The J. M. Smucker Company (Smucker's) uses coffee, palm oil, timber, soy, and cattle products in its products and packaging. These commodities are leading drivers of deforestation and native vegetation conversion, which is the source of 12% to 20% of global greenhouse gas emissions.1 Longterm emissions reduction scenarios rely on forests' ability to absorb carbon. Near-term elimination of deforestation is critical to reaching long-term net-zero targets.2 Coffee is among the leading deforestation-linked commodities and has been linked to the loss of 1.9 million hectares of forest between 2001 and 2015.3 As the supplier of iconic coffee brands including Folgers, Dunkin', and Café Bustelo, Smucker's risks reputational harm if its sourcing is seen as contributing to further forest loss. J.M. Smucker appears to recognize the importance of avoiding deforestation in its supply chain. The Company's Environmental Policy published December 15, 2024, states, "We are committed to maintaining forests through upholding our no deforestation policy."4 Yet, the company has published no such policy and has not disclosed a commitment to eliminate deforestation and native vegetation conversion from its supply chain. In this area Smucker's lags its peer companies, many of whom have set clear, time-bound targets for eliminating supply chain deforestation. • Conagra Brands "strives to achieve no deforestation sourcing… across these identified critical primary deforestation-linked commodities by December 31, 2025."5 • Hormel Foods "seek[s] verified zero-deforestation targets by 2025 in accordance with the timeline suggested by FLAG."6 • Kraft Heinz "commits to no-deforestation across its primary deforestation-linked commodities, with a target date of 2025."7 • Restaurant Brands International states, "our goal is to eliminate deforestation from our global supply chain by 2030 or sooner."8 Smucker's acknowledges numerous risks related to climate change and negative environmental impacts in its 10-K, yet it has not taken a key step to address these risks that many of its peers have taken. Failure to adopt and implement clear policies to mitigate exposure to deforestation may subject Smucker's to significant systemic and company-specific risks.