THE (UNI)LEVER FOR DRIVING SUSTAINABILITY

Pulling the lever

Unilever’s beginnings can be traced back to 1929, when Margarine Unie and Lever Brothers
initially sought to negotiate an agreement to keep out of each other’s principal interests of
margarine and soap production but ultimately decided to merge into one. 1 At that time,
Margarine Unie was one of the largest margarine producers in Britain while the Lever
Brothers controlled 60% of the U.K.’s soap manufacturing output. 2 Both companies enjoyed
major influence in global markets, especially in Africa, where they sourced most of their raw
materials and inked export trade deals.

The large size of both companies made it the largest international merger prior to World War
II.3 According to The Economist, it was “one of the biggest industrial amalgamations in
European history”.4 Subsequently, Unilever continued to exert its influence around the world
while diversifying its business through various acquisitions. It also continued to invest heavily
in innovation, research and development. By the 1980s, it was ranked as the world’s 26th
largest business. It remained fervent in its efforts in maintaining tropical plantations and
cutting down the use of plastics in the consumer goods sector. To keep the company lean
and efficient, it also actively engaged in restructuring and consolidation through
divestments.5

Unilever is widely considered as one of the pioneers of sustainable business operations, with
its company culture seen to be rooted in sustainability. As far back as 1996, it started the
initiative of ensuring the sustainable sourcing of fish. The company set up the Marine
Stewardship Council (MSC) with the World Wildlife Fund (WWF) to prevent overfishing and
sea pollution.6

The year 1999, however, saw a sharp drop in Unilever’s share price. This was both a result
of investor interest shifting to the technology and internet sectors, and Unilever’s lack of
competitiveness in the laundry market in Latin America.7 To combat this, Unilever made
significant improvements to its Environmental, Social and Governance (ESG) efforts in the
2000s, by embedding sustainable thinking into its daily operations. In doing so, Unilever
stood out from a crowded group of fast-moving consumer goods (FMCG) companies which
were less focused on sustainability.8 In 2004, Unilever took its focus on ESG factors further,
underpinned by a new mission statement which states:

“Unilever’s mission is to add Vitality to life. We meet every day needs for nutrition,
hygiene and personal care with brands that help people feel good, look good and get
more out of life...This is our road to sustainable, profitable growth, creating long-term
value for our shareholders, our people, and our business partners.”9

That same year, it joined the Roundtable on Sustainable Palm Oil (RSPO) to advocate the
use of sustainable energy sources. It also launched the Campaign for Real Beauty 10 to
support feminism and rolled out a new logo to represent the diversity of the company. Since
then, consumers have become increasingly educated about sustainability issues and the
impact of businesses on the environment. Unilever’s ESG efforts have gained significant
traction from consumers. To keep its momentum going, the company has continued such
efforts through the mitigation of negative environmental consequences and advocacy of
sustainable business operations.11

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Today, Unilever is one of the top ESG companies worldwide and has been named an
industry leader by S&P Dow Jones Sustainability Index (DJSI) 2020.12 It continues to strive
to meet its ESG goals while staying committed to the constant improvement of its business
practices.

The gold standard for sustainability

Without doubt, Unilever has put a strong focus on ESG, gaining recognition from peers and
consumers alike. The firm has bagged many ESG-related awards and is often ranked
amongst the top three corporate sustainability leaders. In 2012 and 2016, Unilever won the
Sustainable Business Award of the British Business Awards, which recognised the
company’s continual efforts in building a sustainable business and for promoting a
sustainable business model in the Chinese market.13 The award was based on Unilever’s
superior commitment in promoting economic prosperity, improving environmental quality and
social equity, and educating different stakeholders on the importance of sustainability. In
2020, Unilever was named as the industry leader in personal products in the S&P Dow
Jones Sustainability Index 2020, achieving a score of 90 out of 100 across 27 ESG criteria. 14
It was also recognised as the No. 1 corporate sustainability leader for the tenth year in a row
by the latest GlobeScan-SustainAbility survey.15

SUSTAINABILITY AS A BUSINESS STRATEGY

Unilever has long recognised the tectonic shift in societal expectations for a sustainable
future, with companies being called upon to actively participate in social roles and to be
transparent about their social impacts.16 To effectively address this change, Unilever
publishes the Social Review that sets out Unilever’s approach to Corporate Social
Responsibility (CSR). The Social Review sets the scene by explaining what CSR means to
Unilever, maps and reviews the impact of its economic and social policies and practices, and
how it is moving forward.17 This is done together with Unilever’s online Environmental
Performance Report which shows its continual progress in reducing the company’s global
environmental impact.18

Unilever Sustainable Living Plan

In the 2000s, Unilever was struggling to overcome rising commodity prices and the impact of
the global financial crisis of 2008.19 When Paul Polman joined the company as Chief
Executive Officer (CEO) in 2009, he recognised the need for change and repositioned
Unilever to become a purpose-driven company. Early in his tenure, he made several bold
and unconventional moves, such as stopping the issuance of quarterly guidance 20 and
acquiring companies known for their eco-friendly approaches.21

One of Polman’s most important initiatives was to launch the Unilever Sustainable Living
Plan (USLP),22 which sets out the company’s sustainability commitments and targets for the
next decade. This plan served as the company’s blueprint for sustainable growth in an
uncertain world by helping to drive profitable growth for their brands, save costs, and fuel
innovation.23

The USLP has three main global goals – to improve health and wellbeing, reduce
environmental impact, and enhance livelihood, with more than 70 time-bound measurable
targets. By the time the plan reached the end of its ten years in 2020, Unilever had achieved
most of its targets and made significant progress in tackling societal and environmental

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issues. Some of these achievements include reaching 1.3 billion people through its health
and hygiene programmes, enabling 2.34 million women to access initiatives to develop their
skills, and reducing greenhouse gas emissions from its own manufacturing by 65%.24

Even though many of these targets initially drew criticism for being too ambitious and
detrimental to short-term profits, the USLP has proven to be a key driver of success for
Unilever. Unilever’s “Sustainable Living Brands”, which includes brands like Dove,
Hellmann’s and Domestos, have consistently outperformed the average growth rate of the
rest of the portfolio. This strategy has allowed Unilever to avoid over €1 billion in costs, by
improving water and energy efficiency in factories, using less material and producing less
waste. Furthermore, the USLP has helped Unilever to attract and retain the best talent who
want to contribute to sustainable development, and has been instrumental in forging strong
partnerships with NGOs, government organisations and other businesses.25

