MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
THE CAPITALS
ANNEXES & REFERENCES
I N T E G R A T E D
R E P O R T
2020
Accelerating the
transition to a net
zero economy
P.O. Box 161, Dixcart House, Sir William Place, St Peter Port Guernsey GY1 1GX
ilene.hardy@woodbois.com | +44 (0)20 7099 1940
1
WOODBOIS LTD | Integrated Report 2020 MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
THE CAPITALS
ANNEXES & REFERENCES
C O N T E N T
3
Message from
Paul Dolan
4
About this report
Integrated Reporting (IR)
6
16
33
A B O U T W O O D B O I S
O U R S T A K E H O L D E R S
T H E C A P I T A L S
Company overview
Materiality Analysis
Financial capital
Vision, Mission and Values
Alignment with the UN SDGs
Manufacturing capital
Origins of Woodbois
2020 in Brief
Substantial Shareholders
Organisational Structure
Governance
The Board
Our Commitment
21
O U R B U S I N E S S M O D E L
Vertically Integrated Value Chain
Value Creation
Forestry: The bigger picture
Risks and Opportunities
Creating value
Strategic priorities
Intellectual capital
Human capital
Relationship capital
Natural capital
71
Annexes & References
2
WOODBOIS LTD | Sustainability Report 2019
MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
THE CAPITALS
ANNEXES & REFERENCES
M E S S A G E
F R O M P A U L
D O L A N
C H A I R & C E O
timber and pulp companies assessed by SPOTT and reflects
just how foundational sustainability is to our business.
We have aimed to stay ahead of the curve again this year
by expanding the scope of this report to align with the
Integrated Reporting (IR) model. The IR approach offers further
transparency and connects different parts of the business to
provide a broader view of how Woodbois creates and preserves
value.
While coronavirus lockdowns reduced shifts and the number
of employees allowed at Woodbois manufacturing sites
I am proud to introduce this, our fourth Sustainability Report –
during 2020, we took this opportunity to invest in up-skilling
and first Integrated Report – on behalf of the wider Woodbois
and training, with a heavy focus on health and safety. We also
team and related stakeholders. With Woodbois’ key purpose
implemented continuous improvement initiatives and lean
of delivering sustainable forest management becoming
manufacturing processes with the aim of building a culture
an increasingly important focal point in the mitigation of
in which everyone is encouraged to contribute to enhancing
deforestation and climate change for ESG investors and all
workplace safety and production efficiency. The impact has
of our stakeholders, this year’s Sustainability Report serves
been considerable – we have since set consecutive production
as a reminder of our commitment to providing leadership in
records and consider our approach to continuous improvement
standards of transparency and best practice. This purpose
to be of an industry leading standard.
nurtured a deep-rooted resilience in the face of the coronavirus
pandemic shock, enabling us to not only keep our employees
Looking to the future, Woodbois has an exciting opportunity
safe but to take steps to significantly strengthen the company
to deliver reforestation projects at scale in Africa that can
and deliver value to our supportive spectrum of stakeholders.
sequester carbon and create supply for the rapidly developing
Our previous sustainability reports have allowed Woodbois
boost our standing as a somewhat unique, best-in-class ESG
Voluntary Carbon Market. This initiative is set to further
to communicate how we align with the standards and best
investment.
practices set out in the Sustainability Policy Transparency
Toolkit (SPOTT). In 2020, we saw our annual SPOTT ranking
I would like to thank the entire Woodbois team for contributing
improve within the top 10 of more than 100 companies globally,
to this report and hope that it continues to help us build new
to become the highest-ranking public company on the list. This
partnerships among stakeholders aligned with our vision for
recognition serves to reinforce our leading position among the
sustainable forest management.
3
The IR approach offers further
transparency and connects different
parts of the business to provide a
broader view of how Woodbois creates
and preserves value.
Annexes & References
WOODBOIS LTD | Integrated Report 2020 MESSAGE FROM PAUL DOLAN
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A B O U T T H I S R E P O R T
Integrated Reporting
This Woodbois Integrated Report aims to provide an
The Integrated Reporting approach:
overview of our strategy, performance, opportunities and
- Explains how an organisation creates, preserves or erodes
future outlook in relation to material financial, economic,
value over time to all stakeholders.
social and governance issues. The report also addresses
- Aims to provide insight about the resources and
value creation considerations for investors and all key
relationships used and affected by an organisation –
stakeholders.
these are collectively referred to as the capitals (financial,
manufactured, intellectual, human, social and relationship,
- The time frame considered is the 2020 fiscal year
and natural capital).
(ending 31 December 2020) for information relating to
- Reinforces the importance of integrated thinking within an
the reporting aspects, while the prospective framework
organisation. This consists of analysing the relationships
refers to the upcoming three-year period (2021-2024).
between the operating units and functions of an
organisation, as well as the capital it uses or influences.
- This report is based on the principles proposed by
- Facilitates an integrated decision-making process and
the International Integrated Reporting Framework
actions aimed at creating value in the short, medium and
() and published by the International Integrated
long-term.
Reporting Council (IIRC). As such, the report contains
information that is both financial and non-financial in
This report is referring to the UN SDGs and the GRI standards.
nature. Some of the information in the report refers
to the standards set by the Global Reporting Initiative
All disclosures made in this report are governed by the AIM
(GRI) and the Sustainable Developments Goals (SDGs)
regulation on reporting. Information on Economic Indicators
of the United Nations.
4
provided in this report is therefore restricted and we advise
investors and other stakeholders to consult the financial
statements available on our website:
https://www.woodbois.com/investors.
We hope you find this report informative and we
encourage you to share your feedback, thoughts and
views with us via email at ilene.hardy@woodbois.com
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ABOUT THIS REPORT
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“
Value is created through an organisation’s
business model which takes inputs from
the capitals and transforms them through
business activities and interactions to
produce outputs and outcomes that, over
the short, medium and long term, create
or destroy value for the organisation, its
stakeholders, society and the environment."
IIRC’s definition
5
5
WOODBOIS LTD | Integrated Report 2020
WOODBOIS LTD | Integrated Report 2020 MESSAGE FROM PAUL DOLAN
MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT THIS REPORT
ABOUT WOODBOIS
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
A B O U T
W O O D B O I S
6
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C O M P A N Y O V E R V I E W
Woodbois produces, processes, manufactures and
Woodbois manages and operates approximately one
practices has gained recognition through the SPOTT survey,
distributes sustainable African hardwoods and hardwood
million acres of natural forest concessions in Gabon and
which ranked the company third among more than 100 global
products to customers around the world. Originally founded
Mozambique, with production facilities in both countries.
timber and pulp producers and traders with a score of 75.9%
in 2004 by two former DLH Group employees, Woodbois
The company’s forest concessions are managed sustainably
compared to a 22.6% average.
is now listed on the AIM section of the London Stock
and ethically.
Exchange, one of the world’s leading growth markets for
The company’s trading network comprises almost 300
small and mid-cap companies. Our trading team is based
In Gabon, Woodbois operates a 13-hectare sawmill and a
customers across 60+ countries, and is anchored by the
in Copenhagen, with African operations in Gabon and
5-hectare veneer factory in Mouila. Both sites are located
team’s deep global relationships with buyers and fuelled
Mozambique, and with a network of over 100 suppliers.
within 70km of the forestry concessions, which are issued
by investments in technology, including bespoke, internally
for 20-year terms. The sawmill is equipped with new
developed timber pricing software. Woodbois’ investment
Shenyang vertical bandsaws and a new Mebor horizontal
in technology, combined with its close relationships with
bandsaw complemented by new Mebor and Woodmizer
a diverse mix of global buyers, allows us to not only locate
edgers.
optimal trade partners to maximise the price received for
products, but also to trace third-party supply from the forest
New 1,000m³-capacity Techdri kilns were installed at the
through manufacturing and to the final exported product.
sawmill in 2019, allowing all processing to take place onsite.
Through these investments, the company ensures that 100%
The veneer factory, which opened at the end of 2018, is
of its third-party timber supply is traceable to sustainable
equipped with a full Cremona peeling and drying line and a
operators in the country of origin.
new custom-built heating system.
In Mozambique, Woodbois’ five-hectare bushmill is located
platform and on-the-ground experience to scale its model
Woodbois is well-positioned to leverage its global trading
in Uape.
through long-term partnerships with local producers across
the African region. We believe that our unique access to
Woodbois has developed a sustainability strategy to define
markets makes us an attractive partner for local operators
its core priorities and commitments, which are used to
who lack the scale, experience and technology to navigate the
align company actions with the London Zoological Society’s
complex global marketplace. Through such partnerships, we
Sustainability Policy Transparency Toolkit1 (SPOTT) and the
plan to extend our sustainability and transparency practices to
UN Sustainable Development Goals2 (SDGs). Woodbois’
local partners across the timber-producing region of Africa.
commitment to sustainable and transparent forestry
7
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MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT THIS REPORT
ABOUT WOODBOIS
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
E M P LO YE E STATI STICS
TOTAL
276
M E N
233
(84%)
W O M E N
43
(16%)
20%
of board members
were women
in 2020
31%
of non-board senior
managers
were women
in 2020
PR O DU C TS
PRED OM IN AN T
SPEC IES
Sustainable hardwood products
(Lumber, Veneer, Plywood)
manufactured at our own facilities or
sourced from vetted and sustainably
compliant third-party suppliers
- Okoume
- Padouk
- Okan
100%
of our third party timber
supply is traceable
400,000 ha*
of forestry
concessions in Gabon
and Mozambique
337,460 ha
(83%) are
operational forests
16,233 ha
(4%) are conservation
area
IN TE RNATION AL PR ESENCE
& countries of operations
UK: Office
Denmark: Global trading headquarters
Gabon: 95,000 hectares of natural forestry
concessions on 20-year renewable licenses
located within 70 km of sawmill and veneer
factory
Mozambique: 310,000 hectares of natural
forestry concessions on 25 to 50-year
renewable licences
Mauritius: Operational headquarters for
Treasury, Forestry and Trading
South Africa: Office (finance function)
8
WOODBOIS LTD | Integrated Report 2020
*The Company has no applicable area of forest that would be defined as an area of Intact Forest Landscape.
MESSAGE FROM PAUL DOLAN
ABOUT THIS REPORT
ABOUT WOODBOIS
OUR STAKEHOLDERS
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V I S I O N
M I S S I O N
& V A L U E S
O U R V I S I O N
To enable the transition to a carbon neutral global economy.
O U R M I S S I O N
1. Provide the nature-based materials required for the global
construction sector to transition to net zero carbon emissions;
2. Set industry-leading standards for responsible, sustainable
forest management;
3. Provide rewarding equality-focused employment and training
opportunities;
4. Create value for all stakeholders while preserving forest
ecosystems for present and future generations;
5.
Implement large scale afforestation and reforestation projects
to create supply for the voluntary carbon market.
O U R V A L U E S
R E S P O N S I B I L I T Y towards people and planet
I N T E G R I T Y in our choices
P A S S I O N for positive impact
T R A N S P A R E N C Y throughout our operations
R E S I L I E N C E for the future
9
Rapport d ’étude at ibt -
Ma i 2018
59
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ABOUT THIS REPORT
ABOUT WOODBOIS
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
O R I G I N S O F W O O D B O I S
2017
M AY
Acquisition of
WoodBois International
(WBI)
2016
Business refocused on
forestry, timber transformation
and timber trading
2021
M A R C H
Establishment of the new
afforestation – reforestation
and carbon credit division
2019
M A R C H
Company name changed
from Obtala Ltd to
Woodbois Ltd
2008
A P R I L
Obtala listed on the
London Stock Exchange
(AIM market)
2007
A U G U S T
Obtala incorporated in
the United Kingdom
10
WOODBOIS LTD | Integrated Report 2020
2008-2012
Development of agricultural
sector in Tanzania and forestry
in Mozambique
2021
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2020
Y E A R
I N B R I E F
SALES BY RE GION
Sub-Saharan Africa
0.22%
South/South East Asia
48.26%
North Africa
12.81%
11
$15,26m
Revenues USD
33,289
Volume of timber traded
including third party and
Woodbois (logs, veneer, sawn
timber)
23,932
Volume of third party timber
traded (logs, veneer, sawn
timber)
2
77
18,810
Forest Management Units
Clients served in 2020
Volume of logs harvested
East Asia
12.16 %
Europe
7.62 %
Middle East
11.83%
North & Central America
7.10%
Ranked #3
on Spott’s ESG policy
transparency assessments
for timber and pulp
9,357
Volume of Woodbois' produced
timber (logs, veneer, sawn timber)
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S U B S T A N T I A L
S H A R E H O L D E R S
N A M E
Number
of 1p ordinary
shares
Percentage
of the issued
share capital
Lombard Odier Asset Mgmt
395,540,230
21.30%
Rhino Ventures Limited
376,448,428
20.27%
Premier Miton Group Plc
174,950,389
9.42%
MCM Investment Partners SPC -
MCM Sustainable Resource SP
113,825,000
6.13%
Sparta Premier S.A.
100,000,000
5.38%
Paul Dolan (CEO)
75,400,032
4.06%
O R G A N I S A T I O N A L
S T R U C T U R E
Woodbois’ organisational structure reflects our operations and geographies.
Our production, processing and manufacturing operations are based in Gabon
(Woodbois Gabon) and Mozambique (Argento Mozambique). Woodbois
International is the group’s trading company.
C O M P A N Y S T R U C T U R E
W O O D B O I S L I M I T E D
(Listed PLC)
A R G E N T O LT D
12
Woodbois
Gabon
Timber production
Argento
Mozambique
Timber production
WoodBois
International (WBI)
Timber trading
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G O V E R N A N C E
The Board is committed to achieving the highest standards of corporate governance,
integrity and business ethics with Paul Dolan, as Chairman and CEO, responsible for
this. The Board has adopted the Corporate Governance Code produced by the Quoted
Companies Alliance.
We set out how the Group complies with the QCA Code below.
