Investors, banks and insurers review global progress in addressing tailings dam safety
Nine months after the Brumadinho disaster in Brazil, that killed 270 people, investors from the Mining and Tailings Safety Initiative, a group that has over USD$13.5 trillion in assets under management and is co-led by the Church of England Pensions Board and the Council of Ethics of the Swedish National Pension Funds, met today at a high level summit in London with senior executives of mining companies and leading experts to review international progress on mining and tailing safety.
John Howchin, Secretary General of the Council on Ethics of the Swedish National Pension Funds and Co-Lead of the Mining & Tailings Safety Initiative, commented:
“Even with these disclosures we still do not have the full picture. Whilst many of the major mining companies have responded to our request, just over half are yet to disclose to us. Investors will be re-doubling our efforts and allocating lead engagers to those companies and using the stewardship tools available to us to secure these disclosures. There is simply no excuse to not disclose on a material risk, that as owners of these companies, we need to urgently understand. It is clear that investors’ patience with non-disclosing companies will not remain for much longer.”