KUALA LUMPUR (Aug 5): FGV Holdings Berhad (FGV) said the complaints panel of the Roundtable for Sustainable Palm Oil (RSPO) has lifted the suspension on FGV Serting Complex and reinstated its RSPO certification, effective today.
In a statement today, FGV said the complaints panel (CP) made the decision based on the actions implemented by FGV since the suspension of the Serting Complex in November 2018.
The panel, it said, expressed satisfaction that FGV has fulfilled the major conditions that were laid out for rectification and is confident that the plantation giant will continue to meet the milestones in its action plan.
In response to its suspension eight months ago, FGV had developed an action plan to address the concerns raised by the CP, and steps were taken to rectify any gaps in its practices.
FGV said it has so far submitted two quarterly progress reports to update RSPO on the implementation of its action plan.
“The lifting of the suspension sets FGV back on track to achieve full RSPO certification by the end of 2020,” the company said.
“This decision by the CP is welcomed and serves to reinforce our commitment to sustainable and responsible business practices,” FGV group chief executive officer Datuk Haris Fadzilah Hassan said in the statement.
“FGV will continue to take all necessary measures to entrench respect for human rights throughout our operation. We shall be true to our genesis as an organisation founded on the principles of social equity,” he said.
FGV noted that the RSPO will continue to monitor the implementation of its action plan, and expressed confidence that it will be able to meet all of RSPO’s requirements.
To date, 34 of FGV’s total 68 mills are certified and it is anticipated that a further 32 complexes will be ready for auditing by the end of this year.
Shares of FGV closed one sen or 0.93% lower at RM1.06 today, valuing the company at RM3.87 billion.