Swedish pension funds divest from Freeport McMoRan, Incitec Pivot, Potash & Walmart due to human rights & environmental concerns

Get RSS feed of these results

All components of this story

Article
2 October 2013

[PDF] Freeport-McMoRan Response to Ethical Council Report

Author: Freeport-McMoRan

Freeport-McMoRan’s subsidiary, PT Freeport Indonesia (PT-FI), undertook a multi-year AMDAL process (an Environmental & Social Impact Assessment) for approval of its operations in Papua, in compliance with Indonesian regulations...During this AMDAL process, which included significant stakeholder engagement, the current approach and system for tailings management was developed as the best site specific alternative...A subsequent Environmental Risk Assessment (ERA) was commissioned in 1998 to determine if there were any additional risks...a five-year exercise consisting of over 90 scientific studies...[that] included stakeholders and scientists from Indonesia and worldwide...The impacts of the approximate 15 years of PT-FI’s controlled riverine tailings operations have been consistent with the expectations that were established in the AMDAL process, as verified by external audits...

Read the full post here

Article
30 September 2013

Swedish AP Funds exclude four companies accused of contravening international conventions

Author: Ethical Council (Sweden)

[Business & Human Rights Resource Centre invited Incitec Pivot & Walmart to respond. Incitec Pivot response provided. Walmart did not respond]. [Swedish pension funds] are to divest their holdings in Walmart, Freeport McMoRan, Incitec Pivot and Potash after being advised by their Ethical Council that several years of engagement with the companies had failed to delivered the desired results...As long-term, responsible and active investors, the AP funds seek to drive positive change in environmental and social governance at companies worldwide...The Ethical Council bases its recommendation on exclusion of Walmart...on...systematic abuses of workers' rights...[in the US]...[The] exclusion of Freeport McMoRan Copper & Gold...reflects the fact that the company through its mining activities in Indonesia has been linked to serious adverse environmental impacts...The...exclusion of Incitec Pivot...and Potash...are based on both companies being purchasers of phosphate from a Moroccan supplier that mines its product in Western Sahara...[T]he UN's legal counsel stated in January 2002 that exploration of mineral resources in Western Sahara without local consent would be in breach of the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights...

Read the full post here