Bed, Bath and Beyond 2008 Annual Report Download - page 56

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BED BATH & BEYOND PROXY STATEMENT
54
Globally over 2,700 companies issued reports on sustainability issues in 2007 (www.corporateregister.com). A recent survey found
that 80% of the Global Fortune 250 companies now release corporate responsibility data, which is up from 64% in 2005 (KPMG
International Survey of Corporate Responsibility Reporting 2008).
Mainstream financial companies are also increasingly recognizing the links between sustainability performance and shareholder
value. Information from corporations on their greenhouse gas emissions, climate change policies, and overall sustainability
strategies is essential to investors as they assess the strengths of corporate securities in the context of climate change and
increased public awareness of corporate social and environmental responsibility.
As concerns about volatile energy prices, climate change and energy security continue to increase, we believe the focus on energy
efficiency will only intensify. For large retail chains this focus will extend not only to stores but also to the supporting distribution
and transportation networks.
As such, it is no surprise that Wal-Mart, Tesco, and other major retailers have taken leadership roles in this area through the
publication of comprehensive sustainability reports that address company impacts with regards to greenhouse gas emissions,
toxics, store siting and employee safety (www.ceres.org). Bed Bath & Beyond, however, lags behind its global industry peers on
sustainability reporting, especially regarding key environmental issues such as climate change. In a recent report authored by
RiskMetrics, the company scored ninth out of nine big-box retailers in terms of climate change governance practices.
It is vital that our company address and report on the impacts of its operations on the environment and on society.
RESOLVED: Shareholders request that the Board of Directors prepare a sustainability report including strategies to reduce
greenhouse gas emissions and addressing other environmental and social impacts such as toxic chemicals used in products,
environmental impacts of store siting, recycling programs, as well as employee and product safety. The report, prepared at
reasonable cost and omitting proprietary information, should be published by December 2010.
Shareholder’s Supporting Statement
The report should include the company’s definition of sustainability and a company-wide review of company policies, practices,
and metrics related to long-termsocial and environmental sustainability.
We recommend that Bed Bath & Beyond use the Global Reporting Initiative’s Sustainability Reporting Guidelines to prepare the
sustainability report. The Global Reporting Initiative (www.globalreporting.org) is an international organization developed with
representatives from the business, environmental, human rights and labor communities, and their guidelines provide a flexible
reporting system that allows the omission of content that is not relevant to company operations.
COMPANY’S STATEMENT IN OPPOSITION
The Company believes it is a positive member of each of the communities in which it conducts business, and that social and
environmental considerations are an integral part of the business which should be reflected in how it operates. The Company
also is aware that there is an appetite among some of its shareholder base for increased disclosure relating to the Company’s
environmental and social practices.
The Company will prepare a report, in which it expects to treat a number of areas, including those mentioned by the proponents.
The Company intends for its report to provide meaningful insight into our performance in these areas. The Company has already
commenced the preliminary steps to prepare the report, and is committed to completing the report within the timeframe request-
ed by the proponents. The report will be published on the Company’s website following its completion.
The Company has engaged and expects to remain engaged with the proponents of this proposal during this process. However,
while the proposal recommends that the Company use the Global Reporting Initiatives Sustainability Reporting Guidelines (the
“GRI Guidelines”) to prepare the report, and the Company believes this is likely an achievable goal, the proponents have insisted
on a detailed written assurance that the reportwill be prepared in accordance with the GRI Guidelines. Due to a lack of sufficient
familiarity with the GRI Guidelines, the Company cannot give such assurance at this time. The Company will be reviewing many
different sources and guidelines in preparing its report, including the reports of other large retailers as referenced by the pro-
posal. The Company does not believe that committing to follow a single resource is in the best interests of the Company or its
shareholders at this time.
FOR THESE REASONS, YOUR BOARD OF DIRECTORS RECOMMENDS A VOTE AGAINST THIS PROPOSAL.