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Article

15 Jul 2011

Author:
Clara Ferreira-Marques, Bloomberg

Aviva to withhold support at miner Vedanta's AGM

Aviva, small but vocal shareholder in Vedanta, said...it would again withhold support for three key resolutions at Vedanta's annual general meeting...A storm last year centring on Vedanta's planned mine in India's eastern Orissa state forced the company...to defend its human rights record. The involvement of Aviva in the protest over plans to build a bauxite mine in an area sacred to indigenous people has marked a more activist stance from institutions on social issues. "The company has made some progress, and we welcome that. But while the direction of travel is the right direction, the speed is far too slow," said Steve Waygood, head of sustainability research and engagement at Aviva Investors..."We are not against the development of the region (of Orissa) but we do believe in supporting the broader community..." Vedanta has denied its plan would harm the indigenous Dongria Kondh people and said its plan would help lift the Kalahandi district out of poverty. [also refers to Fresnillo, Antofagasta, ENRC, Bumi]