Running head: REPORTING OF ESG MEASURES1
Market Drivers for CMOC to Consider for Efficient and Effective Reporting of ESG Measures
Executive Summary
This Group Report analyzes a case study on China Molybdenum Company Limited (CMOC), which is a newly assembled group of mature mining operations seeking alignment with best global practices. Without a sustainability processes common at corporate headquarters and no history of managing sustainability risks, the problem before CMOC is the number of sustainability frameworks coming online and how CMOC can meet its sustainability obligations without being consumed by compliance requirements.
The report provides a high-level overview of market drivers (i.e., various countries, stock exchanges, international commitments/responsibilities and jurisdictional influence) to be considered when determining how to report on ESG measures effectively and efficiently to make a business case for streamlining reporting efforts. Also considered are tools available within the organization, how to mobilize resources and reframe the challenge into an opportunity, and recommendations that align with CMOC’s mission.
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Market Drivers for CMOC to Consider for Efficient and Effective Reporting of ESG Measures This Group Report analyzes a case study on China Molybdenum Company Limited (CMOC), which is a newly assembled group of mature mining operations with a home to two stock exchanges. CMOC is seeking alignment with best global practices; however, the organization does not have sustainability processes common at corporate headquarters. Additionally, there is no history of managing sustainability risks at the parent company. The problem before CMOC is the number of sustainability frameworks coming online and how CMOC can meet its sustainability obligations without being consumed by compliance requirements.
The goal for the Group, was to provide a high-level overview of market drives to be considered when determining how to report on ESG measures effectively and efficiently for purposes of informing the newly acquired entity decision-makers on the business case for streamlining reporting efforts. The report analyzes countries CMOC works in and is broken down by nation, an exchange perspective from the Hong Kong EX and Shanghai Stock Exchange, alignment between larger international commitments/responsibilities, and an overview on national/regional jurisdictional influence on how CMOC should report.
As part of the Group’s development of a business case, the following questions were taken into consideration:
- How can the organization reframe the challenge into an opportunity?
- What tools are available to sustainability leaders within their organization’s control?
- How do your recommendations align with the organizational mission for success?
- Explain ways to mobilize resources within the organization to advance sustainability initiatives.
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COUNTRY ANALYSIS
China Molybdenum Company Limited (CMOC) together with its subsidiaries, engages in non-ferrous metal mining, mainly the selection, smelting, and deep processing of copper, molybdenum, tungsten, cobalt, niobium and phosphate. 1 The overseas businesses of CMOC are in Brazil, the Democratic Republic of Congo (“DRC”) and Australia. CMOC International, located in Phoenix, Arizona U.S.A. is responsible for the operation and control of the enterprise’s International business. In order to enable a systems-wide sustainability framework, the process must first take into account the different variables at work throughout CMOC’s global operation underscored by divergent cultures, socio-economical and environmental considerations. The proceeding country analysis unearths a broad picture of the different variables and the respective operational realities to help derive a systems-wide perspective unique to CMOC through the lens of sustainability.
● AUSTRALIA
CMOC, herein refers to as the Company, holds 80% equity of the Northparkes Copper and Gold Mine (NPM) based in the state of New South Wales (NSW), Australia. The NPM plant utilizes both block cave and sublevel underground mining methods and its advanced extraction process associated with the active block cave are fully automated2, making it one of the most automated underground mines in the world. Additionally, copper & gold related products in Australia Mining is primarily regulated by the Mining Act of 1992, and administered by the NSW Department of Trade and Investment.