1. Establish a strategy and business model that promotes long-term value for
shareholders. Capital allocation must be both performance and potential
driven, and investment will only be forthcoming for strategies that can
demonstrate significant return to shareholders over time.
2. Seek to understand and meet shareholder needs and expectations.
3. Take into account wider stakeholder and social responsibilities, and their
implications for long-term success. Woodbois is in a unique position to bring
a positive impact to Africa’s economic transformation, social development and
environmental management through our operations and the responsibility for
our sustainability strategy lies with our Board.
4. Embed effective risk management, considering both opportunities and
threats, throughout the organisation. The forestry and timber trading business
involves a high degree of risk. Our approach to risk management is set out in
the Annual Report for the year ending 31 December 2020.
5. Maintain the Board as a well-functioning, balanced team led by the Chair.
The Board is responsible for establishing the strategic direction of the Group,
development and acquisition opportunities. The Company holds a minimum of six
Board meetings per year at which financial and other reports are considered and,
where appropriate, voted on.
6. Ensure that between them, the Directors have the necessary up-to-date
experience, skills and capabilities. The Nominations Committee oversees the
requirements for and recommendations of any new Board appointments to ensure
that it has the necessary mix of skills and experience to support the Company’s
ongoing development. Any appointments made will be on merit, against objective
criteria and with due regard for the benefits of diversity on the Board, including
gender. The Nomination Committee is also responsible for succession planning.
7. Evaluate Board performance based on clear and relevant objectives, seeking
continuous improvement. The internal evaluation of the Board, the Committees
and individual Directors is seen as an important next step in the development of
the Board.
8. Promote a corporate culture based on ethical values and a laser sharp focus on
behaviours. The Company is committed to complying with all applicable laws and
best corporate governance practices, wherever we operate. It is a core aspect of our
mission to act with integrity in all of our operations. The Board expects all employees
to comply with both the letter and spirit of the law and governance codes.
9. Maintain governance structures and processes that are fit for purpose and
support good decision-making by the Board. The Company is committed to high
standards of corporate governance. Both Management and the Board are dedicated
to implementing best practices as the Company grows.
10. Communicate how the Company is governed and is performing, by maintaining
a dialogue with shareholders and other relevant stakeholders. The Company
encourages regular communications with its various stakeholder groups and aims
to ensure that all communications concerning the Group’s activities are clear, fair
monitoring the Group's trading performance and appraising, and executing
and accurate.
13
WOODBOIS LTD | Integrated Report 2020
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T H E B O A R D
Paul Dolan
Chair and CEO
Henry Turcan
Non-Executive Director
Paul held senior management positions at Barclays, DE
Henry is a representative of the funds managed by Lombard
Shaw and Nomura prior to joining Woodbois in 2016. Paul
Odier. Henry has worked in financial services since 1996,
The following matters are reserved for the Board:
has consistently built award-winning, world-class teams
with a focus on equity capital markets. He has spent the
• Overall Group strategy;
• Approval of major capital expenditure projects;
• Approval of the annual and interim results;
• Annual budgets and revisions thereto.
employing technology to manage substantial pools of
majority of his career advising growth companies within
human and financial capital across a diversified group
investment banking.
of asset classes, ranging from fixed income and equity
derivatives to forestry.
Carnel Geddes
CFO
Graeme Thomson
Non-Executive Director
Carnel is a dually-qualified chartered accountant in the UK
Graeme is a Fellow of the Institute of Chartered Accountants
and South Africa, and is also a certified fraud examiner.
in England and Wales and has been a public company
During a 15-year career at the global audit, tax and advisory
director for many decades, as a CEO, CFO/Company
group BDO, Carnel served as Director, Forensic Services of
Secretary and as a Non-Executive. He has a wide variety of
BDO London and Partner of BDO Cape Town. She has been
commercial UK and international experience.
a Director and Board Member of Pomona, the largest South
African pomegranate farm company, since 2008.
Hadi Ghossein
Deputy Chairman
Based in Gabon, Hadi has 25 years of experience managing
forestry operations, including full ownership of a forestry
business. He previously served as a diplomat, travelling
extensively across Africa, as well as owning various trading
and real estate companies. Hadi is fluent in Arabic, French,
Portuguese and English and holds Gabonese citizenship.
14
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O U R
C O M M I T M E N T
Woodbois strives to bring an increasing range of
social and environmental benefits to our communities
on both a local and national level, and at the heart of
our strategic growth objective is a particular focus
on regional employment opportunities and skills
development.
We are committed to providing a safe environment for
Sustainability sits at the core of everything we do. As well
all staff and parties for which we have responsibility.
as strictly adhering to responsible forestry guidelines set
Our company believes that protecting whistleblowers is
out by relevant governments, and by actively engaging with
integral to safeguarding public interest, promotes a culture
local communities, we strive to demonstrate sustainable
of accountability and integrity in both private and public
leadership within our industry with bold targets designed to
institutions, and encourages individuals to report corruption,
protect our natural environment. Woodbois is committed to
misconduct and fraud. We believe that a person raising
creating net zero CO² emissions from its combined activities
concerns should be supported and protected against
and aims to achieve a balance between the greenhouse
reprisals, and Woodbois will not tolerate the victimisation
gases it produces and the amount it is able to sequester
or adverse treatment of any employee who has raised a
from the atmosphere by 2030.
concern.
Woodbois is committed to ethical and fair conduct, as well
articulation of all of its objectives. Our strong internal
as the prohibition of corruption, including bribery and fraud.
accountability mechanisms have been designed to
We work to uphold these commitments by implementing
effectively implement commitments as well as ensure that
the corporate best practices outlined in the Sustainability
outcomes are measured and communicated efficiently.
Woodbois is committed to transparency and the clear
Policy Transparency Toolkit (SPOTT), and adhering to
definitions and guidelines published by leading international
organisations.
We ensure that this ethos is integrated throughout the
entirety of our operations by conducting due diligence
before establishing new business relationships with any
suppliers (our due diligence process is described in this
report’s Responsible Production and Trading section). We
systematically inform third parties of our policies so they
are aware of our standards and expectations, and we will
terminate partnerships or avoid them altogether if third-party
companies cannot guarantee acceptable standards for wood
procurement, which are verified by our legality audits.
15
WOODBOIS LTD | Integrated Report 2020
MESSAGE FROM PAUL DOLAN
MESSAGE FROM PAUL DOLAN
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ABOUT THIS REPORT
ABOUT WOODBOIS
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
O U R
S T A K E H O L D E R S
16
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Holistic approaches to achieving more sustainable
A new source of focus for us is the Open Timber Portal7
production and consumption practices are emerging. These
(OTP), which in 2020 expanded to include Gabon for
approaches incorporate systems thinking, business model
the first time. The purpose of the OPT is to increase the
innovation and the circular economy. Tackling sustainability
effectiveness of regulations on illegal logging, such as the
issues will therefore involve taking different stakeholder
US Lacey Act, the Korea Act on the Sustainable Use of
perspectives into account and collaborating across the value
Timbers, the Japan Clean Wood Act, the Australia Illegal
chain. These perspectives include those from investors, local
Logging Prohibition Act, and the EUTR.
communities, high-level representatives from international
organisations, local governments, industry experts, suppliers,
We regularly engage with our suppliers to align policies
customers, end-consumers and NGOs.
and commitments towards increasing transparency and
sustainability. We also regularly engage with our employees
The pandemic-related challenges of 2020 led to the decision
to collect their feedback to help us create a positive, safe
to concentrate our efforts in engaging with PPECF,3 the
and healthy work environment that provides development
programme for the promotion of certified exploitation of
and growth opportunities. The remote communities in
forests (Programme de Promotion de l'Exploitation Certifiée
which we operate are deeply dependent on forests –
des Forêts). The objective of the PPECF is twofold: one,
understanding their needs, supporting their development
to prevent the loss of certification in companies already
and helping local causes is core to our business.
I N V E S T O R S
L O C A L G O V E R N M E N T S
L O C A L
C O M M U N I T I E S
C U S T O M E R S
I N T E R N A T I O N A L
O R G A N I Z A T I O N S
S U P P L I E R S
E N D - C O N S U M E R S
N G O ' S
I N D U S T R Y
E X P E R T S
O U R S T A K E H O L D E R S
certified, and two, to support the third-party certification
Certification of natural forests.
process. Through this programme COMIFAC4 (Commision
One of Woodbois’ largest shareholders, Lombard Odier,
des forets d’afrique centrales) and German state-owned
recently announced a new Natural Capital Strategy,8
development bank KfW offer forestry companies support
developed in partnership with the Circular Bioeconomy
until their initial certification audit. Once this is completed
Alliance,9 to invest in companies that utilise the renewable
they are better positioned to more easily meet the
aspect of nature with a core focus on the timber sector.
requirements of the European timber regulation5 (EUTR).
This Natural Capital Strategy is in line with Woodbois’
We've also continued our partnership with Congo Basin
to making sure our business objectives are aligned with the
Forest Partnership6 (CBFP).
Circular Bioeconomy Alliance’s proposal.
plans. The company has developed a five-layer approach
Expand production
capacity and forest
under management
1
Reforestation in the
form of plantation
or natural forest
alongside partners
5
2
4
3
Reduce timber waste by
utilising as much raw
material as possible
Move further along
the timber value chain
17
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M A T E R I A L I T Y
A N A L Y S I S
In Integrated Reporting, a matter is material if it can
substantively affect the organisation's ability to create
value in the short, medium and long term. The process
of determining materiality is entity-specific and based on
industry, multi-stakeholder perspectives and other factors.
A materiality analysis is an exercise that identifies a company’s
critical Environmental, Social and Governance (ESG) issues. It
engages with internal and external stakeholders to build a full
and accurate picture of all organisation issues and then uses
these insights to define core business priorities, guiding both
strategy and communication.
Woodbois followed this approach as part of our last annual
Sustainability Report, where we worked on defining the
organisation’s material matrix. This year, we submitted our
materiality survey to a wider range of stakeholders to have
them validate our results from the previous year. The relevant
issues for Woodbois were identified using the Sasb materiality
map,10 which analyses the operational performance of
companies in various industries, including the construction
material and forestry sectors.
18
Environment
Social capital
Human capital
Business model and innovation
Leadership and governance
Legal harvesting
Transparent supply chain
Responsible sales & marketing
Protection of land
Developing local economies
Health & safety at work
S
R
E
D
L
O
H
E
K
A
T
S
Climate change mitigation through
sustainable forest management
Training & education
Wages & benefits
Biodiversity
Economic value generated
& distributed
Equal rights & conflict resolution
Sustainable & high quality products
Efficient use of resources
Financial assistance
Soil & water safety
Energy usage
Greenhouse gas emissions
W O O D B O I S
Our analysis followed these steps:
1.
2.
Identify and prioritise the relevant issues
Identify internal and external stakeholders
3. Design a materiality survey
4. Launch the survey and start collecting insights
5.
Identify the critical issues and develop a materiality matrix
6. Define a sustainability strategy based on material priorities
7. Set long- and short-term KPIs and improvement goals
As a result of this process, the
most important issues have been
identified and are represented in the
Woodbois 2020 materiality matrix.
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A L I G N M E N T
W I T H T H E
U N S D G S
Achieving the UN Sustainable Development Goals11
(SDGs) by 2030 will require the implementation of a
circular economy, better use of renewable resources,
and the regeneration and sustainable management of
natural systems.
This ‘wedding cake’ model of the SDGs highlights the
connectivity of a functioning biosphere (land, sea,
climate) and a healthy society (no hunger or poverty,
sustainable communities, peace and justice, clean
energy, good health and education, gender equality).
Without one it’s hard to have the other. And without
either of these we can’t create an economy that can
be truly sustainable (decent work, innovation, reduced
inequality, responsible consumption). At the centre of
all of these interrelationships and systems is the need
for partnerships.
19
Leading the way in aligning our
sustainability strategy with the
SDGs is Hadi Ghossein, who
oversees Woodbois’ sustainability
practices on a day-to-day basis.
Our Reforestation and Sustainability
Manager in Mozambique is
Eng. Macedo Uachuacho, who graduated
from Eduardo Mondlane University in
Forestry Engineering and has 12 years
experience in the field working with different
government entities and NGOs.
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In engaging with the SDGs, our aim is to drive the sustainable
development of Africa while embracing the continent’s vision
of moving towards higher-value-adding activities. This includes
creating new and better job opportunities in secure work
environments where skills development and equal opportunities
are encouraged. This will address SDG 8: Decent Work and
Economic Growth, and SDG 9: Industry, Innovation and
Infrastructure.
We also recognise the unique position we are in to take action
on climate change. The development of the forest sector can
present a solution to greenhouse gas12 (GHG) emissions, while
sustainably-sourced wood is a cost-effective and renewable
source of energy, which can potentially supply a big share of
global heat demand, as well as powering our own operations. Our
innovations in this area will address, SDG 13: Climate Action, and
SDG 15: Life on Land.
With these endeavours in mind, we are also focusing on
SDG 12: Responsible Consumption and Production, while SDG 17:
Partnerships to Achieve the Goal will underpin all of our activities.
Considering the interrelated nature of the SDGs, we have also
identified a number of additional supportive goals that will help
to inform our operations. These are SDG 1: No Poverty, SDG: 4:
Quality Education, and SDG 5: Gender Equality.
