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
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Event / 12 december 2024, 13:00 - 14:30
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Event / 11 december 2024, 13:00 - 14:30
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News / 6 december 2024
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Event / 4 december 2024, 18:00 - 19:30
Enhancing the role of civil society in the UNCCD to achieve Land Degradation Neutrality (LDN)
Effective local action by land-using communities is at the heart of achieving LDN globally. However, their contributions are often not well recognized or adequately supported by governments and other agencies. Within the UNCCD framework, civil society organisations play a key role in engaging with policymakers in the context of recognizing and supporting these contributions by local communities. The side event will engage participants in a GEF-supported joint Drynet/ IUCN initiative to enhance the capacities of civil society to engage effectively in the achieving Land Degradation Neutrality (LDN) within the UNCCD framework.
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Blog / 2 december 2024
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News / 2 december 2024
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News / 2 december 2024
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News / 2 december 2024
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News / 26 november 2024
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Publication / 25 november 2024
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Blog / 25 november 2024
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News / 25 november 2024
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Blog / 19 november 2024
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Blog / 18 november 2024
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Event / 15 november 2024, 12:50 - 16:45
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Press release / 12 november 2024
Ruling climate case Shell: "Shell has an obligation to protect human rights."
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Press release / 11 november 2024
Both ENDS's response to government letter on future cooperation with civil society organisations
DEN HAAG, 11 November 2024 - Today, the Dutch government published its policy on future cooperation with development organisations, both in the Netherlands and abroad. PVV minister Reinette Klever is putting the axe to this funding: she has decided to cut the budget for aid to international civil society by more than two-thirds: from roughly €1.4 billion to €0.4 billion in the period 2026 to 2030. This has major implications for critical voices at home and abroad, at a time when civic space for organisations around the world is already shrinking. Karin van Boxtel, director of environmental and human rights organisation Both ENDS: ‘This is an unprecedented step in exactly the wrong direction. Civil society organisations are essential for sustainable and social change worldwide. International movements fulfil multiple, indispensable roles: as a watchdog of the rule of law, as a driver of change, and as a counterforce against authoritarian tendencies. The weakening of support for these roles is a telling signal.’
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News / 11 november 2024
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News / 9 november 2024
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News / 1 november 2024
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