Update to the Forest 500 assessment process for 2023

Summary

• Forest 500 assessments continue to be based solely on publicly available information on company and financial institution websites.
• Global Canopy is giving companies and financial institutions the opportunity to view their assessment prior to publication. This will not include their total score.
• Organisations will also be able to comment on their assessment, should they feel information has been misinterpreted or not incorporated. They will not be able to input into their assessment, or add information not publicly available during the assessment period.
• Global Canopy will review all comments from assessed organisations but will only alter assessments if there was an error in the original assessment.
• Any information published after the 31 August for financial institutions and the 15 September for companies will not be considered in their 2023 assessment.
• Financial institutions will be able to view and comment on their completed assessment from 28 September to 12 October, after the end of the assessment period.
• Companies will be able to view and comment on their completed assessment from 16 October to 30 October, after the end of the assessment period

Forest 500’s 2023 assessments continue to be based on publicly available information, as has been the case since 2014. To spur greater transparency in forest-risk supply chains, anything published on the companies’ or financial institutions’ websites is reviewed.

Why is the process changing this year?

As we approach the 10th annual Forest 500 launch, with the 2025 deadline to eliminate commodity-driven deforestation, conversion, and associated human rights abuses from supply chains drawing ever closer, companies and financial institutions urgently need to act.

To improve the quality and impact of our engagement with companies and financial institutions, and increase the number of organisations we engage with, Global Canopy is giving those assessed the opportunity to view their completed assessment prior to the public launch in early 2024. 

The completed assessment does not include the total score, which will be shared shortly before the public launch via email, as in 2022. By giving financial institutions and companies the option to view the assessments, we hope to hear from even more organisations, so we can better highlight where and how they can improve their policies and implementation, and drive greater action.

What information does Global Canopy look at?

Deforestation, conversion, and the associated human rights abuses will only be eliminated if companies and financial institutions are more transparent about how and where they’re exposed to these risks and impacts, and what they’re doing to reduce them. As such, Global Canopy is continuing to conduct the assessment independently, based solely on information that companies and financial institutions have made publicly available on their websites. 

For financial institutions, any information published by 31 August 2023 is captured in their assessment.

For companies, any information published by 15 September 2023 is captured in their assessment.

Any information published after these dates will not be considered within the Forest 500 assessments. Companies and financial institutions will not have access to their assessment prior to the above dates, so cannot publish new information in response to the assessment shared with them.

Does this mean companies and financial institutions are inputting into the Forest 500 assessment, and do they need to comment?

Assessed companies and financial institutions are not being asked to input into their assessment and they do not need to comment on it. They should only comment if they believe information has been misinterpreted or not incorporated. Should this be the case, assessed entities will be able to comment on each indicator of their Forest 500 assessment and highlight where they feel information has potentially been misinterpreted or not incorporated. 

Global Canopy will respond to all comments, clarifying how we apply our established assessment methodologies. Following the launch in early 2024, Global Canopy will again engage with assessed entities to highlight where there is room for progress towards best practice.

How will companies and financial institutions view their assessment?

Companies and financial institutions will be able to view their assessment for each indicator in the 2023 assessment methodologies. Global Canopy will share a unique access link with each of the companies and financial institutions assessed directly, enabling them to view their completed assessment. They will be able to see the answer, quote and link used in their assessment for each indicator. 

Companies and financial institutions will not be able to access any other organisations’ assessment.

More instructions on how to view the assessment and submit comments will be sent out to each organisation. Global Canopy’s assessment team will review any comments and respond to each organisation. Global Canopy’s response will be final.

When can companies and financial institutions see their assessment?

Financial institutions will be able to view their assessments from 28 September to 12 October 2023. 

Companies will be able to view their assessment from 16 October to 30 October 2023.

Do I need to do anything now?

If you’re an assessed company or financial institution there is nothing you need to do right now. Assessed organisations will receive full information and guidance on how to view their assessment at the beginning of the above view periods - 28 September for financial institutions and 16 October for companies.

If you have any questions about this approach please contact the team at forest500@globalcanopy.org.