20
C O R E S D Gs
Promote sustained, inclusive
and sustainable economic
growth, full and productive
employment and decent
work for all
Build resilient infrastructure,
promote inclusive and
sustainable industrialization
and foster innovation
Ensure sustainable
consumption and
production patterns
Take urgent action to combat
climate change and its impacts
Protect, restore and promote
sustainable use of terrestrial
ecosystems, sustainably
manage forests, combat
desertification, and halt and
reverse land degradation and
halt biodiversity loss
Strengthen the means of implementation & revitalize the global partnership
for sustainable development
S U P P O R T I V E S D Gs
End poverty in all its forms
everywhere
Achieve gender equality and
empower all women and girls
Ensure inclusive and equitable quality education and promote lifelong learning
opportunities for all
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ABOUT WOODBOIS
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OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
O U R
B U S I N E S S
M O D E L
21
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V E R T I C A L L Y
I N T E G R A T E D
V A L U E C H A I N
100% of the wood harvested is
P R O C E S S E D
L O C A L L Y
T R A N S P A R E N C Y
Every single tree has an
identification number and can be
tracked through a GPS code
100%
C A R I N G F O R
P R O T E C T E D
S P E C I E S
0% of the trees harvested are listed
as protected or endangered
22
T
N
E
M
E
G
A
N
A
M
E
T
S
A
W
F O R E S T O P E R A T I O N S
-
Inbound logistics
- Management plan
-
Inventory
- Log harvesting
- Distribution
- Log tracking
S A W M I L L
Mozambique | Gabon
- Planks production
- Quality controls
- Packaging
INTERNALLY PRODUCED PRODUCTS
- Veneer sheets
- Quality controls
- Packaging
V E N E E R
F A C T O R Y
Gabon
S
T
C
A
R
T
N
O
C
S
T
C
A
R
T
N
O
C
Woodbois caters to customer
specifications, including the last
steps of the value chain, by delivering
high quality, internally and externally
produced timber and timber products.
EXTERNALLY PRODUCED PRODUCTS
T R A D I N G
B U S I N E S S
N
O
I
T
U
B
I
R
T
S
I
D
- Quality control
- Legal documentation
- Transport to the port
- Shipping and transport documentation
-
Invoicing
- Delivery
- After-sales customer service
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V A L U E
C R E A T I O N
There is an increasing
focal shift away from
shareholder value creation
and investors’ needs in
favour of the recognition of
interdependence between the
value a business generates
for itself over the short-,
medium- and long-term, and
the wellbeing of the society
and the environment it
operates in (IIRC, 2013).
23
As investors and end customers become progressively
concerned about social impact, climate change and corporate
responsibility, companies are facing increasing scrutiny and are
expected to be held accountable for their business practices. It
is therefore vital that a business strives to create value – social
and environmental, as well as financial – across its operations.
According to the IR framework, the value a company creates,
preserves or erodes has an impact on two levels: the company
itself, which affects capital return for investors; and society
at large. Given this, investors evaluate companies based on
these two value streams (i.e. identifying whether a company
can create value for a broader range of societal stakeholders
while also creating value for itself). A wide range of activities,
interactions and relationships can have an impact on the
interrelation between these two value streams. When these
interactions, activities, and relationships are material
to a company’s ability to create value for itself,
they are included in the Integrated Report.
A company cannot achieve long-
term profits without embracing
purpose and considering the needs
of a broad range of stakeholders.”
(Fink, n.d)
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F O R E S T R Y :
T H E B I G G E R
P I C T U R E
Threats
Forests are of critical local and global importance. They are home
While forests help to mitigate the impact of climate
to some 70% of the world’s plant and animal species, including the
change, they are themselves at risk of its consequences.
pollinators essential to the sustainability of our food systems. Forests
These include destruction by wildfires and storms, as
play a central role in the equilibrium of delicate ecosystems that supply
well as devastation by invasive species encouraged into
Climate change
water to communities and plants for medicines, and – crucially – they
are the planet’s largest carbon sinks, absorbing and sequestering CO2
from the atmosphere and helping to mitigate the worst effects of
climate change. But forests are under threat.
the area due to temperature and precipitation changes.
Illegal logging
Illegal logging is responsible for the destruction of
swathes of forest, leaving behind areas of land so
badly affected that natural regeneration is no longer
possible. This practice also contributes to biodiversity
loss, conflicts with indigenous and local populations,
corruption and both human and animal rights abuses.
Population growth
It is projected that the world’s population will reach
nearly 10 billion by 2050. This will put extreme strain
on resources provided by forests, including natural
materials for manufacturing and land mass for
increasing urbanisation.
1.3 million-square kilometres
of global forest was lost
between 1990 and 2016.
24
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The sustainable solution
The forestry industry faces a number of very
significant challenges, and Woodbois recognises
the role it must play in advocating for sustainable
forest management if we’re to ensure the longevity
of these important natural environments. We are
committed to demonstrating positive leadership in
this area, and doing so brings about a wealth of social,
environmental and business opportunities, both for us
as a company, and for the wider population.
Woodbois operates in a very fragile
industry, environment and region. At the
same time, sustainable forestry in Africa
(as well as other developing regions)
represents a tremendous opportunity
to contribute to circular economies,
increase individual and state revenues,
and enhance skills and ethical job
opportunities.
25
25
WOODBOIS LTD | Integrated Report 2020
E N V I R O N M E N T A L P R E S E R V A T I O N
Managing forests sustainably not only mitigates the direct climate impact of wood
procurement, but can be conducted in such a manner as to facilitate additional carbon
sequestration, to the benefit of the global community.
S O C I A L I M P A C T
Sustainable forest management means respecting the rights of local communities, and
positively contributing to their development and wellbeing.
E C O N O M I C G R O W T H
Suppliers, consumers and stakeholders are increasingly demanding sustainable credentials
in the companies they do business with. Those that choose to conduct business in a
manner that overlooks environmental factors will ultimately be at a significant competitive
disadvantage. The more people that advocate for sustainable forestry, the fewer opportunities
there will be for those engaged in unethical practices.
P O S I T I V E C O M P A N Y C U L T U R E
Sustainable forestry depends on the ample provision of training and development
opportunities. This investment in employees helps to promote loyalty and motivation, while
creating a culture of ethical practice that will contribute to a wider respect – and therefore
protection – of forests.
G L O B A L P A R T N E R S H I P S A N D K N O W L E D G E S H A R I N G
Woodbois is in a unique position to help bolster other industries’ sustainability initiatives
– and therefore embed an ethos of sustainable forest management – through its inherent
relationship with the very environments (forests) inextricably linked to the climate crisis.
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Forestry in Africa
A significant contributor to deforestation in Africa is the industry’s largely
informal nature. Much of the deforestation caused by logging is the
result of unsanctioned forest clearing outside of regulated concession
areas. Timber is just part of this problem, with land also cleared for
farming, hunting and plantation development. Even within the formal
market, logging in Africa is therefore dominated by thousands of small-
scale producers that are largely isolated from global end markets.
This isolation means such producers – the majority of which employ
fewer than 50 workers – often view the forest and its resources as
a short-term means to an economic end (often driven by poverty),
rather than a long-term asset requiring best practice sustainability and
conservation efforts.
Local timber suppliers also face challenges in the form of high costs
related to certification and management capacity. For investors and end
users alike, the African natural timber market’s opacity and the scarcity
of certified suppliers creates an obstacle to identifying companies that
meet their sustainability requirements.
The fragmented nature of the market is compounded further down the
supply chain. As timber changes hands, it can become increasingly
difficult to identify whether the timber was sourced sustainably. This
traceability problem can ultimately result in the manufacturing of end
products sourced from forestry operations contributing to deforestation.
26
M O Z A M B I Q U E 13 is a country rich in natural
resources. Forests cover 43% percent of the
country's total surface area, or about 34 million
hectares. Forests are critical to the country’s
social, environmental and economic well-being.
Rapid deforestation, however, is threatening
ecosystems and rural livelihoods and 267,000
hectares of forest is lost annually, mainly due
to unsustainable agricultural practices. What's
more, emissions from deforestation alone
represent 80% of the country’s total emissions.
G A B O N 14 is home to some 22.3 million hectares
of forest area, which represents 85% of the country’s
total area. All of the Gabonese forest areas are
owned by the state, though some are managed by
private concessionaires, others by rural communities
exercising their customary rights, and some remain
protected as national parks. Gabon faces a relatively
low rate of forest loss at 0.12% per year, with an
average degradation rate of 0.09%. Deforestation
is a result of small-scale agriculture and urban
development, while the main causes of forest
degradation are industrial mining and illegal logging in
opened-up areas.
D E F O R E S T A T I O N R A T E :
0.1%15 per year in Gabon
0.79%16 per year in Mozambique
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O P P O R T U N I T I E S
S U S T A I N A B I L I T Y
The commercial impact
Forestry and timber trading involves a high degree
of technical, political, regulatory and environmental
risks, as well as financial risk. Woodbois takes a
prudent approach to manage these risks in line with
its corporate objectives.
A focus on sustainability underpins this risk mitigation
in a way that both embeds value throughout
the business, and creates additional factors for
consideration. As demonstrated by the framework
developed by James Stacey, Cambridge Institute for
Sustainability Leadership,17 embracing sustainability
in a business setting is associated with both risks and
opportunities in an operational and strategic context.
27
O P E R A T I O N A L
S T R A T E G I C
Input price rises & regulatory
compliance costs
Brand & reputation - key
stakeholder relations
Operational
disruption
Productivity &
employee engagement
Business model &
propositions
Stranded assets
The six areas of operational and strategic risks and opportunities associated
with embracing sustainability within a business context.
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O P ERATIO NAL risks and opportunities
R I S K S
O P P O R T U N I T I E S
M A R K E T F O R C E S
• Labour, environmental and regulatory compliance laws could
• Limit production costs through modern and efficient machinery, process
cause a rise in forest maintenance and harvesting costs
optimisation, green energy and/or a circular economy (waste reduction)
• Fast urbanisation and population growth will increase demand
• Satisfy the demand for building materials for the growing population in
for building materials, including wood, which could lead to a
Africa
demand for more affordable products that are not necessarily
•
Implement new circular solutions to reduce dependency on production
sustainable
inputs
• The cost of transporting wood overseas could also rise due to
the increased cost and taxation on oil
O P E R A T I O N A L
D I S R U P T I O N
• Environmental, political and social events could cause
• State of the art equipment and advanced risk management can create
operational disruption
competitive advantage
• Woodbois operates large-scale harvesting, sawmill and veneer
• Embedding a strong safety culture across operations, from management
equipment and any significant disruption to these assets could
to the workshop floor, promotes a positive employee mindset
have an adverse effect on the company's financial performance
• A serious health and safety incident would result in a disruption
of operations
E M P L O Y E E
E N G A G E M E N T
• Loss of talented and experienced staff to competitors offering
• Making sustainability part of the company's DNA and narrative
better career and development or salary opportunities
• Sharing the company's vision, mission and values across the organisation
28
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S TRATE GIC risks and opportunities
R I S K S
O P P O R T U N I T I E S
B R A N D
R E P U T A T I O N
• The company could be associated with
• Sustainability best practices represent an opportunity
unsustainable or unethical practices
to be recognised as an ethical supplier (by customers),
related to its own activities or those
partner (by government, institutions and suppliers), and
of its suppliers. This could impact
employer (by current and future employees)
stakeholders relations, including
customers, suppliers and governments
B U S I N E S S
M O D E L
• Regulations and innovation could bring
• Furniture manufactures and building companies
new products and solutions to the market
are willing to partner with companies that embrace
challenging Woodbois' competitiveness
sustainability
• Exploring the opportunity to launch new forest
conservation and reforestation projects
Sustainable consumption
& production drivers
• Leverage the company’s unique position in forestry to
• Consumer demand for sustainably-
diversify into the carbon offset market
produced goods and services;
S T R A N D E D
A S S E T S
• Degraded soil due to deforestation and
• Exploring the opportunity to launch new forest
erosion
conservation and reforestation projects
• The volatility of commodity prices;
• The energy intensity (and resulting cost)
of certain new technologies;
• The trend among companies to
consider the social and environmental
dimensions of value chains, either for
practical or reputational reasons.
(Blowfield, 2013)
29
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I N P U T
Cash generated by
operations, divestments,
debts and equity finance
2 sawmills,
1 kiln,
1 veneer factory,
100 suppliers,
Trading network
Relationship with a broad range
of stakeholders: institutions,
local communities, regulators,
shareholders, investors and
suppliers
Diverse team
Experienced and highly
motivated leadership and local
teams
Property and licenced
technologies
Skills and experience
100,000 hectares of concessions
on 20-year renewable leases in
Gabon
300,000 hectares of concessions
in Mozambique on 25-50 year
leases
Third party timber
Water and energy used in
production and transportation
C R E A T I N G V A L U E
O U R V A L U ES
O U T P U T
R I T
U
B
INTE G
Y
N
I
S
PA
E S S A C T IVITIE
S
S
S
I
O
N
Trading of responsibly sourced
hardwood and hardwood products
Forest protection
and conservation
Harvesting, logging, production of
hardwood and hardwood products through
our vertically integrated value chain
M A T E R I A L I S S U E S
• Economic value generated and distributed
• Training and education
• Financial assistance • Health and safety at work
• Wages and benefits
• Efficient use of resources
• Equal rights and conflict resolution
• Sustainable and high quality products
• Legal harvesting
• Responsible sales and marketing
• Climate change
Y
C
N
E
R
A
P
S
N
A
R
T
• Developing local economies
• Biodiversity
• Protection of land (soil and water safety)
• Greenhouse gas emissions
• Energy usage
RESP O N S I B I
T
I
L
Y
R
E
S
I
L
I
E
N
C
E
Products
Hardwood
and hardwood
products
produced and
traded
Areas of
concessions
harvested
Resources used
to power our
operations and
for our trading
business
Emissions
Total CO2
emissions
Revenues
Paid taxes
Investments on facilities and
training
Investment in facilities and
training
Wood harvested
Logs produced
Logs traded
SPOTT ranking
Traceability project
No. of employees
Fatalities
New hirings
Trainings
Code of conduct
Ha of protected forests
Reduction in GHG emissions
CO2 stored in our concessions
Waste to energy
Resources used to power our
operations and for our trading
business
C A P I T A L S
S D Gs
Financial Manufactured Relational Human Intellectual
Natural
30
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P R I O R I T I E S
31
Sustainable forestry has tremendous potential to
contribute to circular economies while increasing
individual and state revenues in Africa.18 However, this
opportunity depends on several key factors:
• how the forest industry is regulated;
• how forests are managed directly;
• adding value by producing end-products locally, rather
than shipping to produce elsewhere;
•
the need to promote intra-African trade in forest
products.
