GVL acknowledges the recent High Carbon Stock Approach (HCSA) decision on a complaint against GAR for HCS clearance and infringement of HCSA social requirements by GVL, which GAR is invested in via the Verdant Fund, a private equity fund.

GVL has acknowledged the HCS clearance when the matter was first raised in 2018 and there was no attempt to hide or deny the clearance, even while efforts were made to validate the claims, the extent and causes with the assistance of a third party, the Earthworm Foundation.  The initial findings of ground surveys and land use change analysis (LUCA) revealed that 164.49 ha of HCS was cleared in the area of interest.

GVL has reviewed the measures spelt out in the HCSA decision and notes that many of these are already being implemented by GVL under its current Sustainability Action Plan (https://goldenveroleumliberia.com/sustainability-action-plan/). GVL will incorporate the remaining ones into a revised plan which has been submitted to GAR which has subsequently submitted it to the HCSA for review.

Meanwhile, GVL will has decided to suspend further land development in compliance with the HCSA decision until the matter is resolved according to HCSA guidelines. GVL remains committed to be fully compliant with the responsible palm oil commitments according to RSPO Principles and Criteria and the GAR Social and Environmental Policy (GSEP).