Theo Chocolate 2021 Impact Report

impact
report
2021

table of contents
letter from Etienne
3
4
9
11
14
16
18
Letter from Etienne
Ethical Sourcing
Workplace & Responsible
Manufacturing
Diversity, Equity & Inclusion
Community Involvement
Environmental Impact
Acknowledgement
& Sources
Theo was founded as a mission-driven company. As we continue to live in unprecedented times, flexibility and
perseverance are what kept our business running this year. By sticking to our mission and values, we were able
to navigate new business challenges by making decisions that hold true to who we are.
Our number one goal was to provide a safe and fair environment for our team, all while working to build
community at Theo. This is was accomplished through new COVID-19 protocols and benefits and an emphasis
on empowering employee-led committees. We were amazed with the projects that each committee tackled in
2021 and are proud to report that employee participation is continuing to grow stronger.
Throughout the pandemic, we have also been committed to creating delicious products using ethically sourced
ingredients. But we did run into disruptions in our supply chain last year. For example, shipments to our factory
were slower and some ingredients that we use to make our products even went out of stock. We also dealt with
a high holdover inventory of our cocoa beans, which required us to slow our purchase quantities from previous
years. Even though there were new hurdles for us to tackle, we were able to raise the fair trade development
fund price that is paid to smallholder cocoa farmers for each metric ton of cocoa we purchase and keep sending
our delicious chocolate to people all over the country.
Companies can do more than focus on the bottom line; companies have the power to support resilient, thriving
communities. This is why I work at Theo. I believe that living our mission and values will be the reason we are
successful. It will be why I see Theo emerging from the pandemic stronger than ever before.
Every decision made at Theo is rooted
in our mission and values.
MISSION
As a company rooted in cocoa, our mission is to create a more
beautiful, compassionate, and enduring world by responsibly
making delicious and inspiring products for everyone.
I want to thank all the Theo employees, our sourcing partners, and our customers and shareholders. Without
all of you, Theo would not be the company that it is. I hope you enjoy learning more about Theo in this report.
We strive for transparency in our process and are always looking for new opportunities to continue to improve.
I encourage you to reach out to us if you have questions or are interested in learning more about how we make
our organic, fair trade chocolate from scratch.
Sincerely,
Etienne Patout
CEO, Theo Chocolate
THEO VALUES
Created by Theo Employees, our values are the foundation of
how we do business.
Community. Honesty. Excellence. Well-Being.
3

ethical sourcing
Theo Chocolate was founded to create a positive impact through
chocolate. Sourcing fair trade and organic certified ingredients from
suppliers we know and trust is at the heart of our mission. For a
bean-to-bar chocolate company like us, it all starts with the cocoa beans.
CONVENTIONAL CHOCOLATE SOURCING
Big conventional chocolate companies don’t make their own chocolate from scratch; they buy pre-made chocolate
from large European chocolate makers. The result of this sourcing model is that these companies often don’t know
where the cocoa was sourced from or the conditions in which it was produced. And unfortunately, this usually means
that there are ethical issues that are being ignored or unmonitored.
Here are three big issues you should be aware of
in the conventional chocolate industry:
THEO SOURCING APPROACH
Because of these issues, Theo Chocolate has chosen to avoid buying conventional chocolate and make our own from
scratch by sourcing our cocoa from specific smallholder farmers.
We currently source fair trade and organic certified cocoa beans in Watalinga, Democratic Republic of Congo (DRC),
building on a partnership established in 2012 between the Watalinga cocoa famers, Esco Kivu, Eastern Congo Initiative,
and Theo.
Here’s how we’re tackling the issues seen in conventional chocolate:
$
Poverty Wages for Farmers:
Because conventional chocolate companies have limited to no visibility or control over where their cocoa
beans come from, they often have no idea how much cocoa farmers are paid. Because of this lack of
transparency, farmers are pushed to accept poverty wages for their crops.
Without living wages, farmers may resort to forced child labor, illegal planting or deforestation tactics to
stretch profits.
$
Fair Wages for Farmers:
Theo pays more for cocoa beans than most conventional chocolate makers. Our trading partner, Esco
Kivu, ensures organic cocoa sourced on our behalf is purchased at approximately 20-25% higher prices
than conventional cocoa bean prices in the DRC, to reflect the higher quality and ensure living incomes.
Fair for Life certification guarantees that smallholder farmers receive fair payment and that workers all
along our supply chain benefit from fair working conditions.