As an operator in a very fragile industry, environment and
region, Woodbois is committed to running its business in a
way that takes these concerns into account.
The Forest Sector SDG roadmap,19 as well as the SPOTT
framework, have been used as references to define
our strategy and commitment to sustainable forestry.
Understanding where we can make the biggest impact and
respecting what matters most to our stakeholders has been
the first step in defining our sustainability priorities and
formulating our sustainability strategy.
Our strategic priorities define how Woodbois intends to
mitigate and manage risks and maximise opportunities,
and demonstrate our commitment to environmental, social
and governance (ESG) best practices. Our impact on each
capital will be monitored and presented annually through the
company’s sustainability report.
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C A P I T A L S
M A T E R I A L I S S U E S
S T R A T E G I C P R I O R I T I E S
S D G
-
-
-
-
-
-
Financial
Manufacturing
Relational
Economic value generated
and distributed
Financial assistance
1. Grow revenues organically from core business and stabilise
lower cost base to achieve sustainable profitability
2. Assess and pursue M&A opportunities with like-minded
producers
Efficient use of resources
Sustainable and high
quality products
1. Ramp up new machinery and equipment investment to drive down
manufacturing costs
2. Minimise timber waste by installing equipment to maximise use of
the entire log, creating products such as blockboard and briquettes.
3. Minimise dependency on fossil fuels by using renewable energy
and implementing circular solutions
Responsible sales and
marketing
Developing local
economies
1.
Invest in long-term partnerships with selected timber suppliers
embracing the same ethical and sustainability principles
2.
Invest in services and facilities for local communities
3. Develop strong relationships with local administration and
Government
4. Strengthen sales efforts with local clients to drive core business
development
- Wages and benefits
-
-
Training and education
Health and safety at work
1. Make the health and safety of all employees a key priority
Invest in continuous professional and personal development
2.
3. Ensure fair compensation, diversity and inclusion, and proactively
fight any kind of discrimination
4. Further empower women in employment within local communities
Human
Intellectual
Natural
-
-
-
-
-
-
-
Equal rights and conflict
resolution
Legal harvesting
1. Leverage leadership role-modelling to live up to the value of
integrity and transparency
2. Ensure ethical conduct and anti-corruption best practices are in
place
3. Ensure labour rights are fully met
Climate change
Biodiversity
Protection of land (soil and
water safety)
Greenhouse gas emissions
Energy usage
1. Protect forests from illegal harvesting
2. Preserve animal habitats and biodiversity
3. Employ soil and peat management best practices
4.
Integrate activities to enable transition to net zero emissions
32
OUR APPROACH TO SUSTAINABILITY IS STATED IN OUR SUSTAINABLE FORESTRY POLICY AVAILABLE ON THE COMPANY’S WEBSITE.
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ABOUT WOODBOIS
ABOUT WOODBOIS
OUR STAKEHOLDERS
OUR STAKEHOLDERS
OUR BUSINESS MODEL
OUR BUSINESS MODEL
THE CAPITALS
THE CAPITALS
ANNEXES & REFERENCES
ANNEXES & REFERENCES
T H E
C A P I T A L S
F I N A N C I A L C A P I T A L
M A N U F A C T U R E D
C A P I T A L
INTEL LECTUAL
CA PITAL
SOCIAL AND
RELATIONSHIP
CAPITAL
HUMAN
CAPITAL
N A T U R A L C A P I T A L
33
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F I N A N C I A L
C A P I T A L
8.2
Achieve higher levels of economic productivity through diversification,
technological upgrading and innovation, including through a focus on high-
value added and labour-intensive sectors
We cannot drive a responsible business without healthy
economic growth, and this cannot happen without the
personal and professional development of our employees,
as well as adequate salaries to support their families and
subsequently drive the growth of their local communities. On
a wider scale, our work must also drive the growth of African
countries, which represent a large potential market for many
businesses operating in different industries.
Woodbois’ operations generate and distribute economic
value to the countries in which we operate. The communities
we work in are typically quite remote and many are
subsistence economies. As such, our continued presence
and work in these communities are determining factors in
their ability to evolve and grow economically. Our vertically-
integrated value chain ensures that 100% of Woodbois’
products are processed in Africa, elevating productivity,
creating new opportunities for skills development, advancing
local processes, and ultimately bringing these countries
international exposure through the export of locally-produced
M A T E R I A L
I S S U E S
S T R A T E G I G
P R I O R I T I E S
-
Economic value generated and
distributed
-
Financial assistance
1. Grow revenues organically from core business
and stabilise lower cost base to achieve
sustainable profitability
2. Assess and pursue M&A opportunities
Our key priorities are:
•
•
to identify and stabilise a lower cost base, thus ensuring sustainable profitability;
to maximise value of raw material input through a programme of continuous
improvement of efficiency;
•
to better assess and pursue M&A opportunities.
Woodbois’ growth contributes to the fight against poverty and inequality, while bringing
innovation and infrastructure to the industry and responsibly using land and its resources to
products, and not just raw materials.
minimise environmental impact.
34
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$
$15.26m
revenues USD
-22%
economic growth
$15,807
investment in HSE equipment
$36,368
investment in management plans
$72,846
investment in
environmental licences
$0
financial assistance from
governments
Indicators
Investments
In 2020, Woodbois invested $ 749,551 in new
infrastructure and equipment. We installed brand
new kilns at the sawmill in Gabon to bring the
processing in-house, we dramatically expanded
and improved our sawmill, and new, more
efficient generators were installed. The company
decided to sell down the sawmill site in Nampula
(Mozambique).
35
35
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M A N U F A C T U R I N G
C A P I T A L
As a business whose operations centre around manufacturing,
Woodbois recognises the opportunities it has to boost both
its sustainability efforts and profitability in the technology
and equipment it chooses. New machinery, for example, is
not viewed as an expense but rather an investment, as more
efficient equipment helps to drive down manufacturing costs
while helping us meet our goals around energy consumption
and emissions. The very nature of our operations also means
we’re well-placed to minimise dependency on fossil fuels.
Our geographical position allows us to benefit from ample
renewable energy sources such as the sun, while the material
we handle every day, wood, can be used to create circular
solutions that meet our own energy requirements.
9.2
9.4
9.a
Promote inclusive and sustainable industrialization and, by 2030,
significantly raise industry’s share of employment and gross domestic
product, in line with national circumstances, and double its share in least
developed countries
By 2030, upgrade infrastructure and retrofit industries to make them
sustainable, with increased resource-use efficiency and greater adoption
of clean and environmentally sound technologies and industrial processes,
with all countries taking action in accordance with their respective
capabilities
Facilitate sustainable and resilient infrastructure development in developing
countries through enhanced financial, technological and technical support
to African countries, least developed countries, landlocked developing
countries and small island developing States
12.2 By 2030, achieve the sustainable management and efficient use of natural
resources
12.5 By 2030, substantially reduce waste generation through prevention,
reduction, recycling and reuse
12.a Support developing countries to strengthen their scientific and
technological capacity to move towards more sustainable patterns of
consumption and production
M A T E R I A L
I S S U E S
-
-
Efficient use of resources
Sustainable and high quality
products
S T R A T E G I G
P R I O R I T I E S
1. Ramp up new machinery and equipment to
drive manufacturing costs down
2. Minimise dependency fossil fuels by using
renewable energy and implementing circular
solutions
36
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New machinery installed in
the Sawmill in Gabon
2
use of current manufacturing
plants
0
introduction of non-native or
invasive species
18,810 m3
volume of logs harvested
2.51 m3/ha
harvesting intensity ratio per hectare
9,357 m3
volume of Woodbois' produced timber
(logs, veneer, sawn timber)
23,932 m3
volume of third party timber traded (logs,
veneer, sawn timber)
33,289 m3
volume of timber traded including third party
and Woodbois (logs, veneer, sawn timber)
42
sawmills providing third-party
timber supplies
0
chemicals & pesticides
100%
of the logs processed in
Woodbois sawmills come
from company-owned
operations
The global pandemic has impacted our
operations and our productivity in 2020
has decreased by 45% in terms of volume
of logs harvested and by 26% in terms of
volume of timber produced. Nevertheless in
the first term of 2021 our performance has
returned to expected pre-COVID levels.
3737
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Indicators
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ANNEXES & REFERENCES
Sustainable production is
the creation of goods and services using
processes and systems that are non-polluting,
conserving energy and natural resources,
economically viable, safe and healthy for
workers, communities, and consumers,
[and] socially and creatively rewarding
for all working people. If production is
sustainable, then the environment, employees,
20
communities, and organisations all benefit.
38
38
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Our facilities
A S S E T O V E R V I E W
Woodbois’ Gabon facilities are located in Mouila, a small rural community
400km from the capital city. We are the largest formal employer and offer
local people skilled jobs with valuable development opportunities.
P R O D U C T I O N A S S E T S
C A P A C I T Y
S A W M I L L & K I L N
Sawmill - 2,000 m3 per month
Kilns - 2,000 m3 per month
V E N E E R FA C T O R Y
1,500 m3 per month
(post installation of new equipment)
Coordinates: 1°52’19.0”S 11°01’22.4”E
Woodbois’ operations in Mozambique are located in Gile/Uape.
M I L L
1,000 m3 per month
Coordinates: 16°09'36’’S 038°05’05’’E
N
O
B
A
G
E
U
Q
I
B
M
A
Z
O
M
39
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Woodbois value chain in Gabon
Woodbois has established infrastructure
to capture a significant part of the value
chain in Gabon.
Sawmill
Kiln-dried
(Woodbois facilities
located by sawmill)
Air-dried
100,000 ha
forestry
concessions
Short-term
storage
Once the goods are packed,
we sell the products into our
extensive customer network
across the globe
Veneer factory
O W N P R O D U C T I O N
T R A D I N G B U S I N E S S
40
S A W M I L L O P E R A T I O N S
With approximately 100,000 hectares under management, Woodbois has been
a significant player in the Gabonese forestry sector for the last two decades.
Investment and innovation are central to maintaining this industry position.
Within its sawmill operations, Woodbois has invested significantly into its leading
sawmill in Mouila, equipping it with the latest European machinery suitable for
African hardwoods, and establishing solid training and development programmes
to broaden the skillset of the local workforce. We’ve also hired industry-leading
forestry professionals to advance this site, and to move the company’s offerings
further along the timber value chain into products such as blockboard.
V E N E E R O P E R A T I O N S
Our veneer operations are also a central company focus, with veneer core to the
Woodbois strategy of capturing the entire timber value chain. Our veneer factory
was completed in 2019 as part of our expansion plan and is also located in Mouila,
just 50 kilometres away from our forestry concessions. Production from the
factory – which employs a significant proportion of women – is exported mainly to
the Mediterranean region, with key buyers in Italy, Morocco and Turkey.
Ms. Inssaf Aliazzi
is the manager in
charge of logistics and
shipping in Gabon.
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Trading
Woodbois responsibly sources
and trades products from several
international – mainly African –
countries. The chart shows the list of
countries we source from.
23,932 m3
O F T I M B E R S O U R C E D F R O M
T H I R D P A R T Y S U P P L Y I N G
M I L L S A N D T R A D E D
R E P R E S E N T I N G 7 2 % O F T H E
T O T A L T I M B E R T R A D E D .
41
0.94 %
Liberia
$107,066
Other
$213,754
1.87 %
17.13 %
Republic of Congo
$1,954,314
Ivory Coast
$1,773,492
15.55 %
2.58 %
Colombia
$294,164
1.23 %
4.25 %
Ghana
$139,973
CAR
$485,061
11.22 %
DRC
$1,279,199
14.70 %
Cameroon
$1,676,611
T O T A L
$11,405,783
Guinea
$2,199,607
19.29 %
Gabon
$1,282,542
11.24 %
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I N T E L L E C T U A L
C A P I T A L
Woodbois is in a unique position to enact meaningful social
and sustainable change through careful consideration of our
intellectual capital. Our material issues – equal rights, conflict
resolution and legal harvesting – can be addressed through
the consistent application of our three key priorities: leveraging
leadership role-modelling to live up to the value of integrity and
transparency; ensuring ethical conduct and anti-corruption best
practices are in place; and ensuring labour rights are met fully.
The following paragraphs outline the work we’ve done in this area
throughout 2020, including the development of a Code of Conduct,
the respect of our forest management plans, and our approach to
our operations in Gabon.
8.8
Protect labour rights and promote safe and secure working environments
for all workers, including migrant workers, in particular women migrants,
and those in precarious employment
15.2 2020, promote the implementation of sustainable management of all types
of forests, halt deforestation, restore degraded forests and substantially
increase afforestation and reforestation globally
15.7 Take urgent action to end poaching and trafficking of protected species
of flora and fauna and address both demand and supply of illegal wildlife
products
15.8 By 2020, introduce measures to prevent the introduction and significantly
reduce the impact of invasive alien species on land and water ecosystems
and control or eradicate the priority species
M A T E R I A L
I S S U E S
-
-
Equal rights and conflict
resolution
Legal harvesting
S T R A T E G I G
P R I O R I T I E S
1. Leverage leadership role modelling to live up to
the value of integrity and transparency
2. Ensure ethical conduct and anti-corruption best
practices are in place
3. Ensure labour rights are fully met
42
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Code of conduct
We monitor and report our environmental impacts, and
5 . S U P P L I E R S , C U S T O M E R S A N D O T H E R B U S I N E S S
ensure that all operations comply with environmental
P A R T N E R S
laws. Our production team strives for continuous
improvement through waste minimisation, efficient
We commit to fair and ethical relationships with suppliers,
resource use and other measures that reduce our
customers and other business partners.
1 . S A F E A N D H E A L T H Y W O R K I N G C O N D I T I O N S
environmental footprint.
We commit to promoting and protecting the safety and
3 . L A B O U R A N D H U M A N R I G H T S
occupational health of our entire workforce above all other
We endeavour to build long-lasting relationships based on
fair selection, clear terms of business, and adherence to
shared principles set out in our Code.
priorities.
