Our commitment to responsible mining is supported by a robust governance framework, setting out the company’s approach to and expectations of employees, suppliers, and contractors, in the conduct of their daily work.
At the core of this framework is the Code of Business Conduct and Ethics and supporting management systems, programs and policies. These provide a common standard by which all sites are expected to operate—from community, health, environmental, safety, security, human rights, and ethical perspectives, and help bring Barrick’s Vision and Values to life.
The Code and supporting systems and programs are complemented by Board- and executive-level oversight, as well as expert advice from our external CSR Advisory Board, to ensure we are staying true to our commitment to
mining in a responsible manner.
Barrick’s Board of Directors is responsible for the stewardship of the company and for oversight of the management of its business affairs, while our senior management is responsible for the management and day-to-day operation of the company. Our obligations, expectations and intentions are codified in our Vision and Values and the Code of Business Conduct and Ethics, and they are reinforced regularly at all levels of the company.
Our vision is the generation of wealth through responsible mining—wealth for our owners, our people, and the countries and communities with which we partner.
We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and operating high-quality assets, through disciplined allocation of human and financial capital, and operational excellence.
As a company and as individuals, we must guide our conduct by the highest standards of honesty, integrity and ethical behavior. Barrick’s Code of Business Conduct and Ethics embodies Barrick’s commitment to conduct business in accordance with all applicable laws, rules and regulations, and the highest ethical standards throughout our organization. The Code has been adopted by the Board of Directors and applies to every Barrick employee at sites we operate, including the President and other senior executive and financial officers, and to our Board of Directors. All employees and directors are required to read and comply with the Code and associated policies. Barrick provides mandatory training on the Code and related policies to all new employees, and all management and supervisory personnel are required to recertify their compliance annually. All Barrick employees and directors are accountable for adhering to the Code, and we are responsible for reporting behavior that violates the Code.
Barrick has in place specific policies that direct employees as they interact with their colleagues, people in communities, government officials, the physical environment and others. To implement these policies, the company has put in place management systems—from community relations to environment to security—setting expectations, defining performance standards, and providing the necessary tools to manage our social and environmental impacts.
Every employee and director must also comply with applicable portions of Barrick’s Anti-Fraud Policy, Disclosure Policy, Insider Trading Policy, Anti-Bribery and Anti-Corruption Policy, Human Rights Policy, Policy with respect to the Declaration of Fundamental Principles and Rights at Work, Safety and Occupational Health Policy, Environmental Policy, and his/her particular country policies applicable to such employee or director. Together, these help ensure that our commitment to responsible mining practices is embedded across our business and translates into on-the-ground performance.
Oversight of Barrick’s responsible mining approach is provided at both a Board and executive level. The Board’s Corporate Responsibility Committee is responsible for overseeing Barrick’s policies, programs and performance relating to the environment, safety and health, corporate social responsibility (including sustainable development, community relations and security matters) and human rights. The Committee also makes recommendations to the Board, where appropriate, on significant matters relating to the environment, safety and health, corporate social responsibility and human rights.
In 2015, the Committee was comprised of four directors, three independent and one who was non-independent. As of April 26, 2016, all members of the CR Committee are independent directors. Each quarter, the Committee receives presentations from management on the company’s environmental performance and initiatives, reclamation and closure costs, safety and health performance and initiatives, permitting and government approvals at the company’s mines and projects, security matters, human rights issues and corporate social responsibility (CSR) programs.
In 2015, Barrick introduced the role of Chief Sustainability Officer (CSO). With this new position, the Safety and Health, Environment, Government Affairs, Security, Community Relations and Corporate Social Responsibility teams have been combined under the responsibility of a single executive. These groups now provide specialist license-to-operate advice to both Barrick’s head office executives and to leaders in the field. The CSO is also responsible for stakeholder engagement activities at the head office level, such as liaising with the Barrick CSR Advisory Board and socially responsible investors.
Barrick’s performance-based compensation system for senior executives is comprised of incentives that are both short-term and long-term in nature.
Annual Performance Incentives for Senior Executives are based on short-term functional and operational priorities. Each Senior Executive has an individual scorecard with measures that relate to Barrick’s strategic principles and priorities. Weightings and goals vary by role. In 2015, all other employees had a portion of their annual incentive compensation tied to Barrick’s short-term company scorecard that included a "Reputation and License to Operate" component, comprised of safety, environment, community relations and compliance measures, accounting for 15% of the overall scorecard. Detailed information is available in the annual Proxy Circular.
Long-term incentives for Senior Executives are determined by a company scorecard that tracks both financial and non-financial measures, including a "Reputation and License to Operate" component. This category accounts for 15% of the overall scorecard and is qualitatively assessed based on considerations including our overall compliance record, independent assessments of our corporate social responsibility-related performance (e.g. International Council on Mining and Metals Assurance review, Dow Jones Sustainability Index listing), success in building and maintaining strong relationships with core stakeholders, and the quality of license–to-operate risk assessments.
In 2015, 10% of performance-based compensation
was at risk globally if anti-corruption KPIs were not met.
Our vision is the generation of wealth through responsible mining — wealth for our owners, our people, and the countries and communities with which we partner.
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© 2017 Barrick Gold Corporation© 2017 Barrick Gold Corporation