Unilever Responsible Sourcing Policy

While striving to uphold the highest standards of sustainability within its own organisation,
Unilever also expects the same standards from all its suppliers. In 2014, it launched the
Responsible Sourcing Policy (RSP),26 with the goal of conducting business its supply in a
manner that improves the lives of workers and the environment across chain. This policy is
based on the following twelve Fundamental Principles:27

1. Business is conducted lawfully and with integrity.

2. Work is conducted on the basis of freely agreed and documented terms of
employment.
3. All workers are treated equally with respect and dignity.
4. Work is conducted on a voluntary basis.
5. All workers are of an appropriate age.
6. All workers are paid fair wages.
7. Working hours for all workers are reasonable.
8. All workers are free to exercise their right to form and/or join trade unions or refrain
from doing so and to bargain collectively.
9. All workers’ health and safety are protected at work.
10. All workers have access to fair procedures and remedies.
11. Land rights of communities, including indigenous peoples, will be protected and
promoted.
12. Business is conducted in a manner which embraces sustainability and reduces
environmental impact.

In line with these Fundamental Principles, Unilever introduced a continuous improvement

ladder that sets out benchmarks for three performance levels: Mandatory Requirements,
Good Practice and Best Practice. The first level, Mandatory Requirements, ensures that all
the suppliers who work with Unilever are grounded in the foundational elements of the
Fundamental Principles. For example, its suppliers are required to treat all of their workers
equally and ensure that their health and safety are protected at work. Unilever then
encourages its suppliers to move up the ladder to Good Practice, and towards Best Practice.
By consistently sharing the best practices and updated guidelines on continuous
improvement with its suppliers, Unilever helps them to reach those levels.

To verify its suppliers’ compliance with the RSP’s mandatory requirements, Unilever requires
self-declaration from suppliers and the completion of online assessments. For suppliers
situated in designated high-risk countries, independent verification, including third-party
audits, are carried out. The RSP was further updated in 2017 to reinforce Unilever’s

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commitment to work together with its suppliers towards a sustainable future for all parties. 28
The RSP is instrumental in ensuring that Unilever delivers its business objectives while
making a positive social impact on the millions of lives that the firm’s supply chain affects.
These ambitions are also at the core of Unilever’s USLP and continue to underpin The
Compass strategy going forward.

Unilever also believes that transparency and accountability are imperative to the
advancement of human rights. As such, it made a commitment in 2014 29 to disclose its
efforts and challenges in implementing the United Nations Guiding Principles on Business
and Human Rights. This includes publishing audit findings from its extended supply chain,
including any non-conformances with the mandatory requirements of the RSP. For such
non-conformances, Unilever works with suppliers to address the identified issues and find
appropriate solutions. Unilever also allows suppliers, their employees, workers or contractors
to report actual or suspected breaches of the RSP anonymously by phone or online. In
extreme cases where a supplier is unwilling to alter its practices and take corrective actions,
Unilever will cease to source from the supplier.

Norway and Unilever Fund – Global Climate Action Resilience

The catastrophic effects of the 2017 Atlantic Hurricane was a warning to the world of the
urgent need to invest in societies to build resilience to climate impacts. 30 It brought together
public and private partners to assist communities and countries to “anticipate and absorb”
climate risks.31 At the Global Climate Action Resilience Day during the 2017 United Nations
Climate Conference, Unilever, together with Norway, committed a US$400 million fund to
stimulate “resilient social development”.32 The initiative seeks to invest in business models
that combine investments in high productivity agriculture, smallholder inclusion and forest
protection.33 The fund also serves as an exemplar to inspire the public and private sectors to
get involved in building more climate-resistant societies.

Battling the COVID-19 pandemic

The COVID-19 pandemic took a toll on societies all around the world. Countless
organisations, including Unilever, were forced to adapt swiftly to restrictions that negatively
impacted economies. Unilever took a step further to help its stakeholders and communities.

In March 2020, Unilever announced a wide range of supportive efforts to tackle the impact of
the virus on its different stakeholders – consumers and communities, customers and
suppliers, and its workforce.34 For consumers and communities, Unilever contributed €100
million through the donation of necessities such as sanitisers, soaps, bleaches and
supplements to national health organisations and non-governmental organisations
(NGOs).35 This was carried out through initiatives such as the COVID Action Platform of the
World Economic Forum and UNICEF to support hospitals, frontline health workers and local
communities who are most in need. 36 It also implemented handwashing education
programmes to educate communities on pertinent hygiene issues. To help customers and
suppliers across its extended value chain, Unilever offered a cash flow relief of €500 million
to vulnerable small-medium sized suppliers.37 It also extended credit and early payments to
selected retail customers who relied heavily on Unilever. Unilever also protected its
disrupted workforce which was not protected by the government or their direct employers,
with the continuation of their salary pay-outs for up to three months.38

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In addition, Unilever collaborated with PA Consulting Group to create the COVID-19
Awareness and Situational Intelligence (CASI), “a live dashboard that monitors and
accurately predicts COVID-19 trends, providing real-time and predictive intelligence from a
global and regional level down to individual Unilever sites worldwide”.39 This aids Unilever in
quickly adapting its workforce strategy to protect its stakeholders, while continuing to supply
its products to 2.5 billion consumers globally.40

Save our planet

The Climate Transition Action Plan was introduced by Unilever to achieve one of the three
overarching goals of the USLP – reduce environmental impact. 41 The plan sets out to
improve the Earth’s health through new measures and commitments that are more effective
in combating climate change. Its goal is to preserve and regenerate nature and resources for
future generations. This action further supports one of the main aims of the 2021 Glasgow
COP2642 to “Secure global net zero by mid-century and keep 1.5 degrees within reach.” 43
For short and medium term goals, it aims “to reduce in absolute terms, Unilever’s operational
emission (Scope 1 & 2)”44 by 70% by 2025 and 100% by 2030 against a 2015 baseline. As
for its long term goal, it aims to pursue a sustainable supply chain and is committed to
achieve net zero emissions from all its products by 2039 or earlier.45

In implementing the plan, Unilever focuses on the importance of scope 3 emissions which
covers purchased goods and services, employee commuting, waste disposal, use of sold
products, upstream and downstream transportation and distribution, investments, business
travel and leased assets and franchises.46 Unilever has identified the shift in consumer
preference, where the consumer wants a better understanding of carbon footprints of the
products they use.47 However, one of the challenges faced by Unilever is the complexity of
its supply chain. With multiple parties involved, it is difficult to track scope 3 emissions both
upstream and downstream along its supply chain. Another challenge faced by Unilever is the
difficulty in interpreting and analysing complicated datasets such as the carbon footprint
datasets.

