Starbucks Chairman Receives First Magazine Award For Responsible Capitalism

LONDON.-Howard Schultz, chairman, Starbucks Coffee Company (NASDAQ:SBUX), has been awarded the prestigious First Magazine Award for Responsible Capitalism 2007.

Presented by the Chancellor of the Exchequer, the Rt. Hon Alistair Darling MP, the annual award recognises business leaders who put social responsibility at the heart of their commercial strategy. In making the award, the judging panel considers a company’s commitment to establishing a responsible approach to business, its relationship with its customers, suppliers and the local communities it operates in.

On receiving the award Schultz said, “It is a great privilege to receive this recognition. Starbucks is committed to doing business responsibly and ethically, and it is an honour to be recognised in this way as a socially responsible company, both in the communities where we have retail locations and the countries where our coffees are grown. I couldn’t be more proud of the passion and commitment the leadership team and all our partners show in ensuring that this approach is adopted throughout the business at every level.”

In making the award to Schultz, Lord Woolf, chairman of the judging panel, said, “Mr. Howard Schultz has demonstrated how it is possible to combine being an extremely successful leader of a highly innovative company with social responsibility, concern for the environment, the well-being of the local communities in which the company operates around the globe and the integrity of its products and services.”

The First Magazine Award for Responsible Capitalism is presided over by a distinguished panel of business and political leaders. Previous award winners include Ratan N Tata, chairman of Tata Sons; Alan Wood CBE, UK Chief Executive of Siemens; and Morris Tabaksblat KBE, chairman of Reed Elsevier.

First Magazine instituted the Award for Responsible Capitalism in 2000 to mark the Millennium. The award was presented on 20 November 2007 at a ceremony held at Marlborough House, London.