What are the material issues the company has identified? 

In its 2022 Sustainability and ESG Report Kinross identified a range of material issues, such as ethics and transparency, health and safety, climate change and energy, diversity, equity and inclusion. Among these, creating economic value for its stakeholders stands out as a key material issue for Kinross.

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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 Kinross engages with:

To identify and prioritise material topics Kinross engaged with its stakeholders through the following channels:

Stakeholder Group	Method of engagement
Employees	·      Monthly H&S calls with all sites to share learnings ·      Employee surveys (targeted, site- and regionally-specific) ·      Webinars ·      Direct meetings ·      Biannual CEO “Town Halls” and special topics ·      Kinross World online employee publication (five languages) ·      Email announcements ·      Videos
Investors, shareholders, rating agencies, lenders, and analysts	·      Direct meetings (in-person and virtual) ·      Investor Conferences ·      Investor calls ·      Annual Meeting ·      News releases ·      Website ·      Social media
Host communities	·      Planned stakeholder engagements with local community organisations and local authorities ·      Broad community engagement ·      Local community investments, partnerships and sponsorships ·      Grievance resolution mechanism ·      Early consultation for planned projects
Media	·      Provision of timely information through news releases, website and social media channels ·      Interviews ·      Communications via phone and email ·      Regulatory filings and other corporate publications
Governments and regulators	·      Regulatory submissions ·      Submitting information requests ·      Public consultations ·      Ongoing meetings and individual communications and correspondence ·      Participation in events, roundtables, and other forums ·      Collaboration on joint campaigns, programmes ·      Dispute resolution and dialogue tables ·      Site tours ·      Information requests
Insurers	·      Direct meetings (in-person and virtual)
Refiners	·      To assist with the Responsible Sourcing Program, provision of updates to Know Your Client (KYC) forms to refiners and access for refiners to perform due diligence site visits
Suppliers and contractors	·      Key supplier performance reviews ·      Technology discussions with original equipment manufacturers ·      Forecasts, inventories, supply capabilities, allocations and constraints ·      Consultation and supplier participation in strategic cost savings programmes ·      RFPs and new business opportunities ·      Risks and mitigation plans
NGOs, multinational organisations, think tanks and civil society	·      Workshops ·      Surveys ·      Joint projects ·      Working groups

What actions were taken by Kinross to create economic value for its stakeholders?

In its 2022 Sustainability and ESG Report Kinross reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2022, Kinross paid $681.9 million for in-country employee wages.

• Creating economic value for shareholders
• In 2022, Kinross paid $455 million to shareholders.

• Creating economic value for suppliers
• In 2022, Kinross paid $2,165.6 million to in-country suppliers and $480.1 million to out-of-country suppliers.

• Creating economic value for governments
• In 2022, Kinross paid $344.6 million to governments.

• Creating economic value for communities
• In 2022, Kinross spent $8.9 million in community investments.

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

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

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References:

This case study is based on published information by Kinross, 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://s2.q4cdn.com/496390694/files/doc_downloads/2023/ESG/updated/Kinross-2022-Sustainability-and-ESG-Report.pdf

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