Indorama Ventures

Stakeholder engagement
Indorama Ventures discloses how often and through which channels it engages with various stakeholder groups. Additionally, the company discloses how its stakeholder engagement activities impact its sustainability strategy. The company’s stakeholder engagement covers nature, including biodiversity, and social issues.

Resource exploitation and circularity
Indorama Ventures discloses its inputs, including its material footprint.

Solid and air pollution
Indorama Ventures is reducing the production of hazardous substances. Additionally, the company discloses the proportion of hazardous waste treated to reduce pollution compared to total waste, the hazardous waste diverted from disposal and the waste directed to disposal. The company also reports on the proportion of reused or recycled products, or proportion of virgin polymer use, or proportion of single-use plastics, and on the amount of plastic waste generated and proportions directed from or to disposal.

No leading practices were identified for the company in the social inclusion and community impact area.

Sustainability strategy and accountability
Indorama Ventures discloses its process for identifying and prioritising its most relevant sustainability impacts as well as the outcome of this process, in relation to its sustainability strategy. However, it does not disclose group-wide targets on key sustainability topics for the most material parts of its value chain. Although the company reports consistently against all its targets, no evidence was found that the company links performance criteria in senior executives’ remuneration policies to targets and objectives which cover nature, including biodiversity, and social issues. Indorama Ventures does not disclose whether its highest governance body has expertise regarding nature-related topics.

Stakeholder engagement
Indorama Ventures discloses an overview of the issues raised during its stakeholder engagement activities.

Lobbying
Indorama Ventures discloses a list of trade associations of which it is a member wherever it operates, however, it does not disclose a clear and detailed framework for assessing alignment of its trade associations with nature-positive policies. The company does not report (potential) misalignment between the lobbying activities of its trade associations and nature-positive policies.

Impact and dependencies assessment
Indorama Ventures has not holistically assessed its impacts or how it depends on nature, including biodiversity. It has an opportunity to start such an assessment across its value chains, focused on quantification of its impacts or dependencies.

Key areas and species
Indorama Ventures does not disclose key species or areas important for biodiversity affected by its operations or suppliers. It has an opportunity to increase its transparency in this regard.

Ecosystem conversion and restoration
No evidence was found regarding the company’s efforts to avoid ecosystem conversion, including deforestation, or promote restoration. Indorama Ventures has an opportunity to develop a strategy and publicly report on specific, time-bound targets.

Resource exploitation and circularity
Indorama Ventures does not report quantitatively on its group-wide circularity performance. Neither does it disclose efforts to improve soil health.

Water
No evidence was found that Indorama Ventures reduces water withdrawal across the company’s own operations. While the company states that it targets a 10% reduction in water intensity by 2025 compared to 2020 levels, no targets could be found with regard to total water withdrawals. Indorama Ventures reports how much water is withdrawn for its own operations in water-stressed areas, but it does not engage with suppliers to reduce their water withdrawal. Although the company regularly reports on water pollution, it does not report a decrease, nor does it disclose its processes for managing and monitoring discharge water quality. It also does not disclose targets to reduce water pollution. Indorama Ventures does not disclose a commitment to respect the right to water. The company does not disclose its processes for implementing preventive and corrective action plans for identified specific risks to the right to water and sanitation in its own operations.

Solid and air pollution
Indorama Ventures does not disclose a commitment to avoid developing or marketing new chemicals or products with SVHC (substance of very high concern) properties. No evidence was found that the company is reducing the production of hazardous waste, nor of plastic use and waste. The company reports regularly on air quality parameters of emissions of harmful air pollutants, however it does not report time-bound targets to reduce air pollutants across the most material parts of its value chain.

GHG emissions
No evidence that Indorama Ventures reduces its scope 1 and 2 greenhouse gas emissions was found. While the company has targets to reduce greenhouse gas emissions intensity, no evidence could be found that these targets will lead to an overall reduction in total GHG emissions. Although the company reports having set targets in order to support the Paris Climate Agreement, and has committed to having its targets aligned by the Science Based Targets initiative, no clear evidence could be found suggesting the current targets related to a reduction in greenhouse gas emissions’ intensity will be aligned with a 1.5 climate target. No evidence that Indorama Ventures reduces its scope 3 emissions was found, nor that it has a time-bound target to reduce them.

Invasive species
Indorama Ventures has not identified any activities that could lead to the introduction of invasive alien species in its own operations.

Safe, healthy, clean environment
Indorama Ventures does not disclose a commitment to respecting local communities’ right to a safe, clean, healthy and sustainable environment or to zero tolerance for acts of violence, threats, intimidation or judicial harassment committed against land and environmental rights defenders.

Indigenous Peoples’ and land rights
Indorama Ventures does not disclose a commitment to respecting Indigenous Peoples’ rights or land rights of local communities.

Indorama Ventures describes the process for identifying and assessing its human rights risks and impacts in specific locations or activities covering its own operations and in its business relationships. Nevertheless, it has an opportunity to disclose what it considers to be its salient human rights issues. The company discloses the results of its supply chain assessment, however, it does not disclose the results of its WHRA assessments, which may be aggregated across its operations and locations. The company discloses that action plans with interventions were agreed to address risks and it will continue to implement its three-stage assessment approach and manage issues according to its stringent risk-based approach; however, it does not explain what the action plan and approach involves, and how this relates to its own operations and supply chain. No evidence that Indorama Ventures provides an example of the conclusions reached and actions taken or to be taken on at least one of its salient human rights issues as a result of assessment processes was found. The company discloses categories of stakeholders whose human rights have been or may be affected by its activities, although no evidence was found that it provides examples of its engagement with stakeholders whose human rights have been or may be affected by its activities.

Indorama Ventures has a publicly available policy statement which shows it is committed to respecting the health and safety of workers and that it also expects its suppliers to do the same. However, the company has an opportunity to disclose a time-bound target for paying all workers a living wage or that it has achieved paying all workers a living wage. The company should also describe how it determines a living wage for the regions where it operates. The company discloses the proportion of its total direct operations workforce covered by collective bargaining agreements. While the company states that it encourages its suppliers to respect employees’ right to freedom of association and the right to collective bargaining, it has an opportunity to describe how it works to support the practices of its suppliers in relation to those.

Indorama Ventures discloses a global tax strategy. The company states that its audit committee periodically reviewed the measures taken by the company and its subsidiaries for countering any anti-corruption and bribery related matters. Further, it states that Anti-Corruption System Checklist and Corruption Risk Assessment is provided by the units were included in the CG Database, however, it does not describe the process to identify its bribery and corruption risks and impacts in specific locations or activities covering its own operations in a broader sense. The company discloses that its suppliers shall comply with applicable laws and regulations concerning bribery and corruption, nevertheless, there is no evidence that the company includes anti-bribery and anti-corruption clauses in its contracts with business relationships. Additionally, no evidence was found that the company has a publicly available policy statement setting out its lobbying and political engagement approach, nor that it has a publicly available policy statement that specifies that it does not make political contributions.