AMAGGI's 2021 commitment to a 100% deforestation and conversion-free (DCF) supply chain by end-2025 may not have been fully achieved. A 2026 policy update retained the target date but extended the scope — potentially an implicit acknowledgement that the original boundary was not reached. The company also left the Amazon Soy Moratorium in January 2026, raising further questions about the direction of travel.
Its 2021 Sustainability Bond proceeds were used almost entirely to purchase certified soy — an operating expenditure that provided no ongoing restrictions on future sourcing. With the bond maturing in 2028, investors have an opportunity to require stronger accountability in the next financing. AFII's bondholder engagement toolkit identifies collaborative disclosure and bondholder coordination as some tools to aid this well-timed engagement opportunity.
