corporate stewardship 2012 - pinovasolutions.com

pinovaholdings.com

Evolving Sustainably

Corporate Stewardship 2012

2 | Pinova Holdings

We create value from many materials which might otherwise be wasted.

We are the only producer of wood rosin from recovered pine stumps.

We have used natural and renewable feedstocks for over one hundred years.

Contents

Overview

Corporate Stewardship 2012 4

Our Company 5

A Message from our CEO 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Our Achievements

Managing our Business 8

Partnering with Customers 11

Involving our Employees and Communities 14

Strengthening Operational Performance 22

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Global Reporting Initiative (GRI)

GRI Standard Disclosures Index 26

GRI Statement 29

Pinova Holdings | 3

Corporate Stewardship 2012

4 | Pinova Holdings

This report complies with the Global Reporting Initiative (GRI) G3.1 guidelines at the B level. The report advances our company’s transparency by meeting these standards and using GRI data measurement techniques unless otherwise specified. The current report is our second. It covers issues considered material to our operations and relate to the same operations as our first report, which was published during 2012. The report covers the full range of economic, environmental, and social impacts that are most material to the two companies that constitute Pinova Holdings, Inc. – Pinova, Inc. and Renessenz LLC.

For more information about Pinova Holdings’ sustainability program, please contact our Chief Sustainability Officer at [email protected].

Pinova Holdings, Inc. Corporate Headquarters 2801 Cook Street Brunswick, GA 31520-6160

We serve customers in three attractive end markets worldwide (Fragrance Ingredients, Regulated Ingredients, and Industrial Specialties) and operate through two operating entities, Renessenz LLC and Pinova, Inc.

Renessenz is a major global supplier of fragrance and sensory ingredients to category leading customers in household products, food, oral care and specialty industrial markets. We provide fragrance ingredients for household and personal care products including detergents, washing powder, soaps, and fine fragrances. The main products are Dihydromyrcenol, Linalool, Geraniol, and Citronellol. Our sensory ingredients are primarily used by the oral care and confectionery markets. The main products are the Winsense® sensory coolants portfolio, L-Carvone and Anethole. We produce industrial intermediates for a wide range of applications such as initiators for the rubber industry and other industrial and mining applications. The main products are Glidox® (PHP and PMHP), Terpene SW, Alpha-Terpinene.

Pinova is a leading specialty resin supplier to industry-leading corporations around the world. We supply specialty solutions to a broad spectrum of fast growing end markets that include pressure sensitive adhesives, sports beverages, agriculture, personal care and construction. Our major adhesive products are Foral® 85 synthetic resin, the Staybelite® series of resins and the Piccolyte® series of polyterpene resins. They are used by manufacturers of pressure sensitive adhesives,

Our Company

Pinova Holdings is a global specialty chemical supplier based on leveraging natural and renewable materials with unique technical know-how. We have three production facilities in the U.S. and have offices in Europe, South America, and Asia.

high performance specialty tapes and labels, medical adhesives, traffic signage, automotive assembly tapes and gasket sealants, specialty hot melt adhesives, and aerospace adhesives. In the food and beverage industry, we produce several products used in gum base, including Staybelite® Ester 5 and 5A, and the Piccolyte® C and F series of resins. Additionally, we serve the beverage industry with Pinova® Ester Gum 8BG, a premier beverage weighting agent. Construction applications of Vinsol® resins and its derivatives include air entrainment in concrete, mortars and stucco, asphalt emulsification for road restoration, roofing and waterproofing, modification of adhesives, sealants and coatings including roofing shingles and membranes, lacquers, laminates and flooring. Pinova’s resins offer a multitude of options for personal care applications from cosmetics to depilatory waxes. Major products include Foral® 85, Endere® S, Hercolyn® D, and Staybelite® Ester 10 resins.

Pinova Holdings | 5

Fragrance Ingredients

Regulated Ingredients

Industrial Specialties

38%

28%

34%

Pinova Holdings

We are committed to greater accountability and for the first time articulated clear, five-year sustainability goals.

6 | Pinova Holdings

Our vision is to be a leading specialty chemical supplier based on leveraging natural and renewable materials with unique technical know-how. Sustainability is at the core of this vision. We are committed to greater accountability and for the first time articulated clear, five-year sustainability goals. These goals, combined with our plan to achieve all American Chemistry Council Responsible Care® requirements in 2014, represent major steps toward enhanced measurement of our external and internal impacts. By establishing quantifiable performance targets in key areas, we are poised for the next level of growth.

To achieve our goals, we must continually increase interaction across our internal team and with external constituents. This report, our second, reflects Pinova Holdings’ evolution to a new era of corporate responsibility, sustainability, and success.

Sincerely yours,

Theodore H. Butz

President and CEO

A Message from our CEO

Pinova Holdings | 7

2012 marked a year of transition and reinvigoration in our company’s approach to sustainability. We drove sustainability deeper into our corporate culture by explaining its multiple facets and asking every member of our organization to consider how he or she could contribute to our progress in this area.

Long known for developing products based on natural and renewable raw materials, Pinova Holdings extended our dialogue with stakeholders to understand better what they consider most significant. Our mutual concern for value creation in a sustainability context helped identify new opportunities for collaboration and new ways to structure our business.

One strategic shift created a dedicated commercial and technical focus for Renessenz’ sensory ingredients business, an area that has strong growth potential based on consumer preferences. This restructuring and our investment in new systems and capabilities are resulting in greater efficiencies and synergies across both our companies. At Pinova, we expanded our workforce to ensure that we had people with the right skills on staff to continue to meet our business objectives.

Renessenz and Pinova both achieved food safety certifications this year, a reflection of our exceptional quality standards. We initiated several upgrades to our personal and process safety policies, which have led to more detailed reporting, in-depth engagement, and improved outcomes.

