Newmont shareholders resoundingly approve community consultation practices review

Newmont shareholder have approved the initiative for a global review of operations with regard to community-based opposition to its mining activities.

RENO, NV - 

Nearly 92% of Newmont shareholders Tuesday voted in favor of a resolution committing the company to conduct a global review of community-based opposition to its mining operations, reporting its findings back to shareholders in 2008.

Christian Brothers Investment Services (CBIS) and 10 other faith-based investment organizations had introduced the resolution-with Newmont management's endorsement-requesting that a committee of independent Newmont board members conduct "a global review and evaluation of the company's policies and practices relating to existing and potential opposition from local community and to our company's operations and the steps taken to reduce such opposition."

In a news release, Julie Tanner, Corporate Advocacy Coordinator, said the religious investors "welcome this strong vote in favor of the first social resolution embraced by a U.S. mining company."

"The board endorsement of the resolution and the resulting mandate of this vote should reinforce to Newmont the importance of producing a thorough and substantive report that sheds light on the ways that Newmont can improve its polices and practices, as well as bolster relations with the communities in which it operations," she added.

Faith-based investment groups strive to avoid investing in stocks that violate the spiritual beliefs and values of their investors.

Proxy voting service Institutional Shareholders Services (ISS) had recommended a vote in favor of the resolution.

In a news release issued Monday, Keith Slack, Senior Policy Advisor for Oxfam America said, "It's time for Newmont to take a serious look at how it conducts its business. It should call on experts who are completely independent of the company and won't just say what it wants to hear.'

Radhika Sarin, International Campaign Coordinator for EARTHWORKS, said "Newmont shareholders are right to be concerned about community opposition and environmental risk measures. These issues can influence a company's reputation, share price, and ability to obtain permits."

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