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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 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.
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 public policies in the economic, tax and environmental domains, which could shape or restrain the sustainable transformation of the corporate and financial world, and propose alternative policies.

July 2018

July 25, 2018
Private Equity Investment in Consumer Goods Industry Could Jeopardize Zero-Deforestation Efforts
Producers of food, detergents and personal care products buy 90% of global palm oil products and have been pushing for No Deforestation, No Peat and No Exploitation (NDPE) policies over the past years. However, the increasing role of private equity in this Fast-Moving Consumers Goods (FMCG) sector could jeopardize zero-deforestation efforts.The unsuccessful bid by Kraft Heinz on Unilever - an FMCG leader in sustainability - was a wake-up call.
July 2, 2018
Draw the Line
Profundo has provided information for the publication Draw the Line. This is a report about shady investments of Dutch banks in palm oil.

June 2018

June 27, 2018
Doing Business with the Occupation
In anticipation of the UN database on business enterprises involved in the Israeli settlement enterprise, this report identifies direct and indirect links between European businesses and selected economic sectors in Israeli settlements in the occupied Palestinian territory. These settlements are illegal under international law.
June 26, 2018
Land Governance in the Dutch Banking Sector Agreement on international responsible business conduct regarding human rights
How can banks improve their identification and management of land governance risks, created by the companies they are financing? In this report, we analysed the normative framework around land governance; the application of the principle of Free, Prior and Informed Consent (FPIC) to a broader group of local (not necessarily indigenous) communities; and the present ESG risk management practices of Dutch banks. The recommendations for improving risk identification and management are relevant for all banks that strive to avoid becoming involved in landgrabbing practices.
June 21, 2018
Shadow Companies Present Palm Oil Investor Risks and Undermine NDPE Efforts
Since 2013, companies, governments, investors and civil society have taken steps to stop deforestation, fires, peatland development, and mitigate labor and human rights risks in the palm oil sector. These transformative actions include the adoption of No Deforestation, No Peat, No Exploitation (NDPE) sourcing policies, sustainable management policies, government moratoria, stop work orders, and supply chain transparency. Chain Reaction Research reports that 74 percent of SE Asia’s palm oil refining capacity is now covered by these NDPE policies. However, deforestation continues and unsustainable palm oil continues to be produced, traded and consumed. Ten companies caused 75 percent of all palm oil-related deforestation in Indonesia in 2017. Together, these companies deforested 40,000 hectares (ha). This paper discusses how the use of related corporate entities and opaque ownership structures contributes to the ‘leakage’ of unsustainable palm oil to global markets.
June 26, 2018
Assessing the response of insurance companies to severe human rights abuses in the extractives sector
This case study ‘Assessing the response of insurance companies to severe human rights abuses in the extractives sector’ evaluates the response of the seven largest insurance groups active in the Netherlands to a selection of ten cases with severe human rights abuses by companies in the extractives sector. Each of the insurance groups is linked with one or more of the selected extractive companies through their investments in shares and bonds of these companies.
June 21, 2018
Power and Influence in the Value Chains of Dutch Retailers
The research analysed the top 5 Dutch retailers (Albert Heijn, Jumbo, Lidl, Aldi, Plus) based on a set of hypotheses regarding their power, policies, trading practices and the environment they operate in. In addition, supply chain links between Southeast Asian seafood producers and Dutch, German and UK retailers have been researched.

May 2018

May 23, 2018
Fair Finance Guide Germany, 2nd update
Using the methodology developed by Profundo together with the civil society organisations collaborating in the Fair Finance Guide International network, the German Fair Finance Guide coalition assessed and ranked the responsible credit and investment policies of the main German banks for the third time. Profundo provided training and advice to support their assessment. Want to learn about Fair Finance Guide? Watch this video:
May 3, 2018
The Financing of Leakage Refiners
Shareholders and Loan Issuers Include International Financial Institutions with Palm Oil Policies. In total, 52 company groups operate as ‘leakage’ refiners. Based on this list of non-NDPE palm oil refiners – or leakage refiners - the financiers of 16 companies servicing leakage markets are analyzed in this paper.
May 15, 2018
Kids marketing of unhealthy food
The Stop Unhealthy Food Marketing to Kids Coalition, active in The Netherlands, fights for the right of every child to grow up in a healthy environment. As a partner of the Coalition, the Dutch Heart Foundation has commissioned Profundo to assess whether the kids marketing policies of food companies and supermarket chains active in The Netherlands meet the standards of the Coalition.

April 2018

April 26, 2018
Cargill: Zero-Deforestation Approach Leaves Room for Land Clearing in Brazil’s Maranhão
This research for Chain Reaction Research shows that Cargill’s approach to zero-deforestation supply chains still leaves room for ongoing land clearing by its suppliers in Maranhão. This could result in a number of business risks, including reputation risks and market access risks.
April 18, 2018
TH Plantations and PT Synergy Oil Nusantara: Leakage Risks At Plantation and Refinery
Lembaga Tabung Haji is a Malaysian Islamic financial institution, with over USD 16 billion in assets under management. TH Plantations (THP) is Lembaga Tabung Haji’s publicly traded palm oil arm, with 32 palm oil plantations in Malaysia and Indonesia. It has a total landbank of 102,000 ha, of which 61,104 ha is planted. The company is also a joint venture partner in PT Synergy Oil Nusantara (PT SON), a large palm oil refinery at the port of Batam, Riau, Indonesia. This facility has a capacity of 1 million tons per year. It is one of the largest ‘leakage’ refineries in SE Asia.