Managing our Business

Pinova Holdings’ corporate philosophy stresses a comprehensive approach to managing and measuring performance. Led by our senior executives and based on internal and external information exchanges, we undertook definitive steps in 2012 to connect with a range of stakeholders and determine the material issues affecting our business.

Safety, regulatory compliance, and ethical behavior are the foundation of our participation in the American Chemistry Council Responsible Care® program.

Internal teams conducted impact assessments and for the

areas deemed most significant, we established five-year

sustainability goals. This report includes performance results

and key initiatives that should be of interest to key stakeholders

and the anticipated readers of this report: customers, suppliers,

employees, communities, and industry peers.

Our company actively manages sourcing opportunities for

our renewable raw materials to ensure a steady supply.

Meeting the challenges of minimizing our carbon footprint,

waste, water usage, and energy consumption continue to be

environmental priorities. Safety, regulatory compliance, and

ethical behavior are the foundation of our participation in the

American Chemistry Council Responsible Care® program.

We identified product, personnel, and community goals that

will help us become better partners with stakeholders. The

changes we have made and actions we will be taking in coming

years support our solid financial standing, long-term growth

prospects, and improved relations with our communities and

individuals whom we impact.

8 | Pinova Holdings

Pinova Holdings | 9

Corporate GovernanceCorporate governance and sustainability performance

evaluations are the responsibility of the Pinova Holdings’

board of directors, which is appointed by Torquest Partners,

a Canadian private equity firm and the company’s major

shareholder. The board, along with Pinova Holdings’ senior

executives and all personnel in the member companies,

must adhere to codes of conduct that define policies related

to corruption, anti-trust, anti-competitive behavior, secure

work environments, diversity, individual behavior, and other

aspects of responsible corporate citizenship including respect

for customer privacy and human rights. While we have not

undertaken a formal corruption-related risk assessment,

Pinova provides training in its code of conduct. Our culture

demands that we respect the rights of everyone in our

organization and our personnel policies clearly explain our

expectations. There were no substantiated incidents of

illegal discrimination in 2012.

The Pinova Holdings board of directors has ultimate decision-

making authority and is responsible for oversight and

appointment of officers of the corporation. It is comprised

of two members of Torquest, one executive from corporate

management, three outside investors, and one executive

chair who is responsible for mutual communication with

shareholders. Board members are selected based on their

qualifications and ownership investment. All are voting

members and shareholders in the corporation. There is one

female board member and all are Caucasians in their 40s-60s.

The board’s Audit Committee monitors financial performance,

conflicts of interest, privacy, corruption, anti-trust and

similar issues. Each member of the parent and operating

companies signs a conflict of interest agreement that includes

an explanation of corporate policies. The Compensation

Committee sets objectives and pay-for-performance

compensation plans for corporate executives. The goal is to

attract, motivate, reward, and retain senior executives who

directly drive business performance. The HSE committee

monitors the policies, initiatives, and key metrics critical to a

healthy and safe work environment and a compliant and sound

environmental program. Pinova Holdings’ Chief Sustainability

Officer reports to the Chief Executive Officer, and both report

on environmental and social progress to the Health, Safety

and Environment Committee on a quarterly basis.

The philosophical shift to embed a higher

level of corporate responsibility and sustainability

into our core values benefits our business and all

our stakeholders. The concepts are being woven

into our corporate mindset – how we think, listen,

talk, and act – because they have a significant

impact on our long-term success.

Michael Klamm

Vice President - Business Development and Chief Sustainability Officer, Pinova Holdings

We are building upon our foundation of

natural, renewable raw materials to shape an

organization in which all functions advance

measurable sustainability goals. This platform

enables us to drive toward our mission of

creating value for all stakeholders.

David Bookbinder

Executive Chairman, Pinova Holdings

10 | Pinova Holdings

Mission

To create value for all stakeholders - customers,

employees, shareholders, our community and the

environment - through the production and sale of

specialty chemicals that are derived from natural

and renewable sources.

Values

• We strive to operate in a safe and environmentally

responsible way in everything we do.

• We respect and treat all stakeholders fairly.

• We comply with all laws, regulations and social norms.

• We communicate openly with all our stakeholders

including our communities, regulators, employees

and customers.

• We earn and maintain the trust of our stakeholders.

Partnering with Customers

Pinova Holdings | 11

2017 Product Enhancement Goals

• Introduce and report new products derived from natural renewable resources

• Create Sustainability Index for key products

• Certify all food products under the Global Food Safety Initiative (GFSI) scheme

• Conduct a risk assessment for all core products

Customers are assessing us through a new lens of corporate

responsibility, and most are very impressed by the extent of

our company’s commitment and actions. All customers ask

how we are reducing our environmental footprint, improving

safety results, ensuring supplier responsibility and supporting

our communities’ well-being. These and similar questions

arise because sustainability is a key driver of their businesses,

and visibility into their suppliers’ practices has become

increasingly critical. Typically, these questions are raised in

annual audits and performance scorecards. We address these

questions through ongoing direct dialogue and reference to our

sustainability reporting. They appreciate how actively focused

we are on bringing sustainability into every aspect of our

business – not just because it is a responsible way to manage,

but because it adds substantial value to their businesses.

Customer-driven OrganizationWith a focus on how to better serve its customers, Renessenz

made changes to its organization in 2012 that is paving the

way for future growth in key sensory ingredients markets. The

strategy involved increasing Renessenz’s market and technical

focus to parallel its fragrance ingredients business in delivering

on customer needs.

The newly-launched Sensory Ingredients Business Unit

satisfies demand for superior food ingredients that meet

legal requirements and align with shifting consumer tastes.

