logo
RMI Releases New Standard Suite for Social, Environmental, OHS and Governance Risks

RMI Releases New Standard Suite for Social, Environmental, OHS and Governance Risks

ALEXANDRIA, Va., April 30, 2025 /3BL/ - The Responsible Minerals Initiative (RMI), an initiative of the Responsible Business Alliance (RBA), today announced the release of its new standard suite that provides a common framework against which companies can assess environmental, social, occupational health and safety, and governance performance in their operations and mineral supply chains.
The new standard suite expands the due diligence toolkit for responsible sourcing, processing and manufacturing of raw materials to meet new and emerging regulatory requirements and to encourage continuous improvement of supplier practices across a comprehensive set of indicators.
The new standard suite includes the revised Facility Standard for Social, Environmental, OHS and Governance Risks, applicable for assessment of a mineral processor's operations; and the Supply Chain Due Diligence Module Plus, focused on risk management systems for sourcing primary and secondary materials. The module is an add-on available only in combination with the RMI's Responsible Minerals Assurance Process (RMAP) standards or Downstream Assessment Program (DAP).
The new standard suite provides a strengthened framework for risk management, based on internationally recognized guidelines including the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines on Responsible Business Conduct. The standards were also designed to support requirements outlined in new mandatory due diligence regulations, including the EU Battery Regulation and the EU Corporate Sustainability Due Diligence Directive. These RMI standards help companies identify, assess and mitigate risks, remedy impacts, monitor and report on sustainability management systems, and enhance transparency and accountability within their supply chains.
The RMI recognizes that the evolving regulatory landscape and voluntary standards present a significant expansion of expectations, actions, and investment by companies all along the minerals value chain. Thus, in concert with the new standard suite, the RMI has also expanded its team providing technical assistance, as well as new trainings, guidance and tools available to mineral processors engaged in an RMI assessment, free of charge.
'With this new standard suite and accompanying training and technical assistance resources, the RMI has significantly expanded its due diligence support to RMI members and mineral processors in our assessment program. The RMI standards remain rooted in longstanding international norms while now reflecting newly emerging company needs and stakeholder expectations for regulatory compliance, managing sustainability risks and impacts, and fostering responsible mineral supply chains,' said Jennifer Peyser, Executive Director of the Responsible Minerals Initiative (RMI).
The standard suite underwent an extensive review process in 2024-2025, beginning with benchmarking against new and incoming regulations, including the EU Battery Regulation, the EU Corporate Sustainability Due Diligence Directive, and the German Supply Chain Due Diligence Act. The review process included consultations with RMI members, the public, and the RMI's Multi-Stakeholder Standards Advisory Committee to ensure alignment with regulatory developments, stakeholder priorities, and industry practices and practicalities.
Learn more about the new RMI standards and associated tools here on the RMI website.
About the Responsible Minerals Initiative (RMI) The Responsible Minerals Initiative (RMI), an initiative of the Responsible Business Alliance (RBA), is a multi-industry initiative with more than 500 member companies. Its members contribute to the development and international uptake of a range of tools and resources focused on minerals supply chain due diligence, including independent third-party assessments for smelters, Minerals Reporting Templates, supply chain risk assessment tools, and guidance documents on responsible sourcing of all minerals/metals. RMI members also have access to specialized due diligence tools, including country of origin data and the RMI Facility Database. The RMI runs regular workshops on responsible sourcing issues and contributes to policy development with civil society organizations and governments. For more information, visit ResponsibleMineralsInitiative.org
Media ContactJarrett Bens, Senior Director of CommunicationsResponsible Business AlliancePhone: +1 571.858.5721 [email protected]

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Major bank's huge call on rate cuts
Major bank's huge call on rate cuts

