Unilever CEO to Water Down ESG Targets to Focus on Profit

Unilever Plc plans to abandon or water down a string of environmental and social pledges against the backdrop of a growing backlash from investors, consumers and politicians against companies pursuing non-financial objectives.

The move by Hein Schumacher, Unilever’s chief executive officer, marks a major shift for the £95 billion ($118 billion) consumer group — home to brands ranging from Hellmann’s mayonnaise to Domestos bleach — which has built its business strategy on a bedrock of ESG policies for more than a decade. Seen as the corporate world’s biggest cheerleader for the idea that companies should do good in the world, the downgrading of some commitments will be watched ...