In establishing this business focus, we are taking a long-term

view that anticipates future market and regulatory changes,

supports our customers as leaders in food safety assurance,

and increases our focus on customer-facing technical

development. We are increasing our investment in R&D, with

a focus on expanding the functionality of existing products and

surfacing novel commercial applications and markets.

While making these organizational changes, we elevated the

level of our customer dialogue by adding dedicated commercial

development resources to focus specifically on the flavor and

food markets. Pinova’s focus on customer service is evident in

its well-regarded Customer Fulfillment Team. These dedicated

representatives are the direct line of communication between

the customer and our business. They work hand-in-hand with

our customers to ensure that all questions are answered and all

needs are met.

Both of our companies’ marketing materials and websites have

been updated to reflect our focus on sustainable, renewable

resources. We are developing more informative and targeted

promotional literature and Renessenz began translating key

product material into Chinese. This engagement enables us

to reach people with diverse responsibilities within customer

companies. Throughout our entire organization, marketing

material and product labeling comply with regulations and

accepted standards to reinforce safe handling and proper use.

Food Safety StandardsOur ability to gain a competitive advantage in the flavors

industry derives in part from diligence in achieving the highest

food safety standards around the world. Whether or not it

is required by law, we always believe it is the right thing to

do. We have taken a proactive stance to obtain food safety

certifications, increase manufacturing capacity for sensory

coolant ingredients, and upgrade coolant packaging to meet

or exceed the toughest specifications.

In 2012, Renessenz prepared the way to meet the

requirements of the Food Safety System Certification

22000:2010 for Winsense™ WS-3 and Menthyl Lactate. Rarely

does a company gain certification on its first try without a non-

conformance issued, but our team achieved this milestone.

The food safety certification process included a multi-million

dollar investment in GMP (Good Manufacturing Practice)-

compliant packaging and warehouse facilities, and laying the

groundwork for 2013 implementation of upgrades to plant

capacity and processes.

Similarly, Pinova made numerous GMP upgrades to its

manufacturing, packaging and warehousing facilities in the

two years leading up to its SQF (Safe Quality Food) 2000-

Level 2 Certification. The Brunswick, Georgia facility and all

its food additives lines were awarded SQF 2000 certification

in May, 2013.

New Products and Emerging MarketsPinova supplies the tire industry with newly developed,

specialty crop-based resins for “green tire” applications. We

also commercialized value-added by-product streams. They,

along with the new green tire resins, constitute a significant

portion of our new product sales and innovation pipeline.

In addition to launching four new products for the personal

care and household industries in 2012, Renessenz’s Fragrance

Division is addressing needs of consumers with lower buying

power in emerging markets. Renessenz successfully launched

a new product line by more effectively utilizing by-product

streams from its production process. This new generation

of products has reproducible, lower-cost aroma profiles that

enable our customers to develop cost competitive applications.


We are further supporting customers in emerging markets

with regional expansion. In 2012, we laid the groundwork for

added resources and a broader distribution network in Asia.

When describing product innovation, we emphasize the

environmental impacts of our processes as much as product

functionality. Compared to traditional methods, for example,

Renessenz’s patented L-Carvone manufacturing process

reduces waste water by eight million kilos per one million

kilos of product and eliminates chlorides and nitrogen from

the final product.

Through collaboration with customers and new supplier

initiatives, Pinova Holdings seeks to create mutually

beneficial strategies that have both direct business and

sustainability benefits. Our interaction provides customers with

opportunities for greater input into our product development,

while our company has the added opportunity to stay on the

cutting edge of market trends and investigation of emerging

growth opportunities. Examples from 2012 are:

• Innovative affiliations with industry leading customers to find

synergies between our respective manufacturing processes.

This win-win strategy saves money, lowers emissions, and

preserves natural resources.

• Partnering with a global inks company on a process for

designing and manufacturing products using only renewable

resources. The company’s goal is to formulate products

with sustainable materials and offer consumers a totally

“green” option.

Customer Recognition

For the second consecutive year and third in

total, Renessenz received Procter & Gamble’s

Excellence Award. This award distinguishes our

company for superior performance, collaboration,

and partnership among P&G’s global suppliers.

Renessenz joins a select group representing

about 0.1% of eligible suppliers who were

acknowledged this way.

Sustainable SourcingFrom their earliest days, Renessenz and Pinova have used

renewable raw materials as primary inputs. We continue to

adhere to this standard as we expand our sourcing and product

line. This emphasis on the use of sustainable natural resources

and the minimization of waste are integral to our ongoing

financial performance.

Many of Pinova’s products are derived from pine stumps that

otherwise interfere with cultivation and reforestation. After

processing these stumps and by-products of the pulp and

paper industry such as crude sulfate turpentine, we create

refined wood rosins and natural wood terpenes. Renessenz

uses limonene, a natural product that comes from oranges,

as well as crude sulfate turpentine that come from pine trees

as primary raw materials. Approximately 99% of Pinova

Holdings’ raw materials, with a volume in excess of 200,000

MT, come from renewable resources.

As we implement our growth strategy, we have established

new supplier relationships. In 2012, Renessenz diversified

its raw material sourcing beyond the U.S. border and Pinova

began exploring use of alternative extraction technologies with

lower emissions. It is in the best interests of our suppliers and

our company to commit to long-term contracts that ensure a

steady supply of raw materials with greater price stability. We

negotiate these contracts on a periodic basis and engage with

suppliers to monitor their adherence to our quality standards on

an ongoing basis. Establishing an increasingly stable operating

environment allows us to manage risks arising from climate

change and other destructive natural and man made influences

that might affect raw material availability.


Ensuring our position as a leading supplier

to our customers was the driving force in the

decision to emphasize sensory ingredients as a

parallel business to fragrances. Throughout the

transition to our new organizational structure,

we were intent on establishing a more robust

framework for engaging with and satisfying

customer and market opportunities.

