IOI Corporation Berhad (IOI) wishes to announce that we have decided to withdraw the challenge proceeding against the RSPO Board’s suspension decision in the Zurich District Court of Switzerland. The withdrawal of the challenge proceeding will be formalised during a conciliatory hearing before the Justice of Peace on 14 June 2016.
Since the filing of the challenge proceeding, IOI has engaged with many of our stakeholders such as customers, NGOs and RSPO to resolve this matter. As of to-date, IOI has completed the Action Plan and submitted to RSPO on 30 May 2016 a Memorandum on our sustainability policy initiatives and resource deployment which was endorsed by our Board of Directors. One of the key policy initiatives stated in the Memorandum is our commitment to voluntarily adopt the more stringent RSPO Next certification system starting from end of year 2016.
The above-stated initiative affirms our commitment and support towards the sustainability principles and the work of RSPO, an organisation of which we are a founding member and on whose Board we have been serving for 10 years already.
Dato’ Lee Yeow Chor
Group Chief Executive Officer
IOI Corporation Berhad