Unilever continues to make an effort in publishing its carbon footprint and providing
transparency to the public, albeit facing challenges in this regard. By the end of 2021,
Unilever aims to pilot carbon labels on about 20 of its products in Europe and North
America.48 In two to five years, it aims to label all its product lines with their carbon footprints
and has suggested that supermarkets have a “carbon-neutral and carbon- friendly” aisle to
assist consumers in making environmentally conscious decisions by choosing sustainable
options.49 Unilever believes that labelling carbon footprint information at the product level not
only allows its users to obtain the data with greater accessibility and ease, but also aids
Unilever itself in tracking the progress of its net zero emissions target, which is set to be
accomplished by 2039.

Unilever is also a pioneer amongst companies of its size in putting such a climate plan to a
shareholder vote to promote transparency and foster investor engagement. At its Annual
General Meeting (AGM) held in May 2021, a whopping 99.59% voted for the plan, indicating
strong investor support.50

“We think COVID-19 is a problem, but it’s child’s play compared with the impact of
climate change.”
– Alan Jope, CEO of Unilever51

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Inclusive society

Unilever has been operating a sustainable business and stakeholder model, which aims to
create, deliver and capture value for all its stakeholders without depleting the natural,
economic, and social capital they rely on. It aims to be a positive force in tackling some of
the most persistent issues of social inequality that were exacerbated during the pandemic,
including racial and social justice issues. Unilever has committed to the following three goals
to rectify social issues: (i) standard of living, (ii) creating opportunity through inclusivity, and
(iii) preparing its people and extended value chain.52

Firstly, Unilever seeks to raise the standard of living of lower-waged workers globally.
Anyone who directly supplies goods and services to Unilever is ensured a living income by
2030. Unilever’s own employees have already secured such an income. It coordinates and
cooperates with peers, academia, governments and NGOs such as UNICEF and Oxfam to
promote change and worldwide adoption of living wage practices through sustainable
purchasing practices.53

Secondly, Unilever seeks to drive diversity and inclusivity beyond its own people and
operations by 2025 through its commitment to spend €2 billion annually with diverse
suppliers. This includes SMEs owned and managed by women or racial and ethnic
minorities, people with special needs and LGBTQI+. Additionally, Unilever has initiated a
new Supplier Development Programme to provide accessibility to expertise, financing and
networking opportunities.54

Lastly, Unilever aims to prepare young people for the future of work through the upskilling of
its employees. It also intends to extend the value chain for the future by pioneering new
employment models for employees that promote security and flexibility. Further, it has
partnered with LevelUp, a youth employability platform, to develop apprenticeship schemes
globally to increase related training, volunteering and job opportunities by 2030 and equip 10
million young adults with the necessary skills to enter the workforce.55

Into the future!

As part of its recent efforts to continuously pursue sustainability, Unilever has put forward
‘The Unilever Compass: Our next game-changer for business’ to be a leader in
sustainability, backed by its decade of experience from the USLP.56

Sustainability as a takeover defence

On 10 February 2017, U.S.-based Kraft Heinz Company (KHC) made an unsolicited US$143
billion takeover bid for Unilever, at US$50 per share. However, this offer was quickly turned
down by Unilever in just two days, which led 3G Capital-backed KHC to withdraw the bid. 57
KHC was previously acquired by Brazilian-based private equity firm 3G Capital in 2013. 3G
Capital is well-known for its strategy of cutting costs in its acquired companies to achieve
rapid increases in profits and cash flows, which in turn achieves immediate returns for its
shareholders. At that time, Polman, the CEO of Unilever, who has been at the forefront of
corporate social responsibility at Unilever, decided to forego quarterly profit targets. He
believed that higher profits would create a tunnel vision phenomenon, resulting in a shift in
focus to increase the share price, with diminishing emphasis placed on long term
sustainability goals that Unilever values most.58

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Unilever was quick to issue a firm rebuke, saying that the company saw “no merit, either
financial or strategic” in KHC’s offer. 59 Subsequently, Unilever and KHC made a joint
announcement about the withdrawal of the proposed combination. “Unilever and Kraft Heinz
hereby announce that Kraft Heinz has amicably agreed to withdraw its proposal for a
combination of the two companies. Unilever and Kraft Heinz hold each other in high regard.
Kraft Heinz has the utmost respect for the culture, strategy and leadership of Unilever.” 60

The following Monday, Unilever’s share price dropped by 7.3% in early trade in London.61

According to an employee involved in the takeover defence by Unilever, CEO Polman had
privately described the successful fight against the hostile takeover as a “near-death
experience”, which might potentially prompt Polman to restructure the company and shift its
headquarters from London to Rotterdam for sanctuary against such hostile bids. 62 Many
shareholders at that time had expressed their discontentment about the fact that exorbitant
resources are being channelled into promoting sustainable efforts at the expense of
shareholder interests.63

According to Professor Julian Birkinshaw of the London Business School:

“I think the bid was actually a contest between two different models of capitalism. And it is
good news – for the sake of capitalism as a whole – that there was no outright winner, and
that Kraft Heinz and Unilever continue to do things their own way.”64

Board of directors

As of FY2020, Unilever’s board of directors comprised 12 members, of which 10, including

the Chairman, are independent non-executive directors (INEDs). The executive directors are
the Group’s CEO, Alan Jope and Group’s CFO, Graeme Pitkethly. All board members have
served on the board for less than nine years.65 Five out of the 12 directors are female. The
directors are between 51 and 71 years old and are from a diverse range of ethnic
backgrounds, including Chinese, Danish, Dutch, Zimbabwean, Canadian, and British.66

The directors also have different educational backgrounds, ranging from Business, English
Literature, Engineering, Science to Law, with three having doctorate degrees. They also hold
key positions in other companies from different industries such as banking, mining,
education, aviation, beauty and personal care, technology, water technology, media,
entertainment etc.67 The company’s board diversity policy reflects its support for the
recommendations of the Hampton-Alexander Review on gender diversity and the Parker
Review on ethnic diversity.68

Unilever’s board diversity policy states:

