More information?
Contact Anniek Herder
More information?
Contact Barbara Kuepper
More information?
Contact Diana Quiroz
More information?
Contact Gerard Rijk
More information?
Contact Jan Willem van Gelder
More information?
Contact Ward Warmerdam


To illustrate our broad expertise, covering many different economic sectors, commodities, sustainability themes and countries, this page gives an overview of the different projects executed by Profundo over the years. In the menu, you can filter the projects by thematic area. Each project is described briefly and where available the project portfolio - such as reports, brochures or presentations - is provided. Attention is also given to the exposure generated by the project in the media, in politics and elsewhere.

When you are looking for a specific report, we recommend to go to our Portfolio page.

We analyse the financial parameters of companies and assess how companies and their financiers could be affected in different scenarios by Environmental, Social and Governance (ESG) risks related to deforestation, climate change emissions, human rights abuses, resource depletion, health impacts and other sustainability issues.
We analyse the various human rights and other sustainability risks in international commodity supply chains and identify what different stakeholders can do to foster sustainable development of value chains in agriculture, forestry, livestock, energy, fisheries and mineral sectors.
We analyse how companies are financed by banks, shareholders and others financiers, to assess what financiers could do to foster sustainable corporate practices. Also, we dig into ownership structures and the schemes companies have set up to minimise tax payments.
We assess and benchmark responsible investment and credit policies of banks and investors and we advise on how policies can be improved and implemented through screening, voting, engagement and exclusion strategies.

November 2019

November 15, 2019
Procter & Gamble’s Deforestation Exposure May Affect Reputation
Procter & Gamble has a No Deforestation, No Peat, No Exploitation (NDPE) policy that covers all third-party suppliers, and it has committed to developing a traceable supply chain. P&G applies its responsible sourcing policy at the supplier group level but relies on intermediary traders to engage with non-compliant growers and ensure a clean supply chain. In July 2019, P&G changed its organization design to six Sector Business Units (SBUs). It has decentralized responsibility for supply chains across its new business units.
November 4, 2019
JJF Holding Land-Grabbing Case Intensifies Soy Traders’ Exposure to Cerrado Deforestation
This report analyses deforestation risks linked to the “JJF Holding de Investimentos e Participações" land-grabbing case in Formosa do Rio Preto in the Matopiba region of the Cerrado biome (Brazil). The JJF Holding case, one of the largest land grabbing incidents in Brazil, is linked to land tenure insecurities that cover 366,000 hectares in one of the key Cerrado soyproducing areas. The land tenure insecurities expose soft-commodity traders like Bunge, ALZ and Cargill, to deforestation and financial risks

October 2019

October 29, 2019
Future Smallholder Deforestation: Possible Palm Oil Risk
Independent palm oil smallholders in Indonesia are facing declining yields per hectare as their trees are aging. Financial and land tenure hurdles prevent effective financing of replanting, raising the risk of increasing deforestation in Southeast Asia after a period of declining forest loss. This report evaluates the financial and other hurdlesin Indonesia and investigates plans by governments and companies to offer solutions.
October 1, 2019
Fair Finance Guide India
Using the methodology developed by Profundo together with the civil society organisations collaborating in the Fair Finance Guide International network, the Indian Fair Finance Guide coalition assessed and ranked the responsible credit and investment policies of the main Indian banks for the first time. Profundo provided training and advice to support their assessment. Fair Finance Guide India is part of Fair Finance Asia, a regional network of Asian civil society organizations that is committed to ensuring that the business decisions and funding strategies of financial institutions in the region respect the social and environmental well-being of the communities in which they operate. Seven countries within the region are a part of the FFA: Cambodia, Japan, India, Indonesia, The Philippines, Thailand and Vietnam. Want to learn about Fair Finance Guide? Watch this video:

September 2019

September 23, 2019
ABP’s carbon footprint: Trend analysis per asset class and sector
ABP discloses the carbon footprint of its equity portfolio, and reports the trends between 2015 and 2018. This research – commissioned by Greenpeace, Both Ends, urgwewald and Fossiel Vrij NL – provides a more detailed analysis at the sector level of trends in investments and attributable emissions. Moreover, the research also shows that it is possible to estimate ABP’s carbon footprint for other asset classes using the PCAF methodology.
September 23, 2019
Advice on exploring the green financing market
On 29 August 2019, the Dutch Minister of Finance, Wopke Hoekstra, sent a letter to the Parliament about "Exploring the market for green financing". This note has some reservations about the content of that letter.

August 2019

August 29, 2019
Fair Pension Label: Mapping farm animal welfare risks
Case study on investments by Dutch pension funds in high risk companies in the chicken and pig meat value chain. The largest Dutch pension funds have investments in the chicken and pig meat producing companies. These companies by large fail to follow minimum animal welfare standards and exposes pension fund investments to many ESG risks including animal welfare. Profundo's new report for the Fair Pension Label, Netherlands, makes recommendation to the pension funds on how to invest responsibly in the sector.
August 30, 2019
Palm Oil Growers Suspended Over Deforestation Lose USD 1.1B in Equity Value
A large majority of global palm oil traders and refiners have implemented No Deforestation, No Peat, No Exploitation (NDPE) sourcing policies in recent years. Violations of such policies have repeatedly led to suspensions of oil palm growers from supply chains. This report investigates how 15 suspensions as a result of NDPE non-compliance impacted the financial performance of four oil palm growers: Sawit Sumbermas Sarana (SSMS), Austindo Nusantara Jaya (ANJ), Tunas Baru Lampung (TBLA), and Indofood Agri Resources.
August 1, 2019
Glencore Agriculture Exposes Canadian Pension Funds to Deforestation Risks
Glencore Agriculture is an agricultural commodity trading company that operates in corn, cotton, soy, and grains markets. This report assesses Glencore Agriculture’s exposure to deforestation risks in Brazil’s soy supply chain.

July 2019

July 29, 2019
Labour Rights and Human Rights in Forest Certification Standards
An analysis of FSC and PEFC adherence to the UN Guiding Principles, ILO Fundamental Conventions and OECD Guidelines
July 18, 2019
Sustainability teaching materials economy
Inspiration for the integration of sustainability in teaching materials for the subject of economics in secondary education
July 8, 2019
AXA: Financing War Crimes
The Global insurer’s involvement in the illegal Israeli Occupation. This report by consumer watchdog SumOfUs reveals AXA’s investments in Israeli banks which in turn directly finance illegal Israeli settlements. It also highlights the ways in which Elbit Systems profits from supplying the Israeli military with a variety of banned and controversial weapons, as well as technologies used to sustain the occupation.
July 22, 2019
Cargill’s New Policies Insufficient to Fully Mitigate Deforestation Risks in Brazil
Cargill is the largest privately-held company in the United States and the second largest soy exporter in Brazil. In April 2018, Chain Reaction Research (CRR) concluded that Cargill’s 2030 zero-deforestation deadline allowed its Brazilian suppliers to continue deforesting the Cerrado. This report assesses Cargill’s current deforestation risks in Brazil’s soy supply chain, given recent changes in corporate policies, market conditions and deforestation trends.
July 9, 2019
28 Percent of Indonesia’s Palm Oil Landbank Is Stranded
In 2017, CRR reported 6.1 million hectares (ha) of forest and peatland remained on oil palm concessions, land that can be considered “stranded assets." This update discusses figures and trends in the palm oil industry since 2017 and argues that oil palm development on forest and peatland will remain economically unviable for the foreseeable future.
More results...
Copyright Profundo, development EasyMIND