Since 2007, our average dividend growth rate has been 16 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 2017, the Hormel Foods Board of Directors consisted of 14 members, 12 of whom were independent. On the 2017 Board of Directors, there were three women and five persons of color.
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 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 marks the 52nd consecutive year the company has increased its annual dividend. Since 2007, the average dividend growth rate has been 16 percent per year.
Hormel Foods continues to deliver strong financial results. While earnings per share were below the previous year, decreasing 7 cents to $1.57 per share, they have grown at an average annual rate of 11 percent since 2007.