Forced Child Labor:
Forced child labor is found in many cocoa-growing regions, particularly in Ghana and Ivory Coast, where the
majority of the world’s cocoa is sourced for conventional chocolate production. The prevalence of child labor in
these countries increased from 31% to 45% between 2008 and 2019 1 .
Child labor can take many forms, from the ILO-defined Worst Forms of Child Labor such as child trafficking and
forced labor to more common issues, such as children being pulled out of school to work on cocoa farms.
Not all work done by children is classified as forced child labor. There are clear standards for safe, ageappropriate
work that does not interfere with school attendance. Children are often encouraged to work on
family farms outside of school hours, as these activities contribute to children’s
development and the welfare of their families.
No Forced Child Labor:
Our Fair Trade, Fair for Life certification validates that no forced labor is occurring on the farms where we
source cocoa. This is accomplished by both scheduled and random farm visits and interviews with farmers
and their families completed by a third-party auditor. Theo strongly values third-party certification and has
chosen “Fair for Life” certification because of its comprehensive and rigorous requirements.
Deforestation:
Deforestation, common in regions like Ghana and Ivory Coast, negatively impacts biodiversity, causes soil
erosion, and reduces the capture and storage of greenhouse gases, which contributes to climate change.
Farmers supplying the conventional chocolate industry have used a mono-crop approach or spread their farm
into existing forested lands to increase their incomes, resulting in broad deforestation.
Sustainable Farming:
Our trading partner, Esco Kivu, provides a farmer training program that emphasizes agroforestry and crop
diversity. Through these trainings, farmers learn how to create multiple crop income sources, which helps
them have a yearlong income. By moving away from a mono-crop system, farmers are seeing biodiversity
come back to the region. A focus on shade grown cocoa also extends production for farmers while saving
indigenous trees growing among the cocoa and preventing deforestation.
4

2021 COCOA PURCHASES
Ethical Sourcing Indicators
Each year, we transparently share metrics that best demonstrate Theo’s impact. We do this to take accountability
for demonstrating we are truly a mission-driven company.
Since 2005, Theo has
purchased
11,820
metric tons of
organic cocoa beans
and paid
$ 2.3 million
into fair trade cocoa development funds.
2021 PRICE PER METRIC TON OF COCOA BEANS 2
$2,940
Fairtrade International
organic FOB price
Our 2021 cocoa
purchases were:
above Conventional
46% market prices 21%
$3,550
Theo average FOB price
$2,427
Conventional
market average
above Fairtrade
International organic
minimum prices
Cocoa average price Freight on Board (FOB) (usd/metric ton)
FOB cost is the price when our transporter takes possession of the cocoa beans. This includes costs for final
processing, infrastructure, transporters, freight costs, farmer training and agronomists.
Farmers registered in Esco
Watalinga cocoa program
2019
2020
2021
6,266
7,020
Organic cocoa purchased (metric tons)
1,225
1,500
Our cocoa purchases
decreased in 2021 for two
325 reasons. First, holdover
inventory from 2020
2019 2020 2021
meant we had less
demand for beans in 2021.
Second, Due to high we changed cocoa inventory our shipping from schedule previous to years, better align with crop harvests,
meaning cocoa purchases 45% of our were 2021 reduced contracted this year. volume will be delivered in 2022.
$3,338
2019
$3,296
2020
$3,550
2021
This blended cost includes what we pay
for beans imported into the US and those
processed into cocoa butter and liquor
before they are imported into the US.
The balance of where beans are needed
each year can impact this blended cost.
7,692
Fair trade cocoa development fund totals
WHAT GOES INTO THIS PRICING:
Supported family
members in 2021:
69,228
$245,000
$300,000
Our development fund
contribution is based
$78,000
on the volume of cocoa
we purchase. Lower
2019 2020 2021
purchases in 2021
led to a lower overall
contribution. Fair trade
premiums are paid to the community as a development fund, which the
Watalinga Farmers Association determines how to spend.
Cocoa average price paid to
farmers (usd/metric ton)
$2,098
2019
$2,262
2020
$2,171
2021
The base price fluctuates
slightly based on market
prices. Esco Kivu ensures
cocoa purchased on our
behalf is priced to reflect
the higher quality and
ensure living income
prices.
Fair Trade Development Fund
(usd/metric ton)
$200
2019
$200
2020
$240
2021
6

8
cocoa farmer update
WHAT’S NEXT IN 2022?
New Supplemental Cocoa Source:
In our 2020 Impact Report, we communicated about
the displacement of the Watalinga community due to
ongoing violence from local militias. Unfortunately,
the region continues to experience cycles of violence
and instability.
