At Primero, we believe that sustainability is fundamental to our success. At the corporate level and in our relationships with our host communities, our prosperity depends on good corporate governance and building a solid framework for economic, community and environmental sustainability.
Our four-step approach to sustainability begins with creating and nurturing a corporate culture based on a vision of environmental stewardship, social progress, economic achievement and ethical, transparent governance.
Our first step was to translate vision into values that inform our decision-making and that, ultimately, guide our behaviours as a company and as individuals.
The second step was to apply that vision and those values to developing policies and procedures that support sustainability with consistency and rigour, through standardized company-wide systems.
In the third step, our sustainability practices have focused on materiality: those aspects of our corporate behaviours that most concern our stakeholders. We actively engage our stakeholders and ascertain their priorities - and then focus our efforts on those concerns - we are therefore better positioned to manage risk. An internal materiality assessment began in 2013 and continued through 2015. Stakeholder feedback helps applied to refine our Corporate Responsibility strategy.
We regularly revisit materiality issues and are expanding our materiality assessment to include surveying external stakeholders’ needs and consider Primero’s most significant economic, environmental and social impacts.
The fourth step is ongoing engagement. Only by engaging with our stakeholders and including our host communities, can we build strong relationships, develop alliances and maintain a long-term, balanced approach to sustainability. As Primero has grown to become a multi-mine company with international operations, we are undergoing a thorough sustainability policy renewal process.
It is essential to identify the material topics - those economic, environmental, social and governance topics of greatest importance to our stakeholders and to the company - and the threshold at which aspects become relevant enough that they should be reported. While all issues are important, it is valuable to establish the material topics and their priority for our business and our stakeholders.
In 2013, we initiated a series of internal assessments of materiality, based on independent guidelines and standards that follow Global Reporting Initiative (GRI) guidance and best practices for sustainability reporting.
Many potentially material risks were identified, and their importance was discussed. The exercise resulted in an initial ranking of these material topics and their priorities for Primero’s business. The list was further refined using the Primero Enterprise Risk Management (ERM) process to plot issues and assess their potential risks.
We repeated the exercises in 2014, this time with Black Fox personnel, to ascertain their issues and priorities. In 2015 we expanded the internal materiality assessments to both sites and our corporate office. We conducted surveys with external stakeholders, and though not specifically about materiality, the feedback received was extremely valuable.
For 2015, we have added three new items to our previous list of material subjects. These are the highest priority items listed below alphabetically
The eight material topics identified are listed below alphabetically, along with the page numbers corresponding to the 2015 Sustainability Report where more comprehensive information for each can be found:
We are pleased with the results of our materiality discussions to date and are committed to proceeding, recognizing that this is a long-term exercise.
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