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Bursa Malaysia and the Malaysian Palm Oil Council (MPOC) today contributed RM400,000 to the Malaysian Palm Oil Wildlife Conservation Fund (MPOWCF), a fund that is geared towards championing global biodiversity and wildlife conservation.
As part of its corporate social responsibility (CSR) commitment to support sustainable palm oil plantation practices, Bursa Malaysia’s RM200,000 contribution is derived from a portion of the proceeds of the annual 19th MPOC matched the Exchange’s donation with an equal sum as the fund is operated on a “matching grant” basis. Palm & Lauric Oils Conference & Exhibition: Price Outlook 2008/2009 (POC2008).
Present at the cheque presentation which was held at the opening ceremony of POC2008, Tun Mohamed Dzaiddin Haji Abdullah, Chairman of Bursa Malaysia said, “As the largest crude palm oil futures (FCPO) contract operator in the world, we are committed to working hand-in-hand with industry players to maintain a balanced interdependency between our business and the environment in which we operate. At Bursa Malaysia, we strive to incorporate elements of CSR into our own operations. Our pledge to MPOWCF is an excellent way for us to support efforts that will aid the industry to identify ways to promote the sustainability of palm oil as well as to undertake conservation initiatives.”
Tan Sri Datuk Dr. Yusof Basiron, Chief Executive Officer of MPOC said, “The establishment of this fund is part of the industry’s reinvestment into the future, especially reinvestment in wildlife conservation and environment preservation. This fund also reaffirms our commitment to good agricultural practices. The Malaysian palm oil industry is the first among the world’s oils and fats producers to establish such a fund. We hope that this worthy effort on the part of Bursa Malaysia will encourage other companies to embark on similar endeavours via MPOWCF grants for the benefit of wildlife and the environment.”
The MPOWCF is a joint initiative by the Malaysian palm oil players as well as the Government agencies. Operated on a principle of matching grant, the fund will see as much as RM20 million put into oil palm preservation efforts that benefit not only the producers, but also the consumers of Malaysian palm oil worldwide.
Tan Sri Datuk Dr. Yusof Basiron added, “Some of the projects that are already funded by MPOWCF include the establishment of a jungle patrol to protect the wildlife in forest reserves which border oil palm plantations; collaboration with MK Land to operate the orang utan island infant care unit in Bukit Merah Lake Town Resort; and developing educational materials on wildlife conservation through collaborations with Tabin Wildlife Sanctuary and the Sabah Forestry Department. These commendable efforts are testament to the commitment by these corporations to contribute back to the community in which they operate.”
Bursa Malaysia’s flagship conference, POC2008 will run from 25 to 27 February 2008. With a participation of more than 1,600 delegates this year, the conference provides a platform for discussions on the various developments and issues affecting the palm oil industry, including progress that will impact the price outlook of palm and lauric oils.