March 2018

March 30, 2018
Fair Insurance Guide 5th update
Fifth update of the Fair Insurance Guide. In this report the policies of sevenlarge insurance companies in The Netherlands with regard to a.o. climate change, health, nature, human rights and animal welfare have been compared.
March 16, 2018
Tunas Baru Lampung: Contested land and peat clearing could drive substantial value loss
Analysis by Chain Reaction Research found that an estimated 75% of the landbank of Tunas Baru Lampung, a publicly listed Indonesian palm oil and sugar producer, is contested. 10 percent of TBLA’s revenues are at risk from non-compliance with their clients’ No Deforestation, No Peat and No Exploitation (NDPE) sourcing policies.
March 7, 2018
Don't Bank on the Bomb
Don't Bank on the Bomb provides a detailed overview of the worldwide investments in production, maintenance and modernisation of nuclear weapons. The reports contains a Hall of Shame of financial institutions that invest in nuclear weapons producers. The report also contains a Hall of Fame of financial institutions that do have responsible investments policies with regard to nuclear weapons. Also there is a list of Runners-Up, describing institutions that are improving their policies.


Report: PAX: Don’t Bank on the Bomb

Website: Weapon Free Funds

Asahi (Japan): Loans to nuclear weapons manufacturers, seven companies in Japan Published ICAN

Avvenire (Italy): La denuncia. Banche e fondi investono sempre più in armi nucleari

BankTrack: New worldwide armed banking database available

Business Insider: Your retirement account probably funds nuclear weapons — here are the top 20 biggest companies and investors

Dagens Næringsliv (Norway): Oljefondet får refs for ikke å ha solgt seg helt ut av atomvåpen-relaterte virksomheter

Daily Mail (United Kingdom): Nobel-winning ICAN condemns surge in nuclear arms investments

Dnevnik (Slovenia): Pokojninski skladi za jedrske bombe

Euronews: More funds spurn nuclear arms, financing still strong - report

Fast Company: These Companies Are Financing The Return Of Nuclear Terror

Frankfurter Allgemeine (Germany): So finanzieren deutsche Banken mit ihren Milliarden die Rüstungskonzerne

Geo (Tuvalu): Nobel-winning ICAN condemns surge in nuclear arms investments

ICAN: We are making big news today

Il Cambiamento (Italiy): Ecco il rapporto 2018 “Don’t bank on the bomb”: sempre più soldi per le armi nucleari

Knack (Belgium): SP.A richt zich tot banken: 'Schrap nu eindelijk investeringen in kernwapens'

Liputan 6 (Indonesia): 20 Perusahaan Top Dunia Ini Disebut Jadi Investor Produsen Senjata Nukl

New York Times (Verenigde Staten): More Funds Spurn Nuclear Arms, Financing Still Strong-Report

Newsweek (United States): Trump's threat of nuclear war with North Korea is making a lot of money for these weapon companies

Norsk Folkehjelp (Norway): Investerer i atomvåpen

PAX: Rapport: Nederlandse financiële instellingen als ING investeren nog steeds flink in kernwapens

Puls Biznesu (Poland): Banki inwestują miliardy w firmy produkujące broń jądrową

Pulse (Nigeria): Nobel-winning condemns surge in nuclear arms investments:

Reuters (United States): More funds spurn nuclear arms, financing still strong: report

Shephard Media: ICAN condemns surge in nuclear arms investments

Stuff (New Zealand): Global report calls on the NZ Super Fund to do better on nuclear weapons-makers

Süddeutsche Zeitung (Duitsland): Banken investieren Milliarden in Atomwaffen-Produzenten

Swissinfo (Switzerland): Report criticises banks for investing in nuclear weapons

The Nation: Nuclear Weapons Pose the Ultimate Threat to Mankind

The Nation: Rebuilding the Antinuclear Movement

The New Republic: The Nuclear Industry’s Winners and Losers

US News (United States): More Funds Spurn Nuclear Arms, Financing Still Strong: Report

Yahoo News (Australia): Nobel-winning ICAN condemns surge in nuclear arms investments

March 28, 2018
Banking on Climate Change
This annual fossil fuel finance report card grades banks on their policy commitments regarding extreme fossil fuel financing and calculates their financing for these fuels from 2015 to 2017. Profundo calculated the segment adjusters to weight financial transactions according to a company’s involvement in a given industry and collected project finance data.
March 14, 2018
Global Green Finance Index 1
This Global Green Finance Index, the first edition in a series which will chart the progress of the world’s financial centres towards a financial system that delivers sustainable development, and values people and the planet as much as profit. Profundo has written a discussion note for this project.
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