IOI’s suspension led 27 of its largest corporate buyers, including ADM, Golden Agri-Resources, Louis Dreyfus, Olam, Wilmar, Unilever, Kellogg, Mars, Nestle, and Cargill, to stop sourcing palm crude palm oil from IOI. In addition, Moody’s stated publicly they were “reviewing” IOI’s debt for downgrade. As a result, IOI’s deforestation caused the company to lose $14.8 million in Q2 2016.
IOI’s suspension from the Roundtable on Sustainable Palm Oil was lifted in August 2016, after IOI improved its commitment to stop deforestation. Finally, in 2017, IOI issued an updated sustainability policy. In 2019, the company entered into an agreement with Amsterdam-based NGO Aidenvironment to work on a group-level risk assessment of IOI’s third-party suppliers.
Progressive Holdings Sdn Bhd, a private company, is the top investor in IOI, while Vanguard and Standard Chartered Bank’s Singapore branch are the top Western shareholders.