When will FGV formalise its independent auditor appointment?

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FGV is expected to formalise its independent auditor appointment by November 2021.

FGV Holdings Bhd has identified an independent auditor to conduct an audit of its operations against the 11 International Labour Organization (ILO) Indicators of Forced Labour. The company anticipates formalising this appointment by November 2021. This move is part of FGV's efforts to address the Withhold Release Order (WRO) issued by the United States Customs and Border Protection (CBP) in September 2020.
Auditor Identified for Forced Labour Indicators Audit

FGV has pinpointed a suitable independent auditor to assess its operations concerning the 11 ILO Indicators of Forced Labour. This audit is a crucial step in responding to the WRO imposed by the CBP. The company is actively working with US-based legal counsel to finalise the terms and conditions for this appointment.
Formalisation of Appointment Expected Next Month

The plantation company has stated that it expects to formalise the appointment of the independent auditor by November 2021. This timeline is contingent on finalising the necessary contractual agreements and ensuring the auditor's methodology aligns with CBP requirements and expectations. FGV views this appointment as a key measure towards having the WRO lifted.
Commitment to Lifting Withhold Release Order

FGV reiterated its commitment to undertaking all required actions to resolve the WRO. The appointment of the independent auditing firm is a significant component of this strategy. The company has indicated that it will provide further updates should any material developments arise regarding this matter.

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When will FGV formalise its independent auditor appointment?

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