KUALA LUMPUR: Philip Morris International Inc (PMI) has released its fourth annual Integrated Report with the aim to provide an objective description of the company's business model, governance and management, strategy, and performance.
PMI chief executive officer Jacek Olczak said despite its many tests, 2022 was a remarkable year that brought PMI's employees closer and saw the company make measurable strides toward achieving its purpose.
Olczak said PMI is progressing toward its 2025 aspiration of becoming a majority smoke-free company and ultimately phasing out cigarettes.
"While a transformation of this magnitude and complexity cannot be achieved overnight, we are committed to making it happen as fast as possible.
"It is through constructive engagement that we will accelerate the pace of meaningful and impactful change and complete our transformation for good," he said.
PMI's latest Integrated Report communicates the company's progress towards achieving its purpose.
The company's statement of purpose articulates PMI's aim to deliver a smoke-free future by focusing its resources on developing, scientifically substantiating, and responsibly commercialising smoke-free products that are less harmful than smoking.
Building on its environmental, social and governance (ESG) framework, PMI developed eight strategies targeting the company's most pressing areas of impact.
"Non-financial information is increasingly being used by external stakeholders to assess and compare a company's performance to others, including the financial community, in their analyses and investment decisions.
"It is key to the integrity of PMI's reporting that the information and data that we publicly disclose accurately reflect our company's progress, following clear calculation methods," said PMI chief financial officer Emmanuel Babeau.
On the social side of PMI's operations, the company expanded access to structured lifelong learning offers among PMI employees, published a strengthened commitment to human rights, and completed its sixth and seventh human rights impact assessments in Brazil and Malaysia.
On the environmental side, it continued decarbonizing its direct operations, and its science-based targets were validated for net zero GHG emissions across its value chain by 2040.