How VOI Supports Projects Compliance with Industry Global Standards
Feb 28
3 min read
In today's increasingly regulated and socially conscious world, companies are assessed not only on their financial performance but also on their social and environmental impacts. One of the sectors most affected by this is the mining industry.
Global frameworks such as the UN Guiding Principles on Business and Human Rights (UNGPs), the Equator Principles (EP), and the mining-specific Initiative for Responsible Mining Assurance (IRMA) standards have become benchmarks for responsible business practices. These standards set expectations for companies to uphold human rights, address environmental and social risks, and engage transparently with communities. These frameworks are prerequisites for raising project financing, ensuring trust and accountability with various stakeholders, smooth audit processes, and long-term operational stability.
Complementing these global standards, new regulations like the Corporate Sustainability Due Diligence Directive (CSDDD) and the Corporate Sustainability Reporting Directive (CSRD) in Europe, along with domestic corporate Duty of Vigilance laws, are reshaping the landscape of corporate responsibility.
While these frameworks are more comprehensive — covering areas such as compliance with local laws, anti-corruption measures, labour practices, health and safety, environmental protection, and decommissioning — they also emphasize social responsibility, where VOI's projects and their impacts are crucial, contributing to customers’ due diligence, certification and audit processes.
Here is a table that outlines various areas of social responsibility, their alignment with global frameworks, the responsibilities of corporations, and how VOI provides solutions for each area.
Area | Framework / Standard | Responsibilities / Duties | VOI as a Solution |
|---|---|---|---|
Stakeholder Engagement | IRMA (Community and Stakeholder Engagement - Chapter 1.2.), EP 5 | Companies need to demonstrate structured, effective, continuous, and culturally appropriate engagement with communities. | VOI demonstrates that effective community engagement was conducted, respecting local cultural elements and leaving decision-making power with the communities themselves. |
Grievance Mechanisms | IRMA (Complaints and Grievance Mechanism - Chapter 1.4.), EP 6 | Provide communities with a mechanism to address social concerns. | VOI acts as a grievance mechanism to manage intergroup tensions effectively. |
Gender Equality & Inclusion | Not a single standard, but can be found in: IRMA (Community and Stakeholder Engagement - Chapter 1.2.); IRMA (Planning for Positive Legacies - Chapter 2.2. & 2.3. & 2.4.) | Ensure minorities are consulted and their voices integrated. | The VOI approach involves all community groups in its workshops, exercises, decisions, and implementations, promoting inclusion and equality. |
Local Development | IRMA (Planning for Positive Legacies - Chapter 2.3.) | Contribute to local socioeconomic development and distribute benefits equitably. | VOI ensures that funds applied in communities are used effectively and sustainably for local socioeconomic interventions, making the benefits sharing fair and tangible for local people. |
Preventing Local Conflicts | IRMA (Conflict-Affected Areas - Chapter 3.4.) | Prevent contributing to or exacerbating conflicts in high-risk areas. | VOI aims to support the entire community, including all groups, regardless of their status or origins. Its goal is to strengthen social cohesion among community members, reduce violence and intergroup tensions, and improve interpersonal relationships. These factors are crucial for preventing conflict and enhancing local conditions. |
While VOI supports various aspects and standards of social responsibility, its contributions and impacts are specific to each project and context. In some communities, the focus may be on the inclusion of marginalized groups, while in others, the emphasis may be on minimizing the impact of violence or developing the economic conditions of the local people.
More broadly, VOI also aligns with major frameworks like the Sustainable Development Goals (SDGs), particularly SDG 16 (Peace, Justice, and Strong Institutions), SDG 8 (Decent Work and Economic Growth), and SDG 5 (Gender Equality).
In conclusion, the project indicators, impacts, and final reports resulting from the implementation of a VOI project are crucial for demonstrating compliance with global frameworks for social responsibility and overall sustainability reporting. VOI supports Social Impact Assessments and aids in meeting corporate sustainability objectives. Together, VOI ensures that businesses not only adhere to regulations but also take the lead in promoting sustainable and inclusive growth.
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