AMSJ » Vale removed from human rights benchmark

Vale removed from human rights benchmark

the brumadinho tragedy has resulted in removal of vale from corporate human rights benchmark

Vale has been officially removed from the Corporate Human Rights Benchmark following the Brumadinho tailings dam collapse. It had previously ranked in 6th place.

“The Corporate Human Rights Benchmark seeks to provide robust and credible information on companies’ actions to respect human rights across their business,” Dan Neale, programme director at CHRB, said in a statement. “Given this latest disaster involving Vale, we have moved to ensure their inclusion in our benchmark is not now misleading.”

Due to the devastating dam collapse at Vale’s Córrego do Feijão mine in Brumadinho, Brazil, CHRB has decided to remove Vale’s scores from the 2018 benchmark rankings and exclude their scores from the CHRB downloadable dataset. It would not be correct for CHRB to continue to rank Vale in the higher performance bands in the wake of such a tragedy. Vale’s inclusion in the 2019 benchmark, as well as any needed adjustments to the CHRB Methodology to deal with such emergent, large scale, human rights impacts, will be reviewed as more information is available. For a more detailed explanation see here.

Last week, Brazilian authorities arrested five people as part of an investigation into the dam collapse and said three of them were officials from Vale.

Investors in the US have also launched a series of class actions the New York Stock Exchange-listed Vale, for failing to disclose environmental risks.

Watch a visualisation of the tragedy here.

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AMSJ April 2022