Socfin Group

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

Resource exploitation and circularity
Socfin Group discloses examples of preventing soil erosion through its business activities.

Indigenous Peoples’ and land rights
Socfin Group commits to respect the right of indigenous populations and local communities to give or withhold their Free, Prior and Informed Consent (FPIC) to all operations affecting the land resources on which they have legal, community or customary rights, using RSPO’s methodology. The company commits to respect land access rights and tenure by local and indigenous communities in accordance with their Free, Prior and Informed Consent (FPIC) to all operations affecting the land resources on which they have legal, community or customary rights, using RSPO’s methodology.

Sustainability strategy and accountability
Socfin Group discloses no sustainability strategy with nature-related targets and does not report on sustainability accountability within its governance structure.

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

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

Impact and dependencies assessment
Socfin Group 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
Socfin Group does not disclose key species or areas important for biodiversity affected by its operations or suppliers. It has an opportunity to increase its transparency.

Ecosystem conversion and restoration
Socfin Group does not disclose a commitment to ensure zero conversion. While the company discloses efforts for becoming RSPO certified and reducing deforestation, no evidence could be found that the company is committed to eliminate deforestation or any other type of land conversion. The company does not disclose time-bound targets to achieve conversion-free supply chains. The company discloses some activities to minimise ecosystem conversion. The company does not disclose a commitment to restore ecosystems. The company does not disclose details and outcomes of ecosystem restoration projects in areas affected by its own operations or by its suppliers.

Resource exploitation and circularity
No evidence was found regarding Socfin Group’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. The company does not disclose a target to improve soil health in its production or sourcing practices.

Water
Socfin Group does not disclose relevant information related to water, in its operations or supply chains.

Solid and air pollution
Socfin Group does not disclose relevant information related to pollution in its operations or supply chains.

GHG emissions
Socfin Group does not disclose any greenhouse gas emissions, nor has it set a time-bound reduction target. The company must immediately set a reduction target aligned with the Paris Agreement’s 1.5-degree trajectory.

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

Safe, clean, healthy and sustainable environment
Socfin Group 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
Socfin Group does not disclose its processes for identifying and recognising the rights of Indigenous Peoples when activities in its own operations may impact their rights, nor does it describe how it obtains Indigenous Peoples’ free, prior and informed consent. No evidence was found that the company requires its business relationships to have a process to identify legitimate tenure rightsholders, paying particular attention to vulnerable or marginalised tenure rightsholders, and to negotiate with them to provide adequate compensation.

As part of its business relationships, Socfin Group can describe a comprehensive process for identifying its human rights risks and impacts across all of its activities. This is the chance for the company to explain how it assesses human rights risks and what it considers its most significant human rights concerns. An explanation of this process would include how relevant factors, such as geographical, economic and social factors, are considered. There is no evidence that the company has a global system to address its salient human rights concerns. It has the opportunity to disclose the stakeholders with whom it deals with human rights risks.

Socfin Group has a publicly available policy statement which shows it is committed to respecting the health and safety of workers. The company has a publicly available policy statement which shows it expects its suppliers to commit to respecting the health and safety of their workers. 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 has an opportunity to describe how it determines a living wage for the regions where it operates. The company has an opportunity to disclose the coverage of collective bargaining agreements. The company has an opportunity to describe how it works to support the practices of its suppliers in relation to freedom of association and collective bargaining.

Socfin Group has an opportunity to publish a global tax strategy and should assign responsibility for this strategy to an executive-level individual or body. The company has an opportunity to disclose a policy on bribery and corruption and its processes for identifying and addressing bribery and corruption. In a public policy statement, the company discloses its approach to lobbying and political engagement. The company specifies that it does not make political contributions.