API

OVERALL
Owned	AUS
Rating

Healthcare services

API has four core business operations - pharmaceutical distribution, manufacturing, retail pharmacy brands and hospital and medical distribution. API was established as a chemists' co-operative in 1910 and listed on the ASX on 16 June 1997. The API retail pharmacy banner groups are Priceline, Soul Pattinson, and Pharmacist Advice. Almost 90 per cent of the 1579 pharmacies, health and beauty stores and beauty salons supplied by API are owned and operated by franchisees. Acquired by Wesfarmers in 2022.

Company Ownership

Australian Pharmaceutical Industries Ltd	AUS	website	email
Wesfarmers Ltd       owns 100% of Australian Pharmaceutical Industries Ltd	AUS	website	email		twitter
Retail, energy, insurance, chemicals Founded in WA in 1914 as a farmers' cooperative, today Wesfarmers operations include department stores; home improvement and office supplies; insurance; chemicals, energy and fertilisers; and industrial and safety products. Acquired Coles Group in 2007 for $20 billion in the biggest takeover in Australian corporate history. Coles was spun-off in November 2018. Wesfarmers kept Officeworks, Kmart and Target, which were part of Coles Group when it was acquired by Wesfarmers.

> About the Ratings

Company Assessment

PRAISE	CRITICISM	INFORMATION
Australian Pharmaceutical Industries Ltd
		Breaching advertising codes In 2018 the Therapeutic Goods Administration's Complaints Resolution Panel upheld complaints about ads by this company on the grounds that they breached advertising codes. The Panel requested this company withdraw the ads and not to use representations in the ads again. Source: TGA Complaints Register (2018) Sustainability claims This company has sustainability claims on it website in its 2020 Sustainability Report which includes actions to help protect the planet. Source: company website (2021) Priceline Sisterhood Foundation This company has details of the Priceline Sisterhood Foundation on its website whose purpose is to give back to the community and specifically to provide support for women and their families. Source: company website (2021) Modern Slavery disclosure quality Modern slavery disclosure is a critical step in mitigating the risk associated with modern slavery practices in companies' operations and supply chains. The quality of the disclosure signals the level of commitments and efforts that the companies have put in managing these risks. In 2021 the Monash Centre for Financial Studies analysed and ranked the disclosure quality of the modern slavery statements submitted by the 300 largest listed companies on the Australian Stock Exchange (ASX300). This company's modern slavery disclosure statement received a grade of D. Source: Monash University (2021)
Wesfarmers Ltd
Human Rights Benchmark The 2019 Corporate Human Rights Benchmark assessed 200 of the largest publicly traded companies in the world from the Agricultural Products, Apparel, Extractives and ICT Manufacturing sectors on 100 human rights indicators. This company's score was in the 40-50 band range. The overall average score was a disappointing 24%. Source: World Benchmarking Alliance (2019) Modern Slavery disclosure quality Modern slavery disclosure is a critical step in mitigating the risk associated with modern slavery practices in companies' operations and supply chains. The quality of the disclosure signals the level of commitments and efforts that the companies have put in managing these risks. In 2021 the Monash Centre for Financial Studies analysed and ranked the disclosure quality of the modern slavery statements submitted by the 300 largest listed companies on the Australian Stock Exchange (ASX300). This company's modern slavery disclosure statement received a grade of A. Source: Monash University (2021) Efforts to pay a living wage Oxfam Australia's Company Tracker compares the big clothing brands on their efforts to pay a living wage to the women working in their factories. This company has released the names and addresses of at least 70% of their supplier factories, has taken some action towards paying a living wage within a set timeframe in the supply chain, and has made a commitment to ringfence wages. Source: Oxfam Australia (2021) 62/100 S&P Global ESG Score This company received an S&P Global ESG Score of 62/100 in the Retailing category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 23 Sep 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices. Source: S&P Global (2022)	Underpaying workers In 2023 seven subsidiaries of Wesfarmers Industrial and Safety Pty Ltd (WIS) back-paid more than $4.8 million to more than 3,400 underpaid employees nationally and signed an Enforceable Undertaking (EU) with the Fair Work Ombudsman. The company was also ordered to make a $100,000 contrition payment. Source: Fair Work Ombudsman (2023)	Supply chain sourcing This 2013 report by The Australian Council of Superannuation Investors (ACSI) investigates the labour and human rights risks in supply chain sourcing. This company is identified on page 21 as a company which sources products from countries with known systemic labour and human rights concerns. Source: ACSI (2013) 35.3% in Newsweek Green Ranking 2017 This company received a score of 35.3/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor. Source: Newsweek (2017) Political donations According to the democracyforsale.net website, this company donated $638,000 to Australia's major political parties between 2012 and 2018, as disclosed to the Australian Electoral Commision (AEC). Source: Democracy For Sale (2018) Climate action commitments As listed on the We Mean Business website, this company has committed to the following climate action initiatives: put a price on carbon; responsible corporate engagement in climate policy; report climate change information in mainstream reports as a fiduciary duty. Source: We Mean Business (2021) Tax paying in Australia Between 2015 and 2018 this company paid $3 billion tax on a total income of $199 billion, earning the number 8 spot on Michael West's Top 40 Tax Payers 2020. West calculated which of Australia's largest companies have paid the most tax using three years of tax transparency data published by the Australian Tax Office. Source: Michael West (2018) Sustainability claims This company has sustainability claims on its website in the areas of sourcing, community, environment and indigenous engagement. Source: company website (2019) Previous involvement with coal This company used to operate coal mines, but sold off its last coal asset in 2018. Source: Reuters (2022) Modern Slavery statement California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement. Source: company website (2021)

> About the Icons

Company Details

Type	Wholly-owned subsidiary
Founded	1910
Revenue	4 billion AUD (2021)
Employees	3,080 (2021)
Aus Manufacturing	Yes
Subsidiaries	API Consumer Brands  Healthcare, pharmaceuticals & skin care New Zealand based manufacturer of health & beauty products. Owned by Australian-based pharmaceutical company, API, owner of Priceline.

Contact Details

Products / Brands