The Woolworths Group Ltd (ASX: WOW) share price is pushing higher on the day of its annual general meeting.
At the time of writing the conglomerate's shares are up 1% to $37.72.
What's happening at the Woolworths AGM?
Woolworths commenced proceedings with an update on four key initiatives: climate change, gender equality, diversity and indigenous employment.
Chairman Gordon Cairns revealed that the company is making good progress on all these initiatives.
In respect to its emissions, Woolworths revealed that it has reduced its carbon emissions by 18% below 2015 levels. Pleasingly, it isn't stopping there. By 2030 it is aiming to have cut its emissions by 60% from 2015 levels.
The chairman also spoke about the underpayment of staff which was recently announced.
He said: "To discover that we have underpaid so many of our team members has been incredibly disappointing. However, I am proud of the way we handled this, which is a testament to the strong ethics underpinning our culture."
The company's CEO, Brad Banducci, added: "Given the seriousness of this issue, I felt that it was appropriate for me to forgo my potential F20 short term incentive. Of course, once a full review has been completed, further consequences will be considered by the Woolworths Board as appropriate."
What about FY 2020?
Due to the timing of this annual general meeting, management wasn't able to provide a trading update. But it does appear pleased with the start it has had to FY 2020.
Mr Banducci said: "It has been a pleasing start to F20 with strong sales momentum across the Group. Sales growth in Australian Food was particularly strong with the success of Lion King Ooshies, Discovery Garden, the continued growth in Online and the ongoing benefit of our Renewal program."
"We can't comment on Q2 in detail at this stage given we still have two very important trading weeks in the quarter to go but are generally pleased with trading to date."
"We remain energised by the material opportunities we have across the Group to deliver value for both customers and shareholders over the remainder of F20 despite some uncertainty around the consumer environment," the CEO concluded.
Judging by its share price performance this morning, this appears to have gone down well with investors.
Elsewhere, the shares of rival Coles Group Ltd (ASX: COL) are up 0.5% at the time of writing.
