materiality-process

A company of Barrick’s size is faced with myriad social, environmental and economic issues on which it could report.

Under the Global Reporting Initiative Standard, organizations focus their sustainability reporting on matters that are specifically material to them and provide greater depth on those subjects. This helps us report on issues that matter to and could have a material impact on both our stakeholders and our business.1 We identify these issues through the following four-step process.

1. Issue Identification

We first identify a range of potential issues in the context of our social, economic and environmental impacts, based on input from internal and external sources.

External Sources

  • CSR Advisory Board
  • Industry and societal trends
  • Investor and ESG analyst requests
  • Peer companies
  • Stakeholder engagement
  • Community grievances

Internal Sources

  • Annual Information Form / Annual Report
  • Issues reported to Board
  • Issues Working Group
  • Site risks identified in Business Plan Reviews (BPRs)
  • Subject matter experts

2. Issue Boundaries

A topic may be material and relevant for reporting as a result of our own activity, including from our operations, closure properties or employee conduct, as well as from activities we contribute to or are indirectly linked to. We therefore consider our full value chain, both internal and external, when reporting on our impacts.

External

  • Contractors
  • Governments
  • Industry peers
  • NGOs
  • Suppliers
  • Unions

Internal

  • Closure properties
  • Exploration
  • Offices
  • Operations
  • Projects

3. Prioritization & Validation

Each topic is assessed on a materiality matrix in terms of its importance to our stakeholders and the economic, environmental, social or business impact of the topic. We rank the issues based on the frequency with which they are identified by internal and external sources. The ranking of each issue is also reviewed and approved by senior decision-makers at Barrick. This process allows us to prioritize the issues in terms of low, medium, and high importance.

4. Reporting

In 2016, eight material issues of high priority^ were identified through this four-step process. An additional thirteen issues* were identified as having medium priority. We report on all of these issues in accordance with the GRI Standards: Core option. We also partially report on additional topics identified to be of low reporting priority, in accordance with regulatory or other reporting requirements.

GRI Topics Reported on in 2016

  • Anti-corruption*
  • Artisanal and Small Scale Mining
  • Biodiversity
  • Child Labor
  • Diversity and Equal Opportunity*
  • Economic Performance*
  • Effluents and Waste*
  • Emissions^
  • Employment
  • Energy*
  • Environmental Compliance^
  • Force or Compulsory Labor
  • Freedom of Association and Collective Bargaining
  • Human Rights Assessments*
  • Labor/Management relations*
  • Local Communities^
  • Market Presence*
  • Mine Closure*
  • Non-Discrimination
  • Occupational Health & Safety^
  • Procurement Practices*
  • Public Policy^
  • Resettlement
  • Rights of Indigenous Peoples*
  • Security Practices^
  • Socio-economic Compliance^
  • Supplier Environmental Assessment*
  • Supplier Social Assessment*
  • Training and Education
  • Water^
  • Materials

1 This materiality standard, which is used as the basis of Barrick’s sustainability reporting, may differ from materiality Standards used by Barrick for other purposes, such as our securities regulatory filings and financial reporting.

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Gold  $ 1,292.16 +0.16 +0.01% Volume: November 23, 2017
ABX NYSE  $ 14.14 +0.22 +1.58% Volume: 9,986,673 November 22, 2017
ABX TSX  $ 18.34 +0.38 +2.12% Volume: 1,061,769 November 23, 2017
Gold  $ 1,292.16 +0.16 +0.01% Volume: November 23, 2017

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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