EIRIS welcomes final US reporting requirements on investment in Burma
EIRIS today welcomed the U.S. Government’s final Burma Responsible Investment Reporting Requirements, which mandates U.S. corporations newly investing in Burma to report on their operations, policies, procedures and impacts. The reporting requirements, in development for nearly a year, take effect in the wake of this week’s historic visit to the U.S. by Burma’s President Thein Sein.
Peter Webster, CEO of EIRIS commented on the requirements: “It is a great step forward for investors across the globe, that the U.S. has taken the decision to issue responsible investment reporting requirements for U.S. businesses looking to invest in Burma.
“As we know, investment with Burma has been, and for many is still, deemed to be problematic. I hope these requirements, along with ongoing discussions stemming from last month’s G8 conference, mark the starting point in making investment in Burma more transparent especially with regard to human rights, and that other countries follow the U.S.’s lead.”
Over the past year, the U.S. Government has paved the way for increased U.S. investment in Burma despite ongoing violence in resource-rich areas. The reporting requirements are attached to a General License authorising new investment in Burma that was issued in July 2012.
Under the umbrella of EIRIS Conflict Risk Network, investors have been urging the U.S. Government to exercise caution in its policy toward Burma, given the fragile and reversible state of reforms in the country. Building on Conflict Risk Network’s April 2012 report, Not Open for Business: Despite Elections, Investor Risk Remains High in Burma, investors raised concerns about the scope and timing of the relaxation of U.S. sanctions in a May 2012 letter to President Obama.
ESG, North America, World