Takeaways: IIPWG April 2025
Items excerpted from the April 2025 Investors & Indigenous Peoples Working Group (IIPWG) Newsletter. IIPWG strategy calls take place the third Thursday of the month. Learn more.
Investors Withdraw Proposal at JPMorgan Chase Following Bank’s Forward Movement on FPIC
Investors withdrew an Indigenous Peoples’ rights proposal at JPMorgan Chase [NYSE: JPM] after reaching agreement. As published in its proxy supplement (pg. 11), the bank not only engages clients potentially impacting Indigenous Peoples, but may require general corporate finance clients to address such impacts by applying policies and procedures related to Indigenous Peoples’ free, prior and informed consent (FPIC).
While JPMorgan Chase does not explicitly require general corporate finance clients to obtain Indigenous Peoples’ FPIC and has yet to recognize FPIC as a right or commit to the UN Declaration on the Rights of Indigenous Peoples (UNDRIP), the company’s disclosure is a significant step forward given most U.S. banks have historically only applied Indigenous Peoples' policies to project-based financing. Similar proposals are going to vote at Wells Fargo [NYSE: WF] and Citi [NYSE: C] on April 29th, 2025.
Indigenous Peoples’ Rights in the Consolidated Mining Standard Initiative
A summary report from the first public consultation for the Consolidated Mining Standard Initiative (CMSI) said that feedback “consistently noted the need to align with the UN Declaration on the Rights of Indigenous Peoples (UNDRIP) and to incorporate principles of free, prior and informed consent (FPIC) and specify engagement and co-design of plans with Indigenous Peoples.”
CMSI’s Performance Area 14 on Indigenous Peoples was among the top three performance areas that received the most comments. Out of 162 respondents, only 7 investors submitted feedback. Most respondents represented industry-related organizations who indicated the standard met or exceeded feedback. The majority of civil society organizations said the draft failed to meet expectations.
Related, Tallgrass Institute’s investor brief examines key gaps in CMSI, including:
Failure to recognize and uphold Indigenous Peoples’ right to FPIC as “Foundational” criteria.
Inadequate inclusion of Indigenous Peoples’ rights across CMSI performance areas.
Lack of protections for Indigenous Peoples’ land tenure and resource rights.
Failure to meaningfully integrate Indigenous Peoples’ decision-making mechanisms into the governance model.
Insufficient mechanism in the assurance process for Indigenous Peoples’ participation and reporting.
Reinforcement of weak industry accountability by proposing a standard that falls below existing corporate frameworks on Indigenous Peoples, including IRMA, IFC PS7, and OECD Due Diligence Guidance.
Misalignment with the UNGPs.
With a second public consultation in 2025 (date TBA), and the final standard anticipated for 2026, investors can access CMSI’s draft documents and early consultation outcomes and read further background about Indigenous Peoples and the CMSI.
Twenty-fourth Session of the UN Permanent Forum on Indigenous Issues
The Twenty-fourth Session of the UN Permanent Forum on Indigenous Issues (UNPFII) takes place through May 2 under the theme "Implementing the UNDRIP within UN Member States and the UN system, including identifying good practices and addressing challenges.”
As a parallel event to UNPFII, Tallgrass Institute and ICCR will host the hybrid investor workshop, Advancing Indigenous Peoples’ Rights in the Consolidated Mining Standard Initiative on Friday, April 25th, 11:00 am-2:00 pm ET. Interested parties can register here.
Initial reports from UNPFII:
The United Nations calls on Indigenous Peoples' rights to be upheld at annual Forum in New York (UN Department of Economic and Social Affairs)
Guide to the 2025 UN Permanent Forum on Indigenous Issues (Grist)