NYSE: AEM 59.36
+0.87 +1.49%
Volume: 859,767
August 20, 2019
TSX: AEM 79.10
+1.13 +1.45%
Volume: 520,322
August 20, 2019
Gold: 1,502.34
-5.27 -0.35%
Volume:
August 21, 2019

Standards

Standards and disclosures

We are committed to maintaining high standards in sustainability and achieving global best practices in transparency and disclosures.

We have designed our Responsible Mining Management System (RMMS) – our in-house health, safety, environment and social acceptability management System – to continuously improve performance and to ensure that the following compliance requirements and industry standards are met:

  

Carbon Disclosure Project

The Carbon Disclosure Project’s (CDP’s) goal is to encourage a rational response to climate change by facilitating a dialogue between stakeholders and businesses supported by harmonized, quality data. Agnico Eagle began reporting to the CDP in 2007 and continues to report on an annual basis.

For more information on the Carbon Disclosure Project, visit cdp.net

Global Reporting Initiative

The Global Reporting Initiative (GRI) sets out specific criteria and indicators that organizations can use to measure and report on their economic, environmental and social performance. We measure our performance using the G4 Sustainability Reporting Guidelines, including mining industry specific indicators incorporated in the GRI’s Mining and Metals Sector Supplement (MMSS). Agnico Eagle self declares that we are reporting at a Level A based on the GRI G4 and MMSS guidelines.

To consult our 2018 GRI Table, click here
For more information, visit globalreporting.org

Towards Sustainable Mining

Canada’s Towards Sustainable Mining (TSM) initiative of the Mining Association of Canada (MAC) promotes best practices in environmental protection, energy efficiency, community engagement, safety and transparency. In 2018, all six Agnico Eagle sites that undertook a TSM external audit (covering the year 2017) were honoured with a TSM Leadership Award. Each site achieved Level As or better in all key performance indicators. TSM external audits are performed every three years and improved performance during these audits is a condition of membership in MAC.

For more information on TSM, visit mining.ca

International Cyanide Management Code

In 2018, four of Agnico Eagle’s mines that use cyanide in their ore processing (Kittila, Pinos Altos, La India and Meadowbank) were re-certified as compliant with the International Cyanide Management Code – a voluntary program developed under the guidance of UNEP1 in partnership with members of the International Council on Metals and the Environment. The LaRonde mine is working toward its first certifications in 2021.

United Nations Sustainable Development Goals (UN SDGs)

Agnico Eagle is working to support progress on the United Nations Sustainable Development Goals (UN SDGs). We recognize that the mining industry has an opportunity to positively contribute to all 17 of the SDGs.

For more information on UN SDGs, click here

Responsible Mining Management Systems (RMMS)

The RMMS is consistent with the ISO 14001 Environmental Management System and the OHSAS 18001 Health and Safety Management System. We are not planning to seek certification under the ISO or OSHA standards at this time.

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For more information on how we are integrating these sustainability standards, codes and disclosures into our daily operations to ensure we are not only meeting, but exceeding, regulatory requirements for health, safety and the environment we invite you to see our annual Sustainable Development report. 

FTSE4Good 

FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Agnico Eagle Mines Limited has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indices are used by a wide variety of market participants to create and assess responsible investment funds and other products.

 


Disclosure of payments to governments

Agnico Eagle is committed to the principles of transparency and to increasing our level of disclosure on the payment of all taxes and royalties to governments. For 2017, we have reported all payments in accordance with the “Publish What You Pay” initiative, and the Canadian Extractive Sector Transparency Measures Act.

Conflict Free Gold Standard

Agnico Eagle understands that operating responsibly and maintaining the trust of our stakeholders requires us to demonstrate that the gold we produce has been extracted in a manner that does not fuel unlawful armed conflict or contribute to serious human rights abuses or breaches of international law. As such, we have adopted and implemented the World Gold Council’s (WGC) Conflict-Free Gold Standard (CFGS).

Click here for more information about Agnico Eagle’s commitment to the CFGS and to view our annual Statement of Conformance and Certification reports

Governance and accountability


Our governance practices guide our behaviour and performance, helping to ensure we act in an ethically responsible manner and uphold our core values.

