GAR acknowledges the recent High Carbon Stock Approach (HCSA) decision on a complaint for HCS clearance and infringement of HCSA social requirements by Golden Veroleum Liberia (GVL), which GAR is invested in via the Verdant Fund, a private equity fund. GAR notes that GVL has acknowledged the HCS clearance and there was no attempt to hide or deny the clearance, even while efforts were made to validate the claims, the extent and causes with the assistance of a third party.
GAR has reviewed the measures spelt out in the HCSA decision and notes that many of these are already being implemented by GVL under its current Sustainability Action Plan (https://goldenveroleumliberia.com/sustainability-action-plan/). GVL will incorporate the remaining ones into a revised plan which has been submitted to GAR, and which GAR has submitted to HCSA for review. Meanwhile, GAR has been informed by GVL that it will suspend further land development in compliance with the HCSA decision.
GAR will intensify its support to GVL and will monitor progress closely. This will include working with GVL to identify an independent party to provide quarterly updates on the implementation of the required measures. GAR is committed to ensure that GVL is fully compliant with the responsible palm oil commitments in the GAR Social and Environmental Policy (GSEP).