We support the United Nations’ Universal Declaration of
We follow established due-diligence procedures that enable
At Woodbois we are focused on providing a safe and
healthy workplace by ensuring that tools and equipment
Human Rights.
us to select business partners who meet legal requirements
and internal expectations in regards to product provenance,
We respect each individual's human rights and follow all
supply chain safety and environmental impact.
are maintained in good order, and by supplying appropriate
employment laws and regulations. We do not tolerate any
personal protective equipment in accordance with
international standards and national laws.
form of workplace discrimination, harassment or physical
Woodbois is committed to purchasing third-party timber
assault, or any form of child, forced, or compulsory labour.
only where it is possible to ensure legal compliance of
All employees receive training to ensure they are
competent and fit to carry out allocated duties. This
includes information about risks and relevant control
measures, procedures for safe evacuations of buildings and
Employees are paid regular and competitive wages, and
logging and irresponsible trade of endangered species.
suppliers. The company unreservedly condemns illegal
Woodbois regularly invests in resources and training to
assist staff who want to develop their full potential.
6 . E Q U A L I T Y
workplaces, and correct use of tools and machinery. We
4 . H O S T C O M M U N I T I E S
recognise that all staff have the authority to halt work if they
consider the action unsafe.
We recognise the importance of community engagement
and shared prosperity.
We commit to creating an inclusive environment where
every colleague is valued.
At Woodbois, all employees are expected to treat each
other with care and respect. We strive to provide employees
2 . E N V I R O N M E N T
We commit to protecting and respecting the natural
environments in which we operate.
We strive to reduce the environmental impact of our global
operations and to help conserve natural resources by
planning and managing operations with a sustainability
focus.
43
We engage with communities at all stages of project
with an environment where they can bring their whole self
planning and development to ensure that local opinions,
to work regardless of gender, race, sexual orientation, age,
feedback, and concerns are properly recorded and
religion or disability.
addressed.
We believe it is possible to deliver real socio-economic
communities in which we operate within our own workforce,
impact through our regional activities by developing
and respect the rights of employees including the freedom
infrastructure, building local skills, and developing people.
of association and collective bargaining.
We seek to reflect the diversity of the regions and
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7 . B R I B E R Y
Financial statements are produced in accordance with
International Financial Reporting Standards (IFRS) as
We stand against bribery and corruption.
adopted by the European Union (EU).
1 2 . I N S I D E R D E A L I N G
We stand against insider dealing.
It is illegal to deal in Woodbois shares on the basis of inside
information or to encourage others to do so.
During the course of their work some employees will have
access to information which could influence someone
contemplating investing in Woodbois shares.
Employees are forbidden from using confidential company
information for personal gain, or from sharing inside
information for the same purpose.
It is not permitted for any Woodbois employee or
1 0 . T A X
representative to give, offer or receive a bribe either directly,
indirectly, or through a third-party business in any dealings.
We commit to paying the right taxes.
8 . T R A D E C O N T R O L S A N D S A N C T I O N S
Woodbois strives to understand and comply with the legal
and regulatory obligations for taxation arising from its
We comply with all applicable trade controls and sanctions in
operations.
the regions where we operate and trade.
The export of timber goods is subject to a range of regulatory
company reporting requirements, including those concerning
requirements in different regions. Woodbois maintains
disclosure to tax authorities and reporting on the tax
constant dialogue with relevant government and trade bodies
payments that we make.
to ensure it satisfies registration requirements, export licence
needs, and all additional legal obligations.
1 1 . P R O T E C T I N G A N D M A I N T A I N I N G A S S E T S
We are committed to full compliance with external and
Woodbois is conscious that governments and international
We recognise the importance of looking after our assets.
organisations may impose international trade sanctions on
countries where the company operates. We are committed to
Employees are responsible for looking after company assets
complying with all trade sanction conditions.
including business opportunities, funds, property, proprietary
information, and personal equipment.
9 . A C C U R A T E R E C O R D S , R E P O R T I N G A N D F I N A N C I A L
R E C O R D K E E P I N G
Employees must take steps to read and understand the rules
regarding unacceptable use of company IT resources and
We commit to publishing accurate and transparent company
comply with the relevant set of rules.
reports.
We endeavour to release regular operational, financial and
permitted by law and as is reasonably necessary to meet
integrated reports for the benefit of company stakeholders.
business requirements.
Woodbois only collects and holds personal information as
44
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Forest management
& plans
All of Woodbois’ forest management plans have been
approved by local governments following preliminary
community consultations and approval processes, and are
strictly followed.
H A R V E S T I N G P L A N S :
Following a 23-year rotation cycle, Woodbois is
allowed to harvest a section of its total concession
area for three years. After these three years, the same
area cannot be touched for 20 years to ensure forest
regrowth.
F O R E S T I N V E N T O R Y :
To ensure selective cutting of commercial species,
we carefully quantify and locate exploitable forest
resources, with particular emphasis on social aspects
as well as protecting natural biodiversity. Each of our
trees is tagged and geo-monitored so we can actively
track tree species, volume and the quality of what we
cut.
L O G G I N G A C T I V I T I E S P L A N :
Vital to minimise the impact of roads.
W A T E R U S A G E
F O R E S T C O N S E R V A T I O N :
Areas not in production are protected by Woodbois
from illegal logging activities or other uses, such as
agriculture.
45
Forest management plans allow us to track how many cubic metres of timber have been extracted while monitoring the
impact our operations have on the environment, and ensuring we operate responsibly.
M A N A G E M E N T P L A N – 3 , 5 0 0 H A
E A C H T R E E is individually identified and
its location recorded by GPS within the
concession area
In a single hectare plot, the Company is
typically only allowed to cut 6 T R E E S
A F T E R 2 0 Y E A R S
you can re-enter the
forest and the exact same
exercise is carried out
1 H A
This method of forest management is called
Continuous Cover Forestry – when taking
out an individual tree in an area, you open
canopy to allow smaller trees to grow.
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This map shows Woodbois’ management plan in Gabon for 2020.
Forest operations in Gabon
• Woodbois holds eight Forest Permits in central Gabon in the province of Ngounié, north-east and
south-east of the community of Mouila.
• The management plans, approved by the administration in charge of waters and forests, define
the harvesting plan for the areas.
• The inventory plan determines the stocks of harvestable timber and their location; how to track
and mark trees to be harvested or protected; and how to establish the route of potential roads.
• The inventory is recorded by systematic sampling.
• The counting operation consists of identifying the species of trees; measuring diameter;
numbering trees via the placing of a plate; geolocating each tree via GPS; and assessing the
quality of all applicable trees that have reached the minimum diameter size for harvesting.
• The harvesting plan for 2019 covers a total area of 3,762 ha. The most common tree species
are Ilomba (Pycnanthus angolensis), Ebiara (Berlinia bracteosa), Dabema (Piptadeniastrum
africanum), Mahogany (Khaya ivorensis), Ovang-Kol (Guibourtia ehie) and Okoumé (Aucoumea
klaineana). We are also permitted to harvest from the 2019 management plan.
46
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H U M A N
C A P I T A L
We recognise the value of our people, which is why we are
committed to ensuring the sustainability of our workforce just as
we are the sustainability of our environment. Health and safety
is our top priority. Everyone has the right to feel safe at work, and
taking steps to mitigate accidents also helps to ensure the smooth
flow of our operations. We invest in the continued professional and
personal development of all of our staff, thus helping to strengthen
local communities as well as Africa’s wider social landscape.
We ensure fair compensation, diversity and inclusion throughout
the organisation, and are proud to proactively fight any kind of
discrimination.
47
8.8
8.8 Protect labour rights and promote safe and secure working
environments for all workers, including migrant workers, in particular
women migrants, and those in precarious employment
9.2
Promote inclusive and sustainable industrialization and, by 2030,
significantly raise industry’s share of employment and gross domestic
product, in line with national circumstances, and double its share in least
developed countries
12.a Support developing countries to strengthen their scientific and
technological capacity to move towards more sustainable patterns of
consumption and production
M A T E R I A L
I S S U E S
- Wages and benefits
Training and education
-
- Health and safety at work
S T R A T E G I G
P R I O R I T I E S
1. Make the health and safety of all employees
2.
a key priority
Invest in continuous professional and
personal development
3. Ensure fair compensation, diversity and
inclusion, and procatively fight any kind of
discrimination
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276
total number of employees
233
men
43
women
84%
% of men
16%
% of women
20%
% of women in board positions
31%
% of women in senior manage-
ment positions
54
permanent employees work-
ing in the production facilities
in Gabon and Mozambique
205
fixed-term and seasonal
employees working in the
production facilities in Gabon
and Mozambique
48
48
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Indicators
XX
women (19%)
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O U R C O M M I T M E N T
Woodbois is committed to:
• Respecting human rights including the rights of
indigenous and local communities.
• Gender inclusion i.e. supporting the inclusion of
women across forestry operations.
• Providing essential community services and
facilities.
• Respecting worker and labour rights for both
fulltime and contract employees, including the
right to decent work and freedom of association.
• Preventing employment and occupation-related
discrimination based on gender.
• Paying at least minimum wage.
• Ensuring ethical and fair conduct and fighting
corruption.
WOODB OIS' COMMITMENT TO HUM AN R IG HTS
A ND TO ADDRESS OC CUPATIONAL HEA LTH
A ND SAFETY APPLIES TO ALL SUPP LIERS.
Aligning to international
best practices
Inclusion
Woodbois pays female employees the equivalent of 81% of
With the ambition to become a market leader, Woodbois has
a male employee’s salary in Gabon and Mozambique, which
continued to recruit high-quality personnel and train its staff to
is above the national average. (Source: Gender Gap Africa).
the highest standards.
As a socially responsible company, Woodbois aligns to
international best practices such as the Fundamental ILO
Core Conventions, ILO Code of Practice Safety and Health in
Forestry Work, the UN Declaration on the Rights of Indigenous
Peoples, and the United Nations Declaration on Human Rights.
We are committed to extending these international best
practices to all of our sourcing and suppliers.
In the second half of 2020, the company began providing
educational training around issues such as:
• human and workers rights
• ethical conduct
• eliminating gender inequality within our workforce.
In 2021, the company further formalized this process by hiring
a dedicated ESG manager (Richard Feteke) in Gabon who will
supervise this initiative.
Woodbois continues to be committed to reducing the gender
pay gap and to supporting the inclusion of women across all
our forestry operations.
Our company is an equal opportunity employer, encouraging
skills development through a number of channels. Eliminating
discrimination starts with dismantling barriers and ensuring
equality of access to training. We are committed to preventing
employment- and occupation-related discrimination based on
gender, and believe this is an essential prerequisite for building
resilient and socially-minded economies.
Woodbois' commitments apply to all suppliers.
Olivier Normand is Head of Performance Management.
Olivier has a Master's degree in aerospace engineering, is
a Master in continuous improvement and Lean 6 sigma,
and has over 30 years' experience managing, optimising
and coaching performance improvement through the
application of standardisation and lean manufacturing
techniques. Olivier reports directly to the CEO and to the
Gabon Country Head.
Woodbois pays
49% above the
local minimum wage.
49
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Health and safety
Woodbois takes health and safety seriously. Workplace
In addition to formal training, we embed an ethos of learning
injuries are more than just days of lost work; we understand
and education throughout our daily operations, with all
injuries come with significant human costs that can affect
employees receiving ongoing training on new best practices,
the employee, their family and loved ones. Woodbois has
safety and techniques, ensuring our workplace operates as
invested significantly in best practices, safety equipment and
efficiently as possible while bolstering the skills and personal
training to embed and consistently communicate a strong
development of all of our staff. During the challenge of the
culture of safety. Local workers at all our forestry operations
coronavirus pandemic, and with lockdowns reducing the
are trained to safely operate working machinery and sawmill
number of employees permitted at Woodbois sites, we
equipment, and taught to drive and maintain tractors, trucks
identified an opportunity to invest in this by implementing a
and other vehicles. In 2020, Woodbois provided various
continuous improvement initiative and we are proud to have
training opportunities for employees in Gabon, with a total of
kept our team safe during the pandemic while strengthening
20 people receiving formal training over a period of between
the company and delivering value to shareholders.
two weeks and one month.
1 , 4 2 0 H O U R S O F T R A I N I N G I N 2 0 2 0
N O W O R K - R E L A T E D F A T A L I T I E S W E R E R E C O R D E D
1 8 T O T A L I N J U R I E S I N T H E W O R K P L A C E
9 . 2 5 % T O T A L R E C O R D A B L E I N J U R Y F R E Q U E N C Y
R A T E ( T R I F R )
50
Health and Safety
Improvement in our
Industrial facilities in
Mouila
Since December 2020 we have conducted a daily follow up
of ‘near misses’ and accidents.
We also began root cause analysis and implemented action
plans for recurring accidents in order to eliminate them. Our
approach is about first mitigating risk through a change of
process or an engineering measure (e.g. new safety guard).
If the risk cannot be eliminated we conduct a documented
risk assessment, provide additional PPE (all operators are
provided with PPE from day one) and train the operator(s) in
managing the risk.
After each accident, on top of the required legal documents,
we complete an internal accident form (omitting the name
of the injured for privacy reasons), which serves as a log of
the accident, the reason for it and most importantly guides
an action plan to avoid the recurrence of such an incident in
future. These reports are shared on a monthly basis with our
headquarters.
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Grievances
Woodbois has an established company-wide grievance
framework that is accessible to both internal and external
stakeholders. It is our policy to ensure that all employees
have access to procedures to help deal with any workplace
grievances fairly and without unreasonable delay. This policy
applies to all employees regardless of their length of service
and can be found on the Woodbois website.
The chart below outlines our process for how we address local community grievances:
Local community
formulates grievance
Official letter from
legally elected
community leader
T H E S E G R I E V A N C E S
C O U L D R A N G E F R O M
P O T E N T I A L L A N D I S S U E S T O
C O M M U N I T Y C O N F L I C T S .
