The Church of England has issued a statement saying it would consider selling its £3m stake in mining giant Soco International over concerns relating to Virunga National Park in the Democratic Republic of the Congo.
The statement follows the decision by Soco International to carry out a seismic survey in Virunga National Park which features in a film from internet streaming service Netflix and produced by Leonardo DiCaprio. However, Soco has maintained that it does not operate in the Mikeno sector of the park, which is home to around half of the world’s 950 mountain gorillas.
A campaign by the WWF has also called for Soco to “end its oil exploration operations in Virunga”.
The Church of England Ethical Investment Advisory Group (EIAG) issued a statement relating to the holdings of the Church Commissioners and Pensions Board in Soco International Plc saying that following discussions between the two, the EIAG has said it has raised “serious concerns over the company’s determination to satisfactorily address, in an open and transparent manner” allegations concerning the operations of Soco in and around Virunga national park.
The statement goes on to say that the allegations are of a “serious nature and require a response from the board that urgently seeks to restore the confidence of shareholders”. The Church of England has said the efforts of Soco have not yet been sufficient.
It outlines steps that should be undertaken by Soco to restore confidence, including the instigation of a “wide-ranging and transparent independent enquiry of Soco’s operations in and around Virunga National Park” and the publication of its results.
It is also calling for the amendment of a previous statement agreed between Soco and the WWF “to remove any room for doubt about their intentions within existing or future boundaries of a World Heritage Site”, so that there would be no circumstances in which Soco could conduct further exploration of activities in Virunga National Park.
The Church of England adds that it is “unfortunate that the company has not felt it possible to take these steps”. It adds that the EIAG does not normally disclose the contents of its discussions with a company, however added: “If we judge that sufficient progress is not being made we reserve the right to issue public statements, seek to move shareholder resolutions and/or to divest from the company.”
