Initial public offering of the world’s biggest palm oil corporation threatens livelihood of 113,000 farming families
The planned initial public offering (IPO) of Malayan state-owned enterprise Felda Global Ventures Holdings (FGVH) will take place this month (28th June). It will be underwritten by Deutsche Bank, JP Morgan and Morgan Stanley; with an expected valuation of around 2.5 billion Euro this will be the second biggest IPO ever, trailing Facebook. A significant detail is that FGVH is controlled by the governing part UMNO, led by Prime Minister Mohd Najib Abdul Razak. The upcoming privatisation might be prompted by a need to generate capital for the upcoming elections.
FGVH also encompasses the world's biggest cooperative of small-scale palm oil producers, comprising over 113,000 farming families. Historically FGVH is always presented as an extraordinary success where it comes to the position of these state-organised farmers. The IPO, however, may have serious consequences for their position, land rights and other privileges, since their land is to be privatised. This situation is even more remarkable considering that these small holders, as of old, represent a significant part of the rural electorate. Investors acquiring FGVH shares are taking a large risk in the social and political sphere that is accompanied by financial risks. These risks are underexposed in the IPO prospectus.
Financial institutions that are directly or indirectly stakeholders in FGVH and it's shareholders, and that simultaneously have an ambition to make the world a better place, now face an opportunity to ensure the basis of existence of 113,000 farming families remains secure. If their supervision prevents the violation of farmers rights they will prove that such cooperation has a future. Money can achieve good things.
Read the ProFundo press release for more information, and take a look at their report for more in-depth information on the issue.
Both ENDS is a member of the Roundtable on Sustainable Palm Oil and has contributed to the design of the RSPO Dispute Settlement Facility
Read more about this subject
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Environmentally Just Practice /Non-Timber Forest Products (NTFPs)
About one in every six people, particularly women, directly rely on forests for their lives and livelihoods, especially for food. This shows how important non-timber forest products (NTFPs) and forests are to ensure community resilience. Not only as a source of food, water and income, but also because of their cultural and spiritual meaning.
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Letter / 13 November 2025
Memorandum: Response to TPAC Report ‘Final Judgement Detailed Research MTCS
A coalition of Malaysian and international NGOs has released a memorandum in response to the recent TPAC report on the Malaysian Timber Certification Scheme (MTCS). The organisations express serious concerns about the independence, quality, and credibility of the assessment carried out by the Timber Procurement Assessment Committee (TPAC).
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Dossier /Trade agreements
International trade agreements often have far-reaching consequences not only for the economy of a country, but also for people and the environment. It is primarily the most vulnerable groups who suffer most from these agreements.
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News / 5 November 2025Another ISDS claim hits the Netherlands: Petrogas sues over solidarity contribution and royalty regulations
SOMO and Both ENDS strongly condemn the newly revealed investor-state dispute settlement (ISDS) case filed by Petrogas, an Omani oil and gas company operating two shallow-water gas fields in the Dutch North Sea, against the Netherlands under the Netherlands-Oman bilateral investment treaty (BIT).
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Dossier /Communities Regreen the Sahel
In various countries in the Sahel, vast tracts of land have been restored by the local population by nurturing what spontaneously springs from the soil and protecting the sprouts from cattle and hazards.
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Dossier /Global Alliance for Green and Gender Action (GAGGA)
GAGGA rallies the collective power of the women's rights and environmental justice movements to realize a world where women can and do access their rights to water, food security, and a clean, healthy and safe environment.
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News / 5 November 2025Interview: Both ENDS at COP30 for Climate Justice and Systemic Change
Both ENDS is present at COP30 to advocate for genuine access to climate finance for locally led, gender-just climate solutions and the mechanisms that facilitate this, including those for farmer-led restoration. Furthermore, the organisation participates to ensure the crucial connection between the climate negotiations and the trade and investment frameworks that shape them.
Learn more about the Both ENDS team at COP30 below, and find all the activities and side-events in which Both ENDS will participate.
