The Board of New Britain Palm Oil Limited (LSE: NBPO), one of the world's largest fully integrated producers of sustainable palm oil,is pleased to announce that all resolutions proposed at its Annual General Meeting held on 29 May 2012 were duly passed.
NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea ('PNG'). It has over 78,000 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture, (some of which will be converted to oil palm); twelve oil mills; two refineries, one in PNG and one in Liverpool, UK; and a seed production and plant breeding facility. The Company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.
NBPOL is fully vertically integrated, producing its own seed (which it also sells globally), planting, cultivating and harvesting its own land, and processing and refining palm oil (both in PNG and the UK). It also contracts directly with its end customers in the EU and arranges shipping of its products.
NBPOL has high regard for the importance of its sustainability credentials and is active in proving its performance through its certification to ISO 14001 and its close involvement and support of the Roundtable on Sustainable Palm Oil ('RSPO'). The Company is a certified supplier of sustainable palm oil from its entire production base in West New Britain Province in PNG, at RAIL in PNG, and from its entire Solomon Islands estate, under RSPO guidelines.
In September 2011, the World Economic Forum ("WEF") identified NBPOL as one of 16 out of a study of 1,000 companies from across the developing world that are best showing how to grow profits at the same time as actively tackling environmental and social challenges. Describing NBPOL, the WEF report says that "the company has developed new ways to engage small farmers, who provide one-third of the company's supply. These close ties have not only helped to reduce poverty, but also enable the company to develop one of the world's first fully traceable palm oil supply chains."
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