Sustainability Report 2020
Our Sustainability Reports are developed in line with international best practice. We report based on Global Reporting Initiative (GRI) Standards Reporting Guidelines (Core Option). Our GRI index can be downloaded here.
The SR2020 also contains disclosures recommended in the Agricultural Products Sustainability Accounting Standard (Industry Standard, Version 2018-10) that was developed by the Sustainability Accounting Standards Board (SASB). The SASB disclosure index can be downloaded here.
We also participate in several disclosure platforms including CDP (which incorporates the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and elements of the Accountability Framework Initiative),SPOTT, FTSE4Good and DJSI.
Identifying the material Environmental, Social and Governance (ESG) topics, is a crucial part for building a successful, resilient and sustainable business. As such, GAR’s Board considers sustainability as part of the company’s long-term strategy formulation; is involved in determining the material ESG topics; and has overall responsibility for overseeing the management, monitoring and reporting of the ESG topics across the business.
In 2021, we worked with a specialist sustainability consultancy to review and update our understanding of our material sustainability topics, especially in light of the COVID-19 pandemic. Our assessment covered GRI’s definition of materiality (i.e. reflecting the organisation’s economic, environmental, and social impacts, or influencing the decisions of stakeholders) as well as SASB’s definition of Financial Materiality (i.e. topics that are reasonably likely to impact the financial condition or operating performance of GAR and therefore are most important to investors).
This materiality process covered our entire value chain and built on from our previous materiality assessment last conducted in 2017.
Click here to see a summary of our materiality process.
Performance summary 2020
(subject to pandemic situation)
The issues facing palm oil production are complex and multi-faceted. This is why a key element of our approach to responsible palm oil relies on engagement and close collaboration with stakeholders.
We believe that enhanced mutual understanding between us and our key stakeholders will support the development of more effective solutions and partnerships, which can better balance environmental protection with the economic and social needs. Stakeholders have been identified through a mapping exercise and prioritised for engagement based on their influence and interest in GAR.
See here for a full description of how we engage with our stakeholders and the outcomes of engagement.
Commitment to United Nations Global Compact
The United Nations Global Compact is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to take action in support of UN goals and issues embodied in the Sustainable Development Goals.
GAR, through its subsidiary SMART has subscribed to the UN Global Compact principles since 2006. In 2018, GAR became a signatory, signifying our continuing commitment.
We progressively incorporate the ten principles as well as align ourselves with the UN Guiding Principles for Business and Human Rights in the way we do business. This, together with our commitments to responsible palm oil production and human rights contained in the GAR Social and Environmental Policy (GSEP), helps make us a better corporate citizen. As an active participant of the UN Global Compact, our Sustainability Reports serve as our Communication on Progress (COP) to the UN Global Compact.