A grievance hearing
takes place between all
representative leaders
of the community at a
special sitting attended
by a senior management
representative of our
company
Community service
project created to address
grievance and best help
the whole community
The grievance is settled
and agreed upon, taking
stakeholder perspectives
into account
The company conducts
a thoughtful follow-up
of issues addressed and
projects implemented
with the community
Whistleblowing procedures
• Employee becomes aware of any malpractice, and
reporting a potential malpractice to their Line Manager, they
immediately reports it to their Line Manager.
are encouraged to raise any concerns directly with the Group
• The Line Manager notifies the Group Compliance Office
Compliance Officer, the Chairperson of the Audit Committee
(the Chief Financial Officer will act as Woodbois’ Group
or the Company Secretary, any of whom will investigate the
Compliance Officer).
matter promptly, confidentially and sensitively.
• The Line Manager is responsible for initially investigating
• The whistleblower will usually be invited to attend an
all matters reported to them, in a prompt, confidential and
investigation meeting to discuss their concerns.
sensitive manner.
• The Group Compliance Officer will provide formal feedback
• The Line Manager provides formal feedback to the
to the employee and Audit Committee of the investigation,
employee and Group Compliance Officer of any investigation
and resulting actions will be taken.
conducted and the resulting actions taken.
• If the employee feels the matter has not been resolved to
their satisfaction, they can raise their concerns directly with
the Group Compliance Officer.
• In instances where the employee does not feel comfortable
51
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R E L A T I O N A L &
S O C I A L C A P I T A L
Woodbois’ trading network comprises some 300 customers across more than
60 countries. We place a high value on these connections, and we aim to foster a
relationship of trust and security with our customers and suppliers.
M A T E R I A L
I S S U E S
Responsible sales and marketing
-
- Developing local economies
S T R A T E G I G
P R I O R I T I E S
1.
2.
Invest in long term partnership with selected
timber suppliers embracing the same ethical
and sustainability principles
Invest in services and facilities for local
communities
3. Develop strong relationships with local
administration and Government
4. Strengthen sales efforts with African clients
52
8.8
9.2
17.7
17.11
17.16
17.17
1.2
4.4
4.a
Protect labour rights and promote safe and secure working environments
for all workers, including migrant workers, in particular women migrants,
and those in precarious employment
Promote inclusive and sustainable industrialization and, by 2030,
significantly raise industry’s share of employment and gross domestic
product, in line with national circumstances, and double its share in least
developed countries
Promote the development, transfer, dissemination and diffusion of
environmentally sound technologies to developing countries on favourable
terms, including on concessional and preferential terms, as mutually agreed
Significantly increase the exports of developing countries, in particular with
a view to doubling the least developed countries’ share of global exports by
2020
Enhance the global partnership for sustainable development,
complemented by multi-stakeholder partnerships that mobilize and share
knowledge, expertise, technology and financial resources, to support the
achievement of the sustainable development goals in all countries, in
particular developing countries
Encourage and promote effective public, public-private and civil society
partnerships, building on the experience and resourcing strategies of
partnerships
By 2030, reduce at least by half the proportion of men, women and
children of all ages living in poverty in all its dimensions according to
national definitions
By 2030, substantially increase the number of youth and adults who have
relevant skills, including technical and vocational skills, for employment,
decent jobs and entrepreneurship
Build and upgrade education facilities that are child, disability and gender
sensitive and provide safe, nonviolent, inclusive and effective learning
environments for all
5.1
End all forms of discrimination against all women and girls everywhere
S U P P O R T I V E
S D G ' S
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23,932 m3
third party timber traded (logs, veneer,
sawn timber)
33,289 m3
timber traded including third party and
Woodbois (logs, veneer, sawn timber)
By 2030, Woodbois' suppliers
will have to be in compliance
with timber and pulp sourcing
commitments.
100%
of our third-party supply
is traceable (documents
regarding country of origin
and FMU are provided)
29%
of our suppliers are third party
certified
42
sawmills providing third-
party timber supplies
53
WOODBOIS LTD | Integrated Report 2020
Responsible
trading & sourcing
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Due diligence process
Woodbois only sources forest products from partners who have succeeded in passing a due diligence process for legal and
responsible forest product sourcing. To work with any supplier of timber, Woodbois requires information and documentation
regarding the source of the timber including tree species, wood origin and compliance with national laws and regulations.
1 - S U P P L I E R S
2 - S H I P M E N T
3 - B U Y E R S
Suppliers Since 2013, Woodbois
Documents required:
Buyers sometimes provide their
has run a due diligence process
• Bill of Lading (BL) from the shipping
own supply chain mapping
inspired by EUTR/ FLEGT,
which includes a checklist of
company.
to ensure responsible timber
• CITES certificate if necessary
purchases.
documents required for screening.
(created by Woodbois using supplier
This process is done at the
export codes).
beginning of each year for existing
• Movement certificate (EUR1 for EU
suppliers and at the start of any
collaboration with new suppliers.
trade; Certificate of Origin if shipment
is anywhere else in the world).
• Act of Merchandise Transit
(Circulation de Merchandise).
• Phytosanitary certificate.
A Woodbois controller in the field verifies that suppliers comply with the due diligence process and wood
quality standards on a regular basis, and then drafts a monthly report. If third-party suppliers do not meet
Woodbois’ selection criteria, they are placed on an exclusion list which forbids our traders from conducting
business with them. This exclusion list is updated on a bi-annual basis.
54
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To confirm that none of the wood traded by Woodbois is on
the CITES species list, our traceability process allows us to
track products across their entire journey, from the forest to
manufacturing to final export. We trace both our raw material
and processed timber back to the country of harvest. Any
timber handled by Woodbois in any form requires a certificate
of origin; neither ourselves nor our logistics providers or
customers will handle timber that does not have a certificate
of origin identifying its country of harvest. In collaboration
with South Africa-based WorkPool, we have developed
software allowing our trading and operations teams to collect
all trading-related data, from inputting a simple sales or
supplier enquiry all the way through to issuing invoices. This
software allows us to quickly identify any supplier with out-
of-date documentation, so we can eliminate them from our
supply chain until their paperwork has been renewed.
We're also continuing our collaboration with DiginexESG,21
a financial services and blockchain technology company,
building a blockchain-based solution to help companies and
investors manage ESG company risks, making sustainability
reporting more transparent, secure and immediate. The
DiginexESG platform has been used by the Woodbois
executive team for monitoring and validation of the
company’s 2019 and 2020 ESG disclosures in line with the
Global Reporting Initiative (GRI) Standards.
Traceability &
transparency
55
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The Open Timber Portal
As a Gabonese producer we are looking to align
ourselves with the OTPs goals as quickly as possible in
the immediate term. We’re proud to be the fastest-acting
producer in Gabon to begin the upload of documentation
to the portal and are aiming for at least 75% completion
this year. Any further increase in transparency within
the timber space in the Congo Basin is welcomed by
Woodbois as it helps both our production business as
well as our trading business as we increasingly look to
source from third parties.
We are keen to implement the use of OTP for our third-
party trading business as we on-board new suppliers
and renew documentation for existing suppliers. In
the medium term, we’re aiming to include a policy that
states we will only work with third parties that can
demonstrate a certain score in the OTP. We also intend
to develop a service to help like-minded suppliers and
producers improve their internal processes in order to
increase their own transparency scores.
The report for 2020 is available at this link
https://opentimberportal.org/operators/100151 22
56
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Engaging with local
communities
O U R C O M M I T M E N T
We strive to look after our employees, their families
and the communities in which they live. Our teams
are actively engaged in community consultations to
ensure we respect local customs and our contributions
have meaningful value (FPIC procedure reported in
the Annex). This commitment extends to respecting
legal and traditional land rights; for example, our
forestry concessions are a direct result of community
consultations. Local stakeholders help designate
• Enabling sustainable use of non-timber
and map agricultural land for local use, dedicate
forest products (NTFPs) by local
communities.
• Free Prior and Informed Consent (FPIC)
and the inclusion of Indigenous Peoples.
• Respect legal and customary land tenure
rights.
• Provide business and work opportunities
for local communities.
OUR COMMITMENTS APP LY TO ALL
SUPPLIERS.
areas for specific crops and provide education and
information related to the hunting seasons. In some
cases, we have established contractual agreements
with communities to ensure we respect and align with
local needs and customs. Woodbois is also financially
contributing to the development of villages Saint-
Martin and Mboukou.
In 2020, Woodbois donated 2,400 m3
of lumber to the villages of Mboukou and
Saint-Martin. We also provided 4115
litres of diesel to the villages in our
harvesting area.
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Our contribution during the
COVID-19 pandemic in Gabon
Like all countries in the world, Gabon faced a major and
unprecedented health crisis in the fight against the COVID-19
pandemic. However, it also afforded us some opportunities.
The geographical diversity of the management team means
that we were already used to communicating remotely,
but the switch to screen-sharing functionality on Zoom will
bolster future communication when it comes to travel and
commuting. A reduced number of employees at specific
locations also allowed us to create additional efficiencies
as we adapted our processes and working schedules
accordingly.
Recognising the potential impact the company could have on
the lives of those in its local communities, Woodbois initiated
a food donation programme for residents within the Douya-
Onoye and Tsamba-Magotsi regions. The company organised
and distributed more than 35 tonnes of food kits made up of
rice, poultry, tinned fish and oil. In doing so, Woodbois was
able to help families avoid making non-essential trips to urban
areas, thereby limiting the spread of COVID-19.
58
Food distribution for the
villages of Mboukou, St
Martin, Moalo, Megabe
and Mokongolo.
250 bags of rice
250 carton of poultry
150 cans of oil
150 boxes of pasta
100 sardine boxes
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N A T U R A L
C A P I T A L
13.1 Strengthen resilience and adaptive capacity to climate-related
hazards and natural disasters in all countries
The inherent nature of our business means that our natural capital is a central focus
of our sustainability efforts. We face significant material issues: climate change,
protection of biodiversity, protection of land (and ensuring soil and water safety),
greenhouse gas emissions and overall energy usage. As such, responsible and ethical
15.2 2020, promote the implementation of sustainable management
of all types of forests, halt deforestation, restore degraded forests
and substantially increase afforestation and reforestation globally
forestry sits at the heart of our operations, driving our key priorities of protecting
15.5 Take urgent and significant action to reduce the degradation of
forests from illegal harvesting, preserving animal habitats and biodiversity, employing
soil management best practice, and integrating activities to enable a transition to net
zero emissions.
Woodbois is committed to responsible and ethical forestry. We aim to enhance the
benefits healthy forests bring to our ecosystems, while recognising the subsistence
needs and customary rights of local communities and indigenous peoples.
In 2019, Woodbois began using Global Forest Watch, an online platform that provides
data and tools for monitoring forests. By taking data from various satellites, Global
Forest Watch can give real-time information on forest fires and other potential
deforestation situations. We will continue to use Global Forest Watch to monitor
activity in our concession areas.
This includes:
• Protecting forest areas against deforestation, degradation and conversion
for unauthorised or illegal resource use, settlement and other prohibited activities.
• Restoration of non-compliant deforestation and conversion.
• Implementing a landscape-level approach to preserving animal habitats and biodiversity.
• Permitting no hunting, or permitting sustainable hunting and fishing only.
• For any present and future potential plantation timber suppliers to not plant on peat land.
• Adopting the High Carbon Stock approach to any future potential plantation timber
suppliers.
natural habitats, halt the loss of biodiversity and, by 2020, protect
and prevent the extinction of threatened species
15.7 Take urgent action to end poaching and trafficking of protected
species of flora and fauna and address both demand and supply of
illegal wildlife products
15.8 By 2020, introduce measures to prevent the introduction and
significantly reduce the impact of invasive alien species on land
and water ecosystems and control or eradicate the priority species
M A T E R I A L
I S S U E S
- Climate change
Biodiversity
-
Protection of land (soil and
-
water safety)
- Greenhouse gas emissions
-
Energy usage
S T R A T E G I G
P R I O R I T I E S
1. Protect forests from illegal harvesting
2. Preserve animal habitats and biodiversity
3. Employ soil and peat management best
4.
practices
Integrate activities to enable transition to
net zero emissions
• Not working with suppliers that use GMO (genetically modified organisms).
As of 2020, the Company does not have any peat land area in its landbank
Our commitments apply to all suppliers.
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Our carbon analysis from 2020
indicates a decrease in fuel
consumption and consequently GHG
emissions. However, since production
in 2020 decreased because of
the global pandemic it is difficult
to compare this data with that of
previous years.
*
Diesel assumed to be 100% mineral diesel Petrol assumed to
be 100% mineral petrol
Biomass assumed to be wood chips
GHG Protocol Website: "NCASI Spreadsheets for Calculating
GHG Emissions from Wood Products Manufacturing Facilities
Workbook Version 1.0"
E N E R G Y C O N S U M P T I O N
2019
2020
Diesel consumption on the ground and
in processing facilities (GJ HHV)
30,150
24,506
Petrol consumption on the ground and
in processing facilities (GJ HHV)
280.77
201
Total energy consumption from fuels
(diesel, petrol) (GJ HHV)
30,430
24,708
Total energy (fuels and electricity)
intensity ratio per final production
(logs) (GJ HHV/m3)
0.89
1.31
Direct (Scope 1) GHG emissions for use
of fuels
tCO2e
Biomass converted into energy
t
Other indirect (Scope 1) GHG emissions:
on-site biomass incineration
tCO2e
2019
2020
2,277
1,849
1573
92.84
1250
72.94
Volume of logs harvested
m³
34,361
18,810
Total GHG emissions intensity
tCO2e/m³ logs
0.07
0.10
Volume of Woodbois' produced timber
(logs, veneer, sawn timber)
m³
12,717
9,357
Total GHG emissions intensity
tCO2e/m³ timber
0.18
0.20
60
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Indicators
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Transparency
In 2020, Woodbois was again recognised for its
sustainable activities in the Sustainability Policy
Transparency Toolkit ('SPOTT'') ESG policy transparency
assessments for the worldwide timber and pulp
industries. In the annual assessment, Woodbois was
ranked third out of more than 100 companies by SPOTT,
and highest amongst the public companies. This was
our second year of assessment and saw the company
move further up the rankings, reflecting our efforts to
improve the standards of our ESG policies, and provide
transparency and good governance alongside our
sustainability-focused operating model.