“The composition and quality of the board should be in keeping with the size and
geographical spread of Unilever, its portfolio, culture and status as a listed company. A
diverse board with a range of views enhances decision-making, which is beneficial to the
company’s long- term success in the interests of Unilever’s stakeholders. Thus, the board of
Unilever believes that Unilever directors must be selected on the basis of wide-ranging
experience, backgrounds, skills, knowledge and insight with a continuing emphasis on
diversity of its members.”69 There are four board committees: Audit Committee,
Compensation Committee, Corporate Responsibility Committee, and Nominating and
Corporate Governance Committee. All these committees only have INEDs as members.70

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Sustainability governance

Unilever’s board has vast experience and knowledge in sustainability issues. A majority of
Unilever’s directors are personally involved in various ESG-related initiatives. For example,
Youngmee Moon71 is a member in the Task Force on the Prevention of Sexual Assault 72
while Andrea Jung is a prominent women’s issues supporter. 73 Strive Masiyiwa is the co-
founder and Chairman of Africa Against Ebola Solidarity Trust and the Co-Chairman of Grow
Africa, an organisation that aims to enable countries to realise the potential of the agriculture
sector for economic growth and job creation, particularly among farmers, women and
youth.74 Jope, the group CEO, was crowned as the number one advocate executive for
women at work in 202075 and was responsible for consolidating Unilever’s sustainability and
business strategies into one.76 This initiative is known as The Compass and was designed to
link Unilever’s leadership in sustainability to the acceleration of business performance.
Pitkethly, the CFO of Unilever, is also the Vice-Chair of the Task Force on Climate-Related
Financial Disclosures.77

The Corporate Responsibility Committee, established in 2006, oversees Unilever’s corporate

responsibility and ensures that the company lives up its reputation as a responsible
corporate citizen.78 The committee reviews health and safety policies to ensure that
Unilever’s code of business is upheld. In addition, it provides guidance on minimising any
negative environmental impact from the company’s business operations. It also tracks the
progress and potential risks associated with the decade-old USLP. As the plan came to its
conclusion in 2020, it turned its attention to monitoring the company’s progress as guided by
its new Compass strategy.79

Unilever has also established several other sustainability-related committees at the

management level, such as Divisional Sustainability Team and Sustainable Packaging
Committee. It also seeks the experts’ input from across the business, such as through the
Carbon Neutral Board, Safety & Environmental Assurance Centre (SEAC), Sustainable
Packaging Committee and Sustainable Sourcing Steering Group, for guidance and advice.80

Remuneration policy

Unilever’s remuneration policy states that the total remuneration package for Executive
Directors (ED) should be competitive with other global companies, and that a significant
proportion should be performance-related. In 2021, Unilever introduced the Performance
Share Plan (PSP), which replaced the Management Co-Investment Plan (MCIP) as the sole
long-term incentive plan.81 The new plan is operated entirely separately from the annual
bonus plan, and comprises performance measures which align with Unilever’s short-term
performance targets and long-term business strategy objectives. Under this plan, the EDs
are granted rights to receive free shares which normally vest after three years, to the extent
that performance conditions are achieved.

Remuneration linked to achievement of sustainability and climate change targets is a key

part of Unilever’s framework. For employees at the management level, reward packages
include fixed pay, a bonus as a percentage of fixed pay and the PSP, which is linked to
financial and sustainability performance. The Sustainability Progress Index (SPI) accounts
for 25% of the total PSP award.82 It includes, inter alia, consideration of progress against its
manufacturing Scope 1 and 2 greenhouse gas target and a deforestation goal covering palm
oil.

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The SPI serves as an assessment of the business’ sustainability performance and is
designed to capture both quantitative and qualitative elements. To capture the breadth and
depth of the Compass in relation to the SPI, Unilever’s Corporate Responsibility Committee
and Compensation Committee selects a number of key performance indicators (KPIs) to
assess its progress towards The Compass’ targets and sustainability commitments. They will
then agree on a SPI achievement level against the KPI, after taking into account the
performance across the entire SPI category.

Paul Polman’s departure

Polman spent ten years in Unilever as the group CEO from 2009 to 2018. During his tenure,
returns to shareholders amounted to 290%, 83 helping Unilever’s share price to increase at
twice the pace of the FTSE 100 index. 84 After fending off KHC’s hostile takeover bid and
initiating the restructuring and simplification of the company, Polman stepped down as CEO
on 31 December 2018.85 He had lost a bruising battle with shareholders over moving the
company’s headquarters out of London.

Polman was succeeded by Jope, who was previously the president of the Beauty & Personal
Care Division, the largest division of Unilever. Jope also worked in leadership roles in North
America for 14 years and Asia for 13 years, and helped Unilever double its presence in the
Chinese market when he led the business in China.86

The announcement of Polman’s departure was made on 29 November 2018, with the
company saying that “CEO Paul Polman has decided to retire from the company.” 87 Polman
tweeted on the same day that he decided to “step down from my role as CEO,” adding that
“It’s been a great honour to lead this team for the past ten years and together build a
sustainable business that has made a difference to millions of lives.”88

After Unilever announced its restructuring plan, the company had faced stern opposition
from key shareholders, including Aviva Investors, Columbia Threadneedle, Royal London,
Legal & General Investment Management, Lindsell Train, M&G Investments and Brewin
Dolphin.89 A top-ten U.K. shareholder told reporters: “It does raise questions about the
suitability of some individuals, namely the CEO and Chairman.” He added: “I suspect there
won’t be too many tears shed on either side if [Mr Polman] accelerated his departure. We
think he has been a great CEO. We buy into his sustainability vision...but I don’t think this
level of friction [between shareholders and management] can be sustained.”90

Polman’s focus on sustainability and social impact was not always appreciated by investors.
According to Bernstein analyst Andrew Wood, some investors were dissatisfied with
Polman’s “preachy” way of leading the company, and Polman engendered strongly differing
opinions from investors. However, many investors still considered Polman as an
exceptionally good CEO of Unilever due to his strong record in the past decade.91

Sustainability at the expense of profitability?

