I congratulate the hon. Member for Hexham (Guy Opperman) on his forthrightness in protecting his constituents, and my hon. Friend the hon. Member for Falkirk (Eric Joyce) on securing the debate. I want to return to the operation of London listed mining companies in the developing world. My hon. Friend has taken that matter up over the years and I congratulate him on that work.
Back in October, I launched a report with the London Mining Network and a number of non-governmental organisations. It was part of a campaign to try to persuade the Government at that stage, while the Financial Services Bill was going through the House, to ensure that a duty was placed on the Bank of England and the Financial Conduct Authority—the new architecture for regulation of the City—so that when companies were listed, there would be a commitment to monitoring their adherence to certain basic elements of corporate responsibility. That included ethical corporate responsibility, and in particular their operations in the developing world with regard to the protection of human rights, tackling climate change, and their adherence to international law and conventions—and, importantly, the convention on protecting indigenous peoples.
Unfortunately, we never secured those amendments to the legislation, but I hope that in dialogue with the FCA, we can move forward and at least ensure that there is not only openness and transparency but action by the FCA. Being listed on the London stock exchange is critical for such companies. It demonstrates—or should demonstrate—to the world that there is financial probity and good governance. It should also demonstrate a commitment to ethical corporate responsibility and behaviour standards, but at the moment I do not think that is the case.
I will name individual company names, because I think it is important that we know what has gone on, and part of our role in the House is to help people to bear witness to what has happened in recent years. When we launched the report, I said:
“We cannot stand by and witness these global mining companies brutally impoverishing and destroying the lives and environments of whole communities. We need not only to expose this exploitation but also to demand that a firm system of…regulation”—
both national and international—
“control and accountability is put in place that halts the destructive activities.”
Those activities are not just destructive in the developing world and of the long-term interests of those individual companies and their employees; they are destructive of London’s standing in international markets, because reputational damage that such companies are doing to London will undermine the long-term future of our economy.
At the launch of the report, Peter Frankental from Amnesty International said:
“This report…presents a challenge to the Government to ensure that the proposed regulatory body has the powers to require mining companies to meet acceptable human rights and environmental standards as a condition for listing on the London Stock Exchange”.
That is exactly what we were arguing for. I pay tribute to people such as Richard Solly, who has co-ordinated the London Mining Network over the years, for the effective work that they have done.
Let us consider a few examples; I want to do a quick ABC of some companies and their impact. They have been outrageous in their behaviour—abroad and, in some instances, in this country.