Randgold operates in accordance with the highest standards of corporate governance. The company is incorporated in Jersey, and listed on both the London and Nasdaq stock exchanges, and it complies with the requirements of the UK Corporate Governance Code.
In addition, we file our Annual Report with the US Securities and Exchange Commission, complying with the appropriate legislation. Our governance structures and Code of Ethics help ensure our values are applied throughout the company.
OUR POLICY FRAMEWORK
Our overarching Code of Ethics (available at www.randgoldresources.com) defines the standards of behaviour the board demands of all our directors, officers, employees and contractors. It sets out our standards and expectations on a range of issues, including bribery, whistleblowing, record keeping, fraud, interactions with governments and sustainable development. Contravention of this code would lead to disciplinary action and the potential termination of employment. The importance of complying with our Code of Ethics is explained to all new employees as a central part of their induction training.
POLICY IN PRACTICE
Our board is supported by a dedicated environmental and social committee which meets and reports to the board quarterly. This committee, which is chaired by our CEO, has included our group general manager: evaluation, group general manager: human capital, group metallurgist and the general managers of each of our operations. In 2012 we appointed a new general manager: sustainability who will have overall executive responsibility for implementing our sustainability policy and will also sit on the committee.
Incentivising Sustainable Behaviour
We recognise the importance of ensuring that we have the right incentives in place to motivate individuals to be responsible for sustainability issues, to hold them to account for the delivery of these, while also maintaining the personal responsibility and entrepreneurial characteristics that are so critical to our activities.
We recognise that the context within which we are operating is changing; we are a much bigger company than we were five years ago, the potential contribution that mining can make to sustainable development (social, environmental and economic) is widely recognised, and stakeholders are increasingly demanding in terms of what they expect of companies such as Randgold. Therefore, in parallel to the preparation of this report, we have conducted a structured review of our performance against the frameworks provided by organisations such as FTSE4Good and the Global Reporting Initiative. This review will be analysed by the board in 2012 and will inform the ongoing development of our sustainability strategy to ensure our sustainability monitoring and reporting matches our effectiveness on the ground.
Refer to the Corporate Governance Report on pages 106 to 112 of the 2011 Annual Report for further information.
Prevention of Corrupt Practices
For more details on Randgold’s whistleblowing programme, refer to the Audit Committee Report on page 113 of the 2011 Annual Report.
Randgold prides itself on its active and innovative stakeholder engagement programme. Strong local relationships are one of the foundation stones on which the company has been built and we believe that active and meaningful engagement with all stakeholders is a crucial part of ensuring we are running our business in an optimal way.
We have an active stakeholder engagement programme which is customised to the needs of eight specific stakeholder groups. These are: shareholders, employees, the communities in which we operate, governments (national, regional and local), NGOs with an interest in our operations, trade unions, suppliers and contractors, and the media.
We communicate with all these stakeholders regularly and welcome transparency at the highest level. For example, our CEO regularly meets with employees, government representatives, all main shareholders and attends local community meetings at each operation at least once every six months.