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Stewart Investors is 1st investment manager to join IRMA

14 October 2024By

EDINBURGH, United Kingdom and SEATTLE, United States — Stewart Investors, an active long-only equity specialist and a global leader in sustainable investing, has become the first investment management firm to become a member of the Initiative for Responsible Mining Assurance (IRMA), an organization addressing the global demand for more socially and environmentally responsible mining.

With a global presence, IRMA’s members include both civil society and corporate entities from across the globe, representing the mining industry, consumer-facing brands, labor unions, NGOs, and mining-impacted communities, including Indigenous rights holders. Board members include: Anglo American, Mercedes-Benz, Human Rights Watch, IndustriALL Global Union, Batani Foundation, and Mining Affected Communities United in Action (MACUA).

As the first investment firm to become a member of IRMA, Stewart Investors joins a network of nearly 100 members committed to a common vision: a world where the mining industry respects the human rights and aspirations of affected communities, provides safe, healthy and supportive workplaces, minimizes harm to the environment, and leaves positive legacies.

“Stewart Investors is strongly aligned with IRMA’s mission and looks forward to continuing to learn from its expertise as the first investment manager to become a member. Responsible mineral sourcing is a strategic imperative for companies and investors across sectors, and we see membership and collaboration with IRMA as an exciting opportunity to bring stakeholders together and leverage collective action to drive progress,” said Chris McGoldrick, Senior Investment Analyst, Stewart Investors

Stewart Investors became involved with responsible mineral sourcing in 2020 when discussions with companies, particularly in the electronics sector, led the investment team to commission research on conflict minerals in the semiconductor supply chain. Since then, Stewart Investors has engaged with over 30 companies on the issue and led an ongoing collaborative engagement initiative with over 160 investor supporters representing US$6.59 trillion of assets under management to encourage best practices in mineral due diligence and disclosure.

“We welcome Stewart Investors as the first investment manager in IRMA’s membership. Its team has already taken an active leadership role in the industry, leveraging a broad investor network to advocate for more responsible mining. This membership signals that investors are adding their voice to the chorus of consumer-facing brands encouraging mining companies to assess through IRMA. We commend the firm’s engagement and commitment to work with the other stakeholders to drive positive change in an industry upon which we all rely,” said Rebecca Burton, Deputy Director, Initiative for Responsible Mining Assurance

IRMA is a system in three parts. It is a voluntary, global mining standard describing best practices to protect people and the environment, an assurance process to independently and transparently measure mines against that standard, and an organization that works to build value for all stakeholders involved in and impacted by mining. IRMA is unique in that its governance provides civil society and workers equal power to the mining industry and other corporate actors. This unique model contributes to its credibility, which in turn provides a range of benefits for mines assessed in the system.

Investment managers have a unique role in IRMA’s membership, as they can directly encourage mining companies to be assessed and also recommend consumer-facing brands in their portfolios to encourage their suppliers to engage.

About Stewart Investors
Founded in 1988, Stewart Investors is an active, long-only equity manager focused on sustainable investing. Based in Edinburgh, the firm also has offices in London, Frankfurt, Singapore, New York, Hong Kong, and Sydney. For more information, visit: www.stewartinvestors.com

About IRMA
IRMA is a nonprofit organization working to protect people and the environment directly affected by mining by creating financial value for industrial-scale mining operations independently assessed against IRMA’s best practice Standard for Responsible Mining. For more information, visit: responsiblemining.net

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IRMA at Responsible Investment Association

11 June 2024By

In May IRMA  presented at the annual conference of the Responsible Investment Association in Vancouver, British Columbia, Canada. Launched more than 30 years ago, the RIA’s vision is to align capital with sustainable and inclusive development as codified in the Paris Agreement and the UN Sustainable Development Goals. Today, the RIA today serves the needs of investment institutions, financial planners and industry service-suppliers collectively managing more than C$44 trillion in assets. The RIA serves as a secretariat for Climate Engagement Canada, a finance-led initiative to drive dialogue between finance and industry to promote a just transition to a net zero economy.

IRMA participated as part of the Critical Minerals and Mining: Balancing Net-Zero Ambitions with Social Responsibilities panel. IRMA board and secretariat members also hosted a side session to introduce IRMA to Vancouver-based colleagues, and to talk about the issues of climate, energy transition, materials needed from mining, Indigenous rights and the role investors serve.

Given Canada’s large support for mining and mine finance, Canadian investors have the potential to play a major role in encouraging mining companies to pursue the IRMA Standard. IRMA’s strategy includes an effort to engage the RIA and its institutional members.

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Investors managing US$2.7T identify IRMA as ‘Key Initiative’

28 February 2024By

Thirty investment institutions with over US$2.7 trillion in assets under management have endorsed a statement calling for responsible mining practices in the nickel supply chains of the electric vehicle industry, with new signatories still joining after the initial February 20 launch.   

Led by the Dutch Association of Investors for Sustainable Development (VBDO) and Rainforest Foundation Norway, the statement uniquely specifies the Initiative for Responsible Mining Assurance (IRMA) as key to advancing responsible nickel mining. 

Consistent with the IRMA Standard, the statement calls for upstream suppliers to commit to the adoption of free, prior and informed consent (FPIC), independent third-party auditing, multi-stakeholder consultations, fair compensation to affected rights-holders, effective grievance procedures and a commitment to report publicly on the implementation of these actions. 

The list of signatories includes pension funds and asset managers well-recognized in the sustainable investing space including PGGM, Storebrand, and Triodos Investment Management.

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