Press Release

    Olam Endorses the UN Global Compact’s CEO Water Mandate

    Press release

    Reinforcing Olam’s ongoing commitment to water efficiency across its operations to support sustainable growth

    Olam International Limited (“Olam”), a leading global, integrated supply chain manager and processor of agricultural products and food ingredients, has signed the CEO Water Mandate. Part of the UN Global Compact, the Mandate formalises Olam’s commitment to further developing and publicly disclosing, a sustainable and effective water management framework. 

    As the supply, quality and reliability of water resources come under pressure and the need to adapt to the impact of climate change increases, the CEO Water Mandate is an international initiative making a real contribution to water security by engaging industry. It covers six core elements1 across direct operations, supply chain implications, collaborative initiatives and governance practices. In addition, Olam has set targets to:

    • Reduce consumption of fresh water in processing its products by 10% per tonne by 2015
    • Reduce fresh water usage for irrigation by 10% per tonne by 2020

    Sunny Verghese, Group Managing Director and Chief Executive Officer, Olam, commented “Water security is critical to global food security and the resilience of Olam’s international food supply chain. Continually improving water management is therefore not just a pressing environmental and social concern, but a business imperative. Signing the CEO Water Mandate formalises our strategy to mitigate water risk and publicly demonstrates our contribution to the UN Global Compact’s vision for global water security.”

    “We’re absolutely delighted to have Olam join the now roughly 100 companies participating in our water stewardship initiative”, says CEO Water Mandate Technical Director, Jason Morrison. “We have been spending much time in recent months delineating how companies’ water stewardship practices can align with and support the UN-led process to define a post-2015 sustainable development agenda. Addressing the water-food nexus is going to be of paramount importance in achieving water sustainability globally.”

    Under the Mandate’s public disclosure policy, Olam will provide annual progress updates. The agreement also commits Olam to joining the UN Global Compact within the next six months, which will align the company’s operations and strategies with the initiative’s ten principles in the areas of human rights, labour, environment and anti-corruption.

     

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    1 About the CEO Water Mandate

    Launched in July 2007 by the UN Secretary-General, the CEO Water Mandate is a unique public-private initiative designed to assist companies in the development, implementation, and disclosure of water sustainability policies and practices. The CEO Water Mandate recognizes that the business sector, through the production of goods and services, impacts water resources – both directly and through supply chains. Endorsing CEOs acknowledge that in order to operate in a more sustainable manner, and contribute to the vision of the UN Global Compact and the realization of the Millennium Development Goals, they have a responsibility to make water-resources management a priority, and to work with governments, UN agencies, non-governmental organizations, and other stakeholders to address this global water challenge.

    The CEO Water Mandate covers six elements:

    1. Direct Operations – assess water-use and set targets for conservation; invest in technologies and awareness campaigns to achieve targets
    2. Supply Chain and Watershed Management – encourage suppliers to adopt sustainable water practices and help them to achieve targets
    3. Collective Action – work with national, regional and local governments and organisations to address water issues and develop solutions
    4. Public Policy – contribute to the development of policy and regulation for sustainable water use through partnerships and exercising ‘business statesmanship’
    5. Community Engagement – support development of water infrastructure, education and awareness of issues in local communities
    6. Transparency – annually disclose actions, investments and performance indicators relating to the CEO Water Mandate in Communications on Progress

    More information on the UN Global Compact and the CEO Water Mandate can be found at: http://unglobalcompact.org/ and http://ceowatermandate.org/

    About Olam International Limited

    Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, supplying various products across 16 platforms to over 13,600 customers worldwide. From a direct presence in more than 65 countries with sourcing and processing in most major producing countries, Olam has built a global leadership position in many of its businesses, including Cashew, Spices & Vegetable Ingredients, Cocoa, Coffee, Rice, Cotton and Wood Products. Headquartered in Singapore and listed on the SGX-ST on February 11, 2005, Olam currently ranks among the top 50 largest listed companies in Singapore in terms of market capitalisation and is a component stock in the Straits Times Index (STI), MSCI Singapore Free, S&P Agribusiness Index and the DAXglobal Agribusiness Index. Olam is the only Singapore firm to be named in the 2009, 2010 and 2012 Forbes Asia Fabulous 50, an annual list of 50 big-cap and most profitable firms in the region. It is also the first and only Singapore company to be named in the 2009 lists for the Global Top Companies for Leaders and the Top Companies for Leaders in the Asia Pacific region by Hewitt Associates, the RBL Group and Fortune.

    More information on Olam can be found at www.olamgroup.com.

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