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Created before Nov 2016
Last update: 2016-06-22 06:38:06 BankTrack
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About First Resources
First Resources is palm oil producer in the Asia-Pacific, established in 1992. It has more than 170,000 hectares of plantations and operates twelve palm oil mills in Indonesia. Its primary business is cultivating oil palms, harvesting the fresh fruit bunches and milling them into crude palm oil (CPO) and palm kernel for local and export sales. With its integrated processing facilities, it also refines CPO into value-added products such as olein and biodiesel.
8 Temasek Boulevard #36-02 Suntec Tower Three
Ciliandra Fangiono |
First Resources is listed on the Singapore Exchange since 2007. In 2013, its 3 largest shareholders were:
Eight Capital Inc. 33.9 %
HSBC (Singapore) Nominees Pte Ltd 24.1%
Citibank Nominees Singapore Pte Ltd - 13.1%
In October 2012, the Environmental Investigation Agency lodged a formal complaint against First Resources, which resulted in RSPO sanctions against the company. RSPO found that First Resources was guilty of clearing and developing forests in Indonesia’s East Kalimantan prior to carrying out HCV assessment and without getting the consent of indigenous populations. First Resources was also accused of clearing HCV forest in West Kalimantan, leading the RSPO to conclude that the company’s bad behavior is systematic.
In June 2013, First Resources was among the palm oil companies identified as responsible for massive, illegal fires on their concession areas in Indonesia, contributing to some of the worst haze ever to blanket Southeast Asia. In 2014, First Resources appeared again on alert lists for burning illegal fires on their concession areas. The company lacks a meaningful sustainability policy.
In 2012 Norway's Government Pension Fund Global divested from First Resources, after it revised its investment guidelines to include deforestation as a portfolio risk.