Recommendation - Vedanta Resources Plc.
Letter | Date: 06/11/2007 | Ministry of Finance
At a meeting on 2 October 2006 the Council on Ethics for the Government Pension Fund – Global decided to assess whether the investments in the company Vedanta Resources Plc. may imply a risk of the Fund contributing to unethical acts under the Ethical Guidelines, point 4.4.
At a meeting on 2 October 2006 the Council on Ethics for the Government Pension Fund – Global decided to assess whether the investments in the company Vedanta Resources Plc. may imply a risk of the Fund contributing to unethical acts under the Ethical Guidelines, point 4.4.
As of 31 December 2006 the Government Pension Fund – Global held shares worth some NOK 81 million in the company, amounting to an ownership share of 0.16 per cent.
Vedanta Resources is a British metals and mining company. Its core business is linked to mining and production of copper, aluminium, and zinc in India. The company also has operations in Australia, Zambia and Armenia. Vedanta Resources is accused of having caused environmental damage and contributed to human and labour rights violations. Other accusations include repeated breaches of national environmental legislation, illegal production expansions, irresponsible handling of hazardous waste, violations against tribal peoples, deplorable wages, and dangerous working conditions in the mines and factories. The company is also criticized for being involved in bribery and corruption.
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