KUALA LUMPUR: PLS Plantations Bhd has received Silver3 ratings by RAM Sustainability for its principal plantations and trading segments, reflecting some gaps and the early stages of the company’s environmental, social and governance (ESG) practices that are crucial for reforestation and plantation-related sectors.
The ratings by RAM Sustainability captures PLS Plantations’ corporate sustainability performance based on all the ESG themes, as well as the relevant international and domestic guidelines by Bank Negara’s Climate Change and Principle-based Taxonomy.
PLS Plantations chairman Tan Sri Nazir Razak said, in a statement, that the rating sets the baseline for the company, in providing clear forward strategy.
“This is 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 an employer.”
PLS Plantations is also working hard towards becoming Malaysia’s leading sustainable, agrofood provider in the coming years, he added.
Meanwhile, RAM Sustainability CEO Promod Dass said PLS Plantations is establishing a starting point on its ESG journey.
The company is 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, he said.
Dass also said: “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 Plantations demonstrates a 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, according to Dass.