Paladin exists to create value for its shareholders. In pursuit of this goal, the Company recognises that measurement of corporate success encompasses economic, environmental and social values. Paladin stakeholders expect their Company to be a good corporate citizen with fair and beneficial business practices; operating to the highest ethical standards; contributing to the growth and prosperity of host countries and responding positively to community needs. Paladin’s approach to Corporate Social Responsibility (CSR) – as with its commitment to sustainability – involves:
- Top-level support of the Board of Directors and Managing Director/CEO.
- Adherence to principles enunciated in Corporate Policy and Procedures.
- Programmes aligned with host country Millennium Development Goals.
- Personnel dedicated to achieving CSR objectives.
- Compliance with recognised international codes of conduct.
- Acknowledgement of voluntary standards.
- Reporting in accordance with the Global Reporting Initiative.
Paladin seeks to achieve these objectives by example, both through its own actions and by its active participation in industry and community-based organisations that foster and promote these values and aspirations. Below is a summary of the organisations in which the Company participates.
Paladin played an instrumental role in establishing the Australia-Africa Mining Industry Group (AAMIG) – an industry body that promotes best practice in CSR among Australian mining companies active in Africa. Paladin supports AAMIG in promoting best practice in CSR in Africa and is seeking to ensure compliance in its own endeavours.
Paladin has committed to the principles contained in Enduring Value – the Australian Minerals Industry Framework for Sustainable Development. This commitment is aligned to the 10 Sustainable Development Principles of the International Council on Mining and Metals.
Paladin supports the Extractive Industries Transparency Initiative (EITI) and has registered as an EITI Supporting Company. The EITI is a global initiative to improve governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas and mining. In line with Paladin's commitment to combat corruption and bribery as well as to respecting human rights, its corporate values of honesty and integrity, and as a contributor to the local economies of host countries, Paladin endorses the principles and criteria of the EITI. Taxes paid by Paladin to the Malawian and Namibian governments are presented in the Company's Sustainability Report.
Paladin also upholds the Voluntary Principles on Security and Human Rights, complies with the Equator Principles and has strengthened its internal compliance regime in relation to anti-bribery and corruption issues. Whilst not a signatory, Paladin also supports the ten principles of the UN Global Compact.
Paladin CSR programmes are developed, managed and assessed in compliance with a Corporate Community Relations Policy. Business unit Social Sustainability Management Plans (SSMP) provide a strategy to manage social and cultural aspects, impacts and risks associated with the mining and processing operations and provide a mechanism to ensure compliance with regulatory legislation, corporate policies, standards, guidelines and procedures. Compliance is subject to regular internal and external audit.