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Thai Union and Sustainable Fisheries Partnership record successes in first year of partnership

August 22, 2023 — The following was released by Sustainable Fisheries Partnership:

Thai Union Group PCL and Sustainable Fisheries Partnership (SFP) released a report on the achievements of their first year of collaboration, solidifying their commitment to transforming the seafood industry for the better, backed by Thai Union’s recently launched SeaChange® 2030 sustainability plan.

As one of the world’s leading seafood companies, Thai Union recognizes its profound responsibility for sustainable and ethical seafood sourcing. Thai Union is committing the equivalent of its entire 2022 net profit of THB 7.2 billion (USD 200 million) to SeaChange® through 2030 to help reshape the seafood industry with solutions across people and planet that better sustain a future for all.

“The time for aggressive action is now. Through SeaChange®, we aim to drive meaningful improvements across the entire global seafood industry. Commitments this ambitious require the power and collaboration of partners like SFP that can help make long overdue structural changes a reality. Together, we’re asking the wider industry and our peers to join this effort,” said Adam Brennan, Chief Sustainability Officer of Thai Union.

“Thai Union is setting a new level and expectations for seafood sustainability with its ambitious and concrete commitments to protect ocean wildlife. If everyone followed suit, the seafood industry could play a huge role in addressing this biodiversity crisis and help restore marine wildlife,” said Kathryn Novak, Biodiversity and Nature Director, SFP.

The partnership with SFP, an organization with nearly two decades of experience catalyzing positive change across seafood supply chains globally, has been instrumental in Thai Union’s recent sustainability journey. The collaborative effort has achieved significant advancements across five pivotal areas:

1.    Protecting Marine Biodiversity: Through a partnership with SFP, Thai Union audited its supply chain to address bycatch risks, resulting in a commitment to sourcing exclusively from vessels implementing ocean wildlife protection practices. Thai Union’s pioneering endorsement of the Protecting Ocean Wildlife Pledge and focus on responsible sourcing are reflected in SeaChange® 2030.

2.    Understanding its supply chain – and sharing it with the world: Utilizing SFP’s Seafood Metrics system, Thai Union gained insights into its global supply chains, promoting transparency in its approach. The company’s disclosure of wild-caught and farmed seafood sources via SFP’s Ocean Disclosure Project underscores its commitment to accountability.

3.    Reducing confusion in seafood supply chains: As early adopters of SFP’s universal fishery identification system, Thai Union improved traceability within its blue swimming crab supply chain. The standardized codes for global fisheries are helping Thai Union to improve traceability.

4.    Addressing climate change through responsible aquaculture: Aligned with SeaChange® 2030, Thai Union championed landscape-level aquaculture management to minimize ecosystem impact. The company’s leadership in chairing SFP’s Asian Farmed Shrimp Supply Chain Roundtable contributes to climate resilience and the restoration of mangrove ecosystems.

5.    Setting a good example and rallying the seafood industry for change: Thai Union’s commitment involves dedicating its entire 2022 net profit of USD 200m to SeaChange® through 2030, serving as an industry-wide call to action. The company’s collaboration with SFP and participation in multi-stakeholder groups displays its dedication to driving collective improvement, using best practices to protect ocean ecosystems.

Reflecting on this significant partnership milestone, Thai Union and SFP are committed to building upon their first year. Their shared vision and complementary expertise promise to continue fostering progress, driving transformative change within the seafood industry.

For a comprehensive overview of their partnership achievements, refer to the full report.

Explore Thai Union’s extensive sustainability efforts in the 2022 sustainability report.

Thai Union ranked first in Dow Jones Sustainability Indices rating

December 14, 2022 — Thai Union has topped the food industry rankings on the Dow Jones Sustainability Indices (DJSI), the company announced 13 December.

The seafood giant has been on the DJSI, a set of indices assessing the sustainability performance of thousands of publicly traded companies, for nine years in a row. This year, Thai Union ranked first in the Food Products Industry Index of the DJSI, which it was also granted back in 2018 and 2019.

Read the full article SeafoodSource

Thai Union Chairman Kraisorn Chansiri resigns following insider trading fine

April 18, 2022 — Thai Union Founder and Chairman Kraisorn Chansiri has resigned after receiving civil sanctions from Thailand’s Security and Exchange Commission for alleged insider trading.

