Since 2008, our average dividend growth rate has been 15 percent per year.
At Hormel Foods, we recognize that our sustainability practices directly align with our financial goals and thus, sustainability serves as a guide to our day-to-day business operations. In this way, we excel as a company and improve our sustainability performance while adhering to the highest standards of ethics.
Governance and Policies
The Board of Directors oversees all activities at Hormel Foods and assumes the ultimate responsibility of ensuring that the company’s performance is based on strong ethical practices and is aligned with the Code of Ethical Business Conduct. In fiscal 2018, the Hormel Foods Board of Directors consisted of 12 members, 11 of whom were independent. There were three women and five persons of color on the 2018 Board of Directors.
Additional information about our board structure can be found in our Proxy Statement.
Corporate Responsibility Oversight
In calendar year 2015, Hormel Foods implemented a Corporate Responsibility (CR) Steering Committee. The CR Steering Committee is comprised of company executives, and the group’s role is to provide direction and approval for the company’s environmental, social and governance activities. Our CR Council (comprised of cross-functional subject-matter experts) reports to the CR Steering Committee.
In addition, oversight of our sustainability, environmental and corporate social responsibility activities was formally added to the responsibility of the Governance Committee of our Board of Directors. Additional information about the responsibilities of this committee can be found on our corporate website.
Fiscal year 2018 marked the 52nd consecutive year the company has increased its annual dividend. Since 2008, the average dividend growth rate has been 15 percent per year.
Hormel Foods continues to deliver strong financial results. Earnings per share in 2018 increased 29 cents compared to the previous year. Since 2008, our earnings per share have grown at an average annual rate of 13.6 percent.