Sustainability reporting standards, such as the International Sustainability Standards Board and the European Commission’s Corporate Reporting Sustainability Directive, have raised the profile and expectations for sustainability reporting, resulting in an evident need for clearer guidelines and revised stakeholder engagement strategies. The absence of comprehensive disclosures poses risks to investors and communities, emphasising the urgency for more transparent and inclusive reporting practices.

What should be included in financial reporting and sustainability disclosures?

Financial reports exclude some social and environmental consequences of business decisions that remain material to people’s well-being and could lead to human rights abuses. The challenge lies in determining which information should be disclosed, to whom, and in which report. This report acknowledges the need for specific guidance and the inclusion of broader societal implications beyond financial metrics and valuing cultural heritage.

The legal context of grave relocations

International involuntary relocations and respective grave relocations set the legal context for relocating graves in South Africa. The South African context for grave relocations is characterised by competing interests that impact decision-making.

Comparative analysis of sustainability and financial disclosures of grave relocations

The financial and sustainability reporting analysis of the activity of grave relocation on mines owned by Ivanhoe and Anglo-American companies is detailed. Contingent liabilities may need to be accounted for separately in financial reports and referenced in sustainability disclosures.

Assets and liabilities, and equity

Grave relocation lacks clear rules, leading to potential exploitation. Developers, consultants, and others may prioritize profit over proper procedures. The report argues current practices underestimate the true cost by focusing on compensation (contracts) and neglecting reparations (fairness, social impact). It calls for fairer distribution of value between developers and affected communities.

Solutions: Addressing power during stakeholder engagement

This section recommends conducting effective stakeholder engagement with respect, commitment, and sensitivity, valuing all forms of heritage, ensuring a fair negotiation process to address power configurations, and developing clear guidelines on the social and environmental impact of grave relocations.

Conclusion: The risk caused by avoiding social debts and historic grievances

The absence of comprehensive disclosures poses risks to investors and communities, emphasising the urgency for more transparent and inclusive reporting practices. Companies must identify and properly report the economic and social consequences of their operations, acknowledge the social and cultural implications, and address power relationships through effective stakeholder engagement and clear guidelines.