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The following text is pulled from a report of Freeport-McMoRan Copper & Gold Inc. from 2008
The ICCM Sustainable Development Principles described in this text are comfortable words with rather little practical meaning and purpose
Freeport-McMoRan Copper & Gold Inc., as a member of the International Council on Mining and Metals (ICMM), has adopted the ICMM Sustainable Development Framework and this commitment underpins our efforts in identifying and managing challenges and opportunities across our operations.
The framework (www.icmm.com) comprises three elements that are mandatory for corporate members to meet:
1) implement the ICMM 10 Sustainable Development Principles throughout the business,
2) report in line with the GRI G3 guidelines and the Mining and Metals Sector Supplement and
3) provide independent assurance that our commitments have been fulfilled.
Reporting Guidelines.
Look for this icon throughout this report to identify discussions of material risks and opportunities.
ICMM 10 Sustainable Development Principles
1 Implement and maintain ethical business practices and sound systems of corporate governance
2 Integrate sustainable development considerations within the corporate decision-making process
3 Uphold fundamental human rights and respect cultures, customs and values in dealings with employees and others who are affected by our activities
4 Implement risk management strategies based on valid data and sound science
5 Seek continual improvement of our health and safety performance
6 Seek continual improvement of our environmental performance
7 Contribute to conservation of biodiversity and integrated approaches to land use planning
8 Facilitate and encourage responsible product design, use, re-use, recycling and disposal of our products
9 Contribute to the social, economic and institutional development of the communities in which we operate
10 Implement effective and transparent engagement, communication and independently verified reporting arrangements with our stakeholders
Summary of Material
Risks and Opportunities
This report addresses a wide variety of topics
of interest to our stakeholders. In our view, the
most material issues for Freeport-McMoRan
Copper & Gold Inc. are those raised by multiple
stakeholder groups, both internal and external
to the company, and that pose the greatest
risk to our business success if not managed
responsibly.
In 2008, concurrent with transitioning to
a risk-based approach for working toward
sustainable development, we began a
comprehensive, multi-disciplined exercise
to identify the company’s sustainable
development risks and opportunities. FreeportMcMoRan
Copper & Gold Inc.’s external
stakeholders are diverse and their perspectives
on material sustainable development issues
can range from site-specific to global in nature.
A challenge we face in this transition period
is the development and implementation of
a process to amalgamate the internal and
external perspectives on sustainability risks.
We have taken a balanced approach to
the identification of material risks and
opportunities presented in this report.
Key sustainability topics of interest to our
stakeholders are identified through evaluating
data and assessments from a cross-section
of company representatives who interact
regularly with local communities, governments,
employees, business executives, investors,
non-governmental organizations and other
groups. The results of our internal materiality
surveys and stakeholder communications allow
us to prioritize key material issues.
The table on the facing page outlines
significant sustainability challenges for our
company (the listed order is not intended to
suggest the relative importance of each issue).
We are developing and implementing a risk-based approach for our entire operating
portfolio to further define, manage and monitor sustainable development challenges
and opportunities most material to our stakeholders and to our business. We will also
meet the assurance commitment by reporting on the following:
• The alignment of our sustainability policies to the ICMM 10 Sustainable Development
Principles and mandatory requirements set out in ICMM position statements;
• Our material sustainable development risks and opportunities based on our review
of the business and information provided from our stakeholders;
• The existence and status of systems and approaches used to manage our material
sustainable development risks and opportunities;
• Our performance with respect to identified material sustainable development risks
and opportunities; and
• The required disclosures for application level of A+ of the GRI G3 Sustainability
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