Date: 2024-10-05 Page is: DBtxt003.php txt00012076 | |||||||||
Initiatives | |||||||||
Burgess COMMENTARY | |||||||||
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 |