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Letter From Ernie Herrman

Ernie Herrman

Ernie Herrman

Chief Executive Officer and President

To our Associates,
Customers, Neighbors,
Vendors, and Shareholders:

TJX has long been committed to delivering real value to the world by investing in our Associates and communities, being mindful of our impact on the environment, and operating our business ethically. The year 2020 has brought many challenges and hardship to the world. Now, more than ever, we believe our long-held principles of honesty, integrity, and treating each other with dignity and respect as well as our commitment to corporate responsibility are critical as we navigate these unprecedented times.

As the impact of COVID-19 continues to unfold before us, our hearts go out to the many people around the world who have been affected. Throughout this crisis, our Company has focused on the health and well-being of our Associates, customers, and the communities we serve. After temporarily closing our stores and our online shopping sites, as well as our distribution centers and offices around the world earlier this year, we reopened nearly all of our stores globally and each of our online shopping websites by the end of June 2020 with many new health and safety protocols to help us operate more safely in this environment.

While we continue to be in the midst of this global health pandemic, we recognize that we cannot lose sight of the fact that racial injustice is deeply impacting our communities. Our position is clear – at TJX, we stand with our Black Associates, customers, and communities, and we stand for racial justice. While inclusion and diversity have long been a priority at TJX, we have realized that we need to continue working to do more and be better. With that in mind, we are taking many steps, such as broadening our giving strategy to provide more direct support to Black communities. We are ramping up our global efforts by committing $10 million in grant funding over the next two years to organizations that are actively working to support racial justice and equity and expand long-term opportunities for Black people and other people of color. Further, we are initiating several programs internally to help us continue to grow a more inclusive and diverse organization across our Company. You can find more details about our efforts throughout this website.

While the above efforts speak to our more recent responses to 2020’s climate, our global corporate responsibility philosophy has been part of our business throughout our 43-year history. It has been 10 years since TJX formally began reporting on our corporate responsibility efforts. In that time, our program has evolved and our accomplishments have been numerous. We capture our efforts under four key pillars: Our Workplace, Our Communities, Environmental Sustainability, and Responsible Business. Below are just a few global highlights:

Our Workplace: As I mentioned above, we take inclusion and diversity very seriously, and we believe the diversity of our Associate base makes us stronger. We have dedicated programs in place to help Associates feel welcome, valued, and engaged in our business.

Our Communities: We’ve contributed tens of millions of dollars to groups that are working to help vulnerable families and children access the resources and opportunities they need to build a better future, such as Save the Children, Feeding America, the United Way, and several mental health organizations, as well as the American, Canadian, British, and Australian Red Cross organizations.

Environmental Sustainability: Last year, we completed our 10-year greenhouse gas (GHG) emissions reduction initiative, and I’m pleased to report that we far exceeded our goal of 30%, achieving a 47% reduction in GHG emissions per million dollars of revenue since fiscal 2010. As we look to the future, in 2020, we set our next-generation, global corporate emissions-reduction target – a 55% reduction in greenhouse gas emissions from our direct operations by fiscal 2030 against a baseline year of fiscal 2017. This new goal is a science-based target in alignment with the United Nations’ Paris Agreement guidelines and supports an emissions reduction path aimed at limiting global warming to 1.5 degrees Celsius.

Responsible Business: We hold ourselves to high ethical standards, and we take our corporate governance practices seriously. Our expectations are clearly defined in our global codes of conduct. We also expect high ethical standards from our merchandise vendors and expect our merchandise vendors around the world to comply with our Vendor Code of Conduct.

While I am very proud of all our corporate responsibility accomplishments over our many years, we are always working to do better, and today, the urgency of that is clearer than ever. I am inspired every day by the thousands of TJX Associates around the globe who remain dedicated to embodying our core values and bringing our corporate responsibility efforts to life.

We look forward to continuing to share our journey as it evolves by reporting our efforts and commitments here on this website.

Sincere regards,

Ernie Herrman Signature

Ernie Herrman
Chief Executive Officer and President
The TJX Companies, Inc.

September 2020