Case study: How Galiano creates economic value for its stakeholders
Galiano Gold Inc. (Galiano) is a publicly-traded precious metals mining company headquartered in Vancouver, BC, Canada, whose principal asset is the large-scale, multi-pit Asanko Gold Mine. Galiano’s vision is to create a sustainable business, capable of long-term value creation for its stakeholders. Tweet This!
This case study is based on the 2020 Sustainability Report by Galiano, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Enhancing benefits to its stakeholders, while simultaneously mitigating and managing risks resulting from its business activities, is a top priority for Galiano. In order to create economic value for its stakeholders Galiano took action to:
- create economic value for employees
- create economic value for the government of Ghana
- support communities
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With this case study you will see:
- Which are the most important impacts (material issues) Galiano has identified;
- How Galiano proceeded with stakeholder engagement, and
- What actions were taken by Galiano to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020 Sustainability Report Galiano identified a range of material issues, such as business ethics, diversity and equal opportunity, waste management, community relations, energy and emissions. Among these, creating economic value for its stakeholders stands out as a key material issue for Galiano.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Galiano engages with:
| Stakeholder Group | Method of engagement |
| Employees and contractors
| · Meetings · Regular briefings · Monthly newsletter · Engagement surveys · Grievance mechanism |
| Local communities
| · Meetings · Company/community forums, associations, committees · Open-door policy at site office · Community information centres · Monthly newsletter · Galiano website / Social Media · Ceremonial gatherings · Grievance mechanism |
| Traditional authorities
| · Meetings · Company/community forums, associations, committees · Grievance mechanism |
| Suppliers
| · Meetings · Contract management · Due diligence assessments · Grievance mechanism |
| Ghana mineworkers union
| · Meetings · Site visits · Grievance mechanism |
| Ghanaian government/ public sector partnerships
| · Meetings · Multi-stakeholder roundtables · Active partnerships and collaboration · Site visits · Compliance and progress reporting · Sustainability Reports |
| Industry bodies
| · Chamber of Mines meetings · Annual Mines Safety Competition · Regular inspection visits to project sites |
| Non-governmental organisations
| · Meetings · Multi-stakeholder roundtables · Site visits · Compliance and progress reporting · Sustainability Reports |
| Shareholders, investors and analysts | · Press releases · Quarterly videocasts · Conferences · Site visits · Annual and Sustainability Reports · Annual General Meetings · Face-to-face meetings |
| Gold Fields (JV partner) | · Meetings · Site visits · Compliance and progress reporting |
| Media | · Press releases · Galiano website / Social Media · Briefings with management · Sustainability Reports |
How stakeholder engagement was made to identify material issues
To identify and prioritise material topics Galiano engaged with its stakeholders through surveys distributed to key internal and external stakeholder group members, including employees, contract workers, union members, suppliers, community members, investors, NGOs, government representatives, and civil agencies.
What actions were taken by Galiano to create economic value for its stakeholders?
In its 2020 Sustainability Report Galiano reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- Human capital is Galiano’s greatest asset. Galiano recognises the value of its people in the pursuit of its objective to be a top industry employer and world-class mining company. Accordingly, in 2020 Galiano spent $39,238 million in employee wages and benefits.
- Creating economic value for the government of Ghana
- In 2020, Galiano spent $28,992 million in payments to the government of Ghana.
- Supporting communities
- In 2020, Galiano spent $1,308 million in community investment.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by Galiano, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://s24.q4cdn.com/325379252/files/doc_financials/2020/ar/2020-Galiano-CSR_Oct-18-2020_FINAL.pdf
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