership in sustainable development, Firmenich offers its customers superior innovation in formulation, a wide palette of high-quality ingredients and exclusive technologies such as biotechnology, encapsulation, olfactory science and taste modulation. . Firmenich had an annual turnover of 4.3 billion Swiss francs at the end June 2021. More information about Firmenich is available at www.firmenich.com.

SOURCE Firmenich

Michael A. Bynum