New Dimensions in Corporate Responsibility
CIM Vancouver 2016
Dr Craig Ford (President - Corporate Responsibility Solutions Inc.)
The mining industry has become much more challenging over the past decade as project cost and schedule overruns, coupled with the on-going slump in commodity prices and scarcity of capital, have combined to create a perfect storm for the industry. At the same time, there has been a dramatic rise in the scope and complexity of Corporate Responsibility concerns, those involving safety, health, security, environmental affairs, community relations and development, human rights and government relations. There has been considerable progress by mining company management in responding to this changing landscape and in creating value for themselves and their stakeholders. Mining companies and their shareholders, financial institutions and the financial analyst community share a clear understanding that Corporate Responsibility matters are “material,” and that the level of “materiality” is increasing. Company management is well aware that failure to properly detect, understand and manage a range of Corporate Responsibility issues can translate into operational disruptions, loss of privilege to operate at the operational level and significant declines in enterprise value at the corporate level.
Newly emerging Corporate Responsibility issues and the continuing evolution of existing aspects will continue to challenge the industry. This contribution discusses the changing Corporate Responsibility landscape and presents some new thinking and approaches to management of Corporate Responsibility that can drive business value.