IOI Corporation Berhad (“IOI Group”) has appointed Proforest, a non-profit organisation with substantial experience in the palm oil sector and track record in second party verification, to undertake an external verification of the implementation of its Sustainable Palm Oil Policy (SPOP) and related commitments.
The verification will assess IOI Group’s level of compliance against its public policy commitments, including its SPOP, its Sustainability Implementation Plan (SIP) as well as the additional public commitments announced by the company in April 2017.
The work will apply to IOI Group’s palm oil operations, including its plantations and crude palm oil (CPO) mills, processing facilities, as well as its global third-party supply base supplying to IOI Group.
“Last year IOI Group committed to commissioning an external verification of its sustainability progress in Q2 2018 and I am pleased to deliver on that promise. We have worked hard to implement our commitments over the last 18 months and it is appropriate that we now undertake this verification exercise to demonstrate to our stakeholders the progress that has been made and identify any gaps that may still remain in implementing our commitments. We look forward to collaborating with Proforest over the next few months to make this happen.”, IOI Group Chief Executive Officer Dato’ Lee Yeow Chor said.
Work on the verification will commence in May, with findings to be publicly reported in Q3 2018. The verification will be delivered through a combination of external and internal stakeholder consultation, desk-based analysis and fieldwork.
Neil Judd, Proforest Co-founder and Director said, “Proforest is pleased to be undertaking this important assessment of IOI Group. Numerous companies have made deforestation commitments but few have externally verified the implementation of those commitments. Proforest’s extensive experience in the sector, and in verification at various levels, positions us well to undertake this work, but consultation with stakeholders will be a critical element of the process”.
For this external verification exercise, IOI Group has also consulted with members of its Sustainability Advisory Panel (SAP) on both the Terms of Reference (ToR) as well as the selection of service provider.
For more information on the verification exercise, please contact Dr Surina Ismail, Group Head of Sustainability, IOI Corporation Berhad at email@example.com