---------- Forwarded message ----------
From: Anivar Aravind <anivar.aravind@gmail.com>
Date: Thu, Jul 8, 2010 at 4:40 PM
Subject: [OrissaConcerns] Dutch manager PGGM drops India's Vedanta over ethical concerns
To: connect <connect@lists.orissaconcerns.net>
Dutch manager PGGM drops India's Vedanta over ethical concerns
Published on July 8, 2010 in Mining and niyamgiri. 0 Comments
http://orissaconcerns.net/2010/07/dutch-manager-pggm-drops-indias-vedanta-over-ethical-concerns/
NETHERLANDS – Asset manager PGGM has withdrawn its investments in
Indian mining company Vedanta Resources for "persistently ignoring"
the environment and human rights.
Despite a two-year dialogue concerning Vedanta's mining activities in
the state of Orissa, the company made no concrete improvements, PGGM
said.
The asset manager said Vedanta's lack of improvement and refusal to
co-operate on environmental and human rights issues had increasingly
put the company's reputation at risk, which, PGGM felt, had translated
into a financial risk.
PGGM, which manages the €91bn healthcare scheme PFZW, said it had
exchanged letters and held numerous talks with the company over the
last two years.
It also aimed to step up pressure on Vedanta by involving a number of
international institutional investors in talks.
But PGGM said Vedanta declined to participate in a roundtable meeting
with experts – initiated by the group of investors – to discuss
possible solutions for problems in Orissa.
Consequently, PGGM has disinvested its €13m stake in the company,
including Vedanta's subsidiaries Sterlite Industries, Hindustan Zinc
and Sesa Goa.
Author: Leen Preesman
--
"[It is not] possible to distinguish between 'numerical' and
'nonnumerical' algorithms, as if numbers were somehow different from
other kinds of precise information." - Donald Knuth
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From: Anivar Aravind <anivar.aravind@gmail.com>
Date: Thu, Jul 8, 2010 at 4:40 PM
Subject: [OrissaConcerns] Dutch manager PGGM drops India's Vedanta over ethical concerns
To: connect <connect@lists.orissaconcerns.net>
Dutch manager PGGM drops India's Vedanta over ethical concerns
Published on July 8, 2010 in Mining and niyamgiri. 0 Comments
http://orissaconcerns.net/2010/07/dutch-manager-pggm-drops-indias-vedanta-over-ethical-concerns/
NETHERLANDS – Asset manager PGGM has withdrawn its investments in
Indian mining company Vedanta Resources for "persistently ignoring"
the environment and human rights.
Despite a two-year dialogue concerning Vedanta's mining activities in
the state of Orissa, the company made no concrete improvements, PGGM
said.
The asset manager said Vedanta's lack of improvement and refusal to
co-operate on environmental and human rights issues had increasingly
put the company's reputation at risk, which, PGGM felt, had translated
into a financial risk.
PGGM, which manages the €91bn healthcare scheme PFZW, said it had
exchanged letters and held numerous talks with the company over the
last two years.
It also aimed to step up pressure on Vedanta by involving a number of
international institutional investors in talks.
But PGGM said Vedanta declined to participate in a roundtable meeting
with experts – initiated by the group of investors – to discuss
possible solutions for problems in Orissa.
Consequently, PGGM has disinvested its €13m stake in the company,
including Vedanta's subsidiaries Sterlite Industries, Hindustan Zinc
and Sesa Goa.
Author: Leen Preesman
--
"[It is not] possible to distinguish between 'numerical' and
'nonnumerical' algorithms, as if numbers were somehow different from
other kinds of precise information." - Donald Knuth
_______________________________________________
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