Unilever has mainly evolved under a Darwinian system; retaining what was useful and
rejecting what no longer worked.92 Business practices were adapted to respond swiftly to a
dynamic marketplace. The word “sustainable” first became relevant to Unilever in 1996 when
it made an ambitious commitment to source all fish from sustainable stock and started
working with the WWF to establish a certification programme for sustainable fisheries
through the newly created Marine Stewardship Council.93

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Many have asked, however, whether a focus on ESG translates to superior business
performance. Does putting so much emphasis on ESG come at a higher cost? The
integration of ESG into Unilever’s business model has brought various benefits to the
company’s business operations. USLP is one example of how the company sets out to
achieve its sustainable goals, making it a role model in the area of corporate ESG initiatives.
Back in 2014, Unilever began to measure the performance of its “sustainable living
brands”,94 which include Dove, Lipton and Hellman’s. Statistically, these brands, whose
values are most in line with USLP, have consistently performed better than those that are
not part of the plan. The adoption of USLP and sustainable initiatives have not slowed down
the growth of these brands.

The Global Director of Sustainability of Packaging at Unilever, Brett Domoy, mentioned in an

interview in March 2020 that 46% of Unilever’s top sustainable brands are growing rapidly
with sustainability as their core. In 2017, 70% of Unilever’s growth came from sustainable
brands. This attests to the benefits derived from emphasising sustainable business
practices. In terms of Unilever’s financial performance from 2011 to 2020, operating profits
grew steadily, peaking at €12,639 million in 2018.95

The USLP motivates the company to put innovation at the forefront of its business to aid in
achieving maximum cost efficiency. The Eco-efficiency Programme promotes the adoption of
sustainable strategies to help Unilever reduce its production costs. Since 2008, the Group
has saved more than €1 billion in costs through improving the efficacy of its water and
energy usage and by reducing the usage of raw materials and the production of waste.96

The USLP also emphasises fairness in the workplace and opportunities for women to create
an inclusive work environment. According to Unilever, almost 90% of its employees have
expressed that they feel proud to work for Unilever while 79% feel that their job contributes
to the USLP.97 The emphasis on ESG has resulted in high employee satisfaction, which in
turn allows Unilever to attract and retain the best talent.

There is, however, some external criticism regarding Unilever’s emphasis on ESG. In an
article published in New Internationalist in 2017, journalist Daphné Dupont- Nivet discredited
Unilever’s sustainability efforts, claiming that the company scores well because it sets the
standard of sustainability for itself.98 In addition, Unilever’s close cooperation with NGOs, the
authorities and the media has given it an almost unassailable status. Other companies
wanting to opt for sustainability are confronted with dilemmas that Unilever refuses to
acknowledge.

In some respects, there is a cost in doing the right thing. Inevitably, Unilever incurs additional
costs through its efforts to invest in sustainable practices. Though its net profit margins have
seen a steady annual increase of around 10.8% in the last ten years, its most recent net
profit margin of 11.0% was much lower than the personal and household products industry
average of 17.33%.99

When Polman, the “sustainability evangelist”, was still the CEO of Unilever in 2017, his focus
in combating climate change and social issues was said to have distracted him from
addressing core business challenges. In a Fortune magazine interview, Polman expressed
more interest in supporting the United Nations Sustainable Development Goals than
Unilever’s 2016 financial results. The company’s 2016 fourth-quarter sales reported in
January 2017 grew only 2.2%, which was lower than analysts’ expectations of 2.8%. Sales
for the entire 2016 year were also 3.7% below Wall Street’s estimation of 3.9%.100

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Secretly UNsustainable?

Not all is dandy in the world of Unilever. Its advertising has been alleged to perpetuate racist
beauty standards. It has also been linked to Indonesian forest fires and child labour.

Racist South African TRESemme advertisements have surfaced, depicting black hair as
“frizzy and dull” and “dry and damaged”, while a white woman’s hair was referred to as
“normal”. Unilever also faced a social media outcry over an advertisement for Dove body
wash in 2017, which showed a black woman removing her top to reveal a white woman. 101
Unilever took disciplinary action against those involved in racist campaigns.102 It also
removed the word “Fair” after its acquisition of “Fair and Lovely” skin lightening products in
India to promote more inclusive beauty standards.103

Unilever has also been alleged to be linked to Indonesian forest fires and child labour.
According to new research from Greenpeace, Unilever has been buying palm oil from
suppliers deemed partly responsible for forest fires in Indonesia. 104 This is despite the fact
that Unilever was a founding member of the RSPO, a not-for-profit initiative set up in co-
operation with the WWF in 2004, that aims to increase the amount of certified and
sustainable palm oil available and which has set sustainability criteria against which
suppliers can be certified. The United Nations has warned that nearly 10 million children are
at risk due to air pollution from the fires. “Companies have created a facade of sustainability.
But they source from the very worst offenders across the board,” said Annisa Rahmawati,
senior forest campaigner at Greenpeace Indonesia.105 These allegations have not been
addressed by Unilever.

In August 2022, the Advertising Standards Authority (ASA) in the U.K. banned a television
advertisement by Unilever over “misleading” environmental claims for its laundry detergent
brand Persil. The advertisement claimed that Persil was “kinder to our planet” and stated
that Persil bottles were made with 50% recycled plastic and its liquid detergent was cleaned
at low temperatures. The ASA said that the advertisement failed to demonstrate
environmental benefits and ruled that the advertisement “must not appear again in its current
form”. In response, Unilever said: “We are committed to making on-going improvements to
all our products to make them more sustainable and will continue to look at how we can
share this with our shoppers.”106

Endnotes

1 Unilever PLC. (n.d.). Our history. Unilever global company website. Retrieved from
https://www.unilever.com/ our-history.html
2 Chandler, A. D., & Hikino, T. (2009). Scale and Scope: The Dynamics of Industrial Capitalism. Harvard
University Press.
3 Ibid.
4 Unilever PLC. (n.d.). 1900 – 1950 – Joining forces, Unilever comes to life. Retrieved from
https://www.unilever.com/our-company/our-history-and-archives/1900-1950
5 Unilever PLC. (n.d.). 1980 – 2010 – A bold change of strategy. Retrieved from https://www.unilever.com/
our-company/our-history-and-archives/1980-2010/
6 Ibid.
7 Unilever PLC. (n.d.). 2000 Social Review of 1999 Data - Unilever Global. Retrieved from
https://www.unilever.
com/Images/2000-social-review-of-1999-data_tcm244-409696_en.pdf
8 Ibid.
9 Unilever PLC. (2004). Annual Report for Year 2004. Retrieved from https://www.unilever.com/Images/
annual-report-and-accounts-2004-english_tcm244-424241_en.pdf
10 Unilever PLC. (n.d.). Announcing the Dove Real Beauty Pledge. Retrieved from
https://www.unilever.com/ news/news-search/2017/announcing-the-dove-real-beauty-pledge/

