Governance & Financials - Hormel Foods Corporate Responsibility Report

Dividends over the past 10 years have grown almost 15% on average.

At Hormel Foods, we recognize that our sustainability practices must align with our financial goals, and thus, corporate responsibility serves as a guide to our day-to-day business operations. In this way, we excel as a company and improve our corporate responsibility performance while adhering to high ethical standards.

Corporate Governance

The Hormel Foods Board of Directors oversees all activities of the company and assumes the responsibility to ensure that its performance is based on strong ethical practices and is aligned with our Code of Ethical Business Conduct. In fiscal 2021, the Hormel Foods Board of Directors consisted of 12 members, 11 of whom were independent. Four of our Board of Directors members were women and five were persons of color.

Additional information about our board structure can be found in our Proxy Statement.

Corporate Responsibility Governance

The Hormel Foods Corporate Responsibility (CR) Steering Committee is comprised of company executives who provide direction and approval for the company’s corporate responsibility activities. The chair of the committee provides regular updates to our chief executive officer.

In addition, the Governance Committee of the Hormel Foods Board of Directors has oversight of our corporate responsibility activities. Additional information about the responsibilities of this committee can be found on our corporate website.

Financials

Fiscal year 2021 marked the 55^th consecutive year the company has increased its annual dividend. Dividends over the past 10 years have grown almost 15% on average.

Hormel Foods continues to deliver strong financial results. Diluted earnings per share in 2021 were the same as the previous year. Since 2011, our diluted earnings per share have grown at a compound annual growth rate of 6.7%.

To read more about additional governance topics, such as risk management, visit our corporate website. To read more about our financial performance, please see our 2021 Annual Report.