Mondi Plc, a global leader in packaging and paper, has released its Report on Payments to Governments for the year 2023, as required by regulations for companies in the extractive and logging industries. The report details payments made by Mondi and its subsidiary undertakings in countries where they operate, specifically focusing on logging activities and the disclosure of payments related to the logging of primary forests.
The report is prepared in compliance with the UK's Report on Payments to Governments Regulations 2014 and in accordance with the Disclosure Guidance and Transparency Rules of the UK Financial Conduct Authority. Mondi's logging activities are based on the definition of "primary forest" provided by the Food and Agriculture Organisation of the United Nations, which refers to naturally regenerated forests of native tree species with no visible indications of human activities and undisturbed ecological processes.
The report includes details of payments made in Russia, specifically in the Komi Republic, and covers production entitlement, taxes, royalties, dividends, bonuses, license fees, and infrastructure improvements. It also outlines payments made by JSC Mondi Syktyvkar, a subsidiary of Mondi, up to the completion of its sale on 4 October 2023.
Mondi emphasizes that its operations in South Africa, which comprise plantation forests not associated with primary forests, are excluded from the report. The report also addresses the translation of payments made in currencies other than the euro, Mondi Group's reporting currency, using the average exchange rate during the financial year.
The report has been submitted to the National Storage Mechanism and is available for inspection. For further details, the full report can be accessed on Mondi's website. The company's commitment to sustainability is highlighted, with a focus on circular driven solutions and action on climate, as well as its financial performance in 2023, with revenues of 7.3 billion and underlying EBITDA of 1.2 billion.
Mondi's comprehensive approach to corporate governance and regulatory compliance is evident in this report, reflecting the company's commitment to transparency and accountability in its operations.