Our trading partner, Esco Kivu, has shared that
farmers are resilient and are still able to support
themselves and their families. By relocating to local
city centers, they can travel out to their farms during
the day to work and bring back their cocoa to city
centers to sell it.
We remain committed to doing our part as a sourcing
partner so that smallholder farmers can expect
financial stability for their futures.
While we currently exclusively source from Watalinga, Theo has sourced from
other partners in the past to supplement our supply chain. We are working to
establish a secondary fair trade and organic cocoa sourcing partner to use as a
backup option for supply chain stability.
DRC Visit:
Every year we hope to make a visit to the Watalinga community, including in 2022.
These visits are a key part of building our partnership and ensure that we are
doing our part to ensure economic stability through fair prices. Unfortunately,
ongoing violence, temporary community displacement and the Coronavirus
pandemic have kept us from visiting since November 2018.
workplace & responsible
manufacturing
As a bean-to-bar, fair trade chocolate manufacturer, we want to prove
that chocolate can be made in a way that allows everyone in the process
to thrive. Making ethical chocolate from scratch isn’t easy. Not only does it
involve sourcing organic and fair trade certified cocoa from eastern Congo,
but it also requires having a safe and fair work environment for all
employees at our factory right in the heart of Seattle.
COVID-19 Updates
As the pandemic continued into 2021, Theo Chocolate has provided ongoing support to combat COVID-19 and help
safeguard the health of employees, their families, our customers, and the community at large.
Thanks to our workforce’s quick response during the initial period of the pandemic, we were prepared when vaccines
became available:
• All employees were encouraged to receive vaccination for the prevention of COVID-19.
• All employees received Paid Time Off to receive vaccines and boosters.
• All vaccinated and boosted employees received bonus Paid Time Off.
Employees, regardless of vaccination status, were required to follow the company’s COVID-19 safety requirements,
which were regularly updated and shared as COVID-19 news developed.
Wages
In the spring of 2021, Theo Chocolate experienced a high number of turnovers in the production, warehouse, and
commercial kitchen teams. This was similar to what many other companies were reporting at that time. In response,
we increased wages well above the local minimum wage requirements for all positions, which led to greater retention
in the following months.
Employee Engagement
Theo Link is an internal meeting for Theo department representatives. It provides a structure that empowers
employees to collaborate and communicate on key topics, present innovative ideas to leadership, and help with
solutions that improve the company and foster community.
In previous years, Theo Link representatives met monthly, but the pandemic made it difficult for employees to
participate. After looking at our values, we decided there was a better way for Theo Link to operate and have a greater
impact through creating new, employee-led subcommittees.
Employee Engagement Committee:
Employee-led committee focusing on building community within Theo Chocolate through
employee morale events and improved internal communications.
• Projects Completed in 2021:
• Reestablished a monthly internal newsletter.
• Created an engaging, all-company virtual Spirit Week for employees.
Keep an
eye out in the rest
of the report for
other employee-led
committees and the
impressive projects
they completed
in 2021. 11

Safety
OSHA, the Occupational Safety and Health Administration, ensures safe and healthy working conditions for workers
by setting and enforcing safety standards. As a manufacturer, we are required to keep a record of serious work-related
injuries and illnesses. This information helps employers, workers and OSHA evaluate the safety of a workplace,
understand industry hazards, and implement worker protections to reduce and eliminate hazards, preventing future
workplace injuries and illnesses.
We began to publicly report safety data in our first impact report in 2019. Since then, we have put a huge emphasis on
enhancing safety and have committed to transparency as we work to reduce work-related injuries.
The Safety Team works on a yearly calendar that they use for required safety training as well as covering safety
topics that are relevant for our facilities. Our employee-led Safety Committee meets monthly to discuss reactive and
proactive safety efforts. In 2021, they worked with management to implement these changes in addition to ongoing
efforts to update our safety training and signage:
• Installing better lighting in production areas
• Investing in a new conveyor to raise the working height for employees
• Ensuring production crews are rotating tasks
• Establishing new confined space entry program procedures
KEY PERFORMANCE INDICATORS:
As a manufacturing facility, safety and wellbeing for Theo employees is a top priority. Here are the key metrics we track every year.
Employees
2019
2020
2021
103
95
97
2021 Fair for Life &
For Life Certifications
Fair for Life and For Life fair trade
certifications not only check how the
producers of the ingredients we buy
are treated, but it also annually audits
our own office and production facility.