  • Agnico Eagle’s Code of Business Conduct and Ethics outlines the standards of ethical behavior we expect from people working on our behalf around the world. The Code applies to all directors, officers, employees, agents and contractors and commits them to conducting their business in accordance with all applicable laws, rules and regulations and to the highest ethical standards.
  • We have also adopted a Code of Business Ethics for consultants and contractors and a Supplier Code of Conduct. Additionally, we have established a toll-free “whistleblower” ethics hotline for anonymous reporting of any suspected violations of the Code of Business Conduct and Ethics, including concerns regarding accounting, internal accounting controls or other auditing matters, Code of Conduct violations, ethical conflicts, environmental issues and health and safety issues.
  • In September 2018, Agnico Eagle revised its Aboriginal Policy to adopt an Indigenous Peoples Engagement Policy as a statement of our commitment to engage with First Nations throughout the life cycle of our projects and to guide our consultation with Indigenous Peoples in all regions of the world, wherever Agnico Eagle maintains a presence. We believe being responsive to the aspirations of Indigenous Peoples not only contributes to the success of our sustainability practices, but also builds community support and enhances our reputation as a responsible miner. Our Policy supports the United Declaration on the Rights of Indigenous Peoples (UNDRIP), its principles, norms and standards.
  • Agnico Eagle has formally adopted the Voluntary Principles on Security and Human Rights (VPs). Created in 2000, the VPs are standards to help extractive sector companies balance the obligation to respect human rights while protecting the assets and people at their operations. The Government of Canada has identifi ed the VPs as one of six leading standards in Canada’s CSR Strategy for the Extractive Sector.
  • As a member of MAC, Agnico Eagle has committed to implementing a human rights and security approach consistent with the VPs and based on a determination of risk at mining facilities we operate. In that spirit, we audited our security management practices in Mexico to ensure best practices and high standards. During this audit, we also included an assessment on child labor and human rights using the Unicef Canada checklist. We anticipate that all sites will complete a similar audit during 2019. We will report on overall implementation of these matters through MAC’s Towards Sustainable Mining annual progress report and the VPs’ annual report.

Management Accountability

Our sustainable development program and values are integrated at the operational, executive and Board levels. Corporate oversight and implementation of the program are the direct responsibility of one executive officer – the Senior Vice-President of Environment, Sustainable Development and People who is assisted by the Vice-President Environment for environmental oversight and by the Vice-President of Health and Safety and Community Relations for health, safety and community engagement oversight.

Processes are in place to ensure that sustainable development matters, along with risk assessment and mitigation measures, are integrated into the day-to-day management of our business at the operational level. Finally, sustainable development matters are presented to the Health, Safety, Environment and Sustainable Development (HSESD) Committee of the Board of Directors at Board meetings.

Guiding Principles

Agnico Eagle has developed a clear, well-defined set of Guiding Principles to ensure we reinforce our management approach and cultural identity across the company – a set of principles which are clear and simple, anchored in our values, based on collaboration and which have contributed to Agnico Eagle’s success for over 60 years.

Stakeholder Advisory Committee

We have established a Stakeholder Advisory Committee (SAC) to provide us with feedback on our corporate social responsibility efforts and to complement and help us make strategic links to our existing local stakeholder engagement activities. This approach also supports our global efforts to engage with our stakeholders on a regular basis and in a meaningful way. The SAC was established in 2011 and has met in Toronto annually each fall since then.

Diversity and Inclusion Policy

In December 2018, we adopted a Diversity and Inclusion Policy. At Agnico Eagle, we value workplace diversity and inclusion across all aspects of our business. This commitment aligns with our core values of Family, Trust, Respect, Responsibility and Equity and to the United Nations Sustainable Development Goal No 5 – Gender Equity. It also reflects the commitments contained in our Sustainable Development Policy and Code of Business Conduct and Ethics, which underscore that Agnico Eagle values diversity in recognizing and respecting human differences such as, but not limited to, age, ethnicity, heritage, culture, nationality, gender, disability, sexual orientation, beliefs and family status. We remain committed to maintaining an inclusive workplace where all employees are involved and empowered to contribute to the success of the business, while recognizing the strength of our differences.

Responsible mining

The Responsible Mining Management System (RMMS) is the foundation upon which we are building our capacity to manage the commitments made in our Sustainable Development Policy. Our RMMS is consistent with the ISO 14001 Environmental Management System and the OHSAS 18001 Health and Safety Management System. Following a 2017 audit of RMMS, we have increased our focus on risk management, which will be reflected in our 2019 strategic priorities.

For more information on our corporate governance, business practices and policies, click here.

Public Policy Participation

Agnico Eagle encourages the development of sound public policy through open dialogue and debate.

We are a member of The Mining Association of Canada (MAC), the Mexican Chamber of Mines (CAMIMEX), the Canadian Chamber of Commerce in Mexico, A.C. (Cámara de Comercio del Canadá en México, A.C. - CANCHAM), the Association of the Finnish Extractive Resources Industry (Kaivosteollisuus ry – FinnMin) and the European Association of Mining Industries, Metal Ores & Industrial Minerals (Euromines) through our Finnish subsidiary Agnico Eagle Finland Oy, as well as the Quebec Mining Association (l’Association minière du Québec – AMQ), the Quebec Mineral Exploration Association (Association De L’Exploration Minière Du Québec - AEMQ), the Ontario Mining Association (OMA), the Prospectors and Developers Association of Canada (PDAC) and the NWT & Nunavut Chamber of Mines. We typically participate in discussions on public policy issues as a member of these industry organizations.

