Our Commitment to Sustainability
We’re observing the global awareness that we’re all together, embarked on one big ship, and we must care for this ship for all of us to survive and thrive. Our corporate philosophy, “What is good for the community is good for the company” is more relevant than ever. Our personal and public involvement will continue to take a People First approach.
In 2017, reporting our sustainability initiatives became a clear focus for us at INDEVCO. I’m very proud of the tangible progress we made in setting the system to define, measure, and report our priorities. Throughout this process, we became aware of the importance of officially communicating progress to our stakeholders.
At our first INDEVCO Sustainability Summit, our leadership formally defined important topics and engaged key stakeholders to rank our sustainability priorities.
We released our first GRI-referenced report for 2016 and communicated publicly about our global activities. Sharing information at this early stage of reporting reflects our willingness to stand accountable to our employees, customers, shareholders and other stakeholders.
We solidified our public commitment to universal sustainability principles by joining UN Global Compact (UNGC) as a Signatory member. As CEO, I’ve pledged to incorporate the UNGC’s 10 Principles in the areas of human rights, labor, environment and anti-corruption into our decision making and strategic planning. We’ll submit our first Communication on Progress in 2018 and are engaging with our local Global Compact Network Lebanon. In addition, we have aligned initiatives, for which we can show quantifiable impact, with UN Sustainable Development Goals (SDGs).
In fact, to more fully quantify our impacts, we’ve set the target to automate data before 2020. This is the only path to true visibility that will allow us to set goals, targets, and timelines toward 2025.
The greatest changes from last year happened with our regional headquarters in the USA and Saudi Arabia. We sold an 80% equity stake of Interstate Resources, Inc., our vertically integrated paper and corrugated manufacturing group in the USA, to DS Smith PLC and DS Smith Holdings, Inc., who took control in August 2017. The sale was a strategic move whereby we became one of the largest shareholders of DS Smith. In Saudi Arabia, after merging all companies under Napco National CJSC, we restructured in preparation for an initial public offering.
I’d like to thank our INDEVCO family members worldwide, who steer us to the sustainable future our children deserve. We have much work to do, and I look forward to progressing on this path together.
Neemat G. Frem
INDEVCO Chairman & CEO