A study of environmental, social and governance (ESG) practice in the mining sector that examined the top 50 listed mining companies by market cap and the world’s 20 largest institutional investors, says much more work needs to be done to put ESG front and center in the industry.
“Despite the compelling business case for ESG, and its acceptance as a critical issue by essentially all mining companies, there is no company that stands out as the undisputed leader in ESG performance,” the report by Egon Zehnder, a global management consulting and executive search firm concludes. “Even the world’s top mining companies still experience fatalities, spillages, community strife, conflict with NGOs, and public relations disasters.”
The report entitled From risk to reward: How a focus on ESG is transforming the mining industry, notes that of the top 50 mining companies, less than half are signatories to the UN Global Compact Initiative — a voluntary initiative based on CEO commitments to implement universal sustainability principles. By contrast, 80% of the 20 largest institutional investors focused on the mining industry are signatories to the UN Principles for Responsible Investing (UNPRI).
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