1 CMOC 2017 Annual Report 2 CMOC 2017 Annual Report
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In relation to sustainability reporting, the Carrots & Sticks Global Report pinpoints that “there is an increasing trend for national policy and instruments to build on or refer to existing international CSR or reporting frameworks, such as the UN Global Compact principles, ISO 26000, OECD Guidelines for Multinational Enterprises and the GRI Standards”. Specifically, for Australia, the report indicated a standard of DR03422 based on general guidelines on the Verification, Validation and Assurance of Environmental and Sustainability Reports, 2003, issued by Standards Australia in partnership with Standards New Zealand Committee QR-011 Environmental Management Systems.3
● BRAZIL
Approximately “one year after acquiring Anglo American’s niobium and phosphate
operations in Brazil, CMOC announced record monthly niobium output”.4 The Company is the second largest supplier of phosphate fertilizer in Brazil, and the majority of its product in the Brazilian market is phosphate fertilizer.5 Consequently, with a 100% indirect equity holding in the phosphate business of Copebras Indústria Ltda. (CIL) and Niobras Mineração Ltda (NML), CMOC is a sophisticated producer of phosphate fertilizer and the second largest fertilizer manufacturer in Brazil, covering the entire phosphate industrial chain. The total annual amount of minerals that it processes reaches nearly 6 million tonnes, and the total production ranks second in Brazil. Its main products include high-analysis phosphate fertilizer (MAP, GTSP), low-analysis phosphate fertilizer (SSG and SSP powder), animal feed supplements (DCP), intermediate
3 Carrots & Sticks: Global Trends in Sustainability Reporting
4 Frederico Barbosa – Tues, Sept. 10, 2017 – “CMOC reports all-time high niobium output in Brazil”
https://www.bnamericas.com/en/news/miningandmetals/cmoc-reports-all-time-high-niobium-output-in-brazil
5 CMOC 2017 Annual Report
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products (phosphoric acid and sulfuric acid, and relevant by-products including gypsum and fluosilicic acid.
Equally, NML is the world’s second largest niobium manufacturer and engages in exploiting and processing niobium minerals. CMOC indirectly holds 100% equity of the niobium business of NML. Its main product is ferroniobium. NML produces niobium products that meet customer’s requirements by processing niobium minerals, including crushing, screening, concentrating, leaching, and smelting. Its productive assets include the Boa Vista Mine, BV processing plant, BVFR processing plant, and a process plant for phosphate tailings.6 The sustainability reporting parameter is an NBC TO 3000 according to Carrots & Sticks. The ranking is approved by The Federal Accounting Council (CFC), through resolution No. 1.160/09 and the norm provides for assurance engagements other than audit and review of historical financial information.7
● DEMOCRATIC REPUBLIC OF CONGO (DRC)
Tenke Fungurume Mining (TFM) is located in the DRC. TFM is a world-class, large-scale,
long-lived producing copper-cobalt mine located in the DRC within the prolific Central African Copperbelt.8 CMOC holds 56% of its equity indirectly plus the exclusive right to purchase an additional 24% equity in TFM. TFM engages in exploration, mining, refining, processing and selling copper and cobalt in a mining concession that covers nearly 1,600 sq. km. Its main products are copper cathode and cobalt hydroxide.9 In 2015, Tenke produced 204 thousand tonnes of copper
6 CMOC 2017 Annual Report
7 Carrots & Sticks: Global Trends in Sustainability Reporting Regulations & Policy, 2016
8 Business Wire- Nov. 16, 2016 – CMOC Announces Acquisition of Freeport-McMoRan’s Indirect 56% Interest in Tenke Fungurume for US$2.65 billion (USD) – https://www.businesswire.com
9 CMOC 2017 Annual Report
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and 16 thousand tonnes of cobalt (100% basis) at a net cash cost of approximately US$1.21 per pound of copper. 10
● PEOPLE’S REPUBLIC OF CHINA (PRC)
Headquartered in Luoyang, in Henan province, CMOC has the highest molybdenum iron
and molybdenum oxide production capacity in China. Sandaozhuang molybdenum and tungsten mine, wholly owned and operated by the Company, has the largest proven molybdenum reserves and the second largest proven tungsten reserves in the country, making it a very competitive, low cost producer of these metals. Shangfanggou molybdenum and iron mine, owned by the joint venture of the Company, has abundant high-grade molybdenum reserves.
