In recognition of the importance of environmental, social and governance (ESG) considerations in the viability, sustainability and public perception of extractives industry projects, investors are increasingly incorporating detailed assessments of these considerations in their investment strategies. A number of international frameworks developed by recognised institutions provide extensive guidance to extractives companies on the adoption of ESG best practices and transparent voluntary reporting of ESG performance across all phases on the mining lifecycle.
Mining companies routinely produce Public Reports that detail their Exploration Results, Mineral Resources and Mineral Reserves. Internationally these reports are guided by the Template produced by the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). In South Africa the SAMCODES Steering Committee (SSC) oversees applicable requirements for and guidance on the content of these Public Reports.
Under the auspices of the SSC, a committee was founded in 2014 and charged with developing a guideline for use by authors of Public Reports to evaluate and, where possible, quantify the effects of material ESG considerations on the Modifying Factors which influence Mineral Resource and Mineral Reserve determinations. The resultant South African Guideline for the Reporting of Environmental, Social and Governance Parameters within the Solid Minerals and Oil and Gas Industries (SAMESG)[1] was launched alongside the 2016 editions of the SAMCODES.
Drawing on the existing international frameworks and guidance documents that already exist, SAMESG expressly requires listed (and other) mining companies to integrate ESG considerations into their Public Reports and by so doing, to improve their ESG performance in an effort to attract and retain investors, shareholders and their social licence to operate. The Guideline has received international recognition in the form of the United Nations Conference on Trade and Development’s International Standards of Accounting and Reporting (ISAR) Honours Award in 2019.
This talk will present the main components of SAMESG, its intended application and the performance changes it desires to see manifest in reporting entities.
[1] South African Guideline for the Reporting of Environmental, Social and Governance Parameters within the Solid Minerals and Oil and Gas Industries; www.samcodes.co.za
Slide deck:
Biography
Teresa has worked extensively in the mining industry as an environmental and sustainability professional. In her role as founder and Managing Director of Uvuna Sustainability, Teresa has drawn on the expertise gained throughout her career to add value to our clients’ businesses. Through managing environmental and sustainability issues hands-on at site level to writing reports for corporate executive committees, Teresa has learnt how to work effectively with the full range of disciplines and organisational structures the exist in multinational organisations. An experienced facilitator, Teresa enjoys working with groups to identify and understand the sustainability and business risks their organisations are facing and to then develop practical, achievable solutions.
As Chair of the South African Guideline for the Reporting of Environmental, Social and Governance parameters within the minerals industry (SAMESG) Committee, Teresa works with other industry experts to improve the quality of mineral reserve determinations and valuations in light of ESG modifying factors. During her tenure as Chair, SAMESG was awarded the prestigious United Nations International Standards of Accounting and Reporting (ISAR) Honours Award in 2019.
Chair: SAMESG and Managing Director: Uvuna Sustainability, Johannesburg South Africa
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