To put it succinctly, 2020 was defined by COVID-19, a pandemic that has taken a terrible toll on human life and well-being around the world. While vaccination programs are now being deployed, the pandemic has resulted in unprecedented challenges that may persist for some time. Accordingly, we are continuing to look for ways to mitigate the negative impacts of the pandemic on our workforce, their families, and local communities.
Environmental, Social and Governance. ESG. Social License. Corporate Social Responsibility. CSR. Sustainable business practices. These terms all mean the same: Doing the Right Thing. Behaving responsibly. Sharing the wealth. Looking after ALL stakeholders.
Sustainability Goals and Performance
Our annual corporate goals are largely established by our employees and supervisors, which encourages a high level of understanding and commitment by those who carry out our day-to-day business activities. In 2020, we developed a set of Sustainability Performance Indicators (SPIs), to measure and monitor monthly performance on key social and environmental activities at our operations. Health and safety indicators are also monitored.
Sustainability Governance and Management
Good governance is critical for effective corporate performance and plays a major role in protecting stakeholder interests and maximizing stakeholder value. Our Board of Directors (the Board) oversees the direction and strategy of the business, guided by Pan American Silver’s values, legislative and other governance standards, stock exchange rules, and industry best practices.
Commitments and Memberships
We are members and supporters of industry associations and other initiatives that help us advance our sustainability performance. Our participation provides a forum to learn from and dialogue with our peers as well as a platform through which we collaborate and contribute to industry best practices. We also partner with and support civil society organizations on initiatives that help address key sustainability challenges of relevance to our Company and COIs.