Eric Beatty

Vice President and General Manager, Renessenz

Packaging Enhancements

To make it safer for customers to remove 50 lb.

bags from their shipping containers, Pinova

re-engineered its box construction for a food

product. The boxes, already 100% recyclable,

are now more ergonomically sound and easier

to remove.


Involving our Employees and Communities

2017 Human Resources Goals

• Establish personnel development process and tools

• Increase managerial-level diversity in alignment with business growth

Our corporate culture evolved significantly in 2012, as we

instilled a greater sense of individual responsibility, team

cohesion, high performance standards, and sustainability into

all our activities. Integration of these values into our cultural

norms demonstrates how we are anticipating and proactively

addressing customers’ and society’s needs.

To motivate everyone at Pinova Holdings and ensure their

understanding of performance expectations and results,

we have made a conscientious effort to ensure that

communication is continuous and transparent throughout

our organization. We instituted quarterly full staff Information

Exchange Meetings led by our CEO. Sustainability and what it

means to every staff member’s personal and professional role

was a key topic at this year’s quarterly sessions. The forum

allows for open dialogue, thereby allowing employees to share

questions and concerns with the senior executive. Renessenz

employees also can obtain business and functional news

affecting our operations through our global intranet.

Personnel DevelopmentSuccess requires development of natural and potential leaders,

as well as a workforce with high levels of proficiency. Through

promotions, new hires, and skills training, we are stimulating

a sense of dynamism and a desire for achievement and

competence. Should there ever be a significant change in

our operations, we make every effort to provide a reasonable

amount of notice period.

We provide training and education to ensure that skills are up

to date, contributions to our business growth are maximized,

promising talent is developed, and succession plans are

in place. Employees participate in approximately 20 hours

of training per year to build their capabilities and safety

awareness. Maintenance technicians, operators, and plant

supervisors typically receive even more instruction time.

In cooperation with Georgia’s technical college system,

we initiated enhancements to our online safety and leadership

training offerings.

Pinova Holdings had 450 employees at the end of 2012. Based

on full-time workers, 97% of all employees are in the U.S., 2%

are in Europe, and less than 1% are in Asia and South America

respectively. Globally 22% of Pinova Holdings’ employees are

female, and women comprise 25% of management positions.

Approximately 25% of employees in management positions

were born outside of the USA.

NEW EMPLOYEE HIRES * one new hire in Asia

15

0

5

10

15

0

5

10

Age <35

9

14*

4

0

Male Female Male Female Male Female

Total: 11

21

Age 35-55

Total: 15

Total: 44

Age >55

Em

ploy

ees

All new hires were made in the U.S., except for one new hire in Asia. All new hires remained on staff through year end.

Feedback and appraisals enable individual

performance improvements and contribute to

excellence in all our undertakings. As part of

the reinvigoration of our business, supervisors

and their teams maintain ongoing informal and

formal dialogues, including an annual review of

every full-time staff member.

Kimberlyn Suitte

Manager - Human Resources, Renessenz


We benefit from the insights

of a diverse change team. When

representatives from management,

the plant, marketing and other

areas come together for discussion,

we start to think differently about

business potential and our impact.

That’s one way we make

continuous improvement a reality.

Cedric King

Manager - Human Resources and Public Relations, Pinova

Health and SafetyThe well-being of our employees and communities is of

paramount importance and key to our sustainability priorities.

We provide a range of health screenings and support for

healthy behavior such as smoking cessation and weight

loss. We offer employees and their families counseling and

prevention, risk control, and treatment assistance for serious

diseases. Pinova recorded an absenteeism rate of 4,095* and

Renessenz recorded a rate of 3,800* per GRI’s formula.

In 2012 we took significant action to create an environment

in which safe practices are recognized as a personal and a

shared obligation. Under the leadership of a newly-hired Pinova

Holdings’ Senior Vice President of Operations, we revised

safety policies, embraced near miss reporting, stepped up

incident measurement, expanded our focus on process safety,

and inspired a culture in which there is more candor about

safety. We assessed Process Hazard Awareness systems,

prepared for a range of “what if” scenarios, updated Process

Safety Management procedures, and instituted new policies,

such as the need for plant workers to wear protective gloves

at all times.

Pinova Holdings is committed to operating its facilities in a safe

and reliable manner. Our Process Safety Management (PSM)

program is the cornerstone of that commitment. In the last 12

months, we enhanced our PSM program to ensure world-class

safety performance in how we operate, maintain, document,

and manage change.

Core to our PSM program is the Process Hazards Analysis

(PHA). A PHA is a systematic, detailed look at a process

to determine how it can deviate from normal operating

conditions and what, if any, hazardous conditions may result.

This analysis allows Pinova and Renessenz to put in place

safeguards to prevent the process from deviating from its

2017 Safety Goals

• Reduce Total Recordable Incident Rate to less than 0.3 per 200,000 hours worked


TOTAL RECORDABLE INCIDENT RATE (TRIR)

1.5

0

0.5

1.0

1.5

0

0.5

1.0

2010

0.21

2011

0.83

1.27

TRIR

TRIR

TRIR

2012

TR

IR

LOST TIME INCIDENT RATE (LTIR)

0

1

0

1

2010

0 Days lost 0 Days lost 0 Days lost

2011 2012 L

TIR

Pinova Holdings is proud to have no lost time incidents over the past three years.

The degree of openness and dialogue about

personal and process safety marks a meaningful

cultural change. Our goal is to promote a safe

workplace through a mental attitude that

requires taking responsibility for oneself and

one’s colleagues. I personally interview people

involved in any incident to find out what I, and

all of us, could be doing to create a safer

workplace.

