ESG and Compliance
The Company is committed to responsible environmental and social performance and effective governance of its operations. This commitment supports our growth strategy by helping to:
- manage reputational and regulatory risks;
- control costs and drive efficiencies;
- build strong stakeholder relationships; and
- attract and retain talented employees.
We are committed to upholding a high standard of corporate governance practices through a quality Board, sound internal controls, and transparency and accountability to all shareholders. We understand that good governance is not just a matter for the Board. It is equally the responsibility of Executive Management to embed governance practices throughout the organisation. MMG applies the principles of good corporate governance as set out in the Corporate Governance Code of the Hong Kong Listing Rules, and those of the ICMM.
Our Audit and Risk Management Committee and the Governance, Remuneration and Nomination Committee operate under clear terms of reference. We also have a number of Executive management committees, including the Executive Committee, the Disclosure Committee, Investment Review, Mineral Resources and Ore Reserves Committee and Code of Conduct and People Committee. A function of the Executive Committee is to review safety, health and environmental and social performance in order to improve efficiency and effectiveness. Specific Safety, Health, Environment and Community (SHEC) Committee matters to be discussed by the Board include identification, review and governance of SHEC related material issues, significant incidents, remediation/mitigation strategies and any specific areas of focus as identified by the Board.
In accordance with the Company’s Sustainable Development Framework, owned and endorsed by the Board and implemented across the Company, the Board carries out identification, review and governance of SHEC-related material issues consistent with this framework. The framework aligns with the ICMM’s Mining Principles. The Company’s approach is informed by our Corporate Governance Policy, People Policy, Shareholder Communication Policy, Human Rights Policy and Safety, Security, Health, Environment and Community (SSHEC) Policy.
MMG endeavours to ensure that all transactions are in compliance with the Hong Kong Listing Rules.
More information on our committees and our Corporate Governance Statement is available in our latest Annual Report.
The Governance, Remuneration and Nomination Committee is responsible for developing and reviewing the Company’s policies and practices on corporate governance, the Code of Conduct, and monitoring MMG’s compliance with the Listing Rules and other applicable laws.
Our Executive Committee monitors our performance in line with the Group’s policies, standards and regulatory requirements relating to safety, health, environment and community.
In 2020, MMG had no significant events that took place relating to environment, health and safety or legal matters.
In 2020, MMG received one safety-related and three environment-related fines at its Las Bambas operation, relating to certain events that occurred in 2017 and 2019. All four administrative proceedings are currently on appeal and resolutions are pending.
MMG also received one environment-related non-monetary administrative measure at Las Bambas, relating to the modification of the environmental impact study. Las Bambas is complying with the administrative measure and will present all required reports to the relevant authorities.
See our Annual Report for a discussion on our compliance with regulatory requirements.