Myanmar Investor Briefing: Business Responsibilities Two-years into the Coup
After the Myanmar coup in February of 2021, 86 investors representing more than 4 trillion USD in assets supported an investor statement on business and human rights in Myanmar and launched a coordinated engagement with companies, where evidence exists that their business activities support the military junta. Two years on, the responses of those companies have been mixed. In the oil and gas sector, which has been an essential source of revenue for the military junta, giants Total and Chevron announced their plans to exit the country. At the same time, oil and gas service firms continue to support projects in which MOGE has significant ownership stakes and profits flow to the military regime. A recent Business and Human Rights Resource Center article indicates that many companies that said they would withdraw or suspend operations have not fulfilled those commitments. Furthermore, a recent report by Amnesty International exposed international, regional, and Myanmar companies involved in the supply chain of aviation fuel to the Myanmar military, which conducts air strikes that amount to war crimes.
This investor briefing provided insight into the situation in Myanmar two years after the military coup. Carol Sivpey Te, PeaceNexus discussed with Ko Ye, Blood Money Campaign the current human rights climate and the implications for business activities. EarthRights International's Ben Hardman and Amnesty International's Montse Ferrer elaborated respectively on how operations of companies in the oil and gas services and aviation fuel industries are linked to the military junta and enable it to commit human rights violations. Sam Jones, Heartland Initiative discussed with Sycomore Asset Management's Ariane Hivert their engagement with oil and gas companies and how they have sought to use their leverage, including to ensure a responsible exit from the country when human rights harms could not be adequately mitigated.
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Amnesty Report cover photo credit: Colin Foo