The global standard which is due to be launched next month will establish much needed robust requirements for the safer management of both existing and new tailings facilities globally, whilst holding the industry to account for the safety of employees, local communities and the environment.
A joint statement from Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board and John Howchin, from the Council of Ethics of the Swedish National Pension Funds:
“For decades people have called for a global standard that can drive best practice. It is tragic that it has taken the Brumadinho disaster to make this happen. In January 2019 we called for there to be a new industry standard that drives best practice to address the risk of tailings facility failure. We have been assured by the Global Tailings Review’s independent expert panel that if this standard had been in place, the disaster at Brumadinho would not have happened.
“We expect all mining companies to comply with this framework, and responsible investors looking to address the risks of tailings failure now have a responsibility to drive implementation, incorporating the Standard into stewardship and active ownership strategies. The Standard is one of a series of interventions we will be supporting.”