The Silent Enablers: How Board Members, Banks, and Shareholders Contribute to ArcelorMittal’s Human Rights Violations

ArcelorMittal, one of the world’s largest steel producers, has faced repeated allegations of human rights violations across its global operations. While the company itself is often the focal point of scrutiny, the role of its board members, banks, and shareholders in enabling these violations through inaction is equally significant. Their failure to hold the corporation accountable has allowed exploitative practices to persist, affecting vulnerable communities worldwide.

Board Members: The Gatekeepers of Corporate Ethics

ArcelorMittal’s Board of Directors includes key figures responsible for corporate governance. While the company emphasizes sustainability, critics argue that the board has failed to enforce meaningful oversight on human rights abuses, workplace hazards, and environmental destruction. Some of the board members include:

• Lakshmi N. Mittal (Executive Chairman)

• Aditya Mittal (CEO)

• Henri Blaffart (Executive Vice President)

• Brian Aranha (Executive Vice President)

• Other independent directors overseeing corporate governance

Despite their leadership roles, these individuals have been criticized for neglecting the plight of affected workers and communities.

Banks: Financing Exploitation

Financial institutions that provide funding to ArcelorMittal bear responsibility for the company’s actions. Some of the banks linked to ArcelorMittal’s operations include:

• HSBC

• JPMorgan Chase

• Citigroup

• Deutsche Bank

• BNP Paribas

These banks have continued to finance ArcelorMittal despite reports of unsafe working conditions, environmental degradation, and bribery allegations.

Shareholders: Profiting from Injustice

ArcelorMittal’s major shareholders include influential investors who hold significant stakes in the company. Some of the key shareholders are:

• Lakshmi N. Mittal and Usha Mittal (through Nuavam Investments Sàrl and Lumen Investments Sàrl)

• BlackRock Inc. (holding approximately 5% of shares)

• Other institutional investors with substantial voting rights

Despite their financial influence, these shareholders have largely remained silent on human rights violations, workplace fatalities, and corporate misconduct.

Instances of Human Rights Violations

• Death and Disabilities: Reports indicate that unsafe working conditions have led to fatalities and permanent disabilities among workers. In Liberia, employees have suffered severe injuries, blindness, and amputations due to hazardous environments.

• Neglect of Victims: Families of deceased and disabled workers have been left without compensation or support, forcing them into poverty and despair.

• Bribery of the Justice System: In Liberia, ArcelorMittal has been accused of bribing officials to suppress investigations and legal actions against its operations. This has allowed the company to evade accountability while continuing exploitative practices.

The Need for Accountability

The inaction of board members, banks, and shareholders has perpetuated a cycle of exploitation. To break this cycle, these stakeholders must take decisive action by implementing stricter oversight, demanding transparency, and prioritizing ethical investments. Without accountability, the cries for justice from affected communities will continue to go unheard.