Business & Human Rights



BlackRock response to “The Price of Steel” report on POSCO project in Orissa, India

Business & Human Rights Resource Centre invited BlackRock to respond to the following report:

“The Price of Steel: Human Rights and Forced Evictions in the POSCO-India Project”, ESCR-Net and the International Human Rights Clinic (IHRC) at NYU School of Law, June 2013

The report calls on investors in POSCO to leverage their influence to ensure that it respects the rights of communities in the project area – see pages 77-78 of the full report for the specific calls on investors. Responses by the other investors named in the report are available here.

BlackRock sent the following response:

5 August 2013

“As you noted in your letter, BlackRock is a signatory to United Nations Principles for Responsible Investment.  As such, we are engage actively with a significant number of companies each year on a range of environmental, social and governance matters.  Our approach to responsible ownership is explained in the various documents published on the BlackRock website at responsibleinvestment. 

We have engaged with POSCO on a number of matters over time and continue to monitor progress.  Consistent with our engagement principles, we do not discuss the details of engagements publicly.  In our experience, these situations are complex and take time to address.  Shareholders can be most effective through private dialogue with companies.”

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