In 2020, the IRMA board voted to establish a new house of governance in IRMA. This was the first time in the organization’s history that the board has taken such a decision. They did so because of the significant role investors and others in the finance sector have in forwarding IRMA’s vision: to provide market value and recognition for responsible practices at the mine site.
As an investor with mining companies in the portfolio, IRMA is an invaluable tool to assess practices at the asset level. Through independent, third-party audits and comprehensive, detailed audit reports, IRMA offers the finance sector an unprecedented level of insight into the practices of mining companies. Members of the finance sector can signal an intent and interest in investing in companies that are undergoing third-party IRMA audits, thus incentivizing more mining companies to engage in the globe’s most robust certification system.
IRMA is especially relevant for the finance sector, as it provides assessment:
- at the mine site, rather than the corporate level, as this is where most risks associated with mining occur
- of any mine, regardless of material, so your teams only need to become familiar with one standard
IRMA is committed to multi-stakeholder governance and welcomes representatives from the finance sector as members. Membership allows you to:
- vote for board representatives for your sector
- attend IRMA’s member-only meetings
- connect with, learn from and collaborate with others in your sector
- connect with, learn from and collaborate with stakeholders outside of your sector
- publicly demonstrate your leadership in responsible sourcing and sustainability
- access members-only communication
- join IRMA’s Responsible Mining Map to share your interest in purchasing from mines which have been assessed in IRMA
It is important to note that members from the finance sector must:
- encourage mining companies to engage in IRMA through third-party assessment
- communicate an interest in sourcing materials from mines independently audited in the IRMA system, whether in sustainability communications, direct outreach or other relevant venues