11
 11 Unilever PLC. (n.d.). Planet & Society. Retrieved from https://www.unilever.com/planet-and-society/
12 S&P Global. (n.d.). DJSI industry leaders. Retrieved from https://www.spglobal.com/esg/csa/csa-
resources/ industry-leaders
13 PR Newswire. (2016, November 10). Unilever wins Sustainable Business Award of British Business
Awards 2016. Retrieved from
https://en.prnasia.com/releases/apac/Unilever_Wins_Sustainable_Business_Award
_of_British_Business_Awards_2016-163324.shtml
14 Unilever PLC. (2020, November 17). Top sustainability index awards Unilever industry leader in personal
products. Retrieved from https://www.unilever.com/news/news-and-features/Feature-article/2020/top -
sustainability-index-awards-unilever-industry-leader-in-personal-products.html
15 Unilever PLC. (2020, August 13). Global experts rank Unilever No.1 for sustainability leadership.
Retrieved from https://www.unilever.com/news/news-and-features/Feature-article/2020/global-experts-rank -
unilever-no1-for-sustainability-leadership.html
16 Unilever PLC. (2022). The Governance of Unilever. Retrieved from
https://www.unilever.com/files/a05bff1 b-5b19-4c89-bf85-c085706e74f4/governance-of-unilever-
accessible.pdf
17 Unilever PLC. (n.d.). Summary social review 2003. Retrieved from
https://www.unilever.com/files/origin/f8a c20372dab343e5def89f28e26ead75c701062.pdf/summary-social-
review-2003.pdf
18 Unilever PLC. (n.d.). Environmental Performance Report 2003. Retrieved from
https://www.unilever.com/files/ origin/e15f2909158c7fcea5a16e0d56f38b3270d2a17a.pdf/2003-
environmental-performance-report.pdf
19 Luo, L. (2020, October 22). How Unilever aligns its portfolio actions with its long term vision for the
future. Strategyzer. Retrieved from https://www.strategyzer.com/blog/how-unilever-aligns-its-portfolio-actions
-with-its-long-term-vision-for-the-future
20 Walker, O. (2018, July 2). The long and short of the quarterly reports controversy. Financial Times.
Retrieved from https://www.ft.com/content/e61046bc-7a2e-11e8-8e67-1e1a0846c475
21 Butler, R. A. (2020, October 19). Putting sustainability at the center of business strategy: An interview
with Paul Polman. Mongabay. Retrieved from https://news.mongabay.com/2020/10/putting-sustainability-at-
the -center-of-business-strategy-an-interview-with-paul-polman/
22 Ibid.
23 Unilever PLC. (2010). Unilever Sustainable Living Plan (November 2010). Retrieved from
https://www.unilever. com/Images/unilever-sustainable-living-plan_tcm244-409855_en.pdf
24 Unilever PLC. (n.d.). Unilever Sustainable Living Plan 2010 to 2020. Retrieved from
https://assets.unilever. com/files/92ui5egz/production/16cb778e4d31b81509dc5937001559f1f5c863ab.pdf/
USLP-summary-of -10-years-progress.pdf
25 Unilever PLC. (2020). Unilever celebrates 10 years of the Sustainable Living Plan. Retrieved from
https://www. unilever.com/news/press-releases/2020/unilever-celebrates-10-years-of-the-sustainable-living-
plan.html
26 Unilever PLC. (2017). Unilever Responsible Sourcing Policy. Retrieved from https://www.unilever.com/
Images/responsible-sourcing-policy-interactive-final_tcm244-504736_en.pdf
27 Ibid.
28 Ibid.
29 Unilever PLC. (2020). Human Rights Report. Retrieved from https://www.unilever.com/Images/unilever -
human-rights-report-2020-supplier-audit-update_tcm244-558517_en.pdf
30 Down To Earth. (2017, November 14). Norway, Unilever setting up $400-million fund for ‘resilient
socioeconomic development’. Retrieved from https://www.downtoearth.org.in/news/climate-change/ norway-
unilever-setting-up-400-million-fund-for-resilient-socioeconomic-development--59108
31 Ibid.
32 Ibid.
33 United Nations Climate Change. (2017, November 14). Urgent Funding Needed for Resilience - Norway
& Unilever Launch USD 400 Million Fund. Retrieved from https://cop23.unfccc.int/news/urgent-funding -
needed-for-resilience-norway-unilever-launch-usd-400-34 Unilever PLC. (2020, March 25). Helping to
protect lives and livelihoods from the COVID-19 pandemic. Retrieved from
https://www.unilever.com.sg/news/press-releases/2020/helping-to-protect-lives-and -livelihoods-from-the-
covid-19-pandemic/
35 Ibid.
36 Ibid.
37 Ibid.
38 Ibid.
39 PA Consulting. (n.d.). Predicting the spread of covid-19 to safeguard Unilever’s global ecosystem.
Retrieved from http://paconsulting.com/our-experience/unilever-predicting-the-spread-of-covid-19-to-
safeguard -unilevers-global-ecosystem/

