3 giant global consumer firms drop Malaysian palm oil supplier
Three global consumer giants have aborted transactions with Malaysia’s second top palm oil company due to its alleged involvement in forest fires and haze that have depleted Indonesia’s green cover.
a company owning 400 brands including Dove, Ponds, and Vaseline, announced last week that it would cancel its supplier agreements with palm oil producer and trader IOI over its involvement in Indonesia’s massive forest fires. The decision came after IOI was suspended by the Roundtable on Sustainable Palm Oil (RSPO), a group of environmental stakeholders on the global palm oil sector, according to the Straits Times.
Because of the suspension, IOI’s reputation as a top-ten global palm oil company was tarnished. Unilever is one of the buyers of IOI palm oil.
Read full Article here »