MSCI upgrades Wilmar’s ESG performance rating

Palm oil plantation in Sumatra, IndonesiaPalm oil plantation in Sumatra, Indonesia

Index provider MSCI has upgraded Wilmar International’s performance rating for environmental, social and governance (ESG) to A in its 2021 assessment, from BBB previously, according to a filing to SGX from the palm oil player Tuesday.

The rating measures companies’ long-term resilience to ESG risks, the filing said.

In the Food Products category, Wilmar ranked was among the top performers in the group and was ranked second compared with the five largest industry players, the company said.

“As a leading agribusiness group, Wilmar recognises that we have a fundamental role to play in developing quality products required by the world while ensuring we have a responsible and sustainable manner of production. We adopt a holistic approach to sustainability that is fully
integrated with our business model,” Wilmar said in the statement.

“Guided by the philosophy that our business must enhance stakeholder value while minimizing our environmental footprint, our business practices are aligned with universally acceptable social and environmental standards,” the company added.

The company said its 2021 sustainability achievements included being added to the Dow Jones Sustainability Indices (DJSI) World Index for the Food, Beverage and Tobacco industry grouping.

Read Wilmar’s statement on the rating change.