Precious Woods

No leading practices were identified for the company in the governance and strategy area.

Ecosystem conversion and restoration
The company is committed to restoring ecosystems.

Key areas and species
The company has a management plan for locations within its own operations adjacent to areas important for biodiversity, and it discloses the percentage of land, fresh water and sea use in such locations.

Resource exploitation and circularity performance
The company discloses which organisms it directly exploits for commercial uses, including wild animal and plant species.

Water
The company reports a decrease in water pollution.

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

Act ethically
The company describes a global tax strategy. Also, it includes anti-bribery and anti-corruption clauses in its contracts with direct business relationships and specifies that it does not make political contributions.

Provide and promote decent work
The company discloses a policy commitment to respecting the health and safety of workers for its operations. Also, it discloses a time-bound target for paying all workers a living wage/ that it has achieved paying all workers a living wage. Furthermore, it reports the proportion of women in its total direct operations workforce for each employee category.

Respect human rights
The company has a publicly available policy statement committing it to respect the ILO core labour rights. It also indicates that it has a human rights grievance mechanism accessible to all workers.

Lobbying
The company does not report on its lobbying and advocacy practices on nature-related issues, nor whether these activities align with its sustainability strategy.

Stakeholder engagement
The company does not disclose how it engages with stakeholders, nor the issues it raises during such activities.

Sustainability strategy and accountability
The company discloses no sustainability strategy with nature-related targets. Also, it has an opportunity to assign decision-making and oversight responsibility for its sustainability strategy to the highest governance body. Furthermore, the company could link performance criteria in senior executives’ remuneration policies to targets and objectives which cover nature, including biodiversity, and social issues. Lastly, it could improve its transparency by disclosing whether its highest governance body has expertise with respect to the company’s most material sustainability topics.

Ecosystem conversion and restoration
The company does not have a commitment to ensure zero conversion, or time-bound targets to achieve conversion-free supply chains. Additionally, the company does not disclose activities to achieve conversion-free supply chains. Furthermore, the company does not disclose details and outcomes of ecosystem restoration projects in areas affected by its own operations or by its suppliers.

GHG emissions
The company should set time-bound targets to reduce its scope 1, 2 and 3 greenhouse gas emissions as well as report progress against them. Crucially, the company needs to reduce its scope 1,2 and 3 emissions and its targets need to align with a 1.5-degree trajectory.

Impact and dependencies assessment
The company has an opportunity to disclose assessments of its impacts on nature, including biodiversity, within its own operations and in its supply chain. It also has the opportunity to disclose its dependencies on nature within its own operations and upstream business relationships.

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

Key areas and species
The company has an opportunity to disclose locations within or adjacent to areas important for biodiversity, both in its own operations and its supplier locations. It could also disclose existing species populations existing in or adjacent to both its own and its suppliers’ locations, as well as the conservation status of species identified at its own sites according to national and international lists.

Resource exploitation and circularity performance
No evidence was found regarding the company’s efforts to work towards a circular economy or which organisms it exploits. The company has an opportunity to develop a strategy and publicly report on specific, time-bound targets.

Solid and air pollution
The company should commit to avoid developing or marketing new chemicals or products with SVHC (substance of very high concern) properties, as well as work on reducing the production of hazardous substances and waste.

Water
The company has an opportunity to disclose relevant information on water withdrawal. The company has an opportunity to report water pollution metrics and set targets to reduce them. The company does not disclose relevant information related to water, in its operations or supply chains. The company 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.

Indigenous Peoples’ and land rights
The company does not show if it is committed to respecting Indigenous Peoples’ rights or land rights of local communities.

Safe, clean, healthy and sustainable environment
The company has an opportunity to commit to respecting local communities’ right to a safe, clean, healthy and sustainable environment, and to zero tolerance for acts of violence, threats, intimidation or judicial harassment committed against land and environmental rights defenders. Moreover, it should track its actual or potential negative impacts on the health of local communities.

Act ethically
The company has an opportunity to disclose a policy on bribery and corruption and its processes for identifying and addressing bribery and corruption. Additionally, while it describes that it has a grievance mechanism available to its employees to raise related concerns, it could further specify that a grievance mechanism is accessible to all stakeholders.
Moreover, the company also has an opportunity to disclose its approach to lobbying and political engagement in a public policy document and divulge its lobbying expenditures. Also, it could disclose that it requires third-party lobbyists to comply with its lobbying and political engagement policy.

Provide and promote decent work
While the company expects its business relationships to commit to respecting the health and safety of their workers, it has an opportunity to translate the statements into a policy commitment. Also, it could disclose quantitative information on health and safety of its workers and provide evidence of how it monitors its suppliers’ performance on health and safety standards.
Additionally, it could describe how it determines a living wage for the regions where it operates and how it works to support its suppliers in paying a living wage, beyond a legal wage. Furthermore, the company could commit to gender equality and women’s empowerment and disclose related targets. It could further describe that it has at least 30% women on the board and disclose the ratio of the basic salary and remuneration of women to men.

Respect human rights
The company has a publicly available statement committing it to respect human rights but has an opportunity to place it in a formal policy document. It could also disclose a policy statement committing to respecting the ILO fundamental rights at work in its supply chain.
Additionally, the company could describe a comprehensive process for assessing and identifying human rights risks and impacts across all its activities and supply chain, beyond supplier due diligence, and its salient human rights issues. It could specify what it considers to be salient human rights issues, how relevant factors are considered, and how it acts to prevent, mitigate or remediate its salient human rights issues through a global system.