Agnico Eagle is a member of:
                 

Human Rights and Informed Consent

Agnico Eagle has incorporated respect for human rights into our management and governance practices and programs.

Our Board of Directors has made it clear that we will only do business in regions where human rights laws are respected and promoted. As a Canadian company, we maintain our commitment to the Canadian Charter of Rights and Freedoms while operating internationally, ensuring that all of our employees and communities are treated with respect and dignity.

Agnico Eagle does not in any way support or facilitate child labour or forced labour practices. This applies to mining operations, exploration and other development activities in which we are directly or indirectly engaged. It also applies to all outsourced or subcontracted activities across the entire supply chain. We do our best to ensure that none of our activities result in direct or indirect support of such practices. We will take action to terminate any such arrangement should we become aware that such practices are being supported by one of our outsourced suppliers.

In 2016, Agnico Eagle formally adopted the Voluntary Principles on Security and Human Rights (VP), one of a series of standards created to help extractive sector companies balance the obligation to respect human rights while protecting the assets and people at their operations.

Informed consent: Agnico Eagle subscribes to the principle of informed consent when working on private land, including aboriginal land. We seek the consent of the land owner; this consent usually takes the form of a formal agreement acknowledging that Agnico Eagle will conduct work in a certain area and under certain conditions.

Feedback and advice:

Stakeholder Advisory Committee

Getting Feedback

We have established a Stakeholder Advisory Committee (SAC) to provide us with feedback on our corporate social responsibility efforts and to complement, and help us make strategic links to our existing local stakeholder engagement activities. This approach also supports our global efforts to engage with our stakeholders on a regular basis and in a meaningful way. The Committee was established was established in 2011 and meets in Toronto annually each fall.

The SAC provides us with constructive feedback from a diverse group of priority stakeholders. It provides advice on building a focused sustainability strategy and a business case for our investments in sustainability. The SAC also reviews our sustainability initiatives – including our environmental and social policies, programs, operational performance, communications and engagement. Committee members are independent stakeholders with expertise in sustainability, community development, mining, disclosure and governance matters. They provide their input and expertise as individuals rather than as representatives of their organizations.

Stakeholder Advisory Committee Members – click to view

Hugo Asselin Full Professor, Director of the School Indigenous Studies Université du Québec en Abitibi-Témiscamingue (UQAT)
Laura Baretto Consultant / Owner Materials Efficiency Research Group
Gérard Dufour President Gérard Dufour Consultant Inc.
Julie Forget Vice President Transfert Environnement et Société
Meg French Director, International Policy and Programs UNICEF Canada
Isabelle Laprise Senior Advisor, Responsible Investment Caisse de dépôt et placement
Bill Napier Consultant Former mining executive
Sandra Odendahl President CMC Research Institutes
Michelle McCulloch Associate Director, Extractives & Utilities Research Sustainalytics

Progress Against Prior Year’s Recommendations

In response to ongoing feedback from the Committee, we have been working on key priorities – click to view:

RECOMMENDATION STATUS ACTION
Publicly reporting sustainability goals and targets: suggestion for the company to consider disclosing more future-oriented goals and targets. Consider developing long term-goals for community relations and benefits (community development plans and creating shared value) In Progress In review for 2018
Connect long term goals to United Nations Sustainable Development Goals (SDGs): To better highlight how the company is responding and contributing to these broad societal goals. Ongoing We included linkage between our current programs and the SDGs this year (click here to view) and will be making an effort to view program development and implementation through SDG lens moving forward.
Consolidate and update the Indigenous Peoples Engagement Policy and the Aboriginal Engagement Policy (Canada) to reflect best practice: In Progress We have consolidated the policies and are currently in the process of reviewing the policy to aligns with best practices and emerging guidance such as UNDRIP, the ICMM Position Statement on Indigenous Peoples and Mining, IFC Performance Standard 7 on Indigenous Peoples, the Initiative for Responsible Mining Assurance (IRMA) Standard (including section 2.10 on FPIC) and relevant recommendations from the Truth and Reconciliation Commission.
Develop a clear strategy to improve diversity & inclusion Diversity and Inclusion In Progress We are reviewing our global corporate policies and benefits programs with the goal of raising the bar for diversity and inclusion at Agnico Eagle and across the mining industry. At the site level, we are studying our policies and accommodation programs to improve and remove barriers to diversity in our workforce. The goal of the review is to be able to inform a clear strategy to improve diversity & inclusion
Certification standards: Stakeholders are interested in the ethical production and sourcing of metals and minerals, and we are seeing some stakeholder interest in third-party certification for mining that includes exploration. In Progress AEM is a member of the World Gold Council and fully endorses the principles put forward by the Responsible Jewelry initiative of the World Gold Council and through this means ensures that its product is used in a responsible manner to the extent practical within the management control of the company
Climate change disclosure: AEM should expect to see increased disclosure requirements on climate change – particularly now that the Task Force on Climate-related Financial Disclosures released its final report in June. This will be a priority for environmental, social and governance (ESG) analysts and asset managers. La Caisse de dépôt will soon publish its strategy on climate change and will be asking companies to respond accordingly.