Tim Eberle

Senior Vice President - Operations, Pinova Holdings

* Total annual number of missed days / total annual number of workforce days worked x 200,000


intended operation and creating an unsafe condition. In 2012

Renessenz hired a PSM Engineer and we now have one PSM

engineer each at Pinova and Renessenz. Under the guidance

of the newly-hired Renessenz PSM Engineer and a third-party

PSM professional, Renessenz completed PHAs on all of our

OSHA-covered and many non-OSHA covered processes. This

was a considerable effort, but one that has helped us improve

our processes, making them more reliable and safer for the

environment, our employees, and our community. Nothing else

is more important.

Our safety governance goal is to reduce the recordable incident

rate to 0.3 per 200,000 hours worked within five years. Of

the injuries recorded in 2012, none resulted in lost work time.

Incidents are recorded in compliance with OSHA regulations.

Personal protective equipment such as noise reduction, gloves,

and safety glasses are available for employees to use off-site

as well as on.

We want people to talk about what they observe with the

safety leadership team at each plant. In raising the visibility of

safety as a concern for all employees, we instituted biweekly

calls whose participants cut across both of our companies and

include people from diverse disciplines who bring different

perspectives to the discussion. The installation of a software

system to track near misses and incidents on a daily basis

provides necessary visibility into potential and actual problems.

Having real time access to this information engenders a

thoughtful assessment of potential injuries, proactive ways to

identify problems, and possible corrective actions that can be

taken to prevent an incident.

Enhanced reporting of near misses is now considered to

have had a positive effect on employee morale. Everyone

understands that attention to safety is a critical part of the

job, and one in which there is no latitude. Safety is discussed

at daily safety huddles that cover incidents, near misses and

the various behaviors and processes that might lead to injury.

Rather than confine topic areas to our facility perimeters, we

use experiences from non-affiliated companies as examples

from which we can learn and improve our systems. When

incidents lead to new procedures, we alert all staff via email

and require them to log in and acknowledge that they are aware

of the situation and any resulting changes. In a newly instituted

practice, we now start every meeting for every function, with a

discussion of notable opportunities to enhance safety.


2017 Community Relations Goals

• Establish joint goals and action plans with community neighbors to create stronger, safer,

more sustainable communities

Community EngagementWe are aware that as a chemical manufacturing company,

responsibility for environment, safety, and health questions

take on added meaning to local communities. Therefore, all of

our facilities are actively engaged in our neighborhoods and

strive for a consistently cooperative relationship. To enhance

our community interaction, we have set a goal of maintaining

closer dialogue to better understand our company’s impact

and identify the opportunities to create a stronger, safer, more

sustainable future in our local areas.

From a personal safety perspective, we have extensive

emergency response plans in place with local police and fire

departments. Both Pinova and Renessenz maintain a 24-hour

security hotline that anyone can contact if they believe there

may be a safety or environmental threat. To date, our company

has not had any significant environmental releases. None of

our workers are at risk for any specific disease based on their

occupations.

As partners in community development, we are taking steps

to enhance local economies and people’s lives. Both Pinova

and Renessenz are active members of their local Chambers

of Commerce. The companies support local business growth

and educational enrichment for area students. They sponsor

mentoring programs, facility tours, and training opportunities.

In addition to hosting local and forestry school students, Pinova

also had a group of students from Brazil visit its premises.

In a move that will bring jobs back to Georgia, Pinova

announced a new supplier relationship that seeks to perfect

the commercial extraction of gum rosin from live trees. This

will greatly enhance the local forestry industry, shift some

production from China to the U.S., and enable us to reduce

transportation costs by having supply sources nearby.

From a personnel perspective, we prefer to hire in-country

All of our facilities are actively engaged in

our neighborhoods and strive for a consistently

cooperative relationship

talent at all of our locations. This approach contributes

to the growth of each country’s economy and expedites

understanding of the regions in which we operate. Senior

managers at the Vice President and higher level are all citizens

of the country where they were hired.


As partners in community development, we are taking steps to enhance local economies and people’s lives.


Fostering Wellness

Renessenz runs annual challenges and health fairs to motivate

people to take control of their health and improve their

physical condition. Renessenz experimented this year with a

wellness program that rewarded nearly 50% of participants for

achieving or exceeding their personal goals.

Community Recognition

Pinova was honored as Georgia’s Manufacturer of the Year in

our seven-county region.

Neighborhood Engagement

We established the Renessenz Neighborhood Alliance as a

mechanism for regular interaction with our neighbors and

leaders of our Jacksonville community. The relationship allows

us to share information about our products and operations,

while improving collaboration. We intend to develop and

implement an action plan over the next five years that

reflects our mutual cooperation and enhances rapport and

understanding.

Expanding Horizons

Pinova is involved in numerous educational programs

throughout its community. For example, “Expanding Your

Horizons” is a local event focused on providing middle

school-aged young women opportunities to explore science,

math, technology and engineering curriculum. Pinova

employees teach a class entitled “Pine Stumps to Lip Gloss”

that shows the students how the use of chemistry can turn

a natural raw material into the basis for a cosmetic product.



Industry RelationsInvolvement in industry associations is an effective way

for us to understand industry challenges and influence

governmental policy. Each association in which we participate

provides a forum to learn about arising concerns and speak

with a collective voice in response to issues through regularly

scheduled meetings. Renessenz’s participation in the

International Fragrance Association provides added insights

into regulatory, compliance, and environmental matters.

Pinova participates on the board of directors of the Pine

Chemicals Association, of which both companies are

active members.

