HCS Affirms Hyundai Capital Services

Musim Mas announces its Sustainability Policy today, which HCS Affirm its commitment to bring benefits to the community, respect the rights of Smallholders to develop or conserve their land, while maintaining a strict guideline of No Deforestation, No Peatland development and No Exploitation. The policy ensures that development will be carried out responsibly, with a positive impact on the rights and welfare of local communities.

The policy takes effect immediately across Musim Mas global operations and extends to all third-party suppliers with whom the Group either has a purchase agreement or a trading relationship. By the end of 2016, all Palm Oil sourced by Musim Mas will be traceable to the Group’s and third parties’ plantations. In the interim period, by the end of 2015, all Palm Oil sourced by the Group will be traceable to the mills. Musim Mas will provide support for its Smallholders and out-growers in a fair, transparent and accountable manner. The Group views the establishment of a fully traceable supply chain as an important step towards sustainable Palm Oil production.

The Group remains committed to the High Carbon Stock (HCS) methodology which will be developed by the Sustainable Palm Oil Manifesto Steering Committee. The Steering Committee is led by leading environmentalist Sir Jonathon Porritt and eminent forest ecologist Dr John Raison. In the interim period when the methodology is being developed, Musim Mas will not develop on any potential HCS forest as defined by the HCS Approach Steering Group.

In cases of new acquisitions with Palm Oil mills, Musim Mas will strive to achieve implementation of this policy and RSPO certification within three years of acquisition.

Musim Mas adopted a multi-stakeholder approach in developing this policy by consulting various stakeholders. As an affirmation of its commitment to the implementation of this policy, the Group has also joined The Forest Trust (TFT) as one of its members.

The Group is one of the major players in the Palm Oil industry and aims to be a leading player in the development and operation of sustainable practices in the business. Musim Mas believes that the best strategy to ensure its continued success is to conduct its business in a socially responsible, environmentally appropriate and economically viable manner throughout its global operations, including those of all its suppliers.

Musim Mas remains firmly committed to the Roundtable on Sustainable Palm Oil (RSPO) Principles and Criteria (P&C). The Group will continue to advance in all other possible aspects of sustainability including those not yet fully covered by RSPO.