Vedanta Should Abide By International Development Pact -LAPFF
August 29 2010 - 7:35PM
Dow Jones News
U.K.-listed Vedanta Resources PLC (VED.LN) should implement the
International Council on Mining and Metals Sustainability
Development Framework and appoint an independent non-executive
director, said the U.K.'s Local Authority Pension Forum Monday.
India's environment minister, Jairam Ramesh, rejected Vedanta's
plans for the proposed bauxite mining project in the Eastern state
of Orissa last week, stating that Vedanta had breached
environmental protection acts and raised concerns for the rights of
local tribes. Vedanta's share price fell sharply in response.
"The Vedanta experience is clear evidence of why laggards ignore
[environmental, social and governance issues] matters at their
peril and to the detriment of their shareholders. Good management
of these issues can clearly have a direct impact on business
strategy and, by extension, financial performance," said LAPFF
chairman Cllr Ian Greenwood.
"As shareholders increasingly embrace their ownership
responsibilities, these sorts of issues are only going to gain more
importance," he added.
The LAPFF is a voluntary association of 52 U.K.-based public
sector pension funds that aims to promote corporate responsibility.
The 52 members manage over GBP90 billion in assets.
Company Website: http://www.vedantaresources.com
-By Alex MacDonald, Dow Jones Newswires; 44 20 7842 9328;
alex.macdonald@dowjones.com
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