“We are not satisfied that Vedanta has shown, or is likely in future to show, the level of respect for human rights and local communities that we expect of companies in whom the Church investing bodies hold shares,” said John Reynolds, the chairman of the Church’s Economic Investment Advisory Group.
He said that the company had begun to examine its position in Vedanta following allegations about Vedanta's alumina refinery in Lanjigarh, Orissa, as well as its project in the Niyamgiri Hills. The COE’s withdrawal follows similar moves by foreign organisations, including Martin Currie Investments which sold its £2.3M stake in 2009.