Donggebi molybdenum mine in Hami, Xinjiang, owned by a subsidiary of the Company, is the first super-scale porphyry molybdenum mine in Xinjiang, and features a large reserve that is high grade, shallow depth, and easy to exploit.11 Marking the first year to implement the policies of the 19th National People’s Congress of the Communist Party of China, the year 2018 will see better fundamental and favorable conditions for economic and social development. Employment and prices that are closely related to people’s life will remain stable. The quality and efficiency of development will continue to improve. The country’s economy will maintain stability and a strong momentum under the new normal. In view of the price hike, the molybdenum market is predicted to record a slight increase in supply; however, chances for significant increase will be slim, especially when ore grade of the large mines decreases and supply of high-quality raw materials might continue to be tight.12
10 CMOC 2017 Annual Report 11 CMOC 2017 Annual Report 12 CMOC 2017 Annual Report
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Accordingly, and guided by the national environmental policies and the supply-side reform, steel plants will vigorously promote transformation and develop special high-quality steel in 2018, which will boost molybdenum demands. Therefore, the molybdenum demands in the domestic market are bound to further increase. In general, the molybdenum market will be better in the future because of the steady and positive economic development and the increasing demands stimulated by adjustments of product portfolios in the steel sector. A number of agencies predict that China’s economy will maintain steady development in 2018, with GDP growing by 6.7% and economic growth entering into a stable range. It is expected that the tungsten market will record certain growth in demands of end users, as the country’s economy will blaze positive development and maintain stability, and sectors related to hard alloy, tungsten products and special steel will further improve. Affected by the tightening environmental policies in China, raw material prices will remain strong, and the tungsten market is expected to fare better.
EXCHANGE PERSPECTIVES
Hong Kong Exchanges and Clearing Limited (HKEX)
HKEX has signed the SSE commitment letter which states “We voluntarily commit, through dialogue with investors, companies and regulators, to promoting long-term sustainable investment and improved environmental social and corporate governance disclosure and performance among companies listed on our exchange.”(Cha, 2018) HKEX also provides a Corporate Social Responsibility report that covers Marketplace, Workplace, Community, and Environmental performance which is released annually.
HKEX requires companies to provide sustainability reports in order to be listed on its exchange. Companies are required to comply with the reporting rules, and if they are not
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complying then they must explain why that is in their Environmental, Social, and Governance (ESG) report. That report must touch on all four parts of the reporting principles with the categories being Materiality(Issues important to Stakeholders), Quantitative (Key Performance Indicators), Balance (Unbiased Reporting), and Consistency(Methods). Broken down further, considerations addressed within the ESG should cover both Environmental, and Social issues. Environmental issues will include items such as emissions, efficient resource use policies, and measures the company is taking to limit the company’s impact on resources and the environment as a whole. Social Issues include items such as labour practices, health and safety, development and training, labour standards(No child labor), operating practices, product responsibility, anti- corruption, and finally community investment. All of these areas in the guide are detailed further by providing all of the Key Performance Indicators that need to be addressed, as well as some additional although not required recommended disclosures within the social aspect.
Shanghai Stock Exchange (SSE)
Like Chairman Cha, Huang Hongyuan President of the SSE has signed the Sustainable Stock Exchanges commitment letter, however they do not require that companies provide ESG reports in order to be listed on their exchange. Although these reports are not required, there are incentives for companies who advocate corporate social responsibility. An example being the simplification of the process of verifying a company’s temporary announcements. Should a listed company choose to provide an ESG report, there is written guidance on how to do so.
In 2008 SSE released it’s “Notice of improving Listed Companies Assumption of Social Responsibility”, and it’s “Guideline on Environmental Information Disclosure by Listed Companies”. In these notices the SSE urges it’s listed companies to focus on its social responsibilities and its sustainability. “The Notice firstly brings up the concept of “social
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contribution value per share”, which shall act as a new important measure for comprehensively and objectively evaluating a company’s value creation. According to the Notice, companies can disclose the social contribution value per share in their annual social responsibilities reports. On the basis of earnings per share created for shareholders, the added value created for the society is calculated by adding tax revenues created for the State, salary paid to employees, loan interest paid to creditors including banks, donations and other value for stakeholders, and deducting social costs from environmental pollution or other factors. Thus, it will help the public get a full knowledge of the real value created by the company for its shareholders, employees, customers, creditors, communities and the whole society.”(Shanghai Stock Exchange, 2008)
ALIGNMENT BETWEEN INTERNATIONAL COMMITMENTS/RESPONSIBILITIES
China Molybdenum Company Limited (CMOC), being a geographically and culturally diverse company, is seeking alignment with best global practices. Table 1 provides an overview of the alignment between some of the larger international commitments and responsibilities that CMOC will need to consider when determining how to report on ESG measures effectively and efficiently today and as they expand in the future.
