Trends and Issues
The entire mining industry is under pressure from weak commodity prices and increased costs. Shareholder activism is on the rise, and a range of external stakeholders demand companies demonstrate how they are managing risks and mitigating impacts. Around the globe, anti-corruption legislation is becoming more stringent, and mining companies face heightened risks for non-compliance. Stakeholder expectations are rising for transparent disclosure of performance and compensation. Talent attraction and retention is a major challenge: in executive positions the talent gap is widening, making it imperative to retain top talent for effective and skilled management.
Through our materiality process, we have identified the following to be our material topics relating to Strategy and Governance:
|Material topics||At Goldcorp, this means|
|Governance and accountability||Ensuring senior management are accountable for environmental, social and economic issues. Maintaining the highest ethical standards to prevent human rights violations, corruption and bribery throughout activities and supply chains. Complying with all applicable laws, regulations and company policies.|
|Enterprise Risk Management||Managing issues and events that could cause reputational, financial, political, operational and/or strategic impacts. Ensuring we have robust risk management processes at the site, regional and corporate level to assess both internal and external risks than could impact Goldcorp. One of the many ways we manage our external risks is through the country risk assessment exercises, which are conducted quarterly in countries where Goldcorp is active.|
Why is This Important to Our Stakeholders?
Our stakeholders want us to demonstrate we have the appropriate organizational structures and accountabilities in place to reduce risks. They want us to generate superior returns from high-quality assets, while being transparent through reporting on performance, trends and outcomes.
Why is This Important to Goldcorp?
Good governance is the foundation on which we build our responsible management and industry-leading results. We strive to provide our shareholders and other stakeholders with clear and concise disclosure about our policies, programs and performance.
Our strategy is to build governance and accountability mechanisms that position our company to optimize results and safeguard long-term success. Strategic management appointments provide leadership the opportunity to manage events which could cause reputational, financial, operational, and environmental or community impacts. Our Sustainability Excellence Management System (SEMS) as well as our Enterprise Risk Management (ERM) framework help us better identify, manage and mitigate these impacts. We also perform ongoing risk assessments for the local, regional and national geographical areas where we work. These are multi-faceted assessments that take into consideration the environmental, social, political and economic risks of the countries where we operate.
The Board of Directors (the “Board”) and Executive Management team at Goldcorp recognize the importance of strong corporate governance to effectively manage our company and to protect employees and shareholders. Our approach to issues of corporate governance is designed to ensure that the business and affairs of Goldcorp are conducted so as to enhance long-term shareholder value.
Policies and Guidance
In addition to our Code of Conduct, key policies governing ethical behaviour at Goldcorp include:
- Anti-Bribery and Anti-Corruption Policy
- Human Rights Policy
- Diversity Policy
- Security Policy
- Corporate Social Responsibility Policy
Guidelines and requirements for ethical practices are incorporated into various SEMS standards. For more information on our policies, please visit the report’s section about Goldcorp’s Corporate Policies.