Investors call on 3 companies to submit robust reports under US Govt's. Burma reporting requirements

On 24 June 2015, EIRIS Conflict Risk Network and 11 institutional investors, asset owners and asset managers wrote to Caterpillar Inc., Chevron Corporation and Hilton Worldwide Holdings Inc. The letters urge all three companies to submit comprehensive and timely reports pursuant to the U.S. Government’s Burma Responsible Investment Reporting Requirements.

Caterpillar and Chevron provided responses.  Hilton has said it is in the process of reviewing the requirements and will provide an update in the coming weeks - we will post the update here.

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Company response
7 July 2015

Caterpillar response regarding US Govt's. Burma reporting requirements

Author: Caterpillar

...To date, Caterpillar Inc. and its subsidiaries have made no investments in Myanmar, so the reporting requirements you mention in your letter do not apply. We faithfully abide by rules and regulations established by the US government for American companies doing business in Myanmar and by the Myanmar government.

The appearance of the Caterpillar name or of Caterpillar machines and engines in Myanmar that may have led to your conclusion is due to an independent dealer selling Caterpillar machines and engines in country.  

In any event, 31 CFR 537.311's definition of "new investment" is clear that it does not include the sale of goods. Since Caterpillar is in full compliance with the law, we trust you will withhold publishing anything that states or implies that Caterpillar has made investments in Myanmar or is otherwise not in compliance with the law...

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Company response
1 July 2015

Chevron response to investor letter regarding US Government’s Burma Responsible Investment Reporting Requirements.

Author: Chevron

Chevron, through our subsidiary Unocal Myanmar Offshore Co., Ltd, was granted exploration rights in a block located offshore Myanmar in March this year.  Unocal Myanmar Offshore Co., Ltd. will be the operator of the block with a 99 percent interest.  Royal Marine Engineering, a Myanmar-based company, will hold the remaining interest in the block….

…Chevron intends to fully comply with the U.S. Government’s Burma Responsible Investment Reporting Requirements. 

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Article
24 June 2015

Investors Call For Robust Reporting on Burma/Myanmar - Caterpillar, Chevron and Hilton Urged to Comply with U.S. Requirements

Author: EIRIS Conflict Risk Network

Eleven institutional investors, asset owners and asset managers with a combined total of more than $40 billion in assets under management have sent joint letters to Caterpillar Inc., Chevron Corporation and Hilton Worldwide Holdings Inc. The letters urge all three companies to submit comprehensive and timely reports pursuant to the U.S. Government’s Burma Responsible Investment Reporting Requirements.

Download the full document here