ESG Policy

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Sunbeth ESG Policy

Our ESG Policy

 

ESG POLICY

Introduction

Sunbeth Global Concepts Limited (Sunbeth) was established in 2017 as a trading company for commodities such as raw cocoa beans and cashew nuts. SGCL emanated from Sunny Owo Ventures Nigeria Limited, a long-standing cocoa sourcing company with over 20 years of business activities in Ondo State, Nigeria. From inception till date, we have exported over 150,000 metric tonnes of cocoa beans. Our cocoa beans are of high quality, and for decades, we have sourced only the best from our community of over two hundred and fifty (250) local buying agents and regional merchants in Ondo State, Oyo State, Ekiti State, Ogun State, Osun state, Edo, and Cross River State, Nigeria. Our vision is to be a leading food and multi-commodity service and solution provider in the global food and agriculture markets, by creating measurable and impactful sustainable, economic, social, and environmental value throughout the full value chain.

Sunbeth is dedicated to sustainable and ethical business practices. We recognize that our operations have a significant impact on the environment and society at large. We incorporate environmental, social, and governance (ESG) considerations into all aspects of our operations in Nigeria, adhering to applicable regulations. This Policy therefore outlines our commitment and the steps we take to integrate environmental, social, and governance principles into our business practices to promote sustainability, ethical conduct, and transparency.

  1. Environmental Stewardship

1.1. Overview:

We understand that we have a responsibility to ensure that our operations within the cocoa sourcing industry have a minimal impact on the environment. As good stewards, we are committed to sustainable practices that protect and preserve natural resources for future generations. Our dedication to environmental responsibility is rooted in the belief that a healthy ecosystem is essential for the prosperity of our farmers, the quality of our products, and the well-being of our planet. As a result, we aim to contribute to global environmental sustainability and ensure the long-term viability of our supply chain.

1.2. Sustainable Sourcing:

We are dedicated to driving sustainable sourcing practices across our cocoa supply chain, as we believe that responsible sourcing is essential for the preservation of our environment and the prosperity of our communities. Cocoa and cashew farming, when done sustainably, can contribute significantly to preserving biodiversity and preventing deforestation. We therefore encourage our farmers to adopt sustainable practices fostering a healthy supply chain. Importantly, we are dedicated to sourcing 100% deforestation-free cocoa, ensuring full compliance with all relevant deforestation regulations.

1.3. Climate Action:

We aim to reduce our carbon footprint by implementing energy-efficient practices and investing in renewable energy. We will track and report our greenhouse gas emissions and set targets for continuous improvement.

1.4. Waste Management:

In our operations, we employ a comprehensive waste reduction strategy. Promoting recycling, composting, and appropriate disposal methods for all waste products are part of this. We also utilize digital technologies for document storage, communication, and record-keeping, actively working toward paperless operations.

  1. Social Responsibility

2.1. Overview:

At Sunbeth, a deep commitment to social responsibility is at the core of our identity. We believe that people are the heart of our business, and we take pride in fostering an inclusive and supportive work culture. Our dedication extends beyond our workforce to the cocoa farmers and communities we source from, ensuring their well-being and prosperity. We strive to be an exemplary employer to our employees and a trusted partner to our farmers and their communities. By investing in education and community development, we aim to create positive, lasting impacts that resonate throughout our supply chain.

2.2. Diversity, Equity and Inclusion (DEI):

Our policy prohibits discrimination based on a person's race, ethnicity, religion, gender, sexual orientation, age, handicap, and gender. This policy guarantees equal opportunities for all workers in terms of hiring, training, advancement, and pay. Our hiring practices are diverse, and we actively work to promote an inclusive culture through training programs on unconscious bias. Everyone should feel appreciated, respected, and free to share their special talents and viewpoints in the workplace, which is our goal. We keep a close eye on and conduct demographic analyses of our workforce to spot and close any possible gaps in inclusion and diversity.

2.3. Compensation and Benefits:

We recognize that attracting and retaining top talent begins with creating safe, motivating workplaces where employees feel appreciated. To this end, we provide competitive compensation and benefits to all our full-time employees. This includes paid annual leave, sick leave, pension contributions, and comprehensive health insurance.

2.4. Culture, Engagement and Growth:

We create dynamic and spirited work environments that celebrate innovation and teamwork at all levels. Each new employee receives a copy of our employee handbook that contains our core principles, a set of key operational guidelines and promises that we all strive to uphold daily. Our leadership promotes an open-door policy, encouraging transparency and open communication. Employees are encouraged to provide feedback during their annual performance reviews. We host regular employee appreciation and bonding events, such as our monthly “TGIF” activities and annual end-of-the-year and awards party to foster a sense of community and recognition. Additionally, we are committed to the personal and professional growth of our employees, offering role-specific training, professional development opportunities, and comprehensive performance reviews to support their continuous improvement and career advancement.

2.5. Health and Safety:

We prioritize the health and safety of everyone involved in our operations. We maintain stringent health and safety standards to ensure a safe working environment for all. We adhere to robust health and safety protocols tailored to the peculiarities of our business. These standards are continuously updated to reflect industry best practices and regulatory requirements. We also invest in the continuous education of our workforce through regular seminars and safety training for employees.