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News / 5 November 2025Overview of Both ENDS events at COP30 in Belem, Brazil
Both ENDS is present at COP30 to advocate for genuine access to climate finance for locally led, gender-just climate solutions, and for the mechanisms that make these possible, including those supporting farmer-led restoration. The organisation also engages to highlight the crucial connection between climate negotiations and the trade and investment frameworks that shape them.
Below is an overview of the Both ENDS team at COP30 and a detailed look at the activities and side-events in which Both ENDS will participate.
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News / 27 October 2025New Step in FMO’s Complaint Policy – Civil Society Organizations Call for Further Strengthening
The updated complaint mechanism of the development banks FMO, DEG, and Proparco marks an important step forward. Organizations that participated in the consultation acknowledge the efforts to improve the mechanism. At the same time, they emphasize that much still needs to be done to make the policy truly effective, transparent, and independent.
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News / 23 October 2025TotalEnergies financiers beware: EACOP is eating up money, nature and livelihoods
A new analysis shows that the developers of the East African Crude Oil Pipeline, led by France’s TotalEnergies, are being forced to self-finance the project almost entirely. The analysis, part of a new Finance Risk Updatefrom a coalition of African and International civil society organisations, shows that the companies have abandoned plans to raise 60% of the project’s growing costs from bank loans, and are now on the hook for almost 90% of the costs themselves.
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Publication / 16 October 2025
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Publication / 16 October 2025
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News / 14 October 2025Communities regreening the Sahel: strengthening resilience from the ground up
How can communities in the Sahel strengthen their food systems in the face of climate change and other shocks? Through the ARFSA Programme, Both ENDS and its partners SPONG (Burkina Faso), CRESA/INRAN (Niger) and IED Afrique (Senegal) are working together to show that locally led landscape restoration works. -
News / 9 October 2025Both ENDS launches new strategy: “Connecting people for an environmentally just world”
With great pride, Both ENDS launches today it’s new strategy for the coming 5 years: “Connecting people for an environmentally just world”. This strategy was developed in close collaboration with our partner network, which has always been, and still is, the foundation of our work. Together, we strive for an environmentally just world in which people and ecosystems thrive and all people can live a life of dignity.
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Publication / 9 October 2025
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Dossier /International trade and investment with respect for people and planet
The network of international trade and investment treaties is large and complex. The Netherlands alone has signed more than 70 bilateral investment treaties (BITs) and is party to the trade and investment agreements concluded by the EU, like the EU-Mercosur and EU-Indonesia trade deals.
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Dossier /Amplifying environmentally just practices
Because of the close relationship with their living environment, local communities often have the best ideas for the sustainable and equitable use and governance of land, water and forests. These environmentally just practices and processes successfully protect and restore ecosystems and address climate change. They are essential in the light of the multiple crises the world faces, but are in dire need of financial and policy support.
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News / 6 October 2025From Entebbe to Accra: civil society is rewriting the rules of investment
By Fernando Hernández Espino and Bart-Jaap Verbeek
Almost a year after African civil society gathered in Uganda to adopt the Entebbe Declaration, the call to transform international investment governance continues to gain strength. From the 6th to the 9th of October, over 50 civil society organisations from across West Africa, including from Ghana, Senegal, Nigeria, Côte d’Ivoire, Cameroon, Gambia, Sierra Leone, as well as from Kenya and Latin America, are convening in Accra to deepen and operationalise the Declaration’s vision.
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Publication / 2 October 2025
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News / 23 September 2025With the undemocratic splitting of the EU-Mercosur deal, Europe is missing the chance to lead on fair trade
Recently, many newspapers have written about Brussels’ rush to finalize the trade agreement between the EU and the South American Mercosur countries. According to the European Commission, national parliaments do not need to approve it because the trade part and the “political” part have been separated. This “splitting” means that the trade part can be approved as an EU-only decision by the European Council and the European Parliament, while national parliaments are sidelined and the political-cooperation part is postponed. Both ENDS and its partners are deeply concerned and are calling on the Dutch government to vote against this outdated agreement.
