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Global Witness statement on launch of London Metal Exchange responsible sourcing roadmap

Author: Global Witness, Published on: 23 April 2019

...Sophia Pickles, supply chain investigator for NGO Global Witness said: 

“Global Witness welcomes responsible sourcing rules for LME brands and particularly requirements for brands to publicly report on financial crime and corruption risks in line with EITI and OECD standards, and on named individuals directly responsible for supply chain due diligence within their supplier networks...The LME’s final responsible sourcing rules should not turn around lists of conflict-affected and high-risk areas but rather ensure that LME-listed brands and their producers have processes in place that can spot and respond to risk wherever it arises...

The metal sector must be more ambitious in its endeavour to demonstrate its responsible business: named company directors already sign off on reports under money-laundering regulations: why shouldn’t the same apply to supply chain due diligence reports, including for LME brands?...

The LME must also go further when it comes to tackling the impacts of its brands on the planet. The Exchange must require companies to report on environmental and climate risk, too...

Finally, we caution the LME against over-reliance on industry schemes as a means of demonstrating responsible business...Our research, and that of a 2018 OECD study, consistently shows that membership of or coverage by an industry scheme does not guarantee that an entity is undertaking responsible sourcing in practice...the LME should focus on the individual, independent annual reporting published by brands and producers, and use this as the means of scrutinising and testing corporate efforts to identify and respond to supply chain risks...

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