2.6. Responsible Sourcing:

We are committed to upholding rigorous standards of social responsibility in our sourcing practices for our commodities suppliers. We conduct extensive due diligence to ensure that our suppliers adhere to ethical labor practices. This includes fair treatment of workers, ensuring just compensation, and promoting safe and healthy working environments. Our top priority is collaborating with suppliers who, in their own operations, show a strong commitment to resource responsibility and environmental sustainability. We proactively collaborate with our suppliers to encourage ongoing enhancements in social and environmental standards across the entire supply chain.

  1. Governance Integrity

3.1. Overview:

At Sunbeth, we recognize that good governance is fundamental to enhancing value for our shareholders and stakeholders alike. We uphold a strong governance framework that places a high value on accountability, openness, and moral behavior.

3.2. Corporate Governance:

At Sunbeth, we understand the vital importance of robust corporate governance practices in ensuring our long-term success. This is why our governance framework is anchored in Nigeria’s 2018 Code of Corporate Governance, which provides a comprehensive set of principles, processes, and practices. We are committed to fully complying with the Code and purposefully integrating its provisions into our governance framework. Our Board of Directors is structured to reflect the principles of independence, ensuring a balanced and optimal blend of expertise and experience necessary to effectively lead and direct our company's business and strategy. In line with the code, we also have the governance, nomination and remuneration committee, risk management and sustainability committee, audit committee, finance and strategy committee. The merging of risk management and sustainability is due to the peculiar nature of our organization and our understanding that sustainability concerns can pose a risk if they are not adequately managed. Through the collaborative efforts between the Board, Board Committees, and Management, we continuously enhance our processes, procedures, and systems. This proactive approach equips us to respond swiftly and decisively to crises and challenges that impact companies such as ours. Also in compliance with global best practices, we keep clear, accurate financial records and to guarantee the accuracy of our financial reporting, we regularly audit our records.

3.3. Data Privacy and Security:

At Sunbeth, we prioritize data privacy and security. We abide by all applicable data protection laws, such as the Nigeria Data Protection Regulation (NDPR). This guarantees that we handle personal data in a lawful and ethical manner. We put in place the proper organizational and technical safeguards to guard against unauthorized access, disclosure, alteration, and destruction of personal data. We inform people in a clear and open manner about the ways in which their data is gathered, utilized, and preserved. We also honor people's rights to view, update, or remove their personal information.

3.4. Whistleblowing:

Sunbeth keeps a confidential whistle-blower hotline open for staff members and other interested parties to report any suspected misconduct or policy violations. We value open communication and consider any issues that are brought to our attention.

3.5. Codes of Conduct:

We enforce an internal code of conduct that guides our employees in maintaining high ethical standards. Additionally, our supplier code of conduct ensures that our partners align with our values and adhere to responsible business practices.

Reporting and Review

Transparency and responsibility in Sunbeth’s performance are priorities. Our efforts to meet our ESG objectives are constantly tracked and reported on.

Reporting:

  • Our policy is subject to periodic review and updating to align with evolving business needs, regulatory frameworks, and optimal ESG practices.
  • As required by stakeholders and industry norms, we monitor and report on important ESG metrics. A few examples of these metrics are energy use, waste production, diversity among employees, involvement in the community, and ethical sourcing.
  • Our annual ESG report will provide a clear and concise overview of our accomplishments, difficulties, and future goals. In addition to being distributed to pertinent parties, this report will be made publicly accessible on our website.

Review:

  • Sunbeth regularly evaluates its ESG performance overall as well as the efficacy of this policy internally. This could entail benchmarking against top industry players, data analysis, and employee surveys.
  • We adjust our ESG strategy and practices as needed, identifying areas for improvement considering the review's findings.
  • Our goal is to lead sustainable business practices in Nigeria, and we are dedicated to ever improving ourselves.

Responsibilities

Sunbeth promotes a culture of shared accountability to integrate ESG.

Employees:

  • It is the duty of every Sunbeth employee to comprehend and abide by this policy in the course of their work. This entails being conscious of our ESG obligations and goals and incorporating them into decision-making procedures wherever practical.
  • Employee involvement in ESG projects, reporting of any possible social or environmental issues, and recommendations for enhancing our ESG performance are all encouraged.

Management:

  • The management of Sunbeth oversees carrying out this policy and assessing its efficacy. Setting specific ESG objectives, assigning funds, and giving staff members continuous instruction and direction on ESG best practices are all part of this.
  • Management oversees maintaining open lines of communication and responding to any employee concerns about ESG practices.

Board of Directors:

  • Sunbeth's ESG performance is ultimately under the control of the Board of Directors. This entails monitoring progress reports, approving ESG policies and objectives, and providing strategic direction and oversight for ESG initiatives.
  • The Board is also in charge of making sure Sunbeth complies with all applicable Nigerian legal requirements, such as those pertaining to corporate governance, social responsibility, and the environment.

Conclusion

Strong ESG performance, in the opinion of Sunbeth, is crucial for long-term corporate success as well as a just and healthy environment. With respect to the Nigerian regulatory framework, this policy shows our dedication to incorporating ESG factors into our fundamental decision-making and operations. To create a more sustainable future, we work with stakeholders to be a leader in sustainable business practices and are committed to constant improvement.