H&M's CEO awarded Pontus Schultz prize for more humane economy

Karl-Johan Persson, chief executive officer at H&M was this year's

recipient of the Ponut Schultz prize for a more humane economy at a ceremony held on Monday.

The award is presented each year by the Pontus Schultz Foundation to individuals within the business industry who have contributed significantly to a more diverse, equal and sustainable community, three pillars of change the foundation supports.

“I see this award as an acknowledgment that the investments we are making in sustainability are recognized and valued outside H&M. We see that sustainability is important for both customers and employees...therefore, we use our size and influence to promote development in both environmental and social issue,” said Persson.

The foundation highlights Persson as a “a trend setter in the true sense of the word.” The award recognizes H&M's ongoing efforts to increase minimum wages for its factory workers and improve their working conditions by actively communicating with trade unions and authorities in production countries.

“We want to reward Karl-Johan Persson for his work and initiatives within the sustainability field as well as the controversial issue regarding working conditions in the textile industry,” commented Sara Öhrvall, chairman of the Pontus Schultz Foundation.

“With a proactive business development that goes hand in hand with a minimizing of the company's environmental impact, he proves that business can be a catalyst to meet difficult and global challenges.”