Consumer
Oreo-Maker Mondelez’s Apparent Backtrack on Russia Prompts Transparency Concern
- Company removed language committing to ‘stand-alone’ operation
- Says it’s ‘committed to transparency,’ engaging stakeholders
Since Russia’s invasion of Ukraine in February of 2022, Mondelez shares have declined about 13% in value.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
After the 2022 invasion of Ukraine, Mondelez International Inc. joined a number of international companies in committing to downsize its presence in Russia. The maker of Oreo cookies has since walked those pledges back, leading some shareholders to renew calls for increased transparency.
The company removed language last year from an earlier filing with the Securities and Exchange Commission that said it was committed to turning the Russia business into a “stand-alone” operation. It has also removed two policies from its website that described plans to shrink its footprint in Russia.