92.1%
Fair for Life
Workplace score
For Life
92.6% Workplace score
Safety Incidents
(OSHA Recordables)
16
2019
3
2020
5
2021
We saw an uptick in incidents early in 2021,
and redoubled our ongoing safety efforts in
the second half of the year. We ended the
year with no additional safety incidents.
diversity, equity & inclusion
Theo Chocolate is a company that values becoming and sustaining a
diverse and inclusive environment. We work to make Theo a place where
people can feel comfortable being who they are and have the access and
resources to grow professionally.
DEI Committee
In early 2021, the committee met with external Diversity, Equity, and Inclusion (DEI) expert,
Dr. Tony Byers. The goal was to have an open and honest conversation with him on how we could
structure the committee to be employee-led, along with finding projects that could affect change.
Our goals included finding new ways to celebrate the diversity of our coworkers and creating
projects that connect us to the larger community outside of Theo.
To build a culture of inclusivity, here are some of the steps the committee took in 2021:
• Created Purpose Statement and Team Agreement: Members worked together to brainstorm
and write the committee’s purpose and team agreement.
Purpose Statement
employee
led
committee
The Diversity, Equity & Inclusion Committee fosters a safe space where employees can practice radical
listening, learn, and drive positive change. We are an employee-driven committee that is open to every
department and welcomes all voices. Together, we hold ourselves and our organization accountable to
address systemic racism and bias, create a diverse and inclusive workplace, and advocate for more equity
both here at Theo and in our broader community.
• Developed a National Diversity Month Calendar: The Committee decided to focus on
educational projects to support inclusion at Theo. Plans varied by month, but all were designed to increase
employee awareness of diversity, equity, and inclusion.
• Committee Budget Established: Budget was used for purchasing educational resources and supplies
for hosting educational and cultural events.
• Supported equity in the local community: Impact partnerships were created with Mary’s Place,
Stop AAPI Hate, and Chief Seattle Club. Support of these organizations included product donations, customers
adding a financial donation when purchasing from our Flagship Store and amplifying content on our social
channels.
WHAT’S NEXT IN 2022?
Reporting & Training:
Continue reporting safety incident numbers and conduct safety training.
Facility Updates:
Upgrade flooring in high risk areas to reduce slip hazards.
10

THEO CHOCOLATE EMPLOYEE
GENDER & RACE DEMOGRAPHICS
As of December 31st, 2021
Women at Theo
Women representation remains strong especially in leadership levels of Theo.
52%
48%
all Theo employees
68% 69%
43%
37%
51%
33%
44% 44%
individual contributors
50%
31%
DEI Work at Theo
Last year, we committed to support diversity within the company with a new recruitment plan. We promised to
recruit qualified BIPOC candidates for every external job posting for people manager and leadership positions. While
managerial turnover at Theo last year was minimal, we did meet this goal with a new position that was posted.
To continue our pledge to diversity, equity, and inclusion, we also started to look for new ways to root out any
unintentional systemic bias within the company:
• External Training & Leadership Support: Managers with direct reports had a roundtable meeting
about inclusive behaviors with Dr. Tony Byers. He also provided ongoing consultation to the leadership team as
they started their retention analysis.
• Retention Analysis: To understand more about why employees decide to leave Theo, the HR team worked
on a multi-year analysis that spanned all levels of the company. They looked at exit interviews, gender and
race demographics, and benchmarked these findings to local country standards. The analysis showed that the
top reasons BIPOC employees left Theo were for other employment or a new line of work. These were similar
reasons found across all past employees.
• Development Planning: As a response to the learnings of the retention analysis, the HR team created
a new, voluntary development planning process for all employees. The goal of this new program was to
foster growth and development in employees’ current roles and create a roadmap for their careers. To be as
equitable and inclusive as possible, development actions could be supported by on-the-job learning, personal
enrichment, training, and self-study.
team managers
Theo employees 2020 Theo employees 2021
leadership team
Equal Employment Opportunity
Commission King County
BIPOC at Theo
Due to having less than 100 employees, we have aggregated the following BIPOC race categories into one reporting group:
American Indian or Alaska Native, Asian, Black or African American, Hispanic or Latinx, plus two or more races.
While our BIPOC demographics have not marginally changed since 2020, it is important to note that BIPOC representation
continues to drop off significantly at the Team Manager and Leadership levels due to the low turnover in these positions.
BIPOC representation declined slightly as a percentage in the Team Managers category because new Team Manager
positions were created by internal promotions of white women.
