|Project Details||In 2011 and 2012, Newsweek ranked Wilmar as the world’s least sustainable company in terms of environmental performance |
(last among the 500 largest publicly traded companies in the world).
Wilmar is controlled by Indonesian and Singaporean businessmen, with representation on its board by Archer Daniels Midland (ADM) one of the world’s top commodities trading companies. ADM and Wilmar have formed a strategic partnership, including tropical oils refining in Europe (sold and marketed through Olenex. C.V. based in Switzerland). Wilmar does not state in its public reports where it sells its biodiesel, but it is clear from recent anti-dumping measures taken by the EU that a substantial amount of Wilmar’s production is sold in Europe.
Research by Friends of the Earth International has highlighted the US and European financiers of Wilmar, including shareholders and banks that make loans to the company. These include: UK high-street banks Barclays and HSBC, PNB Parisbas and Credit Agricole (France), Deutsche Bank (Germany), APB and Rabobank (Netherlands) and Bank of America, J Morgan, Goldman Sachs, Citigroup and others in the US, as well as Canadian, Swiss and Belgian institutions.
FoE also notes that the Norwegian Pension Fund (GPFG) withdrew its investment in Wilmar in 2012, along with 22 other palm oil companies, because it believed those companies were producing palm oil unsustainably and causing seriously adverse human rights impacts.