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Global Businesses’ Working Practices

Volume 662: debated on Thursday 20 June 2019

8. What steps the Church Commissioners are taking to use their influence and responsible investment policy to engage positively with global businesses on their working practices. (911485)

This question relates to the previous one in an interesting way.

This month, the Church of England was ranked second globally in an industry survey of responsible investors. One of our most recent engagements has been holding to account the mining company, Vale, as responsible for the collapse of the dam in Brumadinho, Brazil. That underlines the point that really good, responsible asset management is something that one has to pay for.

I am grateful to the right hon. Lady for that answer. The dam collapse claimed the lives of 246 people. Vale is a British company and it is totally unacceptable to have lower standards of health and safety abroad than at home. What is the Church of England’s strategy, as an investor, for tackling that?

The Church Commissioners hosted a roundtable meeting with other investors and senior management from a number of the largest mining companies in the world, which exposed the fact that this is a widespread problem. To date, 29 of the top 50 mining companies have made disclosures about tailings dams. This is how investors can have an influence in an ethical way over their policy.