Yahoo

time4 hours ago

  • Yahoo

Major bank's huge call on rate cuts

Westpac says the Reserve Bank of Australia will keep rates on hold when they next meet in July, despite weak consumer spending and falling economic growth. The big four bank has bucked money markets predictions, which are currently factoring in an 84 per cent chance of a rate cut in July, saying the RBA will be 'cautious and predictable'. Westpac chief economist Luci Ellis, a former assistant RBA governor, expects just two more rate cuts this year, coming in August and November, saying the market is getting ahead of itself. 'The (RBA) board described itself as having a preference to move cautiously and predictably,' she wrote in an economic note. 'This is code for not wanting to do back-to-back cuts. 'It also made it clear in the minutes that this was about reducing restrictiveness, not moving quickly back to neutral in the style of the Federal Reserve last year.' While homeowners may need to wait, Ms Ellis agrees with the majority of the market that interest rates eventually will fall below 3 per cent. To get to this point, Ms Ellis expects rate cuts will come in February and May 2026, though the central bank might also move in December should more Australians lose their jobs. According to the economist, the RBA will look to keep inflation under control over trying to give the economy a quick jump. 'Nothing that has happened since (the May meeting), including a disappointing GDP number, has been enough to tip the RBA into changing its mind in the near term,' Ms Ellis said. These figures released earlier in the month, showed GDP growth for the March quarter came in at just 0.2 per cent, lower than market forecasts. In May the RBA reduced Australia's GDP forecasts for the 2025 calendar year from 2.4 per cent to 2.1 per cent. But AMP deputy chief economist Diana Mousina disagrees, saying the weaker than expected GDP figures will see the Reserve Bank cut rates. 'The weakness in the March quarter GDP data pushed us to now expect another 0.25 per cent rate cut in July (as well as August, November and February 2026),' she previously wrote in an economic note. 'This is similar to market pricing at the moment.' Commonwealth Bank senior economist Belinda Allen also believes there could be a rate cut in July, if economic data comes in lower than the RBA forecasts. 'The progression of consumer spending data will be a key focus for the RBA ahead of the 8 July rate decision,' she said. 'The balance of probabilities continues to shift towards a July rate cut (our base case remains August) but will depend on upcoming data flow including the May monthly CPI and labour market data.' In a silver lining for households, Ms Ellis believes May's jobs data coming out next week will show the current jobs market is tighter than the RBA's view of full employment, meaning more Aussies will have a job. Ms Ellis said looking longer term, the case for multiple rate cuts is building as inflation shifts in the face of slower population growth and shakier private sector demand. 'Recent data has made it clear that population growth is unwinding a bit faster than previously thought,' she said. 'We have assessed that this is enough to have implications for housing costs, particularly rents. 'Over time, this puts a little more downside into measures of underlying inflation. We are also seeing a bit more downside in some parts of services inflation.'

Major bank's $350 win for mortgage holders amid interest rates forecast: 'Huge relief'
Major bank's $350 win for mortgage holders amid interest rates forecast: 'Huge relief'

Yahoo

time5 hours ago

  • Yahoo

Major bank's $350 win for mortgage holders amid interest rates forecast: 'Huge relief'

Westpac has added two more interest rate cuts to its Reserve Bank of Australia (RBA) forecast following a lower inflation outlook. If the major bank's predictions are correct, mortgage holders could receive hundreds of dollars in monthly repayment relief. Westpac continues to expect two cash rate cuts this year, in August and November, with a further two added early next year, in February and May. This would bring the cash rate down to 2.85 per cent. Westpac chief economist Luci Ellis said the latter of the two rate cuts could be earlier, in December and February, or February and March, if inflation and the labour market turn out weaker in late 2025 than expected. RELATED Major RBA interest rate call set to give homeowners $250 per month win for 2025 Centrelink cash boost coming from July 1 for millions of Aussies Aussie teen's job paying $300 per hour without a uni degree 'That would mean RBA cash rate will bottom out at 2.85 per cent, from a peak of 4.35 per cent, and 3.85 per cent currently. We regard the cash rate at 2.85 per cent as being at the lower end of the 'neutral range',' Ellis said. Three of the Big Four banks expect the RBA will cut the cash rate by 0.25 per cent at its August meeting, leaving rates on hold in July. NAB is the only major bank to predict a back-to-back July interest rate cut, however, Commonwealth Bank has noted it is a 'live' meeting. Canstar calculated that a 0.25 per cent cut would reduce monthly repayments on a $600,000, 25-year mortgage by $90. If Westpac's forecast of four cuts through mid-next year plays out, homeowners would see a total drop of $349 a month. Canstar data insights director Sally Tindall said this would be a 'huge relief' for households under pressure, but cautioned that it was just a forecast, not a given. 'While the timing of the next cut is still up in the air, the prospect of at least one more is, at this stage, likely,' she said. 'The RBA won't hesitate to act in July should global volatility ramp up, but the more likely scenario is that it will sit tight until after the June quarter CPI results, due out at the end of next month. 'Borrowers shouldn't be banking on multiple rate cuts just yet, but they can start preparing by shopping around for a better deal, particularly if, as an owner-occupier, their variable rate starts with a '6'." While markets are expecting an interest rate cut at the RBA's next July meeting, not all economists agree. Ellis said she doesn't think the 'disappointing GDP data' or upcoming data flow would be enough to tip the RBA into cutting next month. 'The May labour force data out next week is likely to show a labour market that still looks tighter than the RBA's view of full employment,' she said. 'And while the May monthly CPI indicator, to be published on 25 June, is likely to be a low one, the steer from April and May suggests that June quarter CPI is likely to be a bit above what the RBA is forecasting.' The Australian Bureau of Statistics (ABS) revealed last week economic activity had grown just 0.2 per cent in the March quarter, down from 0.6 per cent in the December quarter.

