The responsible operation of our business
Strategic focus: Advance and enhance the sustainability of our business
Sustainability has long been a strategic driver for Fresnillo plc, with established programmes in place prior to our IPO. Nevertheless, the listing in the UK brought new opportunities to enhance our sustainability strategy, implementation and controls. Sustainable development is an essential component of our business model. Our license to operate relies on the effectiveness of our HSECR policies, procedures, programmes, equipment, training, monitoring, execution and controls.
We benefit from Board-level oversight, executives and managers dedicated to sustainability efforts, and a comprehensive approach that informs our value-creation metrics. We rely on our own executives and staff for oversight, training and implementation of HSECR policies and programmes and work closely with employees, contractors, unions, communities, governmental agencies, industry organisations, NGOs and other third parties to ensure that our performance adheres to the standards, needs and aspirations of our stakeholders. Our sustainability strategy is managed through our HSECR Management System, the maturity is assessed semi-annually by PricewaterhouseCoopers (PwC) on the basis of its strategy, structure, processes, people and technology.
Mining and processing precious metals are essential activities in our global economy, and carry social acceptability and environmental challenges that must be effectively addressed. Finding solutions to these challenges requires exceptional commitment, operational excellence and innovation. Risks include security; potential actions by government; public perception against mining; safety; environmental incidents and human resources.
Our sustainability efforts address the issues that we consider matter to our stakeholders and have a direct and indirect impact on our business. We identify relevant issues engaging our local stakeholders and keeping track of global issues relevant to our industry and society at large. Recognising the importance of local stakeholders at the mine sites, we conducted a comprehensive perception study in the communities where we operate. The outcome is a “Relevance matrix” of the issues that matter to our stakeholders in the communities. We intend to further refine our approach, adopting best practices in materiality assessment.
Five Key Pillars of our Sustainability Strategy:
- Health - Improve and maintain the health and wellbeing of our people
- Safety - Eliminate unsafe workplace conditions and behaviours
- Environment - Minimise the environmental impact and footprint of our activities
- Community Relations - Engage with and support the development of our communities
- Our people - Secure the talent pipeline and ensure a fair and respectful workplace
The Board of Directors, through its Health, Safety, Environment and Community Relations (HSECR) Committee, evaluates the effectiveness of the Company’s policies, action plans and systems regarding HSECR matters.
The Committee meets semi-annually to review performance and monitor management’s responses to key issues. The remuneration policy for our senior executives takes sustainability performance into partial consideration, specifically in the areas of stakeholder relations, teamwork and safety. Our sustainability strategy is managed through our HSECR Management System, it's maturity is assessed semi-annually by PricewaterhouseCoopers (PwC) on the basis of its strategy, structure, processes, people and technology.
UN Sustainable Development Goals
The United Nations General Assembly adopted the 2030 Development Agenda, with an ensuing 17 Sustainable Development Goals (SDGs) and 169 targets that align the interests of governments, businesses, NGOs and society. At Fresnillo, we are committed to doing our part and ensuring that our sustainability strategy aligns with and advances the goals agreed upon by the international community. Specifically, we have initiatives that align with the following SDG goals: health and wellbeing; clean water and sanitation; decent work and economic growth; industry, innovation and infrastructure; reduced inequalities; responsible consumption and production; climate action; and life on land.