27% 28%
37%
32% 33%
38%
WHAT’S NEXT IN 2022?
DEI Committee: With the goal of deepening engagement and broadening impact, the
committee is planning to host quarterly, in-person DEI events. They also plan to work with
leadership and people managers to increase awareness of the committee with employees and
recruit new members.
Values Integration: When remote employees return to the office, we are hoping to come
together for an in-person event to discuss adding diversity into our employee-created values. We
decided that waiting for the opportunity to do this work face-to-face warranted the delay.
12
all Theo employees
28%
8% 8%
team managers
Theo employees 2020 Theo employees 2021
individual contributors
0% 0%
leadership team
17%
Equal Employment Opportunity
Commission King County
Improved Recruiting: The HR & DEI Task Team are working to increase BIPOC
representation in candidate pools for externally posted team manager positions.
DEI Referral Donation: Our existing Referral Bonus program is getting an upgrade for
eligible HR and People Manager positions. In 2021, if an employee referred a candidate for an open
job, they earned a $1,000 referral bonus if the candidate was hired and remained employed for over
six months. In 2022, if the referred candidate is BIPOC, then Theo will match that bonus with an
additional $1,000 donation to an organization that is supporting BIPOC communities.

community involvement
Community is the first of our four values and guides our impact work. Our
goal is to be strong partners in the communities where we do business,
both in Seattle and in eastern Congo.
All in WA Partnership:
In July 2020, we launched our partnership with All In WA, a coordinated statewide relief effort that works to help
address the health, social, and economic impacts of COVID-19 on Washington’s most impacted communities. We
created a limited-edition version of our most popular chocolate bar. In 2021, we wrapped up sales of the chocolate bar
and ended with over $50,000 donated in 2020 and 2021.
Pearl Jam’s Vitalogy Foundation Partnership:
In February 2021, when Pearl Jam announced that they would be streaming Night 2 of their Home Shows benefiting
the Vitalogy Foundation, we were excited to work with them once again. We collaborated on a delicious collection of
caramels, wrapped in a Pearl Jam Home Shows commemorative sleeve, raising $8,400 for the Vitalogy Foundation.
Theo Link: Theo Gives Back Subcommittee
This employee-led subcommittee focuses on how Theo Chocolate can partner with our local community.
Projects Completed in 2021:
• Seattle Adopt-A-Street Program: In April 2021, we
joined Seattle’s Adopt-A-Street program. We have a two-year
commitment to clean up one mile of city streets at least four
times a year. Our first clean-up was Earth Day, and by the end
of 2021, we had a combined 82 volunteer hours for all the
clean-ups.
• The Free Little Pantry: In June 2021, we installed a Little
Free Pantry across the street from the Chocolate Factory. The
LFP movement is a grassroots, crowdsourced solution for
fighting hunger in our community. The pantry is stocked with
non-perishable food, clothing, and hygiene products.
employee
led
committee
KEY PERFORMANCE INDICATORS:
Theo supports the creation of thriving and resilient communities. Here is how we have supported the communities
where we do business.
$303,000
2020
Cash and product
donations:
$101,497.38
2021
Due to changes in inventory and supply chain issues,
our donations decreased this year.
Employee volunteer hours:
Theo Match Volunteer Hours: Theo encourages employees
to get involved in the local community. For every two hours
an employee volunteers, outside of work, for a charitable
organization, Theo pays a bonus equivalent to one hour of the
employee’s regular pay, up to twelve bonus hours each year
Since 2005, Theo has donated cash and products worth
112
2019
$806,497.38
WHAT’S NEXT IN 2022?
8
28
2020 2021
MLK JR Service Day: To celebrate and honor Dr. Martin Luther King Jr’s legacy, Theo Chocolate
has designated January 17th as a paid half-day. Participating employees spend half of their normal work day
volunteering at various on-site and off-site community projects.
Product Donations: Theo will continue to support organizations that are fighting homelessness,
solving hunger insecurity, and/or supporting BIPOC communities with product donations.
Theo Gives Back Committee: Members are working to find new ways to encourage
donations from employees and the Fremont neighborhood for the Little Free Pantry.
14

environmental impact
We constantly look for ways to reduce the environmental impact of
our business across our supply chain and operations. As a chocolate
manufacturer, we believe it is our responsibility to try to mitigate the
effects of climate change, not only because it is the right thing to do but
because the cocoa-growing regions that we source from are starting to
see immediate effects of climate change.
