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Laxman Pai, Opalesque Asia:

More than 220 investors collectively representing US$30 trillion in assets under management (AUM) have signed up to a plan to push companies over social issues and human rights, with an initial focus on firms in the mining, metals and renewables sectors.

Dubbed 'Advance', the coalition is the largest such stewardship initiative, said the organizer, the U.N.-backed Principles for Responsible Investment (PRI).

Among the coalition, 121 investors are pledging to take active roles engaging with 40 companies at the start of a five-year effort, PRI said in a news release issued during its annual conference in Barcelona.

The signatories also agreed to develop their own human rights policy and human rights due diligence process within one year, if they don't have those already.

"Each of the 220 investors involved has signed a public statement acknowledging the urgency and systemic nature of human rights issues. In this statement they have recognized both the need to meet their own responsibilities to respect human rights as set out in international standards and the importance of safeguarding human rights as a societal asset on which investment returns and global prosperity rely," said the release.

The launch announcement was made today in Barcelona at PRI in Person, the world's leading conference on sustainable finance, where several thousand delegates are gathering, either in-person or online, to discuss the future ......................

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