KUALA LUMPUR (April 18): RAM Holdings Bhd's wholly-owned subsidiary RAM Sustainability Sdn Bhd said durian planter PLS Plantations Bhd is establishing a starting point for its environmental, social, and governance (ESG) journey by subjecting itself to the rigours of a sustainability rating and positioning that transparency is a priority even though it points to PLS’ high ESG risk profile.
RAM Sustainability chief executive officer Promod Dass said that for this effort, PLS must be commended and that RAM Sustainability looks forward to monitoring PLS' sustainability progress.
"We hope that this will set a precedent for more companies to embark on their sustainability journey and aspire to achieve the highest ratings,” Dass said in PLS’ statement which was attached to PLS’ Bursa Malaysia filing on Monday (April 18).
PLS, which is also an oil palm planter, announced on Monday the company’s receipt of Silver3 ratings by RAM Sustainability for PLS’ principal plantations and trading segments.
According to PLS, the Silver3 ratings reflect some gaps and the early stages of the company’s ESG practices that are crucial for reforestation and plantation-related sectors.
PLS said the sustainability ratings by RAM Sustainability "[capture] the company’s (PLS) corporate sustainability performance based on all the ESG themes, as well as relevant international and domestic guidelines by Bank Negara Malaysia’s Climate Change and Principle-based Taxonomy".
PLS chairman Tan Sri Nazir Razak said in the statement: “This rating sets the baseline for the company, in providing clear forward strategy 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 working hard to execute against our strategy towards becoming Malaysia’s leading sustainable, agrofood provider in the coming years,” Nazir said.
At Bursa’s 12:30pm break on Monday, PLS’ share price settled unchanged at RM1.08 for a market value of about RM431.63 million.
PLS has 399.66 million outstanding shares, according to its latest quarterly financial report.