The Joseph Rowntree Charitable Trust (JRCT), based in the English city of York, has sold almost £2million worth of shares in the Indian-based mining company Vedanta, due to the company’s alleged abuse of human rights and the environment.
JRCT, a Quaker institution, had been in discussions with Vedanta about their concerns for nine months before making their decision.
The news came only weeks after the Church of England announced that they would sell their own shares in Vedanta. The Church has long faced criticism over its allegedly unethical investments.
[As most readers will know] Vedanta recently built a refinery at the foot of a mountain in the Indian state of Orissa in order to mine bauxite. The project is already reported to have caused considerable environmental damage at the expense of local residents. The land is also considered sacred by the local Kondh people.
Extract from The Friend, March 2010