American Chemistry Council (ACC)

American Society of Safety Engineers

First Coast Manufacturers Association

International Federation of Essential Oils and Aroma Trade

Pine Chemicals Association

International Food Additives Council

American Concrete Institute

Asphalt Emulsion Manufacturers Association

Flavor and Extract Manufacturers Association

Institute of Food Technology

Industry leaders and scientific societies

International Fragrance Association North America

Research Institute for Fragrance Materials


Strengthening Operational Performance

2017 Environmental Goals

• Reduce greenhouse gas emission intensity by 25%

• Reduce water use intensity by 30%

• Reduce energy use intensity by 30%

• Reduce manufacturing leaks and spills by 50%

WATER CONSUMPTION

0 0

5 5

10 10

2010 2011 2012

11,995,000 9,942,000 8,916,650

Cub

ic M

eter

s (M

)

Our ongoing commitment to membership in the American

Chemistry Council Responsible Care® program in 2014

– a schedule that puts us a year and a half ahead of the

required time frame – is one step toward greater measurability

and improved performance. In 2012, we intensified our

focus with implementation of a five point strategy based on:

• Safety and environmental responsibility

• Reliability and operational excellence

• Quality, cost, and productivity enhancement

• Infrastructure improvement

• Personnel development

Safety and Environmental ResponsibilityEvery operational initiative depends on our working in a safe,

injury-free workplace. Therefore we have made engaging our

workforce in monitoring, reporting, and addressing potential

and actual incidents a priority. As described in the “Health and

Safety” section of this report, everyone is accountable for his

or her own safety as well as that of colleagues and community

members.

Because we believe that measurement of safety and

environmental results is so critical, we have installed systems

that allow for nearly instantaneous visibility into outcomes for

several key performance indicators. Daily reports show our

progress on goals, and, on a quarterly basis, we update the

board on the success of our programs.

In a newly implemented requirement, process safety engineers

make a formal monthly report on progress in each of their

projects. The new systems and policies provide the evidence

needed for our continuous improvement initiatives.

Energy UsePinova generated nearly 31%, or 61,000 GJ of its facility’s

total electricity by using by-products from processing stump

wood, sawdust and non-hazardous oils. These by-product

streams comprised 100% of the fuel used for the company’s

primary boiler. The company purchased 137,885 GJ of

electricity. Renessenz’s primary energy source is natural gas.

Consumption in 2012 was 923,000 GJ.

Between 2011 and 2012 we achieved an energy cost savings

of approximately 33% on natural gas and 14% on electricity.

Water Conservation and BiodiversityOn-site groundwater from the Upper Floridan Aquifer is

our primary water source. To limit its water removal from

the aquifer, Pinova initiated several conservation initiatives.

Among them is a third cooling tower installation completed in

November 2012, which will reduce groundwater extraction by

approximately 20-25% annually.

According to the U.S. Geological Survey the Floridan aquifer

system is one of the most productive in the world, covering

approximately 100,000 square miles and serving as the

primary water source for some 10 million people.

Pinova’s 153 acre manufacturing and office facility is located

on an incline immediately above the Terry and Dupree Creeks

Estuary, part of the Cumberland-St. Simons Watershed. We

are especially conscientious about water discharge in this area

because the estuary is a sensitive area for fish populations.

In addition, the Terry Creek system is bordered by wetlands

that are home to wildlife including alligators, turtles, otters and

numerous water birds. All water discharged by both companies

is recognized as clean and pure, given that it is chemically,

biologically or pH pre-treated or serves a non-contact cooling

water. Wastewater is released to Publicly Owned Treatment

Works (POTW) and through the National Pollutant Discharge

Elimination System (NPDES). Total wastewater discharged in

2012 was 8,424,795 cubic meters, with Biological Oxygen

Demand (BOD) of 424 tons and Total Suspended Solids (TSS)

of 212.

Water DischargePinova

• 878,972 cubic meters to the Academy Creek through POTW

• 6,908,377 cubic meters to the Dupree/Terry Creek Estuary

through NPDES

Renessenz • 55,568 cubic meters to land

• 177,207 cubic meters to surface water

• 438,740 cubic meters to POTW

Gas Emissions


In 2012 increased natural gas usage over oil resulted in higher greenhouse gas emissions, but lower NOx and SOx emissions.

NOx EMISSIONS*

0 0

1 1

2 2

2010

2.6 2.6

0.14

2011 2012

KTo

ns

*2012 based on continuous emissions monitoring.

SOx EMISSIONS*

0 0

2 2

4 4

6 6

2010

3.5

6.6

0.35

2011 2012

KTo

ns

*2012 reduction primarily due to burning cleaner fuels.

Regulatory ComplianceIn conjunction with our efforts to continually improve operations

and interaction with environmental agencies at the federal, state,

and local levels, we added new personnel to our regulatory

leadership. Both Pinova and Renessenz now have deep and

specialized expertise in health, safety, and environmental

requirements and procedures.

In 2012, Pinova voluntarily entered into an Air Permit Consent

Order that requires additional air control measures including a

mass balance accounting of Methyl Isobutyl Alcohol (MIBK)

emissions. No fines were involved, although the agreement

allows for fees related to emissions in excess of the mass

balance, should they occur.

Renessenz the same year rectified the Air Permit non-

compliance issue for which it was fined $13,500 by the City of

Jacksonville. A one to five gallon oil spill into the Moncreif Creek

was immediately cleaned. It was deemed to have had no adverse

environmental impact and resulted in no fines. To strengthen our

spill prevention measures we put the storm-water retention area

on a regular schedule of oil residue cleaning.

NOX, SOX, VOC, PM

TOTAL GREENHOUSE GAS (GHG) EMISSIONS

0 0

50 50

100 100

44

115

41

201220112010

KTo

ns C

O2e

GHG Emissions KTons CO2e

• Direct (Scope 1) 60

• Indirect (Scope 2) 55

Particulate Matter (PM) Year Ktons

• 2012 0.04

Volatile Organic Compounds

Year Ktons

• 2012 0.3562


Reliability and Operational ExcellenceThe 2012 implementation of new software systems allows

us to access detailed information that enables much more

in-depth perspectives into every aspect of our operations. We

now compare daily production cost projections against targets

in areas including raw material purchasing and utilization,

volume requirements, and capital equipment reliability.

