BOSTON, MA. – A broad-based coalition of U.S. and Canadian social investors with almost $29 billion in assets under management have joined together to ask the World Bank President James Wolfensohn to implement the recommendations of the Extractive Industries Review (EIR).

“We believe the recommendations of the EIR could be a valuable new benchmark for corporate social responsibility (CSR) as we engage in dialogue with our global oil and gas, and mining company holdings,” said Lauren Compere, Global Advocacy Coordinator, Boston Common Asset Management. “We are in dialogues with several of our portfolio companies in the extractive industries including mining company, Newmont Mining and oil and gas companies Apache, BP, Burlington Resources and Occidental Petroleum about minimizing environmental damage of their activities, or respecting human rights and the rights of indigenous peoples.

Mark Regier of the MMA Praxis Funds and the Chair of the International Working Group of the Social Investment Forum added, “We are concerned about the controversial impacts of oil, gas and mining activities that occur in poor countries with weak environmental and human rights protections. Our voice as shareholder advocates with the extractive industry players will be significantly strengthened if the World Bank adopts the recommendations of this review.”

The Extractive Industries Review was launched by the World Bank Group to discuss its future role in the extractive industries with concerned stakeholders. The aim of this independent review is to produce a set of recommendations that will guide involvement of the World Bank Group in the oil, gas and mining sectors. The process was chaired by Dr. Emil Salim, former Environment Minister of Indonesia and chair of the recent World Summit on Sustainable Development in Johannesburg, South Africa. The American Wind Energy Association, Solar Energy Industries Association, Geothermal Energy Association, The Stella Group, Ltd. and others are seeking to have the Bank follow through on this promising initiative in a timely and meaningful manner.

The coalition includes money management firms, mutual funds, religious investors and social research firms.

A copy of the letter that socially responsible investors sent to the World Bank advocating its adoption of the recommendations of the Extractive Industries Review is available upon request.

Boston Common Asset Management

Boston Common Asset Management

Boston Common Asset Management is an employee-owned investment firm dedicated to the pursuit of financial return and social change. We offer social investors an unrivaled range of customized social investment products. These include U.S. core- or value-oriented equity and balanced accounts, as well as international and small cap options. Our efforts on the social dimension include thorough independent research, tenacious shareholder advocacy, and community development investing.

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