Equatorial Palm Oil plc Human Rights Impact Assessment (7766V)

TIDMPAL

RNS Number : 7766V

Equatorial Palm Oil plc

07 November 2017

7 November 2017

EQUATORIAL PALM OIL plc

("EPO" or the "Company")

Equatorial Palm Oil launches Human Rights Impact Assessment Process

Assessing Potential Human Rights Impacts at EPO's Liberian Operations

Equatorial Palm Oil plc, (AIM: PAL), the AIM listed palm oil development and production company with operations in Liberia, West Africa today publishes its inaugural report outlining its work on human rights.

EPO is of the firm opinion that business can only flourish in societies in which human rights are respected, upheld and advanced. Companies have a responsibility to respect human rights as they conduct their business. To meet its responsibility, EPO has engaged in a human rights due diligence exercise to better understand where the Company's risks lie, so that it can better proactively address them. To this end, EPO has engaged business and human rights expert Anna Triponel to conduct a Human Rights Impact Assessment ("HRIA") as an initial step in its work implementing the UN Guiding Principles on Business and Human Rights (the "Guiding Principles").

EPO is pleased to publicly release the Executive Summary of its HRIA report, which can be found at:

http://www.epoil.co.uk/corporate-documents.aspx

Through this process, EPO identified the salient areas on which it should focus as a priority to ensure it respects human rights at its operations. The areas of high priority include contractor wages and employment status, accidents on the plantations, the impact of use of land on communities, employee housing conditions, the health and wellbeing of the Company's executives, and exercising the right to freedom of association. These are the impact areas that the Company is dedicating the most resources to addressing and strengthening through a range of actions.

EPO, through its senior management in Liberia and its employees, is working to address the action points raised in the HRIA and to strengthen engagement with the Company's potentially impacted stakeholders. The Company is committed to the ongoing human rights due diligence process and to striving to adhere to best practice in respect of the Company's operations, which will continue and develop through the life of the Company.

EPO's Executive Director, Geoffrey Brown commented:

"EPO is committed to respecting internationally recognised human rights throughout our operations, and we use the Guiding Principles to help us assess and strengthen the relevant policies and processes to put in place.

"The HRIA has been a unique and valuable exercise to provide a clear focus on aspects of our operations that impact human rights.

"EPO has a long-term commitment to Liberia and its people, and the hard work and effort that has gone into the HRIA is to benefit those people most closely affected by our operations."

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For further information, please visit www.epoil.co.uk or contact:

 
 Equatorial Palm Oil plc                 [phone] 
  Geoffrey Brown (Executive Director)     9885 
 Strand Hanson Limited (Nominated 
  Adviser)                               [phone] 
  James Harris / James Bellman            3494 
 Mirabaud Securities LLP (Broker)        [phone] 
  Peter Krens                             3510 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

Notes to editors:

Equatorial Palm Oil plc is an AIM listed crude palm oil developer and producer with oil palm estates in Liberia, West Africa. The Company was founded in 2005 and is focused on becoming a global, sustainable producer of high quality palm oil to regional and international markets.

With a significant land position in Liberia through its operating subsidiary Liberian Palm Developments Limited (LPD), the Company is geographically well positioned to serve the international and regional markets and is committed to making a positive impact on the communities in which it operates through investment in local schools, health clinics, housing and infrastructure.

The Company's largest shareholder in EPO and 50:50 joint venture partner in LPD is Kuala Lumpur Kepong Berhad ("KLK"). KLK is one of the largest palm oil producers in the world and the Company will greatly benefit from their many years of expertise in oil palm development.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 07, 2017 05:00 ET (10:00 GMT)