The OECD Due Diligence Guidance for Meaningful Stakeholder Engagement in the Extractive Sector offers practical tools and approaches for identifying and managing risks in the extractives industry and a method for meaningful stakeholder engagement.
OECD Due Diligence Guidance for Meaningful Stakeholder Engagement in the Extractive Sector
The aim is to ensure that companies avoid causing harm and remediate harm that has already occurred. The guidance includes separate chapters on engaging with indigenous peoples, women and workers and trade unions.
The guidance explains that engaging with stakeholders makes good business sense in that it can contribute to:
- attaining a “social licence to operate” and facilitating current and future operations by the extractive industries
- early identification of risk at the site of extractives operation
- avoiding costs through dealing with issues before they may arise, instead of a costly process of repairing lost trust after an incident occurs
- avoiding the costs of conflict arising from lost productivity due to temporary shutdowns caused by protest.
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