Contents About this report. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 CEO’s statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 The big picture. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Sustainability approach. . . . . . . . . . . . . . . . . . . . . . . 8 Materiality overview. . . . . . . . . . . . . . . . . . . . . . . . . . 10 Value chain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Governance Our governing culture. . . . . . . . . . . . . . . . . . . . . . . . 14 A responsible approach. . . . . . . . . . . . . . . . . . . . . . . 16 Sourcing responsibly. . . . . . . . . . . . . . . . . . . . . . . . . 18 Energy & Environment Top priority: Carbon footprint . . . . . . . . . . . . . . . . . . . 20 A remarkable journey. . . . . . . . . . . . . . . . . . . . . . . . . 22 Optimising operations. . . . . . . . . . . . . . . . . . . . . . . . 24 Reducing waste. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 100% sustainable palm oil. . . . . . . . . . . . . . . . . . . . . 28 Products Sustainable products. . . . . . . . . . . . . . . . . . . . . . . . . 30 Healthier world, plentiful world. . . . . . . . . . . . . . . . . . 32 Healthier consumer products. . . . . . . . . . . . . . . . . . . 34 World-class food quality & safety. . . . . . . . . . . . . . . . 36 Employees Heart working people . . . . . . . . . . . . . . . . . . . . . . . . 38 Employee well-being. . . . . . . . . . . . . . . . . . . . . . . . . 40 Health & safety. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Community connections. . . . . . . . . . . . . . . . . . . . . . . 44 Independent auditor’s statemen.t . . . . . . . . . . . . . . . . 48 Reporting practice. . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Data summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 GRI content index - disclosures. . . . . . . . . . . . . . . . . 52 GRI content index - material topics. . . . . . . . . . . . . . . 54 Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 About this report This is Palsgaard's eighth annual CSR (Corporate Social Responsibility) report, covering the 2017 calendar year. It aims to provide a balanced overview that identifies the impacts and risks of our work with food ingredients and functional polymer additives, as well as our activities to counter these and to make positive contributions towards a more sustainable world. This report forms part of the management report in the company’s annual report in compliance with the Danish Financial Statements Act, Section 99a. Report scope The scope of the report focuses on Palsgaard's manufacturing companies, and the research and development company Nexus A/S. Where noted, data also includes the Schou Foundation, Palsgaard Estate A/S and additional subsidiaries. The entities in scope are collectively defined and referred to as ‘Palsgaard’ throughout the report. The underlying methodologies of the reported data are defined in the table ‘Reporting Practice’ on page 50. Reporting principles This report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, comprehensive option, and the associated supplement for the food processing sector. See our GRI Content Index on page 52 for a list of GRI indicators and references. The topics included in this report, and the material aspects we cover, were selected and prioritised by Palsgaard management and the CSR team on the basis of their relevance to our own and our stakeholders’ reporting needs. These are detailed in the section on Materiality on page 10. We consider our most important stakeholders for sustainability to be our customers, our employees, regulatory authorities and local communities. Independent review This report and its data was reviewed by an independent auditor, which has provided limited assurance. See the auditor’s statement on page 48. This Communication on Progress qualifies for the Global Compact Advanced level 2
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