Centrelink cash boost coming in weeks for 2.4 million Aussies: ‘More money in bank accounts'
Centrelink cash boost coming in weeks for 2.4 million Aussies: ‘More money in bank accounts'

Yahoo

time9 hours ago

  • Yahoo

Centrelink cash boost coming in weeks for 2.4 million Aussies: ‘More money in bank accounts'

Millions of Centrelink recipients will see a small increase in their payments in the coming weeks. The increase is part of regular indexation, which is designed to ensure payments keep up with the rising cost of living. Around 2.4 million Australians will benefit from the latest round of indexation, which will come into effect from July 1. The increase will see a range of rates, thresholds and limits increase by 2.4 per cent. That includes payment increases for families receiving the Family Tax Benefit A and B, the Multiple Birth Allowance, and the Newborn Supplement. Income and asset thresholds will also be increased for recipients of the Age Pension, Disability Support Pension and Carer Payment. RELATED Centrelink payment change happening next week: 'Will increase' Major RBA interest rate call set to give homeowners $250 per month win $400 cash boost available for thousands of Aussies in new energy rebate Social Services Minister Tanya Plibersek said the government's "number one priority" was addressing cost-of-living pressures. 'From 1 July, millions of recipients of social security payments will see more money in their bank accounts," she said. 'Payments like the Family Tax Benefit help cover the costs of raising children for many Australian families, and indexation is a crucial way to help families when cost of living rises." Families getting the Family Tax Benefit Part A will see their maximum fortnightly payments go up to $227.36 a fortnight, an increase of $5.32. For those with children aged 13 or over, the rate will increase to $295.82 a fortnight, which is an increase of $7. Families receiving the Family Tax Benefit Part B will see their maximum rate increase to $193.34, an increase of $4.48. Families with children aged over 5 will see their rate increase to $134.96. First-time parents of a newborn child will receive an extra $48 over 13 weeks, with the Newborn Supplement increasing to $2,052.05. The Multiple Birth Allowance will increase to $196.56 per fortnight for those giving birth to triplets, while payments for quadruplets and more will go up to $261.94 per fortnight. This round of indexation won't impact payment rates for the Age Pension, JobSeeker, Youth Allowance, the Disability Support Pension or Carer Payment. However, there will be income and asset threshold changes. Age Pensioners will be able to earn $218 a fortnight, up $6 a fortnight, and still be eligible for the full pension. The maximum amount you can earn before your pension cuts out will increase to $2,516. For couples, those limits will be $380 per fortnight and $3,844.40 per fortnight for the disqualifying income limit. Single homeowners will be able to have assets of $321,500 and receive the full pension, while couples will be able to have $481,500. The cut-off threshold to receive a part pension will increase to $704,500 for single homeowners and $1,059,000 for couple homeowners. The Paid Parental Leave annual income limits will also increase, with the individual limit increasing to $180,007 per annum and the family limit increasing to $373,094 per annum. Full details of the new rates and thresholds can be found in retrieving data Sign in to access your portfolio Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store