Singapore, 25 May 2011 – Golden Agri-Resources Ltd (GAR) issues its first sustainability report outlining the company’s progress in stakeholder engagement, environment sustainability, social affairs, supplier relations, consumer and customer relations and labour relations. The report maps out the structure of the company and the full value of the chain of the business. It focuses on the upstream business, namely the plantations, mills and some key aspects of palm oil sales operations of the company in Indonesia over the 2010 calendar year. In addition, the report also covers GAR’s key targets in its sustainability initiatives, which include working closely with international NGO, The Forest Trust to help GAR prepare for Roundtable on Sustainable Palm Oil (RSPO) certification of its existing palm oil operations by December 2015.
Peter Heng, Managing Director, Communications & Sustainability of GAR said, “The publication of this report is driven by our commitment in establishing accountability and open communication with all our stakeholders. We hope this will help provide a better understanding of our approach to sustainable palm oil production. We share a common ground with our stakeholders. By working closely together, we believe we can achieve significant progress in conserving forests, the creation of jobs and improvement of livelihoods, and build shareholder value”.
The report is guided by international best practice and is measured against the Global Reporting Initiative (GRI). In developing this report, the main considerations have been to ensure that all material and key sustainability issues are addressed in a clear and direct manner with the best possible supporting data. There is a commitment by the company to continue such reporting and addressing key sustainability issues and stakeholder concerns.
GAR’s Sustainability Report 2010 can be downloaded from the GAR website at http://www.goldenagri.com.sg/sustainability_report.php
About Golden Agri-Resources Ltd (“GAR")
GAR is the world’s second largest palm oil plantation company with a total planted area of 443,500 hectares (including smallholders) as at 31 March 2011, located in Indonesia. It has integrated operations focused on the production of palm-based edible oil and fat.
Founded in 1996, GAR is listed on the Singapore Exchange since 1999 with a market capitalisation of US$6.6 billion as at 31 March 2011. Flambo International Ltd, an investment company, is GAR’s largest shareholder, with a 49.6% stake. GAR has several subsidiaries, including PT SMART Tbk which is listed on the Indonesia Stock Exchange since 1992.
GAR is focused on sustainable palm oil production. In Indonesia, its primary activities include cultivating and harvesting of oil palm trees; processing of fresh fruit bunch into crude palm oil (“CPO”) and palm kernel; and refining CPO into value-added products such as cooking oil, margarine and shortening. It also has integrated operations in China including a deep-sea port, oilseeds crushing plants, production capabilities for refined edible oil products as well as other food products such as noodles.