In an 18 April, 2022, letter to the Stock Exchange of Thailand, where the company’s stock is traded, Thai Union said Chansiri and Thai Union Executive Director Chuan Tangchansiri will resign “in order to show their sincerity and prevent any negative impacts on the company.”

Read the full story at SeafoodSource

 

Thai Union Chairman Kraisorn Chansiri, eight others fined for insider trading

April 1, 2022 — Nine individuals, including the founder and chairman of Thai Union, have been issued civil sanctions by Thailand’s Security and Exchange Commission after an investigation revealed they engaged in insider trading of the company’s stock.

Bangkok, Thailand-based Thai Union was founded by Kraisorn Chansiri in 1977, and has grown to become one of the world’s largest seafood companies, with USD 4.2 billion (EUR 3.8 billion) and USD 200 million (EUR 181.2 million) in net profit in 2020. Its shares are traded publicly on the Stock Exchange of Thailand.

Read the full story at SeafoodSource

Avanti Frozen Foods recalling branded shrimp after salmonella illnesses

June 29, 2021 — Avanti Frozen Foods Pvt. Ltd., a subsidiary of Thai Union, is recalling major branded and private-label shrimp in the United States because of the potential for salmonella contamination.

Affected brands include Safeway’s Waterfront Bistro, Whole Foods’ 365, Censea, Chicken of the Sea, Hannaford, Meijer, Open Acres, Honest Catch, and CWNO.

Read the full story at Seafood Source

Thai Union joins Ocean Disclosure Project

May 4, 2021 — Thai Union has announced its participation in the Ocean Disclosure Project, a global initiative where seafood businesses publicly share details on the sourcing of their seafood.

In a statement, Thai Union said its involvement is part of its efforts to realize its global sustainability strategy, SeaChange, as well as traceability and transparency commitments in its business operations.

Read the full story at Seafood Source

Chicken of the Sea nearing two price-fixing settlements

April 19, 2021 — Chicken of the Sea is nearing two settlements in civil litigation launched against it in relation to its role in fixing the prices of canned tuna.

The El Segundo, California, U.S.A.-based company and its parent firm, Thai Union, have agreed in principle on two separate agreements with those who claim to have overpaid for tuna it sold between 2011 and 2015 – allegations that stem from a criminal case in which Chicken of the Sea served as a whistleblower.

Read the full story at Seafood Source

Thai Union partners with The Nature Conservancy on anti-IUU initiative

March 3, 2021 — Thai Union has committed to full transparency in its international tuna supply chain by 2025.

The Bangkok, Thailand-based seafood company, which notched more than USD 4.1 billion (EUR 3.3 billion) in revenue in 2019, signed a partnership with The Nature Conservancy on Wednesday, 3 March, committing to full supply-chain transparency across its global tuna supply chains.

Read the full story at Seafood Source

GAA partnering with Thai Union, Devi Seafoods on traceability data-sharing project

February 26, 2021 — The Global Aquaculture Alliance’s (GAA) Best Aquaculture Practices (BAP) certification program is collaborating with seafood companies Thai Union and Devi Seafoods – along with traceability firms Wholechain and Legit Fish – to promote traceability in supply chains.

Their partnership is developing real-time digital solutions that will facilitate direct transfer of data from BAP-certified facilities to BAP’s internal data systems to support tracing of products in companies’ supply chains. This integration program is expected to meet traceability data requirements from seafood companies, the marketplace, regulators, and BAP itself, BAP said in a statement.

Read the full story at Seafood Source

Thai Union scored record profits in 2020, despite Red Lobster losses

February 22, 2021 — Bangkok, Thailand-based seafood giant Thai Union earned a record profit last year despite losses from its Red Lobster affiliate, the company said in its Q4 results report, released 22 February.

The company’s net income in the fourth quarter rose 38 percent year-on-year to THB 1.46 billion (USD 48.6 million, EUR 40 million) on the back of strong core business results. The company’s net profit reached THB 6.25 billion (USD 208 million, EUR 17.2 million) last year, an increase of 64 percent from 2019. Thai Union said this is the first time that its net profit has surpassed THB 6 billion (USD 200 million, EUR 164.7 million).

Read the full story at Seafood Source

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