杰富瑞大学专家电话会议反馈：全球酒精监管格局

Jef U Expert Call Feedback: The GlobalRegulatory Landscape for Alcohol EXPERT STUDIES GUEST SPEAKER Julian Braithwaite We hosted a call with Julian Braithwaite, the President and CEO of IARD, toprovide a bootcamp on the global regulatory landscape for alcohol. 2025is an important year for alcohol regulation given updates to the US DietaryGuidelines and the UN meeting in Sept, which will either confirm the existingstrategy - ie focus on tackling the harmful use of alcohol and a whole societyapproach - or start changing it. Julian Braithwaite is the Presidentand CEO of the International Alliancefor Responsible Drinking (IARD),leading a global membershiporganization that represents leadingbeer, wine, and spirits companiesacross the Americas, Europe, andAsia. 1. Pillar #1: Focus on reducing harmful consumption.In 2010, the UN agreed a strategy toreduce the harmful use of alcohol, which was agreed through the World Health Assembly,which is the governing body of WHO. 193 Member States signed off on this strategy. The focusof the strategy is to tackle the harmful use of alcohol. Moderate consumption is not the focusof the policy and the regulation. HOSTED BY Ed Mundy 2. Pillar #2: Whole of society approach.The second key pillar of the 2010 UN strategy isthe "whole of society approach". This requires "active collaboration" between government, theprivate sector and civil society in helping to tackle harmful consumption of alcohol - ie theprivate sector, including the alcohol beverage industry, has a role in the process in contributingpart of the solution. Relevant research: Drinking Well - Can You Grow Alcohol Salesand Reduce Harm at the Same Time? Is Alcohol the Next Tobacco? 3. What is the official stance of WHO?The official stance of WHO is bound by the UN strategy,which is to reduce the harmful use of alcohol. However, there are some WHO officials who arewriting in a personal capacity, eg the Lancet in January 2023 - see here. Note, for the officialposition of WHO to change, it would need to be driven by a resolution passed by the UN GeneralAssembly and World Health Assembly. Does the Drinks Industry Have an ESGAlcohol Problem? 4. Is the strategy working?WHO's own data shows that the existing strategy is working. Perthe key indicators used for tracking progress against this strategy, the world is on track tomeet those targets by 2030, and therefore there should be no need to change the strategygiven the evidence-based approach to policymaking. See our report here which shows that theindustry can grow value AND reduce alcohol related harm at the same time and argues againsta change in the regulatory framework. 5. Why is the strategy to reduce alcohol harm working?Alcohol attributable mortality fell -20%between 2010-19 and the world is also on track for meeting a -20% reduction in alcohol percapita consumption from 2010 to 2030. As with all global statistics, China plays an outsizedrole. China has made very strong progress since 2010, through for example tackling drink-driving, a better understanding of what responsible drinking is and the difference betweenmoderate consumption and harmful consumption. This has taken place while supporting avery vibrant beverage alcohol industry. 6. Science unchanged.Whilst IARD does not carry out or fund studies on alcohol, the sciencehas not changed. Reports such as that per the National Academies of Sciences, Engineering,and Medicine (NASEM) would indicate that people who drink moderately live at least as long,or longer than those who don’t drink alcohol. See NASEM report here. 7. IARD membership - potential to broaden.In addition to the 13 largest alcoholic drinkscompanies in the sector, eg DGE and ABI, there are two associate members, Coca-Cola andLotte. There are other companies that would like to join IARD, with potential to expand themembership as the centre of gravity for the industry globally. Edward Mundy, ACA * | Equity Analyst44 (0)20 7029 8476 | emundy@jefferies.com Jefferies University ^ | Equity Research Team| jefferiesuniversityreport@jefferies.com Jefferies University: Insights from Experts Jefferies University: Insights from Experts Jefferies University is an executive-level education program that connects independent experts withinstitutional investors on matters critical to making informed investment choices. Through this globalprogram, Jefferies’ clients have the opportunity to meet thought-leaders, innovators and scholars ona wide range of subjects that may be relevant to building investment portfolios. Topics can be tailoredto suit your needs and delivered in different formats including private or group conference calls, in-person presentations or via video-conference as well as at our numerous conferences and summitsheld around the world. Jefferies University: Exponential Series Jefferies University courses go beyond investment matters. OurExponential Seriesalso delves intoissues that can impact investors on a personal level. Join