Table 1
Alignment Between Larger International Commitments and Responsibilities
Organization
Purpose
Overview
Amnesty International Research
Global movement of more than 7 million campaigning for a world where human rights are enjoyed by all through investigating and
The area of focus that best matches CMOC is Corporate Accountability, which addresses:
1. Prevention – prevent and address human rights abuse.
2. Accountability – be accountable for abuses committed.
3. Remedy – Those abused by companies must be able to access justice and
effective remedy.
4. Protect rights beyond borders – for across border companies, the law
must operate across borders to protect people’s rights.
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exposing facts, whenever/wherev er abuses happen.
Example: Amnesty International Report documenting human rights abuses in the Democratic Republic of the Congo, which includes:
1. Hazardous working conditions in artisanal cobalt mines.
2. Children in artisanal cobalt mines.
3. Failure of DRC to protect people from human rights abuses.
UN Guiding Principles on Business and Human Rights
The 31 guiding principles protect and respect human rights in the context of business activities and access to effective remedy for those affected by such activities.
The framework for the 31 guiding principles encompasses the following:
1. All states have a duty to protect everyone within their jurisdiction from human rights abuses committed by companies.
2. Companies have a responsibility to respect human rights.
3. When abuses occur, victims must have access to effective remedy, through judicial and non-judicial grievance mechanisms.
V oluntary Principles on Security and Human Rights
The Voluntary Principles on Security and Human Rights are a set of principles designed to guide companies in maintaining the safety and security of their operations within an operating framework that encourages respect for human rights.
The voluntary principles fall into three categories, which include risk assessment and relations with public and private security.
Risk Assessment – The following factors should be considered for an accurate and effective risk assessment:
1. Identification of security risks
2. Potential for violence
3. Human rights records
4. Rule of law
5. Conflict analysis
6. Equipment transfers
Relations with Public Security – To guide relationships between companies and the public, the following voluntary principles should be considered to promote human rights and reduce abuse:
1. Security arrangement
2. Deployment conduct
3. Consultation and advice
4. Responses to human rights abuse
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Relations with Private Security – To guide relationships between companies and private security, the following voluntary principles should guide private security conduct:
1. Observe polices on human rights.
2. Maintain technical/professional proficiency in use of force.
3. Act in lawful manner.
4. Enact conduct policies on use of force.
5. Record allegations on human rights abuse.
6. Provide preventative and defensive services only.
7. Do not employ those credibly implicated in human rights abuses, use
force unless necessary or violate peoples’ rights.
8. Properly investigate and report incidents to the company.
9. Maintain confidentiality of information.
Alignment
- The organizations highlighted in orange above have an overarching focus on human rights.
- All three organization have principles that overlap, which presents an opportunity for CMOC to analyzeand pare down what to specifically address in order to assist with streamlining reporting.
- While CMOC’s current reporting efforts have been centered around risk and compliance, as they move to an integrated reporting framework and as part of social sustainability efforts, it would be in their best interests to address corporate accountability with regard to safety and security of their operations in order to demonstrate respect for human rights.
Cobalt Institute Responsible Assessment Framework
To promote the sustainable and responsible use of cobalt in all forms.
The Cobalt Responsibility Assessment Framework (CIRAF) focuses on risk management based on global standards and is scheduled for completion in early 2018 and industry-wide adoption later in 2018.
* Note: This framework will address downstream issues.
International Council on Mining and Metals (ICMM) – 10 Sustainable Development Principles
ICMM is an international organization that focuses on safe, fair and sustainable mining and metals industry.
The following is a summary of the ICMM 10 Principles:
1. Apply ethical business practices and sound systems of corporate governance and transparency to support sustainable development.
2. Integrate sustainable development in corporate strategy and decision-making processes.
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3. Respect human rights and the interests, cultures, customs and values of employees and communities affected by our activities.
4. Implement effective risk-management strategies and systems based on sound science and which account for stakeholder perception of risks.
5. Pursue continual improvement in health and safety performance with the ultimate goal of zero harm.
6. Pursue continual improvement in environmental performance issues, such as water stewardship, energy use and climate change.