These systems enable us to address issues immediately and

determine where further investment is warranted.

Quality, Cost, and Productivity EnhancementThe advances we made in attaining food safety certifications in

2012 complement other improvement initiatives. For example,

we developed a Cost Improvement Process that positions us

for long-term market competitiveness. Facility expansions and

improvements at Renessenz include a scheduled 40% capacity

increase for WinSense™ sensory coolant manufacturing,

investments in GMP (Good Manufacturing Practice)

compliance, installation of a new dryer packaging capability,

and expansion of L-Carvone capacity.

Infrastructure ImprovementOur demanding business goals require us to ensure that our

physical plant is conducive to productivity, innovation, and

engagement. As a result, we are expediting repairs, removing

unused equipment, and renovating rooms on a rolling basis.

Many of the recommended changes are generated by staff

members who recognize the reality of our evolution to a more

progressive organization.

We made a conscious decision to elevate

sustainability to top-of-mind status. Just as we

talk about safety, improvement, and profitability,

we now discuss sustainability at major meetings

and in everyday conversation throughout our

companies, not just in manufacturing and

operations.

Ken Kennedy

Vice President - Commercial and Technology, Pinova


Waste Water Reduction

Renessenz has reduced wastewater discharge and is

currently working on a system to capture all wastewater for

reuse. By shutting down two boilers which were consuming

between two and three gallons of water a minute, we have

reduced our annual wastewater output by two to three million

gallons. Our water recycling measures will save another two

to three million gallons of water, reduce chemical usage in

wastewater treatment, and allow production cost savings.

Water Stewardship

Pinova received the 2012 Georgia Association of Water

Professional’s Industrial Pretreatment Facility Award for

outstanding compliance with its Publicly Owned Treatment

Works (POTW) permit. The company was also recognized

for outstanding environmental stewardship by the Brunswick-

Glynn Joint Water & Sewer Commission for the second year

in a row. The Commission acknowledged our cooperation

in minimizing water pollution with zero discharge violations.

Guest Speaker

Pinova was a guest speaker at the annual Georgia Environ-

mental Coalition Conference. Our presentation was entitled

“Improved Compliance Through Industry/Agency Teamwork.”

Environmental Stewardship

Renessenz received the 2012 JEA IP Environmental Steward-

ship Award for outstanding environmental performance in

industrial pretreatment. This is the third award in a row for

Renessenz on achieving 100% environmental compliance.


GRI Standard Disclosures Index The Global Reporting Initiative (GRI), the most widely used and respected standard for sustainability reporting, employs an Application Level Check system to confirm the extent to which the report has applied the disclosures defined by in the GRI Sustainability Reporting Framework and Guidelines.

Pinova Holdings has received a B Application Level Check from GRI in accordance with its disclosure requirements.

3. REPORT PARAMETERS

Description Level of Page reporting reference

3.1 Reporting period for information provided Fully Front cover

3.2 Date of most recent previous report Fully 4

3.3 Reporting cycle Fully 4

3.4 Contact point for questions regarding the report or its contents Fully 4

3.5 Process for defining report content Fully 8

3.6 Boundary of the report Fully 5

3.7 State any specific limitations on the scope or boundary of the report Fully 4

3.8 Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities Fully 4

3.9 Data measurement techniques and the bases of calculations Fully 4

3.10 Explanation of the effect of any re-statements of information provided in earlier reports Fully None

3.11 Significant changes from previous reporting periods Fully None

3.12 Table identifying the location of the Standard Disclosures in the report Fully 26, 27, 28, 29

3.13 Policy and current practice with regard to seeking external assurance for the report Fully None

4. GOVERNANCE, COMMITMENTS AND ENGAGEMENTS


4.1 Governance structure of the organization Fully 9

4.2 Indicate whether the Chair of the highest governance body is also an executive officer Fully 9

4.3 Members of the Board Fully 9

4.4 Employee and shareholder participation possibilities Fully 9, 14

4.5 Linkage between compensation for members of the highest governance body, senior managers, Fully 9 and executives and the organization’s performance

4.6 Processes in place for the highest governance body to ensure conflicts of interest are avoided Fully 9

4.7 Process for determining the composition, qualifications, and expertise of the members of the highest Fully 9 governance body and its committees

4.8 Mission statements, codes of conduct and principles relevant to sustainability Fully 10

4.9 Procedures of the highest governance body for overseeing the identification and management of economic, Fully 9 environmental, and social performance

4.10 Assessment of the highest governance body’s own performance Fully 9

4.11 Accounting for the precautionary approach Fully Not applied

2. ORGANIZATIONAL PROFILE


2.1 Name of the organization Fully 5

2.2 Primary brands, products, and/or services Fully 5

2.3 Operational structure of the organization Fully 5

2.4 Location of organization’s headquarters Fully 4

2.5 Number of countries where the organization operates Fully 5

2.6 Nature of ownership and legal form Fully 9

2.7 Markets served Fully 5

2.8 Scale of the reporting organization Partially 5, 14

2.9 Significant changes regarding size, structure, or ownership Fully None

2.10 Awards received in the reporting period Fully 13, 25

PART I: PROFILE DISCLOSURES

1. STRATEGY AND ANALYSIS


1.1 Statement from the most senior decision-maker of the organization Fully 7

1.2 Description of key impacts, risks, and opportunities Fully 8, 11, 13, 14, 16, 18, 22



EC Economic Fully 8, 13, 18

EN Environmental Fully 8, 13, 18, 22

LA Labor Practices and Decent Work Fully 13, 14

HR Human Rights Fully 9, 14

SO Society Fully 8

PR Product Responsibility Fully 9, 11

PART II: DISCLOSURES ON MANAGEMENT APPROACH

4. GOVERNANCE, COMMITMENTS AND ENGAGEMENTS (Cont.)


4.12 External principles and initiatives Fully None

4.13 Memberships in associations Fully 21

4.14 List of stakeholder groups engaged by the organization Fully 8

4.15 Basis for identification and selection of stakeholders with whom to engage Fully 8

4.16 Approaches for the engagement of stakeholders Fully 11, 13, 18, 20, 21

4.17 Response to stakeholders concerns Fully 8, 11

PART I: PROFILE DISCLOSURES

PART III: PERFORMANCE INDICATORS

ECONOMIC


EC2 Financial implications and other risks and opportunities due to climate change Partially 13

