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Sustainability Governance

Sustainability governance

Our Board and its committees oversee our sustainability activities as part of their stewardship of our overall business strategy and risk management.

The Board is helped in this regard by three board level committees (ESG and Nominating Committee, Audit and Risk Committee and the Compensation Committee) and one management level committee (the Environmental and Social Oversight Committee).

  • ESG and Nominating Committee: Assists with oversight of our environmental, health and safety, social license to operate, community investment, and human rights programs, policies and perfor-mance.
  • Audit and Risk Committee: Assists with oversight of our management of enterprise risks and the implementation of policies and standards to monitor and mitigate risks. This includes compliance with our Code of Business Conduct and Ethics, and our Anti-Bribery and Anti-Corruption Policy. The committee is also responsible for reviewing our approach to Climate Change and our public disclo-sures.
  • Compensation Committee: Works to ensure that executive compensation is linked to our sustaina-bility performance.
  • ESOC Committee: Reviews sustainability performance and key performance indicators across opera-tions. It also provides a forum for feedback and lessons learned to be shared, and links site-level ownership for sustainability with our executive and the Board.

Further details are available below in our Sustainability Governance Approach.

Management approach: Sustainability governance

We believe sustainability is delivered best by experts on the ground not from a corporate office. Empowered by our bottom-up governance structure, our sites take the initiative in identifying and implementing their own sustainability initiatives and targets best suited to their unique sustainability context and issues in line with our overall sustainability strategy. 

All our mines have dedicated teams responsible for the management of health & safety, as well as community and environmental aspects across the site. Support and direction are provided to each site by our Regional Sustainability Leads, with oversight provided by our Group Sustainability Executive and our Chief Operating Officers.

Our Group Sustainability Executive reports weekly to the Executive Committee on sustainability-related issues, including safety incidents, progress against targets and any grievances raised.

Ultimate accountability for our sustainability performance resides with our Board of Directors and Executive Officers, including the President and CEO.

We take pride in and strive for excellence in social and environmental management, both at a group and a site level, and link financial incentives across the group to our sustainability performance.


Sustainability-related committees

Environmental & Social Oversight Committee

Our most senior management-level body dedicated to sustainability is the Environmental & Social Oversight (E&S) Committee  which meets on a quarterly basis. The E&S Committee connects site-level ownership of sustainability to our Executive Officers and our Board of Directors, who have ultimate responsibility for our sustainability performance.

The E&S Committee is chaired by our President and CEO, and members include:

  • Chief Operating Officers for each region;
  • The Group Sustainability Executive;
  • The General Managers for each mine;
  • Regional and site health, safety, environment and closure leads;
  • In-house legal counsel; and
  • An independent third-party sustainability expert.

The E&S Committee reviews sustainability performance and key performance indicators across our operations. It also provides a forum to discuss and learn from the sustainability successes and challenges experienced across each region in each quarter. As well as feedback from an ‘on the ground’ review, the E&S Committee meetings also include an environmental and social license to operate-focused site visit completed by the independent consultant at one of Barrick’s Tier One Gold Assets on a quarterly basis.

The President and CEO reviews the reports of the E&S Committee with the Board's Environmental, Social, Governance & Nominating Committee (ESG & Nominating Committee), formerly known as the Corporate Governance & Nominating Committee.

ESG & Nominating Committee

The ESG & Nominating Committee helps the Board to oversee the company’s environmental, health & safety, corporate social responsibility, and human rights programs, policies and performance.

The ESG & Nominating Committee oversees:

  • Corporate governance;
  • Environmental, including climate change;
  • Health & safety;
  • Corporate social responsibility;
  • Security; and
  • Human rights.

The Audit & Risk Committee

The Audit & Risk Committee assists the Board in overseeing the group’s management of enterprise risks, as well as the implementation of policies and standards for monitoring and mitigating such risks including compliance with Barrick’s Code of Business Conduct and Ethics and Anti-Bribery and Anti-Corruption Policy.

The Audit & Risk Committee also reviews the company’s approach to climate change in the context of Barrick’s public disclosure.

The Audit & Risk Committee oversees:

  • Financial statements, systems, and reporting;
  • Internal controls over financial reporting;
  • Enterprise risks and risk management framework;
  • Financial risk;
  • Cybersecurity;
  • Key operational risks; and
  • Business integrity and ethics.

The Compensation Committee

The Compensation Committee assists the Board in ensuring that executive compensation is appropriately linked to our sustainability performance.

The Compensation Committee oversees:

  • Alignment of executive compensation with strategic priorities; and
  • Ensuring that compensation plans do not encourage excessive risk taking.

Business Assurance Group

The Business Assurance Group is responsible for providing assurance that controls relied upon to manage risk exposures are designed and operating effectively.

Product stewardship

Our gold is refined to market delivery standards by several refiners throughout the world. The refined gold is sold to gold bullion dealers, investment banks or refiners based on the spot price at the date of sale. Certain of Barrick's operations also produce gold concentrate, which is sold to a number of international gold smelting companies. The purchasing customers then take responsibility for its onward distribution for use in products such as jewellery, 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, and we publish an annual Conflict-Free Gold report. 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.


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. Any such related contributions require pre-approval as set out in our Anti-Bribery and Anti-Corruption Policy.

If any political contributions are made they are disclosed annually in our Sustainability Report.


Barrick employees, contractors, third parties and community members can report potential violations of our Code of Business Conduct and Ethics and related policies, including our Anti-Bribery and our Anti-Corruption Policy and Anti-Fraud Policy confidentially and anonymously through several channels, including our global hotline which is operated by an independent provider.

We encourage all our stakeholders to raise concerns through one of these channels. The hotline is available 24 hours a day in multiple languages. Hotline contract information is promoted through staff training and communications as well as our group-wide internal communications portal.
In 2021, we added an optional feedback survey for all individuals submitting reports to the hotline. Survey responses, which can be submitted anonymously, will be reviewed and tracked over time to improve our reporting system and process.

We treat all breaches of the Code of Business Conduct and Ethics and related policies seriously. All reported breaches are assessed and investigations are conducted as appropriate.

Breaches of this Code can result in disciplinary or corrective actions up to and including a contract termination or dismissal. Barrick maintains a stringent non retaliation policy which serves to protect any individual making an allegation in good faith. We do not tolerate the harassment or victimisation of anyone raising concerns or anyone who assists them. Such conduct is itself a breach of our Code of Business Conduct and Ethics, and a serious disciplinary matter.

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