Socfin Group Sustainability Policy

in the category Media release Socfin in Luxembourg
Socfin Group Sustainability Policy

The Socfin Group strives to be a leading responsible tropical agro-industry company. Our approach to business is guided by the principles of Sustainability, Longevity, Inclusivity and Transparency.

Our Sustainability Policy is the foundation for our strategy and it encompasses all of our operations. We strive to fully implement best practices in all areas of our operations and in all dimensions of sustainability, such as protection of the environment, community development, working conditions and in our supply chain. We engage our stakeholders proactively and our activities must create and share value while maximizing the positive environmental and social outcomes.

To that end the Socfin Group is committed to:

  • Ensure that its business and operation practices are aligned with globally recognised social and environmental standards, such as the Roundtable on Sustainable Palm Oil (RSPO), the Forest Stewardship Council (FSC) and the International Finance Corporation’s Performance Standards.
  • To obtain RSPO certification on all oil palm estates
  • Follow RSPO New Planting Procedures (NPP) for new development and ensure that development is carried out responsibly and with a positive impact and support for development on the rights and welfare of indigenous peoples, local communities and workers.
  • No development in Critical Habitat including High Conservation Value (HCV)
  • Proactively manage biodiversity assets within our concessions
  • No development of peat areas, regardless of depth, and the application of Best Management Practices on existing peat lands in our plantations.
  • Progressively reduce greenhouse gas (GHG) emissions on existing plantations.
  • Respect, support and uphold fundamental human rights according to the Universal Declaration of Human Rights
  • Respecting Land Tenure Rights;
  • Respecting the Rights of Indigenous and Local Communities and Respecting their rights to give or withhold their free, prior and informed consent (“FPIC”) to operations on lands to which they hold legal, communal or customary rights
  • Respecting and recognising the rights of all workers and ensuring that the rights of all workers, including contract, temporary and migrant workers, are respected according to local, national and ratified international laws and that international best practices are adopted where legal frameworks are not yet in place. Socfin does not accept any forms of Forced Labour, Bonded Labour or Child Labour
  • Actively and constructively engage with all stakeholders, including communities, governments, suppliers, civil society and others.
  • Improving our processes for the responsible handling of all complaints and grievances and to resolve them in consultation with relevant stakeholder in an Open, Transparent and Consultative Process
  • Constantly update this policy taking into account changing situations and expectations as well as improvements in our operations. Any changes must be consistent with our goals to promote positive environmental and social outcomes.

Socfin will develop a time-bound action plan to implement the commitments in this Policy and provide yearly updates on the progress of the implementation.

Socfin will work with partners and stakeholders to meet the objectives of the commitments. We value constructive inputs and suggestions to further enhance the implementation of the commitments.

Socfin Group Sustainability Policy (PDF)

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