Submitted by: Responsible Business Alliance
Posted: Apr 10, 2018 – 09:00 AM EST
ALEXANDRIA, Va./AMSTERDAM, Apr. 10 /CSRwire/ - The Responsible Minerals Initiative (RMI) and the Global Reporting Initiative (GRI) today announced a project to help improve companies’ minerals sourcing due diligence and impact reporting by providing reporting resources and tools based on internationally recognized frameworks.
Increasingly, governments and other stakeholders recognize the need to prevent the extraction and trade of minerals with significant adverse impacts, including serious human rights abuses and conflict. The increased attention has prompted many companies to establish due diligence management systems and publicly report on their practices. Meaningful and comparable data help companies identify their gaps, and promote accountability and transparency in the minerals supply chain. However, despite international guidance and regulations, public reporting by companies remains limited, and the quality and comparability of existing reports presents opportunities for improvement.
The project aims to provide the reporting community with a consolidated reporting resource based on existing internationally recognized tools and frameworks, such as the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. The outcomes can support companies to improve regulatory compliance and further enable companies to make informed decisions about potential conflict minerals in their supply chains.
Collaboration for Improved Disclosure
The RMI is one of the most widely used resources for companies from multiple industries to address minerals due diligence challenges in their supply chains, and GRI’s reporting standards, developed through robust stakeholder consultative processes, is the most trusted by companies and governments worldwide. The RMI and GRI share a commitment to the responsible sourcing of minerals from conflict-affected and high-risk areas and are collaborating to improve the quality of due diligence and impact reporting.
“By leveraging the due diligence expertise of our Responsible Minerals Initiative and the reporting expertise of GRI, we can refine approaches and offer new tools that will greatly enhance the risk management and transparency efforts of companies,” said Rob Lederer, Executive Director of the Responsible Business Alliance.
“As companies face increasingly stringent reporting expectations from governments, shareholders and others regarding minerals sourced from conflict-affected and high-risk areas, this RMI-GRI project is not only timely but crucial for companies trying to meet market and regulatory expectations,” according to Tim Mohin, Chief Executive of the Global Reporting Initiative.
After an inception phase, in which the RMI and GRI conducted extensive research to understand stakeholder expectations and define the landscape and urgency of the issue, the project is now entering phase 2: Corporate Leadership Group. In this phase the RMI and GRI will invite companies to discuss research findings from Phase 1, to develop a common understanding how existing tools and frameworks serve companies, discuss best practices and how identified gaps can be addressed with additional reporting resources on responsible minerals sourcing.
Based on the outcome of Phase 2, the RMI and GRI will develop a consolidated reporting resource for responsible minerals sourcing reporting, and inform the Global Sustainability Standards Board (GSSB), the body in charge of developing and approving GRI standards.
For more information about the RMI-GRI project, download this overview.
The Responsible Minerals Initiative (RMI), formerly the Conflict-Free Sourcing Initiative (CFSI), is a multi-industry initiative with over 360 member companies, including associations and service providers. Our members contribute to the development and international uptake of a range of tools and resources, including independent third-party audit programs for smelters, the Conflict Minerals Reporting Template, Reasonable Country of Origin Inquiry data, and guidance documents on responsible sourcing of tin, tantalum, tungsten and gold (3TG) and cobalt. The RMI runs regular workshops on responsible sourcing issues and contributes to policy development with civil society organizations and governments. For more information, visit responsiblemineralsinitiative.org.
GRI is an independent international organization that has pioneered sustainability reporting since 1997. GRI helps businesses and governments worldwide understand and communicate their impact on critical sustainability issues such as climate change, human rights, governance and social well-being. This enables real action to create social, environmental and economic benefits for everyone. The GRI Sustainability Reporting Standards are developed with true multi-stakeholder contributions and rooted in the public interest. For more information, visit globalreporting.org
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