Australian institutional investor sees heritage risk across mining industry
17 November 2020
Australian superannuation fund HESTA said [...] that Rio Tinto’s destruction of ancient sacred rockshelters in Western Australia this year has highlighted structural risk around heritage management practices in the mining sector.
The fund is calling for an independent review of the partnership agreements between mining companies and traditional owners to better manage risk, said Mary Delahunty, HESTA’s head of impact [...]
HESTA is pushing for an independent review of the agreements between traditional owners and mining companies across the industry because of the “systemic” risks they pose.
“If those agreements in any way erode the rights of the parties or have been negotiated without an understanding of power imbalance then they are not future ready, should probably not be relied apon and introduce a risk to investors that is material to the company’s value,” she said.
HESTA is also calling for clear national standards around heritage sites and further action by investors. The parliamentary committee is due to report its findings by Dec. 9.