7. Contribute to the conservation of biodiversity and integrated approaches to land-use planning.
8. Facilitate and support the knowledge-based and systems for responsible design, use, re-use, recycling and disposal of products containing metals and minerals.
9. Pursue continual improvement in social performance and contribute to the social, economic and institutional development of host countries and communities.
10. Proactively engage key stakeholders on sustainable development challenges and opportunities in an open and transparent manner. Effectively report and independently verify progress and performance.
Organisation for Economic Co-operation and Development (OECD)
OECD helps governments foster prosperity and fight poverty through economic growth and financial stability. They also help ensure the environmental implications of economic and social development are considered.
The Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas provides a structure of guidance, which includes:
A. Overarching due diligence framework for responsible supply chains of minerals.
B. Modelpolicywithasetofprinciples.
C. Measuresforriskmitigationandindicatorsformeasuring
improvement.
D. Tailored section on tin-tantalum-tungsten and gold.
Five-Step Framework:
1. Establish strong company management systems.
2. Identify and assess risk in the supply chain.
3. Design/implement a strategy to respond to identified risks.
4. Carry out independent third-party audit of supply chain due
diligence at identified points in the supply chain.
5. Report on supply chain due diligence.
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Alignment
- Organizations highlighted in green focus on frameworks centered around sustainable practices.
- The CIRAF framework, which is slated for implementation sometime in 2018, will be designed to avoidduplication of due diligence activities included as part of the OECD guidance.
- Currently, CMOC utilizes ICMM, which focuses on their operations and GRI standards. However, since CIRAF and OECD will not have overlapping frameworks, CMOC will need to evaluate each of these frameworks impacts CMOC in order to efficiently and effectively report on ESG measures.
OVERVIEW ON NATIONAL/REGIONAL JURISDICTION
According to Carrots & Sticks (Global Trends in Sustainability Reporting Regulation & Policy, 2016), the last three years have seen a world-wide exponential and significant rise in the total number of instruments that require or encourage organizations to report information about their sustainability performance. Similarly, and as mentioned previously in this document, government regulation accounts for the largest proportion of sustainability reporting instruments worldwide with governments in over 80 percent of the countries studied introducing some form of regulatory sustainability reporting instrument. 13 Alternatively, almost 30 percent of reporting instruments apply only to large listed companies and of these almost three quarters (73 percent) are from financial market regulators and stock exchanges.14 Consequently, “the level of activity of stock exchanges and financial market regulators is noteworthy in the 2016 with these two groups together responsible for almost one third of all sustainability reporting instruments identified.
13 Carrots & Sticks: Global Trends in Sustainability Reporting Regulations & Policy, 2016 14 Carrots & Sticks: Global Trends in Sustainability Reporting Regulations & Policy, 2016
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For instance, CMOC’s China reporting parameters are heavily concentrated in stock market reporting via the Shanghai Stock Exchange (the “SSE”) (Stock Code: 603993) and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (Stock Code: 03993).15
Elsewhere in the CMOC universe, Australia, Brazil and the DRC operations adhere to their respective national legislations that influence how each subsidiary reports either individually and or collectively as part of CMOC International. It’s to be noted that the Brazil and DRC operations are recent acquisitions and that CMOC is still going through the readjustment and streamlining phase to sync its operations. Consequently, “having no sustainability processes common at the Group level, and with no prior history of managing sustainability risks by the parent company, leadership nonetheless seeks alignment with best global practices”.16
Conclusion
CMOC is faced with meeting sustainability requirements across multiple frameworks and in various locations around the globe making the task of reporting a daunting one. To streamline the process the company should analyze each geographic regions compliance and reporting requirements separately. With the results of the analysis sustainability leaders can determine what they have in common with each other, and what they do not. What they have in common can then be used to develop an overall sustainability strategy for all locations to meet those requirements. What they do not have in common can be looked at individually and dealt with at the country and site level. This method could potentially reduce the efforts and manpower required in reporting and compliance.
