ABSTRACT
The importance of sustainability goes far beyond environmental issues, as the need to behave responsibly becomes a key aspect of strategy and operations, maintaining brand and reputation and seeking good growth. This is true irrespective of the sector in which a company operates.
Traditionally, ‘heavy’ industries such as oil and gas, mining, transport and manufacturing have attracted most scrutiny. But no company, no matter what it does, can now afford to take its eye off its environmental, economic, tax and social impact.
Financial markets are increasingly assigning a greater value to effective risk management of non-financial issues, and non-governmental organisations, activists, social networks, the media and customers are increasingly holding companies accountable. A company’s reputation and social license to operate is at stake.
Leading mining and energy companies that operate sustainably recognise that social, environmental, economic and ethical factors affect their core business strategy. They know that operating sustainably creates and protects long-term stakeholder value, and they identify and respond to the changing needs and demands of society. They are integrating sustainability into their overall strategies by
Building trust with their key stakeholders through actively engaging them and actively managing their risks
Setting and reporting against performance targets
Maximising the positive effects of their operations
Embracing a growing body of international best practice on non-financial matters
This chapter outlines the drivers for sustainability, the journey for progressing a sustainability agenda and a leading practice model for integrating sustainability consideration into day-to-day operations and reporting.
