Whereas: On June 16, 2011, the UN Human Rights Council endorsed the Guiding Principles on Business and Human Rights (the Principles). Simultaneously the 42 member countries of the Organizations for Economic Cooperation and Development adopted new Guidelines for Multinational Enterprises, incorporating human rights guidance based on the Principles.
The Principles were developed, through extensive consultation with business and other stakeholders, as a framework to enhance and define corporate policies and procedures on human rights. The development of this framework is the culmination of a six year project led by John Ruggie, the Special Representative for Business and Human Rights to the Secretary General of the United Nations.
The Principles recommend business enterprises have policies and processes covering a commitment to respect human rights, a due diligence process to identify, prevent, mitigate and account for impacts on human rights and processes to remediate any adverse impacts.
The Principles suggest the human rights policy be approved at the most senior level of the enterprise, stipulate expectations of business partners and be reflected in operational policies and procedures. In terms of due diligence, the policy should cover impacts of the business and activities by its business relationships that may be linked to its operations, products or services.
As shareholders we believe companies involved in resource exploration, development and extraction projects may benefit from the application of a formal human rights policy. For example, projects in regions undergoing political and social conflict may be particularly vulnerable to human rights concerns, adding uncertainty to project economics and timing, as well as contributing to significant reputational risk. A formal human rights policy, grounded in due diligence, will help manage these risks and provide an added layer of protection to shareholder value.
Be it resolved that the Board undertake a review of IAMGold Corporation’s existing human rights policies and procedures, using the UN Guiding Principles on Business and Human Rights as a framework, and report back to shareholders on the adequacy and risk management effectiveness of the current human rights due diligence process.