R A N K E D # 3
O N S P O T T ’ S E S G P O L I C Y
T R A N S P A R E N C Y A S S E S S M E N T S
F O R T I M B E R A N D P U L P
61
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Forests management
and climate change
Our forest management and responsible sourcing
practices have a direct impact on SDG 15 and on
our ability to preserve the forest environment while
supplying wood and wood products in the long term.
Inadequate and aggressive management practices
could affect the potential of the lands where we operate,
reducing the positive impact on local communities in
terms of resources and job opportunities.
Sustainable forest management plays a two-fold role
in mitigating climate change. Firstly, forests absorb
O U R C O N T R I B U T I O N
• We protect our forests to reduce deforestation and
degradation, by 2030 we aim to eliminate it altogether.
• We take firm action against deforestation, harvesting
fewer trees than management plans permit, and
working on a 23-year rotation plan that ensures the
regrowth of harvested forest and maximises carbon
absorption.
• We work closely with governments and local
communities to address illegal activities, helping
to ensure that forests are protected and that their
productive capacity is optimised in the long term.
• We strictly follow both national and international
regulations and standards for flora and fauna
protection (CITES, IUCN), and commit to zero
carbon dioxide from the atmosphere and transform it
conversion of natural forests.
into biomass via photosynthesis. Secondly, sustainably-
managed forests are critical in addressing the
environmental impacts of droughts, floods, storms and
forest fires, all of which are expected to intensify as
climate change progresses.
• To avoid unsustainable and non-compliant use of
forest resources, Woodbois donates a significant
volume of logs to local communities.
• By sourcing and manufacturing wood and wood
products we offer an alternative to less sustainable
products.
• By 2030 Woodbois plans to no longer work with any
suppliers that take part in deforestation or conversion.
WOO DB OIS' COM MITM ENT TO Z ER O D E FOR ES TAT I ON
OR ZE RO C ONVE RSION OF N AT UR AL EC O SY S TEMS
AP P LIES TO A LL SUP PL IERS .
62
By pursuing sustainable forest
management, Woodbois aims to
help reduce the negative effects
of climate change on forests and
forest-dependent people, while
at the same time ensuring that
forests can fulfil their key role in
mitigating climate change.
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OUR F ORESTS IN GA BON SE QUEST ER O VER
160,000 TONNES CO 2e PER YE AR (assuming 1.69
tonnes CO2e sequestered per hectare per year and
considering 8-10 hectares of forests harvested).23
OUR F OREST IN MOZAMBIQUE SEQ UES TE RS
186,00 0 T ONNES CO 2e PER YEAR (assuming that
intact natural African forests sequester 0.6 tonnes CO2e
per hectare per year).24
O U R C O M M I T M E N T
• Best management practices for soils and peat to
minimise the use of chemicals, including pesticides
and chemical fertilisers, to no use of World Health
Organisation (WHO) Class 1A and 1B pesticides and
Improvement of the
Operations
chemicals listed under the Stockholm Convention and
To reduce our carbon footprint, we monitor our
Rotterdam Convention.
• Reduced-impact logging.
• Zero burning in the forest.
In 2020, 0% illegal and non-compliant deforestation was
• Protecting natural waterways with buffer zones.
• Developing a complete climate change risk
reported. If non-compliant deforestation or conversion
assessment. This includes identifying climate-related
occurs in the future, Woodbois is committed to the
risks that are relevant to the company, and proposing
energy consumption on a weekly basis and take
relevant action when it increases (e.g., equipment
maintenance and repair). We endeavour to increase
production without increasing our footprint. In
partnership with the commercial team, we monitor
our wood recovery rate on a daily basis, and have
seen a 4% improvement in three months. We
improved our sawing quality and waste reduction by
organising training workshops with saw operators.
We also found new markets for undersized boards,
upcycle and recycle small pieces of wood for the
measures that should be made at the forest
management unit in Gabon.
• Developing a Natural Capital Assessment based on
the protocol provided by the Natural Capital Coalition.
We are engaging with consultants who can help
us perform more detailed High Conservation Value
hobby market, and use our waste wood to generate
(HCV) and Social and Environmental Impact (SEIAs)
energy for our kiln and boilers.
assessments.
OU R C OM MIT MENT S AP PLY TO A L L SU PP L IE RS .
Additionally, we have improved the maintenance
and operational time of our equipment and we
conducted an awareness training session on diesel
consumption for all of our drivers.
restoration of the areas involved.
The company is already working with the Gabonese
government and by 2025 will not accept any form of
deforestation.
Woodbois is constantly monitoring climate change and
has identified a list of specific parameters to measure
over time, including:
• Temperature increases which could impact the
dynamics of local flora and fauna;
• Rainfall changes which could lead to flooding and
soil saturation.
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Waste management
Woodbois does not use chemicals or pesticides to manage
waste. Wood waste is shared with all neighbouring villages
(2400 m3 in 2020) and the remaining wood waste is used as
biofuel for the veneer factory and kilning operations (1250
tonnes in 2020).
Use of chemicals
Woodbois doesn’t use chemicals in any forestry, sawmill or
veneer operations, including pesticides and chemical fertilisers
(i.e. World Health Organisation Class 1A and 1B pesticides
Minimising the impact of logging roads
The dense, compact surface of logging roads prevents
rainwater from soaking into the ground, causing soil
erosion that can carry fertile topsoil away from forests
and into streams, polluting water resources and making
it difficult for harvested forests to regenerate. Woodbois
minimises the impact of logging roads by basing main
tracks, wherever possible, on existing roads and elephant
paths, and avoiding secondary roads unless absolutely
necessary. Our forestry management plan creates
new roads efficiently and carefully, with infrastructure
dimensions minimised as much as possible while adhering
or chemicals listed under the Stockholm Convention and
to safety and sunlight rules. Watercourse crossings are
Rotterdam Convention), chlorine or chlorine compounds.
constructed without raising the water level, which could
To capture and dispose of pests, we use an integrated
management approach with non-chemical devices.
potentially lead to flooding upstream and the destruction
of forest. Bridges and other structures are planned and
constructed according to varying seasonal flows.
Firefighting
At Woodbois, we believe the best approach to reducing the risk of
wildfires is preventative firefighting. Our proactive three-pronged
approach – effective weed control, firebreak construction and ring-
hoed trees – drastically reduces fuel loads prior to the dry season.
By engaging local communities to identify potential hot spots, we
ensure fires are kept to a minimum. Our preventative approach is
extremely effective; Woodbois has never lost a single tree to fire in
any of its project areas.
64
S U S T A I N A B L E F O R E S T
M A N A G E M E N T P R A C T I C E S
= healthy forests
= more resources & job opportunities
Crucially, harvesting only takes place along carefully laid
out skid trails. After harvesting, skid trails are rehabilitated
to avoid permanent soil compaction and roads are closed
to prevent poaching and illegal settlements. In just a few
months, skid trails and harvesting gaps are covered by tree
regeneration, while roads disappear after a few years due to
the natural regeneration of pioneer tree species. Woodbois is
committed to using best-in-class practices to minimise the
impact of logging on the surrounding environment.
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The value of wood products within
the circular economy
The forest products value chain is a prime example of a circular economy.
• Approach To Enhancing Economic and Nature-Capital Impact
• Substituting conventional building materials for mass
timber reduces construction phase emissions by 69%.
•
80% less CO2e emitted when manufacturing a
wooden table than a plastic table. (purely on
• Substituting conventional building materials with wood
in half of new urban construction could provide 9%
of global emissions reduction needed to meet 2030
targets for keeping global warming below 1.5 °C.
emissions factors).
• As an added benefit wooden furniture also stores
carbon at a rate of 1t per 1m³ for its lifetime.25
Weight of the table
Hardwood Wooden Table
Plastic Table
32 kg
16 kg
Emissions due to the
production of the table
10.0 kg CO2e
49.7 kg CO2e
,
pair
• The forest product value chain
Presented by WBCSD Forest Sector
SDG Roadmap
A V O I D E D E M I S S I O N 3 9 . 7 k g C O 2e
• Woodbois’ approach to enhancing economic and nature-capital impact
Expand production capacity and
hectares of forest under management.
Woodbois wishes to increase its hectares
under management to further enhance the
benefits to all stakeholders.
1
Certification of natural forests.
The Company is currently working with PPEFC
and has started the process of consultation.
5
2
Reforestation in the form of plantation
or natural forest alongside partners.
Woodbois is exploring reforestation
solutions for available degraded land
with corporates to identify carbon credit /
offsetting opportunities.
65
Source diagram: European Commission
Reduce timber waste.
In moving along the value chain,
Woodbois seeks to reduce its waste,
further enhancing its role in the Circular
Economy mandate created by the Bio-
Economy Alliance.
4
3
Capital expenditure to move further
along timber value chain.
Woodbois has extensively expanded it’s
sawmill and built a veneer factory in Mouila.
The Company has committed to investing
more capital to move along the value chain
providing more skilled work for the local
community.
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Mozambique:
reforestation project
update
R E F O R E S T A T I O N A C T I V I T I E S I N T H E
M A D E I R A S S L C O N C E S S I O N
Opening holes for pillars
Preparation of the soil. Demarcation of the beds
Placing ceiling pillars
FSC Certification
Woodbois has FSC chain of custody certification in
Denmark and has initiated its journey towards FSC
Certification in 2020, as well as engaging with the
Programme de Promotion de l’Exploitation Certifiée
des Forêts26 (PPECF).
Within the next ten years Woodbois is committed to:
• Gaining FSC certification for 100% of our FMUs.
• Sourcing only wood/wood fibre that meets FSC
Controlled Wood requirements.
• 100% third-party verification for FMUs.
• Sourcing only wood/wood fibre that is in legal
compliance, as verified by a third party.
57ha
of forest have been
restored.
66
WOODBOIS LTD | Integrated Report 2020
Pillar plantation
Covering process
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Our planted tree species survey was conducted
by GPS, enabling us to track annual growth and
silvicultural treatments for each species planted.
This data will be updated annually to help monitor
increases from replanting or reduction from
death. The survey will be replicated at other
concessions.
Opening holes for pillars
Chanfuta in natural regeneration weeks after the fire
F I L L I N G P L A S T I C V A S E S W I T H
S O I L
During this reporting period, an additional
1,470 plastic vases were filled with soil, creat-
ing a total of 4,900 soil-filled vessels.
Placing ceiling pillars
S O W I N G
The 1,470 pots were planted across three
beds (490 in each): two in Umbila and one in
Flowerbed
Umbaua, as shown in the images below.
I R R I G A T I O N
Irrigation is a continuous activity carried out
day-after-day that will be gradually reduced as
the seedlings gain strength in their stem in the
nursery.
U M B I L A S E E D P R O C E S S I N G
( C A P S U L E R E M O V A L )
The umbila seed is protected by a capsule
requiring a superficial burn to remove its thorns.
C U L T U R A L T R E A T M E N T S
Using a pointed piece of wood, the soil was
scarified (flushed) in the pot and weeds were
removed, the aim of which is to obtain well-
formed and healthy seedlings during their
development.
F I R E B R E A K S
Although some activities take place
simultaneously, as in the case of irrigation
and reseeding, the process of opening a fire
break around the reforested areas previously
devastated by the fire also started with a short-
handled hoe.
J A R D I M Z A M B É Z I A – G I L É A N D
M O N T A R A F O R E S T
In the Jardim Zambézia - Gilé and Montara Forest
Concessions, the ongoing activity consists of
weeding other closest competitors around the
plants using a short-handled hoe, whose purpose
is to reduce the competition between the plant and
weeds in the absorption of water, nutrients and
Umbila seed protected by a spiny capsule
Chanfuta Nursery. Scarification process
(fluffing) of the soil and elimination of weeds
in the pots
Firebreak opening process
R E S E E D I N G
Reseeding was undertaken in pots where
seeds did not germinate in the first sowing, as
illustrated in the following images.
67
Example of some vessels subjected to reseeding
mineral salts from the soil.
Plants without weeds or other competitors
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Establishment of new afforestation -
reforestation & carbon credit division
The Voluntary Carbon
Market (VCM)
Woodbois has identified an attractive commercial
The entry into the carbon credit market also has the potential
opportunity to deliver reforestation projects at scale in Africa
to play a major role in future growth. With more than 1,600
• The 2015 Paris Agreement, signed by 196 states, set out
a commitment to limit temperature rise to 2°C above
while generating carbon credits for corporate bodies in the
companies with revenues exceeding a combined total
pre-industrial levels;
expanding Voluntary Carbon Markets. The new initiative –
of more than $11 trillion committing to net zero carbon
which is part of the company’s Reforestation and Carbon
emissions by 2050,28 and Mark Carney’s UN backed-
Credit division which has been officially launched in 202127
taskforce29 mandate to bring the Voluntary Carbon Market
– will answer growing calls for high quality nature-based
to scale, this market is forecast to grow significantly over
carbon sequestration projects, contributing to a wider global
the coming years. Woodbois believes that its entry into this
• The 2°C limit is a critical threshold beyond which
scientists predict the earth would suffer irreversible
damage;
• GHG emission commitments are NOT on track to meet
Paris agreement goals;
• Corporations have a central role to play in meeting global
effort to address the ecological and socio-economic stresses
important and growing market will bring multiple synergies,
emissions targets;
posed by climate change.
as well as providing a valuable add-on to the company's
• Climate scientists have made it clear that a deep
existing sustainable forest management operations.
transformation is needed to achieve climate goals ;
Woodbois wants to actively involve local governments and
communities in all stages of these types of projects. The
business will provide invaluable environmental, social and
economic benefits to the local communities, and support
emerging national efforts to build green economy initiatives
in Africa. The strong focus on climate, biodiversity, local
skilling and employment is expected to further boost
the company's standing as one of the best-in-class ESG
investments.
