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Governance

Our Approach to Sustainability

We are guided by best practices and world-class experts in how we develop and conduct our sustainability policies and programs.

At the heart of our approach to sustainability is a belief that our ability to operate successfully is reliant on our ability to deliver long-term value to all our stakeholders and to proactively manage our impacts on the wider environment. We invest in community-led development to help create thriving local economies and apply international best practice when it comes to protecting people and the environment.

We believe sustainability management is best done at the mine-level. We have a devolved model that empowers each site to lead on sustainability issues including issues specific to the site. Each mine plays a role in identifying programs, metrics, and targets that measure real progress and real impacts, with oversight at the Executive and ultimately at the Board level.

Organogram of Sustainability Governance

Organigram of Sustainability Governance

Ethics Are More Than Words on a Page

We recognize that the ethical standards we hold ourselves to will be reflected in our reputation and how prospective employees, host communities, host governments, and investors engage with us.

Protecting ourselves from — and taking a stance against – corruption, bribery and fraud is a foundational value at Barrick. Every site we operate, every director, every employee and every third party we work with, are subject to our Code of Business Conduct and Ethics.

WHISTLEBLOWING REPORTS RECEIVED

Whistleblowing Reports Received

Creating Dialogue With Our Stakeholders

Two-way communication is at the core of our engagement efforts with our stakeholders.

Underpinning all our governance of sustainability is a commitment to listen to our stakeholders and build their input into our decision-making. We want to build strong and lasting relationships. That is only possible through regular, open, and honest communication.

Managing Risk

From the board room to rock face.

Dealing with risk effectively is a source of sustainable business benefit and is an integral part of how we protect and create value. Our risk management processes reflect our governance approach to connect site-level ownership of sustainability with group-level oversight and Board responsibility.

Each mine has an embedded site-level risk register, which they manage and update. The site-level risk register is based on guidance from the central Risk function, under the supervision of our Senior Vice President (SVP) of Business Assurance and Risk who reports to the Board’s Audit & Risk Committee. The guidance (including Risk Management Policies and Procedures) provided informs site-level risk registers and includes direction on how to consider the importance and impacts of sustainability risks such as safety, society and environment.

Producing Conflict-Free Minerals

A risk-based approach to product stewardship.

The gold we produce is either sold directly to or transported to refineries that make it into bullion, which our treasury department then sells to the market. The purchasing customers then take responsibility for its onward distribution for use in products such as jewelry, coins and electronics.

We take a risk-based approach to product stewardship and implement due diligence procedures so that our supply chain conforms to the World Gold Council’s Conflict-Free Gold Standard. As part of this approach, we do not purchase gold from artisanal or small-scale miners. We believe it is only through sector-wide collective action that the gold mining sector can create fully responsible supply chains and in 2019 we worked closely with the World Gold Council on the new Responsible Gold Mining Principles. This helps codify international best practices and expectations around responsible gold.

Political Contributions

In general, we do not make financial contributions to politicians or political parties, except on a limited basis as allowed by local regulations. In 2019, our only political contributions were in the US. Every donation complied with applicable federal, state and municipal laws.

 

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