PLS Plantations Rated Silver3 By RAM Sustainability
Setting PLS' ESG standard for agrofood
PLS Plantations Berhad today announced its receipt of Silver3 ratings by RAM Sustainability for its principal plantations and trading segments, reflecting some gaps and the early stages of the Company's ESG practices that are crucial for reforestation and plantation-related sectors.
The sustainability ratings by RAM Sustainability, a leading provider of independent ESG analytics, capture the Company's corporate sustainability performance based on all the environmental, social and governance (ESG) themes, as well as relevant international and domestic guidelines by Bank Negara Malaysia's (BNM) Climate Change and Principle-based Taxonomy (CCPT).
PLS Plantations' Independent Non-Executive Chairman, Tan Sri Nazir Razak said, "This rating sets the baseline for the Company, in providing clear forward strategy in terms of our priorities and focus areas, across our business and operations, especially in areas for improvement. Equally as important, it offers our stakeholders - investors, regulators, business partners, suppliers, and clients - an objective and transparent assessment of our commitment to sustainability and responsibility as a reliable supplier, business partner, and employer. PLS Plantations is working hard to execute against our strategy towards becoming Malaysia's leading sustainable, agro-food provider in the coming years."
RAM Sustainability's Chief Executive Officer, Promod Dass said, "PLS Plantations is establishing a starting point for its ESG journey by subjecting itself to the rigours of a sustainability rating and positioning that transparency is a priority even though it points to its high ESG risk profile - for this, it must be commended, and we look forward to monitoring its sustainability progress. We hope that this will set a precedent for more companies to embark on their sustainability journey and aspire to achieve the highest ratings."
As part of the Company's turnaround journey, PLS demonstrates strong commitment to expand on its corporate governance framework and policies, especially in areas of sustainability governance, pending a dedicated group-wide framework and policies to govern the Company. As a Public-Private-Partnership (PPP), PLS Plantations' vision is to contribute to the nation's food security and positive socioeconomic impact through initiatives in supporting local farmers, specifically the B40 and indigenous communities. The Company commits to produce quality products and services evidenced by the various certifications obtained such as the Malaysian Sustainable Palm Oil (MSPO) Certification for its plantation segment. The Company's trading business has received Good Manufacturing Practices (GMP), Malaysia Good Agricultural Practices (myGAP), HALAL and Hazard Analysis Critical Control Point (HACCP) certifications, among others and has dedicated policies to manage human resources and human rights including the Good Social Practices Policy, Occupational Safety and Health Policy, Child Labour Policy and Sexual Harassment Policy.
For more information, or to download the complete PLS Plantation's RAM Sustainability rating report, please click here.