Cybersecurity – Cybersecurity is a growing threat for all industries, including mining. Agnico Eagle should have a clear strategy and be preparing accordingly.
Cybersecurity strategy for both short and long term has been developed and executed accordingly across our divisions.
Develop a framework to monitor the effectiveness of community engagement (2016) Ongoing The development and implementation of new indicators of performance in Community Relations Engagement is part of the 2017 SD department objectives.
Increase SD reporting on grievances received. Separate GRI tables from the SD report (2016) Ongoing These recommendations are being implemented in the current report.
Shift to aspirational (Zero Harm) safety targets, and develop “leading” performance indicators. Ongoing The long-term goal is to reduce the occurrence of accidents to none. Zero Harm safety targets are widely stated in all health and safety communications.
Shift to positive indicators for Health and Safety. Ongoing Leading performance indicators have been selected and are being followed at each division. Targets have been established to improve performance for these indicators. Development of leading indicators continues.
Ensure that our presentations to the public are jargon-free and can be understood by as wide a range of community members as possible, and that they cover the technical issues across the whole life cycle of the mining project. Ongoing Each region, with the support of communication and community relations personnel, is developing a process to review and adapt presentations so that information can be understood by non-experts in the field.
Establish Community Liaison Groups to provide information to the community on challenging and technical issues. Ongoing A guide to establishing Community Liaison Committees has been prepared and a critical procedures guide is under development. Community Liaison Committees were created at Meadowbank, Kittila and LaRonde.

Stakeholder engagement and materiality: Agnico Eagle is committed to addressing the evolving needs and priorities of our business and key stakeholders – including shareholders, employees, contractors, business partners, communities, governments and others.

POTENTIAL IMPACT ON BUSINESS AND IMPORTANCE TO MULTIPLE STAKEHOLDERS

Engaged in Our Future: Our core values provide a strong foundation on which to achieve our long-term goals to responsibly grow our gold business, continuously improve our sustainable development performance and deliver on our commitments to Agnico Eagle’s shareholders and stakeholders. In all aspects of our business we aim to: operate a safe and healthy workplace, and treat the environment, our employees and communities with respect.

Our business strategy focuses on delivering stable, reliable performance at our mines while building a successful, promising pipeline of projects and, by providing growth and development opportunities for our people.

Our business strategy is centred on three pillars:

  • performance: delivering on high quality growth expectations;
  • pipeline: ensuring industry best, high quality project pipeline; and,
  • people: employing and developing the best people.

Agnico Eagle is committed to achieving these pillars of our business strategy while maintaining a safe and healthy workplace, with minimum environmental impacts, and within accepting communities.

As a global mining company, we have a unique responsibility to ensure we are addressing the evolving needs and priorities of our business and key stakeholders – including shareholders, employees, contractors, business partners, communities, governments and others. A material issue is defined as an issue:

  • that has significant current or potential impact on the Company over the next three to five years;
  • that is of significant concern to our key stakeholders; and,
  • over which we have a reasonable amount of control.

As our business and the challenges we face continue to evolve, we look forward to working with our stakeholders and industry experts on ways to further improve our sustainable development performance and reporting programs.

In 2018, we will review and update our materiality matrix to reflect the changes that have occurred within the Company and in the communities with which we interact.

Crisis Management and Emergency Preparedness

Due to the remote nature of our operating and exploration sites, Agnico Eagle has developed an emergency response capacity at all of our sites.

Training personnel to respond to all forms of emergencies remains a key element of our health and safety programs. Our mine rescue teams are considered amongst the best in the industry. They regularly participate in industry competitions to further develop their skills and share best practices.

These individuals contribute to safety in the workplace by being prepared to respond in the event of an emergency situation at any of our mine sites. Each of our mining operations has its own Emergency Response Plan and has personnel trained to respond to safety, fire or environmental emergencies. Each site also maintains appropriate response equipment.

Security in Mexico

We routinely audit internal security protocols and review security measures at our Pinos Altos and La India mines in northern Mexico – as well as at our other Mexican properties – with expert consultants on a continuous basis. In July 2016, a security incident occurred at our La India mine in Sonora State Mexico when a group of armed intruders forcibly gained access to the mine facilities and left the site with some gold doré bars. During the incident, a security guard sustained a minor injury. An investigation involving local, state and military authorities was conducted. The Company has also undertaken a complete review of the security procedures and enhancements were implemented.