68
•
It is universally agreed that carbon credit markets are a
significant part of the solution;
• The carbon offset demand is expected to multiply 20
times by 2030 and 130 times by 2030;30
• Large scale sequestration projects will be required to
supply carbon credits to meet rapidly growing demand;
• Forest preservation and reforestation are currently
the most effective ways to remove carbon from the
atmosphere;
• Timber is the only construction material that stores
carbon;
• Hardwood as a commodity is likely to become an
increasingly-valuable and inflation-proof asset class;
• Woodbois sustainably manages one million acres of
forest.
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Woodbois Reforestation
and Carbon Credit Plan
in Gabon
Woodbois is committed to engaging in reforestation
projects across Gabon. These projects bring a number of
benefits to Gabon, including alignment with its goal of land
degradation neutrality by 2030 and reduced forest cover
loss. This commitment also gives Woodbois more scope
to partner with NGOs and multinationals seeking their own
carbon reduction objectives.
R E F O R E S T A T I O N P R O J E C T P R O C E S S
• Project sites previously exploited for illegal logging / extractive industries
• Lack of investment and expertise has previously prevented reforestation
• Project developer coordinates with the Government to secure long term concession
• Native species used to restore efficient ecological system
C O - B E N E F I T
• Positive environmental impact –biodiversity, soil and water quality, CO2 sequestration
• Poverty alleviation, skilling and stable employment for local communities
• Capability building and educating in sustainable practices
• Reduced social mobility in project geographies
69
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THE CAPITALS
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ANNEXES & REFERENCES
R E F O R E S T A T I O N I S T H E M O S T C O S T
E F F E C T I V E S O L U T I O N
Photosynthetic carbon capture
is the most reliable and cost-
effective method available
today for restricting the rise of
atmospheric CO2 concentrations.
The Intergovernmental Panel on
Climate Change suggests new forest
projects could sequester 25% of the
required to maintain the 2°C
CO2
temperature goal.
P R O J E C T L I F E C Y C L E
2 0 5 2
I S S U A N C E S
C O M P L E T E D
sequestration
Tree CO2
reaches plateau at end of
project life cycle
The trees remain efficient
biological carbon sinks
Project enters revenue
generation phase –
credits are sold to
corporates and retired
to offset emissions
Credits are issued
on regular basis
after verification of
sequestration levels
2 0 2 2
P R O J E C T
S T A R T
Project developer
secures plot and plants
with native species
Project validated and
verified by private
standard Trees
continue growing and
sequestering CO2
70
70
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2 0 5 2
I S S U A N C E S
C O M P L E T E D
A N N E X E S
F P I C P R O C E D U R E
When Woodbois opens up a new area of forest to be harvested, the company follows an internal FPIC
(Free Prior and Informed Consent) procedure to ensure that locals are properly informed and that their
concerns and needs are taken into account in the context of the prospective operation.
Identifying concerned locals
and their representatives
Inform the local community of
the company’s plans, document
any concerns or needs that the
indigenous people have
Implementation of local community
needs within our projects. Regularly
monitoring and evaluating
agreements that are in place
• Having been present in Gabon for over
20 years, the company is well known
among the local communities in which
we operate, allowing us to easily identify
local communities that may be present
in our area of operation.
• The company has strong relationships with
local communities, typically meeting local
leaders every two months to update them on
our activities as well as address concerns or
questions surrounding our operations. These
are documented and followed up.
• Our Operations Manager actively meets local
community leaders and representatives.
• She also makes sure that any agreements or
concerns that may have been highlighted are
actively followed up on by specific members of
the operations teams on the ground.
71
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F O R E S T R Y T R A C E A B I L I T Y A S S E S S M E N T
The Traceability Assessment Guide (TAG) created by Smurfit Business School in
collaboration with Woodbois is reported below.
Category
Task Description
Method/Source
Examples/Explanation
Check
Project
Management support
Internal Consultation
Management project sponsorship, transparency, consultation, communication of benefits
Phase 1:
Internal
Support
Phase 2:
Capability
Assessment
Input from staff on the ground
Resource allocation
Internal consultation
Internal consultation
Select relevant individuals and method of information collection (e.g. interview, questionnaire)
Determine the budget and personnel available for the project
Stakeholders
Identify all internal and external stakeholders
Stakeholder Identification Table
Workers, NGOs, Shareholders etc.
Evaluate the stakeholders
Ascertain stakeholder interests
Identify conflicting stakeholder interests
Analyse combined data to develop a
communication plan for each stakeholder
Mandatory/Legal Requirements
Voluntary Requirements
Compliance
Risk
Management
Identify risks
Stakeholder Salience Model
Urgency, Power and Legitimacy
Research
Research
Power/Interest Grid
Documentation
Documentation
Priorities, personalities, desired level of involvement
Environmental, legal, economic
Country of Origin, Country of Destination, (e.g. GDPR, VPA, The Lacey Act, Due Diligence)
FSC, PEFC, Others (if applicable)
Research & internal consultation
Financial, Country, Cross - Cultural and Commercial
Knowledge
Management
Knowledge
Transfer
Design
Considerations
Evaluate & assess the risks
Codification or Personalisation
Likeliness and impact of risk
Develop a plan of mitigation or elimination
Internal consultation
Process adjustments, backup plans, operational redundancies
Execute the plan
Monitor the results
Review and adjust
Internal consultation
Internal consultation
Internal consultation
Implementation
Reports, interviews, questionnaires
Amend plan if required
Identify the traceability data to be recorded
Internal consultation
Timber species, movement through the process, volumetric data
Determine Transparency Strategy
The Transparency Matrix
Secret, Transparent, Withheld, Distracting
Decide Knowledge Management Strategy
Codification / Personalisation
Digital/paper recording, verbal communication
Identify information to be transferred
The Disclosure Matrix
Strategic, Critical, Non-Critical, Optional
Identify Knowledge Transfer Strategy
Codification / Personalisation
Digital/paper transfer, verbal, direct access
Data verification method
Internal consultation
Biometric, encryption, signature, barcode
Identify feedback and control method
Internal consultation
Manual review. digital record, communication plan, relationship management
Operating parameters, tolerances and alerts
Technical review
Target outputs with minimum and maximum deviation tolerances, and live-alerts
Universal file formats
User experience
Training
Integration with other systems
Reporting
Cost of adjustment
Ease of adjustment
Data integrity
Data security
Localisation
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Technical review
Ability of other software or users to view outputs (e.g. MS Office vs iWork)
Ease of use, speed of use, compatibility with work processes
Complexity, user interface, simplicity to communicate, intuitiveness
Compatibility with other systems (e.g. API, desktop vs mobile), and ease of deployment
Ability to create customisable reports in a usable and presentable format
Ability to adapt to new requirements without incurring prohibitive cost
Level of adjustment to the system possible without developer input
User activity logging and method by which data is protected from retroactive manipulation
Method by which data is stored and transferred (e.g., cloud, blockchain, internal server)
Language, currency, units of measurement, date format
72
◆ Data created by UCD Michael Smurfit Graduate Business School
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E S G I N D I C A T O R S
GRI indicators
Description
GRI 102-1
Name of the organization.
GRI 102-2
Activities, brands, products and services. a. A description of the organization’s activities. b. Primary brands, products and services,
including an explanation of any products or services that are banned in certain markets.
GRI 102-3
Location of the organization’s headquarters.
Location of operations. a. Number of countries where the organization operates, and the names of countries where it has significant
operations and/or that are relevant to the topics covered in the report.
Ownership and legal form. a. Nature of ownership and legal form.
Scale of the organization. i. Total number of employees.
Information on employees and other workers. a. Total number of men.
Information on employees and other workers. a. Total number of women.
Information on employees and other workers. a. % of women.
Information on employees and other workers. a. % of men.
Information on employees and other workers. a. Total number of people in senior manager positions.
Information on employees and other workers. a. Total number of women in senior manager positions.
Information on employees and other workers. a. Board members.
Information on employees and other workers. a. Women in board positions.
Information on employees and other workers. a. % of women in board positions.
Information on employees and other workers. a. % of women in senior management positions.
Information on employees and other workers. a. Total number of permanent employees working in the production facilities in Gabon and
Mozambique.
Information on employees and other workers. a. Total number of fixed-term and seasonal employees working in the production facilities
in Gabon and Mozambique.
Information on employees and other workers. a. Total number of fixed-term and seasonal employees working in the production facilities
in Gabon and Mozambique.
Statement from senior decision-maker. a. A statement from the most senior decision-maker of the organization (such as CEO, chair or
equivalent senior position) about the relevance of sustainability to the organization and its strategy for addressing sustainability.
Executive-level responsibility for economic, environmental and social topics. a. Whether the organization has appointed an executive-level
position or positions with responsibility for economic, environmental and social topics. b. Whether post holders report directly to the
highest governance body.
List of material topics. a. A list of the material topics identified in the process for defining report content.
Reporting period.
Direct economic value generated and distributed. i. Direct economic value generated: revenues.
Economic growth.
Direct economic value generated and distributed. Investment in management plans.
Investment in environmental licences.
Investment in HSE equipment.
Ratios of standard entry level wage by gender compared to local minimum wage (average % above minimum wage).
Infrastructure investments and services supported.
Investments per capita (per number of employees). Gabon
GRI 102-4
GRI 102-5
GRI 102-7
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-8
GRI 102-14
GRI 102-20
GRI 102-47
GRI 102-50
GRI 201-1
GRI 201-1
GRI 201-2
GRI 201-3
GRI 201-4
GRI 202-1
GRI 203-1
73
Unit
NA
NA
NA
NA
NA
Number
Number
Number
%
%
Number
Number
Number
Number
%
%
Number
Number
%
Page
Page
Page
NA
US$
%
US$
US$
US$
%
US$
US$
2020
Woodbois LTD
Woodbois Limited is a leading producer, processor and manufacturer of sustainable African hardwoods
and hardwood products supplied to a global customer base. Woodbois also supplies industrial timber and
timber products into Africa, and is a trusted supplier of diverse, internationally sourced sustainable timber
and timber products to customers around the world.
London, UK; Port Louis, Mauritius; Copenhagen, Denmark.
Woodbois manages and operates natural forest concessions in Gabon and Mozambique and has
production facilities in both countries. Our trading team is based in Copenhagen with African operations in
Gabon and Mozambique, including a network of over 100 suppliers.
Woodbois Limited is a holding company listed on the AIM section of the London Stock Exchange.
276
233
43
16%
84%
13
4
5
1
20%
31%
54
205
79.15%
Letter from Paul Dolan.
Governance
Materiality analysis
The current report refers to the financial year from January to December 2020.
$15,260,000
-22%
$36,368.53
$72,846.14
$15,807.00
Woodbois pays 49% above the local minimum wage.
$749,551.00
$3,638.60
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GRI indicators
Description
Energy consumption within the organization. Diesel consumption on the ground and in processing facilities.
Energy consumption within the organization. Diesel consumption on the ground and in processing facilities.
Energy consumption within the organization. Petrol consumption on the ground and in processing facilities.
Energy consumption within the organization. Petrol consumption on the ground and in processing facilities.
Energy consumption within the organization. Total energy consumption from fuels (diesel, petrol).
Energy consumption within the organization. Total energy consumption from fuels (diesel, petrol).
Energy intensity. Total energy (fuels and electricity) intensity ratio per final production (logs).
Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas
Total forest land.
Operational forest land (forest management plans).
Area with actual harvesting.
Area dedicated to conservation.
Shared community, conservation and multi-use.
Construction of new manufacturing plants.
Use of current manufacturing plants.
Introduction of non-native or invasive species.
Volume of logs harvested.
Harvesting intensity ratio per hectare.
Volume of Woodbois' produced timber. (logs, veneer, sawn timber)
Volume of third party timber traded. (logs, veneer, sawn timber)
Volume of timber traded including third party and Woodbois. (logs, veneer, sawn timber)
Sawmills providing third-party timber supplies
Habitats protected or restored (Mozambique).
IUCN Red List species and national conservation list species with habitats in areas affected by operations. Flora.
IUCN Red List species and national conservation list species with habitats in areas affected by operations. Fauna.
National conservation list species on the concession in Gabon. Flora.
National conservation list species on the concession in Gabon. Fauna.
Direct (Scope 1) GHG emissions for use of fuels.
Other indirect (Scope 1) GHG emissions: on-site biomass incineration.
Total GHG emissions intensity.
Total GHG emissions intensity.
Recovered downgraded wood provided to the community.
Biomass converted into energy.
Minimum notice periods regarding operational changes.
Work-related injuries (Gabon and Mozambique).
Work-related fatalities (Gabon and Mozambique).
Total hours of training per year (Gabon).
Average hours of training per year per employee (Gabon).
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 302-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-1
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-2
GRI 304-3
GRI 304-4
GRI 304-4
GRI 304-4
GRI 304-4
GRI 305-1
GRI 305-1
GRI 305-4
GRI 305-4
GRI 306-2
GRI 306-2
GRI 402-1
GRI 403-9
GRI 403-9
GRI 404-1
GRI 404-1
74
Unit
LTS
GJ HHV
LTS
GJ HHV
LTS
GJ HHV
GJ HHV/m³
page
ha
ha
ha
ha
ha
NA
Number
Number
m³
m³/ha
m³
m3
m³
m³
ha
Number
Number
Number
Number
tCO2e
tCO2e
tCO2/m³ logs
tCO2/m³ timber
m3
Tonnes
Number in weeks
Number
Number
Hours
Hours
2020
682,631.00
24,506.45
5,608.00
201.33
688,239.00
24,707.78
1.31
Our facilities.
405,816.00
337,459.50
7,483.00
16,232.60
44,639.80
New machinery installed in the Sawmill in Gabon.
2
0
18,810.00
2.51
9,357.00
23,932.00
33,289.00
42
57
12
11
5
10
1,848.88
72.94
0.10
0.20
2,400.00
1,250.00
Mozambique: 4 weeks for permanent and fixed-term employees.
Gabon: 8.6 weeks for permanent and 2 weeks for fixed-term
employees.
18
0
1,420.00
6.89
The disclosures reported in the table are GRI referenced.
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R E F E R E N C E S
1.
2.
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