GENERAL MILLS INC
For the period ended Sep 24, 2024. Filed Aug 12, 2024.
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Sep 24, 2024 · Filed Aug 12, 2024
Contents
Proxy Statement Summary
| Proxy StatementSummary | Guided by our purpose of making food the world loves, General Mills is executing our Accelerate strategy to drive sustainable, profitable growth and top-tier shareholder returns over the long-term. While facing a more challenging operating environment, we were able to deliver on our updated guidance in fiscal 2024. We drove improved volume performance in the second half of the year and generated industry-leading levels of HMM cost savings, allowing us to protect our brand investment while still delivering our profit and cash commitments. In fiscal 2025, our top priority is to accelerate our organic net sales growth, and specifically our volume growth, by delivering remarkable experiences across our portfolio of leading brands. We also plan to drive another strong year of HMM cost savings, allowing us to reinvest in exciting growth opportunities to meet evolving consumer needs. General Mills remains committed and continues to stand for good by focusing on our robust regenerative agriculture, climate change, and recyclability and packaging commitments. We also continue to give back to and strengthen the communities in which we operate. |
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Driving Long-Term Shareholder Value In fiscal 2024, we executed well in a challenging operating environment, highlighted by generating industry-leading HMM cost savings and removing significant disruption-related costs from the supply chain. We delivered strong total shareholder returns (“TSR”), including 52% TSR performance over the past 5-years, outperforming our compensation peer group by 36%.(1) In fiscal 2024, we returned more than $3 billion to shareholders through dividends and share repurchases, and our board recently approved a 2% increase to our dividend, underlining our commitment to driving strong returns for our shareholders over the long term. Committed to Standing for Good We continued to work towards our goals of reducing our absolute greenhouse gas (“GHG”) emissions by 30% by 2030 and achieving net zero GHG emissions across our full value chain by 2050. As an industry leader in regenerative agriculture, we are committed to advancing 1 million acres of regenerative agriculture in our supply chain by 2030 and have currently enrolled more than 500,000 acres into our program. We are deeply committed to the communities where we live and operate and from which we source our ingredients. Our philanthropic partnerships and employee engagement aim to build strong, equitable and resilient communities.
(1) 5-Year TSR data as of May 26, 2024; Source: FactSet.
| Notice of 2024 Annual Meeting of Shareholders | 5 |
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