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Church of England sells Vedanta shares over Orissa human rights
07/02/2010 16:08:58 IANS

London, Feb 6 (IANS) In a major victory for human rights campaigners, the Church of England Friday sold off its shares, worth 3.75 million pounds, in the Indian-owned mining company Vedanta Resources, saying it was "not satisfied" with the company's human rights records in Orissa.

"After six months of engagement, we are not satisfied that Vedanta has shown, or is likely in future to show, the level of respect for human rights and local communities that we expect of companies in whom the Church investing bodies hold shares," said John Reynolds, chairman of the church's Ethical Investment Advisory Group.

"We respect the Indian democratic system. Our concern is that a company registered and listed in the UK should conform to the established environmental, social and governance norms expected in the London market - or at least reassure its shareholders that it is committed to the journey," Reynolds said.

A Church of England spokesman said two Church establishments held shares in the FTSE 100-listed company - the Church Commissioners held about 3.25 million pounds while the Church of England Pensions Board had shares worth half a million pounds.

Stephen Corry, director of the nongovernment organisation Survival International, said "The Church's unprecedented and very welcome decision sends a strong signal to companies that trample on tribal peoples' rights: we will not bankroll your abuses. Anybody who has shares in Vedanta should sell them today if they care about human rights."

Survival accuses Vedanta, owned by the Indian-origin billionaire Anil Agarwal, of flouting the human and cultural rights of tribals at two locations in Orissa - an alumina refinery in Lanjigarh and a planned bauxite mine in the Niyamgiri hills.

The Dongria Kondh tribe considers Nyamgiri to be a sacred mountain.

Vedanta said in a statement it was "disappointed" by the decision.

"We are disappointed by the Church of England's decision to sell their holding in Vedanta. Vedanta remains fully committed to pursuing its investments in a responsible manner, respecting the environment and human rights," the company said.

"We work with a number of NGOs and with the authorities in India, the world's largest democracy, ensuring all our projects are conducted in compliance with the law and international best practice. We will continue to engage closely with the Church of England to address the concerns they have raised," it added.

Last year Vedanta was publicly rebuked by the British government for failing to respect the human rights of the Dongria Kondh, saying "a change in the company's behaviour" was "essential".

The Norwegian government sold its $13 million stake in Vedanta in 2007, while Martin Currie Investments sold their 2.3 million pound stake last year, and BP's pension fund reduced its holdings due to "concerns about the way the company operates".

Survival said it is continuing to lobby other shareholders, including the Rowntree Foundation, a British charity.


Sam 09/02/2010 04:18:52	Thank God Dayalan is not in Saudi Arabia Imagine Dayalan claiming half of Saudi population is Christian! Dayalan has achieved something whichc christian missionaries and colonialists have been trying for centuries. India will be like a heaven (like Africa or Latin America soon). How come Europe and North America getting less christian?
narendran 09/02/2010 02:06:20	'Holy' lies Dayalan, do you mean to say that all the claims of the ‘holy’ church functionaries in India that the Christians form only less than 3 percent of the population are utter lies? Of course I am not at all surprised about it considering the past records how adept they are at telling lies. Thank the Flying Spaghetti Monster that at least there is one honest person among Indian believers. Then, the first Indian who was converted to Christianity in the year 800 C.E probably might also have believed in the assurance given to him that the rest of the people will follow suit by the year C.E 850! One lives by hopes. Cheers. .
M Jose 09/02/2010 01:35:42	Reply to protest The remarks made by Mr Dayalan is so provocative and the language is not acceptable to civilized world. From where did u get these percentages. Dont fool people by this goebblesian propoganda. People like you bring shame to Christianity which is basically found on loving fellow being. Thank God and great Indian Civilisation, the vision of our founding fathers that permits us to live and thrive here.
pnath 08/02/2010 21:40:08	the whole of christanity stand on the loot of Hindus friends, the whole christian civilisation has been built up on the lot Asia, especialy Bharat which means the loot of HIndus! India was the milching cow of the Brtish empire. It was known as the Jewel in the British crown! why because major portion of the booty of the Brtish empire was flowing from Bharat! now these church people are devising new means to loot India!
Dayalan 08/02/2010 20:38:05	Protests Brothers & Sisters, No power in the Earth can stop the Chruch in making India a christian majority country by 2050. Andhra Pradesh is already 25% christian so as Tamil Nadu. Christianity is realatively weak in Kerala and West Bengal due to Muslim domination. In Karnataka Christinaity will bounce back. Already it is significantly high in Jarkhand(35%), Goa (34%) Bihar (15%), Madhya Pradesh (7%), Punjab (7%), UP (4%) and Maharashtra (3%). Accept that Christianity is weak in Rajastan, Gujarat, Jammu & Kashmir and Himachal but many efforts are made to make god's presence in these poor states. Christinaity rules (80+%) in majority of the north eastern states. Muslims are now a distant second to Christanity. Now tell us, can you stop? Soon you will expect Indian Church which is much larger than Church of England or other western brands. love n regards, Seventh Day Adventists
raj 08/02/2010 12:24:50	wrong headlines Headlines should be read as "CHURCH OF ENGLAND MADE A KILLING BY SELLING VEDANTA SHARES" When church of england invested in vedanta last year they knew very well that they were involved in human rights violation. There was already protest last year still they invested. Now when the shares were making profit they sold it to make a huge profit and clear their names in the name of human rights. Has anyone asked " What is a church doing in mining business? All mining business in this world is an environment disaster and is exploiting people, so knowing that why did the church invest it in the first place? All this is eye wash, we people are very late in tracking the global scheming.
Vijayalakshmi 08/02/2010 05:19:04	Church of England sells Vedanta shares........ If anyone was in any doubt about the activities of the 'human rights' organizations in India, and the christist funding of these organizations(as well as insurgents) and other companies in India,this news should convince them of the reality!Now do you understand why so much of anti-Hindu activities are going on, and why Hindus and hindu organizations are being demonised?What Sri Narendran said is absolutely true!It is the blood-soaked money of the Church/missionaries that is being pumped into India for their nefarious activities.
narendran 07/02/2010 23:33:49	human rights? It is the same Church of England which owned Plantations in Barbados, where slaves had the word "society" branded on their backs with a red-hot iron, and found it convenient to apologize only in 2006. The performance of the Catholic Church is not less spectacular- even the popes traded in slaves. All the riches of churches are soaked with blood and tears of slaves. The funds flowing to India either for evangelization or investments carry the smell of it.

"The composition consisting of words and music known as Jana Gana Mana is the National Anthem of India, subject to such alterations as the Government may authorise as occasion arises, and the song Vande Mataram, which has played a historic part in the struggle for Indian freedom, shall be honored equally with Jana Gana Mana and shall have equal status with it"

Dr Rajendra Prasad, who was presiding the Constituent Assembly on January 24, 1950