15 CMOC 2017 Annual Report 16 CMOC 2017 Annual Report
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For CMOC compliance should be just the start to moving the company towards a sustainable future, not an end goal. Successes from the Sustainability team in streamlining the reporting process will open doors as well as the minds of leadership, thereby creating additional opportunities to move the company beyond just compliance. By making sustainability central in the company’s culture, the long-term risks will become more readily apparent, and the opportunities clearer. Risks to be considered include items such as security concerns and human rights violations. Human Rights should be seen as a high risk and addressed accordingly. Human rights violations going public can damage both the company’s reputation and its ability to operate. This is true for everyone in the mining industry no matter where they may be located in the world. A commitment to the communities in which the company operates is a critical requirement to ensuring the mine can continue to run. Commitment is not a short-term item, true commitment to communities requires not only considerations for the present, but considerations well into the future. This includes plans for what is to happen in a community long after the mine is gone. Highlighting these will gain trust and enhance its standing in the community. By demonstrating CMOC’s respect and commitment to human rights and the communities around their operations, they will enhance their ability to operate on a global scale long term.
CMOC sustainability leaders are presented with the opportunity to redefine what success means for the company. Success defined not only by financial measures, but true success which measures not just short-term profits but the long-term viability of the company, highlighting both risks and opportunities. The good news is that CMOC is not the only mining operation that is operating on a global scale. Working with companies that have already dealt with these challenges could be an incredibly valuable tool for CMOC. In addition to working with communities, working closely and being involved with communities and local governments can
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further help the company to determine external concerns. Addressing these directly help to gain the trust and support of both entities.
By training leaders to be experts in their respective countries to train employees within their charge on meeting compliance and reporting requirements, the company could create an organized sustainability chain of command. Single points of contact in each country, and single points of contact at each site within those countries could help control the flow of information, as well as organize the countries various individual needs.
These recommendations are in line with the vision that the company has for mission success. They have stated their dedication to the health and safety of their workforce, they concern themselves with the community at a personal level, and they respect human rights. CMOC is concerned not only with the minerals they extract, but the amount of fossil fuels, water, and waste created.
And finally, mobilizing resources within the organization can be accomplished by discovering what leadership, community, and government concerns and priorities are. As well as increasing the transparency of the company. Transparency will increase the sense of urgency in the matter, and leadership concerns addressed directly could open up access to resources within the organization to advance the organizations sustainability initiatives. This again goes back to defining what success really means for the company, and then mapping out how it is we are going to get there from here.
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Resource List
Amnesty International – “THIS IS WHAT WE DIE FOR” – Human Rights abuses in the Democratic Republic of the Congo power the global trade in cobalt. https://www.amnesty.org/download/Documents/AFR6231832016ENGLISH.PDF
Cobalt Institute – Introducing the Cobalt Industry Responsible Assessment Framework (CIRAF)
https://www.cobaltinstitute.org/assets/files/News/introducing-the-cobalt-industry-risk- assessment-framework__20-Nov.pdf
Hardin, M. and Mancilla, N. (2018). CMOC Case Project Kickoff Webinar. Accessed at, asu.instructure.com
HKEX
http://en-rules.hkex.com.hk/en/display/display_main.html?rbid=4476&element_id=3841 http://www.hkex.com.hk/-/media/HKEX-Market/News/Market-Consultations/2011-to- 2015/July-2015-Consultation-Pape/Conclusions/cp201507cc.PDF http://www.sseinitiative.org/wp-content/uploads/2018/06/China-HKEX.pdf http://www.hkexgroup.com/-/media/HKEX-Group-Site/ssd/Investor- Relations/Regulatory-Reports/documents/2018/e180319csr.pdf
International Council on Mining & Minerals
https://www.icmm.com/en-gb/about-us/member-commitments/icmm-10-principles
OECD (2016), OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas: Third Edition, OECD Publishing, Paris. http://dx.doi.org/10.1787/9789264252479-en
Shanghai Stock Exchange
http://english.sse.com.cn/aboutsse/news/newsrelease/c/3993550.shtml
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Sustainable Stock Exchanges Initiative
http://www.sseinitiative.org/fact-sheet/hkex/ http://www.sseinitiative.org/fact-sheet/sse/
UN Guiding Principles on Business and Human Rights
https://www.ohchr.org/Documents/Publications/GuidingPrinciplesBusinessHR_EN.pdf
Voluntary Principles on Security & Human Rights
http://www.voluntaryprinciples.org/what-are-the-voluntary-principles/