New criteria puts VF Corp at top of Barron’s sustainable companies list
Barron’s has reranked its 100 Most Sustainable Companies list with a new focus on social commitments. VF Corp, which owns more than 30 brands including The North Face, Timberland, Altra and Vans, is now ranked number one.
The original annual list was published in February, based on 28 categories and 230 indicators under the environmental, social and governance umbrella. Now, five months later, in the context of both the covid-19 pandemic and widespread protests of racial injustice, Barron’s said it is reranking companies based on factors such as workplace diversity, data security, product quality, and how companies interact with their employees, customers and communities.
“As customers and employees continue to make their voices heard, the companies that respond are likely to be more lavishly rewarded by investors,” Barron’s wrote.
In the new ranking, VF rose from its February spot of 21 to the number one spot in June. The company said it attributed the jump to factors such as its response to the coronavirus pandemic (including, through its brands and foundation, contributing more than $10.3 million worth of support) and increasing its inclusion and diversity efforts following the death of George Floyd in May (for example, establishing a new Council to Advance Racial Equity to drive the company's strategy for combatting racial inequity).
“At VF, we are deeply committed to using our size and scale to be a force for good in the world. In times of crisis, this commitment matters even more,” said Peter Higgins, vice president, global responsible sourcing. “We believe our success today is built on purpose-led decisions that emphasize positively impacting people and our planet. Barron’s recognition is not only an honor, but a validation that we are on the right path. While we are proud of our accomplishments, we know there is more to do.”
Image: Inside the Vans headquarters. VF Corp attributes its rise to a “people-first” philosophy.