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 40 Unilever PLC. (2021, January 26). Building resilience at Unilever during Covid. Retrieved from
https://www. unilever.com/news/news-and-features/Feature-article/2021/protecting-lives-and-livelihoods-in-
a-pandemic. html
41 Unilever PLC. (2021, March 22). Climate Transition Action Plan. Retrieved from
https://www.unilever.com/ Images/unilever-climate-transition-action-plan-19032021_tcm244-560179_en.pdf
42 Unilever PLC. (2021, October 12). We’re going to COP26 to demand Greater Climate Action. Retrieved
from https://www.unilever.com.sg/news/2021/we-are-going-to-cop26-to-demand-greater-climate-action/
43 Davies, R. (2021, November 3). What are the goals of COP26 - and how does it relate to the Paris
Agreement and UN Framework? The Scotsman. Retrieved from https://www.scotsman.com/news/
environment/what-are-the-goals-of-cop26-purpose-of-glasgow-climate-change-conference-and-how-it -
relates-to-paris-agreement-and-un-framework-3410005
44 Unilever PLC. (2021, March 22). Climate Transition Action Plan. Retrieved from
https://assets.unilever.com/ files/92ui5egz/production/bbe89d14aa9e0121dd3a2b9721bbfd3bef57b8d3.pdf/
unilever-climate-transition -action-plan-19032021.pdf
45 Unilever PLC. (2020, June 15). Unilever sets out new actions to fight climate change, and protect and
regenerate nature, to preserve resources for future generations. Retrieved from https://www.unilever.com/
news/press-releases/2020/unilever-sets-out-new-actions-to-fight-climate-change-and-protect-and -
regenerate-nature-to-preserve-resources-for-future-generations.html
46 The Carbon Trust. (2020, June 23). Briefing: What are scope 3 emissions? Retrieved from https://www.
carbontrust.com/resources/briefing-what-are-scope-3-emissions
47 Kerrigan, S., & Kulasooriya, D. (2020). The sustainability transformation: Look ahead, look inside, and
look around. Deloitte Review. Retrieved from https://www2.deloitte.com/content/dam/Deloitte/de/Documents/
risk/DI_DR27-Sustainability-transformation.pdf
48 Cohen, D. (2021, July 15). Unilever to bring in carbon footprint labels for food. Independent. Retrieved
from https://www.independent.co.uk/climate-change/news/unilever-carbon-footprint-labels-food-
b1882697.html
49 Ibid.
50 Keating, C. (2021, May 6). Landmark vote sees 99.6 per cent of Unilever shareholders back climate
transition plan. BusinessGreen. Retrieved from https://www.businessgreen.com/news/4030848/landmark -
vote-cent-unilever-shareholders-climate-transition-plan
51 Chartable. (n.d.). Talks at GS – Alan Jope. Retrieved from https://chartable.com/podcasts/talks-at-gs/
episodes/73977654-alan-jope
52 Unilever PLC. (2021, January 21). Unilever commits to help build a more inclusive society. Retrieved
from https://www.unilever.com/news/press-releases/2021/unilever-commits-to-help-build-a-more-inclusive -
society.html
53 Ibid.
54 Ibid.
55 Ibid.
56 Unilever PLC. (2020, May 5). The Unilever compass: Our next game-changer for business. Retrieved
from https://www.unilever.com/news/news-and-features/Feature-article/2020/the-unilever-compass-our-next-
game-changer-for-business.html
57 KC, D. (2018, October 10). The hostile takeover attempt that prompted Unilever to go Dutch. Medium.
Retrieved from https://medium.com/@denishkc/the-hostile-takeover-attempt-that-prompted-unilever-to -go-
dutch-731a8fbdb485
58 George, W. W., & Migdal, A. (2017). Battle for the soul of capitalism: Unilever and the Kraft Heinz
takeover bid (A). Harvard Business School. Retrieved from https://www.hbs.edu/faculty/Pages/item.aspx?
num=52733
59 Mustoe, H. (2017, February 20). Kraft Heinz drops Unilever takeover bid. BBC. Retrieved from https://
www.bbc.com/news/business-39022692
60 Unilever PLC. (2017, February 17). Joint statement from Unilever PLC and Unilever N.V. (“Unilever”) and
the Kraft Heinz Company (“Kraft Heinz”). Retrieved from
https://www.unilever.com/news/press-releases/2017/ Joint-statement-from-Unilever-The-Kraft-Heinz-
Company.html
61 Mustoe, H. (2017, February 20). Kraft Heinz drops Unilever takeover bid. BBC. Retrieved from https://
www.bbc.com/news/business-39022692
62 KC, D. (2018, October 10). The hostile takeover attempt that prompted Unilever to go Dutch. Medium.
Retrieved from https://medium.com/@denishkc/the-hostile-takeover-attempt-that-prompted-unilever-to -go-
dutch-731a8fbdb485
63 Ibid.
64 Birkinshaw, J. (2017, February 27). Kraft Heinz versus Unilever: a contest between two models of
capitalism. London Business School. Retrieved from https://www.london.edu/think/kraft-heinz-verus-unilever
65 Unilever PLC. (n.d.). 2020 Annual Report and Accounts. Retrieved from https://assets.unilever.com/files/
92ui5egz/production/e665693f2bd2efbbde5658baf84043df7937cfd7.pdf/annual-report-and-accounts -
2020.pdf

