...BSR held a Free, Prior, and Informed Consent Workshop for Extractives Companies... Representatives from the mining, oil and gas, and financial services sectors discussed current thinking surrounding FPIC and, more specifically, its application to interactions with indigenous peoples....FPIC may be characterized by the following major attributes: It has its roots in a number of legal and normative principles focused primarily on engagement and consultation with indigenous peoples on issues that impact their land and rights. Presents numerous definitional, legal, procedural, and accountability challenges for states, companies, affected indigenous populations, and civil society. Integrates concepts such as consent, consultation, right to veto, good faith, and representation. These concepts are highly nuanced, subject to interpretation, and significantly impacted by international law, domestic legislation, standards, and guidelines. Offers best practices for stakeholder engagement that can be used as participatory tools throughout project development in sectors, such as oil and gas, mining, forestry and paper, food and beverage, and fisheries and gaming.

This report: Summarizes the major discussion points from the recently held BSR Workshop[,] ...[and h]ighlights the major challenges, opportunities, and high-level implications facing companies that want to adopt best practices related to stakeholder engagement and risk management....