EC4 Significant financial assistance received from government Fully None

EC7 Procedures for local hiring and proportion of senior management hired from the local community Fully 18

ENVIRONMENTAL


EN1 Materials used by weight or volume Fully 13

EN2 Percentage of materials used that are recycled input materials Fully 13

EN3 Direct energy consumption by primary energy source Fully 22

EN5 Energy saved due to conservation and efficiency improvements Fully 22

EN6 Initiatives to provide energy-efficient products and services, and reductions in energy Fully 22 requirements as a result of these initiatives

EN8 Total water withdrawal by source Fully 22

EN9 Water sources significantly affected by withdrawal of water Fully 22

EN10 Percentage and total volume of water recycled and reused Partially 25

EN11 Location and size of protected areas and areas of high biodiversity value outside protected areas Fully 23

EN12 Significant impacts of operations on biodiversity of protected areas Partially 23

EN16 Total direct and indirect greenhouse gas emissions by weight Partially 23

EN20 NOx, SOx, and other significant air emissions by type and weight Fully 23

EN21 Total water discharge by quality and destination Partially 23

EN23 Total number and volume of significant spills Fully 23

EN28 Monetary value of significant fines and total number of non-monetary sanctions for non-compliance Fully 23

LABOR PRACTICES AND DECENT WORK


LA1 Total workforce by employment type, employment contract, and region, broken down by gender Fully 14

LA2 Total number and rate of new employee hires and employee turnover by age group, gender, and region Fully 14

LA4 Percentage of employees covered by collective bargaining agreements Fully None

LA5 Minimum notice period(s) regarding significant operational changes, including whether it is specified Fully 14 in collective agreements

LA7 Rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities Partially 16, 17 by region and by gender

LA8 Precautionary measures regarding serious diseases Fully 16, 18

LA9 Health and safety topics covered in formal agreements with trade unions Fully None

LA10 Average hours of training per year per employee by gender, and by employee category Fully 14, 17

LA12 Percentage of employees receiving regular performance and career development reviews, by gender Fully 14


SOCIETY


SO1 Percentage of operations with implemented local community engagement, impact assessments, Fully 18 and development programs

SO2 Percentage and total number of business units analyzed for risks related to corruption Fully 9

SO3 Percentage of employees trained in organization’s anti-corruption policies and procedures Fully 9

SO4 Actions taken in response to incidents of corruption Fully None

SO5 Public policy positions and participation in public policy development and lobbying Fully 21

SO7 Total number of legal actions for anti-competitive behavior, anti-trust, and monopoly Fully None practices and their outcomes

SO9 Operations with significant potential or actual negative impacts on local communities Fully 18

PRODUCT RESPONSIBILITY


PR1 Health and safety impacts of products and services are assessed for improvement Fully All

PR2 Total number of incidents of non-compliance with regulations and voluntary codes concerning Fully None health and safety impacts of products and services

PR3 Information on products and services Fully All

PR4 Total number of incidents of non-compliance with regulations and voluntary codes concerning Fully None product and service information and labeling

PR7 Total number of incidents of non-compliance with regulations and voluntary codes concerning Fully None marketing communications

PR8 Total number of substantiated complaints regarding breaches of customer privacy and losses Fully None of customer data

PR9 Monetary value of significant fines for non-compliance with laws and regulations concerning Fully None the provision and use of products and services

HUMAN RIGHTS


HR4 Total number of incidents of discrimination and actions taken Fully 9

HR5 Right to exercise freedom of association and collective bargaining Fully None

HR6 Operations identified as having significant risk for incidents of child labor Fully None

HR7 Operations identified as having significant risk for incidents of forced or compulsory labor Fully None

HR8 Percentage of security personnel trained in the organization’s policies or procedures Fully All concerning aspects of human rights

HR9 Total number of incidents of violations involving rights of indigenous people and actions taken Fully None

HR10 Percentage and total number of operations that have been subject to human rights reviews Fully None and/or impact assessments

HR11 Number of grievances related to human rights filed, addressed and resolved through Fully None formal grievance mechanisms

PART III: PERFORMANCE INDICATORS


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COnTACT

Pinova Holdings, Inc.

Corporate Headquarters

2801 Cook Street

Brunswick, GA 31520-6160

USA

www.pinovaholdings.com

Pinova, Inc.

Headquarters | Brunswick Plant

2801 Cook Street

Brunswick, GA 31520-6160

USA

Tel +1 888 807 2958 (North America)

Tel +1 912 265 3550 (International)

Fax +1 912 261 3534

www.pinovasolutions.com

Renessenz llC

Headquarters | Jacksonville Plant

601 Crestwood Street

Jacksonville, FL 32208-4476

USA

Tel +1 904 768 5800

Fax +1 904 768 2200

www.renessenz.com

disclaimer:

The information contained in this report, including

forward looking statements, is presented in good faith

by Pinova Holdings and believed to be correct. We

do not make representations or warranties as to its

completeness or accuracy.

Paper stocks come from a Rainforest Alliance certified

forest and FSC certified controlled forests.

Printed in the USA.

corporate stewardship 2012 - pinovasolutions.com

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