“After months of debate, the Australian Securities Exchange last week dumped a proposal to include reference to a “social licence to operate” in its updated Corporate Governance Guidelines. “Politically correct” or not, the phrase is an accurate metaphor for the reality that companies that disregard the values of the societies in which they operate run …
“’We recognise climate change science as set out by the United Nations Intergovernmental Panel on Climate Change…To deliver a strong investment case to our shareholders, we must invest in assets that will be resilient to regulatory, physical and operational risks related to climate change,’ Glencore said.” Financial Times March 05, 2019 “But, above all, there …
If the authorities accept that line of reasoning, they could demand additional safety measures and shutdowns across Minas Gerais, where Vale mines about half of its iron ore. Second, it faces still undetermined damages for the Samarco disaster, which could rise as a result of the latest tragedy. Third, Brazil’s top prosecutor has said she …
The mayor of the state capital Belo Horizonte, Alexandre Kalil, said “Vale’s board of directors should be in jail”. Meanwhile top prosecutor Raquel Dodge said it was important to hold the company “strongly responsible”. “If there was malpractice, recklessness or negligence on the part of someone inside the company, that person has to answer criminally,” …
The disaster unleashed huge quantities of mud and waste that destroyed a nearby village and killed 19 people. It would resolve shareholder claims stemming from the Nov. 5, 2015, bursting of the Fundão dam in Minas Gerais, Brazil’s main mining state, at a mine run by Samarco, a joint venture between BHP and Brazil’s Vale …
“The state’s attorney general filed a lawsuit against ExxonMobil yesterday, arguing that the oil giant defrauded investors by playing down the risks of climate change.” October 25, 2018New York Times “At stake…a reputation that Exxon has tried to shape as a global leader on climate change issues.” Reputation value: economic benefits of stakeholders’ expectations. Reputations …
“The obvious conclusion is mining professionals are happy to handle technical risks associated with the finding, mining and processing of ore but are less competent in managing their business risks and get exceptionally uncomfortable when asked to deal with soft risks around reputation and social licence,” Mining Journal Intelligence head Chris Cann said. “(M)ining professionals…get …