KEY PERFORMANCE INDICATORS:
As a manufacturer, it is important to learn how our business affects the environment. Here is what we are currently
measuring:
Utilities used per lb of chocolate
made:
Electricity KWH
0.63
0.58
0.62
21%
Employees receiving
alternative
transportation subsidy
29%
18%
Organic Ingredients
Organic is a key tenant of our environmental commitment – we make organic products because we believe it is an
important agricultural approach to benefit the planet and people who eat the product, along with the farmers and
communities who grow the ingredients.
As many businesses reported, we faced issues with our supply chain during the ongoing pandemic. We experienced
rolling shortages of organic peanut butter, cream, butter, and freeze-dried raspberries. Rather than buy conventional
ingredients to replace them during these shortages, we decided to temporarily go out of stock on some items. And
while we were disappointed that we were unable to offer those products to consumers, it wasn’t a hard decision
because offering organic products is a key tenet of our business.
2019
Gas Therms
0.011
2020
0.007
2021
0.007
2019
97%
2020
2021
% Product sales from organic
and fair trade certified
products (Goal ≥ 95%)
98%
97%
New In 2021
This past year, we implemented multiple new programs to continue reducing utilities and waste:
• In February 2021, we completed an electricity efficiency lighting project. We estimate savings of 140,000 kWh/
year. This project consisted of installing more efficient LED light bulbs, motion sensors, and timers in our facilities.
2019 2020
Water Gallons
0.57
0.42
2021
0.41
2019 2020 2021
Organic hectares of cocoa
11,000 11,100 11,308
• We transitioned to a new recycling partner at the Theo factory that can recycle more items and enhanced signage
to make it clearer as to what belongs the compost, garbage and recycling bins.
• To fight food waste, our Flagship Store joined the Too Good To Go movement and started offering reduced prices
for products that are at risk of needing to be disposed.
2019
2020
2021
2019
2020
2021
Theo Link: Environmental Impact Subcommittee
Employee-led committee that focuses on how Theo Chocolate can reduce its environmental impact.
• Projects Completed in 2021:
• Started a new Terracycle Zero Waste recycling program for masks, beard nets, hair nets and nitrile gloves.
In the first 8 months alone, 615 pounds of used personal protective equipment have been diverted from the
garbage.
• Sponsored an Alternative Transportation Contest that 15% of employees participated in.
employee
led
committee
WHAT’S NEXT IN 2022?
Plastic Packaging: Since 2019, we have been working to reduce the negative impact of plastic packaging by
switching to compostable, plant-based materials. In 2021, we identified two new compostable packaging materials and
began feasibility research. It will take another year to conduct production and quality tests.
Post-consumer recycled material: While we wait for the results of the compostable packaging tests,
we identified, tested, and piloted a new plastic material made with post-consumer recycled material to reduce the
negative impact of our current packaging. The first products in this material will roll out in late 2022, and will be
clearly labeled. Currently, the material contains a minimum of 44% post-consumer recycled material, and the vendor is
constantly working to increase this percentage.
16

ACKNOWLEDGEMENTS
As always, we have immense gratitude for the community that makes up Theo Chocolate. This Impact Report
covers activity brought to life by that community: Theo employees, Esco Kivu employees, Congolese cocoa
farmers, a network of companies critical to Theo Chocolate operating, Theo customers and the broader
Seattle, WA community. Thank you to each one of them for demonstrating that mission driven businesses can
sustain and maintain positive impact through challenging years.
We welcome any feedback you have - please send your questions or comments to Info@TheoChocolate.com.
We look forward to continuing the conversation with you.
SOURCES
1
according to the Labor Department survey conducted by NORC at the University of Chicago
https://www.washingtonpost.com/business/2020/10/19/million-child-laborers-chocolate-supply/
https://www.reuters.com/article/uk-cocoa-ivorycoast-deforestation/ivory-coast-lost-47000-hectares-offorest-to-cocoa-production-in-2020-environmental-group-says-idUSKBN2AJ0T6
https://www.ilo.org/ipec/facts/lang--en/index.htm
https://www.bloomberg.com/news/articles/2022-02-18/cocoa-giant-ivory-coast-says-deforestation-fight-ispicking-up
18
2
Theo average price paid for organic cocoa includes the fair trade development fund premium. It is the FOB
price we pay when organic cocoa is picked up for shipping to the US.
Fairtrade International price based on fairtrade.net listed minimum price FOB, plus organic differential and
Fairtrade International premiums (as of Feb. 7, 2022).
Conventional Market Price based on International Cocoa Organization average monthly prices Jan-Dec 2021.