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Industry News
Cargill on Fortune's list of companies that are "Changing the World"
Posted On : 2015-09-07 21:42:10( TIMEZONE : IST )
Cargill has been listed on Fortune's first 'Change the World' list, which recognizes the top 51 companies that have made a sizable impact on major global social or environmental problems as part of their competitive strategy. Fortune said that the goal of the list is to "shine a spotlight on instances where companies are doing good as part of their profit-making strategy, and to shed new light on the power of capitalism to improve the human condition."
Two hundred companies were nominated by editors of Fortune and FSG, a non-profit social impact consulting firm who reached out to dozens of business, academic and nonprofit experts worldwide for their recommendations. Editors at Fortune then reviewed the companies and ranked the top 51. Four criteria were taken into consideration: Business innovation, measurable impact at scale on an important social challenge, the contribution of shared value activities to the company's profitability and competitive advantage and the significance of the shared value effort to the overall business.
Cargill was nominated for its pioneering efforts to curb malnutrition in India by fortifying its edible oils with vitamins A and D. India is home to 194 million malnourished people of which 40 per cent are children. Cooking oil is a staple product found in almost 99 per cent of homes. Cargill's decision to fortify its edible oils in 2008 is largely seen by the industry as the catalyst for the oil fortification trend in India.
Siraj Chaudhry, CEO of Cargill Foods India said: "We are constantly looking at innovating our products, solutions and services to better meet the needs of our customers. Back in 2008, we saw the potential of fortifying our edible oils to bring a better product to the market and help nourish the millions of people suffering from malnutrition with the vitamins they desperately needed. We are glad that the industry thereafter acknowledged the need for oil fortification and that we triggered such a positive change."