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 66 Ibid.
67 Ibid.
68 Unilever PLC. (n.d.). Board Diversity Policy. Retrieved from https://www.unilever.com/files/origin/c07ac05
d7652718c398e3f74f03dd7bf0bc951b4.pdf/board-diversity-policy-en.pdf
69 Ibid.
70 Unilever PLC. (n.d.). 2020 Annual Report and Accounts. Retrieved from
https://assets.unilever.com/files /92ui5egz/production/e665693f2bd2efbbde5658baf84043df7937cfd7.pdf/
annual-report-and-accounts -2020.pdf
71 Mastercard Inc. (n.d.). Board of Directors - Person Details. Retrieved from
https://investor.mastercard.com/ corporate-governance/board-of-directors/person-details/default.aspx?
ItemId=a305153d-3e30 -4e58-b891- 4dc8369cab67
72 Harvard University. (n.d.). Task Force on the Prevention of Sexual Assault. Retrieved from https://sexual
assaulttaskforce.harvard.edu/people/youngme-moon
73 Lorraine Grubbs. (2018, March 20). Andrea Jung - a notable woman taking The road less traveled.
Retrieved from http://www.lorrainegrubbs.com/andrea-jung-a-notable-woman-taking-the-road-less-traveled/
74 Grow Africa. (n.d.). Who we are. Retrieved from http://www.growafrica.com/who-we-are
75 Brinded, L. (2020, September 24). Unilever’s CEO gives a lesson on what being an advocate quantifiably
means at work. Yahoo! Finance. Retrieved from https://finance.yahoo.com/news/unilevers-ceo-gives-a -
lesson-on-what-being-an-advocate-quantifiably-means-at-work-230142980.html
76 Unilever PLC. (n.d.). Alan Jope. Retrieved from https://www.unilever.com/our-company/our-leadership/
alan-jope/
77 Task Force on Climate-Related Financial Disclosures. (n.d.). Task Force member – Vice Chair: Graeme
Pitkethly. Retrieved from https://www.fsb-tcfd.org/members/graeme-pitkethly/
78 Unilever PLC. (2012). Annual Report for Year 2012. Retrieved from https://www.unilever.com/Images/ir -
unilever-ar12_tcm244-421760_en.pdf
79 Unilever PLC. (n.d.). 2020 Annual Report and Accounts. Retrieved from https://assets.unilever.com/
files/92ui5egz/production/e665693f2bd2efbbde5658baf84043df7937cfd7.pdf/annual-report-and-accounts -
2020.pdf
80 Unilever PLC. (2021, September 22). Our sustainability governance. Retrieved from
https://www.unilever.com/ planet-and-society/sustainability-reporting-centre/our-sustainability-governance/
81 Unilever PLC. (2021). Statement on the renewal of Unilever’s remuneration policy in 2021. Retrieved
from https://www.unilever.com/Images/statement-on-the-renewal-of-unilevers-remuneration-policy-in-
2021_tcm 244-557551_en.pdf
82 Unilever PLC. (2020). Directors’ remuneration policy. Retrieved from https://www.unilever.com/Images/
directors-remuneration-policy_tcm244-559885_en.pdf
83 Young, S. (2018, November 29). Unilever CEO retires after Headquarters Row, replaced by insider Jope.
Reuters. Retrieved from https://www.reuters.com/article/us-unilever-ceo-idUSKCN1NY0O0
84 Pratley, N. (2018, November 29). Unilever chief faces bittersweet exit after shareholder revolt. The
Guardian. Retrieved from https://www.theguardian.com/business/nils-pratley-on-finance/2018/nov/29/
unilever-paul -polman-bittersweet-exit-after-shareholder-revolt
85 Unilever PLC. (2018, November 29). Unilever CEO Announcement: Paul Polman to retire; Alan Jope
appointed as successor. Retrieved from https://www.unilever.com/news/press-and-media/press-releases/
2018/unilever-ceo-announcement/
86 Unilever PLC. (n.d.). Alan Jope. Retrieved from https://www.unilever.com/our-company/our-leadership/
alan-jope/
87 Unilever PLC. (2018, November 29). Unilever CEO announcement: Paul Polman to retire; Alan Jope
appointed as successor. Retrieved from https://www.unilever.com/news/press-releases/2018/unilever -ceo-
announcement.html
88 Polman, P. [@PaulPolman]. (2018, November 29). Today @Unilever has announced my decision to
step down from my role as CEO. It’s been a great honour to lead this team for the past 10 years and
together build a #sustbiz that has made a difference to millions of lives. [Tweet]. Twitter. Retrieved from
https://twitter. com/PaulPolman/status/1068042467872841728?ref_src=twsrc%5Etfw%7Ctwcamp
%5Etweetembed% 7Ctwterm%5E1068042467872841728%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https
%3A%2F%2Fwww. livemint.com%2FCompanies%2F9EiyP897tYn1nd8Xh5y4BJ%2FUnilever-chief-Paul-
Polman-steps-down -after-HQ-move-fiasco.html
89 Firstpost. (2018, November 30). Unilever CEO Paul Polman steps down after headquarters move fiasco,
replaced by insider Alan Jope. Retrieved from https://www.firstpost.com/business/unilever-ceo-paul -polman-
steps-down-after-headquarters-move-fiasco-replaced-by-insider-alan-jope-5646841.html
90 Massoudi, A. (2018, October 5). Unilever chief Paul Polman blindsided by investor revolt. Financial
Times. Retrieved from https://www.ft.com/content/04162f5a-c895-11e8-ba8f-ee390057b8c9
91 Young, S. (2018, November 29). Unilever CEO retires after Headquarters Row, replaced by insider Jope.
Reuters. Retrieved from https://www.reuters.com/article/us-unilever-ceo-idUSKCN1NY0O0
92 Maljers, F. A. (1992). Inside Unilever: The Evolving Transnational Company. Harvard Business Review.
Retrieved from https://hbr.org/1992/09/inside-unilever-the-evolving-transnational-company

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 93 Unilever PLC. (n.d.). Our history. Retrieved from https://www.unilever.com/our-history.html#timeline+2D
+515626+closed
94 Khairunisa, M., & Kusuma, N. (2021, July 9). How Unilever Transforms Its Business with Unilever
Sustainable Living Plan. Green Network. Retrieved from https://greennetwork.asia/news/how-unilever -
transforms-its-business-with-unilever-sustainable-living-plan/
95 Unilever PLC. (n.d.). Making Sustainable Living Commonplace. Retrieved from https://www.unilever.com/
Images/unilever-charts-2011-to-2020_tcm244-559825_en.pdf
96 Unilever PLC. (2020, May 14). Four ways that sustainability has made us a stronger business. Retrieved
from 97 Ibid.
98 Dupont-Nivet, D., Ruhaak, A., Schuurs, M., Tielbeke, J., & Woutersen, E. (2017, April 13). Inside
Unilever’s sustainability myth. New Internationalist. Retrieved from https://newint.org/features/web-
exclusive/2017/ 04/13/inside-unilever-sustainability-myth
99 CSI Market. (n.d.). Personal & household products industry profitability. Retrieved from
https://csimarket.com/ Industry/industry_Profitability_Ratios.php?ind=507
100 Winegarden, W. (2017, March 15). Unilever and the failure of Corporate Social Responsibility. Forbes.
Retrieved from https://www.forbes.com/sites/econostats/2017/03/15/unilever-and-the-failure-of-corporate -
social-responsibility/?sh=627f7541498d
101 Stewart, R. (2017, October 12). Will dove’s ‘Pepsi moment’ affect the brand in the long term? The
Drum. Retrieved from https://www.thedrum.com/news/2017/10/12/will-dove-s-pepsi-moment-affect-the-brand
-the-long-term
102 Ibid.
103 The Hindu. (2020, June 25). Hindustan Unilever to drop ‘fair’ from ‘Fair and Lovely’ product line.
Retrieevd from https://www.thehindu.com/business/Industry/hindustan-unilever-to-drop-fair-from-fair-and-
lovely product-line/article31913037.ece
104 Unilever PLC. (n.d.). Our history & archives. Retrieved from https://www.unilever.com/our-company/our
-history-and-archives/
105 Gregory, A. (2019, November 9). Nestle and Unilever ‘linked to Indonesian forest fires engulfing
southeast Asia in noxious haze’. Independent. Retrieved from https://www.independent.co.uk/climate-
change/news/ indonesia-forest-fires-palm-oil-nestle-unilever-p-g-desforestation-slash-burn-a9195716.html
106 Morningstar. (2022, August 31). UK advertising standards body bans “misleading” green ad by
Unilever. Retrieved from https://www.morningstar.co.uk/uk/news/AN_1661951046226386800/uk-advertising
-standards-body-bans-misleading-green-ad-by-unilever.aspx
END

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